Insider partnership tied to SWZ (SWZ) CEO buys 4,963 fund shares

Rhea-AI Filing Summary

Total Return Securities Fund reported that an entity associated with President and CEO Andrew Dakos made open-market purchases of the fund’s common stock. A limited partnership in which he has a beneficial interest bought a total of 4,963 shares in early April.

The partnership acquired 4,863 shares at a weighted average price of $5.928 per share on April 2 and 100 shares at $5.95 per share on April 6. A separate entry shows Dakos directly holding 39,453 common shares as of April 2. He disclaims beneficial ownership of the partnership-held shares beyond his pecuniary interest.

Insider Trade Summary

Net Buyer: 4,963 shares ($29,423)

Net Buy 3 txns

Insider Dakos Andrew

Role President and CEO

Bought 4,963 shs ($29K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	100	$5.95	$595.00
Purchase	Common Stock	4,863	$5.928	$29K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 88,282 shares (Indirect, Limited 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

Total shares purchased: 4,963 shares Shares bought on April 2, 2026: 4,863 shares Price on April 2, 2026: $5.928 per share +4 more

7 metrics

Total shares purchased 4,963 shares Open-market purchases of SWZ common stock in early April 2026

Shares bought on April 2, 2026 4,863 shares Open-market purchase of common stock at weighted average price

Price on April 2, 2026 $5.928 per share Weighted average purchase price for 4,863 shares

Shares bought on April 6, 2026 100 shares Open-market purchase of common stock

Price on April 6, 2026 $5.95 per share Purchase price for 100 shares

Direct holdings 39,453 shares Common stock held directly as of April 2, 2026

Indirect holdings after April 6 trade 88,282 shares Common stock held indirectly by limited partnership following April 6 purchase

Key Terms

open-market purchase, limited partnership, beneficial interest, weighted average price

4 terms

open-market purchase financial

"transaction_action is described as an open-market purchase of common stock"

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.

beneficial interest financial

"Mr. Dakos has a beneficial interest and disclaims beneficial ownership beyond pecuniary interest"

weighted average price financial

"Footnote states the reported figure 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)
04/02/2026

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	04/02/2026		P		4,863	A	$5.928(2)	88.182	I	Limited Partnership(1)
Common Stock	04/06/2026		P		100	A	$5.95	88,282	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	04/06/2026
	** 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 SWZ report for Andrew Dakos?

Total Return Securities Fund reported that a limited partnership associated with President and CEO Andrew Dakos bought 4,963 common shares in open-market transactions, split between 4,863 shares on April 2 and 100 shares on April 6 at prices near $5.93 per share.

Were the SWZ insider purchases made in the open market?

Yes. The filing describes both transactions as open-market purchases of SWZ common stock, coded as “P” for purchase. The partnership paid a weighted average price of $5.928 on April 2 and $5.95 on April 6 for the acquired shares.

How many SWZ shares are held directly and indirectly after these trades?

The filing shows Andrew Dakos directly holding 39,453 SWZ common shares as of April 2. Indirectly, a limited partnership in which he has a beneficial interest holds common shares, with 4,963 shares added through the reported early April open-market purchases.

Who actually holds the SWZ shares from the reported insider buys?

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

What prices were paid for the recent SWZ insider share purchases?

The partnership associated with Andrew Dakos paid a weighted average price of $5.928 per SWZ share for 4,863 shares on April 2, and $5.95 per share for 100 shares on April 6. Both transactions involved common stock bought in the open market.