Company: SWZ
Filing Date: 2025-10-03
Form Type: N-2
Source: 0001999371-25-014685
Chunk: 11

Company: Total Return Securities Fund
Filing Date: 2025-10-03
Form: N-2
Chunk 11
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 pursuant to the Additional Subscription Privilege, to the Subscription Agent based on the Estimated Subscription Price of $ [●]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.                                                                                               |

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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) the per Share and total purchase price for the Shares; and (iv) any additional amount payable by such Rights Holder to the Fund ( i.e.,if the Estimated Subscription Price was less than the Subscription Price on the Expiration Date) or any excess to be refunded by the Fund to such Rights Holder ( i.e., if the Estimated Subscription Price was more than the Subscription Price on the Expiration Date and the Rights Holder indicated on the Subscription Certificate that such excess not be treated by the Fund as a request by the Rights Holder to acquire additional Shares in the Offering). Any additional payment required from a Rights Holder must be received by the Subscription Agent prior to 5:00 p.m., New York City time, on the date specified as the deadline for final payment for Shares, and