Entity tied to SWZ CEO buys 8,000 shares

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

Accepted by SEC EDGAR 02/23/2026 - 04:05 PM EST 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 in which he has a beneficial interest bought a total of 8,000 shares of common stock in open-market purchases on February 19–20, 2026 at prices around $6.11–$6.16 per share. These holdings are reported as indirect. A separate line shows his direct ownership at 39,453 common shares following the most recent update.

Insider Trade Summary

Net Buyer: 8,000 shares

Net Buy 4 txns

Insider Dakos Andrew

Role President and CEO

Bought 8,000 shs ($49K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	183	$6.14	$1K
Purchase	Common Stock	2,817	$6.16	$17K
Purchase	Common Stock	119	$6.11	$727.09
Purchase	Common Stock	4,881	$6.12	$30K
Holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 10,003 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

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

What insider transactions did SWZ report for Andrew Dakos?

Total Return Securities Fund reported that a limited partnership linked to President and CEO Andrew Dakos bought 8,000 common shares. These open-market purchases occurred over two days and are reported as indirect ownership rather than shares held directly in his name.

How many SWZ shares were purchased and at what prices?

The filing shows 8,000 SWZ common shares purchased in total. Trades were executed at prices between $6.11 and $6.16 per share, reflecting multiple open-market transactions rather than a single block purchase across the two reported trading dates.

Were Andrew Dakos’s SWZ purchases direct or indirect holdings?

All reported purchases were indirect, held through a limited partnership. The filing notes that Andrew Dakos has a beneficial interest in this partnership but disclaims beneficial ownership except for any pecuniary interest he may have in those indirectly held shares.

What is Andrew Dakos’s direct shareholding in SWZ after these transactions?

The report lists a direct holding of 39,453 SWZ common shares for Andrew Dakos. This direct position is separate from the 8,000 shares acquired indirectly through the limited partnership and reflects stock registered in his own name.

What is Andrew Dakos’s role at Total Return Securities Fund (SWZ)?

Andrew Dakos is identified as both a director and the President and CEO of Total Return Securities Fund. His leadership role means his reported direct and indirect share positions provide insight into management’s economic exposure to the fund’s common stock.

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 NJ 07663

(City) (State) (Zip)

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)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/19/2026

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

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

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

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	02/19/2026		P		119	A	$6.11	2,122	I	Limited Partnership(1)
Common Stock	02/19/2026		P		4,881	A	$6.12	7,003	I	Limited Partnership(1)
Common Stock	02/20/2026		P		183	A	$6.14	7,186	I	Limited Partnership(1)
Common Stock	02/20/2026		P		2,817	A	$6.16	10,003	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	02/23/2026
	** 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.