Partnership tied to Total Return CEO buys 5,000 shares

Total Return Securities Fund reported insider activity involving President and CEO Andrew Dakos.

Accepted by SEC EDGAR 07/07/2026 - 04:27 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Total Return Securities Fund reported insider activity involving President and CEO Andrew Dakos. A limited partnership associated with Dakos made open-market purchases of 5,000 shares of common stock at about $5.92 per share. Following these transactions, the partnership held 131,000 shares indirectly, while Dakos also reported 40,000 shares held directly. The footnote states he disclaims beneficial ownership of the partnership-held shares except to the extent of his pecuniary interest.

Insider Trade Summary

Net Buyer: 5,000 shares

Net Buy 2 txns

Insider Dakos Andrew

Role President and CEO

Bought 5,000 shs ($30K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	233	$5.92	$1K
Purchase	Common Stock	4,767	$5.9203	$28K
Holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 131,000 shares (Indirect, Limited Partnership); Common Stock — 40,000 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.

Key Figures

Shares purchased: 5,000 shares Purchase price (block 1): $5.9203 per share Purchase price (block 2): $5.9200 per share +3 more

6 metrics

Shares purchased 5,000 shares Open-market common stock purchases on 2026-07-02

Purchase price (block 1) $5.9203 per share Open-market purchase of 4,767 shares

Purchase price (block 2) $5.9200 per share Open-market purchase of 233 shares

Indirect holdings after 131,000 shares Limited partnership holdings following purchases

Direct holdings after 40,000 shares Directly held common stock as of 2026-07-02

Net share direction 5,000-share net buy Transaction summary for this Form 4

Key Terms

open-market purchase, limited partnership, beneficial interest, indirect holdings, +1 more

5 terms

open-market purchase financial

"made open-market purchases of 5,000 shares of common stock"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

limited partnership financial

"Shares are held by a limited partnership in which Mr. Dakos has"

A limited partnership is a legal business structure with two types of partners: at least one general partner who runs the business and bears full legal responsibility, and one or more limited partners who contribute money, share profits, and have liability capped at their investment. For investors, it matters because it separates control from financial exposure — like putting money into a store without managing it — and affects how returns, risks, taxes and transferability of ownership are handled.

beneficial interest financial

"Mr. Dakos has a beneficial interest. Mr. Dakos disclaims beneficial"

Beneficial interest is the right to receive the economic benefits of an asset—such as dividends, interest, or sale proceeds—without necessarily holding legal title to it. For investors this matters because it determines who actually gains from an investment or trust, much like renting an apartment where the tenant enjoys living there and paying bills while the landlord holds the deed; understanding who has the beneficial interest affects income rights, voting influence, and risk exposure.

indirect holdings financial

"the partnership held 131,000 shares indirectly, while Dakos also"

pecuniary interest financial

"disclaims beneficial interest in such shares except to the extent of any pecuniary interest"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Total Return Securities Fund (SWZ) disclose?

Total Return Securities Fund disclosed that a limited partnership associated with President and CEO Andrew Dakos bought 5,000 common shares in open-market transactions around $5.92 per share, increasing its indirect holdings to 131,000 shares while he also reports 40,000 shares held directly.

How many SWZ shares were purchased in the latest Form 4 filing?

The Form 4 shows open-market purchases totaling 5,000 common shares. These purchases occurred through a limited partnership linked to Andrew Dakos at prices near $5.92 per share, raising that partnership’s reported indirect holdings to 131,000 shares of Total Return Securities Fund.

How many Total Return Securities Fund shares does Andrew Dakos now report?

Andrew Dakos now reports 40,000 shares held directly and 131,000 shares held indirectly through a limited partnership. The filing notes he disclaims beneficial ownership of the partnership-held shares except for any pecuniary interest he may have in that entity’s holdings.

Were the SWZ insider transactions direct or through an entity?

The Form 4 shows 5,000 shares purchased indirectly through a limited partnership, plus a separate direct holding entry of 40,000 shares. A footnote explains the partnership holds the indirectly reported shares, and Dakos disclaims beneficial ownership beyond his pecuniary interest.

What does it mean that Andrew Dakos disclaims beneficial interest in some SWZ shares?

The disclaimer means the limited partnership, not Dakos personally, is treated as holding the 131,000 indirectly reported shares. He only acknowledges an economic, or pecuniary, interest in those shares, rather than full beneficial ownership or control over the partnership’s entire position.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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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)
07/02/2026

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	07/02/2026		P		233	A	$5.92	126,233	I	Limited Partnership(1)
Common Stock	07/02/2026		P		4,767	A	$5.9203	131,000	I	Limited Partnership(1)
Common Stock								40,000	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	07/07/2026
	** 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)