LPL Financial LLC filed an amended ownership report on High Income Securities Fund common stock. LPL reports beneficial ownership of 1,341,910 shares, representing 7.2% of the class, based on 18,716,450 shares outstanding as of October 20, 2025. LPL has shared dispositive power over these shares but no sole voting or dispositive power.
The shares are held in client accounts where LPL acts as investment adviser and an independent contractor of LPL has discretionary authority over dispositions. The clients have the right to receive dividends and sale proceeds, and no individual client is known to hold more than five percent of the fund’s common stock. LPL certifies the holdings are in the ordinary course of business and not for the purpose of influencing control of the fund.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
High Income Securities Fund
(Name of Issuer)
Common Stock
(Title of Class of Securities)
42968F108
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
42968F108
1
Names of Reporting Persons
LPL Financial LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CALIFORNIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,341,910.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,341,910.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.2 %
12
Type of Reporting Person (See Instructions)
BD, IA
Comment for Type of Reporting Person: Row 8 and 9. LPL Financial LLC, in its capacity as investment adviser, may be deemed to beneficially own the shares of Common Stock reported herein, which are held by clients who have granted discretionary authority to dispose of or direct the disposition of the shares to an independent contractor of LPL Financial LLC.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
High Income Securities Fund
(b)
Address of issuer's principal executive offices:
615 East Michigan Street, Milwaukee, WI 53202
Item 2.
(a)
Name of person filing:
LPL Financial LLC ("LPL")
Reference is hereby made to the initial statement on Schedule 13G filed with the Securities and Exchange Commission by LPL with respect to the Common Stock of the Issuer on April 17, 2025 (the "Schedule 13G).
(b)
Address or principal business office or, if none, residence:
75 State Street, Boston, MA 02109
(c)
Citizenship:
California
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
42968F108
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information requested by this paragraph is incorporated herein by reference to the cover page to this Schedule 13G/A.
(b)
Percent of class:
The information requested by this paragraph is incorporated herein by reference to the cover page to this Schedule 13G/A. Percentage ownership is based on 18,716,450 shares of Common Stock outstanding as of October 20, 2025, as reported in the Issuer's Proxy Statement on Form DEF 14A filed with the Securities and Exchange Commission on November 3, 2025.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information requested by this paragraph is incorporated herein by reference to the cover page to this Schedule 13G/A.
(ii) Shared power to vote or to direct the vote:
The information requested by this paragraph is incorporated herein by reference to the cover page to this Schedule 13G/A.
(iii) Sole power to dispose or to direct the disposition of:
The information requested by this paragraph is incorporated herein by reference to the cover page to this Schedule 13G/A.
(iv) Shared power to dispose or to direct the disposition of:
The information requested by this paragraph is incorporated herein by reference to the cover page to this Schedule 13G/A.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The shares of Common Stock reported herein by LPL in its capacity as investment adviser are owned by clients who have granted discretionary authority to dispose of or direct the disposition of such shares to an independent contractor of LPL. Those clients have the right to receive, or the power to direct the receipt of, dividends from, or the proceeds from the sale of, such shares. No such clients are known to have such right or power with respect to more than five percent of the Common Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What percentage of High Income Securities Fund (PCF) does LPL Financial report owning?
LPL Financial LLC reports beneficial ownership of 7.2% of High Income Securities Fund’s common stock, based on 18,716,450 shares outstanding as of October 20, 2025.
How many PCF shares are reported as beneficially owned by LPL Financial?
LPL Financial LLC reports beneficial ownership of 1,341,910 shares of High Income Securities Fund common stock.
Does LPL Financial have voting control over its PCF holdings?
LPL Financial reports 0 shares with sole or shared voting power and 1,341,910 shares with shared dispositive power, indicating no reported voting power over these shares.
In what capacity does LPL Financial hold its PCF shares?
LPL Financial LLC reports the shares in its capacity as an investment adviser; the shares are owned by clients who granted discretionary authority to an independent contractor of LPL.
Who is entitled to dividends and sale proceeds from the PCF shares reported by LPL Financial?
The filing states that clients whose accounts hold the shares have the right to receive, or direct the receipt of, dividends and proceeds from any sale of the PCF shares.
Is LPL Financial seeking to influence control of High Income Securities Fund with these holdings?
LPL Financial certifies that the PCF securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.
What type of reporting person is LPL Financial in this PCF ownership filing?
LPL Financial LLC is classified as a broker-dealer (BD) and investment adviser (IA) in this beneficial ownership report.
