Company: SWZ
Filing Date: 2025-10-23
Form Type: N-2/A
Source: 0001999371-25-015937
Chunk: 11

Company: Total Return Securities Fund
Filing Date: 2025-10-23
Form: N-2/A
Chunk 11
---
 Basic Subscription, plus (ii) the number of additional Shares intended to be subscribed for under the Additional Subscription
Privilege. For example, based on the Estimated Subscription Price of $6.04 per Share, if a Shareholder receives 1,000 Rights and wishes
to subscribe for 1,000 Shares in the Basic Subscription, and also wishes to subscribe for 100 additional Shares under the Additional
Subscription Privilege, such Shareholder would remit payment in the amount of $6,644 ($6,040 plus $604).

Rights Holders who wish to acquire Shares in the Basic Subscription or pursuant to the Additional Subscription Privilege must, together with the properly completed and executed Subscription Certificate, send payment for the Shares acquired in the Basic Subscription and any additional Shares subscribed for pursuant to the Additional Subscription Privilege, to the Subscription Agent based on the Estimated Subscription Price of $6.04 per Share. To be accepted, such payment, together with the Subscription Certificate, 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).

| ● | If                                                                                                                                        
 the Estimated Subscription Price is greater than the actual per Share purchase price, the excess payment will be applied toward           
 the purchase of unsubscribed Shares to the extent that there remain sufficient unsubscribed Shares available after the Basic Subscription 
 and Additional Subscription Privilege allocations are completed.                                                                          |

| ● | To                                                                                                                                      
 the extent that sufficient unsubscribed Shares are not available to apply all of the excess payment toward the purchase of unsubscribed 
 Shares, available Shares will be allocated in the manner consistent with that described in the section entitled “–                      
 Additional Subscription Privilege” above.                                                                                               |

<div align='center'>11</div>

PAYMENT MUST ACCOMPANY ANY SUBSCRIPTION CERTIFICATE FOR SUCH SUBSCRIPTION CERTIFICATE TO BE ACCEPTED.

Within five (5) business days following the Expiration Date (or Extended Expiration Date as the case may be), a confirmation will be sent by the Subscription Agent to each Rights Holder (or, if the Shares on the Record Date are held by Cede or any other depository or nominee, to Cede or such other depository or nominee). The date of the confirmation is referred to as the “Confirmation Date.” The confirmation will show (i) the number of Shares acquired pursuant to the Basic Subscription; (ii) the number of Shares, if any, acquired pursuant to the Additional Subscription Privilege; (iii