Total Return Securities Fund director buys 6,000 shares

Total Return Securities Fund reported that a limited partnership associated with President and CEO Andrew Dakos made two open-market purchases of Common Stock.

Accepted by SEC EDGAR 03/26/2026 - 04:25 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Total Return Securities Fund reported that a limited partnership associated with President and CEO Andrew Dakos made two open-market purchases of Common Stock. The partnership bought 5,000 shares at $5.96 per share and 1,000 shares at $5.95 per share. Following these trades, indirect holdings related to Dakos totaled 73,119 shares, and his direct holdings were 39,453 shares. Dakos has a beneficial interest in the partnership and disclaims beneficial ownership beyond his pecuniary interest. No derivative securities were reported.

Insider Trade Summary

Net Buyer: 6,000 shares

Net Buy 2 txns

Insider Dakos Andrew

Role President and CEO

Bought 6,000 shs ($36K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	5,000	$5.96	$30K
Purchase	Common Stock	1,000	$5.95	$6K
Holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 73,119 shares (Indirect, Limited Partnership); Common Stock — 39,453 shares (Direct)

Footnotes (1)

1. F1. Shares are held by a limited partnership in which Mr. Dakos has a beneficial interest. Mr. Dakos disclaims beneficial interest in such shares except to the extent of any pecuniary interest therein.

FAQ

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What insider buying did SWZ report in this Form 4?

Total Return Securities Fund reported insider-related buying of 6,000 Common Stock shares. A limited partnership associated with President and CEO Andrew Dakos purchased 5,000 shares at $5.96 and 1,000 shares at $5.95 in open-market transactions on March 24, 2026.

Who is the insider involved in the SWZ Form 4 filing?

The filing involves Andrew Dakos, President and CEO and a director of Total Return Securities Fund. The reported purchases were made by a limited partnership in which he has a beneficial interest, and he disclaims ownership beyond his pecuniary interest in those shares.

How many SWZ shares were bought and at what prices?

The associated limited partnership bought 6,000 SWZ shares in total. It acquired 5,000 shares at $5.96 per share and 1,000 shares at $5.95 per share, both characterized as open-market purchase transactions in Common Stock.

What are Andrew Dakos’s reported SWZ share holdings after the trades?

After these transactions, indirect holdings related to Andrew Dakos were 73,119 Common Stock shares. A separate holding entry also shows 39,453 shares held directly, giving investors a view of both his indirect partnership stake and his direct ownership position.

Were any derivative securities reported in this SWZ Form 4?

No derivative securities were reported for SWZ in this Form 4. All disclosed activity involved non-derivative Common Stock, with open-market purchases through a limited partnership and a separate line reflecting direct Common Stock holdings by Andrew Dakos after the transactions.

How is the limited partnership ownership in SWZ described?

The shares are held by a limited partnership in which Andrew Dakos has a beneficial interest. He disclaims beneficial ownership of these shares except to the extent of his pecuniary interest, meaning his economic stake determines the portion he treats as beneficially owned.

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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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Dakos Andrew

(Last) (First) (Middle)

250 PEHLE AVE.

SUITE 708

(Street)

SADDLE BROOK NEW JERSEY 07663

(City) (State) (Zip)

UNITED STATES

(Country)

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
X	Officer (give title below)	X	Other (specify below)
	President and CEO		Affiliate of Adviser

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/24/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	03/24/2026		P		5,000	A	$5.96	72,119	I	Limited Partnership(1)
Common Stock	03/24/2026		P		1,000	A	$5.95	73,119	I	Limited Partnership(1)
Common Stock								39,453	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. Shares are held by a limited partnership in which Mr. Dakos has a beneficial interest. Mr. Dakos disclaims beneficial interest in such shares except to the extent of any pecuniary interest therein.

	/s/ Stephanie Darling, Power of Attorney for Andrew Dakos	03/26/2026
	** 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.
* Form 4: SEC 1474 (03-26)