High Income Securities Fund (PCF) director adds 5,688 shares

Rhea-AI Filing Summary

HIGH INCOME SECURITIES FUND director Phillip Goldstein bought additional common shares in open-market transactions. He purchased 5,088 shares at $5.449 per share on April 7, 2026 and 600 shares at $5.53 per share on April 8, 2026, increasing his direct holdings to 47,041 shares.

Insider Trade Summary

Net Buyer: 5,688 shares ($31,043)

Net Buy 2 txns

Insider GOLDSTEIN PHILLIP

Role Director

Bought 5,688 shs ($31K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	600	$5.53	$3K
Purchase	Common Stock	5,088	$5.449	$28K

Holdings After Transaction: Common Stock — 47,041 shares (Direct)

Footnotes (1)

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Key Figures

Total shares bought: 5,688 shares Purchase price April 7: $5.449 per share Purchase price April 8: $5.53 per share +1 more

4 metrics

Total shares bought 5,688 shares Open-market purchases on April 7–8, 2026

Purchase price April 7 $5.449 per share 5,088 common shares bought on April 7, 2026

Purchase price April 8 $5.53 per share 600 common shares bought on April 8, 2026

Holdings after trades 47,041 shares Direct ownership after April 8, 2026 transaction

Key Terms

open-market purchase, weighted average price, Common Stock

3 terms

open-market purchase financial

"transaction_action: "open-market purchase" for both common stock transactions"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

weighted average price financial

"Footnote states: "Represents the weighted average price.""

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Common Stock financial

"security_title: "Common Stock" in each reported transaction"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Form 4 Insider Transactions: What Each Field Means →

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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 NEW YORK 10570

(City) (State) (Zip)

UNITED STATES

(Country)

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)	X	Other (specify below)
			Affiliate of the Adviser

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/07/2026

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

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

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

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	04/07/2026		P		5,088	A	$5.449(1)	46,441	D
Common Stock	04/08/2026		P		600	A	$5.53	47,041	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:

1. Represents the weighted average price.

	/s/ Stephanie Darling, as Power of Attorney for Phillip Goldstein	04/09/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider buying did PCF disclose for Phillip Goldstein?

Phillip Goldstein reported open-market purchases of HIGH INCOME SECURITIES FUND common stock totaling 5,688 shares. He bought 5,088 shares at $5.449 on April 7, 2026 and 600 shares at $5.53 on April 8, 2026, all as direct holdings.

Who is the insider buying PCF shares in this Form 4?

The insider is Phillip Goldstein, a director of HIGH INCOME SECURITIES FUND and an affiliate of the adviser. His reported transactions are direct, open-market purchases of the fund’s common stock, increasing his personal shareholdings in the fund.

How many PCF shares does Phillip Goldstein own after these trades?

Following the reported purchases, Phillip Goldstein directly owns 47,041 shares of HIGH INCOME SECURITIES FUND common stock. This figure reflects his updated position after buying 5,088 shares on April 7, 2026 and 600 additional shares on April 8, 2026.

At what prices did Phillip Goldstein buy PCF common stock?

Phillip Goldstein purchased HIGH INCOME SECURITIES FUND common stock in the open market at $5.449 per share on April 7, 2026 and at $5.53 per share on April 8, 2026. One price is identified as a weighted average in the filing footnote.

Are Phillip Goldstein’s PCF share purchases direct or indirect holdings?

All reported holdings in this Form 4 are direct. The transactions list ownership type as direct, with no indication that the shares are held through trusts, partnerships, or other entities, so the purchases are attributed personally to Phillip Goldstein.