For immediate release
 

High Income Securities Fund, Inc.
 

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940
 

New York, September 30, 2022 – 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 September 30, 2022, distribution and of distributions paid in the current fiscal year:

Distribution Estimates
September 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
$0.0350
48.61%
$0.0350
48.61%
Net Realized Short-Term Capital Gains
$0.0000
0.00%
$0.0000
0.00%
Net Realized Long-Term Capital Gains
$0.0000
0.00%
$0.0000
0.00%
Return of Capital
$0.0380
51.39%
$0.0380
51.39%
Total Distribution
$0.0730
100.00%
$0.0730
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, 20222
4.13%
Current Annualized Distribution Rate (current fiscal year)3
11.39%
Current Fiscal Year Cumulative Total Return4
-6.05%
Cumulative Distribution Rate (current fiscal year)5
11.39%


__________
 
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 August 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 August 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 August 31, 2022) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of August 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
 

For immediate release
 

High Income Securities Fund, Inc.
 

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940
 

New York, October 31, 2022 – 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 October 31, 2022, distribution and of distributions paid in the current fiscal year:

Distribution Estimates
October 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
$0.032
43.48%
$0.067
46.05%
Net Realized Short-Term Capital Gains
$0.000
0.00%
$0.000
0.00%
Net Realized Long-Term Capital Gains
$0.000
0.00%
$0.000
0.00%
Return of Capital
$0.041
56.52%
$0.079
53.95%
Total Distribution
$0.0730
100.00%
$0.146
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 September 30, 20222
2.25%
Current Annualized Distribution Rate (current fiscal year)3
12.13%
Current Fiscal Year Cumulative Total Return4
-7.38%
Cumulative Distribution Rate (current fiscal year)5
1.01%

 
__________
 
1
The Fund’s current fiscal year began on September 1, 2022
 
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 September 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, 2022 through September 30, 2022, including distributions paid and assuming reinvestment of those distributions.
 
5
Cumulative Distribution Rate for the Fund’s current fiscal period (September 1, 2022, through September 30, 2022) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of September 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
 
For immediate release
 

High Income Securities Fund, Inc.
 

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940
 

New York, November 30, 2022 – 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 November 30, 2022, distribution and of distributions paid in the current fiscal year:

Distribution Estimates
November 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
$0.027
37.30%
$0.094
43.13%
Net Realized Short-Term Capital Gains
$0.000
0.00%
$0.000
0.00%
Net Realized Long-Term Capital Gains
$0.000
0.00%
$0.000
0.00%
Return of Capital
$0.046
62.70%
$0.125
56.87%
Total Distribution
$0.0730
100.00%
$0.219
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, 20222
2.34%
Current Annualized Distribution Rate (current fiscal year)3
12.03%
Current Fiscal Year Cumulative Total Return4
-5.66%
Cumulative Distribution Rate (current fiscal year)5
2.01%


 __________
 
1
The Fund’s current fiscal year began on September 1, 2022
 
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, 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, 2022 through October 31, 2022, including distributions paid and assuming reinvestment of those distributions.
 
5
Cumulative Distribution Rate for the Fund’s current fiscal period (September 1, 2022, through October 31, 2022) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of October 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) 516-1562
 
For immediate release
 

High Income Securities Fund, Inc.
 

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940
 

New York, December 30, 2022 – 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 December 30, 2022, distribution and of distributions paid in the current fiscal year:

Distribution Estimates
December 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
$0.071
97.29%
$0.165
56.67%
Net Realized Short-Term Capital Gains
$0.000
0.00%
$0.000
0.00%
Net Realized Long-Term Capital Gains
$0.000
0.00%
$0.000
0.00%
Return of Capital
$0.002
2.71%
$0.127
43.33%
Total Distribution
$0.0730
100.00%
$0.292
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, 20222
3.16%
Current Annualized Distribution Rate (current fiscal year)3
11.66%
Current Fiscal Year Cumulative Total Return4
-1.71%
Cumulative Distribution Rate (current fiscal year)5
2.92%

 
__________
 
1
The Fund’s current fiscal year began on September 1, 2022
 
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, 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, 2022 through November 30, 2022, including distributions paid and assuming reinvestment of those distributions.
 
5
Cumulative Distribution Rate for the Fund’s current fiscal period (September 1, 2022, through November 30, 2022) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of November 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) 516-1562

For immediate release
 

High Income Securities Fund, Inc.
 

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940
 

New York, January 31, 2022 – 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 2023 are based on the net asset value of $7.25 of the Fund’s common shares as of the last business day of 2022.

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, 2023, distribution and of distributions paid in the current fiscal year:

Distribution Estimates
January 2023
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
$0.0435
72.03%
$0.2090
59.30%
Net Realized Short-Term Capital Gains
$0.0000
0.00%
$0.0000
0.00%
Net Realized Long-Term Capital Gains
$0.0000
0.00%
$0.0000
0.00%
Return of Capital
$0.0169
27.97%
$0.1434
40.70%
Total Distribution
$0.0604
100.00%
$0.3524
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, 20222
2.67%
Current Annualized Distribution Rate (current fiscal year)3
12.08%
Current Fiscal Year Cumulative Total Return4
-4.15%
Cumulative Distribution Rate (current fiscal year)5
4.03%

 
__________
 
1
The Fund’s current fiscal year began on September 1, 2022
 
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, 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, 2022 through December 31, 2022, including distributions paid and assuming reinvestment of those distributions.
 
5
Cumulative Distribution Rate for the Fund’s current fiscal period (September 1, 2022, through December 31, 2022) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of December 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) 516-1562
 
For immediate release
 

High Income Securities Fund, Inc.
 

Statement Pursuant to Section 19(a) of the Investment Company Act of 1940
 

New York, February 28, 2023 – 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 2023 are based on the net asset value of $7.25 of the Fund’s common shares as of the last business day of 2022.

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, 2023, distribution and of distributions paid in the current fiscal year:

Distribution Estimates
February 2023
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
$0.0230
38.05%
$0.2320
56.19%
Net Realized Short-Term Capital Gains
$0.0000
0.00%
$0.0000
0.00%
Net Realized Long-Term Capital Gains
$0.0000
0.00%
$0.0000
0.00%
Return of Capital
$0.0374
61.95%
$0.1808
43.81%
Total Distribution
$0.0604
100.00%
$0.4128
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, 20232
3.52%
Current Annualized Distribution Rate (current fiscal year)3
10.19%
Current Fiscal Year Cumulative Total Return4
5.81%
Cumulative Distribution Rate (current fiscal year)5
4.63%

 
__________
 
1
The Fund’s current fiscal year began on September 1, 2022.
 
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, 2023, 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, 2022, through January 31, 2023, including distributions paid and assuming reinvestment of those distributions.
 
5
Cumulative Distribution Rate for the Fund’s current fiscal period (September 1, 2022, through January 31, 2023) measured on the dollar value of distributions in the period as a percentage of the Fund’s NAV as of January 31, 2023.
 
 
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) 516-1562