Dakos Andrew 4

What Happened Andrew Dakos, President & CEO and a director of Total Return Securities Fund (SWZ), made three purchases in an open-market or private-capacity transaction. He acquired 4,000 shares on 2026-05-18 at $5.95 ($23,800), 13 shares on 2026-05-19 at $5.95 ($77), and 2,987 shares on 2026-05-20 at $5.96 ($17,803) — a total of 7,000 shares for approximately $41,680. These were purchases (insider buys), which investors often view as a more informative signal than routine sales.

Key Details

• Transaction type: Purchases (code P — open market/private purchase)
• Dates & prices:
  • 2026-05-18: 4,000 shares @ $5.95 = $23,800
  • 2026-05-19: 13 shares @ $5.95 = $77
  • 2026-05-20: 2,987 shares @ $5.96 = $17,803
• Total acquired: 7,000 shares for ~$41,680
• Shares owned after transaction: Not disclosed in the provided filing excerpt
• Footnote: 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 (Footnote F1)
• Filing timeliness: Report filed 2026-05-20 covering transactions on 2026-05-18 through 2026-05-20 — appears to have been filed on time under Form 4 rules

Context Insider purchases are often watched by retail investors as a potential sign of confidence, but they do not prove intent or future company performance. This filing documents straightforward purchases rather than option exercises, gifts, or tax withholdings. The limited-partnership footnote indicates the reported holdings involve an entity in which Mr. Dakos has an economic interest, which is common for insiders and does not necessarily change the interpretation of the purchases.