GOLDSTEIN PHILLIP 4

What Happened Phillip Goldstein, a director of High Income Securities Fund (PCF) and an affiliate of the fund’s adviser, acquired 17,905 shares on 2026-03-18 at $5.46 per share, for a total reported cost of $97,761. The Form 4 records this as a purchase (transaction code P), which is a direct acquisition of stock rather than a sale or option exercise.

Key Details

• Transaction date: 2026-03-18; Filing date: 2026-03-19 (appears timely).
• Price and quantity: 17,905 shares at $5.46 each; total value reported $97,761.
• Transaction type/code: P = Purchase (open market or private purchase as reported).
• Shares owned after transaction: Not disclosed in the Form 4.
• Footnotes/plan references: None specified in the filing.
• Timeliness: No late-filing flag indicated.

Context Purchases by insiders can be viewed as a stronger signal than sales because they involve spending personal funds to acquire shares; however, filings do not state motivations. Goldstein is listed as a director and adviser affiliate rather than a 10% owner, and the filing provides no additional context (e.g., 10b5-1 plan or tax-related transfers). Retail investors should consider this transaction as one data point alongside the fund’s performance and other disclosures.