Company: SWZ
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001999371-25-017927
Chunk: 9

Company: Total Return Securities Fund
Filing Date: 2025-11-14
Form: 424B2
Chunk 9
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2025), the Subscription Price would be $6.04 per share (85% of $7.11).

Additional Subscription Privilege. If all of the Rights initially issued are not exercised, any Shares for which subscriptions have not been received will be offered, by means of the Additional Subscription Privilege, to Rights Holders who have exercised all of the Rights initially issued to them and who wish to acquire more than the number of Shares for which the Rights held by them are exercisable. Rights Holders who exercise all of their Rights will have the opportunity to indicate on the Subscription Certificate how many unsubscribed Shares they are willing to acquire pursuant to the Additional Subscription Privilege.

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If enough Unsubscribed Shares remain after the Basic Subscriptions have been exercised, all additional subscription requests will be honored in full, with such Shares subject to the same terms and conditions of the Offering. In the event that the Subscription Price is less than the Estimated Subscription Price, Unsubscribed Shares may be used by the Fund to fulfill any Shares subscribed for under the Basic Subscription. The method by which any Unsubscribed Shares will be distributed and allocated pursuant to the Additional Subscription Privilege is as follows:

| (i) | If                                                                                                                               
 there are sufficient Unsubscribed Shares to satisfy all additional subscriptions by Rights Holders exercising their rights under 
 the Additional Subscription Privilege, each such Rights Holder shall be allotted the number of Shares requested.                 |

| (ii) | If                                                                                                                            
 the aggregate number of Shares subscribed for under the Additional Subscription Privilege exceeds the number of Unsubscribed  
 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