Dakos Andrew 4

What Happened Andrew Dakos, President & CEO (and director, affiliate of the adviser) of Total Return Securities Fund (SWZ), reported two purchases on 2026-07-02. He acquired 233 shares at $5.92 each (reported value $1,379) and 4,767 shares at $5.92 each (reported value $28,222), for a combined 5,000 shares and roughly $29.6K in total. These were recorded as purchases (code P) — insider buys can be interpreted as a bullish signal, though filings are factual and do not state motive.

Key Details

• Transaction date: 2026-07-02 (Open market or private purchases; transaction code P).
• Prices and amounts: 233 shares @ $5.92 ($1,379) and 4,767 shares @ $5.92 ($28,222); total ≈ 5,000 shares for ~$29.6K.
• Filing: Form 4 filed 2026-07-07 covering the 2026-07-02 transactions; timeliness is not flagged in the filing.
• Shares owned after transaction: Not specified in the provided filing details.
• 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).

Context These were direct purchases (not option exercises, gifts, or awards) reported by a company executive. Purchases by insiders are one data point retail investors use to gauge insider sentiment, but they do not by themselves prove future performance.