High Income Securities Fund (PCF) Stock

Detailed review of High Income Securities Fund's annual shareholder report compared to the semi-annual report holdings. PCF announced a tender offer to purchase up to 10,675,000 shares at 98% NAV, expiring on December 9, 2024. Significant portfolio changes include trimming or selling positions in several closed-end funds and BDCs, while adding new positions in others.

MILWAUKEE, Nov. 08, 2024 (GLOBE NEWSWIRE) -- High Income Securities Fund (the “Fund”) (NYSE: PCF) announced that at special meeting of shareholders today, shareholders approved all proposals except a proposal to amend the Fund's Declaration of Trust to eliminate the requirement that a proposal to convert the Fund to an open-end mutual fund be submitted to shareholders under certain circumstances.

The High Income Securities Fund has proposed changes to investment strategies, including SPACs and leverage, to enhance returns. The Board has tried to increase shareholder meeting participation through a rights offering, special meeting, and tender offer, rewarding shareholders if the proposals are approved. The special shareholder meeting was adjourned due to insufficient votes, with another meeting scheduled for November 8, 2024.

MILWAUKEE, Oct. 18, 2024 (GLOBE NEWSWIRE) -- High Income Securities Fund (the “Fund”) (NYSE: PCF) announced today that its special meeting of shareholders was convened today and has been adjourned until Friday, November 8, 2024 at 10:30 am at the office of Bulldog Investors, LLP, 250 Pehle Avenue, Suite 708, Saddle Brook, NJ 07663.

NEW YORK--(BUSINESS WIRE)--High Income Securities Fund (NYSE: PCF) (the “Fund”) today announced that the Fund's Board of Trustees (the “Board”) has declared the next three monthly distributions under the Fund's managed distribution plan. Under the Fund's managed distribution plan, the Fund intends to make monthly distributions to common stockholders at an annual rate of 10% (or 0.8333% per month) for 2024, based on the net asset value of $7.46 of the Fund's common shares as of December 31, 2023.

MILWAUKEE, Sept. 16, 2024 (GLOBE NEWSWIRE) -- High Income Securities Fund (the “Fund”) (NYSE: PCF) announced today that a special meeting of shareholders will be held on Friday, October 18, 2024 at 10:30 am at the office of Bulldog Investors, LLP, 250 Pehle Avenue, Suite 708, Saddle Brook, NJ 07663 to consider, among other things, (1) the Fund entering into an investment advisory agreement with Bulldog Investors, LLP, and (2) changes to the Fund's investment strategies and fundamental policies in order to expand the types of investments the Fund can make and to increase the Fund's ability to pursue attractive investment opportunities. Shortly after the special meeting is held, the Fund's Board of Trustees intends to authorize a tender offer by the Fund to purchase at least (a) 90% of the number of shares issued in the rights offering that concluded on August 9, 2024 if the proposals are adopted, or (b) 60% of the number of shares issued in the rights offering if the proposals are not adopted, at a price of at least 98% of NAV.

High Yield Securities has recently declared a "Rights Offering" which, on its face, doesn't appear all that enticing. The Offering contains a price discount described in a complex formula; but you can buy shares at the same price in the market, so why bother with the rights offering? When we read the fine print, we see a silver lining; the Rights Offering is a "prelude" to what looks to be a more attractive Tender Offer later on.

NEW YORK--(BUSINESS WIRE)--High Income Securities Fund (NYSE: PCF) announced today that the record date for the previously announced monthly distribution of $0.0622 per share payable on June 28, 2024 has been changed from June 19, 2024 to June 18, 2024.

The High Income Securities Fund provides a current yield of 11.64%, which is competitive with other similar funds. While the fund's share price has remained stable in recent months, the majority of its returns come from distributions. The fund has a significant allocation in other closed-end funds and has decreased its investments in business development companies.