Dakos Andrew 4

What Happened

• Andrew Dakos, President & CEO and a director of Total Return Securities Fund (SWZ), made a series of open-market purchases: 7,000 shares at $5.97 and 3,000 shares at $5.96 on Feb 3, 2026, and 2,000 shares at $6.04, 2,000 at $6.03, and 2,000 at $6.02 on Feb 4, 2026. Total acquired: 16,000 shares for aggregate consideration of $95,850. These were purchases (a bullish signal in that the insider bought shares, though no motive can be inferred).

Key Details

• Transaction dates and prices:
  • 2026-02-03: 7,000 @ $5.97 = $41,790
  • 2026-02-03: 3,000 @ $5.96 = $17,880
  • 2026-02-04: 2,000 @ $6.04 = $12,080
  • 2026-02-04: 2,000 @ $6.03 = $12,060
  • 2026-02-04: 2,000 @ $6.02 = $12,040
• Total shares acquired: 16,000; total value: $95,850; average price ≈ $5.99.
• Shares owned after the transaction: not specified in the provided filing.
• Footnote: F1 states these shares are held by a limited partnership in which Mr. Dakos has a beneficial interest; he disclaims beneficial ownership except to the extent of any pecuniary interest.
• Filing timeliness: Form 4 was filed on 2026-02-05 (covering transactions on Feb 3–4); this appears to be within the standard two-business-day Form 4 filing window.

Context

• These were straightforward open-market purchases (transaction code P). For retail investors, insider purchases can be informative because they indicate the insider deployed personal capital to buy shares, but they do not guarantee future performance. The limited-partnership holding note means some shares are held indirectly; check the full SEC filing for any additional ownership details.