PCF - High Income Securities Fund

What this means for you

Herzfeld specializes in closed-end funds trading below the value of their holdings - not a bank or an index fund holding shares for clients - and has told the regulator it is not seeking changes. One other large investor owns more than 5% of this fund and has said the same; 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.

Email me if this changes

What happened, and when

1. Jan 9, 2026

   LPL Financial LLC cut its stake to 7.2% (from 8.5%), as a passive investor.

   Original document →

2. April 17, 2025

   LPL Financial LLC now owns 8.5%, as a passive investor.

   Original document →

3. Dec 16, 2024

   The fund proposed becoming a regular mutual fund. Holders vote on Dec 27, 2024.

   Original document →

4. Nov 27, 2024

   The fund proposed becoming a regular mutual fund.

   Original document →

5. Nov 8, 2024

   The fund offered to buy back 36.3% of its shares at 98% of value, until Dec 9, 2024.

   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 $119 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of Aug 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 →
  Among the 19 funds we follow that invest in high-yield bonds, 8 charge a lower management fee and 5 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• 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). Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. 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 0.3% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

What a holder made

• The holdings over the last twelve months we have, to Aug 31, 2026: -4.2%. The quarterly reports carry no share price, so this is the holdings alone; the yearly report, once filed and read, adds what the shares returned. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (94%), the rest preferred shares and cash and short-term holdings. About 63% issued in the U.S.

1. Neuberger Berman Next Generation Connectivity Fund, Neuberger Next Generation Connectivity Fund, Inc. Fund Inc. - 5.5%
2. BNY Mellon Strategic Municipal Bond Fund, Bnym Strat Muni Bnd - 5.3%
3. CION Investment Corporation - 3.9%
4. Gabelli Dividend & Income Trust - 3.8%
5. Blue Owl Technology Finance Corporation - 2.9%
6. BNY Mellon Strategic Municipals - 2.9%
7. Voya Emerging Markets High Dividend Equity Fund, Voya Emerging Markets High Income Divd Equity Fund - 2.6%
8. Cash and short-term - 2.6%
9. XAI Octagon Floating Rate & Alternative Income Term Trust, XAI Octagon Floating Rate Alternative Income Trust USD Class - 2.3%
10. Runway Growth Finance Corporation - 2.1%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →