High Income Securities Fund (PCF) director reports December share purchases

Rhea-AI Filing Summary

High Income Securities Fund director reports open-market share purchases. The Form 4 shows that a reporting person serving as a director of HIGH INCOME SECURITIES FUND bought common stock on three consecutive days in December. On 12/16/2025, the director purchased 2,487 shares at a price of $6.04 per share. On 12/17/2025, an additional 800 shares were purchased at $6.03 per share. On 12/18/2025, the director purchased 2,500 shares at $5.99 per share. After these transactions, the director beneficially owned 5,934 common shares, held directly. The filing is signed by /s/ Stephanie Darling as Power of Attorney for Phillip Goldstein.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GOLDSTEIN PHILLIP

(Last) (First) (Middle)

60 HERITAGE DRIVE

(Street)

PLEASANTVILLE NY 10570

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HIGH INCOME SECURITIES FUND [ PCF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/16/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/16/2025		P		2,487	A	$6.04	2,634	D
Common Stock	12/17/2025		P		800	A	$6.03	3,434	D
Common Stock	12/18/2025		P		2,500	A	$5.99	5,934	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Stephanie Darling, as Power of Attorney for Phillip Goldstein	12/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider activity did HIGH INCOME SECURITIES FUND (PCF) report?

The report shows a director of HIGH INCOME SECURITIES FUND acquired common stock in three open-market purchases in December 2025, increasing their directly held beneficial ownership.

How many PCF shares did the director buy and at what prices?

The director bought 2,487 shares at $6.04 on 12/16/2025, 800 shares at $6.03 on 12/17/2025, and 2,500 shares at $5.99 on 12/18/2025.

How many HIGH INCOME SECURITIES FUND shares does the insider own after these trades?

Following the reported transactions, the director beneficially owned 5,934 shares of HIGH INCOME SECURITIES FUND common stock, held in direct form.

What is the insider’s relationship to HIGH INCOME SECURITIES FUND (PCF)?

The reporting person is identified as a Director of HIGH INCOME SECURITIES FUND on the Form 4.

Were any derivative securities for PCF reported in this Form 4?

The section for Derivative Securities is included but does not list any derivative transactions or holdings for this reporting person.

Who signed the Form 4 for the HIGH INCOME SECURITIES FUND director?

The filing is signed /s/ Stephanie Darling, as Power of Attorney for Phillip Goldstein, dated 12/18/2025.