# EDGAR Filing Document

**Accession Number:** 0000813623
**File Stem:** 0000910472-26-008775
**Filing Date:** 2026-6
**Character Count:** 17288
**Document Hash:** 9d48642e23fab7cd0ed46eac3906b60a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-008775.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000910472-26-008775

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05128
- **FILM NUMBER:** 261051277

**BUSINESS ADDRESS:**
- **STREET 1:** ULTIMUS FUND SOLUTIONS
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2704

**MAIL ADDRESS:**
- **STREET 1:** ULTIMUS FUND SOLUTIONS
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

**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

Portfolio

of

Investments

March

31,

2026

Sh

ar

e

s

F

air

V

alu

e

COMMON

STOCKS

—

51.0%

Banking

—

5.4%

Norwood

Financial

Corp.

170,000

$

5,001,400

Chemicals

—

5.5%

Sakata

INX

Corp.

78,500

1,121,266

Toyo

Ink

SC

Holdings

Co

Ltd.

170,000

4,005,973

5,127,239

Food

&

Beverage

—

3.7%

Aryzta

AG(a)

15,000

1,164,063

Nestle

SA

23,000

2,255,787

3,419,850

Health

Care

—

0.1%

Spineart

SA(a)(b)

221,085

65,288

Insurance

—

15.1%

Berkshire

Hathaway,

Inc.,

Class

A(a)

7,181,400

Chubb

Ltd.

14,000

4,563,020

Progressive

Corp.

11,000

2,180,640

13,925,060

Oil,

Gas

&

Consumable

Fuels

—

4.1%

Texas

Pacific

Land

Corp.

8,000

3,796,480

Real

Estate

Management

&

Development

—

5.3%

Tejon

Ranch

Co.(a)

260,000

4,898,401

Retail

—

11.9%

Cie

Financiere

Richemont

SA

22,000

3,812,174

Village

Super

Market,

Inc.,

Class

A

170,000

7,179,100

10,991,274

Total

Common

Stocks

(Cost $39,819,819)

47,224,992

CLOSED-END

FUNDS

—

20.2%

BNY

Mellon

Municipal

Bond

Infrastructure

Fund,

Inc.

314,891

3,318,951

BNY

Mellon

Strategic

Municipal

Bond

Fund,

Inc.

190,369

1,144,118

Central

Securities

Corp.

134,155

6,662,137

MFS

High

Yield

Municipal

Trust

760,000

2,720,800

MFS

Investment

Grade

Municipal

Trust

240,000

1,917,600

SRH

Total

Return

Fund,

Inc.

170,000

2,907,000

Total

Closed-End

Funds

(Cost $18,054,295)

18,670,606

REAL

ESTATE

INVESTMENT

TRUSTS

—

13.7%

Alexander's,

Inc.

28,000

6,613,600

Apartment

Investment

&

Management

Co.(a)

500,000

2,035,000

Elme

Communities

2,000,000

4,020,000

Total

Real

Estate

Investment

Trusts

(Cost $12,662,998)

12,668,600

Total

Return

Securities

Fund

Portfolio

of

Investments

(Continued)

March

31,

2026

Name

of

Issuer

Value

as

of

12/31/25

Gross

Additions

Gross

Reductions

Corporate

Actions

Realized

Gain/

(Loss)

Unrealized

Gain/(Loss)

Interest

Income

Value

as

of

03/31/26

Aravis

Biotech

II,

Limited

Partnership

$

447,930

$

–

$

–

$

–

$

–

$

(4,101)

$

–

$

443,829

$

447,930

$

–

$

–

$

–

$

–

$

(4,101)

$

–

$

443,829

BUSINESS

DEVELOPMENT

COMPANIES

—

1.3%

Sh

ar

e

s

F

air

V

alu

e

Monroe

Capital

Corp.

257,436

$

1,184,206

Total

Business

Development

Companies

(Cost $1,831,713)

1,184,206

LIMITED

PARTNERSHIPS

—

0.5%

U

n

i

t

s

Biotechnology

—

0.5%

Aravis

Biotech

II,

Limited

Partnership(a)(b)(c)

3,294,705

443,829

Total

Limited

Partnerships

(Cost $275,363)

443,829

SHORT-TERM

INVESTMENTS

—

11.3%

Sh

ar

e

s

MONEY

MARKET

FUNDS

—

11.3%

Fidelity

Institutional

Money

Market

Government

Portfolio

-

Class

I,

3.53%(d)

5,242,690

5,242,690

Invesco

Treasury

Portfolio

-

Institutional

Class,

3.56%(d)

5,242,690

5,242,690

Total

Money

Market

Funds

(Cost

$10,485,380)

10,485,380

TOTAL

INVESTMENTS

—

98.3%

(Cost

$83,420,723)

90,968,768

Money

Market

Deposit

Account

—

0.3%

(e) 291,155

Other

Assets

in

Excess

of

Liabilities —

1.7%

1,578,874

TOTAL

NET

ASSETS

—

100.0%

$

92,547,642

Percentages

are

stated

as

a

percent

of

net

assets.

(a) Non-income

producing

security.

(b) Fair

value

determined

using

significant

unobservable

inputs

in

accordance

with

procedures

established

by

and

under

the

supervision

of

the

Board

of

Directors.

These

securities

represented

$509,117

or

0.6%

of

net

assets

as

of

March

31,

2026. (c) Affiliated

Security

as

defined

by

the

Investment

Company

Act

of

1940. (d) The

rate

shown

represents

the

7-day

annualized

effective

yield

as

of

March

31,

2026. (e) 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

March

31,

2026

was

2.56%.

## 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:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

**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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $92971089.76

**Total Liabilities:** $423447.49

**Net Assets:** $92547642.27

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -4.82%               | 5.10%                | -3.91%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $1641198.00              | $13245810.71                               |
| Month 3  | $1797011.67              | $-5349481.83                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alexanders Inc                              | Alexander's, Inc. REIT                                   | CUSIP: 014752109<br>LEI: 549300TZM28P04U5R635 | Long             | EC               | CORP              | US        |     28000 | NS      | $6613600.00   | 7.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Investment and Management Company | Apartment Investment & Management Company Class A        | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               | CORP              | US        |    500000 | NS      | $2035000.00   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.                     | Berkshire Hathaway, Inc. Class A                         | CUSIP: 084670108<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |        10 | NS      | $7181400.00   | 7.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Bny Mellon Strategic Muni Bd Fd Inc         | BNYM STRAT MUNI BND                                      | CUSIP: 09662E109<br>LEI: 54930044KK4C1VDJ7M52 | Long             | EC               | RF                | US        |    190369 | NS      | $1144117.69   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY MELLON MUN BD INFRASTRUCTURE FD INC     | BNY Mellon Municipal Bond Infrastructure Fund            | CUSIP: 09662W109<br>LEI: 5493003OUY2BKGFZ2414 | Long             | EC               | RF                | US        |    314891 | NS      | $3318951.14   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SRH Total Return Fund Inc                   | SRH Total Return Fund, Inc.                              | CUSIP: 101507101<br>LEI: 5493000XG0EMNJQ1SM17 | Long             | EC               | RF                | US        |    170000 | NS      | $2907000.00   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Securities Corporation              | CENTRAL SECURITIES CORPORATION                           | CUSIP: 155123102<br>LEI: 549300D87MQ4TEVRK235 | Long             | EC               | RF                | US        |    134155 | NS      | $6662137.30   | 7.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Colchester Street Trust            | Fidelity Institutional Money Market Government Portfolio | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   5242690 | PA      | $5242690.23   | 5.66%             |  |  |  | No            |                  2 | On Loan: No      |
| MFS INVT GRADE MUN TR                       | MFS Investment Grade Municipal Trust                     | CUSIP: 59318B108<br>LEI: TQV30XJRB3S7V50XRW52 | Long             | EC               | RF                | US        |    240000 | NS      | $1917600.00   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS HIGH YIELD MUN TR                       | MFS High Yield Municipal Trust                           | CUSIP: 59318E102<br>LEI: A8WLLLHJKX1MW5QPZU93 | Long             | EC               | RF                | US        |    760000 | NS      | $2720800.00   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Monroe                                      | Monroe Capital Corporation                               | CUSIP: 610335101<br>LEI: 549300RZ898DGFGWKV04 | Long             | EC               | RF                | US        |    257436 | NS      | $1184205.60   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwood Finl Corp                           | NORWOOD FINANCIAL CORPORATION                            | CUSIP: 669549107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170000 | NS      | $5001400.00   | 5.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sakata Inx Corp                             | Sakata INX Corporation                                   | CUSIP: J66661125<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     78500 | NS      | $1121266.06   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Artience Co Ltd.                            | Toyo Ink SC Holdings Co Ltd                              | CUSIP: J91515106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    170000 | NS      | $4005973.05   | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                   | Nestle S.A.                                              | CUSIP: H57312649<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     23000 | NS      | $2255787.49   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| The Progressive Corporation                 | Progressive Corporation (The)                            | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     11000 | NS      | $2180640.00   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Short-Term Invts T                          | Invesco Treasury Portfolio Institutional Class           | CUSIP: 825252406<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |   5242690 | PA      | $5242690.23   | 5.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Tejon Ranch Co                              | Tejon Ranch Company                                      | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |    260000 | NS      | $4898400.00   | 5.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corporation              | Texas Pacific Land Corporation                           | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8000 | NS      | $3796480.00   | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Colchester Street Trust            | US BANK MM DEPOSIT ACCT                                  | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |    291155 | PA      | $291154.82    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Village Super Market Inc.                   | Village Super Market, Inc. Class A                       | CUSIP: 927107409<br>LEI: 25490069686XCNNEMQ07 | Long             | EC               | CORP              | US        |    170000 | NS      | $7179100.00   | 7.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                            | Elme Communities REIT                                    | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |   2000000 | NS      | $4020000.00   | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | ARAVIS BIOTECH II LP                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   3294705 | NS      | $443829.41    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie Financiere Richemont Sa           | Cie Financiere Richemont S.A.                            | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     22000 | NS      | $3812174.04   | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Aryzta AG                                   | Aryzta A.G.                                              | CUSIP: H0336C126<br>LEI: 549300W2PUDQQVRD8W85 | Long             | EC               | CORP              | CH        |     15000 | NS      | $1164063.18   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd. Switzerland                      | Chubb Ltd.                                               | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     14000 | NS      | $4563020.00   | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                         | Spineart SA                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    221085 | NS      | $65288.05     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-01

**Name of Applicant:** Andrew Dakos

**Signature:** Andrew Dakos

**Name of Signer:** Andrew Dakos

**Title:** President