Dakos Andrew 4

What Happened

• Andrew Dakos, President & CEO and a director of Total Return Securities Fund (ticker: SWZ), reported open‑market purchases (Transaction code P) totaling 8,000 shares across Feb 19–20, 2026. The purchases were: 119 shares @ $6.11 ($727), 4,881 shares @ $6.12 ($29,872), 183 shares @ $6.14 ($1,124), and 2,817 shares @ $6.16 ($17,353), for aggregate consideration of approximately $49,076. These were purchases (not sales), which some investors view as a more informative (bullish) signal than routine sales, though motivations are not disclosed.

Key Details

• Transaction dates and prices:
  • 2026-02-19: 119 sh @ $6.11 and 4,881 sh @ $6.12
  • 2026-02-20: 183 sh @ $6.14 and 2,817 sh @ $6.16
• Total shares purchased: 8,000; total cost: ~$49,076.
• Transaction code: P = Purchase (open market or private purchase as reported).
• Shares owned after the transactions: not specified in the provided filing.
• Footnote: F1 — some shares are held by a limited partnership in which Mr. Dakos has a pecuniary interest; he disclaims beneficial ownership except to the extent of any pecuniary interest.
• Filing timeliness: Report filed 2026-02-23; filing appears timely relative to the reported transaction dates.

Context

• These were straightforward purchases (no option exercises, grants, or gifts). Purchases by insiders can indicate confidence, but they are not definitive proof of future performance — retail investors should consider this alongside broader research and fundamentals.