Insight Select Income Fund
INSI
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- Insight Select Income Fund (NYSE: INSI) is a diversified closed-end management investment company that seeks a high rate of return, primarily from interest income and trading activity, from a portfolio principally consisting of debt securities. The Fund invests at least 80% of its total assets in debt securities, including short-term and long-term investment grade debt, with up to 25% in below investment grade securities (junk bonds); it also pursues capital appreciation by purchasing undervalued debt securities and optimizes risk-adjusted yields through active trading. Managed by Insight North America LLC, a subsidiary of Insight Investment, the Fund targets institutional and retail investors seeking fixed income exposure in the U.S. markets. Established in 1971 and headquartered in New York, NY, the Fund operates primarily in the United States fixed income markets, with no current plans for borrowing to purchase securities and a portfolio turnover rate of approximately 29% as of September 30, 2024. In recent developments, the Fund underwent a significant portfolio management change in February 2024, with Erin Spalsbury joining James DiChiaro as co-portfolio manager and Gautam Khanna stepping back from day-to-day responsibilities. Most notably, in February 2025, KKR Income Opportunities Fund (NYSE: KIO) completed the acquisition of the Fund's assets, resulting in INSI shares ceasing trading on January 31, 2025, and shareholders receiving 1.34709 KIO shares per INSI share based on net asset values as of February 6, 2025; this merger enhances scale with over $500 million in combined net assets, provides access to KKR's $237 billion credit platform, and offers operating expense savings alongside a 9.9% annual distribution rate. Prior to the acquisition, the Fund declared quarterly dividends totaling approximately $0.80 per share over the last four quarters as of late 2024.