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SWZ (Total Return Securities Fund) CEO Dakos adds 11,265 shares in open‑market buys

Filing Impact
(Neutral)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

Total Return Securities Fund director and CEO Andrew Dakos reported a series of open‑market purchases of the fund’s common stock. A limited partnership associated with him bought 3,000 shares at $6.09, 3,000 shares at $6.05, and 4,718 shares at $6.06. Separately, he directly bought 547 shares at $6.04. Following these trades, indirect holdings reported for the limited partnership were 106,000 shares and his direct holdings were 40,000 shares. Dakos disclaims beneficial ownership of the partnership’s shares except to the extent of any pecuniary interest.

Positive

  • None.

Negative

  • None.
Insider Dakos Andrew
Role President and CEO
Bought 11,265 shs ($68K)
Type Security Shares Price Value
Purchase Common Stock 3,000 $6.09 $18K
Purchase Common Stock 4,718 $6.06 $29K
Purchase Common Stock 3,000 $6.05 $18K
Purchase Common Stock 547 $6.04 $3K
Holdings After Transaction: Common Stock — 106,000 shares (Indirect, Limited Partnership); Common Stock — 40,000 shares (Direct, null)
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. The Form 4 filed on behalf of Mr. Dakos on March 31, 2026 contained an error in the amount of shares held Indirectly following the reported transactions. The amounts shown herein reflect the correct amount.
Total shares bought 11,265 shares Net open-market purchases reported in this Form 4
Direct purchase 547 shares at $6.04 Common stock bought directly by Andrew Dakos
Indirect purchases 3,000 @ $6.09; 3,000 @ $6.05; 4,718 @ $6.06 Common stock bought by limited partnership
Indirect holdings after 106,000 shares Common stock held by limited partnership after trades
Direct holdings after 40,000 shares Common stock held directly by Andrew Dakos after trades
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.
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. Mr. Dakos disclaims beneficial interest in such shares"
disclaims beneficial interest financial
"Mr. Dakos disclaims beneficial interest in such shares except to the extent of any pecuniary interest"
indirectly financial
"error in the amount of shares held Indirectly following the reported transactions"
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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)
XDirector10% Owner
XOfficer (give title below)XOther (specify below)
President and CEOAffiliate of Adviser
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
04/16/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock04/16/2026P4,718A$6.06100,000(2)ILimited Partnership(1)
Common Stock04/16/2026P3,000A$6.05103,000ILimited Partnership(1)
Common Stock04/16/2026P547A$6.0440,000D
Common Stock04/17/2026P3,000A$6.09106,000ILimited Partnership(1)
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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. The Form 4 filed on behalf of Mr. Dakos on March 31, 2026 contained an error in the amount of shares held Indirectly following the reported transactions. The amounts shown herein reflect the correct amount.
/s/ Stephanie Darling, Power of Attorney for Andrew Dakos04/20/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did SWZ’s Andrew Dakos report on this Form 4?

Andrew Dakos reported four open‑market purchases of Total Return Securities Fund common stock, totaling 11,265 shares. Three trades were through a limited partnership and one was a direct purchase in his own name, all executed between $6.04 and $6.09 per share.

How many SWZ shares did the limited partnership linked to Andrew Dakos buy?

A limited partnership associated with Andrew Dakos bought 10,718 shares of Total Return Securities Fund common stock in three trades. The purchases were at $6.05, $6.06, and $6.09 per share, bringing the partnership’s reported indirect holdings to 106,000 shares after the transactions.

How many SWZ shares did Andrew Dakos buy directly in his own name?

Andrew Dakos directly purchased 547 shares of Total Return Securities Fund common stock at $6.04 per share. After this open‑market purchase, his directly held position reported in the filing increased to 40,000 shares of the fund’s common stock.

What does the Form 4 say about Andrew Dakos’s beneficial interest in the partnership shares?

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

Did this Form 4 correct any prior SWZ insider ownership information?

Yes. The Form 4 explains that a prior filing dated March 31, 2026 contained an error in the number of shares held indirectly. The amounts reported here for indirect holdings are stated to reflect the correct share count after the reported transactions.

What is the overall direction of insider activity for SWZ in this Form 4?

All reported transactions are open‑market purchases, totaling 11,265 shares, with no sales disclosed. The transaction summary characterizes this as a net‑buy pattern, reflecting additional common‑stock accumulation by the limited partnership and by Andrew Dakos directly.