Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
Chunk: 5

Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
Chunk 5
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 or approximately $0.0084 per Share.                                                                      |

| (2) | There                                                                                                                          
 will be no charges with respect to Shares issued directly by the Fund under the dividend reinvestment plan. However, whenever  
 Shares are purchased or sold on the NYSE or otherwise on the open market, each participant will pay a pro rata portion of      
 brokerage trading fees. Currently, dividend reinvestment plan participants that direct a sale of Shares through the plan agent 
 are subject to a fee of $15 plus a sales commission of $0.10 per Share.                                                        |

| (3) | The                                                                                                                        
 Fund’s assets are managed by its Investment Adviser, Bulldog. The Investment Adviser is compensated by the Fund through    
 a monthly advisory fee at an annual rate of 1.00% of the Fund’s average weekly total assets, deducting all officer and     
 director fees paid to those officers and directors of the Fund (other than the Fund’s Chief Compliance Officer) affiliated 
 with Bulldog.                                                                                                              |

| (4) | “Other                                                                
 Expenses” are based on estimated amounts for the current fiscal year. |

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| (5) | The                                                                                                                        
 Fund invests in other closed-end investment companies and ETFs (collectively, the “Acquired Funds”). The Shareholders      
 indirectly bear a pro rata portion of the fees and expenses of the Acquired Funds in which the Fund invests. Acquired Fund 
 fees and expenses are based on estimated amounts for the current fiscal year.                                              |

| (6) | The                                                                                                                             
 example assumes that the estimated “Other Expenses” set forth in the Annual Expenses table remain the same each                 
 year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. 
 The example further assumes that the Fund uses no leverage, as currently intended, and the Fund does not intend to utilize      
 any leverage within one year from the effective date of this Registration Statement. Moreover, the Fund’s actual rate           
 of return will vary and may be greater or less than the hypothetical 5% annual return.                                          |

The purpose of the above table is to help a Shareholder understand the fees and expenses that such Shareholder would bear directly or indirectly. The example should not be considered a representation of actual future expenses. Actual expenses may be higher or lower than those shown.

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THE FUND</div>

The Fund is a non