High Income Securities Fund Files 2024 Proxy Statement

TL;DR

HISF filed its 2024 proxy statement. Shareholders vote on fund matters.

AI Summary

High Income Securities Fund filed a Definitive Proxy Statement (DEF 14A) on September 13, 2024, for the fiscal year ending August 31, 2024. The filing, with Central Index Key 0000810943, concerns information required under Schedule 14A of the Securities Exchange Act of 1934. The fund's business address is One Post Office Sq, Boston, MA, and its mailing address is with US Bancorp Fund Services LLC in Milwaukee, WI.

Why It Matters

This filing provides shareholders with crucial information regarding the fund's governance, executive compensation, and voting matters, enabling informed participation in shareholder decisions.

Risk Assessment

Risk Level: low — This is a routine regulatory filing (DEF 14A) and does not contain new material financial information or significant corporate actions.

Key Numbers

• 0831 — Fiscal Year End (The filing pertains to the fund's performance and governance up to this date.)
• 20240913 — Filing Date (This is the date the Definitive Proxy Statement was officially submitted to the SEC.)

Key Players & Entities

• HIGH INCOME SECURITIES FUND (company) — Registrant
• 0000810943 (company) — Central Index Key
• US BANCORP FUND SERVICES LLC (company) — Mailing Address Provider
• One Post Office Sq, Boston, MA (location) — Business Address
• 615 East Michigan Street, Milwaukee, WI (location) — Mail Address

FAQ

Key Financial Figures

• $1,342,028 — the Fund would have paid approximately $1,342,028 in management fees under the Advisory A
• $585,000 — hief compliance officer) of the Fund of $585,000. Q9: Do any of the Fund's trustees hav

Filing Documents

• hisf_def14a.htm (DEF 14A) — 398KB
• image0.jpg (GRAPHIC) — 1416KB
• image1.jpg (GRAPHIC) — 1775KB
• image2.jpg (GRAPHIC) — 1233KB
• 0000894189-24-005606.txt ( ) — 6493KB

From the Filing

DEF 14A 1 hisf_def14a.htm DEFINITIVE PROXY STATEMENT SCHEDULE 14A (Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [X] Definitive Proxy Statement [ ] Definitive Additional Materials [ ] Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12 HIGH INCOME SECURITIES FUND (Name of Registrant as Specified in Its Charter) Payment of Filing Fee (Check the appropriate box): [X] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. (1) Title of each class of securities to which transaction applies: (2) Aggregate number of securities to which transaction applies: (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): (4) Proposed maximum aggregate value of transaction: (5) Total fee paid: [ ] Fee paid previously with preliminary materials. [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by the registration statement number, or the Form or Schedule and the date of its filing. (1) Amount Previously Paid: (2) Form, Schedule or Registration Statement No.: (3) Filing Party: (4) Date Filed: HIGH INCOME SECURITIES FUND September 16, 2024 Dear Shareholder: You are cordially invited to attend the Special Meeting of Shareholders (the "Special Meeting") of High Income Securities Fund (the "Fund") to be held on October 18, 2024 at 10:30 a.m. Since April 2019, the Fund has been managed by an Investment Committee of the Fund's Board of Trustees (the "Board"). At the Special Meeting, shareholders of the Fund ("Shareholders") will vote on a proposal to approve an investment management agreement between the Fund and Bulldog Investors, LLP ("Bulldog" and such investment management agreement, the "Advisory Agreement"). If approved, the Fund will cease to be managed by the Investment Committee and will instead be managed by Bulldog pursuant to the Advisory Agreement. When the current Board was elected in 2018, the Fund's investment adviser at the time resigned and an Investment Committee was established to manage the Fund's investments while the Board considered various strategic options for the Fund. The Board subsequently determined not to pursue such options and the Fund continued to be a closed-end fund managed by the Investment Committee. In September 2023, the Board established a Strategic Planning Committee, to consider, among other things, what, if any, fundamental changes in the Fund's structure and investment restrictions are warranted. The Strategic Planning Committee was comprised of trustees of the Board who were neither (i) "interested persons" of the Fund as such term is defined under the Investment Company Act of 1940, as amended (the "1940 Act" and such trustees, the "Non-interested Trustees") nor (ii) affiliated with Bulldog. The Strategic Planning Committee delivered a request for proposal questionnaire ("RFP") to Bulldog for it to complete. After reviewing Bulldog's RFP response (including additional follow up requests) and meeting with representatives of Bulldog, the Strategic Planning Committee determined to recommend that the Board approve an advisory agreement with Bulldog pursuant to which Bulldog would serve as the Fund's investment adviser. The Strategic Planning Committee also determined that the Board should consider certain changes to the Fund's investment policies. At a meeting of the Board held on June 14, 2024, the Board of Trustees, including the Non-interested Trustees, after careful consideration and upon the recommendation of the Strategic Planning Committee, approved the Advisory Agreement. The Advisory Agreement must also be approved by Shareholders to become effective. The terms of the Advisory Agreement are described in the accompanying Proxy Statement. In addition, at the June 14, 2024 Board meeting, the Board also considered and approved certain changes to the Fund's investment strategies and fundamental policies in order to expand the types of investments the Fund can make and increase the Fund's flexibility to pursue investment opportunities (the "Investment Changes"). The Board noted that many of the Fund's policies, which were put in place when the Fund was created in 1987, are outdated, unduly restrictive and typically are not included as policies of more recently-created funds. The Board recommends that the Shareholders approve each of the Investment Changes. The Inv

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