Fund CEO-linked entity buys 5,024 shares at $6

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

Rhea-AI Filing Summary

Total Return Securities Fund reported insider activity involving President and CEO Andrew Dakos. An entity described as a limited partnership associated with Dakos made open-market purchases of the fund’s common stock, buying 1,700 shares on March 11, 2026 and 3,324 shares on March 12, 2026 at $6.00 per share. Following these indirect purchases, the limited partnership held 67,119 shares. A separate line shows Dakos with direct ownership of 39,453 shares as of March 11, 2026. The filing notes these limited partnership shares are held by a 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: 5,024 shares

Net Buy 3 txns

Insider Dakos Andrew

Role President and CEO

Bought 5,024 shs ($30K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	3,324	$6.00	$20K
Purchase	Common Stock	1,700	$6.00	$10K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 67,119 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 were reported for SWZ on this Form 4?

The Form 4 reports two open-market purchases of Total Return Securities Fund common stock, totaling 5,024 shares at $6.00 per share. These purchases were recorded on March 11, 2026 and March 12, 2026 as indirect ownership through a limited partnership.

Who is the reporting person in this SWZ Form 4 filing?

The reporting person is Andrew Dakos, a director and the President and CEO of Total Return Securities Fund. The filing also describes him as an affiliate of the adviser, and it details both his indirect and direct holdings of the fund’s common stock.

How many SWZ shares did the insider-related entity buy and at what price?

The limited partnership associated with Andrew Dakos bought 1,700 shares on March 11, 2026 and 3,324 shares on March 12, 2026. All purchases were made at an open-market price of $6.00 per share, according to the Form 4 transaction details.

What are Andrew Dakos’s indirect holdings in SWZ after these transactions?

After the reported purchases, the limited partnership associated with Andrew Dakos held 67,119 shares of Total Return Securities Fund common stock indirectly. This figure reflects the position following the March 12, 2026 open-market purchase recorded in the Form 4 filing.

What direct SWZ share ownership is reported for Andrew Dakos?

The Form 4 shows a separate line for direct ownership, indicating that Andrew Dakos held 39,453 shares of Total Return Securities Fund common stock directly as of March 11, 2026. This is distinct from the indirect holdings through the limited partnership entity.

How does the Form 4 describe beneficial ownership and disclaimers for SWZ shares?

The filing states that the indirectly held shares are owned by a limited partnership in which Andrew Dakos has a beneficial interest. It adds that Dakos disclaims beneficial ownership of those shares, except to the extent of any pecuniary interest he may have in the partnership.

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

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Accepted by SEC EDGAR 03/13/2026 - 05:08 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)
03/11/2026

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	03/11/2026		P		1,700	A	$6	63,795	I	Limited Partnership(1)
Common Stock	03/12/2026		P		3,324	A	$6	67,119	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	03/13/2026
	** 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.