Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 3

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 3
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 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 |     | $            | 6.04 |     |            | None |     | $           | 78,463,858 |
| Total     |     | $            | 6.04 |     |            | None |     | $           | 78,463,858 |

| (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 October 20, 2025. See “The Offering              
 – Subscription Price” and “The Offering – Payment for                                       
 Shares.”                                                                                    |

| (2) | Proceeds                                                                                          
 to the Fund are estimated to be approximately $78,463,858 or approximately $6.04 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     
 $218,266 or approximately $0.0084 per Share, if fully subscribed. Funds received prior to         
 the Expiration Date of 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