HIGH INCOME SECURITIES FUND (PCF)
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.
Industry: Asset Management - Income
High Income Securities Fund
NYSE:PCFFinancial Services · Asset Management - Income
-0.80%$4.95
AH Close$4.95+0.00%vs close
AH Close$4.95+0.00%vs close
Mkt Cap$92.65M
Float18.66M
O/S18.72M
Inst Own25.0%
SI0.5%
Div Yield14.11%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$12.7M
Net Income$11.38M
Total Assets$132.26M
Free Cash Flow$0
Debt & Equity
Equity 100%
Total Debt$0
Total Equity$131.97M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in PCF's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$132.26M
Liabilities$292K
Accounts Receivable$615K
Accounts Payable$31K
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-08-31 | 2024-08-31 | 2023-08-31 | 2022-08-31 | 2021-08-31 | 2020-08-31 | 2019-08-31 | 2018-08-31 | 2017-08-31 | 2016-08-31 | 2015-08-31 | 2014-08-31 | 2013-08-31 | 2012-08-31 |
| Revenue | $12.7M | $7.72M | $7.61M | $6.53M | $2.77M | $3.07M | $2.39M | $4.68M | $5.41M | $5.92M | $6.67M | $7.29M | $8.91M | $9.61M |
| YoY Growth | 64.5% | 1.4% | 16.7% | 135.5% | -9.7% | 28.5% | -49.0% | -13.5% | -8.6% | -11.2% | -8.5% | -18.2% | -7.3% | - |
| Cost of Revenue | $0 | $0 | $851K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | $12.7M | $7.72M | $6.76M | $6.53M | $2.77M | $1.28M | $2.39M | $4.68M | $5.41M | $5.92M | $6.67M | $7.29M | $8.91M | $9.61M |
| Gross Margin | 100.0% | 100.0% | 88.8% | 100.0% | 100.0% | 41.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $1.2M | $1.39M | $1.24M | $1.04M | $761K | $900K | $1.03M | $1.8M | $1.46M | $1.09M | $1.26M | $1.42M | $1.33M | $1.28M |
| Other | $124K | $0 | $0 | $371K | $363K | $39K | $52K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $1.32M | $1.39M | $1.24M | $1.41M | $1.12M | $939K | $1.08M | $1.8M | $1.46M | $729K | $15.76M | $11.9M | $8.21M | $1.01M |
| Operating Income (EBIT) | $11.38M | $6.33M | $6.37M | $5.12M | $1.65M | $2.14M | $1.31M | $2.88M | $3.95M | $4.82M | $5.4M | $5.87M | $7.57M | $8.33M |
| Operating Margin | 89.6% | 82.0% | 83.7% | 78.4% | 59.5% | 69.7% | 54.7% | 61.5% | 73.0% | 81.5% | 81.0% | 80.5% | 85.0% | 86.7% |
| Interest Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $1.41M | $0 | $865K | $75K | $16K | $49K | $1.73M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | $0 | $11.78M | -$476K | -$8.23M | $13.67M | -$1.8M | $0 | $3.22M | $8.39M | $1.82M | -$14.49M | $13.32M | $9.55M | $2.3M |
| Income Before Tax (EBT) | $11.38M | $18.12M | $5.9M | -$3.11M | $15.31M | $339K | $1.31M | $6.1M | $12.33M | $6.65M | -$9.09M | $19.19M | $17.12M | $10.63M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $1.31M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | $11.38M | $18.12M | $5.9M | -$3.11M | $15.31M | $339K | $1.31M | $6.1M | $12.33M | $6.65M | -$9.09M | $19.19M | $17.12M | $10.63M |
| Net Income Margin | 89.6% | 234.6% | 77.4% | -47.7% | 552.6% | 11.0% | 54.7% | 130.2% | 228.0% | 112.3% | -136.4% | 263.3% | 192.2% | 110.6% |
| Supplementary Data | ||||||||||||||
| EPS | 0.64 | 1.02 | 0.34 | -0.18 | 2.22 | 0.03 | 0.12 | 0.47 | 0.95 | 0.50 | -0.62 | 1.21 | 1.03 | 0.62 |
| Diluted EPS | 0.64 | 1.02 | 0.34 | -0.18 | 2.22 | 0.03 | 0.12 | 0.47 | 0.95 | 0.50 | -0.62 | 1.21 | 1.03 | 0.62 |
| Weighted Average OS | 17.79M | 17.83M | 17.53M | 17.53M | 6.90M | 11.21M | 11.21M | 12.93M | 12.85M | 13.29M | 14.65M | 15.87M | 16.62M | 17.17M |
| EBITDA | $11.38M | $6.33M | $6.37M | $5.12M | $15.31M | $2.14M | $1.36M | $2.88M | $3.95M | $4.82M | $5.4M | $5.87M | $7.57M | $0 |
| EBITDA Margin | 89.6% | 82.0% | 83.7% | 78.4% | 552.6% | 69.7% | 56.8% | 61.5% | 73.0% | 81.5% | 81.0% | 80.5% | 85.0% | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-08-31 | 2024-08-31 | 2023-08-31 | 2022-08-31 | 2021-08-31 | 2020-08-31 | 2019-08-31 | 2018-08-31 | 2017-08-31 | 2016-08-31 | 2015-08-31 | 2014-08-31 | 2013-08-31 | 2012-08-31 |
| Assets | ||||||||||||||
| Current Assets | ||||||||||||||
| Cash and Cash Equivalents | $10K | $0 | $10K | $0 | $110K | $0 | $0 | $83K | $0 | $0 | $2K | $0 | $0 | $145 |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $10K | $0 | $10K | $0 | $110K | $0 | $0 | $83K | $0 | $0 | $2K | $0 | $0 | $145 |
| Accounts Receivable | $615K | $1.87M | $785K | $555K | $765K | $161K | $100K | $194K | $1.38M | $1.44M | $1.64M | $1.96M | $1.95M | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $22K | $11K | $19K | $616 | $0 |
| Total Current Assets | $625K | $1.87M | $795K | $555K | $875K | $161K | $100K | $278K | $1.38M | $1.46M | $1.66M | $1.99M | $1.95M | $1.98M |
| Long-Term Assets | ||||||||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $436K | $211.87M | $130.33M | $138.33M | $87.66M | $48.19M | $52.8M | $125.25M | $123.34M | $117.71M | $125.72M | $150.71M | $145M | $140.29M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $131.2M | $22K | $25K | $138.91M | $87.69M | $0 | $0 | -$125.25M | -$123.34M | $398K | $891K | $0 | $0 | -$140.29M |
| Total Long-Term Assets | $131.63M | $211.89M | $130.36M | $138.33M | $87.66M | $48.19M | $52.8M | $125.25M | $123.34M | $118.11M | $126.61M | $150.71M | $145M | $140.29M |
| Other Assets | $0 | $0 | $25K | $24K | $23K | $27K | $23K | $12K | $8K | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $132.26M | $213.76M | $131.15M | $138.91M | $88.56M | $48.38M | $52.92M | $125.54M | $124.73M | $119.57M | $128.27M | $152.7M | $146.95M | $142.27M |
| Liabilities | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Accounts Payable | $31K | $2.03M | $679K | $629K | $95K | $71K | $0 | $0 | $502K | $69K | $89K | $11K | $0 | $15K |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | -$107K | -$564K | -$136K | $436K | $459K | $499K | $661K | $1.25M |
| Total Current Liabilities | $31K | $2.16M | $679K | $629K | $95K | $71K | $108K | $283K | $502K | $952K | $1.01M | $1.04M | $1.13M | $1.27M |
| Long-Term Liabilities | ||||||||||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $261K | $20K | $164K | $24K | $18K | $25K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $261K | $20K | $164K | $24K | $18K | $25K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Liabilities | $0 | $0 | $0 | -$354K | $0 | $0 | $0 | $0 | $1.12M | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $292K | $2.18M | $843K | $905K | $233K | $251K | $108K | $283K | $1.12M | $952K | $1.01M | $1.04M | $1.13M | $1.27M |
| Stockholders' Equity | ||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $132.03M | $212.19M | $138.42M | $145.03M | $81.83M | $51.07M | $53.93M | $127.33M | $133.52M | $135.98M | $146M | $155.87M | $162.01M | $165.93M |
| Retained Earnings | -$63K | -$604K | -$8.11M | -$7.03M | $6.5M | -$2.94M | -$1.12M | -$1.03M | $380K | -$17.45M | -$18.97M | -$4.21M | -$16.46M | -$24.93M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$1.05M | -$10.29M | $0 | $0 | $0 | $0 | $0 |
| Total Equity | $131.97M | $211.58M | $130.31M | $138M | $88.33M | $48.13M | $52.81M | $125.26M | $123.61M | $118.53M | $127.03M | $151.66M | $145.55M | $141M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $132.26M | $213.76M | $131.15M | $138.91M | $88.56M | $48.38M | $52.92M | $125.54M | $124.73M | $119.48M | $128.04M | $152.7M | $146.68M | $142.27M |
| Supplementary Data | ||||||||||||||
| Total Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Debt | -$10K | $0 | -$10K | $0 | -$110K | $0 | $0 | -$83K | $0 | $0 | -$2K | $0 | $0 | -$145 |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-08-31 | 2024-08-31 | 2023-08-31 | 2022-08-31 | 2021-08-31 | 2020-08-31 | 2019-08-31 | 2018-08-31 | 2017-08-31 | 2016-08-31 | 2015-08-31 | 2014-08-31 | 2013-08-31 | 2012-08-31 |
| Operating Activities | ||||||||||||||
| Net Income | $11.38M | $18.12M | $5.9M | -$3.11M | $15.31M | $339K | $1.31M | $6.1M | $12.33M | $6.65M | -$9.09M | $19.19M | $17.12M | $10.63M |
| Depreciation & Amortization | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Working Capital Change | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Non-Cash Items | -$11.38M | -$18.12M | -$5.9M | $3.11M | -$15.31M | -$339K | -$1.31M | -$6.1M | -$12.33M | -$6.65M | $9.09M | -$19.19M | -$17.12M | -$10.63M |
| Net Cash from Operating | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investing Activities | ||||||||||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Financing Activities | ||||||||||||||
| Debt Repaid | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Financing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Capital Expenditure | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash at Beginning | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash at End | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |