Total Return Securities Fund (SWZ) CEO Andrew Dakos Buys Shares

What Happened
Andrew Dakos, President & CEO (and director/affiliate of the adviser) of Total Return Securities Fund (ticker: SWZ), made multiple open-market purchases totaling 20,000 shares. The four purchases occurred on Sept 25 and Sept 28, 2026, at prices between $5.76 and $5.82 per share, for a combined cash outlay of roughly $115,814. These were purchases (code P), which are direct acquisitions rather than sales or option exercises.

Key Details

• Trades:
  • 2026-09-25: 7,649 shares @ $5.81 = $44,441 (open-market purchase)
  • 2026-09-25: 2,351 shares @ $5.82 = $13,683 (open-market purchase)
  • 2026-09-28: 1,000 shares @ $5.76 = $5,760 (open-market purchase)
  • 2026-09-28: 9,000 shares @ $5.77 = $51,930 (open-market purchase)
• Total purchased: 20,000 shares for approximately $115,814; price range $5.76–$5.82.
• Transaction code: P = Purchase (open market/private purchase).
• Filing: Form 4 filed 2026-09-29; transactions on 9/25 and 9/28 were reported on the filing date and appear to be timely.
• Shares owned after transaction: Not specified in the provided excerpt of the filing.
• Footnote: F1 indicates the 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.

Context
Open-market purchases by an insider are direct acquisitions of stock and are often watched by retail investors as a sign the insider is willing to commit personal capital (though they do not prove future performance). This filing shows straightforward purchases (no option exercises, awards, or gifts). For full ownership details or to see if these holdings are part of an entity stake, consult the complete Form 4 on the SEC EDGAR site.