Total Return Securities Fund Director Moritz A Buys 2,000 Shares

What Happened
Moritz A, a director of Total Return Securities Fund (SWZ), acquired 2,000 shares on September 28, 2026. The reported purchase price was $5.76 per share, for a total reported value of $11,530. The transaction is coded as a purchase (P), which is generally viewed as a more informative insider action than routine sales.

Key Details

• Transaction date and price: 2026-09-28 — 2,000 shares at $5.76 each.
• Total value: $11,530.
• Transaction type: Open market or private purchase (SEC code P).
• Shares owned after transaction: Not specified in the provided filing data.
• Footnotes: F1 — Amount includes shares acquired through the issuer's dividend reinvestment plan.
• Filing timeliness: Report filed on 2026-09-30 for a 2026-09-28 transaction — appears timely (within the Form 4 reporting window).

Context
The acquisition included shares obtained via the fund’s dividend reinvestment plan, which means some or all of the shares were purchased by reinvesting distributions rather than a discretionary market buy. As a director (not identified as a 10% owner), this purchase is a personal acquisition but should be interpreted cautiously — purchases can signal insider confidence, but filings do not explain motive.