High Income Securities Fund : Announces Monthly Distributions For First Quarter of 2020
January 02, 2020 at 04:07 pm
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As previously announced, High Income Securities Fund, Inc. (NYSE: PCF) (the “Fund”) intends to make monthly distributions at an annual rate of at least 10% per annum as long as the Fund continues to be a registered investment company. Beginning in January 2020, the Fund intends to make monthly distributions at an annual rate of at least 10% (or 0.8333% per month), based on the net asset value of $9.74 of the Fund’s common shares as of the last business day of 2019.
The monthly distribution schedule is as follows for the months of January, February, and March:
Month
Distribution
Record Date
Payable Date
January
$0.082
January 17, 2020
January 31, 2020
February
$0.082
February 18, 2020
February 28, 2020
March
$0.082
March 17, 2020
March 31, 2020
To the extent that sufficient investment income is not available on a monthly basis, the distributions may include return of capital. No conclusions should be drawn about the Fund’s investment performance from the amount of the distributions.
The Fund will issue a notice to stockholders that will provide an estimate of the composition of each distribution. For tax reporting purposes the actual composition of the total amount of distributions for each year will continue to be provided on a Form 1099-DIV issued after the end of the year.
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High Income Securities Fund (the Fund) is a diversified closed-end management investment company. The Fundâs investment objective is to seek to provide high current income as a primary objective and capital appreciation as a secondary objective. The Fund is focused on achieving objective is by primarily investing approximately 80% of its net assets in fixed income securities, including debt instruments, convertible securities, and preferred stocks. The Fund also invests in high-yielding non-convertible securities with the potential for capital appreciation. The primary focus of the investment strategy is to acquire discounted securities of income-oriented closed-end investment companies, business development companies, fixed income securities, including debt instruments, convertible securities, preferred stocks, and special purpose acquisition companies.