High Income Securities Fund
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
CLOSED END FUNDS - 28.7%
  
Shares
    
Value
  
AllianceBernstein National Municipal Income Fund, Inc.
    
316,101
    
$
3,632,001
  
Bancroft Fund Ltd.
    
13,721
      
253,427
  
BlackRock Innovation and Growth Term Trust
    
34,081
      
272,307
  
BlackRock Municipal Income Fund, Inc.
    
94,202
      
1,195,423
  
BNY Mellon Municipal Income, Inc.
    
622,204
      
4,635,420
  
BNY Mellon Strategic Municipal Bond Fund, Inc.
    
638,723
      
3,921,759
  
Clough Global Opportunities Fund
    
127,292
      
674,011
  
Destra Multi-Alternative Fund (a)
    
166,851
      
1,493,317
  
DWS Municipal Income Trust
    
457,388
      
4,601,323
  
Eaton Vance New York Municipal Bond Fund
    
270,570
      
2,675,937
  
Ellsworth Growth and Income Fund Ltd.
    
178,320
      
1,776,959
  
Gabelli Dividend & Income Trust
    
151,344
      
3,872,893
  
Herzfeld Caribbean Basin Fund, Inc.
    
58,852
      
143,010
  
Highland Income Fund
    
159,826
      
941,375
  
Invesco High Income 2024 Target Term Fund (b)
    
263,232
      
1,984,769
  
MFS High Yield Municipal Trust
    
764,756
      
2,791,360
  
MFS Investment Grade Municipal Trust
    
245,951
      
2,026,636
  
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
    
55,436
      
258,332
  
Neuberger Berman Municipal Fund, Inc.
    
162,521
      
1,771,479
  
Neuberger Berman Next Generation Connectivity Fund, Inc.
    
242,168
      
3,191,774
  
New America High Income Fund, Inc.
    
539,511
      
4,477,941
  
Principal Real Estate Income Fund
    
190,218
      
2,054,355
  
Saba Capital Income & Opportunities Fund
    
153,998
      
1,207,344
  
Tortoise Energy Independence Fund, Inc.
    
49,642
      
2,189,212
  
Tortoise Midstream Energy Fund, Inc.
    
60,726
      
3,557,936
  
Tortoise Pipeline & Energy Fund, Inc.
    
13,463
      
704,594
  
Tortoise Power and Energy Infrastructure Fund, Inc.
    
132,629
      
2,761,336
  
Virtus Total Return Fund, Inc.
    
283,224
      
1,764,486
  
TOTAL CLOSED END FUNDS (Cost $54,363,050)
      
60,830,716
  
                 
SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 19.1%
  
Shares
    
Value
 
AA Mission Acquisition Corp. - Class A (a)
    
100,000
      
1,005,000
  
Ai Transportation Acquisition Corp. (a)
    
10,000
      
1,356
  
Andretti Acquisition Corp. II - Class A (a)
    
50,000
      
498,550
  
Ares Acquisition Corp. II (a)
    
171,046
      
1,866,112
  
Bold Eagle Acquisition Corp. (a)
    
100,000
      
1,000,000
  
Bowen Acquisition Corp. (a)
    
14,216
      
155,099
  
Cantor Equity Partners, Inc. (a)
    
265,000
      
2,705,650
  
Cayson Acquisition Corp. (a)
    
45,000
      
449,550
  
Centurion Acquisition Corp. (a)
    
156,250
      
1,573,437
  
Churchill Capital Corp. IX (a)
    
2,444
      
25,393
  
Colombier Acquisition Corp. II (a)
    
12,667
      
7,727
  
Colombier Acquisition Corp. II - Class A (a)
    
38,001
      
403,761
  
Dynamix Corp. (a)
    
230,820
      
2,298,967
  
EQV Ventures Acquisition Corp. - Class A (a)
    
250,000
      
2,485,000
  
Eureka Acquisition Corp. (a)
    
50,000
      
506,000
  
Flag Ship Acquisition Corp. (a)
    
137,500
      
1,395,625
  
GigCapital7 Corp. - Class A (a)
    
166,013
      
1,653,489
  
Haymaker Acquisition Corp. 4 (a)
    
158,353
      
1,699,128
  
HCM II Acquisition Corp. - Class A (a)
    
250,000
      
2,502,500
  
IB Acquisition Corp. (a)
    
129,140
      
1,297,857
  
Iron Horse Acquisitions Corp. (a)
    
32,232
      
331,667
  
Launch One Acquisition Corp. (a)
    
150,000
      
1,503,000
  
Legato Merger Corp. III (a)
    
40,196
      
412,813
  
Lionheart Holdings - Class A (a)
    
73,338
      
737,047
  
M3-Brigade Acquisition V Corp. - Class A (a)
    
255,249
      
2,562,700
  
Melar Acquisition Corp. I - Class A (a)
    
75,000
      
753,000
  
Nabors Energy Transition Corp. II (a)
    
58,563
      
628,381
  
Perceptive Capital Solutions Corp. (a)
    
50,000
      
506,250
  
Quetta Acquisition Corp. (a)
    
102,660
      
1,079,983
  
RF Acquisition Corp. II (a)
    
180,782
      
1,840,361
  
Rising Dragon Acquisition Corp. (a)
    
100,000
      
1,012,000
  
Silverbox Corp. IV - Class A (a)
    
110,050
      
1,104,902
  
SIM Acquisition Corp. I - Class A (a)
    
150,000
      
1,500,000
  
Voyager Acquisition Corp. (a)
    
290,284
      
2,908,646
  
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) (Cost $39,896,147)
      
40,410,951
  
                 
BUSINESS DEVELOPMENT COMPANIES - 7.2%
  
Shares
    
Value
  
CION Investment Corp.
    
626,379
      
7,359,953
  
Logan Ridge Finance Corp.
    
81,300
      
2,113,800
  
PhenixFIN Corp.
    
19,218
      
888,832
  
Portman Ridge Finance Corp.
    
131,630
      
2,253,506
  
Runway Growth Finance Corp.
    
257,405
      
2,679,586
  
TOTAL BUSINESS DEVELOPMENT COMPANIES (Cost $15,660,519)
      
15,295,677
  
                 
PREFERRED STOCKS - 3.7%
  
Shares
    
Value
 
Business Development Companies - 0.7%
          
OFS Credit Co, Inc. Series E, 5.25%, 12/31/2026
    
60,000
      
1,420,800
  
                 
Closed-End Funds - 1.6%
          
SuRo Capital Corp. 6.00%, 12/30/2026
    
60,436
      
1,474,639
  
XAI Octagon Floating Rate Alternative Income Term Trust Series 2026, 6.50%, 03/31/2026
    
80,000
      
2,011,624
  
             
3,486,263
  
                 
Real Estate Investment Trusts - 1.4%
          
Cedar Realty Trust, Inc.- Series C Series C, 6.50%, Perpetual
    
101,456
      
1,427,486
  
NexPoint Diversified Real Estate Trust - Series A Series A, 5.50%, Perpetual
    
94,082
      
1,526,537
  
             
2,954,023
  
                 
Real Estate Operations and Development - 0.0%(c)
          
Harbor Custom Development, Inc - Series A Series A, 8.00%, Perpetual  (b)
    
131,166
      
262
  
                 
Retail - Catalog Shopping - 0.0%(c)
          
Legacy IMBDS, Inc. 8.50%, 09/30/2026  (b)
    
27,802
      
0
  
TOTAL PREFERRED STOCKS (Cost $12,224,320)
      
7,861,348
  
                 
REAL ESTATE INVESTMENT TRUSTS - 1.4%
  
Shares
    
Value
 
Diversified REITs - 0.4%
          
NexPoint Diversified Real Estate Trust
    
153,190
      
886,970
  
                 
Office REITs - 1.0%
          
Equity Commonwealth (a)
    
106,035
      
2,156,752
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,317,456)
      
3,043,722
  
                 
TRUSTS - 0.5%
  
Certificates
    
Value
 
Copper Property CTL Pass Through Trust
    
87,573
      
1,055,255
  
TOTAL TRUSTS (Cost $942,199)
      
1,055,255
  
                 
EXCHANGE TRADED FUNDS - 0.2%
  
Shares
    
Value
  
Horizon Kinetics Spac Active ETF
    
4,700
      
472,350
  
TOTAL EXCHANGE TRADED FUNDS (Cost $441,587)
      
472,350
  
                 
COMMON STOCKS - 0.2%
  
Shares
    
Value
 
Asset Management - 0.2%
          
OFS Capital Corp.
    
49,360
      
400,310
  
TOTAL COMMON STOCKS (Cost $395,619)
      
400,310
  
                 
WARRANTS - 0.1%
  
Contracts
    
Value
 
AA Mission Acquisition Corp., Expires 08/01/2030, Exercise Price $11.50 (a)
    
50,000
      
2,756
  
Andretti Acquisition Corp. II, Expires 10/24/2029, Exercise Price $11.50 (a)
    
25,000
      
2,517
  
Centurion Acquisition Corp., Expires 08/01/2029, Exercise Price $11.50 (a)
    
78,125
      
7,917
  
Churchill Capital Corp. IX, Expires 06/11/2029, Exercise Price $11.50 (a)
    
611
      
226
  
EQV Ventures Acquisition Corp., Expires 07/01/2031, Exercise Price $11.50 (a)
    
83,333
      
12,500
  
GigCapital7 Corp., Expires 09/11/2029, Exercise Price $11.50 (a)
    
166,013
      
9,961
  
HCM II Acquisition Corp., Expires 10/10/2029, Exercise Price $11.50 (a)
    
125,000
      
12,175
  
Launch One Acquisition Corp., Expires 08/29/2029, Exercise Price $11.50 (a)
    
75,000
      
6,750
  
Legato Merger Corp. III, Expires 03/28/2029, Exercise Price $11.50 (a)
    
20,098
      
2,814
  
Lionheart Holdings, Expires 08/09/2029, Exercise Price $11.50 (a)
    
36,669
      
2,721
  
M3-Brigade Acquisition V Corp., Expires 09/23/2030, Exercise Price $11.50 (a)
    
127,625
      
19,144
  
Melar Acquisition Corp. I, Expires 06/01/2031, Exercise Price $11.50 (a)
    
37,500
      
4,312
  
Relativity Acquisition Corp., Expires 02/11/2027, Exercise Price $11.50 (a)(b)
    
21,700
      
0
  
Silverbox Corp. IV, Expires 09/24/2029, Exercise Price $11.50 (a)
    
36,683
      
5,686
  
SIM Acquisition Corp. I, Expires 08/28/2029, Exercise Price $11.50 (a)
    
75,000
      
6,195
  
Voyager Acquisition Corp., Expires 05/16/2031, Exercise Price $11.50 (a)
    
145,142
      
12,337
  
TOTAL WARRANTS (Cost $105,117)
      
108,011
  
                 
RIGHTS - 0.0%(c)
  
Shares
    
Value
 
Cayson Acquisition Corp., Expires 06/24/2026, Exercise Price $10.00 (a)
    
45,000
      
5,400
  
Eureka Acquisition Corp., Expires 01/03/2026, Exercise Price $10.00 (a)
    
50,000
      
11,000
  
Flag Ship Acquisition Corp., Expires 03/31/2026, Exercise Price $0.11 (a)
    
137,500
      
15,139
  
IB Acquisition Corp., Expires 09/28/2025, Exercise Price $10.00 (a)
    
129,140
      
6,457
  
RF Acquisition Corp. II, Expires 05/01/2026, Exercise Price $0.00 (a)
    
36,407
      
2,002
  
TOTAL RIGHTS (Cost $42,312)
      
39,998
  
                 
SHORT-TERM INVESTMENTS - 38.7%
          
Value
 
Money Market Funds - 38.7%
  
Shares
          
Fidelity Investments Money Market Funds - Government Portfolio - Class Institutional, 4.38% (d)
    
40,979,546
      
40,979,546
  
STIT - Treasury Portfolio - Class Institutional, 4.38% (d)
    
40,979,546
      
40,979,546
  
TOTAL SHORT-TERM INVESTMENTS (Cost $81,959,092)
      
81,959,092
  
                 
TOTAL INVESTMENTS - 99.8% (Cost $210,347,418)
      
211,477,430
  
Other Assets in Excess of Liabilities - 0.2%
      
407,083
  
TOTAL NET ASSETS - 100.0%
          
$
211,884,513
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

REIT - Real Estate Investment Trust

(a)
Non-income producing security.
(b)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $1,985,031 or 0.9% of net assets as of November 30, 2024.
(c)
Represents less than 0.05% of net assets.
(d)
The rate shown represents the 7-day annualized effective yield as of November 30, 2024.
Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
High Income Securities Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Closed End Funds
  
$
58,845,946
    
$
–
    
$
1,984,770
    
$
60,830,716
  
  Special Purpose Acquisition Companies (SPACs)
    
29,458,709
      
10,952,242
      
–
      
40,410,951
  
  Business Development Companies
    
14,406,844
      
888,833
      
–
      
15,295,677
  
  Preferred Stocks
    
4,965,648
      
2,895,438
      
262
      
7,861,348
  
  Real Estate Investment Trusts
    
3,043,722
      
–
      
–
      
3,043,722
  
  Trusts
    
–
      
1,055,255
      
–
      
1,055,255
  
  Exchange Traded Funds
    
472,350
      
–
      
–
      
472,350
  
  Common Stocks
    
400,310
      
–
      
–
      
400,310
  
  Warrants
    
41,634
      
66,377
      
–
(a) 
    
108,011
  
  Rights
    
2,002
      
37,996
      
–
      
39,998
  
  Money Market Funds
    
81,959,092
      
–
      
–
      
81,959,092
  
Total Investments
  
$
193,596,257
    
$
15,896,141
    
$
1,985,032
    
$
211,477,430
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.
  

(a)
Amount is less than $0.50.
The fair value of derivative instruments as reported within the Schedule of Investments as of November 30, 2024:
  
         
Derivatives not accounted for as hedging
instruments
Statement of Assets &
Liabilities Location
  
Value
  
Equity Contracts - Warrants
Investments, at value
  
$
108,011
  
           
The effect of derivative instruments on the Statement of Operations for the period ended November 30, 2024
  
           
 
Amount of Realized Gain (Loss) on Derivatives Recognized in Income
  
Derivatives not accounted for as hedging instruments
Statement of Operations
Location
  
Value
  
Equity Contracts - Warrants
Net Realized Gain
on Investments
  
$
(19,972
)

         
           
 
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
  
Derivatives not accounted for as hedging instruments
Statement of Operations Location
  
Total
  
Equity Contracts - Warrants
Net change in unrealized
appreciation of investments
  
$
23,913
  
           

High Income Securities (NYSE:PCF)
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Graphique Historique de l'Action
De Jan 2024 à Jan 2025 Plus de graphiques de la Bourse High Income Securities