High Income Securities Fund

Frequently Asked Questions About PCF

What does PCF invest in?

The High Income Securities Fund, a closed-ended mutual fund designed to provide balanced income, was originally established and is currently overseen by Putnam Investment Management, LLC. Putnam Investments Limited also serves as a co-manager for the fund. Its investment strategy concentrates on the fixed income markets within the United States. Additionally, the fund diversifies its portfolio by acquiring equity stakes in businesses operating across numerous industries, with a particular emphasis on both convertible bonds and convertible preferred stocks. To evaluate its performance, the fund utilizes a blended benchmark, consisting of 50% JPMorgan Developed High Yield Index and 50% BofA Merrill Lynch AllConvertibles Speculative Quality Index. This fund, which is domiciled in the United States and commenced operations on July 9, 1987, was previously known as the Putnam High Income Securities Fund.

What is the expense ratio of PCF?

High Income Securities Fund (PCF) charges an expense ratio of 1.65%. This is the annual fee deducted from fund assets to cover management and operations.

What is PCF's dividend yield?

PCF's trailing-twelve-month yield is 14.32%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of PCF?

Effective duration measures PCF's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. PCF's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of PCF?

PCF's credit quality breakdown — the share of holdings rated AAA through CCC and below — is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of PCF?

Yield to maturity (YTM) is the total return you'd earn from PCF if every bond in the portfolio is held to maturity at the current price. PCF's YTM is published on the fund's factsheet on the issuer's website — it differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.