Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
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Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
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PROSPECTUS

<div align='center'>Total Return Securities Fund

12,990,705 Rights for 12,990,705 Shares of Common Stock</div>

Total Return Securities Fund (f/k/a The Swiss Helvetia Fund) (the “Fund”) is issuing non-transferable rights (“Rights”) to its holders of record of shares of common stock (“Shares”) (such holders hereinafter referred to as “Shareholders”), which Rights will allow Shareholders to subscribe for new Shares (the “Offering”). For each one (1) Right a Shareholder receives, such Shareholder will be entitled to buy one (1) new Share. Each Shareholder will receive one (1) Right for each Share it owns on November 14, 2025 (the “Record Date”). Fractional Rights will not be issued, and the number of Rights to be issued to a Shareholder on the Record Date (a “Rights Holder”) will be rounded up to the nearest whole number of Rights. Each Rights Holder may purchase Shares not acquired by other Rights Holders in this Offering (the “Unsubscribed Shares”), subject to certain limitations discussed in this prospectus. To the extent that sufficient Unsubscribed Shares are not available to honor all additional subscription requests, available Shares will be allocated to assure that the total number of Unsubscribed Shares available are distributed on a pro-rata basis. See “The Offering” below.

The foregoing allocation process may involve a series of allocations in order to assure that the total number of Unsubscribed Shares available are distributed on a pro-rata basis.

The Rights are non-transferable and may not be purchased or sold. As such, the Rights will not be listed for trading on any exchange. The Rights will expire without residual value at the Expiration Date (defined below). The Shares to be issued pursuant to the Offering will be listed for trading on the New York Stock Exchange (the “NYSE”), subject to the NYSE being officially notified of the issuance of those Shares. On October 20, 2025, the last reported net asset value (“NAV”) per Share was $ 7.11, and the last reported sales price per Share on the NYSE was $ 5.99, which represents a 15.75% discount to the Fund’s NAV per Share. The subscription price per Share (the “Subscription Price”) will be 85% of the NAV per Share on the Expiration Date.

The Offering:

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