High Income Securities:PCF

    Manage Alerts


    As of 11/24/2020. NAV as of 11/20/2020.

    52 Wk Avg$8.06$8.67-7.10%
    52 Wk High$9.61$9.873.29%
    52 Wk Low$4.70$6.85-37.17%
    Regular Distribution TypeIncome Only
    Distribution Rate12.04%
    Distribution Amount$0.0820
    Distribution FrequencyMonthly
    Past performance is no guarantee of future results.

    Basic Information

    Investment Objective

    The Fund seeks high current income as its primary investment objective and capital appreciation as a secondary objective. It invests mainly in fixed-income securities, including debt instruments and convertible securities, rated below investment grade, which are believed not to involve undue risk to income or principal. Effective from 30-Apr-06, the fund will no longer be required to invest at least 80% of its net assets in fixed-income securities rated below investment grade. This investment policy change reflects the funds strategy of investing in convertible securities as well as higher-yielding bonds.

    Capital Structure

    As of 11/24/2020

    Total Investment Exposure:$48.694M
    Total Common Assets:$48.694M
    Common Shares Outstanding:5,565,006

    As of 2/29/2008

    Preferred Share Assets:
    Total Debt (USD): $2.173M
    Regulatory Leverage (USD):
    Effective Leverage (USD): $2.173M
    Effective Leverage (%): 1.06%
    Annual Expense Ratios

    As of 12/31/2019

      Per Common Share
    Management FeesN/A
    Other Expenses:N/A
    Baseline Expense: N/A
    Interest Expense:N/A
    Total: 1.89%
    Fund Management

    Fund Sponsor

    Portfolio Managers
    Anthony J. Daigle, Eric N. Harthun

    Category: Fixed Income - Taxable-Convertibles
    Ticker: PCF
    NAV Ticker: XPCFX
    Average Daily Volume (shares): 36,686
    Average Daily Volume (USD): $0.290M
    Inception Date: 7/9/1987
    Inception Share Price: $7.50
    Inception NAV: $10.00
    Tender Offer: No
    Term: No
    Fiscal Year End: December 31
    Third Party Links & Reports


    As of 11/24/2020

    Past performance is no guarantee of future results.
    Distribution History

    Enter declared start and end dates to display distribution history below. Income, Long Gain, Short Gain and ROC breakdowns will only be shown for the past year.

    Declared Date Payable Date Ex Date Distrib Amount Income Long Gain Short Gain ROC

    *Indicates a Special Distribution: A distribution disbursed in addition to the normal distributions paid out by the company.

    Key Information Regarding Distributions
    Avg. Earnings Per Share:
    As of 8/31/2020
    Annualized Distribution Rate on NAV:
    As of 11/24/2020
    Total Return on NAV (12 months):
    As of 11/24/2020
    Avg. Portfolio Coupon:
    As of 11/24/2020
    Total % Portfolio Effectively Leveraged:
    As of 11/24/2020

    Pricing Information

    Premium/Discount Information
    Past performance is no guarantee of future results.
    Premium/Discount Information

    As of 11/24/2020

    PeriodAvg Discount
    6 Month-6.65%
    1 Year-7.10%
    3 Year-6.75%
    5 Year-7.81%

    As of 11/24/2020

    3 Month0.12
    6 Month0.23
    1 Year0.20
    Pricing History
    Date NAV Premium / Discount


    Calendar Year Total Returns

    As of 10/31/2020
    Category: Morningstar US CEF Convertibles

    Past 20 Years

    Return YearPriceNAVCategory - PriceCategory - NAV
    Past performance is no guarantee of future results.
    Annualized Total Returns

    Returns for periods less than one year are cumulative rather than annualized

    As of 10/31/2020
    Category: Morningstar US CEF Convertibles

    Past performance is no guarantee of future results.

    Portfolio Characteristics

    Portfolio Characteristics
    Average Coupon:
    As of 11/20/2020
    Average Maturity:
    As of 8/31/2020
    5.52 yrs
    Number of Holdings:
    As of 8/31/2020
    Annual Portfolio Turnover:
    As of 12/31/2019
    Average Bond Price:
    As of 8/31/2020
    Asset Allocation

    As of 8/31/2020 reported by Fund Sponsor

    Top Sectors

    As of 8/31/2020 reported by Fund Sponsor

    Corporate (Super Sector)47.95%
    Cyclical (Super Sector)28.16%
    Financial Services28.14%
    Bank Loan25.17%
    Corporate Bond17.26%
    Government (Super Sector)4.49%
    Securitized (Super Sector)4.33%
    Cash Equivalents (Super Sector)3.73%
    Cash Equivalents3.73%
    Top Holdings

    As of 8/31/2020 reported by Fund Sponsor

    HoldingValue% Portfolio
    BrandywineGLOBAL – Global Inc Opp Fund$4.83M9.99%
    EV Floating-Rate Income Plus$3.16M6.54%
    Vertical Capital Income Fund$3.06M6.34%
    Western Asset Corporate Loan Fund$2.73M5.64%
    Pioneer Floating Rate Trust$2.37M4.91%
    Pioneer Diversified High Inc$2.30M4.77%
    Voya Prime Rate Trust$2.27M4.69%
    Barings BDC Inc$2.05M4.24%
    RiverNorth Marketplace Lending Corp$1.98M4.10%
    Western Asset Variable Rate Strategic$1.67M3.45%
    Maturity Breakdown

    As of 8/31/2020 reported by Fund Sponsor

    Country Allocation

    As of 8/31/2020 reported by Fund Sponsor

    Country% Portfolio
    United States - Fixed Income27.76%
    Others - Fixed Income2.00%
    Brazil - Fixed Income1.27%
    Canada - Fixed Income0.92%
    Mexico - Fixed Income0.83%
    Indonesia - Fixed Income0.61%
    India - Fixed Income0.50%
    Spain - Fixed Income0.47%
    United Kingdom - Fixed Income0.39%
    France - Fixed Income0.37%
    Netherlands - Fixed Income0.33%
    Ireland - Fixed Income0.24%
    United States - Equity0.20%
    China - Fixed Income0.20%
    Israel - Fixed Income0.16%
    Germany - Fixed Income0.16%
    Chile - Fixed Income0.14%
    Argentina - Fixed Income0.14%
    Italy - Fixed Income0.11%
    Russia - Fixed Income0.08%
    South Africa - Fixed Income0.07%
    Turkey - Fixed Income0.07%
    Switzerland - Fixed Income0.06%
    Singapore - Fixed Income0.05%
    Australia - Fixed Income0.03%
    Sweden - Fixed Income0.03%
    Colombia - Fixed Income0.02%
    Lithuania - Fixed Income0.02%
    Norway - Fixed Income0.02%
    Greece - Fixed Income0.02%
    Japan - Fixed Income0.02%
    Portugal - Fixed Income0.02%
    Pakistan - Fixed Income0.01%
    Finland - Fixed Income0.01%
    Peru - Fixed Income0.00%
    Taiwan - Fixed Income0.00%
    Austria - Fixed Income0.00%
    Denmark - Fixed Income0.00%
    Vietnam - Fixed Income0.00%
    Singapore - Equity0.00%
    Belgium - Fixed Income0.00%
    Canada - Equity0.00%
    Hungary - Fixed Income0.00%
    Poland - Fixed Income0.00%
    Mexico - Equity0.00%
    Russia - Equity0.00%
    Switzerland - Equity0.00%
    United Kingdom - Equity0.00%

    Closed-end fund historical distribution sources have included net investment income, realized gains, and return of capital. For more detailed information on the distributions of a specific fund, please visit the sponsor's website.


    Distribution type sourced from Morningstar. For specific information about a fund's distribution sources, visit the fund sponsor's website.

    The following information applies to closed-end funds in general: Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.