HELLERMAN GERALD 4

What Happened
Gerald Hellerman, a director of Total Return Securities Fund (ticker: SWZ), disposed of 1,755 shares to the issuer on January 23, 2026 at $6.81 per share, for proceeds of $11,952. The transaction is reported as a disposition (code D) on a Form 4 filed January 27, 2026. This was a sale (not a purchase); such sales are often routine and, in this case, occurred under an issuer tender offer.

Key Details

• Transaction date and terms: 2026-01-23 — 1,755 shares at $6.81/share; total $11,952. (Transaction code D: disposition to the issuer.)
• Filing: Form 4 filed 2026-01-27 (timely — within the two-business-day reporting window).
• Shares owned after transaction: Not specified in the provided filing data.
• Footnote: F1 — sale was to the issuer pursuant to an issuer tender offer exempt under Rule 16b-3.
• No indication in the filing of a 10b5-1 plan, tax withholding, or late filing.

Context
The sale was made to the issuer under a tender offer and is identified as exempt under Rule 16b-3; transactions like this often reflect liquidity or plan-driven activity rather than a director’s view on company prospects. For retail investors, purchases typically carry clearer signals than routine sales; this report is factual and does not indicate motive.