Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
Chunk: 2

Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
Chunk 2
---
 None |     | $           | 78,463,858 |
| Total     |     | $            | 6.04 |     |            | None |     | $           | 78,463,858 |

| (1) | Because                                                                                     
 the Subscription Price will not be determined until after printing and distribution of this 
 prospectus, the “Estimated Subscription Price” above is an estimate of the Subscription     
 Price based on the Fund’s per-Share NAV on October 20, 2025. See “The Offering              
 – Subscription Price” and “The Offering – Payment for                                       
 Shares.”                                                                                    |

| (2) | Proceeds                                                                                          
 to the Fund are estimated to be approximately $78,463,858 or approximately $6.04 per Share,       
 if fully subscribed (including full utilization of the Additional Subscription Privilege,         
 as defined and discussed herein). Proceeds to the Fund are before deduction of fees and expenses  
 incurred by the Fund in connection with the Offering, which are estimated to be approximately     
 $218,266 or approximately $0.0084 per Share, if fully subscribed. Funds received prior to         
 the Expiration Date of this Offering will be deposited in a segregated account pending allocation 
 and distribution of Shares. Interest, if any, on subscription monies will be paid to the          
 Fund regardless of whether Shares are issued by the Fund; interest will not be used as credit     
 toward the purchase of Shares                                                                     
 .                                                                                                 |

Neither the United States Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

<div align='center'>The date of this prospectus is November 14, 2025.</div>

The Fund’s Shares are listed on the NYSE under the ticker symbol “SWZ.”

The Fund is managed by Bulldog. In February 2025, Shareholders approved replacement of the Fund’s investment objective with a non-fundamental investment objective of long-term total return. Bulldog, in its capacity as the Fund’s investment adviser, is responsible for implementing the Fund’s investment strategy.

This prospectus sets forth concisely the information about the Fund that you should know before deciding whether to invest in the Fund and should be retained for future reference. A Statement of Additional Information, dated November 14, 2025 (the “Statement of Additional Information”), and other materials containing additional information about the Fund, have been filed with