Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 4

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 4
---
 this Offering will be deposited in a segregated      
 account pending allocation and distribution of Shares. Interest, if any, on subscription monies will be paid to the Fund regardless 
 of whether Shares are issued by the Fund; interest will not be used as credit toward the purchase of Shares.                        |

Neither the United States Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

<div align='center'>The date of this prospectus is [●], 2025.</div>

The Fund’s Shares are listed on the NYSE under the ticker symbol “SWZ.”

The Fund is managed by Bulldog. In February 2025, Shareholders approved replacement of the Fund’s investment objective with a non-fundamental investment objective of long-term total return. Bulldog, in its capacity as the Fund’s investment adviser, is responsible for implementing the Fund’s investment strategy.

This prospectus sets forth concisely the information about the Fund that you should know before deciding whether to invest in the Fund and should be retained for future reference. A Statement of Additional Information, dated [●], 2025 (the “Statement of Additional Information”), and other materials containing additional information about the Fund, have been filed with the U.S. Securities and Exchange Commission (the “SEC”). The Statement of Additional Information is incorporated by reference in its entirety into this prospectus, which means it is considered to be part of this prospectus. You may obtain a free copy of the Statement of Additional Information, the table of contents of which is on page 44 of this prospectus, and other information filed with the SEC, or make any other shareholder inquiries, by calling toll free 1-800-937-5449 or by visiting the Fund’s website at www.totalreturnsecuritiesfund.com. The Fund files annual and semi-annual shareholder reports, proxy statements and other information with the SEC. You can obtain this information or the Statement of Additional Information or any information regarding the Fund filed with the SEC from the SEC’s website at www.sec.gov.

The Fund’s Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation (the “FDIC”), the Federal Reserve Board or any governmental agency.

You should rely only on the information contained or incorporated by reference in this prospectus. The Fund has not authorized