Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
Chunk: 4

Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
Chunk 4
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 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. |

| (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.                                              |

Example (6)

The following example illustrates the hypothetical
expenses (including estimated expenses with respect to year 1 of this Offering of approximately $218,266) that you would pay on a $1,000
investment in the Shares, assuming (i) annual expenses of 1.62% of net assets attributable to the Shares and (ii) a 5% annual return:

|                                                                                      |    1 
 Year |     |     3 
 Years |     |     5 
 Years |     |    10 
 Years |
| You                                                                                  
 would pay the following expenses on a $1,000 investment, assuming a 5% annual return |  $19 |     |   $54 |     |   $91 |     |  $195 |

| (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.                                          |

| (1) | Assuming                                                                                                                           
 the Fund will have 25,981,410 Shares outstanding if fully subscribed and Offering expenses to be paid by the Fund are estimated to 
 be approximately $218,266