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

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 10
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 under “Payment for Shares.” Rights may also be exercised through a Rights Holder’s broker, who may charge the Rights Holder a servicing fee in connection with such exercise.

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In the event that the Estimated Subscription Price is more than the Subscription Price on the Expiration Date, any resulting excess amount paid by a Rights Holder towards the purchase of Shares in the Offering will be applied by the Fund towards the purchase of additional Shares under the Basic Subscription or, if such Rights Holder has exercised all of the Rights initially issued to such Rights Holder under the Basic Subscription, towards the purchase of an additional number of Shares pursuant to the Additional Subscription Privilege. Any Rights Holder who desires that such excess not be treated by the Fund as a request by the Rights Holder to acquire additional Shares in the Offering and that such excess be refunded to the Rights Holder must so indicate in the space provided on the Subscription Certificate.

Completed Subscription Certificates must be received by the Subscription Agent prior to 5:00 p.m., New York City time, on the Expiration Date (or Extended Expiration Date, as the case may be). The Subscription Certificate and payment should be delivered to the Subscription Agent at the following address:

| If by mail:                           
 Equiniti Trust Company, LLC           
 Operations Center                     
 Attn: Onbase – Reorganization Depart. 
 1110 Centre Pointe Curve, Suite 

# 101 
 Mendota Heights, MN 55120             | If by express mail, courier or other expedited service: 
 Equiniti Trust Company, LLC                             
 1110 Centre Pointe Curve, Suite 

# 101                   
 Mendota Heights, MN 55120                               
 Attn: Onbase – Reorganization Depart.                   |

Subscription Agent. The Subscription
Agent is Equiniti Trust Company, LLC with an address at 1100 Centre Pointe Curve, Suite 

# 101, Mendota Heights, MN 55120. The Subscription
Agent will receive from the Fund an amount estimated to be $40,000, comprised of the fee for its services and the reimbursement for certain
expenses related to the Offering. INQUIRIES BY ALL RIGHTS HOLDERS SHOULD BE DIRECTED TO THE SUBSCRIPTION AGENT, EQUINITI TRUST COMPANY,
LLC; RIGHTS HOLDERS MAY ALSO CONSULT THEIR BROKERS OR NOMINEES.

Payment for Shares. Payment for
Shares shall be calculated by multiplying the Estimated Subscription Price by the sum of (i) the number of Shares intended to be purchased
in the