Entity tied to fund CEO buys 13K shares

Total Return Securities Fund director and President/CEO Andrew Dakos reported indirect open-market purchases of the fund’s common stock through a limited partnership in which he has a beneficial interest.

Accepted by SEC EDGAR 05/29/2026 - 04:09 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Total Return Securities Fund director and President/CEO Andrew Dakos reported indirect open-market purchases of the fund’s common stock through a limited partnership in which he has a beneficial interest. The filing shows a net purchase of 13,000 shares across several trades at prices around $5.97–$5.99 per share.

After these transactions, the limited partnership’s indirect holdings reported for Dakos increased to 126,000 shares, while a separate entry reflects 40,000 shares held directly as of May 27, 2026. The footnote states he disclaims beneficial ownership beyond his pecuniary interest in the partnership-held shares.

Insider Trade Summary

Net Buyer: 13,000 shares

Net Buy 4 txns

Insider Dakos Andrew

Role President and CEO

Bought 13,000 shs ($78K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	100	$5.98	$598.00
Purchase	Common Stock	5,400	$5.99	$32K
Purchase	Common Stock	4,500	$5.97	$27K
Purchase	Common Stock	3,000	$5.98	$18K
Holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 126,000 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

Net shares bought: 13,000 shares Purchase price 5/28 (main trade): $5.99 per share Additional 5/28 trade: $5.98 per share +3 more

6 metrics

Net shares bought 13,000 shares Net open-market purchases reported in transactionSummary

Purchase price 5/28 (main trade) $5.99 per share Open-market purchase of 5,400 shares on May 28, 2026

Additional 5/28 trade $5.98 per share Open-market purchase of 100 shares on May 28, 2026

5/27 trades $5.97–$5.98 per share Open-market purchases of 3,000 and 4,500 shares on May 27, 2026

Indirect holdings after trades 126,000 shares Total shares following one indirect transaction via limited partnership

Direct holdings as of 5/27/2026 40,000 shares Direct common stock position recorded in holding entry

Key Terms

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

5 terms

open-market purchase financial

"The transactions are described as open-market purchase of common stock by a limited partnership."

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 beneficial interest."

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.

indirect ownership financial

"The Form 4 marks these common stock holdings as indirect ownership through a limited partnership."

beneficial interest financial

"Mr. Dakos has a beneficial interest and disclaims beneficial ownership except for any pecuniary interest."

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.

pecuniary interest financial

"He disclaims beneficial ownership of such shares except to the extent of any pecuniary interest therein."

FAQ

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

How many SWZ shares were recently bought in the Andrew Dakos Form 4 filing?

The Form 4 shows a net purchase of 13,000 shares of Total Return Securities Fund common stock. These were open-market transactions executed through a limited partnership associated with Andrew Dakos over two days at prices just under $6 per share.

At what prices did the entity tied to SWZ’s CEO buy shares?

The reported purchases occurred at per-share prices of $5.97, $5.98, and $5.99. These prices reflect multiple open-market trades by a limited partnership in which Andrew Dakos has a beneficial interest, as disclosed in the Form 4 filing.

How many SWZ shares are indirectly held for Andrew Dakos after these trades?

Following the reported open-market purchases, indirect holdings for Andrew Dakos via the limited partnership increased to 126,000 shares of Total Return Securities Fund common stock. This figure is explicitly listed as the total shares following one of the indirect purchase transactions.

Does Andrew Dakos hold any SWZ shares directly outside the limited partnership?

Yes. A separate holding entry in the Form 4 shows 40,000 shares of Total Return Securities Fund common stock held directly as of May 27, 2026. This direct position is distinct from the indirect limited partnership holdings reported in the same filing.

What does the footnote say about Andrew Dakos’s beneficial interest in the partnership-held SWZ shares?

The footnote explains that the shares are held by a limited partnership in which Andrew Dakos has a beneficial interest and that he disclaims beneficial ownership of those shares except to the extent of any pecuniary interest in the partnership.

What type of transactions are reported in the SWZ Form 4 for Andrew Dakos?

The filing reports open-market purchases of Total Return Securities Fund common stock, coded as “P” transactions. All reported trades are non-derivative common stock acquisitions made indirectly through a limited partnership, with no derivative exercises or sales disclosed.

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

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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)
05/27/2026

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	05/27/2026		P		4,500	A	$5.97	117,500	I	Limited Partnership(1)
Common Stock	05/27/2026		P		3,000	A	$5.98	120,500	I	Limited Partnership(1)
Common Stock	05/28/2026		P		100	A	$5.98	120,600	I	Limited Partnership(1)
Common Stock	05/28/2026		P		5,400	A	$5.99	126,000	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	05/29/2026
	** 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)