CEO of Total Return Securities (SWZ) tenders 11,675 shares

Rhea-AI Filing Summary

Total Return Securities Fund president and CEO Andrew Dakos, who is also a director, reported sales of common stock pursuant to a tender offer exempt under Rule 16b-3.

On January 23, 2026, a limited partnership associated with Dakos sold 997 shares of common stock at $6.81 per share, leaving 2,003 shares held indirectly through the partnership. Dakos disclaims beneficial interest in those partnership shares except to the extent of any pecuniary interest.

On the same date, Dakos also sold 11,675 shares of common stock held directly at $6.81 per share, and reported 23,453 shares of common stock owned directly after the transaction.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Dakos Andrew

Role President and CEO

Type	Security	Shares	Price	Value
Disposition	Common Stock	997	$6.81	$7K
Disposition	Common Stock	11,675	$6.81	$80K

Holdings After Transaction: Common Stock — 2,003 shares (Indirect, Limited Partnership); Common Stock — 23,453 shares (Direct)

Footnotes (1)

1. Represents sale of shares to the issuer pursuant to tender offer exempt under Rule 16b-3. 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.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 4 Insider Transactions: What Each Field Means →

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)
01/23/2026

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	01/23/2026		D(1)		997	D	$6.81	2,003	I	Limited Partnership(2)
Common Stock	01/23/2026		D(1)		11,675	D	$6.81	23,453	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. Represents sale of shares to the issuer pursuant to tender offer exempt under Rule 16b-3.

2. 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	01/27/2026
	** 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.

FAQ

What insider transactions did Andrew Dakos report for Total Return Securities Fund (SWZ)?

Andrew Dakos, president, CEO, and director of Total Return Securities Fund, reported sales of common stock in connection with a tender offer exempt under Rule 16b-3.

How many Total Return Securities Fund (SWZ) shares did Andrew Dakos sell directly?

On January 23, 2026, Andrew Dakos sold 11,675 shares of Total Return Securities Fund common stock held directly at $6.81 per share.

Were any Total Return Securities Fund (SWZ) shares sold indirectly through an entity associated with Andrew Dakos?

Yes. On January 23, 2026, a limited partnership associated with Andrew Dakos sold 997 shares of common stock at $6.81 per share and reported 2,003 shares remaining, held indirectly.

How many Total Return Securities Fund (SWZ) shares does Andrew Dakos report owning after these transactions?

Following the reported sales, Andrew Dakos reported owning 23,453 shares of common stock directly and 2,003 shares indirectly through a limited partnership.

What is the nature of Andrew Dakos’s indirect ownership in Total Return Securities Fund (SWZ)?

The indirect holdings are in a limited partnership in which Andrew Dakos has a beneficial interest. He disclaims beneficial interest in those shares except to the extent of any pecuniary interest.

What role does Andrew Dakos hold at Total Return Securities Fund (SWZ)?

Andrew Dakos serves as president, CEO, and a director of Total Return Securities Fund.