SELL MORITZ A 4

What Happened
Moritz A, a director of Total Return Securities Fund (SWZ), sold 3,922 shares on 2026-01-23 at $6.81 per share, for total proceeds of $26,709. The filing lists the transaction as a disposition to the issuer (code D) and notes the sale was made pursuant to a tender offer exempt under Rule 16b-3, so this is a sale rather than a purchase.

Key Details

• Transaction date and price: 2026-01-23 — 3,922 shares at $6.81 each ($26,709 total).
• Transaction code: D (Disposition to issuer).
• Footnote F1: Sale made pursuant to a tender offer exempt under Rule 16b-3.
• Footnote F2: Reported amount includes shares acquired through the issuer's dividend reinvestment plan.
• Shares owned after transaction: Not specified in the provided filing details.
• Filing timeliness: Report filed 2026-01-27 (within required two business days of the 2026-01-23 transaction).

Context
This was a direct sale back to the issuer under a specific tender arrangement; such transactions are typically procedural (e.g., buyback, redemption or tender) rather than open-market trades. The filing is factual and does not indicate insider motivation.