Dakos Andrew 4

What Happened

• Andrew Dakos, President, CEO and Director of Total Return Securities Fund, disposed of 12,672 shares back to the issuer in a tender transaction on January 23, 2026. The filing shows two dispositions: 997 shares at $6.81 each (proceeds $6,790) and 11,675 shares at $6.81 each (proceeds $79,507), for total proceeds of about $86,297. This was a sale (disposition), not a purchase.

Key Details

• Transaction date: 2026-01-23
• Price per share: $6.81
• Lots: 997 shares ($6,790) and 11,675 shares ($79,507); total 12,672 shares (~$86,297)
• Shares owned after transaction: Not specified in the Form 4
• Footnotes: F1 — sale to the issuer pursuant to a tender offer exempt under Rule 16b-3; F2 — some shares are held by a limited partnership in which Mr. Dakos has a pecuniary interest but disclaims broader beneficial ownership
• Filing: Reported on 2026-01-27 (filed late relative to the typical two-business-day Form 4 deadline)

Context

• These were dispositions to the issuer under a tender offer (i.e., shares sold back to the company), which is different from an open-market sale and is commonly part of buyback/tender programs. Sales are often routine and do not necessarily indicate management sentiment; purchases generally carry more bullish signal for investors. The late filing is a reporting/timeliness issue but does not change the nature of the transaction.