RiverNorth Reports Sole Voting Power Over 5.16% of SWZ Shares

Rhea-AI Filing Summary

Total Return Securities Fund (SWZ): RiverNorth Capital Management, LLC reports beneficial ownership of 669,946 shares, representing 5.16% of the class. RiverNorth is identified as an investment adviser and discloses sole voting and dispositive power over these shares, indicating it can vote and sell the shares without sharing authority. The filing contains a certification that the securities are held in the ordinary course of business and are not held to change or influence control. This Schedule 13G is a routine disclosure of a passive, material stake.

Positive

• Beneficial ownership of 669,946 shares representing 5.16% of the class
• Sole voting and dispositive power over the reported shares, indicating unilateral authority to vote and dispose
• Filed as an investment adviser (IA) with a certification of ordinary-course, non-control intent

Negative

• None.

Insights

Financial Analyst

TL;DR: RiverNorth holds 669,946 SWZ shares (5.16%) with sole voting/dispositive power; routine passive disclosure.

The filing shows a >5% position that is material in size but is presented as passive. The report states sole voting and dispositive power for 669,946 shares, which means RiverNorth can vote and dispose of the shares without shared authority. As an investment adviser filing a Schedule 13G and certifying ordinary-course holdings, the disclosure signals transparency about a significant stake but does not, on its face, indicate intent to seek control.

Compliance / Corporate Governance Expert

TL;DR: Schedule 13G by an IA documents a passive, reportable position and includes required certification of non-control intent.

The document is consistent with Rule 13d reporting for passive holders: it identifies the reporting person as an IA, quantifies the 5.16% ownership, and includes the statutory certification that the securities are held in the ordinary course and not to influence control. The signature by the firm’s GC/CCO affirms the completeness of the statement. This satisfies SEC disclosure requirements for a passive, >5% holder.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Total Return Securities Fund

(Name of Issuer)

Closed End Fund

(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

RIVERNORTH CAPITAL 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 669,946.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 669,946.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

669,946.00

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)

5.16 %

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: RiverNorth Capital Management, LLC
(b)	Address or principal business office or, if none, residence: 360 S. Rosemary Avenue, Ste. 1420 West Palm Beach, Florida 33401
(c)	Citizenship: Delaware
(d)	Title of class of securities: Closed End Fund
(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: 669,946
(b)	Percent of class: 5.16 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 669,946
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 669,946
	(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.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Other persons have the right to receive the proceeds from the sale of the securities reported herein.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Not applicable.
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. Not applicable.
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. 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 acquired and are held in the ordinary course of business and 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.

RIVERNORTH CAPITAL MANAGEMENT, LLC

Signature:	/s/ Marcus Collins
Name/Title:	Marcus Collins, General Counsel and Chief Compliance Officer
Date:	08/14/2025

FAQ

How many SWZ shares does RiverNorth own?

RiverNorth beneficially owns 669,946 shares of SWZ, representing 5.16% of the class.

Does RiverNorth have voting power over the SWZ shares?

Yes. The filing reports sole voting power of 669,946 shares and shared voting power of 0.

What type of SEC filing was submitted for SWZ?

A Schedule 13G under the Securities Exchange Act of 1934 was filed to disclose the position.

Is RiverNorth claiming an intent to influence control of the issuer (SWZ)?

No. The filing includes a certification that the securities are held in the ordinary course of business and not to change or influence control.

Who filed and signed the Schedule 13G for RiverNorth?

The report is filed by RiverNorth Capital Management, LLC and signed by Marcus Collins, General Counsel and Chief Compliance Officer.

What event date triggered the requirement to file this Schedule 13G?

The document identifies 06/30/2025 as the date of the event which requires filing of this statement.