SWZ (Total Return Securities Fund) director sells 1,755 shares in issuer tender

Rhea-AI Filing Summary

Total Return Securities Fund director Gerald Hellerman reported a sale of common stock in a transaction dated January 23, 2026. He disposed of 1,755 shares of the fund’s common stock at a price of $6.81 per share.

After this sale, Hellerman directly beneficially owned 3,527 common shares. The filing notes that the shares were sold back to the issuer under an issuer tender offer that is exempt under Rule 16b-3, which is a rule governing certain insider transactions.

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

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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^*

HELLERMAN GERALD

(Last) (First) (Middle)

5431 NW 21ST AVE.

(Street)

BOCA RATON FL 33496

(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)
01/23/2026

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	01/23/2026		D(1)		1,755	D	$6.81	3,527	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. Represents the sale of shares to the issuer pursuant to issuer tender offer exempt under Rule 16b-3.

	/s/ Stephanie Darling, as Power of Attorney	01/27/2026
	** 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 SWZ director Gerald Hellerman report?

Director Gerald Hellerman reported selling 1,755 shares of Total Return Securities Fund common stock. The transaction occurred on January 23, 2026 at a price of $6.81 per share and involved shares sold back to the issuer through a tender offer exempt under Rule 16b-3.

How many SWZ shares does Gerald Hellerman own after this Form 4?

After the reported sale, Gerald Hellerman beneficially owns 3,527 shares of Total Return Securities Fund common stock. These shares are reported as directly held, meaning they are not attributed to any intermediary entity or indirect ownership structure in this filing.

What was the price for the SWZ shares sold by Gerald Hellerman?

The reported sale price was $6.81 per share for Total Return Securities Fund common stock. This price applies to the 1,755 shares disposed of in the transaction dated January 23, 2026, according to the Form 4 insider trading report filed under Section 16 rules.

Was the SWZ insider sale part of an issuer tender offer?

Yes. The Form 4 footnote explains that the 1,755 shares sold by Gerald Hellerman represent a sale to the issuer under an issuer tender offer. The transaction is described as exempt under Rule 16b-3, which covers certain insider-related transactions with the issuer.

What role does Gerald Hellerman have at Total Return Securities Fund (SWZ)?

Gerald Hellerman is identified as a director of Total Return Securities Fund. The Form 4 shows the director box checked and does not indicate that he is a ten percent owner or officer of the fund, focusing instead on his board-level relationship with the issuer.

Is Gerald Hellerman’s SWZ transaction a direct or indirect ownership change?

The filing classifies the transaction and resulting holdings as direct. The ownership form is marked “D” for direct, and no separate entity, trust, or partnership is listed in the nature of indirect beneficial ownership, indicating the reported shares are held in his own name.