PCF (PCF) director Phillip Goldstein adds 17,905 fund shares in open-market buy

Rhea-AI Filing Summary

HIGH INCOME SECURITIES FUND director Phillip Goldstein bought shares on the open market. On the reported date, he purchased 17,905 shares of Common Stock at a price of $5.46 per share, increasing his direct holdings to 41,353 shares.

Insights

Insider trading analyst

Director made an open-market purchase, modestly increasing his direct stake.

Director Phillip Goldstein conducted an open-market purchase of 17,905 shares of Common Stock at $5.46 per share. This is a straightforward buy transaction, with no derivative exercises, gifts, or restructurings disclosed in the data.

Following the transaction, his direct ownership rose to 41,353 shares. With no derivative positions reported and no footnote indications of indirect entities or trading plans, this appears to be a direct, discretionary purchase. Its significance depends on the fund’s overall share count, which is not shown here.

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)
03/18/2026

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	03/18/2026		P		17,905	A	$5.46	41,353	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, Power of Attorney for Phillip Goldstein	03/19/2026
	** 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 transaction did HIGH INCOME SECURITIES FUND (PCF) report for Phillip Goldstein?

Phillip Goldstein reported an open-market purchase of 17,905 shares of HIGH INCOME SECURITIES FUND Common Stock at $5.46 per share. This transaction increased his direct ownership position to 41,353 shares, according to the Form 4 data provided for the reported date.

Was the PCF insider transaction a buy or a sell by Phillip Goldstein?

The PCF insider transaction was a buy. Phillip Goldstein executed an open-market purchase, coded as a "P" transaction, acquiring 17,905 shares of Common Stock at $5.46 per share and raising his directly held stake to 41,353 shares afterward.

How many PCF shares does Phillip Goldstein own after this Form 4 transaction?

After the reported transaction, Phillip Goldstein directly owns 41,353 shares of HIGH INCOME SECURITIES FUND Common Stock. This total reflects his new position following the open-market purchase of 17,905 shares disclosed in the Form 4 insider report.

Did the HIGH INCOME SECURITIES FUND (PCF) Form 4 include any derivative securities?

No, the Form 4 data shows only a non-derivative Common Stock transaction. The derivative summary is empty, indicating no option exercises, warrant conversions, or other derivative trades were reported for this filing involving Phillip Goldstein’s holdings.

Is Phillip Goldstein’s PCF ownership direct or through another entity?

The reported holdings are direct. The filing marks ownership as "D" for direct, with no nature-of-ownership description indicating a trust, LLC, or other indirect entity, so the 41,353 shares are shown as directly held by Phillip Goldstein.

What does an open-market purchase mean for PCF insider activity?

An open-market purchase means the insider bought shares on the public market at prevailing prices. In this case, Phillip Goldstein acquired 17,905 PCF shares at $5.46 each, a straightforward cash transaction rather than a grant, gift, or derivative exercise.