Andrew Dakos, who serves as President and CEO of Total Return Securities Fund (NASDAQ:SWZ), reported purchases of the fund’s common stock totaling $68,314. The transactions occurred on April 16 and April 17, 2026, and were executed at prices ranging from $6.04 to $6.09 per share.
On April 16, Mr. Dakos executed multiple buys: 4,718 shares at $6.06 per share and 3,000 shares at $6.05 per share, which he holds indirectly through a limited partnership. He also directly acquired 547 shares at $6.04 per share on the same day. The following day, April 17, Mr. Dakos made an additional indirect purchase of 3,000 shares at $6.09 per share, again through the limited partnership vehicle.
The filing accompanying these transactions clarifies that the indirectly held shares are held through a limited partnership in which Mr. Dakos has a beneficial interest. It also notes that he disclaims beneficial ownership of those shares except to the extent of any pecuniary interest. The recent Form 4 filing included a correction to the reported number of shares held indirectly after transactions disclosed in an earlier Form 4 filed on March 31, 2026.
Following the reported purchases, Mr. Dakos’s indirect holdings in the fund total 106,000 shares, while his direct holdings amount to 40,000 shares. The Form 4 was signed on April 20, 2026, by Stephanie Darling, acting as Power of Attorney for Andrew Dakos.
At the time of these transactions, Total Return Securities Fund’s common shares were trading near a 52-week low of $5.84, with a quoted price of $6.09. The fund carries a reported dividend yield of 9.59% and has maintained dividend payments for 36 consecutive years. The filing and transaction details show the insider activity in context of the fund’s recent price levels and distribution profile.
Context and mechanics of the purchases
The trades combine both direct and indirect acquisitions. Indirect holdings are held through a limited partnership in which Mr. Dakos has a beneficial interest, although the filing includes the standard disclaimer limiting claimed beneficial ownership to any pecuniary interest. The filing also corrected previously reported indirect holdings following a March 31, 2026, disclosure.
This disclosure presents a snapshot of executive-level buying activity in the fund across two consecutive trading days in mid-April 2026 and provides updated totals for both indirect and direct ownership.