Director boosts Total Return Securities Fund (SWZ) stake with 5,000-share buy

Rhea-AI Filing Summary

Total Return Securities Fund director Phillip Goldstein reported an open-market purchase of 5,000 shares of the fund’s common stock on February 23, 2026 at a price of $6.13 per share. Following this transaction, he directly owns 87,910 shares of the fund.

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^*

GOLDSTEIN PHILLIP

(Last) (First) (Middle)

60 HERITAGE DRIVE

(Street)

PLEASANTVILLE NY 10570

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

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	02/23/2026		P		5,000	A	$6.13	87,910	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:

	/s/ Stephanie Darling, Power of Attorney for Phillip Goldstein	02/25/2026
	** 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 transaction did SWZ report for Phillip Goldstein?

Phillip Goldstein reported an open-market purchase of 5,000 SWZ common shares. The transaction occurred on February 23, 2026, and was recorded at a price of $6.13 per share, increasing his directly held position in the fund.

How many Total Return Securities Fund (SWZ) shares does Phillip Goldstein now own?

After the reported transaction, Phillip Goldstein directly owns 87,910 SWZ common shares. This figure reflects his holdings immediately following the February 23, 2026 open-market purchase of 5,000 shares at a price of $6.13 per share.

Was the SWZ insider transaction by Phillip Goldstein a buy or sell?

The SWZ insider transaction was a buy by Phillip Goldstein. He executed an open-market purchase of 5,000 common shares on February 23, 2026 at a transaction price of $6.13 per share, increasing his direct ownership stake in the fund.

At what price did Phillip Goldstein purchase SWZ shares in the latest Form 4?

Phillip Goldstein purchased SWZ common shares at $6.13 per share. The Form 4 shows an open-market transaction dated February 23, 2026 for 5,000 shares, which raised his directly owned total to 87,910 shares in the Total Return Securities Fund.

What does the recent SWZ Form 4 filing indicate about insider activity?

The SWZ Form 4 filing indicates insider buying by director Phillip Goldstein. He completed an open-market purchase of 5,000 common shares at $6.13 on February 23, 2026, bringing his directly held position in Total Return Securities Fund to 87,910 shares.