CEO-linked entity buys 6,000 shares of Total Return (NYSE: SWZ)

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 partnership bought 2,000 shares at $5.95 and 4,000 shares at $5.975, totaling 6,000 shares.

After these transactions, the limited partnership held 94,282 shares indirectly associated with Dakos, while he also held 39,453 shares directly. A footnote states he disclaims beneficial ownership of the partnership-held shares except to the extent of his pecuniary interest.

Insider Trade Summary

Net Buyer: 6,000 shares ($35,800)

Net Buy 3 txns

Insider Dakos Andrew

Role President and CEO

Bought 6,000 shs ($36K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	4,000	$5.975	$24K
Purchase	Common Stock	2,000	$5.95	$12K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 94,282 shares (Indirect, Limitied Partnership); Common Stock — 39,453 shares (Direct)

Footnotes (1)

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. Represents the weighted average price.

Key Figures

Shares purchased 2026-04-08: 4,000 shares Shares purchased 2026-04-07: 2,000 shares Total new shares bought: 6,000 shares +2 more

5 metrics

Shares purchased 2026-04-08 4,000 shares Open-market buy at $5.975 per share

Shares purchased 2026-04-07 2,000 shares Open-market buy at $5.95 per share

Total new shares bought 6,000 shares Net-buy across two open-market transactions

Indirect holdings after trades 94,282 shares Common stock held by limited partnership associated with Dakos

Direct holdings 39,453 shares Common stock held directly by Andrew Dakos as of 2026-04-07

Key Terms

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

5 terms

open-market purchase financial

"transaction_action": "open-market purchase""

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.

beneficial interest financial

"in which Mr. Dakos has a beneficial interest."

limited partnership financial

"Shares are held by a limited partnership in which Mr. Dakos"

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

""ownership_type": "indirect""

weighted average price financial

"Represents the weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

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 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)
04/07/2026

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	04/07/2026		P		2,000	A	$5.95	90,282	I	Limitied Partnership(1)
Common Stock	04/08/2026		P		4,000	A	$5.975(2)	94,282	I	Limitied 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	04/09/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

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

Andrew Dakos reported indirect open-market purchases of 6,000 SWZ common shares through a limited partnership. The partnership bought 2,000 shares at $5.95 and 4,000 shares at $5.975, increasing indirect holdings associated with him to 94,282 shares, alongside 39,453 shares held directly.

Were the recent SWZ share purchases by Andrew Dakos direct or indirect?

The reported 6,000-share SWZ purchases were indirect, made by a limited partnership associated with Andrew Dakos. He has a beneficial interest in the partnership but disclaims beneficial ownership of those shares except for his pecuniary interest, according to the filing’s footnote disclosure.

What are Andrew Dakos’s SWZ holdings after these Form 4 transactions?

Following the reported transactions, a limited partnership associated with Andrew Dakos held 94,282 SWZ common shares, and he also held 39,453 shares directly. These figures show both his indirect and direct positions as of the reported dates, combining entity-held and personally held shares.

At what prices were the SWZ shares purchased in the latest insider transactions?

The limited partnership associated with Andrew Dakos purchased SWZ common shares at $5.95 and $5.975 per share. Specifically, it acquired 2,000 shares at $5.95 and 4,000 shares at $5.975, reflecting open-market pricing around the high-$5 range during the reported trading days.

How many SWZ share purchase transactions did the latest Form 4 disclose?

The Form 4 disclosed two open-market purchase transactions for SWZ common stock. The limited partnership associated with Andrew Dakos bought 2,000 shares on one day and 4,000 shares on the next, for a total of 6,000 newly acquired shares held indirectly through the partnership.