High Income Securities Fund: insider trades · United States · SEC (Form 4)

About High Income Securities Fund

High Income Securities Fund (ticker: PCF) is a U.S.-based closed-end investment company listed on the NYSE in the United States. For investors, it is best understood not as an operating business, but as a listed income fund designed to pursue regular distributions through an actively managed portfolio. PCF trades on the New York Stock Exchange under the symbol PCF, giving it visibility among U.S. income-oriented closed-end funds. The fund has a long operating history dating back to 1987, which gives it a multi-decade track record in the U.S. closed-end fund universe. A meaningful governance and management change occurred on November 8, 2024, when the fund entered into an investment management agreement with Bulldog Investors, LLP. That shift is important because it reflects a strategic reset in how the portfolio is managed and how the fund seeks to source income and event-driven upside. PCF’s core mandate is to invest primarily in income-producing or dividend-paying securities in both the United States and non-U.S. markets. Based on the fund’s recent semiannual report, the portfolio may include high-yield debt, fixed- and floating-rate income instruments, REITs, preferred stocks, dividend-paying common stocks, convertible securities, closed-end funds, ETFs, and business development companies. The adviser may also use derivatives, warrants, and, where deemed beneficial, leverage. In other words, PCF is a diversified income vehicle with a flexible mandate rather than a narrow sector fund. From a competitive standpoint, the fund’s appeal lies in its ability to combine income generation with opportunistic security selection. It can look beyond plain-vanilla bonds and common equity to exploit pricing inefficiencies and liquidity events. The fund’s approach may also involve engaging with portfolio companies when appropriate, for example encouraging share repurchases, special dividends, or restructuring actions that could improve value realization. That activist-capable framework differentiates it from many passive income products. Recent disclosures provide useful context. In the semiannual report for the period ended February 28, 2026, PCF reported net assets of about $124.7 million and net asset value of $6.66 per share. The portfolio was materially exposed to U.S. and Cayman Islands risk through its underlying holdings, underscoring that this is an internationally oriented income strategy despite its U.S. listing. The fund also announced monthly distributions for the second quarter of 2026, reinforcing its role as a distribution-focused investment product. In addition, recent SEC Form 4 filings indicate insider-reporting activity that investors may want to monitor as part of a broader governance and sentiment review.