Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 9

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 9
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 Shares, the Unsubscribed Shares will be allocated to Rights Holders who have exercised all of their Rights in accordance with 
 their Additional Subscription Privilege request.                                                                              |

| (iii) | If                                                                                                                            
 there are not enough Unsubscribed Shares to fully satisfy all Additional Subscription Privilege requests by Rights Holders    
 pursuant to paragraph (ii) above, the Unsubscribed Shares will be allocated among Rights Holders who have exercised all of    
 their Rights in proportion, not to the number of Shares requested pursuant to the Additional Subscription Privilege, but to   
 the number of Rights exercised by them under their Basic Subscription Rights; provided, however, that no Rights Holder shall  
 be allocated a greater number of Unsubscribed Shares than such Rights Holder paid for. The formula to be used in allocating   
 the Unsubscribed Shares under this paragraph is as follows: (Rights Exercised by additional subscribing Rights Holder divided 
 by Total Rights Exercised by all additional subscribing Rights Holders) multiplied by Unsubscribed Shares Remaining.          |

The percentage of Unsubscribed Shares each Rights Holder may acquire will be rounded up to result in delivery of whole Shares (fractional Shares will not be issued).

The foregoing allocation process may involve a series of allocations in order to assure that the total number of Unsubscribed Shares available are distributed on a pro-rata basis. The Fund will not offer or sell any Shares which are not subscribed for under the Basic Subscription or the Additional Subscription Privilege. The Additional Subscription Privilege may result in additional dilution of a Shareholder’s ownership percentage and voting power.

The Fund will not offer or sell any Shares which are not subscribed for under the Basic Subscription or the Additional Subscription Privilege.

Expiration of the Offering. The Offering will expire at 5:00 p.m., New York City time, on the Expiration Date ([●], 2025), unless extended by the Fund (the “Extended Expiration Date”). Rights will expire on the Expiration Date or Extended Expiration Date, as the case may be, and thereafter may not be exercised.

Method of Exercising Rights. Rights may be exercised by filling in and signing the reverse side of the Subscription Certificate and mailing it in the envelope provided, or otherwise delivering the completed and signed Subscription Certificate to the Subscription Agent, together with payment for the Shares as described below 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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