Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 3

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 3
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OCABLE. THE OFFERING WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON [● ], 2025 (THE “EXPIRATION DATE”), UNLESS EXTENDED, AS DISCUSSED IN THIS PROSPECTUS.

For information regarding delivery of Shares to Shareholders who exercise their Rights, see “The Offering – Delivery of the Shares” below.

The Fund is a closed-end management investment company. Bulldog Investors, LLP (“Bulldog”) is the Fund’s investment adviser (the “Investment Adviser”). The Fund’s investment objective is long-term total return. There can be no assurance that the Fund’s investment objective will be achieved.

For more information, please call InvestorCom (the “Information Agent”) toll free at (877) 972-0090.

Investing in the Fund involves risks. See “Risk Factors” on page 24 of this prospectus.

|       |     | Estimated    
 Subscription 
 Price(1)     |     |     | Estimated  
 Sales Load |     |     | Estimated   
 Proceeds to 
 the Fund(2) |     |
|:------|:----|:-------------|:----|:----|:-----------|:----|:----|:------------|:----|
| Per   
 Share |     | $            | [●] |     |            | [●] |     | $           | [●] |
| Total |     | $            | [●] |     |            | [●] |     | $           | [●] |

| (1) | Because                                                                                                                             
 the Subscription Price will not be determined until after printing and distribution of this prospectus, the “Estimated Subscription 
 Price” above is an estimate of the Subscription Price based on the Fund’s per-Share NAV on [●],                                     
 2025. See “The Offering – Subscription Price” and “The Offering – Payment for Shares.”                                              |

| (2) | Proceeds                                                                                                                            
 to the Fund are estimated to be approximately $[●] or approximately $[●]                                                            
 per Share, if fully subscribed (including full utilization of the Additional Subscription Privilege, as defined and discussed       
 herein). Proceeds to the Fund are before deduction of fees and expenses incurred by the Fund in connection with the Offering,       
 which are estimated to be approximately $[●] or approximately $[●]                                                                  
 per Share, if fully subscribed. Funds received prior to the Expiration Date of