[Form 4] Total Return Securities Fund Insider Trading Activity

Rhea-AI Filing Summary

Total Return Securities Fund reported insider activity by a director and 10% owner on December 15, 2025. The filing shows several dispositions of common stock in blocks of 1,000, 500, 1,000, 500 and 4,000 shares at prices between $6.2 and $6.24 per share. After these transactions, the reporting person beneficially owned 1,735,506 shares of the fund’s common stock, held directly.

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
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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)
12/15/2025

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	12/15/2025		S		1,000	D	$6.2	1,741,506	D
common stock	12/15/2025		S		500	D	$6.21	1,741,006	D
common stock	12/15/2025		S		1,000	D	$6.22	1,740,006	D
common stock	12/15/2025		S		500	D	$6.23	1,739,506	D
common stock	12/15/2025		S		4,000	D	$6.24	1,735,506	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	12/17/2025
	** 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 activity did Total Return Securities Fund (SWZ) report in this filing?

A director and 10% owner of Total Return Securities Fund (SWZ) reported multiple dispositions of the fund’s common stock on December 15, 2025, in several separate transactions.

On what date and at what prices were SWZ shares disposed of?

The dispositions occurred on December 15, 2025 at prices of $6.2, $6.21, $6.22, $6.23 and $6.24 per share.

How many Total Return Securities Fund (SWZ) shares did the insider hold after the reported transactions?

Following the reported transactions, the insider beneficially owned 1,735,506 shares of Total Return Securities Fund common stock, held directly.

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

The reporting person is identified as a Director and 10% Owner of Total Return Securities Fund.

Were the reported SWZ share transactions acquisitions or dispositions?

The transactions in the table are marked with disposition code D under “Securities Acquired (A) or Disposed Of (D),” indicating that shares were disposed of.

Were any derivative securities reported for Total Return Securities Fund (SWZ) in this document?

The section for derivative securities is present, but no specific derivative transactions or holdings are listed in the provided table.

Was this SWZ insider report filed by one or multiple reporting persons?

The document indicates that the form was filed by one reporting person, rather than by more than one reporting person.