Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 61

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 61
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 this category includes information about your       
 transactions with the Fund, its affiliates, or others (such as your account number and 
 balance, payment history, parties to transactions, cost basis information, and other   
 financial information).                                                                |

CATEGORIES OF INFORMATION THE FUND DISCLOSES.The Fund does not disclose any nonpublic personal information about its current or former shareholders to unaffiliated third parties, except as required or permitted by law. The Fund is permitted by law to disclose all of the information it collects, as described above, to its service providers (such as the custodian, administrator and transfer agent) to process your transactions and otherwise provide services to you.

CONFIDENTIALITY AND SECURITY.The Fund restricts access to your nonpublic personal information to those persons who require such information to provide products or services to you. The Fund maintains physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

Not part of the prospectus

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

12,990,705 Rights for

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

<div align='center'>PROSPECTUS

[●], 2025</div>

The information in this Statement of Additional Information is not complete and may be changed. The Fund may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Statement of Additional Information is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

<div align='center'>STATEMENT OF ADDITIONAL INFORMATION

[●], 2025

TOTAL RETURN SECURITIES FUND

C/O U.S. BANCORP FUND SERVICES, LLC

615 EAST MICHIGAN STREET

MILWAUKEE, WI 53202</div>

THIS STATEMENT OF ADDITIONAL INFORMATION (“SAI”) IS NOT A PROSPECTUS. THIS SAI SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS OF TOTAL RETURN SECURITIES FUND (THE “FUND”), DATED [●], 2025 (THE “PROSPECTUS”), AS IT MAY BE SUPPLEMENTED FROM TIME TO TIME. CAPITALIZED TERMS USED BUT NOT DEFINED IN THIS SAI HAVE THE MEANINGS GIVEN TO THEM IN THE PROSPECTUS.

A COPY OF THE PROSPECTUS MAY BE OBTAINED WITHOUT CHARGE BY CALLING THE FUND TOLL FREE AT