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  4. [Form 4] Total Return Securities Fund Insider Trading Activity

Total Return Securities (SWZ) director adds 4,091 fund shares

Filing Impact
(Neutral)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

Total Return Securities Fund director Moritz A. Sell reported open-market purchases of the fund’s common stock. On June 26, 2026, he bought 2,091 shares at $5.885 per share, and on June 29, 2026, he bought 2,000 shares at $5.925 per share.

Across the two transactions, he acquired 4,091 shares and directly owned 20,246 common shares following the most recent purchase. A footnote states this amount includes shares acquired through the issuer’s dividend reinvestment plan.

Positive

  • None.

Negative

  • None.
Insider SELL MORITZ A
Role null
Bought 4,091 shs ($24K)
Type Security Shares Price Value
Purchase Common Stock 2,000 $5.925 $12K
Purchase Common Stock 2,091 $5.885 $12K
Holdings After Transaction: Common Stock — 20,246 shares (Direct, null)
Footnotes (1)
  1. [object Object]
Purchase on June 29, 2026 2,000 shares at $5.925 Open-market buy of common stock
Purchase on June 26, 2026 2,091 shares at $5.885 Open-market buy of common stock
Total shares bought 4,091 shares Net open-market purchases in this filing
Shares owned after trades 20,246 shares Direct holdings of common stock following June 29, 2026
Net buy direction 4,091 shares net-buy Transaction summary across all reported trades
open-market purchase financial
"transaction_action: "open-market purchase""
An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.
dividend reinvestment plan financial
"includes shares acquired through the Issuer's dividend reinvestment plan"
A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.
Common Stock financial
"security_title: "Common Stock""
Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.
non-derivative financial
"transaction_type: "non-derivative""
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Form 4 Insider Transactions: What Each Field Means →

FAQ

What insider transactions did SWZ director Moritz A. Sell report?
Moritz A. Sell reported buying a total of 4,091 SWZ common shares in two open-market purchases. He acquired 2,091 shares on June 26, 2026 and 2,000 shares on June 29, 2026 at prices just under $6 per share.

At what prices did the SWZ director purchase Total Return Securities Fund shares?
The director bought SWZ common shares at $5.885 and $5.925 per share. He purchased 2,091 shares at $5.885 on June 26, 2026 and 2,000 shares at $5.925 on June 29, 2026 in open-market transactions.

How many Total Return Securities Fund shares does the director own after these trades?
After the reported trades, the director directly owns 20,246 SWZ common shares. This post-transaction holding includes shares previously acquired, and a footnote explains that the total also reflects shares obtained through the fund’s dividend reinvestment plan.

Were the SWZ director’s share purchases open-market transactions?
Yes. Both reported transactions are coded as open-market purchases of SWZ common stock. The filing labels them with transaction code “P” and describes them as purchases in open market or private transactions, indicating they were not option exercises or gifts.

Does the SWZ director’s reported holding include dividend reinvestment plan shares?
Yes. A footnote states the reported amount of SWZ common stock includes shares acquired through the issuer’s dividend reinvestment plan. This means his total of 20,246 shares reflects both market purchases and shares accumulated via automatic dividend reinvestments.
SEC Form 4
FORM 4UNITED 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
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*
SELL MORITZ A
(Last)(First)(Middle)
C/O ULTIMUS FUND SOLUTIONS
225 PICTORIA DR., SUITE 450
(Street)
CINCINNATI OHIO 45246
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Total Return Securities Fund [ SWZ ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/26/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Common Stock06/26/2026P2,091A$5.88518,246(1)D
Common Stock06/29/2026P2,000A$5.92520,246(1)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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Amount includes shares acquired through the Issuer's dividend reinvestment plan.
/s/ Stephanie Darling, as Power of Attorney06/30/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR