In plain terms — High Income Securities Fund
Shares currently cost about 17.4% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 13.3% discount, so today's level is unusually wide for this fund (Z-score -2.3). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 13.7% a year of the share price (11.3% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.21 of assets — a ReinvestCapture™ rate of 16.6%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 3.8% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -15.28% | 1.42% | -1.74 | 63 |
| 6 months | -14.72% | 1.36% | -2.24 | 122 |
| 1 year | -13.35% | 1.88% | -2.34 | 244 |
| 3 years | -11.02% | — | — | — |
| 5 years | -9.90% | — | — | — |
Current contemporaneous premium/discount -17.75% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -18.37% to -8.41%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -6.83% | -7.00% | -17.89% | -19.71% | -5.73% | -10.92% |
| Market price total return | -5.82% | -3.96% | -9.91% | -9.34% | +5.77% | -0.09% |
| NAV return | -2.38% | -4.21% | -11.78% | -13.40% | -5.04% | -7.85% |
| NAV total return | -1.48% | -1.57% | -4.49% | -3.82% | +5.17% | +2.14% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
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.
CEF Explorer research page for High Income Securities Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.