PCF · High Income Securities Fund

Represents the weighted average price.

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.

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.

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.

The Reporting Person disclaims beneficial ownership of the securities owned by his child 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.

Represents sale of shares to issuer pursuant to issuer tender offer exempt under Rule 16b-3.

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.

Represents sale of shares to issuer pursuant to issuer tender offer exempt under Rule 16b-3.

Represents sale of shares to issuer pursuant to issuer tender offer exempt under Rule 16b-3.

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.

Represents sale of shares to issuer pursuant to issuer tender offer exempt under Rule 16b-3.

The Reporting Person disclaims beneficial ownership of the securities owned by his child 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.

Represents sale of shares to issuer pursuant to issuer tender offer exempt under Rule 16b-3.

Represents sale of shares to issuer pursuant to issuer tender offer exempt under Rule 16b-3.

Represents sale of shares to issuer pursuant to issuer tender offer exempt under Rule 16b-3.

Represents sale of shares to issuer pursuant to issuer tender offer exempt under Rule 16b-3.

Represents sale of shares to issuer pursuant to issuer tender offer exempt under Rule 16b-3.

Non-transferable rights were issued to holders of record of shares of beneficial interest ("common stock") of the Issuer as of July 8, 2024 in connection with a rights offering by the Issuer at the rate of one right for each share of common stock owned. Every right received by the holder entitled such holder to purchase one share of common stock and fully-subscribed holders were entitled to oversubscribe for additional shares if available. Purchases made pursuant to the rights offering are reflected in this filing.

Non-transferable rights were issued to holders of record of shares of beneficial interest ("common stock") of the Issuer as of July 8, 2024 in connection with a rights offering by the Issuer at the rate of one right for each share of common stock owned. Every right received by the holder entitled such holder to purchase one share of common stock and fully-subscribed holders were entitled to oversubscribe for additional shares if available. Purchases made pursuant to the rights offering are reflected in this filing.

Non-transferable rights were issued to holders of record of shares of beneficial interest ("common stock") of the Issuer as of July 8, 2024 in connection with a rights offering by the Issuer at the rate of one right for each share of common stock owned. Every right received by the holder entitled such holder to purchase one share of common stock and fully-subscribed holders were entitled to oversubscribe for additional shares if available. Purchases made pursuant to the rights offering are reflected in this filing.

Non-transferable rights were issued to holders of record of shares of beneficial interest ("common stock") of the Issuer as of July 8, 2024 in connection with a rights offering by the Issuer at the rate of one right for each share of common stock owned. Every right received by the holder entitled such holder to purchase one share of common stock and fully-subscribed holders were entitled to oversubscribe for additional shares if available. Purchases made pursuant to the rights offering are reflected in this filing.

The Reporting Person disclaims beneficial ownership of the securities owned by his child 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.

Non-transferable rights were issued to holders of record of shares of beneficial interest ("common stock") of the Issuer as of July 8, 2024 in connection with a rights offering by the Issuer at the rate of one right for each share of common stock owned. Every right received by the holder entitled such holder to purchase one share of common stock and fully-subscribed holders were entitled to oversubscribe for additional shares if available. Purchases made pursuant to the rights offering are reflected in this filing.

The total shares in column (5) includes additional shares acquired through the Issuer's dividend reinvestment plan since the reporting person's previous Form 4 filing.

Non-transferable rights were issued to holders of record of shares of beneficial interest ("common stock") of the Issuer as of July 8, 2024 in connection with a rights offering by the Issuer at the rate of one right for each share of common stock owned. Every right received by the holder entitled such holder to purchase one share of common stock and fully-subscribed holders were entitled to oversubscribe for additional shares if available. Purchases made pursuant to the rights offering are reflected in this filing.

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.

Non-transferable rights were issued to holders of record of shares of beneficial interest ("common stock") of the Issuer as of July 8, 2024 in connection with a rights offering by the Issuer at the rate of one right for each share of common stock owned. Every right received by the holder entitled such holder to purchase one share of common stock and fully-subscribed holders were entitled to oversubscribe for additional shares if available. Purchases made pursuant to the rights offering are reflected in this filing.

Non-transferable rights were issued to holders of record of shares of beneficial interest ("common stock") of the Issuer as of July 8, 2024 in connection with a rights offering by the Issuer at the rate of one right for each share of common stock owned. Every right received by the holder entitled such holder to purchase one share of common stock and fully-subscribed holders were entitled to oversubscribe for additional shares if available. Purchases made pursuant to the rights offering are reflected in this filing.

Non-transferable rights were issued to holders of record of shares of beneficial interest ("common stock") of the Issuer as of July 8, 2024 in connection with a rights offering by the Issuer at the rate of one right for each share of common stock owned. Every right received by the holder entitled such holder to purchase one share of common stock and fully-subscribed holders were entitled to oversubscribe for additional shares if available. Purchases made pursuant to the rights offering are reflected in this filing.

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.