SWZ - Total Return Securities Fund

What this means for you

RiverNorth owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. Jan 22, 2026

   The buy-back ended; the fund paid $6.81 a share.

   Original document →

2. Jan 21, 2026

   The buy-back ended.

   Original document →

3. Dec 19, 2025

   The fund offered to buy back 24% of its shares at 98% of value, until Jan 20, 2026.

   Original document →

4. Nov 14, 2025

   The fund offered holders the right to buy more shares, until Dec 5, 2025.

   Original document →

5. Nov 14, 2025

   RiverNorth sold down below 5% and stopped reporting.

   Original document →

About this fund

• Run by abrdn. At its last yearly report (Dec 31, 2025) the fund was run by Bulldog Investors, LLP. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $96.2 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.7% a year in management fees; 2.2% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $3.15 a share. $0.14 of that was income; $3.01 came from gains. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $6.91. The shares traded at $6.22, about 10% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 4.1% over the last three months we have (April-June 2026), before the share price is taken into account. Over the last 12 months: -1.9%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Dec 31, 2025): the value of the holdings returned +12.3%. How the share price did: the shares returned +24% over the same year, counting payouts and the change in the market price. As of Dec 31, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 1995.

What the fund holds

Mostly shares (85%), the rest cash and short-term holdings. About 85% issued in the U.S.

1. Cash and short-term - 14.5%
2. Central Securities Corporation - 10.1%
3. Alexander's, Inc. REIT - 8%
4. Berkshire Hathaway, Inc. class A shares - 7.8%
5. Village Super Market, Inc. class A shares - 7.5%
6. Chubb Ltd (Switzerland) - 7.4%
7. Norwood Financial Corporation - 5.7%
8. Artience, Toyo Ink SC Holdings Co Ltd - 5.2%
9. Tejon Ranch Company - 5.1%
10. Stratus Properties, Inc. - 4.8%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →