Andrew Dakos - 11 Dec 2025 Form 4 Insider Report for Total Return Securities Fund (SWZ)

Role: President and CEO, Director
Signature: /s/ Stephanie Darling, Power of Attorney for Andrew Dakos
Issuer symbol: SWZ
Transactions as of: 11 Dec 2025
Net transactions value: +$212,838
Form type: 4
Filing time: 12 Dec 2025, 17:14:03 UTC
Previous filing: 06 Nov 2025
Next filing: 31 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Dakos Andrew	President and CEO, Director	250 PEHLE AVE., SUITE 708, SADDLE BROOK	/s/ Stephanie Darling, Power of Attorney for Andrew Dakos	12 Dec 2025	0001341021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SWZ	Common Stock	Options Exercise	$212,838	+35,064	+54788%	$6.07	35,128	11 Dec 2025	Direct	F1
holding	SWZ	Common Stock						3,000	11 Dec 2025	Limited Partnership	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Non-transferable rights were issued to holders of record of shares of common stock of the Issuer as of November 14, 2025 in connection with a rights offering by the Issuer at the rate of one right for each share of common stock owned. Every right received by the holder entitled such holder to purchase one share of common stock and holders were entitled to oversubscribe for additional shares if available. Purchases made pursuant to the rights offering are reflected in this filing.
F2	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.

Content

Non-transferable rights were issued to holders of record of shares of common stock of the Issuer as of November 14, 2025 in connection with a rights offering by the Issuer at the rate of one right for each share of common stock owned. Every right received by the holder entitled such holder to purchase one share of common stock and holders were entitled to oversubscribe for additional shares if available. Purchases made pursuant to the rights offering are reflected in this filing.

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.