Total Return Securities Fund (NYSE: SWZ) director exercises rights to buy 7,400 shares

Rhea-AI Filing Summary

Total Return Securities Fund director reported buying additional shares through a rights offering. On 12/11/2025, the director acquired 7,400 shares of common stock at a price of $6.07 per share, using rights that had been issued to shareholders of record as of November 14, 2025. Each right allowed the purchase of one share and holders could request extra shares if available.

After this transaction, the director beneficially owned 11,800 common shares directly, which includes shares previously acquired through the fund’s dividend reinvestment plan. The filing reflects purchases made pursuant to this rights offering.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider SELL MORITZ A

Role Director

Type	Security	Shares	Price	Value
Exercise	Common Stock	7,400	$6.07	$45K

Holdings After Transaction: Common Stock — 11,800 shares (Direct)

Footnotes (1)

1. Non-transferable rights were issued to holders of record of shares of common stock of the Issuer as of November 14, 2025 in connection with a rights offering by the Issuer at the rate of one right for each share of common stock owned. Every right received by the holder entitled such holder to purchase one share of common stock and holders were entitled to oversubscribe for additional shares if available. Purchases made pursuant to the rights offering are reflected in this filing. Amount includes shares acquired through the Issuer's dividend reinvestment plan.

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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

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 USBANCORP FUND SERVICES

777 E WISCONSIN AVE.

(Street)

MILWAUKEE WI 53202

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/11/2025

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	12/11/2025		M(1)		7,400	A	$6.07	11,800(2)	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:

1. Non-transferable rights were issued to holders of record of shares of common stock of the Issuer as of November 14, 2025 in connection with a rights offering by the Issuer at the rate of one right for each share of common stock owned. Every right received by the holder entitled such holder to purchase one share of common stock and holders were entitled to oversubscribe for additional shares if available. Purchases made pursuant to the rights offering are reflected in this filing.

2. Amount includes shares acquired through the Issuer's dividend reinvestment plan.

	/s/ Stephanie Darling, as Power of Attorney	12/12/2025
	** 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 insider transaction did Total Return Securities Fund (SWZ) disclose?

The fund disclosed that a director acquired 7,400 shares of common stock on 12/11/2025 through a rights offering, at a price of $6.07 per share.

How many Total Return Securities Fund (SWZ) shares does the director own after the transaction?

Following the rights offering purchase, the director beneficially owned 11,800 shares of common stock directly.

What were the terms of the Total Return Securities Fund (SWZ) rights offering mentioned?

Non-transferable rights were issued to shareholders of record as of November 14, 2025 at a rate of one right for each share, with each right allowing the purchase of one share of common stock. Holders could also oversubscribe for additional shares if available.

What does the transaction code on the SWZ Form 4 indicate?

The transaction is coded M, indicating the exercise of derivative rights to acquire 7,400 common shares at $6.07 per share.

Does the director’s reported ownership in SWZ include dividend reinvestment shares?

Yes. The filing states that the 11,800 shares beneficially owned include shares acquired through the issuer’s dividend reinvestment plan.

What is the relationship of the reporting person to Total Return Securities Fund (SWZ)?

The reporting person is a director of Total Return Securities Fund, as indicated in the relationship section.