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Insider Trading April 9, 2026 04:13 PM

Affiliate of PCF Adviser Increases Stake with $31,042 Purchase

Phillip Goldstein adds 5,688 shares of High Income Securities Fund across two April transactions, lifting direct holdings above 47,000 shares

By Caleb Monroe PCF
Affiliate of PCF Adviser Increases Stake with $31,042 Purchase
PCF

Phillip Goldstein, identified as an Affiliate of the Adviser at High Income Securities Fund (PCF), reported two open-market purchases totaling 5,688 shares. The transactions, executed on April 7 and April 8, 2026, were disclosed on a Form 4 filing and raised Goldstein's direct ownership in PCF to 47,041 shares. The filing and related notes also highlight the fund's 20-year consecutive dividend record and its sizable payout to shareholders.

Key Points

  • Phillip Goldstein, an Affiliate of the Adviser at High Income Securities Fund (PCF), bought 5,688 shares across two transactions on April 7-8, 2026.
  • The purchases were executed at prices between $5.449 and $5.53 per share, and the combined value of the trades was $31,042.
  • After the transactions Goldstein's direct ownership in PCF increased from 46,441 shares to 47,041 shares; the filing also notes PCF's 20-year consecutive dividend record and a substantial current payout.

Phillip Goldstein, described on regulatory filings as an Affiliate of the Adviser at High Income Securities Fund (PCF), recently expanded his direct position in the closed-end fund by acquiring a total of 5,688 shares in two separate transactions, according to a Form 4 filed with the Securities and Exchange Commission.

The filing details the first purchase on April 7, 2026, when Goldstein bought 5,088 shares of Common Stock at a weighted average price of $5.449 per share. After that purchase, the filing records Goldstein as directly owning 46,441 shares of PCF.

The second transaction took place on April 8, 2026, when Goldstein purchased an additional 600 shares at $5.53 per share. That acquisition raised his reported direct ownership to 47,041 shares. Together, the two trades amounted to 5,688 shares purchased at prices ranging from $5.449 to $5.53, with a combined reported value of $31,042.

The Form 4 provides transaction-level details but does not elaborate on the rationale behind the purchases or on any further plans for additional buying or selling.

Notably, the filing summary includes an InvestingPro Tip indicating that PCF has paid dividends for 20 consecutive years and currently offers a substantial dividend to shareholders. The note on the fund's dividend history and payout level is presented as an informational item in the filing context.

Contextual notes

  • The reported purchases are documented in a formal SEC filing (Form 4) that records insider and affiliate transactions.
  • All transaction dates, share counts, prices, and resulting ownership figures are those disclosed in the filing.

What the filing does not include

  • The filing does not state Goldstein's motivation for the purchases.
  • There is no indication in the filing of additional transactions beyond the two recorded on April 7 and April 8, 2026.

Risks

  • The Form 4 provides transaction data but does not disclose the purchaser's motive or intentions, limiting insight into whether the buys reflect a strategic position change or other considerations - this uncertainty affects investor interpretation in the funds and income-focused securities sectors.
  • Only two transactions are reported on the filing, offering a narrow window of activity that may not indicate a broader pattern of insider buying or selling - this limited sample size impacts the signal available to market participants focused on closed-end funds and dividend strategies.

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