Dakos Andrew 4

What Happened

Andrew Dakos, President & CEO (and director; affiliate of the adviser) of Total Return Securities Fund (SWZ), made two open-market purchases of the fund's shares. On 2026-03-05 he acquired 12,000 shares at $6.01 each ($72,120) and on 2026-03-06 he acquired 12,500 shares at $5.97 each ($74,625), for a total of 24,500 shares costing $146,745. These were purchases (transaction code P), which are generally viewed as insider buying rather than selling.

Key Details

• Transaction dates and prices:
  • 2026-03-05: 12,000 shares @ $6.01 = $72,120 (open-market purchase)
  • 2026-03-06: 12,500 shares @ $5.97 = $74,625 (open-market purchase)
• Total: 24,500 shares for $146,745 (weighted average price ≈ $5.99 per share; footnote F2).
• Shares owned after the transaction: Not disclosed on the provided summary of the filing.
• Notable footnote (F1): 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: Report filed 2026-03-09; this filing date is within the Form 4 two-business-day reporting window for these trades (not marked late).

Context

• Purchases by a company CEO are factual signals of acquisition, but they do not prove future company performance. The filing shows direct open-market buys rather than option exercises, gifts, or 10b5-1 plan transactions (none indicated).
• The shares appear to be held indirectly via a limited partnership per the footnote, which can reflect personal investment but may limit direct control claims in the filing.