GOLDSTEIN PHILLIP 4

What Happened

• Phillip Goldstein, Secretary, Director and affiliate of the fund’s adviser, acquired 10,000 shares of Total Return Securities Fund (SWZ) on 2026-03-05. The purchase price was $5.99 per share for a total transaction value of $59,900. This was a purchase (SEC code P), which is generally viewed as a direct buy of stock rather than a sale or award.

Key Details

• Transaction date and price: 2026-03-05 — 10,000 shares at $5.99 each.
• Total value: $59,900.
• Transaction type: Purchase (open market or private purchase, SEC code P).
• Shares owned after transaction: Not disclosed in the provided filing excerpt.
• Footnotes/plans: No 10b5-1 plan, tax withholding, or other special footnotes noted in the excerpt.
• Filing timeliness: Report filed 2026-03-09 for a 2026-03-05 trade. Form 4s are typically due within two business days, so this filing appears to have been submitted after that usual window.

Context

• Insider purchases can be more informative to investors than routine sales because they represent insiders putting personal capital to work; this transaction is modest in size (~$60k). Phillip Goldstein’s roles (director, secretary, adviser affiliate) identify him as a connected insider. The filing excerpt contains no indications of derivative activity, gifts, or immediate resale.