Insider linked to High Income Securities Fund (PCF) buys shares

Rhea-AI Filing Summary

High Income Securities Fund affiliate reports small insider purchases of common stock. On 01/16/2026, reporting person Rajeev P. Das filed a Form 4 as an affiliate of the adviser to the fund.

One transaction shows a direct purchase of 1,628 shares of common stock at $6.1455 per share, resulting in direct ownership of 1,628 shares. A separate transaction on the same date reports 1,628 shares at $6.14 per share held indirectly through Mr. Das’s spouse; he expressly disclaims beneficial ownership of these spouse-held shares.

The filing also notes that Mr. Das ceased being a trustee of High Income Securities Fund as of 12/15/2025, and the current filing is made by one reporting person.

Insider Trade Summary

Net Buyer: 3,256 shares ($20,001)

Net Buy 2 txns

Insider Das Rajeev P

Role Insider

Bought 3,256 shs ($20K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	1,628	$6.1455	$10K
Purchase	Common Stock	1,628	$6.14	$10K

Holdings After Transaction: Common Stock — 1,628 shares (Direct); Common Stock — 1,628 shares (Indirect, By Spouse)

Footnotes (1)

1. The Reporting Person ceased being a Trustee of the Issuer as of 12/15/2025. The Reporting Person disclaims beneficial ownership of the securities owned by his spouse and this report should not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.

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^*

Das Rajeev P

(Last) (First) (Middle)

250 PEHLE AVE.

SUITE 708

(Street)

SADDLE BROOK NJ 07663

(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)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Affiliate of the Adviser

3. Date of Earliest Transaction (Month/Day/Year)
01/16/2026

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	01/16/2026		P		1,628	A	$6.1455	1,628	D(1)
Common Stock	01/16/2026		P		1,628	A	$6.14	1,628	I	By Spouse(2)

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. The Reporting Person ceased being a Trustee of the Issuer as of 12/15/2025.

2. The Reporting Person disclaims beneficial ownership of the securities owned by his spouse and this report should not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.

	/s/ Stephanie Darling, Power of Attorney for Rajeev Das	01/20/2026
	** 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.

FAQ

Who is the insider in the PCF Form 4 filing?

The Form 4 lists Rajeev P. Das as the reporting person, identified as an affiliate of the adviser to High Income Securities Fund (PCF).

What insider transactions in PCF stock were reported on 01/16/2026?

On 01/16/2026, the filing reports a direct purchase of 1,628 shares of common stock at $6.1455 per share and a separate indirect holding of 1,628 shares at $6.14 per share through the reporting person’s spouse.

How many PCF shares does the reporting person directly own after the transaction?

After the reported transaction, the filing shows 1,628 shares of High Income Securities Fund common stock directly owned by the reporting person.

How are the spouse’s PCF shares treated in this Form 4?

The Form 4 reports 1,628 shares held indirectly "By Spouse" at $6.14 per share, and states that the reporting person disclaims beneficial ownership of the securities owned by his spouse.

What is the relationship of the insider to High Income Securities Fund (PCF)?

The reporting person is described as an affiliate of the adviser. The filing also notes he ceased being a trustee of the issuer as of 12/15/2025.

Is this PCF Form 4 filed by one insider or a group?

The Form 4 indicates it is filed by one reporting person, not by more than one reporting person.