Entity tied to Total Return Securities (SWZ) CEO adds 7,000 shares

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. On February 26, the partnership bought 5,000 shares at $6.17 per share, and on February 27 it bought 2,000 shares at $6.20 per share, totaling 7,000 shares. Following these indirect purchases, the partnership’s reported holdings rose to 22,677 shares. The filing also shows Dakos with a separate direct holding of 39,453 shares of common stock as of February 26. The footnote explains that the shares are held by a limited partnership and that Dakos disclaims beneficial ownership except to the extent of his pecuniary interest.

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

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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)
02/26/2026

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	02/26/2026		P		5,000	A	$6.17	20,677	I	Limited Partnership(1)
Common Stock	02/27/2026		P		2,000	A	$6.2	22,677	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	03/02/2026
	** 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 SWZ report for Andrew Dakos on this Form 4?

The Form 4 reports indirect open-market purchases of 7,000 Total Return Securities Fund common shares across two days, plus a line showing 39,453 shares held directly. These transactions reflect changes in holdings associated with Andrew Dakos as director, President, and CEO.

How many SWZ shares did the limited partnership associated with Andrew Dakos buy?

A limited partnership associated with Andrew Dakos bought 7,000 Total Return Securities Fund common shares. It acquired 5,000 shares at $6.17 on February 26 and 2,000 shares at $6.20 on February 27, increasing its reported indirect holdings to 22,677 shares.

At what prices were the SWZ insider share purchases executed?

The reported insider-related purchases in Total Return Securities Fund common stock were executed at $6.17 and $6.20 per share. The limited partnership acquired 5,000 shares at $6.17 on February 26 and 2,000 shares at $6.20 on February 27, 2026.

What are Andrew Dakos’s reported direct and indirect SWZ holdings after these trades?

After the reported trades, the filing shows 22,677 SWZ common shares held indirectly through a limited partnership and 39,453 shares held directly. These figures reflect the ownership positions reported as of the transaction dates disclosed in the Form 4 filing.

How does the Form 4 describe Andrew Dakos’s beneficial ownership of the partnership shares?

The Form 4 explains that the shares are held by a limited partnership in which Andrew Dakos has a beneficial interest. It states that he disclaims beneficial ownership of those shares except to the extent of any pecuniary interest he may have in the partnership.

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

Andrew Dakos is identified as both a director and an officer of Total Return Securities Fund, serving as President and CEO. His positions are disclosed in the Form 4 along with the reported direct and indirect holdings of the fund’s common stock.