GOLDSTEIN PHILLIP 4

What Happened
Phillip Goldstein, a Secretary, Director and affiliate of the fund’s adviser, acquired 10,000 shares of Total Return Securities Fund (SWZ) on 2026-03-18. The reported purchase price was $5.98 per share, for a total transaction value of $59,800. This was a purchase (code P), which is generally viewed as a more informative signal than routine insider selling, though no motivation can be inferred from the filing.

Key Details

• Transaction date: 2026-03-18 (reported on Form 4 filed 2026-03-19)
• Transaction type/code: Purchase — "Open market or private purchase (P)" at $5.98 per share
• Shares acquired: 10,000; Total value: $59,800
• Shares owned after transaction: Not disclosed in the filing
• Filing timeliness: Report filed the next day (not marked late)
• Footnotes/plans: No 10b5-1 plan, tax withholding, or other footnotes noted in the filing

Context
Purchases by officers or directors can signal confidence but do not guarantee future performance. This filing shows a straightforward cash purchase; there’s no indication of option exercise, gift, or cashless sale. Retail investors should consider this alongside other ownership disclosures, fund performance, and broader research.