Lazard Discloses 666,252-Share, 5.1% Holding in Total Return Securities Fund

Rhea-AI Filing Summary

Total Return Securities Fund reported that Lazard Asset Management LLC beneficially owns 666,252 shares of the fund's equity, representing 5.1% of the class. The filing states Lazard is organized in New York and exercises sole voting and sole dispositive power over all 666,252 shares, with no shared voting or dispositive power. The statement includes a certification that the shares were not acquired to change or influence control of the issuer. The filing lists issuer headquarters as U.S. Bank Global Fund Services in Milwaukee.

Insights

Financial Analyst

TL;DR: Lazard holds a meaningful passive stake (5.1%), fully controlled for voting and disposition.

The filing discloses a 5.1% beneficial ownership by Lazard Asset Management LLC with sole voting and dispositive power over 666,252 shares. This meets the statutory reporting threshold for Schedule 13G/A and signals a material passive stake for monitoring, but the certification states the position is not intended to influence control. No transactions, purchase price, or holdings on behalf of specific clients are disclosed, limiting assessment of economic intent or timeline.

Corporate Governance Expert

TL;DR: Ownership exceeds 5% triggering disclosure; filer affirms non-control intent.

From a governance perspective, the report is a routine disclosure showing sole control of voting and disposition by an investment adviser. The certification explicitly denies any purpose to change issuer control, consistent with Schedule 13G treatment rather than a Schedule 13D. The filing does not identify any group arrangements or related parties and contains no indications of contested governance or pending proposals.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Total Return Securities Fund

(Name of Issuer)

Equity

(Title of Class of Securities)

870875101

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 870875101

1

Names of Reporting Persons

Lazard Asset Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 666,252.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 666,252.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

666,252.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Total Return Securities Fund
(b)	Address of issuer's principal executive offices: C/O U.S. BANK GLOBAL FUND SERVICES 615 EAST MICHIGAN STREET MILWAUKEE, WI 53202
Item 2.
(a)	Name of person filing: Lazard Asset Management LLC
(b)	Address or principal business office or, if none, residence: 30 Rockefeller Plaza, New York, 10112, NY, United States
(c)	Citizenship: NEW YORK
(d)	Title of class of securities: Equity
(e)	CUSIP No.: 870875101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 666,252
(b)	Percent of class: 5.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 666,252
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 666,252
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Lazard Asset Management LLC

Signature:	Mark Anderson
Name/Title:	Managing Director, General Counsel
Date:	08/14/2025

FAQ

How many shares of SWZ does Lazard Asset Management LLC own?

Lazard Asset Management LLC beneficially owns 666,252 shares of Total Return Securities Fund (CUSIP 870875101).

What percentage of SWZ does Lazard own according to this filing?

The filing reports ownership of 5.1% of the equity class.

Does Lazard share voting or dispositive power over these SWZ shares?

No. The filing states sole voting power and sole dispositive power for all 666,252 shares and zero shared power.

Is this filing indicating Lazard intends to influence control of SWZ?

No. The certification states the securities were not acquired or held to change or influence control of the issuer.

Who signed the Schedule 13G/A for Lazard and when?

The filing is signed by Mark Anderson, Managing Director, General Counsel, dated 08/14/2025.