High Income Securities Fund seeks income and capital growth by buying other closed-end funds and business development companies, often at discounts. Cash from those holdings reaches shareholders through another fund layer, while discounts and corporate events affect value.
Business
Fund-of-funds income CEF
Listing
PCF · New York Stock Exchange
Reporting period
2026-02-28
Dividend schedule
Monthly
How the business works
Holding distributions after expenses contribute to net investment income. Discount changes, investment gains or losses and corporate-event results affect net asset value separately.
Extras are shown separately and are not assumed to repeat.
Reported earnings
Each measure shown separately, per share
Net investment income$0.17
Sep 1, 2025 to Feb 28, 2026
$0.00$0.17
Distribution yield12.70%Sourced distributions divided by dated market priceReported annual income yield4.47%Reported net investment income $0.2900 per share for 2024-09-01 to 2025-08-31, divided by approved 2025-08-31 market price $6.4900. Excludes capital gains; historical, not a current yield or forecast.Reported annual investment income$0.29Per share for 2025 FY. Excludes investment gains.Annual dividend$0.70Current regular payment annualized per share
Dividend payment history
Date or month
Per share
Sep 30, 2026
$0.058
Reported earnings and sources
Reported earnings for the latest four periods. Compare the same earnings measure across periods; different measures are not added together.
Cash distributions are the total paid per share during each reporting period, including any gains or return of capital. Period lengths may differ, so compare the dates before comparing amounts. Short periods are not annualized.
NAV change excludes distributions. Reported NAV total return includes reinvestment and is copied from the fund statement, not estimated by adding cash distributions to the NAV change.
Why the annual trend is limited
The history includes rights offerings, which can change NAV per share independently of investment returns. The chart keeps the observations separate across these changes.
Income from holdings, investment gains and the fund's expenses each affect what is available for distributions. The mix depends on the portfolio.
Follow cash payments and NAV together. Borrowing and holdings in other funds can add costs and amplify changes in portfolio value.
Income and distributions
Income and cash distributions per share for the same dated periods. Shorter periods are kept separate and are not annualized. Income from holdings, investment gains and the fund's expenses each affect what is available for distributions. The mix depends on the portfolio.
Fund net investment income per common share; actual reporting period, not annualized$0.1700
$0.00$0.20
For the six months ended February 28, 2026, PCF reported $0.17 of net investment income and $0.35 of distributions per share. Net asset value fell from $7.05 to $6.66. Income explained part of the cash, but the weaker ending value and underlying holdings' payment sources deserve attention.
Portfolio dividends and interest, realized investment results and any option activity contribute to distribution resources after expenses. A declared distribution can include gains or return of capital as well as investment income; its amount is not an earnings figure.
The earnings available to shareholders depend on the cash generated by these activities after operating and financing costs. Portfolio gains, financing proceeds and recurring income should be evaluated separately.
The portfolio information checked September 11, 2026 reports effective leverage of 1.06%.
Financing can increase earning assets, but its cost reduces income available to common shareholders. When borrowing costs rise or portfolio income falls, the distribution can become harder to sustain.
High Income Securities Fund reported $0.1700 per share for 2025-09-01 through 2026-02-28, measured as Fund net investment income per common share; actual reporting period, not annualized.
Actual per-share reporting period, without annualisation. Net investment income, realized gains, unrealized changes and cash distributions are different measures. This comparison is not the Fly High forward Dividend Coverage Ratio.
Losses or weaker cash generation in income funds, BDCs and opportunistic securities can reduce the resources available for future distributions.
Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.
A maintained payment can exceed investment results. Review NAV and reported income together rather than treating distribution yield as total return.
Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.
Compare the next like-length income and cash paid with major holdings' discounts, payment sources, corporate events and net asset value.
Net asset value (NAV)
NAV per share$6.17Sep 25, 2026Market price$5.27Sep 25, 2026PREMIUM / DISCOUNT TO NAV14.59% discountCalculated from the displayed same-date values.
NAV is the fund's assets minus liabilities, divided by shares outstanding. All values are USD per share.
CEFConnect common-share NAV and Marketstack USD closing market price, both dated 2026-09-25. The premium or discount is calculated from the NAV and close observed on this same date. Older audited NAV history remains unchanged.
Compare the next like-length income and cash paid with major holdings' discounts, payment sources, corporate events and net asset value.
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U.S. federal · Tax year 2025
Dividend tax treatment
PCF's 2025 distributions were about 65% ordinary income and 35% return of capital, according to the fund's annual tax-character table.
This company information is a guide, not your personal tax statement. Use your Form 1099-DIV when you file.
Ordinary, nonqualified
57.34%
Qualified dividends
7.31%
Capital-gain distributions
0%
Return of capital
35.35%
Tax year: 2025. Total distributions: $0.71 per share.
Tax details and source
Total ordinary dividends (includes qualified)
64.65%
Section 199A portion (within ordinary dividends)
Not confirmed
Exempt-interest distributions
0%
Reporting form
Form 1099-DIV
Source date
2026-03-12
Qualified dividends are included in total ordinary dividends. Section 199A is a separate designation within ordinary dividends, not extra income or qualified dividend income.
Your account type, holding period and circumstances affect treatment. Use your broker’s tax statement for filing. Return of capital generally reduces cost basis; amounts beyond basis can be taxable. IRS dividend guidance.
