PCF - High Income Securities Fund
A closed-end fund run by Bulldog. Invests in high-yield bonds. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Yes - one large investor holds a stake, but it has not asked for changes.
- Herzfeld owns 5.3% as a passive investor. On file since Oct 2, 2024.
Is the fund doing anything you need to act on?
Nothing right now.
What this means for you
One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.
Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.
What happened, and when
-
Dec 16, 2024
The fund proposed becoming a regular mutual fund. Holders vote on Dec 27, 2024.
Original document → -
Nov 27, 2024
The fund proposed becoming a regular mutual fund.
Original document → -
Nov 8, 2024
The fund offered to buy back 36.3% of its shares at 98% of value, until Dec 9, 2024.
Original document → -
Oct 3, 2024
Sit Investment sold down below 5% and stopped reporting.
Original document → -
Oct 2, 2024
Herzfeld now owns 5.3%, as a passive investor.
Original document →
About this fund
- Run by Bulldog Investors, LLP. As of Aug 31, 2025, from the fund's yearly report. Original document →
- Size: about $122 million of holdings, as of May 31, 2026. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
- Borrowing: the fund does not borrow. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
- Costs: 0.9% a year in management fees; 1.7% a year in total, including interest on borrowed money. Fiscal year ended Aug 31, 2025. As of Aug 31, 2025, from the fund's yearly report. Original document →
- Payouts: last fiscal year the fund told the regulator that part of what it paid out was not income (it came from gains or from your own money back). As of Aug 31, 2025, from the fund's yearly report. Original document →
- Value of holdings per share at the last fiscal year end (Aug 31, 2025): $7.05. The shares traded at $6.49, about 7.9% below that. As of Aug 31, 2025, from the fund's yearly report. Original document →
- How the holdings did: up 0.9% over the last three months we have (March-May 2026), before the share price is taken into account. Over the last 12 months: +0.9%. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
- First reported to the regulator in 1994.
What the fund holds
Mostly shares (94%), the rest preferred shares and cash and short-term holdings. About 98% issued in the U.S.
- BNY Mellon Strategic Municipal Bond Fund, Bnym Strat Muni Bnd - 6.6%
- Neuberger Berman Next Generation Connectivity Fund, Neuberger Next Generation Connectivity Fund, Inc. Fund Inc. - 5.9%
- Gabelli Dividend & Income Trust - 3.6%
- BNY Mellon Strategic Municipals - 3.5%
- CION Investment Corporation - 3.5%
- Cash and short-term - 3%
- Voya Emerging Markets High Dividend Equity Fund, Voya Emerging Markets High Income Divd Equity Fund - 2.6%
- Runway Growth Finance Corporation - 2.5%
- Blue Owl Technology Finance Corporation - 2.3%
- Bluerock Private Real Estate Fund - 1.9%
Show all 25
- Fs KKR Capital Corp. - 1.9%
- John Hancock Hedged Equity & Income Fund - 1.8%
- Crescent Capital BDC, Inc. - 1.8%
- Collective Acquisition Corporation - 1.7%
- Oyster Enterprises II Acquisition Corporation - 1.7%
- XAI Octagon Floating Rate & Alternative Income Term Trust, XAI Octagon Floating Rate Alternative Income Trust USD Class - 1.6%
- Clough Global Opportunities Fund - 1.4%
- Ellsworth Growth and Income Fund Ltd. - 1.3%
- Bold Eagle Acquisition Corporation - 1.3%
- BCP Investment Corporation - 1.3%
- Blue Owl Capital Corporation - 1.2%
- Daedalus Special Acquisition Corporation - 1.2%
- OFS Credit Company, Inc. - 1.2%
- Indigo Acquisition Corporation - 1.2%
- Horizon Technology Finance Corporation - 1.1%
As of May 31, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| Oct 3, 2024 | Sit Investment | 2.4% | Sold down below 5% |
| Oct 2, 2024 | Herzfeld | 5.3% | Passive investor |
| Date | What | Deadline | Document |
|---|---|---|---|
| Dec 16, 2024 | Vote on becoming a regular mutual fund | Dec 27, 2024 | Original document → |
| Nov 27, 2024 | Vote on becoming a regular mutual fund | none | Original document → |
| Nov 8, 2024 | Offer to buy back shares | Dec 9, 2024 | Original document → |
- Run by
- Bulldog Investors, LLP
- Fund family
- Bulldog
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-05133
- Auditor
- Tait, Weller & Baker LLP
- Fiscal year end
- Aug 31, 2025
- Number of holdings
- 161
- Preferred share classes
- none
Email me when something new is filed for PCF
Free. One email per notice or announcement, usually within a day. No password.