PCF HIGH INCOME SECURITIES FUND Insider Trading

Director Phillip Goldstein buys 5,688 shares of PCF at blended $5.46 (2 txns, $31,042.51 total) amid -8.7% 90-day decline

Goldstein purchased 5,688 shares across two transactions on 2026-04-07 and 2026-04-08 at prices of $5.45 and $5.53, bringing his holdings from 41,353 to 47,041 shares (+13.8%). The current price of $5.58 is -8.7% below the 90-day mark and -14.0% from the 52-week high, suggesting the director bought into a declining trend. His prior trades at PCF show a pattern of poor timing outcomes: 0 of 2 prior buys were well-timed at the 90-day mark, with both 2025 December purchases showing -8.8% and -9.4% 90-day returns respectively. His cross-ticker track record shows an average 90d return of -1.7% with a 57.14% win rate, indicating modest execution quality historically. The purchase represents a material 13.8% increase in stake, but the timing relative to recent price weakness and his historical accuracy record suggest limited conviction signaling value.

Director Goldstein buys 17,905 PCF shares at $5.46; holds 41.4K shares post-purchase as stock trades -18.7% from 52-week high

Goldstein purchased 17,905 shares at $5.46 on 2026-03-18, increasing his holdings by 76.4% to 41.4K shares. The purchase occurs while PCF trades at $5.45, down 18.7% from its 52-week high and down 10.4% over the past 30 days. Goldstein's same-ticker history at PCF shows 5 prior buys, with 0 of 3 measurable 90-day outcomes showing positive returns; the three prior trades from December 2025 each posted 90-day losses ranging from -8.3% to -9.4%. His cross-ticker track record shows a 50% 90-day win rate, indicating modest predictive value for timing. The accumulation of a depressed-priced, closed-end bond fund during a downtrend with a pattern of underwater prior purchases at this ticker warrants attention to whether this reflects valuation opportunity or repeated execution challenges.

Director Goldstein buys 17,514 shares at $6.05; holdings surge 295.1% to 23,448 shares

Phillip Goldstein (Director) executed 2 purchases totaling 17,514 shares for $105,959.70 at a blended average price of $6.05 on 2026-02-02 and 2026-02-03, expanding his position from 5,934 shares to 23,448 shares—a net increase of 295.1%. The current price of $6.03 sits just below the transaction price and 12.4% below the 52-week high of $6.88. His same-ticker history at PCF shows recent buys on 2025-12-18, 2025-12-17, and 2025-12-16, each posting modest 30-day gains (+2.7%, +2.0%, +2.2% respectively), suggesting a pattern of accumulation at elevated price levels relative to historical range. This filing documents a material increase in commitment to the fund, though the stock's recent price action—down 1.6% over 30 days and 3.5% over 90 days—indicates the director is purchasing into a period of modest weakness rather than recovery momentum.

Das Rajeev P acquires 3,256 shares of PCF for $20,000.79 at $6.14 avg; stock now $6.07, down 11.8% from 52-week high

Das Rajeev P executed two separate purchases of PCF stock on 2026-01-16, acquiring 1,628 shares at $6.15 and 1,628 shares at $6.14, totaling 3,256 shares for $20,000.79. The purchases occur near the low end of the stock's 52-week range ($5.91–$6.88), with the stock currently trading at $6.07, representing -11.8% from the 52-week high. However, Das's historical buy performance at this ticker is concerning: across four prior purchases at PCF dated 2024-06-27, all exhibited near-identical 90-day returns of approximately -2.7%, with a 0% win rate at the 90-day mark. His cross-ticker track record shows an average 90-day return of -2.7% following buys, reinforcing a pattern of purchases that have not appreciated within the 90-day window. This filing signals continued accumulation despite a demonstrable pattern of unfavorable timing on prior purchases of the same security.

Director Goldstein bought 5,787 shares over 3 days at $6.02 blended average; holdings surged 3936.7%; stock -13.1% from 52-week high.

Phillip Goldstein as Director executed 3 separate purchases totaling 5,787 shares for $34,820.48 between 2025-12-16 and 2025-12-18, dramatically increasing his stake from 147 to 5,934 shares post-transaction. The transactions occurred at prices ($6.04, $6.03, $5.99) very close to the blended average of $6.02, slightly above the current market price of $5.98. His prior trading activity at PCF shows 2 of 2 prior buys posted positive 90-day returns (+0.9% and +0.3%), suggesting a pattern of well-timed entry points at this security. The broader cross-ticker track record reflects a 71.43% win rate on buys over 90 days, though with a modest 2.0% average 90-day return, indicating selective but not dramatic timing skill. This accumulation represents a material expansion of his ownership position during a period when PCF is -13.1% from its 52-week high and -7.4% over 90 days, adding a data point to monitor as the position develops.

Director Moritz A bought 789 shares of PCF at $5.95 on 2025-04-09, raising holdings to 11.8K shares

Director Moritz A purchased 789 shares of HIGH INCOME SECURITIES FUND (PCF) at $5.95, a modest transaction totaling $4.7K that increased his stake by 7.2% to 11.8K shares. The purchase occurred at a price 2.9% below the current $6.13 mark and within the 52-week trading range. Notably, this is the fourth buy in four days at the same ticker (following three buys on 2025-04-07 and one on 2025-04-04), suggesting a pattern of consecutive accumulation. However, the director's cross-ticker track record shows weak historical outcomes, with 10 prior buys averaging -2.5% returns over 30 days and -0.8% over 90 days, with only a 25.00% win rate—metrics that provide limited confidence in predictive value of this activity. The same-ticker prior trades are too recent to have measurable 90-day outcomes.

Director MORITZ A buys 5,587 shares at avg $6.04 (PCF); stock near 52-week low, 90d win rate 25% on same-ticker history

Director MORITZ A purchased 5,587 shares across 5 separate transactions on 2025-04-04 and 2025-04-07, totaling $33,732.90 at a blended average price of $6.04, doubling his holdings from 5,446 to 11,033 shares (+102.6%). The timing coincides with price weakness: the stock is trading at $6.02, down 13.9% from its 52-week high and off 10.4% in the past 30 days. Examining MORITZ A's prior trades at PCF reveals a pattern with mixed success: 4 of 5 prior buys at this ticker showed positive 90-day outcomes only once (the 2023-05-04 buy returned +4.7% after 90 days), yielding a 25% win rate on same-ticker history. His cross-ticker track record over all open-market buys shows an average 90-day return of -0.8% with a 25% win rate. The scale of this purchase relative to existing holdings and current price weakness presents material exposure, though historical outcomes on this ticker offer little evidence of successful timing at the 90-day horizon.

Director Moritz A bought 1,624 shares of PCF at $6.50 on 2025-01-08, increasing holdings by 42.5% to 5,446 shares.

Moritz A, a director of High Income Securities Fund, purchased 1,624 shares at $6.50 on January 8, 2025, significantly increasing his position by 42.5% from 3,822 to 5,446 shares. The current price of $6.55 sits in the lower end of the 52-week range ($6.20–$6.99), down 6.3% from the 52-week high. His cross-ticker track record shows mixed results: 4 prior open-market buys with an average 30-day return of -3.8% and a 90-day win rate of 33.33%. At this specific ticker, prior trades at PCF yielded inconsistent near-term results (30-day returns ranged from +1.3% to -5.9%), though longer-term outcomes varied; only 1 of 3 measurable 90-day outcomes was positive. The purchase occurs in a sector and timeframe with modest recent price pressure (30-day decline of 3.4%), presenting a routine insider buy that lacks a clear established pattern of favorable timing across this director's history.

Director HELLERMAN GERALD bought 2,000 shares of PCF at $6.34 on 2024-12-19; holdings now 37,259 shares.

HELLERMAN GERALD purchased 2,000 shares at $6.34, increasing his stake from 35,259 to 37,259 shares. The purchase occurs within PCF's recent trading range and follows a pattern of five consecutive open-market buys by this director within a two-day window (2024-12-16 to 2024-12-17). Across all open-market trades, HELLERMAN's track record shows 6 prior buys with an average 90-day return of -2.0% and a 0.00% win rate, though none of his prior same-ticker outcomes at PCF are yet measurable. The stock has declined 4.5% over 30 days and 4.0% over 90 days, trading 8.0% below its 52-week high.

Director Gerald Hellerman bought 30,934 shares across 5 purchases at PCF for $203,871.00, raising stake 715.2%.

Gerald Hellerman, Director at High Income Securities Fund (PCF), executed 5 separate open-market purchases on December 16-17, 2024, totaling 30,934 shares for $203,871.00 at a blended average price of $6.59. This transaction increased his holdings from 4,325 shares to 35,259 shares, representing a +715.2% increase. The purchases occurred at prices within the 52-week range of $6.20–$6.99, with the current price at $6.40 now 8.4% below the 52-week high. Notably, Hellerman's cross-ticker track record shows mixed outcomes: his 1 prior buy had a 0% win rate at the 90-day mark (returning -2.0%), and his same-ticker history at PCF shows that same prior June 2024 purchase produced a -2.0% 90-day return, suggesting his prior accumulation at this fund did not precede a recovery. The timing of this large, multi-day accumulation against a backdrop of negative recent returns (30-day: -6.0%, 90-day: -4.2%) and a historically poor timing record warrants examination of whether this reflects a change in his assessment or a maintained position in a closed-end fund distribution strategy.