Important Information Regarding Your Distributions
We are providing shareholders of the High Income Securities Fund with information concerning the sources of the distributions paid on September 30, 2021. No action is required on your part.
The amounts and sources of distributions reported in this notice are estimates that are not being provided for tax reporting purposes and may later be determined to be from taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), and return of capital. The actual amounts and sources for tax reporting purposes will depend on the Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Payable Date | Ticker | Fund Name | CUSIP |
9/30/2021 | PCF | High Income Securities Fund | 42968F108 |
| | Current Distribution | % of Current Distribution | Cumulative Distributions for Fiscal Year to Date | % of Cumulative Distributions for Fiscal Year to Date |
| Estimated Net Investment Income¹ | $0.03744 | 48% | $0.0374 | 48% |
| Estimated Return of Capital¹ | $0.04056² | 52%² | $0.0406² | 52%² |
| Total (per share) | $0.07800 | 100% | $0.0780 | 100% |
¹The amounts and sources of distributions reported above are only estimates calculated on a book basis. These estimates may, and likely will, vary over time based on the investment activities of the Fund. The sources of distributions may later be determined to be from taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), and return of capital.
²On a tax basis, the estimated component of the cumulative distribution for the fiscal year to date would include an estimated return of capital of $0.0406 (52%) per share. This amount is an estimate, and the actual amounts and sources for tax reporting purposes may change upon final determination of tax characteristics and based on tax regulations.
If you have tax questions, please consult your tax advisor for advice and information concerning your particular situation. For additional questions regarding this notice, please call High Income Securities Fund at 1-888-898-4107.
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 (or 0.8333% per month). The distributions for 2021 are based on the net asset value of $9.34 of the Fund’s common shares as of the last business day of 2020.
As a general matter, the amount of distributable income for each fiscal year depends on the aggregate gains and losses realized by the Fund during the entire year. Distributions may consist of net investment income, realized capital gains, capital gains distributions from portfolio companies, and return of capital, but the character of the Fund’s distributions cannot be determined until after the end of the Fund’s fiscal year.
The Fund estimates that this distribution will exceed its income and capital gains; therefore, a portion of this distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.
Under the Investment Company Act of 1940 (the “1940 Act”), any distribution made by an investment company, including amounts from sources other than net income must be accompanied by a written statement disclosing the source or sources of such distribution.
The following table sets forth an estimate of the sources of the October 29, 2021, distribution and of distributions paid in the current fiscal year:
| Distribution Estimates | October 2021 | Fiscal Year-to-date (YTD)1 |
Source | Per Share Amount | Percent of Current Distribution | Per Share Amount | Percent of Fiscal Year Distributions |
| Net Investment Income | $0.0241 | 30.89% | $0.0588 | 37.61% |
| Net Realized Short-Term Capital Gains | $0.0221 | 28.37% | $0.0542 | 34.72% |
| Net Realized Long-Term Capital Gains | $0.0318 | 40.74% | $0.0310 | 19.82% |
| Return of Capital | $0.0000 | 0.00% | $0.0120 | 7.85% |
| Total Distribution | $0.0780 | 100.00% | $0.1560 | 100.00% |
Information regarding the Fund’s net asset performance and distribution rates is set forth below:
Average Annual Total Return for the 5-year period ended on August 31, 20212 | 9.65% |
Current Annualized Distribution Rate (current fiscal year)3 | 10.12% |
Current Fiscal Year Cumulative Total Return4 | 0.20% |
Cumulative Distribution Rate (current fiscal year)5 | 0.849% |
1 The Fund’s current fiscal year began on September 1, 2021
2 Average annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of distributions.
3 The Current Annualized Distribution Rate is the Cumulative Distribution Rate as of December 31,2020, annualized as a percentage of the Fund’s NAV at the same date.
4 Current Fiscal Year Cumulative Total Return is the percentage change in the Fund’s NAV from September 1, 2021 through September 30, 2021, including distributions paid and assuming reinvestment of those distributions.
5 Cumulative Distribution Rate for the Fund’s current fiscal period (September 1, 2021, through September 30, 2021) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of September 30, 2021.
The amounts and sources of distributions reported above are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes may be materially different from the estimates and will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report the distribution for federal income tax purposes.
CONTACT: U.S. Bank Global Fund Services – John Buckel (414) 765-4255
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 (or 0.8333% per month). The distributions for 2021 are based on the net asset value of $9.34 of the Fund’s common shares as of the last business day of 2020.
As a general matter, the amount of distributable income for each fiscal year depends on the aggregate gains and losses realized by the Fund during the entire year. Distributions may consist of net investment income, realized capital gains, capital gains distributions from portfolio companies, and return of capital, but the character of the Fund’s distributions cannot be determined until after the end of the Fund’s fiscal year.
The Fund estimates that this distribution will exceed its income and capital gains; therefore, a portion of this distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.
Under the Investment Company Act of 1940 (the “1940 Act”), any distribution made by an investment company, including amounts from sources other than net income must be accompanied by a written statement disclosing the source or sources of such distribution.
The following table sets forth an estimate of the sources of the November 30, 2021, distribution and of distributions paid in the current fiscal year:
| Distribution Estimates | November 2021 | Fiscal Year-to-date (YTD)1 |
Source | Per Share Amount | Percent of Current Distribution | Per Share Amount | Percent of Fiscal Year Distributions |
Net Investment Income | $0.0254 | 32.55% | $0.0810 | 34.51% |
Net Realized Short-Term Capital Gains | $0.0160 | 20.55% | $0.0460 | 19.79% |
Net Realized Long-Term Capital Gains | $0.0133 | 17.00% | $0.0600 | 25.71% |
Return of Capital | $0.0233 | 29.90% | $0.0470 | 19.99% |
| Total Distribution | $0.0780 | 100.00% | $0.2340 | 100.00% |
Information regarding the Fund’s net asset performance and distribution rates is set forth below:
Average Annual Total Return for the 5-year period ended on October 31, 20212 | 7.07% |
Current Annualized Distribution Rate (current fiscal year)3 | 10.55% |
Current Fiscal Year Cumulative Total Return4 | -3.11% |
Cumulative Distribution Rate (current fiscal year)5 | 1.760% |
1 The Fund’s current fiscal year began on September 1, 2021
2 Average annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of distributions.
3 The Current Annualized Distribution Rate is the Cumulative Distribution Rate as of October 31, 2021, annualized as a percentage of the Fund’s NAV at the same date.
4 Current Fiscal Year Cumulative Total Return is the percentage change in the Fund’s NAV from September 1, 2021 through October 31, 2021, including distributions paid and assuming reinvestment of those distributions.
5 Cumulative Distribution Rate for the Fund’s current fiscal period (September 1, 2021, through October 31, 2021) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of October 31, 2021.
The amounts and sources of distributions reported above are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes may be materially different from the estimates and will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report the distribution for federal income tax purposes.
CONTACT: U.S. Bank Global Fund Services – John Buckel (414) 765-4255
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 (or 0.8333% per month). The distributions for 2021 are based on the net asset value of $9.34 of the Fund’s common shares as of the last business day of 2020.
As a general matter, the amount of distributable income for each fiscal year depends on the aggregate gains and losses realized by the Fund during the entire year. Distributions may consist of net investment income, realized capital gains, capital gains distributions from portfolio companies, and return of capital, but the character of the Fund’s distributions cannot be determined until after the end of the Fund’s fiscal year.
The Fund estimates that this distribution will exceed its income and capital gains; therefore, a portion of this distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.
Under the Investment Company Act of 1940 (the “1940 Act”), any distribution made by an investment company, including amounts from sources other than net income must be accompanied by a written statement disclosing the source or sources of such distribution.
The following table sets forth an estimate of the sources of the December 31, 2021, distribution and of distributions paid in the current fiscal year:
| Distribution Estimates | December 2021 | Fiscal Year-to-date (YTD)1 |
Source | Per Share Amount | Percent of Current Distribution | Per Share Amount | Percent of Fiscal Year Distributions |
Net Investment Income | $0.0354 | 45.35% | $0.1307 | 41.90% |
Net Realized Short-Term Capital Gains | $0.0165 | 21.20% | $0.0740 | 23.72% |
Net Realized Long-Term Capital Gains | $0.0180 | 23.08% | $0.0910 | 29.15% |
Return of Capital | $0.0081 | 10.37% | $0.0163 | 5.23% |
| Total Distribution | $0.0780 | 100.00% | $0.3120 | 100.00% |
Information regarding the Fund’s net asset performance and distribution rates is set forth below:
Average Annual Total Return for the 5-year period ended on November 30, 20212 | 6.89% |
Current Annualized Distribution Rate (current fiscal year)3 | 10.66% |
Current Fiscal Year Cumulative Total Return4 | -3.24% |
Cumulative Distribution Rate (current fiscal year)5 | 2.67% |
1 The Fund’s current fiscal year began on September 1, 2021
2 Average annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of distributions.
3 The Current Annualized Distribution Rate is the Cumulative Distribution Rate as of November 30, 2021, annualized as a percentage of the Fund’s NAV at the same date.
4 Current Fiscal Year Cumulative Total Return is the percentage change in the Fund’s NAV from September 1, 2021 through November 30, 2021, including distributions paid and assuming reinvestment of those distributions.
5 Cumulative Distribution Rate for the Fund’s current fiscal period (September 1, 2021, through November 30, 2021) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of November 30, 2021.
The amounts and sources of distributions reported above are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes may be materially different from the estimates and will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report the distribution for federal income tax purposes.
CONTACT: U.S. Bank Global Fund Services – John Buckel (414) 765-4255
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 (or 0.8333% per month). The distributions for 2022 are based on the net asset value of $8.75 of the Fund’s common shares as of the last business day of 2021.
As a general matter, the amount of distributable income for each fiscal year depends on the aggregate gains and losses realized by the Fund during the entire year. Distributions may consist of net investment income, realized capital gains, capital gains distributions from portfolio companies, and return of capital, but the character of the Fund’s distributions cannot be determined until after the end of the Fund’s fiscal year.
The Fund estimates that this distribution will exceed its income and capital gains; therefore, a portion of this distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.
Under the Investment Company Act of 1940 (the “1940 Act”), any distribution made by an investment company, including amounts from sources other than net income must be accompanied by a written statement disclosing the source or sources of such distribution.
The following table sets forth an estimate of the sources of the January 31, 2022, distribution and of distributions paid in the current fiscal year:
| Distribution Estimates | January 2022 | Fiscal Year-to-date (YTD)1 |
Source | Per Share Amount | Percent of Current Distribution | Per Share Amount | Percent of Fiscal Year Distributions |
Net Investment Income | $0.0268 | 36.75% | $0.1531 | 39.77% |
Net Realized Short-Term Capital Gains | $0.0238 | 32.63% | $0.1057 | 27.44% |
Net Realized Long-Term Capital Gains | $0.0224 | 30.62% | $0.1184 | 30.77% |
Return of Capital | $0.0000 | 0.00% | $0.0078 | 2.02% |
| Total Distribution | $0.0730 | 100.00% | $0.3850 | 100.00% |
Information regarding the Fund’s net asset performance and distribution rates is set forth below:
Average Annual Total Return for the 5-year period ended on December 31, 20212 | 6.51% |
Current Annualized Distribution Rate (current fiscal year)3 | 10.70% |
Current Fiscal Year Cumulative Total Return4 | -2.90% |
Cumulative Distribution Rate (current fiscal year)5 | 3.57% |
1 The Fund’s current fiscal year began on September 1, 2021
2 Average annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of distributions.
3 The Current Annualized Distribution Rate is the Cumulative Distribution Rate as of December 31, 2021, annualized as a percentage of the Fund’s NAV at the same date.
4 Current Fiscal Year Cumulative Total Return is the percentage change in the Fund’s NAV from September 1, 2021 through December 31, 2021, including distributions paid and assuming reinvestment of those distributions.
5 Cumulative Distribution Rate for the Fund’s current fiscal period (September 1, 2021, through December 31, 2021) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of December 31, 2021.
The amounts and sources of distributions reported above are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes may be materially different from the estimates and will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report the distribution for federal income tax purposes.
CONTACT: U.S. Bank Global Fund Services – John Buckel (414) 765-4255
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 (or 0.8333% per month). The distributions for 2022 are based on the net asset value of $8.75 of the Fund’s common shares as of the last business day of 2021.
As a general matter, the amount of distributable income for each fiscal year depends on the aggregate gains and losses realized by the Fund during the entire year. Distributions may consist of net investment income, realized capital gains, capital gains distributions from portfolio companies, and return of capital, but the character of the Fund’s distributions cannot be determined until after the end of the Fund’s fiscal year.
The Fund estimates that this distribution will exceed its income and capital gains; therefore, a portion of this distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.
Under the Investment Company Act of 1940 (the “1940 Act”), any distribution made by an investment company, including amounts from sources other than net income must be accompanied by a written statement disclosing the source or sources of such distribution.
The following table sets forth an estimate of the sources of the February 28, 2022, distribution and of distributions paid in the current fiscal year:
| Distribution Estimates | February 2022 | Fiscal Year-to-date (YTD)1 |
Source | Per Share Amount | Percent of Current Distribution | Per Share Amount | Percent of Fiscal Year Distributions |
Net Investment Income | $0.0099 | 13.51% | $0.1641 | 35.83% |
Net Realized Short-Term Capital Gains | $0.0142 | 19.52% | $0.1196 | 26.11% |
Net Realized Long-Term Capital Gains | $0.0013 | 1.73% | $0.1129 | 24.66% |
Return of Capital | $0.0476 | 65.24% | $0.0614 | 13.40% |
| Total Distribution | $0.0730 | 100.00% | $0.4580 | 100.00% |
Information regarding the Fund’s net asset performance and distribution rates is set forth below:
Average Annual Total Return for the 5-year period ended on January 31, 20222 | 6.26% |
Current Annualized Distribution Rate (current fiscal year)3 | 10.29% |
Current Fiscal Year Cumulative Total Return4 | -2.33% |
Cumulative Distribution Rate (current fiscal year)5 | 4.42% |
1 The Fund’s current fiscal year began on September 1, 2021
2 Average annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of distributions.
3 The Current Annualized Distribution Rate is the Cumulative Distribution Rate as of January 31, 2022, annualized as a percentage of the Fund’s NAV at the same date.
4 Current Fiscal Year Cumulative Total Return is the percentage change in the Fund’s NAV from September 1, 2021 through January 31, 2022, including distributions paid and assuming reinvestment of those distributions.
5 Cumulative Distribution Rate for the Fund’s current fiscal period (September 1, 2021, through January 31, 2022) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of January 31, 2022.
The amounts and sources of distributions reported above are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes may be materially different from the estimates and will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report the distribution for federal income tax purposes.
CONTACT: U.S. Bank Global Fund Services – John Buckel (414) 765-4255
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 (or 0.8333% per month). The distributions for 2022 are based on the net asset value of $8.75 of the Fund’s common shares as of the last business day of 2021.
As a general matter, the amount of distributable income for each fiscal year depends on the aggregate gains and losses realized by the Fund during the entire year. Distributions may consist of net investment income, realized capital gains, capital gains distributions from portfolio companies, and return of capital, but the character of the Fund’s distributions cannot be determined until after the end of the Fund’s fiscal year.
The Fund estimates that this distribution will exceed its income and capital gains; therefore, a portion of this distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.
Under the Investment Company Act of 1940 (the “1940 Act”), any distribution made by an investment company, including amounts from sources other than net income must be accompanied by a written statement disclosing the source or sources of such distribution.
The following table sets forth an estimate of the sources of the March 31, 2022, distribution and of distributions paid in the current fiscal year:
| Distribution Estimates | March 2022 | Fiscal Year-to-date (YTD)1 |
Source | Per Share Amount | Percent of Current Distribution | Per Share Amount | Percent of Fiscal Year Distributions |
Net Investment Income | $0.0595 | 81.55% | $0.2181 | 41.08% |
Net Realized Short-Term Capital Gains | $0.0105 | 14.43% | $0.1392 | 26.20% |
Net Realized Long-Term Capital Gains | $0.0029 | 4.02% | $0.1156 | 21.78% |
Return of Capital | $0.0000 | 0.00% | $0.0581 | 10.94% |
| Total Distribution | $0.0730 | 100.00% | $0.5310 | 100.00% |
Information regarding the Fund’s net asset performance and distribution rates is set forth below:
Average Annual Total Return for the 5-year period ended on February 28, 20222 | 5.77% |
Current Annualized Distribution Rate (current fiscal year)3 | 10.43% |
Current Fiscal Year Cumulative Total Return4 | -0.18% |
Cumulative Distribution Rate (current fiscal year)5 | 5.33% |
1 The Fund’s current fiscal year began on September 1, 2021
2 Average annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of distributions.
3 The Current Annualized Distribution Rate is the Cumulative Distribution Rate as of February 28, 2022, annualized as a percentage of the Fund’s NAV at the same date.
4 Current Fiscal Year Cumulative Total Return is the percentage change in the Fund’s NAV from September 1, 2021 through February 28, 2022, including distributions paid and assuming reinvestment of those distributions.
5 Cumulative Distribution Rate for the Fund’s current fiscal period (September 1, 2021, through February 28, 2022) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of February 28, 2022.
The amounts and sources of distributions reported above are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes may be materially different from the estimates and will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report the distribution for federal income tax purposes.
CONTACT: U.S. Bank Global Fund Services – John Buckel (414) 765-4255
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 (or 0.8333% per month). The distributions for 2022 are based on the net asset value of $8.75 of the Fund’s common shares as of the last business day of 2021.
As a general matter, the amount of distributable income for each fiscal year depends on the aggregate gains and losses realized by the Fund during the entire year. Distributions may consist of net investment income, realized capital gains, capital gains distributions from portfolio companies, and return of capital, but the character of the Fund’s distributions cannot be determined until after the end of the Fund’s fiscal year.
The Fund estimates that this distribution will exceed its income and capital gains; therefore, a portion of this distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.
Under the Investment Company Act of 1940 (the “1940 Act”), any distribution made by an investment company, including amounts from sources other than net income must be accompanied by a written statement disclosing the source or sources of such distribution.
The following table sets forth an estimate of the sources of the April 29, 2022, distribution and of distributions paid in the current fiscal year:
| Distribution Estimates | April 2022 | Fiscal Year-to-date (YTD)1 |
Source | Per Share Amount | Percent of Current Distribution | Per Share Amount | Percent of Fiscal Year Distributions |
Net Investment Income | $0.0345 | 47.28% | $0.2533 | 41.93% |
Net Realized Short-Term Capital Gains | $0.0255 | 34.95% | $0.1658 | 27.46% |
Net Realized Long-Term Capital Gains | $0.0075 | 10.22% | $0.1216 | 20.13% |
Return of Capital | $0.0055 | 7.55% | $0.0633 | 10.48% |
| Total Distribution | $0.0730 | 100.00% | $0.6040 | 100.00% |
Information regarding the Fund’s net asset performance and distribution rates is set forth below:
Average Annual Total Return for the 5-year period ended on March 31, 20222 | 5.98% |
Current Annualized Distribution Rate (current fiscal year)3 | 10.37% |
Current Fiscal Year Cumulative Total Return4 | -1.47% |
Cumulative Distribution Rate (current fiscal year)5 | 6.15% |
1 The Fund’s current fiscal year began on September 1, 2021
2 Average annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of distributions.
3 The Current Annualized Distribution Rate is the Cumulative Distribution Rate as of March 31, 2022, annualized as a percentage of the Fund’s NAV at the same date.
4 Current Fiscal Year Cumulative Total Return is the percentage change in the Fund’s NAV from September 1, 2021 through March 31, 2022, including distributions paid and assuming reinvestment of those distributions.
5 Cumulative Distribution Rate for the Fund’s current fiscal period (September 1, 2021, through March 31, 2022) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of March 31, 2022.
The amounts and sources of distributions reported above are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes may be materially different from the estimates and will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report the distribution for federal income tax purposes.
CONTACT: U.S. Bank Global Fund Services – John Buckel (414) 765-4255
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 (or 0.8333% per month). The distributions for 2022 are based on the net asset value of $8.75 of the Fund’s common shares as of the last business day of 2021.
As a general matter, the amount of distributable income for each fiscal year depends on the aggregate gains and losses realized by the Fund during the entire year. Distributions may consist of net investment income, realized capital gains, capital gains distributions from portfolio companies, and return of capital, but the character of the Fund’s distributions cannot be determined until after the end of the Fund’s fiscal year.
The Fund estimates that this distribution will exceed its income and capital gains; therefore, a portion of this distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.
Under the Investment Company Act of 1940 (the “1940 Act”), any distribution made by an investment company, including amounts from sources other than net income must be accompanied by a written statement disclosing the source or sources of such distribution.
The following table sets forth an estimate of the sources of the June 30, 2022, distribution and of distributions paid in the current fiscal year:
| Distribution Estimates | June 2022 | Fiscal Year-to-date (YTD)1 |
Source | Per Share Amount | Percent of Current
Distribution | Per Share Amount | Percent of Fiscal Year Distributions |
Net Investment Income | $0.0620 | 84.96% | $0.3323 | 44.31% |
Net Realized Short-Term Capital Gains | $0.0000 | 0.00% | $0.1665 | 22.20% |
Net Realized Long-Term Capital Gains | $0.0000 | 0.00% | $0.1324 | 17.65% |
Return of Capital | $0.0110 | 15.04% | $0.1188 | 15.84% |
| Total Distribution | $0.0730 | 100.00% | $0.7500 | 100.00% |
Information regarding the Fund’s net asset performance and distribution rates is set forth below:
Average Annual Total Return for the 5-year period ended on May 31, 20222 | 4.79% |
Current Annualized Distribution Rate (current fiscal year)3 | 10.95% |
Current Fiscal Year Cumulative Total Return4 | -5.05% |
Cumulative Distribution Rate (current fiscal year)5 | 8.28% |
1 The Fund’s current fiscal year began on September 1, 2021
2 Average annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of distributions.
3 The Current Annualized Distribution Rate is the Cumulative Distribution Rate as of May 31, 2022, annualized as a percentage of the Fund’s NAV at the same date.
4 Current Fiscal Year Cumulative Total Return is the percentage change in the Fund’s NAV from September 1, 2021 through May 31, 2022, including distributions paid and assuming reinvestment of those distributions.
5 Cumulative Distribution Rate for the Fund’s current fiscal period (September 1, 2021, through May 31, 2022) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of May 31, 2022.
The amounts and sources of distributions reported above are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes may be materially different from the estimates and will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report the distribution for federal income tax purposes.
CONTACT: U.S. Bank Global Fund Services – John Buckel (414) 765-4255
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 (or 0.8333% per month). The distributions for 2022 are based on the net asset value of $8.75 of the Fund’s common shares as of the last business day of 2021.
As a general matter, the amount of distributable income for each fiscal year depends on the aggregate gains and losses realized by the Fund during the entire year. Distributions may consist of net investment income, realized capital gains, capital gains distributions from portfolio companies, and return of capital, but the character of the Fund’s distributions cannot be determined until after the end of the Fund’s fiscal year.
The Fund estimates that this distribution will exceed its income and capital gains; therefore, a portion of this distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.
Under the Investment Company Act of 1940 (the “1940 Act”), any distribution made by an investment company, including amounts from sources other than net income must be accompanied by a written statement disclosing the source or sources of such distribution.
The following table sets forth an estimate of the sources of the July 29, 2022, distribution and of distributions paid in the current fiscal year:
| Distribution Estimates | July 2022 | Fiscal Year-to-date (YTD)1 |
Source | Per Share Amount | Percent of Current Distribution | Per Share Amount | Percent of Fiscal Year Distributions |
Net Investment Income | $0.0309 | 42.33% | $0.3631 | 44.12% |
Net Realized Short-Term Capital Gains | $0.0000 | 0.00% | $0.1648 | 20.02% |
Net Realized Long-Term Capital Gains | $0.0000 | 0.00% | $0.1255 | 15.25% |
Return of Capital | $0.0421 | 57.68% | $0.1696 | 20.61% |
| Total Distribution | $0.0730 | 100.00% | $0.8230 | 100.00% |
Information regarding the Fund’s net asset performance and distribution rates is set forth below:
Average Annual Total Return for the 5-year period ended on June 30, 20222 | 3.66% |
Current Annualized Distribution Rate (current fiscal year)3 | 11.65% |
Current Fiscal Year Cumulative Total Return4 | -9.88% |
Cumulative Distribution Rate (current fiscal year)5 | 9.75% |
1 The Fund’s current fiscal year began on September 1, 2021
2 Average annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of distributions.
3 The Current Annualized Distribution Rate is the Cumulative Distribution Rate as of June 30, 2022, annualized as a percentage of the Fund’s NAV at the same date.
4 Current Fiscal Year Cumulative Total Return is the percentage change in the Fund’s NAV from September 1, 2021 through June 30, 2022, including distributions paid and assuming reinvestment of those distributions.
5 Cumulative Distribution Rate for the Fund’s current fiscal period (September 1, 2021, through June 30, 2022) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of June 30, 2022.
The amounts and sources of distributions reported above are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes may be materially different from the estimates and will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report the distribution for federal income tax purposes.
CONTACT: U.S. Bank Global Fund Services – John Buckel (414) 765-4255
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 (or 0.8333% per month). The distributions for 2022 are based on the net asset value of $8.75 of the Fund’s common shares as of the last business day of 2021.
As a general matter, the amount of distributable income for each fiscal year depends on the aggregate gains and losses realized by the Fund during the entire year. Distributions may consist of net investment income, realized capital gains, capital gains distributions from portfolio companies, and return of capital, but the character of the Fund’s distributions cannot be determined until after the end of the Fund’s fiscal year.
The Fund estimates that this distribution will exceed its income and capital gains; therefore, a portion of this distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.
Under the Investment Company Act of 1940 (the “1940 Act”), any distribution made by an investment company, including amounts from sources other than net income must be accompanied by a written statement disclosing the source or sources of such distribution.
The following table sets forth an estimate of the sources of the August 31, 2022, distribution and of distributions paid in the current fiscal year:
| Distribution Estimates | August 2022 | Fiscal Year-to-date (YTD)1 |
Source | Per Share Amount | Percent of Current Distribution | Per Share Amount | Percent of Fiscal Year Distributions |
Net Investment Income | $0.0295 | 40.34% | $0.3923 | 43.78% |
Net Realized Short-Term Capital Gains | $0.0000 | 0.00% | $0.1571 | 17.54% |
Net Realized Long-Term Capital Gains | $0.0000 | 0.00% | $0.1234 | 13.77% |
Return of Capital | $0.0435 | 59.66% | $0.2232 | 24.91% |
| Total Distribution | $0.0730 | 100.00% | $0.8230 | 100.00% |
Information regarding the Fund’s net asset performance and distribution rates is set forth below:
Average Annual Total Return for the 5-year period ended on July 31, 20222 | 4.18% |
Current Annualized Distribution Rate (current fiscal year)3 | 11.30% |
Current Fiscal Year Cumulative Total Return4 | -6.19% |
Cumulative Distribution Rate (current fiscal year)5 | 10.38% |
1 The Fund’s current fiscal year began on September 1, 2021
2 Average annual Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of distributions.
3 The Current Annualized Distribution Rate is the Cumulative Distribution Rate as of July 31, 2022, annualized as a percentage of the Fund’s NAV at the same date.
4 Current Fiscal Year Cumulative Total Return is the percentage change in the Fund’s NAV from September 1, 2021 through July 31, 2022, including distributions paid and assuming reinvestment of those distributions.
5 Cumulative Distribution Rate for the Fund’s current fiscal period (September 1, 2021, through July 31, 2022) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of July 31, 2022.
The amounts and sources of distributions reported above are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes may be materially different from the estimates and will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report the distribution for federal income tax purposes.
CONTACT: U.S. Bank Global Fund Services – John Buckel (414) 765-4255
