# EDGAR Filing Document

**Accession Number:** 0000813623
**File Stem:** 0000894189-25-015883
**Filing Date:** 2025-11
**Character Count:** 33673
**Document Hash:** 5fbe46a1e444cae400897e72f5b09fa3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015883.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015883

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Total Return Securities Fund
- **CENTRAL INDEX KEY:** 0000813623

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05128
- **FILM NUMBER:** 251528584

**BUSINESS ADDRESS:**
- **STREET 1:** C/O U.S. BANK GLOBAL FUND SERVICES
- **STREET 2:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 8007302932

**MAIL ADDRESS:**
- **STREET 1:** C/O U.S. BANK GLOBAL FUND SERVICES
- **STREET 2:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SWISS HELVETIA FUND, INC.
- **DATE OF NAME CHANGE:** 20050712

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SWISS HELVETIA FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HELVETIA FUND INC
- **DATE OF NAME CHANGE:** 19900820

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Total Return Securities Fund** | **Total Return Securities Fund** | **Total Return Securities Fund** | **Total Return Securities Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 49.0%** | **COMMON STOCKS - 49.0%** | **Shares** | **Value**  |
| **Asset Management - 0.0%<sup>(a)</sup>** | **Asset Management - 0.0%<sup>(a)</sup>** | **Asset Management - 0.0%<sup>(a)</sup>** | |
| Associated Capital Group, Inc. - Class A | Associated Capital Group, Inc. - Class A | 565 | $18944 |
| **Banking - 2.6%** | **Banking - 2.6%** | **Banking - 2.6%** |  |
| Norwood Financial Corp. | Norwood Financial Corp. | 9331 | 237194 |
| PB Bankshares, Inc. <sup>(b)</sup> | PB Bankshares, Inc. <sup>(b)</sup> | 110000 | 2118600 |
|  |  |  | 2355794 |
| **Business Development Companies - 1.5%** | **Business Development Companies - 1.5%** | **Business Development Companies - 1.5%** |  |
| Monroe Capital Corp. | Monroe Capital Corp. | 197629 | 1387356 |
| **Chemicals - 2.9%** | **Chemicals - 2.9%** | **Chemicals - 2.9%** |  |
| Artience Co. Ltd. | Artience Co. Ltd. | 127000 | 2691607 |
| **Financial Services - 3.1%** | **Financial Services - 3.1%** | **Financial Services - 3.1%** |  |
| Cannae Holdings, Inc. | Cannae Holdings, Inc. | 156376 | 2863245 |
| **Food & Beverage - 9.1%** | **Food & Beverage - 9.1%** | **Food & Beverage - 9.1%** |  |
| Aryzta AG <sup>(b)</sup> | Aryzta AG <sup>(b)</sup> | 18000 | 1468233 |
| Nestle SA | Nestle SA | 75000 | 6887765 |
|  |  |  | 8355998 |
| **Healthcare - 1.8%** | **Healthcare - 1.8%** | **Healthcare - 1.8%** |  |
| Spineart SA <sup>(b)(c)</sup> | Spineart SA <sup>(b)(c)</sup> | 221085 | 1681096 |
| **Insurance - 2.5%** | **Insurance - 2.5%** | **Insurance - 2.5%** |  |
| Chubb Ltd. | Chubb Ltd. | 8000 | 2258000 |
| **Oil, Gas & Consumable Fuels - 1.7%** | **Oil, Gas & Consumable Fuels - 1.7%** | **Oil, Gas & Consumable Fuels - 1.7%** |  |
| Texas Pacific Land Corp. | Texas Pacific Land Corp. | 1700 | 1587188 |
| **Real Estate Investment Trusts - 5.7%** | **Real Estate Investment Trusts - 5.7%** | **Real Estate Investment Trusts - 5.7%** |  |
| Alexander's, Inc. | Alexander's, Inc. | 22500 | 5276025 |
| **Real Estate Management & Development - 4.5%** | **Real Estate Management & Development - 4.5%** | **Real Estate Management & Development - 4.5%** |  |
| Tejon Ranch Co. <sup>(b)</sup> | Tejon Ranch Co. <sup>(b)</sup> | 260000 | 4154800 |
| **Retail - 13.6%** | **Retail - 13.6%** | **Retail - 13.6%** |  |
| Cie Financiere Richemont SA | Cie Financiere Richemont SA | 36000 | 6859298 |
| Village Super Market, Inc. - Class A | Village Super Market, Inc. - Class A | 150995 | 5641173 |
|  |  |  | 12500471 |
| **TOTAL COMMON STOCKS** (Cost $35,604,858) | **TOTAL COMMON STOCKS** (Cost $35,604,858) | **TOTAL COMMON STOCKS** (Cost $35,604,858) | 45130524 |
| **CLOSED-END FUNDS - 11.8%** | **CLOSED-END FUNDS - 11.8%** | **Shares** | **Value**  |
| BNY Mellon Municipal Bond Infrastructure Fund, Inc. | BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 158768 | 1698818 |
| Central and Eastern Europe Fund, Inc. | Central and Eastern Europe Fund, Inc. | 72345 | 1111219 |
| Central Securities Corp. | Central Securities Corp. | 123355 | 6336746 |
| MFS High Yield Municipal Trust | MFS High Yield Municipal Trust | 317465 | 1101603 |
| MFS Investment Grade Municipal Trust | MFS Investment Grade Municipal Trust | 80515 | 632848 |
| **TOTAL CLOSED-END FUNDS** (Cost $9,922,140) | **TOTAL CLOSED-END FUNDS** (Cost $9,922,140) | **TOTAL CLOSED-END FUNDS** (Cost $9,922,140) | 10881234 |
| **LIMITED PARTNERSHIPS - 0.5%** | **LIMITED PARTNERSHIPS - 0.5%** | **Units** | **Value**  |
| **Biotechnology - 0.5%** | **Biotechnology - 0.5%** | **Biotechnology - 0.5%** |  |
| Aravis Biotech II, Limited Partnership <sup>(b)(c)(d)</sup> | Aravis Biotech II, Limited Partnership <sup>(b)(c)(d)</sup> | 3294705 | 450861 |
| **TOTAL LIMITED PARTNERSHIPS** (Cost $213,884) | **TOTAL LIMITED PARTNERSHIPS** (Cost $213,884) | **TOTAL LIMITED PARTNERSHIPS** (Cost $213,884) | 450861 |
| **MONEY MARKET FUNDS - 37.5%** | **MONEY MARKET FUNDS - 37.5%** | **Shares** | **Value**  |
| Fidelity Government Portfolio - Institutional Class, 4.01% <sup>(e)</sup> | Fidelity Government Portfolio - Institutional Class, 4.01% <sup>(e)</sup> | 17290348 | 17290348 |
| Invesco Treasury Portfolio - Institutional Class, 3.94% <sup>(e)</sup> | Invesco Treasury Portfolio - Institutional Class, 3.94% <sup>(e)</sup> | 17224125 | 17224125 |
| **TOTAL MONEY MARKET FUNDS** (Cost $34,514,473) | **TOTAL MONEY MARKET FUNDS** (Cost $34,514,473) | **TOTAL MONEY MARKET FUNDS** (Cost $34,514,473) | 34514473 |
| **TOTAL INVESTMENTS - 98.8% (**Cost $80,255,355**)** | **TOTAL INVESTMENTS - 98.8% (**Cost $80,255,355**)** | **TOTAL INVESTMENTS - 98.8% (**Cost $80,255,355**)** | 90977092 |
| Money Market Deposit Account - 0.2% <sup>(f)</sup> | Money Market Deposit Account - 0.2% <sup>(f)</sup> | Money Market Deposit Account - 0.2% <sup>(f)</sup> | 161702 |
| Other Assets in Excess of Liabilities - 1.0% | Other Assets in Excess of Liabilities - 1.0% | Other Assets in Excess of Liabilities - 1.0% | 982858 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $92121652 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| TOTAL RETURN SECURITIES FUND | TOTAL RETURN SECURITIES FUND | TOTAL RETURN SECURITIES FUND | TOTAL RETURN SECURITIES FUND | TOTAL RETURN SECURITIES FUND | TOTAL RETURN SECURITIES FUND | TOTAL RETURN SECURITIES FUND | TOTAL RETURN SECURITIES FUND | TOTAL RETURN SECURITIES FUND |
|  |  |  |  |  |  |  | September 30, 2025 | September 30, 2025 |
| (continued) |  |  |  |  |  |  |  |  |
| (a) Represents less than 0.05% of net assets. | (a) Represents less than 0.05% of net assets. | (a) Represents less than 0.05% of net assets. | (a) Represents less than 0.05% of net assets. | (a) Represents less than 0.05% of net assets. | (a) Represents less than 0.05% of net assets. | (a) Represents less than 0.05% of net assets. | (a) Represents less than 0.05% of net assets. | (a) Represents less than 0.05% of net assets. |
| (b) Non-income producing security. | (b) Non-income producing security. | (b) Non-income producing security. | (b) Non-income producing security. | (b) Non-income producing security. | (b) Non-income producing security. | (b) Non-income producing security. | (b) Non-income producing security. | (b) Non-income producing security. |
| (c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Fund's Board of Directors. These securities represented $2,131,957 or 2.3% of net assets as of September 30, 2025. | (c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Fund's Board of Directors. These securities represented $2,131,957 or 2.3% of net assets as of September 30, 2025. | (c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Fund's Board of Directors. These securities represented $2,131,957 or 2.3% of net assets as of September 30, 2025. | (c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Fund's Board of Directors. These securities represented $2,131,957 or 2.3% of net assets as of September 30, 2025. | (c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Fund's Board of Directors. These securities represented $2,131,957 or 2.3% of net assets as of September 30, 2025. | (c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Fund's Board of Directors. These securities represented $2,131,957 or 2.3% of net assets as of September 30, 2025. | (c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Fund's Board of Directors. These securities represented $2,131,957 or 2.3% of net assets as of September 30, 2025. | (c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Fund's Board of Directors. These securities represented $2,131,957 or 2.3% of net assets as of September 30, 2025. | (c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Fund's Board of Directors. These securities represented $2,131,957 or 2.3% of net assets as of September 30, 2025. |
| (d) Affiliated security as defined by the Investment Company Act of 1940. |  |  |  |  |  |  |  |  |
|  | Value | Gross | Gross | Corporate | Realized | Unrealized | Interest | Value |
| <u>Name of Issuer</u> | as of 12/31/24 | Additions | Reductions | Actions | Gain/(Loss) | Gain/(Loss) | Income | as of 9/30/25 |
| Aravis Biotech II, Limited Partnership | $427248 | $- | $- | $- | $- | $23613 | $- | $450861 |
|  | $427248 | $- | $- | $- | $- | $23613 | $- | $450861 |
| (e) The rate shown represents the 7-day annualized yield as of September 30, 2025. | (e) The rate shown represents the 7-day annualized yield as of September 30, 2025. | (e) The rate shown represents the 7-day annualized yield as of September 30, 2025. | (e) The rate shown represents the 7-day annualized yield as of September 30, 2025. | (e) The rate shown represents the 7-day annualized yield as of September 30, 2025. | (e) The rate shown represents the 7-day annualized yield as of September 30, 2025. | (e) The rate shown represents the 7-day annualized yield as of September 30, 2025. | (e) The rate shown represents the 7-day annualized yield as of September 30, 2025. | (e) The rate shown represents the 7-day annualized yield as of September 30, 2025. |
| *(f)The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.06%.* | *(f)The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.06%.* | *(f)The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.06%.* | *(f)The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.06%.* | *(f)The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.06%.* | *(f)The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.06%.* | *(f)The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.06%.* | *(f)The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.06%.* | *(f)The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of September 30, 2025 was 3.06%.* |
| See Notes to Schedule of Investments | See Notes to Schedule of Investments | See Notes to Schedule of Investments | See Notes to Schedule of Investments | See Notes to Schedule of Investments | See Notes to Schedule of Investments | See Notes to Schedule of Investments | See Notes to Schedule of Investments | See Notes to Schedule of Investments |

---

------

---

| | |
|:---|:---|
| **PORTFOLIO HOLDINGS** | |
| **% of Net Assets as of September 30, 2025** | |
| Asset Management | 0.0% |
| Banking | 2.6% |
| Biotechnology | 0.5% |
| Business Development Companies | 1.5% |
| Chemicals | 2.9% |
| Financial Services | 3.1% |
| Food & Beverage | 9.1% |
| Healthcare | 1.8% |
| Insurance | 2.5% |
| Oil, Gas & Consumable Fuels | 1.7% |
| Real Estate Investment Trusts | 5.7% |
| Real Estate Management & Development | 4.5% |
| Retail | 13.6% |
| Closed-End Funds | 11.8% |
| Money Market Deposit Account | 0.2% |
| Money Market Funds | 37.5% |
| Other Assets Less Liabilities | 1.0% |
|  | 100% |

---

------

---

| | |
|:---|:---|
| **TOP 10 PORTFOLIO HOLDINGS** | |
| **% of Net Assets as of September 30, 2025** | |
| Nestle SA | 7.48% |
| Cie Financiere Richemont SA | 7.45% |
| Central Securities Corp | 6.88% |
| Village Super Market Inc | 6.12% |
| Alexanders Inc | 5.73% |
| Tejon Ranch Co | 4.51% |
| Cannae Holdings Inc | 3.11% |
| Artience Co Ltd | 2.92% |
| Chubb Ltd | 2.45% |
| PB Bankshares Inc | 2.30% |

---

------

TOTAL RETURN SECURITIES FUND

Notes to Schedule of Investments (Unaudited)

Total Return Securities Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TOPIC 820 TABLE** | **TOPIC 820 TABLE** | **TOPIC 820 TABLE** | **TOPIC 820 TABLE** | **TOPIC 820 TABLE** | **TOPIC 820 TABLE** |
| **Investments in Securities\*** | Level 1<br> Quoted Prices | Level 2<br> Other Significant<br> Observable Inputs | Level 3<br> Significant<br> Unobservable Inputs | Investments Valued<br> at NAV\*\* | Total |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $43449428 | $- | $1681096 | $- | $45130524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closed-End Funds | 10881234 | - | - | - | 10881234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Partnerships | - | - | - | 450861 | 450861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 34514473 | - | - | - | 34514473 |
| Total Investments in Securities | $88845135 | $- | $1681096 | $450861 | $90977092 |

---

*\* Please see the Schedule of Investments for industry classifications.*

*\*\* As of September 30, 2025, certain of the Fund's investments were valued using net asset value ("NAV") per share (or its equivalent) as a practical expedient for fair value and have been excluded from the fair value hierarchy in accordance with ASU 2015-07. The fair value amount presented in this table is intended to permit reconciliation of the amounts presented in the fair value hierarchy to the amounts presented in the schedule of investments.*

The Fund values its investment in a private equity limited partnership in accordance with Accounting Standards Codification 820-10-35, "Investments in Certain Entities that Calculate Net Asset Value Per Share (Or its Equivalent)" ("ASC 820-10-35"). ASC 820-10-35 permits a reporting entity to measure the fair value of an investment that does not have a readily determinable fair value, based on the NAV of the investment as a practical expedient, without further adjustment, unless it is probable that the investment will be sold at a value significantly different than the NAV. If the NAV of the investment is not as of the Fund's measurement date, then the NAV should be adjusted to reflect any significant events that may change the valuation. Inputs and valuation techniques for these adjustments may include fair valuations of the partnership and its portfolio holdings provided by the partnership's general partner or manager, other available information about the partnership's portfolio holdings, values obtained on redemption from other limited partners, discussions with the partnership's general partner or manager and/or other limited partners and comparisons of previously-obtained estimates to the partnership's audited financial statements. In using the unadjusted NAV as a practical expedient, certain attributes of the investment that may impact its fair value are not considered. Attributes of those investments include the investment strategies of the privately held companies and may also include, but are not limited to, restrictions on the investor's ability to redeem its investments at the measurement date and any unfunded commitments.

Level 3 securities, which are listed in Note 3 to the Schedule of Investments, consist of the Fund's investments in privately-held companies.

Inputs and valuation techniques used by the Fund to value its Level 3 investments in privately-held companies may include the following: acquisition cost; fundamental analytical data; discounted cash flow analysis; nature and duration of restrictions on disposition of the investment; public trading of similar securities of similar issuers; economic outlook and condition of the industry in which the issuer participates; financial condition of the issuer; and the issuer's prospects, including any recent or potential management or capital structure changes. Although these valuation inputs may be observable in the marketplace as is characteristic of Level 2 investments, the privately-held companies, categorized as Level 3 investments, generally are highly illiquid in terms of resale.

When valuing Level 3 investments, management also may consider potential events that could have a material impact on the operations of a privately held company. Not all of these factors may be considered or available, and other relevant factors may be considered on an investment-by-investment basis.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

---

| | | |
|:---|:---|:---|
| **LEVEL 3 ROLLFORWARD TABLE** | **LEVEL 3 ROLLFORWARD TABLE** | **LEVEL 3 ROLLFORWARD TABLE** |
|  | Common Stock | Total |
| &nbsp;&nbsp;&nbsp; Balance as of December 31, 2024 | $1400307 | $1400307 |
| &nbsp;&nbsp;&nbsp; Change in Unrealized Appreciation/Depreciation | 280789 | 280789 |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | - | - |
| &nbsp;&nbsp;&nbsp; Gross Purchases | - | - |
| &nbsp;&nbsp;&nbsp; Gross Sales | - | - |
| &nbsp;&nbsp;&nbsp; Transfer out of Level 3 | - | - |
| &nbsp;&nbsp;&nbsp; Balance as of September 30, 2025 | $1681096 | $1681096 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) during the period for Level 3 investments held at September 30, 2025 | 280789 | 280789 |

---

*(a*) *&nbsp;&nbsp;&nbsp;&nbsp;The noted amounts of change in unrealized appreciation/depreciation relate to the fair value of Level 3 assets held on September 30, 2025.*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Total Return Securities Fund

- **b. Investment Company Act file number:** 811-05128

- **c. CIK number of Registrant:** 0000813623

- **d. LEI of Registrant:** 549300HQZ0XPGTS5Q724

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 212-641-3800

**Item A.2. Information about the Series.**

- **a. Name of Series:** Total Return Securities Fund

- **c. LEI of Series:** 549300HQZ0XPGTS5Q724

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $92388847.70

**Total Liabilities:** $266728.00

**Net Assets:** $92122119.70

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -2.84%               | -1.95%               | 0.66%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1177243.41              | $-2669403.15                               |
| Month 2  | $85053.52                | $508881.09                                 |
| Month 3  | $-1638.63                | $218481.55                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                   | Title                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alexander's Inc                        | Alexander's Inc                                   | CUSIP: 014752109<br>LEI: 549300TZM28P04U5R635 | Long             | EC               | CORP              | US        |     22500 | NS      | $5276025.00   | 5.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Central and Eastern Europe Fun         | Central and Eastern Europe Fund Inc               | CUSIP: 153436100<br>LEI: 549300TSXFIOF89ZI608 | Long             | EC               | RF                | US        |     72345 | NS      | $1111219.20   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS High Yield Municipal Trust         | MFS High Yield Municipal Trust                    | CUSIP: 59318E102<br>LEI: A8WLLLHJKX1MW5QPZU93 | Long             | EC               | RF                | US        |    317465 | NS      | $1101603.55   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Portfolio             | Invesco Treasury Portfolio                        | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |  17341962 | NS      | $17341962.18  | 18.82%            |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                              | Nestle SA                                         | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |     75000 | NS      | $6887764.72   | 7.48%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account            | CUSIP: 8AMMF0A84<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    161702 | NS      | $161702.30    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwood Financial Corp                 | Norwood Financial Corp                            | CUSIP: 669549107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4331 | NS      | $110094.02    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Artience Co Ltd                        | Artience Co Ltd                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |    127000 | NS      | $2691607.14   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                              | Chubb Ltd                                         | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |      8000 | NS      | $2258000.00   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SPINEART SA                            | SPINEART SA                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CH        |    221085 | NS      | $1681096.27   | 1.82%             |  |  |  | No            |                  3 | On Loan: No      |
| Fidelity Government Portfolio          | Fidelity Government Portfolio                     | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  17341962 | NS      | $17341962.19  | 18.82%            |  |  |  | No            |                  1 | On Loan: No      |
| PB Bankshares Inc                      | PB Bankshares Inc                                 | CUSIP: 69318V103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110000 | NS      | $2118600.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                         | Tejon Ranch Co                                    | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |    260000 | NS      | $4154800.00   | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Securities Corp                | Central Securities Corp                           | CUSIP: 155123102<br>LEI: 549300D87MQ4TEVRK235 | Long             | EC               | RF                | US        |    123355 | NS      | $6336746.35   | 6.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc           | Associated Capital Group Inc                      | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |       565 | NS      | $18944.45     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Municipal Bond Infr         | BNY Mellon Municipal Bond Infrastructure Fund Inc | CUSIP: 09662W109<br>LEI: 5493003OUY2BKGFZ2414 | Long             | EC               | RF                | US        |    158768 | NS      | $1698817.60   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Cannae Holdings Inc                    | Cannae Holdings Inc                               | CUSIP: 13765N107<br>LEI: 549300OGRF1ICI7D2V77 | Long             | EC               | CORP              | US        |    156376 | NS      | $2863244.56   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Investment Grade Municipal         | MFS Investment Grade Municipal Trust              | CUSIP: 59318B108<br>LEI: TQV30XJRB3S7V50XRW52 | Long             | EC               | RF                | US        |     80515 | NS      | $632847.90    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Monroe Capital Corp                    | Monroe Capital Corp                               | CUSIP: 610335101<br>LEI: 549300RZ898DGFGWKV04 | Long             | EC               | CORP              | US        |    190961 | NS      | $1340546.22   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp                | Texas Pacific Land Corp                           | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1700 | NS      | $1587188.00   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Village Super Market Inc               | Village Super Market Inc                          | CUSIP: 927107409<br>LEI: 25490069686XCNNEMQ07 | Long             | EC               | CORP              | US        |    150000 | NS      | $5604000.00   | 6.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ARAVIS BIOTECH II LP                   | ARAVIS BIOTECH II LP                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CH        |   3294705 | NS      | $450860.91    | 0.49%             |  |  |  | No            |                  3 | On Loan: No      |
| Cie Financiere Richemont SA            | Cie Financiere Richemont SA                       | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |     36000 | NS      | $6859297.43   | 7.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Aryzta AG                              | Aryzta AG                                         | CUSIP: N/A<br>LEI: 549300W2PUDQQVRD8W85       | Long             | EC               | CORP              | CH        |     18000 | NS      | $1468233.52   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** Total Return Securities Fund

**Signature:** /s/ Andrew Dakos

**Name of Signer:** Andrew Dakos

**Title:** President & CEO