Dakos Andrew 4

What Happened
Andrew Dakos, President, CEO and a director of Total Return Securities Fund (SWZ), made multiple open-market purchases totaling 13,000 shares across May 27–28, 2026. Trades: 4,500 shares @ $5.97 ($26,865), 3,000 shares @ $5.98 ($17,940), 100 shares @ $5.98 ($598), and 5,400 shares @ $5.99 ($32,346) — aggregate value about $77,749. These were purchases (code P), which are direct acquisitions of fund shares.

Key Details

• Transaction dates/prices:
  • 2026-05-27: 4,500 shares @ $5.97 = $26,865
  • 2026-05-27: 3,000 shares @ $5.98 = $17,940
  • 2026-05-28: 100 shares @ $5.98 = $598
  • 2026-05-28: 5,400 shares @ $5.99 = $32,346
• Total: 13,000 shares; ~$77,749 total purchase consideration.
• Filing: Form 4 filed 2026-05-29 — appears timely (within the SEC’s 2-business-day window).
• Shares owned after transaction: Not specified in the information provided.
• Footnote: Shares are held by a limited partnership in which Mr. Dakos has a beneficial (pecuniary) interest; he disclaims beneficial ownership except to the extent of any pecuniary interest.

Context
These were straightforward open-market purchases (not option exercises, awards, or gifts). Purchases by executives can be interpreted by some investors as a positive signal, but filings are factual records and do not state motivation. The limited partnership holding means the shares are held in an entity where Mr. Dakos has an economic stake rather than direct personal title, per the footnote.