Dakos Andrew 4

What Happened

• Andrew Dakos, President & CEO, Director and affiliate of the adviser to Total Return Securities Fund (SWZ), made four open‑market purchases (transaction code P) on April 16–17, 2026.
• Purchases: 4,718 shares @ $6.06 ($28,591), 3,000 shares @ $6.05 ($18,150), 547 shares @ $6.04 ($3,304), and 3,000 shares @ $6.09 ($18,270), for a total of 11,265 shares worth approximately $68,315. These were acquisitions (buying stock), which insiders’ purchases are often considered more informative than routine sales.

Key Details

• Transaction dates & prices: Apr 16, 2026 — 4,718 @ $6.06; 3,000 @ $6.05; 547 @ $6.04. Apr 17, 2026 — 3,000 @ $6.09.
• Aggregate shares acquired: 11,265; aggregate value: ≈ $68,315.
• Filing: Form 4 filed Apr 20, 2026 (period of report Apr 16, 2026). This filing appears to be timely (within required reporting window).
• Holdings after transaction: The provided summary does not list a numeric post‑transaction total; the filing notes corrected indirect holdings per Footnote F2.
• Footnotes of note:
  • 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: The Apr 20 filing corrects an error in the March 31, 2026 Form 4 regarding the amount of shares held indirectly after prior transactions.

Context

• These were straightforward purchases (no option exercises, grants, or gifts). Because some shares are held indirectly through a limited partnership (F1) and the filing corrects a prior reporting error (F2), check the full Form 4 for the corrected holdings table if you need exact post‑transaction ownership.