Dakos Andrew 4

What Happened

• Andrew Dakos, President & CEO, Director and affiliate of the fund’s adviser, made open-market purchases of Total Return Securities Fund (SWZ) stock. He acquired 2,000 shares on 2026-04-07 at $5.95 ($11,900) and 4,000 shares on 2026-04-08 at $5.97 ($23,900), for a total of 6,000 shares costing $35,800. These were purchases (transaction code P), which are generally viewed as more informative than routine sales.

Key Details

• Transaction dates & prices:
  • 2026-04-07: 2,000 shares @ $5.95 = $11,900
  • 2026-04-08: 4,000 shares @ $5.97 = $23,900
• Total shares purchased: 6,000; total value: $35,800.
• Shares owned after the transactions: not specified in the Form 4 filing.
• Footnotes:
  • F1: 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.
  • F2: Indicates the weighted average price (as noted in the filing).
• Filing date: 2026-04-09. The Form 4 was filed promptly after the trades (no late filing indicated).

Context

• These were straight open-market purchases (no options exercise, awards, or gifts). Purchases by insiders can signal confidence but are not proof of future performance; retail investors should consider this alongside other information about the fund.