Total Return Securities Fund (SWZ) insider discloses late-December stock sales

Rhea-AI Filing Summary

Total Return Securities Fund reported insider stock sales. A reporting person filed details of several open-market sales of the fund’s common stock on December 29 and 30, 2025 at prices between $6.24 and $6.27 per share. After these transactions, the insider directly beneficially owned 1,686,971 shares of common stock.

Insider Trade Summary

Net Seller: 19,968 shares ($124,845)

Net Sell 7 txns

Insider CSS LLC/IL

Role 10% Owner

Sold 19,968 shs ($125K)

Type	Security	Shares	Price	Value
Sale	common stock	4,900	$6.24	$31K
Sale	common stock	7,000	$6.25	$44K
Sale	common stock	100	$6.255	$625.50
Sale	common stock	196	$6.27	$1K
Sale	common stock	1,772	$6.25	$11K
Sale	common stock	3,000	$6.26	$19K
Sale	common stock	3,000	$6.27	$19K

Holdings After Transaction: common stock — 1,694,267 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CSS LLC/IL

(Last) (First) (Middle)

1 NORTH WACKER DRIVE

SUITE 3075

(Street)

CHICAGO IL 60606

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Total Return Securities Fund [ SWZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
common stock	12/29/2025		S		1,772	D	$6.25	1,705,167	D
common stock	12/29/2025		S		3,000	D	$6.26	1,702,167	D
common stock	12/29/2025		S		3,000	D	$6.27	1,699,167	D
common stock	12/30/2025		S		4,900	D	$6.24	1,694,267	D
common stock	12/30/2025		S		7,000	D	$6.25	1,687,267	D
common stock	12/30/2025		S		100	D	$6.255	1,687,167	D
common stock	12/30/2025		S		196	D	$6.27	1,686,971	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	Mitchell R Bialek, CCO, on behalf of CSS, LLC	12/31/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Total Return Securities Fund (SWZ) insider report in this Form 4?

The insider reported multiple open-market sales of common stock on December 29 and 30, 2025 at prices between $6.24 and $6.27 per share.

How many Total Return Securities Fund (SWZ) shares does the insider own after the transactions?

Following the reported sales, the insider directly beneficially owned 1,686,971 shares of Total Return Securities Fund common stock.

What type of securities were involved in the SWZ insider transactions?

All reported transactions involved non-derivative common stock of Total Return Securities Fund.

Were there any derivative securities reported for the SWZ insider?

No derivative securities were listed as acquired, disposed of, or owned in Table II of the report.

On which dates did the Total Return Securities Fund (SWZ) insider sell shares?

The reported sales of common stock occurred on December 29, 2025 and December 30, 2025.

What transaction code was used for the SWZ insider trades?

Each trade was reported with transaction code "S", indicating an open-market or private sale of common stock.