Gerald Hellerman
About Gerald Hellerman
Independent Trustee of High Income Securities Fund (PCF) since 2018; born 1937. He has more than 40 years of financial experience, including roles as a Financial Analyst and Branch Chief at the U.S. SEC, Special Adviser to the U.S. Senate Antitrust and Monopoly Subcommittee, and Chief Financial Analyst at the DOJ Antitrust Division for 17 years; he has also served as a financial/corporate consultant (1993–2014) . He currently chairs PCF’s Audit & Valuation Committee and is a member of the Nominating and Corporate Governance Committee; he is considered an Independent Trustee under the 1940 Act and NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Department of Justice, Antitrust Division | Chief Financial Analyst | 17 years | Senior analytical role in antitrust finance |
| U.S. Securities and Exchange Commission | Financial Analyst; Branch Chief | Not disclosed | Regulatory oversight experience |
| U.S. Senate Antitrust & Monopoly Subcommittee | Special Adviser | Not disclosed | Policy advisory in antitrust |
| Various companies (consulting) | Financial and corporate consultant | 1993–2014 | Advisory/consulting experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| The Mexico Equity & Income Fund, Inc. | Director | Current (as of Oct 20, 2025) | Public closed-end fund directorship |
| Special Opportunities Fund, Inc. | Director | Current | Public closed-end fund directorship |
| Total Return Securities Fund | Director | Current | Public closed-end fund directorship |
| Fiera Capital Series Trust | Trustee | Until Aug 2023 | Ended August 2023 |
| MVC Capital, Inc. | Director | Until 2020 | Ended 2020 |
| Crossroads Liquidating Trust | Trustee | Until 2020 | Ended 2020 |
Board Governance
| Committee | Role | Members | Meetings (FY2025) | Notes |
|---|---|---|---|---|
| Audit & Valuation Committee | Chair | Hellerman; Sell; Dayan | 5 | All members independent under NYSE standards; Dayan designated “audit committee financial expert”; Board determined Hellerman’s and Sell’s service on >3 audit committees does not impair effectiveness |
| Nominating & Corporate Governance Committee | Member | Hellerman; Harris; Sell; Dayan | 0 | Established Sep 12, 2025; all members independent; no meetings in FY2025 due to recent formation |
| Strategic Planning Committee | Member (implied by stipend) | Not disclosed | Not disclosed | Compensation footnotes indicate stipend for service (member $7,500; chair $10,000) during FY2025 |
- Board composition: six Trustees, three “interested” (including the Chairman), and three independent; no lead independent trustee .
- Board met 4 times in FY2025; each present Trustee/nominee attended at least 75% of Board and committee meetings since election .
Fixed Compensation
| Component | Amount | Frequency | FY2025 Status |
|---|---|---|---|
| Independent Trustee annual retainer | $40,000 | Paid quarterly in advance | Active |
| Strategic Planning Committee stipend (member) | $7,500 | Annual | Received (per footnote) |
| Aggregate compensation from PCF (FY2025) | $52,500 | Fiscal year ended Aug 31, 2025 | Reported for Hellerman |
| Total compensation from Fund Complex (FY2025) | $168,000 | Fiscal year ended Aug 31, 2025 | Reported for Hellerman (complex comprises PCF, Special Opportunities Fund, Total Return Securities Fund) |
| Pension/retirement benefits | None | N/A | Fund does not have such plans |
- The Board does not have a standing compensation committee .
Performance Compensation
- The Fund discloses fixed cash compensation for Independent Trustees; it does not disclose any bonus plan, profit-sharing, pension or retirement plan for Trustees, nor performance-linked metrics tied to director pay in FY2025 .
Other Directorships & Interlocks
| Company | Relationship | Potential Interlock Consideration |
|---|---|---|
| The Mexico Equity & Income Fund, Inc.; Special Opportunities Fund, Inc.; Total Return Securities Fund | Current Director | These funds are in the same “Family of Investment Companies”; Hellerman’s aggregate dollar range across the family is “Over $100,000” (3) |
| Fiera Capital Series Trust; MVC Capital, Inc.; Crossroads Liquidating Trust | Former trustee/director | Ended Aug 2023 or 2020; no current interlock |
- None of the Independent Trustees (including Hellerman) or immediate family owned securities in the Adviser (Bulldog Investors, LLP) or its affiliates, nor had interests/transactions exceeding $120,000 over the past five years; since Sep 1, 2022, no transactions/relationships above $120,000 with the Fund, Adviser or affiliates were reported .
Expertise & Qualifications
- Extensive regulatory and antitrust finance background (SEC, Senate, DOJ), plus decades of public company board experience, qualifying him for audit and governance roles .
- Independent Trustee with committee leadership (Audit & Valuation Committee chair) and membership on Nominating & Corporate Governance, reflecting board confidence in oversight capabilities .
Equity Ownership
| Holding | Amount/Range | As-of Date | Notes |
|---|---|---|---|
| PCF equity (dollar range) | Over $100,000 | Oct 20, 2025 | Individual disclosure for Hellerman |
| Aggregate dollar range across family (PCF, Special Opportunities Fund, Total Return Securities Fund) | Over $100,000 (3) | Oct 20, 2025 | Indicates broader complex exposure |
| Trustees and officers as a group – % of PCF | <1% | Oct 20, 2025 | Group beneficial ownership |
Governance Assessment
- Strengths: Independent status; chairs Audit & Valuation Committee; meaningful personal investment in PCF (“Over $100,000” dollar range) supporting alignment; no related-party transactions or adviser-affiliate holdings reported for Independent Trustees .
- Risks/Watch items: Board has no lead independent trustee and is chaired by an “interested” trustee; board independence is 50% (3 of 6), not a clear majority; Hellerman (and Sell) serve on more than three public-company audit committees, which can raise workload concerns (though the Board determined no impairment) .
- Compensation structure signals: Director pay is almost entirely fixed cash (retainer + committee stipend), with no disclosed performance-linked elements; absence of equity grants can limit direct pay-for-performance alignment, though personal share ownership partially offsets this .