Tender Offer - HIGH INCOME SECURITIES FUND

Form Type: N-CSRS

Filing Date: 2025-05-07

Corporate Action: Tender-offer

Type: Update

Accession Number: 000199937125005607

Filing Summary: High Income Securities Fund filed its N-CSRS form detailing its operations and investment strategies for the semi-annual period ended February 28, 2025. The Fund reported an annualized distribution rate of at least 10% of its net asset value (NAV) with a targeted monthly distribution of $0.0593 per share. The Fund's NAV return was reported at 4.65% for the first half of its fiscal year, with a per share NAV of $7.15, down slightly from $7.19 at the end of the previous fiscal year. The Fund implemented a rights offering that resulted in the issuance of 11.86 million shares which diluted the NAV. A significant highlight was the self-tender offer completed in December 2024, where the Fund repurchased 10,675,000 shares at $7.07 each, close to the NAV of $7.21. The letter emphasized a strategic shift towards acquiring discount shares from closed-end and business development companies, alongside the aim of influencing monetization events to enhance shareholder value. Additionally, the Fund navigated its investments across various market sectors, focusing on income-generating assets, while noting an expected return from a settled shareholder lawsuit related to a previous investment.