# High Income Securities Fund (PCF): Closed-End Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/pcf for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: — · Asset class: Bond - Strategy: Actively Managed · Inception: 1987-07-09 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 f... ## Key Facts | Metric | Value | |---|---| | Price | $4.99 | | Expense Ratio | 1.65% | | Market Value | $93.4M | | NAV | Not on file (no daily NAV for closed-end funds) | | Holdings Count | — | | Distribution Yield (TTM) | 14.00% | | Annual Distribution (TTM) | $0.70 /share | | Distribution Frequency | Monthly | | 52-Week Range | $4.92 – $6.31 | | Beta | 0.62 | ## Latest Distribution - Amount: $0.0580 /share - Ex-date: 2026-10-20 - Pay date: 2026-10-30 ## Next Distribution (Declared) - Amount: $0.0580 /share - Ex-date: 2026-11-17 - Pay date: 2026-11-30 ## Frequently Asked Questions ### 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 14.00%, 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. ### Does PCF pay a dividend? Yes, High Income Securities Fund (PCF) distributes dividends to shareholders. The trailing-twelve-month yield is 14.00%. Full dividend history is on this page. ### How often does PCF pay dividends? High Income Securities Fund pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is PCF's next ex-dividend date? The most recently announced ex-dividend date for PCF was 2026-12-22. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will PCF's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 1.65% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does PCF charge its expense ratio? The expense ratio is deducted in tiny daily slices from PCF's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does PCF cost more than a fund like VOO? PCF is actively managed (current expense ratio 1.65%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether PCF's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to PCF? The Lower-Fee Alternatives card above lists closed-end funds following the same investment strategy as PCF (1.65%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/pcf - Distribution history: https://www.dividenddata.com/funds/pcf/dividend - Holdings & diversification: https://www.dividenddata.com/funds/pcf/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/pcf/expenses - Peer comparison: https://www.dividenddata.com/funds/pcf/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.