Welcome to our dedicated page for Total Return Securities Fund SEC filings (Ticker: SWZ), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Total Return Securities Fund's SEC filings document formal governance and shareholder-voting matters for the NYSE-listed fund. Its proxy materials cover annual meeting business, director elections, auditor ratification, voting procedures, and stockholder proposal mechanics. Fund-related disclosures also frame capital-structure matters such as common-share rights offerings, tender offers, and NAV-based terms when those actions are presented in registration or transaction materials.
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.
Total Return Securities Fund director Phillip Goldstein reported a sale of common stock on January 23, 2026. He disposed of 31,314 shares of the fund’s common stock at a price of $6.81 per share, in a transaction coded "D" for a disposition. According to the footnote, the shares were sold back to the issuer in connection with a tender offer that is exempt under Rule 16b-3.
After this transaction and an adjustment, Goldstein beneficially owns 62,910 shares of common stock directly. A second footnote explains that this balance reflects an additional 1,000 shares that were purchased in a rights offering and were inadvertently omitted from his Form 4 filed on December 12, 2025, so this filing also corrects his previously reported holdings.
Total Return Securities Fund president and CEO Andrew Dakos, who is also a director, reported sales of common stock pursuant to a tender offer exempt under Rule 16b-3.
On January 23, 2026, a limited partnership associated with Dakos sold 997 shares of common stock at $6.81 per share, leaving 2,003 shares held indirectly through the partnership. Dakos disclaims beneficial interest in those partnership shares except to the extent of any pecuniary interest.
On the same date, Dakos also sold 11,675 shares of common stock held directly at $6.81 per share, and reported 23,453 shares of common stock owned directly after the transaction.
Total Return Securities Fund officer Rajeev P. Das reported a small share sale under a Form 4. On 01/23/2026, he disposed of 166 shares of common stock at $6.81 per share. The filing notes this represents a sale of shares back to the issuer pursuant to a tender offer that is exempt under Rule 16b-3, which governs certain insider transactions. After this transaction, Das beneficially owned 334 shares of the fund’s common stock held directly.
Total Return Securities Fund director SELL MORITZ A reported a sale of common stock in a tender offer. On 01/23/2026, the director disposed of 3,922 shares of the fund’s common stock at $6.81 per share, with the shares sold back to the issuer under a tender offer that is exempt under Rule 16b-3. After this transaction, the director beneficially owns 7,878 shares, which the disclosure notes include shares acquired through the issuer’s dividend reinvestment plan.
Total Return Securities Fund, a closed-end management investment company, has filed a final amendment detailing the completion of its issuer tender offer for its common stock. The fund had offered to purchase up to 4,000,000 shares at a price equal to 98% of net asset value per share, with NAV measured as of the close of trading on January 21, 2026. The offer expired at 5:00 p.m. Eastern Time on January 20, 2026. This amendment reports that final results have been announced in a press release dated January 22, 2026, which is filed as an exhibit and incorporated by reference.
Total Return Securities Fund launched an issuer tender offer to buy back up to 4,000,000 shares of its common stock at a price equal to 98% of net asset value (NAV) per share, with NAV determined at the close of trading on January 21, 2026. The offer expired at 5:00 p.m. Eastern Time on January 20, 2026, and was structured as a cash purchase, less any applicable withholding taxes and without interest.
This amendment to the original Schedule TO mainly updates investors that the fund issued a press release on January 21, 2026 announcing preliminary tender offer results, which is filed as an exhibit and incorporated by reference. Other terms of the offer, including pricing, timing, and documentation such as the Offer to Purchase and Letter of Transmittal, remain unchanged.
Allspring Global Investments Holdings, LLC reports beneficial ownership of 2,127,310 Mutual Fund SH CL B shares of Total Return Securities Fund, representing 12.5% of the class as of 12/31/2025. Allspring has sole power to vote 2,013,125 of these shares and sole power to dispose of all 2,127,310 shares, with no shared voting or dispositive power.
The securities are held of record by clients of investment advisers owned directly or indirectly by Allspring, and those clients are entitled to dividends and sale proceeds. The filing states the position is held in the ordinary course of business and not for the purpose of changing or influencing control of the fund. A subsidiary, Allspring Global Investments, LLC, beneficially owns 5% or more of this share class.
CSS LLC/IL filed an amended Schedule 13G reporting its beneficial ownership in the Total Return Securities Fund. As of the event date, the firm beneficially owned 1,686,971 shares, representing 9.9386% of the fund’s outstanding shares. CSS LLC/IL has sole voting and sole dispositive power over all of these shares, with no shared voting or dispositive authority.
The filing classifies CSS LLC/IL as organized in Illinois and confirms that the position is not held for the purpose of changing or influencing control of the fund and is not part of any group or control transaction. The event triggering this filing occurred on 12/30/2025, and the certification states that the information provided is true, complete, and correct.
Total Return Securities Fund reported insider stock sales. A reporting person filed details of several open-market sales of the fund’s common stock on December 29 and 30, 2025 at prices between $6.24 and $6.27 per share. After these transactions, the insider directly beneficially owned 1,686,971 shares of common stock.