Total Return Securities Fund CEO buys 20,000 shares

A separate limited partnership held 131,000 SWZ shares on September 25; Andrew Dakos disclaimed beneficial interest except to the extent of any pecuniary interest.

Rhea-AI Filing Summary

Total Return Securities Fund (SWZ) reports that Andrew Dakos, its President and CEO and a director, directly purchased 20,000 common shares in four transactions. On September 25, 2026, he bought 7,649 shares at $5.81 per share and 2,351 at $5.82; on September 28, he bought 1,000 at $5.76 and 9,000 at $5.77. No Rule 10b5-1 plan is reported for these purchases. Separately, a limited partnership held 131,000 shares on September 25; Dakos disclaims beneficial interest except to the extent of any pecuniary interest.

Insider Trade Summary

Net Buyer: 20,000 shares

Net Buy 5 txns

Insider Dakos Andrew

Role President and CEO

Bought 20,000 shs ($116K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1,000	$5.76	$6K
Purchase	Common Stock	9,000	$5.77	$52K
Purchase	Common Stock	7,649	$5.81	$44K
Purchase	Common Stock	2,351	$5.82	$14K
holding	Common Stock F1	--	--	--

Holdings After Transaction: Common Stock — 60,000 shares (Direct); Common Stock — 131,000 shares (Indirect, Limited Partnership)

Footnotes (1)

1. F1. 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.

Key Figures

Direct purchase: 7,649 shares at $5.81 per share Direct purchase: 2,351 shares at $5.82 per share Direct purchase: 1,000 shares at $5.76 per share +2 more

5 metrics

Direct purchase 7,649 shares at $5.81 per share September 25, 2026

Direct purchase 2,351 shares at $5.82 per share September 25, 2026

Direct purchase 1,000 shares at $5.76 per share September 28, 2026

Direct purchase 9,000 shares at $5.77 per share September 28, 2026

Limited partnership holding 131,000 shares Held indirectly on September 25, 2026; Andrew Dakos disclaims beneficial interest except to the extent of any pecuniary interest.

Key Terms

beneficial interest, pecuniary interest, limited partnership

3 terms

beneficial interest financial

"has a beneficial interest"

Beneficial interest is the right to receive the economic benefits of an asset—such as dividends, interest, or sale proceeds—without necessarily holding legal title to it. For investors this matters because it determines who actually gains from an investment or trust, much like renting an apartment where the tenant enjoys living there and paying bills while the landlord holds the deed; understanding who has the beneficial interest affects income rights, voting influence, and risk exposure.

pecuniary interest financial

"except to the extent of any pecuniary interest therein"

limited partnership financial

"Shares are held by a limited partnership"

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many SWZ shares did Andrew Dakos buy, and at what prices?

Andrew Dakos bought 20,000 SWZ common shares in four direct purchases: 7,649 at $5.81 and 2,351 at $5.82 per share on September 25, 2026; 1,000 at $5.76 and 9,000 at $5.77 per share on September 28, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/29/2026 - 04:05 PM Accepted by SEC EDGAR 09/29/2026 - 04:05 PM Learn about SEC filing dates

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)
09/25/2026

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								131,000	I	Limited Partnership(1)
Common Stock	09/25/2026		P		7,649	A	$5.81	47,649	D
Common Stock	09/25/2026		P		2,351	A	$5.82	50,000	D
Common Stock	09/28/2026		P		1,000	A	$5.76	51,000	D
Common Stock	09/28/2026		P		9,000	A	$5.77	60,000	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	09/29/2026
	** 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)