Total Return Securities Fund director buys 24,500 shares

Total Return Securities Fund reported insider purchases of its Common Stock linked to President and CEO Andrew Dakos through a limited partnership.

Rhea-AI Filing Summary

Total Return Securities Fund reported insider purchases of its Common Stock linked to President and CEO Andrew Dakos through a limited partnership. On March 6, 2026, the partnership bought 12,500 shares at $5.97 per share, and on March 5, 2026 it bought 12,000 shares at $6.01 per share, for a total of 24,500 shares acquired in open-market transactions.

After these trades, the limited partnership held 62,095 shares, while Dakos’s directly held position was reported at 39,453 shares. The filing notes these shares are held by a limited partnership in which Dakos has a beneficial interest, and he disclaims beneficial ownership except to the extent of any pecuniary interest.

Insider Trade Summary

Net Buyer: 24,500 shares

Net Buy 3 txns

Insider Dakos Andrew

Role President and CEO

Bought 24,500 shs ($147K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	12,500	$5.97	$75K
Purchase	Common Stock	12,000	$6.01	$72K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 62,095 shares (Indirect, Limited Partnership); Common Stock — 39,453 shares (Direct)

Footnotes (2)

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.
2. F2. Represents the weighted average price.

FAQ

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

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

Andrew Dakos reported indirect open-market purchases of Total Return Securities Fund Common Stock totaling 24,500 shares through a limited partnership. The trades occurred on March 5 and 6, 2026, and are reported on a Form 4 as non-derivative Common Stock transactions.

On what dates and at what prices were SWZ shares bought in this Form 4?

The filing shows two open-market purchases of SWZ Common Stock. On March 5, 2026, the limited partnership bought 12,000 shares at $6.01. On March 6, 2026, it bought 12,500 shares at $5.97 per share, as reported on the Form 4.

How many Total Return Securities Fund shares does the limited partnership hold after these trades?

Following the reported purchases, the limited partnership associated with Andrew Dakos holds 62,095 shares of Total Return Securities Fund Common Stock. This figure comes from the “total shares following transaction” field for the indirect ownership entries in the Form 4 insider trading report.

What is Andrew Dakos’s direct ownership position in SWZ after the reported transactions?

The Form 4 lists a direct ownership line showing 39,453 shares of Total Return Securities Fund Common Stock held directly by Andrew Dakos. This holding entry is separate from the limited partnership position and is labeled as Direct (D) ownership in the filing.

How are the SWZ shares in this Form 4 held, and what does the footnote say?

The purchased shares are held by a limited partnership in which Andrew Dakos has a beneficial interest. A footnote states he disclaims beneficial ownership of those shares except to the extent of any pecuniary interest he may have in the partnership’s holdings.

What do the transaction codes and directions indicate in the SWZ Form 4?

Both reported trades use transaction code P, described as a purchase in an open-market or private transaction. The normalized fields classify these as buy transactions, with the action labeled as “open-market purchase,” confirming they are acquisitions rather than sales or dispositions.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 03/09/2026 - 04:05 PM Learn about SEC filing dates

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

3. Date of Earliest Transaction (Month/Day/Year)
03/05/2026

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	03/05/2026		P		12,000	A	$6.01(2)	49,595	I	Limited Partnership(1)
Common Stock	03/06/2026		P		12,500	A	$5.97(2)	62,095	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.

2. Represents the weighted average price.

	/s/ Stephanie Darling, Power of Attorney for Andrew Dakos	03/09/2026
	** 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.