EX-99.19A 4 hisf-ex9919a.htm MANAGED DISTRIBUTION PLAN
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.


High Income Securities Fund, Inc.
October 29, 2021
19a-1 Notice

 
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.
 

High Income Securities Fund, Inc.
October 29, 2021
19a-1 Notice
 

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











High Income Securities Fund, Inc.
November 30, 2021
19a-1 Notice
 

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.
 
High Income Securities Fund, Inc.
November 30, 2021
19a-1 Notice

 
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











High Income Securities Fund, Inc.
December 31, 2021
19a-1 Notice


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.
 
High Income Securities Fund, Inc.
December 31, 2021
19a-1 Notice
 
 
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











High Income Securities Fund, Inc.
January 31, 2022
19a-1 Notice


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.
 
High Income Securities Fund, Inc.
January 31, 2022
19a-1 Notice

 
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











High Income Securities Fund, Inc.
February 28, 2022
19a-1 Notice

 
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.
 
High Income Securities Fund, Inc.
February 28, 2022
19a-1 Notice
 
 
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