Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 63

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 63
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 HISTORY                                | B-1  |
| INVESTMENT RESTRICTIONS                                        | B-2  |
| MANAGEMENT                                                     | B-3  |
| CODE OF ETHICS                                                 | B-14 |
| PROXY VOTING PROCEDURES                                        | B-14 |
| ADMINISTRATIVE SERVICES, CUSTODIAN, TRANSFER AGENT             | B-15 |
| PORTFOLIO MANAGERS                                             | B-16 |
| ALLOCATION OF BROKERAGE                                        | B-17 |
| CERTAIN MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES | B-18 |
| FINANCIAL STATEMENTS                                           | B-25 |
| OTHER INFORMATION                                              | B-25 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                  | B-25 |

<div align='center'>FORWARD-LOOKING STATEMENTS</div>

This SAI contains or incorporates by reference “forward-looking statements” (within the meaning of the federal securities laws) that involve risks and uncertainties. Forward-looking statements are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended. These statements describe the Fund’s 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