# EDGAR Filing Document

**Accession Number:** 0000810943
**File Stem:** 0000894189-26-002840
**Filing Date:** 2026-1
**Character Count:** 70929
**Document Hash:** cf6009b596586b26d1280d6c379db55e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-002840.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0000894189-26-002840

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HIGH INCOME SECURITIES FUND
- **CENTRAL INDEX KEY:** 0000810943

**ORGANIZATION NAME:**
- **EIN:** 046562068
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05133
- **FILM NUMBER:** 26575815

**BUSINESS ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQ
- **STREET 2:** MAILSTOP A 14
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 414-765-6318

**MAIL ADDRESS:**
- **STREET 1:** US BANCORP FUND SERVICES LLC
- **STREET 2:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM HIGH INCOME SECURITIES FUND
- **DATE OF NAME CHANGE:** 20050930

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM HIGH INCOME BOND FUND
- **DATE OF NAME CHANGE:** 20030408

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM HIGH BOND FUND
- **DATE OF NAME CHANGE:** 20021107

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **High Income Securities Fund** | **High Income Securities Fund** | **High Income Securities Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 33.6%** | **Shares** | **Value**  |
| AI Infrastructure Acquisition Corp. <sup>(a)</sup> | 100000 | $1017000 |
| Andretti Acquisition Corp. II - Class A <sup>(a)</sup> | 50000 | 524000 |
| Apex Treasury Corp. <sup>(a)</sup> | 43000 | 433440 |
| Armada Acquisition Corp. II - Class A <sup>(a)</sup> | 100000 | 1016000 |
| Axiom Intelligence Acquisition Corp. 1 - Class A <sup>(a)</sup> | 18000 | 180900 |
| Blue Acquisition Corp. - Class A <sup>(a)</sup> | 142425 | 1469826 |
| Bold Eagle Acquisition Corp. - Class A <sup>(a)</sup> | 150000 | 1605000 |
| Cal Redwood Acquisition Corp. - Class A <sup>(a)</sup> | 100000 | 1008000 |
| Centurion Acquisition Corp. <sup>(a)</sup> | 156250 | 1656250 |
| ChampionsGate Acquisition Corp. - Class A <sup>(a)</sup> | 100000 | 1013000 |
| Crane Harbor Acquisition Corp. - Class A <sup>(a)</sup> | 46800 | 535860 |
| CSLM Digital Asset Acquisition Corp. III Ltd. - Class A <sup>(a)</sup> | 100000 | 996000 |
| D Boral ARC Acquisition I Corp. - Class A <sup>(a)</sup> | 137500 | 1379125 |
| Dune Acquisition Corp. II <sup>(a)</sup> | 200000 | 2032000 |
| Dynamix Corp. <sup>(a)</sup> | 55633 | 570238 |
| Dynamix Corp. III <sup>(a)</sup> | 50000 | 505000 |
| EGH Acquisition Corp. - Class A <sup>(a)</sup> | 50000 | 505000 |
| EQV Ventures Acquisition Corp. II - Class A <sup>(a)</sup> | 77148 | 772251 |
| Evolution Global Acquisition Corp. <sup>(a)</sup> | 1900 | 19171 |
| Fifth Era Acquisition Corp. I - Class A <sup>(a)</sup> | 2200 | 22770 |
| FIGX Capital Acquisition Corp. <sup>(a)</sup> | 100090 | 1025922 |
| GigCapital7 Corp. - Class A <sup>(a)</sup> | 74828 | 784946 |
| GigCapital8 Corp. <sup>(a)</sup> | 100000 | 1026000 |
| Highview Merger Corp. - Class A <sup>(a)</sup> | 100000 | 1001000 |
| Indigo Acquisition Corp. <sup>(a)</sup> | 143399 | 1435424 |
| Insight Digital Partners II <sup>(a)</sup> | 100000 | 1007000 |
| Invest Green Acquisition Corp. <sup>(a)</sup> | 75000 | 751500 |
| Jackson Acquisition Co. II - Class A <sup>(a)</sup> | 100000 | 1041000 |
| Jena Acquisition Corp. II - Class A <sup>(a)</sup> | 71213 | 727085 |
| Legato Merger Corp. III <sup>(a)</sup> | 40196 | 434519 |
| Lightwave Acquisition Corp. <sup>(a)</sup> | 100000 | 1012000 |
| Lionheart Holdings - Class A <sup>(a)</sup> | 73338 | 775183 |
| M3-Brigade Acquisition V Corp. - Class A <sup>(a)</sup> | 127657 | 1351888 |
| M3-Brigade Acquisition VI Corp. <sup>(a)</sup> | 50000 | 513000 |
| McKinley Acquisition Corp. - Class A <sup>(a)</sup> | 100000 | 997000 |
| Oyster Enterprises II Acquisition Corp. - Class A <sup>(a)</sup> | 200000 | 2020000 |
| Perceptive Capital Solutions Corp. <sup>(a)</sup> | 50000 | 539500 |
| Roman DBDR Acquisition Corp. II <sup>(a)</sup> | 125000 | 1305738 |
| Silver Pegasus Acquisition Corp. - Class A <sup>(a)</sup> | 100000 | 1006000 |
| Silverbox Corp. IV - Class A <sup>(a)</sup> | 110050 | 1157726 |
| SIM Acquisition Corp. I - Class A <sup>(a)</sup> | 150000 | 1582500 |
| Sizzle Acquisition Corp. II - Class A <sup>(a)</sup> | 50600 | 513590 |
| Soulpower Acquisition Corp. - Class A <sup>(a)</sup> | 86023 | 873133 |
| Spring Valley Acquisition Corp. III - Class A <sup>(a)</sup> | 100000 | 1025000 |
| Talon Capital Corp. <sup>(a)</sup> | 77000 | 798490 |
| Vendome Acquisition Corp. I - Class A <sup>(a)</sup> | 100000 | 1005000 |
| Viking Acquisition Corp. I <sup>(a)</sup> | 100000 | 1006000 |
| **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS)** (Cost $42,514,983) | **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS)** (Cost $42,514,983) | 43976975 |
| **CLOSED-END FUNDS - 33.5%** | **Shares** | **Value**  |
| AllianceBernstein National Municipal Income Fund, Inc. | 155140 | 1686372 |
| Bancroft Fund Ltd. | 13819 | 306091 |
| BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 119719 | 1264233 |
| BNY Mellon Strategic Municipal Bond Fund, Inc. | 1130928 | 6661166 |
| BNY Mellon Strategic Municipals, Inc. | 532689 | 3313325 |
| Carlyle Credit Income Fund | 142304 | 741404 |
| Clough Global Opportunities Fund | 203115 | 1169942 |
| Cohen & Steers Infrastructure Fund, Inc. | 29618 | 729195 |
| Destra Multi-Alternative Fund | 72584 | 631481 |
| Ellsworth Growth and Income Fund Ltd. | 173161 | 2008668 |
| ESC HNW <sup>(a)(b)</sup> | 19842 | 27979 |
| ESC MAV <sup>(a)(b)</sup> | 157094 | 64801 |
| ESC MHI <sup>(a)(b)</sup> | 160637 | 57508 |
| ESC MIO <sup>(a)(b)</sup> | 106795 | 16852 |
| ESC PHT <sup>(a)(b)</sup> | 28477 | 5197 |
| Gabelli Dividend & Income Trust | 151344 | 4146826 |
| GDL Fund | 110621 | 945809 |
| Highland Income Fund | 5386 | 33609 |
| Japan Smaller Capitalization Fund, Inc. | 74101 | 797327 |
| John Hancock Diversified Income Fund | 81076 | 886161 |
| MFS High Income Municipal Trust | 212876 | 789770 |
| MFS High Yield Municipal Trust | 764756 | 2699589 |
| MFS Investment Grade Municipal Trust | 245951 | 1960475 |
| Neuberger Berman Next Generation Connectivity Fund, Inc. | 429020 | 6310884 |
| Oxford Lane Capital Corp. | 200291 | 3002365 |
| Principal Real Estate Income Fund | 23967 | 243984 |
| Voya Asia Pacific High Dividend Equity Income Fund | 112710 | 841944 |
| Voya Emerging Markets High Dividend Equity Fund | 405123 | 2527967 |
| XAI Octagon Floating Rate Alternative Income Trust | 800 | 3736 |
| **TOTAL CLOSED-END FUNDS** (Cost $40,940,354) | **TOTAL CLOSED-END FUNDS** (Cost $40,940,354) | 43874660 |
| **BUSINESS DEVELOPMENT COMPANIES - 22.7%** | **Shares** | **Value**  |
| Barings BDC, Inc. | 78913 | 722054 |
| BCP Investment Corp. | 253580 | 3304147 |
| Blue Owl Capital Corp. | 126665 | 1668178 |
| Blue Owl Technology Finance Corp. | 209525 | 2912398 |
| CION Investment Corp. | 626379 | 6364011 |
| Crescent Capital BDC, Inc. | 192238 | 2758615 |
| FS KKR Capital Corp. | 202206 | 3255517 |
| Investcorp Credit Management BDC, Inc. | 324724 | 990408 |
| Monroe Capital Corp. | 325584 | 2090249 |
| Nuveen Churchill Direct Lending Corp. | 24625 | 364943 |
| OFS Capital Corp. | 27487 | 130563 |
| PhenixFIN Corp. | 19218 | 792935 |
| Runway Growth Finance Corp. | 472501 | 4342284 |
| **TOTAL BUSINESS DEVELOPMENT COMPANIES** (Cost $32,763,895) | **TOTAL BUSINESS DEVELOPMENT COMPANIES** (Cost $32,763,895) | 29696302 |
| **PREFERRED STOCKS - 3.7%** | **Shares** | **Value**  |
| **Business Development Companies - 1.1%** | **Business Development Companies - 1.1%** |  |
|  OFS Credit Co., Inc., Series E, 5.25%, 12/31/2026 <sup>(a)</sup> | 60000 | 1470000 |
| **Closed-End Funds - 0.7%** | **Closed-End Funds - 0.7%** |  |
| Highland Opportunities and Income Fund | – | $– |
| &nbsp;&nbsp; Series A, 5.38%, Perpetual <sup>(a)</sup> | 2521 | 41395 |
| &nbsp;&nbsp; Series B, 5.38%, Perpetual <sup>(a)</sup> | 47724 | 780287 |
|  |  | 821682 |
| **Real Estate Investment Trusts - 1.9%** | **Real Estate Investment Trusts - 1.9%** |  |
|  Cedar Realty Trust, Inc.- Series C, Series C, 6.50%, Perpetual | 72419 | 1198535 |
|  NexPoint Diversified Real Estate Trust - Series A, Series A, 5.50%, Perpetual | 94082 | 1320911 |
|  |  | 2519446 |
| **Retail - Catalog Shopping - 0.0% <sup>(c)</sup>** | **Retail - Catalog Shopping - 0.0% <sup>(c)</sup>** |  |
|  Legacy IMBDS, Inc., 8.50%, 09/30/2026 <sup>(a)(b)</sup> | 27802 | 0 |
| **TOTAL PREFERRED STOCKS** (Cost $6,105,400) | **TOTAL PREFERRED STOCKS** (Cost $6,105,400) | 4811128 |
| **TRUSTS - 1.0%** | **Certificates** | **Value**  |
| **Trusts - 1.0%** | **Trusts - 1.0%** |  |
| Copper Property CTL Pass Through Trust | 109428 | 1321890 |
| **TOTAL TRUSTS** (Cost $1,218,665) | **TOTAL TRUSTS** (Cost $1,218,665) | 1321890 |
| **WARRANTS - 0.5%** | **Contracts** | **Value**  |
| AA Mission Acquisition Corp., Expires 08/01/2030, Exercise Price $11.50 <sup>(a)(d)</sup> | 50000 | 8500 |
| Andretti Acquisition Corp. II, Expires 10/24/2029, Exercise Price $11.50 <sup>(a)(d)</sup> | 25000 | 7500 |
| Armada Acquisition Corp. II, Expires 05/20/2030, Exercise Price $11.50 <sup>(a)(d)</sup> | 25000 | 26250 |
| Blue Water Acquisition Corp. III, Expires 12/31/2026, Exercise Price $11.50 <sup>(a)(d)</sup> | 54592 | 10454 |
| Centurion Acquisition Corp., Expires 08/01/2029, Exercise Price $11.50 <sup>(a)(d)</sup> | 78125 | 25781 |
| Churchill Capital Corp. X, Expires 07/03/2030, Exercise Price $11.50 <sup>(a)(d)</sup> | 13508 | 82669 |
| CSLM Digital Asset Acquisition Corp. III Ltd., Expires 09/19/2030, Exercise Price $11.50 <sup>(a)(d)</sup> | 50000 | 25000 |
| D Boral ARC Acquisition I Corp., Expires 05/06/2030, Exercise Price $11.50 <sup>(a)(d)</sup> | 68750 | 24063 |
| Dune Acquisition Corp. II, Expires 06/12/2030, Exercise Price $11.50 <sup>(a)(d)</sup> | 150000 | 45000 |
| Dynamix Corp., Expires 12/06/2029, Exercise Price $11.50 <sup>(a)(d)</sup> | 16641 | 24795 |
| EQV Ventures Acquisition Corp., Expires 07/01/2031, Exercise Price $11.50 <sup>(a)(d)</sup> | 83333 | 41675 |
| EQV Ventures Acquisition Corp. II, Expires 06/30/2031, Exercise Price $11.50 <sup>(a)(d)</sup> | 25459 | 8911 |
| GigCapital7 Corp., Expires 09/11/2029, Exercise Price $11.50 <sup>(a)(d)</sup> | 141517 | 60852 |
| Highview Merger Corp., Expires 08/12/2030, Exercise Price $11.50 <sup>(a)(d)</sup> | 50000 | 17500 |
| Launch One Acquisition Corp., Expires 08/29/2029, Exercise Price $11.50 <sup>(a)(d)</sup> | 75000 | 20002 |
| Legato Merger Corp. III, Expires 03/28/2029, Exercise Price $11.50 <sup>(a)(d)</sup> | 20098 | 9410 |
| Lionheart Holdings, Expires 08/09/2029, Exercise Price $11.50 <sup>(a)(d)</sup> | 36669 | 9534 |
| M3-Brigade Acquisition V Corp., Expires 09/23/2030, Exercise Price $11.50 <sup>(a)(d)</sup> | 91700 | 59605 |
| Relativity Acquisition Corp., Expires 02/11/2027, Exercise Price $11.50 <sup>(a)(b)(d)</sup> | 21700 | 0 |
| Roman DBDR Acquisition Corp. II, Expires 02/03/2030, Exercise Price $11.50 <sup>(a)(d)</sup> | 62500 | 31256 |
| Silverbox Corp. IV, Expires 09/24/2029, Exercise Price $11.50 <sup>(a)(d)</sup> | 36683 | 11078 |
| SIM Acquisition Corp. I, Expires 08/28/2029, Exercise Price $11.50 <sup>(a)(d)</sup> | 75000 | 23475 |
| Spring Valley Acquisition Corp. III, Expires 09/30/2030, Exercise Price $11.50 <sup>(a)(d)</sup> | 33333 | 22750 |
| Vendome Acquisition Corp. I, Expires 02/18/2026, Exercise Price $11.50 <sup>(a)(d)</sup> | 50000 | 12500 |
| Voyager Acquisition Corp., Expires 05/16/2031, Exercise Price $11.50 <sup>(a)(d)</sup> | 145142 | 30480 |
| **TOTAL WARRANTS** (Cost $278,238) | **TOTAL WARRANTS** (Cost $278,238) | 639040 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.4%** | **Shares** | **Value**  |
| **Diversified REITs - 0.4%** | **Diversified REITs - 0.4%** |  |
| NexPoint Diversified Real Estate Trust | 168214 | 486139 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $2,236,232) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $2,236,232) | 486139 |
| **EXCHANGE TRADED FUNDS - 0.3%** | **Shares** | **Value**  |
| Horizon Kinetics Spac Active ETF | 4433 | 473821 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $416,501) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $416,501) | 473821 |
| **RIGHTS - 0.2%** | **Shares** | **Value**  |
| Axiom Intelligence Acquisition Corp. 1, Expires 06/10/2030, Exercise Price $10.00 <sup>(a)(d)</sup> | 18000 | 3600 |
| Blue Acquisition Corp., Expires 06/11/2030, Exercise Price $0.00 <sup>(a)(d)</sup> | 143700 | 48139 |
| Bold Eagle Acquisition Corp., Expires 10/11/2029, Exercise Price $10.00 <sup>(a)(d)</sup> | 100000 | 38270 |
| Cal Redwood Acquisition Corp., Expires 05/15/2030, Exercise Price $10.00 <sup>(a)(d)</sup> | 100000 | 31000 |
| Cayson Acquisition Corp., Expires 06/24/2026, Exercise Price $10.00 <sup>(a)(d)</sup> | 45000 | 7200 |
| ChampionsGate Acquisition Corp., Expires 05/14/2030, Exercise Price $10.00 <sup>(a)(d)</sup> | 100000 | 15030 |
| EGH Acquisition Corp., Expires 05/12/2027, Exercise Price $10.00 <sup>(a)(d)</sup> | 50000 | 13000 |
| Eureka Acquisition Corp., Expires 01/03/2026, Exercise Price $10.00 <sup>(a)(d)</sup> | 50000 | 24000 |
| Flag Ship Acquisition Corp., Expires 03/31/2026, Exercise Price $0.11 <sup>(a)(d)</sup> | 137500 | 26125 |
| IB Acquisition Corp., Expires 03/28/2026, Exercise Price $10.00 <sup>(a)(d)</sup> | 129140 | 8911 |
| Indigo Acquisition Corp., Expires 04/02/2027, Exercise Price $10.00 <sup>(a)(d)</sup> | 143399 | 22241 |
| McKinley Acquisition Corp., Expires 07/25/2030, Exercise Price $10.00 <sup>(a)(d)</sup> | 100000 | 16000 |
| Oyster Enterprises II Acquisition Corp., Expires 05/22/2030, Exercise Price $10.00 <sup>(a)(d)</sup> | 200000 | 30020 |
| Silver Pegasus Acquisition Corp., Expires 06/26/2030, Exercise Price $10.00 <sup>(a)(d)</sup> | 100000 | 26000 |
| Sizzle Acquisition Corp. II, Expires 04/02/2030, Exercise Price $10.00 <sup>(a)(d)</sup> | 50600 | 10115 |
| Soulpower Acquisition Corp., Expires 06/27/2026, Exercise Price $1.00 <sup>(a)(d)</sup> | 86023 | 15484 |
| **TOTAL RIGHTS** (Cost $238,706) | **TOTAL RIGHTS** (Cost $238,706) | 335135 |
| **COMMON STOCKS - 0.2%** | **Shares** | **Value**  |
| **Real Estate Management & Development - 0.2%** | **Real Estate Management & Development - 0.2%** |  |
| Gyrodyne LLC <sup>(a)</sup> | 30000 | 285000 |
| **TOTAL COMMON STOCKS** (Cost $308,241) | **TOTAL COMMON STOCKS** (Cost $308,241) | 285000 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 4.4%** | **Shares** | **Value**  |
| Fidelity Investments Money Market Funds - Government Portfolio - Institutional Class, 3.84% <sup>(e)</sup> | 2997472 | 2997472 |
| STIT - Treasury Portfolio - Institutional Class, 3.85% <sup>(e)</sup> | 2807281 | 2807281 |
| **TOTAL MONEY MARKET FUNDS** (Cost $5,804,753) | **TOTAL MONEY MARKET FUNDS** (Cost $5,804,753) | 5804753 |
| **TOTAL INVESTMENTS - 100.5% (**Cost $132,825,968**)** | **TOTAL INVESTMENTS - 100.5% (**Cost $132,825,968**)** | 131704843 |
| Liabilities in Excess of Other Assets - (0.5)% | Liabilities in Excess of Other Assets - (0.5)% | (678588) |
| **TOTAL NET ASSETS - 100.0%** |  | $131026255 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

LLC - Limited Liability Company <br> 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 Board of Directors. These securities represented
 $172,337 or 0.1% of net assets as of November 30, 2025.

(c) Represents less than 0.05% of net assets.

(d) To the extent that the Fund invests more heavily in a particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect
 those industries or sectors.

(e) The rate shown represents the 7-day annualized yield as of November 30, 2025.

------

#### Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
High Income Securities Fund (the "Fund") has adopted fair value accounting standards which establish a 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 valuation 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 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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Special Purpose Acquisition Companies (SPACs) | $36754651 | $7222324 | $– | $43976975 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Closed-End Funds | 43702323 | – | 172337 | 43874660 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Business Development Companies | 28903367 | 792935 | – | 29696302 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 3341128 | 1470000 | 0 | 4811128 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Trusts | 1321890 | – | – | 1321890 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | 379769 | 259271 | 0 | 639040 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 486139 | – | – | 486139 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 473821 | – | – | 473821 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Rights | 139863 | 195272 | – | 335135 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 285000 | – | – | 285000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 5804753 | – | – | 5804753 |
| Total Investments | $121592704 | $9939802 | $172337 | $131704843 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

------

---

| | | |
|:---|:---|:---|
| The fair value of derivative instruments as reported within the Schedule of Investments as of November 30, 2025: | The fair value of derivative instruments as reported within the Schedule of Investments as of November 30, 2025: |  |
| Derivatives not accounted for as hedging<br> instruments | &nbsp;&nbsp; Statement of Assets &<br> Liabilities Location | Value |
| Equity Contracts - Warrants | Investments, at value | $639040 |
| The effect of derivative instruments on the Statement of Operations for the period ended November 30, 2025 | The effect of derivative instruments on the Statement of Operations for the period ended November 30, 2025 |  |
|  | Amount of Realized Gain (Loss) on Derivatives Recognized in Income |  |
| Derivatives not accounted for as hedging<br> instruments | &nbsp;&nbsp; Statement of Operations<br> Location | Value |
| Equity Contracts - Warrants | Net Realized Gain <br> on Investments  | $261963 |
|  | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |  |
| Derivatives not accounted for as hedging<br> instruments | &nbsp;&nbsp; Statement of Operations<br> Location | Total |
| Equity Contracts - Warrants | Net change in unrealized<br> appreciation of investments  | $104401 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** High Income Securities Fund

- **b. Investment Company Act file number:** 811-05133

- **c. CIK number of Registrant:** 0000810943

- **d. LEI of Registrant:** 25RM533JWPQG19PQ1G87

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 4147654255

**Item A.2. Information about the Series.**

- **a. Name of Series:** High Income Securities Fund

- **c. LEI of Series:** 25RM533JWPQG19PQ1G87

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $132049484.00

**Total Liabilities:** $1027092.03

**Net Assets:** $131022391.97

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -1.26%               | -0.08%               | 0.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $441553.63               | $-580348.30                                |
| Month 2  | $1305442.36              | $-636043.83                                |
| Month 3  | $224311.07               | $-255735.87                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| RELATIVITY ACQUISITION COR-A   | Relativity Acquisition Corp                            | CUSIP: 75944B114<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     21700 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Roman DBDR Acquisition Corp II | Roman DBDR Acquisition Corp II                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    125000 | NS      | $1305737.50   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Acquisition Corp I      | Viking Acquisition Corp I                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1006000.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CEDAR REALTY TRUST INC         | Cedar Realty Trust Inc                                 | CUSIP: 150602506<br>LEI: 54930056URX93R2RSN82 | Long             | EP               | CORP              | US        |     72419 | NS      | $1198534.45   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                          | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   2997472 | NS      | $2997471.97   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHLAND OPP & INC FUND        | Highland Opportunities and Income Fund                 | CUSIP: 43010E503<br>LEI: 254900CMUE9FRYL2UR80 | Long             | EP               | CORP              | US        |      2521 | NS      | $41394.82     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LEGACY IMBDS INC               | Legacy IMBDS Inc                                       | CUSIP: 452465305<br>LEI: 5299009C9SZXPB0EEN07 | Long             | EP               | CORP              | US        |     27802 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Investcorp Credit Management B | Investcorp Credit Management BDC Inc                   | CUSIP: 46090R104<br>LEI: 549300ZRNRCSKPLGYQ55 | Long             | EC               | CORP              | US        |    324724 | NS      | $990408.20    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| OFS CREDIT COMPANY             | OFS Credit Co Inc                                      | CUSIP: 67111Q404<br>LEI: 549300A7A6U0QNX5FB55 | Long             | EP               | CORP              | US        |     60000 | NS      | $1470000.00   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| ESC MHI                        | ESC MHI                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    160637 | NS      | $57508.05     | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| BCP Investment Corp            | BCP Investment Corp                                    | CUSIP: 73688F201<br>LEI: 254900YM5BVQKA01I468 | Long             | EC               | CORP              | US        |    253580 | NS      | $3304147.40   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AA MISSION ACQUISITION COR-A   | AA Mission Acquisition Corp                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     50000 | NS      | $8500.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionsGate Acquisition Corp | ChampionsGate Acquisition Corp                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1013000.00   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| CSLM Digital Asset Acquisition | CSLM Digital Asset Acquisition Corp III Ltd            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $996000.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Dune Acquisition Corp II       | Dune Acquisition Corp II                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    200000 | NS      | $2032000.00   | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Dynamix Corp III               | Dynamix Corp III                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     50000 | NS      | $505000.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Indigo Acquisition Corp        | Indigo Acquisition Corp                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    143399 | NS      | $22241.18     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Lightwave Acquisition Corp     | Lightwave Acquisition Corp                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1012000.00   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Oyster Enterprises II Acquisit | Oyster Enterprises II Acquisition Corp                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    200000 | NS      | $2020000.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Perceptive Capital Solutions C | Perceptive Capital Solutions Corp                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     50000 | NS      | $539500.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Sizzle Acquisition Corp II     | Sizzle Acquisition Corp II                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     50600 | NS      | $513590.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Soulpower Acquisition Corp     | Soulpower Acquisition Corp                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     86023 | NS      | $873133.45    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancroft Fund Ltd              | Bancroft Fund Ltd                                      | CUSIP: 059695106<br>LEI: 5493000X4Y1FB4G26P45 | Long             | EC               | RF                | US        |     13819 | NS      | $306090.85    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bold Eagle Acquisition Corp    | Bold Eagle Acquisition Corp                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $38270.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Clough Global Opportunities Fu | Clough Global Opportunities Fund                       | CUSIP: 18914E106<br>LEI: 549300DTG68UBCNCPY15 | Long             | EC               | RF                | US        |    203115 | NS      | $1169942.40   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHLAND OPP & INC FUND        | Highland Opportunities and Income Fund                 | CUSIP: 43010E602<br>LEI: 254900CMUE9FRYL2UR80 | Long             | EP               | CORP              | US        |     47724 | NS      | $780287.40    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Smaller Capitalization F | Japan Smaller Capitalization Fund Inc                  | CUSIP: 47109U104<br>LEI: 5493000KJSHWEB3YKZ37 | Long             | EC               | RF                | US        |     74101 | NS      | $797326.76    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| John Hancock Diversified Incom | John Hancock Diversified Income Fund                   | CUSIP: 47804L102<br>LEI: TXPTLN9B34V0S0MTR071 | Long             | EC               | RF                | US        |     81076 | NS      | $886160.68    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS High Income Municipal Trus | MFS High Income Municipal Trust                        | CUSIP: 59318D104<br>LEI: 0G9TCUWY2FBUXSJY2691 | Long             | EC               | RF                | US        |    212876 | NS      | $789769.96    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Diversified Real Esta | NexPoint Diversified Real Estate Trust                 | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               | CORP              | US        |    168214 | NS      | $486138.46    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| OFS Capital Corp               | OFS Capital Corp                                       | CUSIP: 67103B100<br>LEI: 549300XTK3HSWPDBJD13 | Long             | EC               | CORP              | US        |     27487 | NS      | $130563.25    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ESC MIO                        | ESC MIO                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    106795 | NS      | $16852.25     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| ESC MAV                        | ESC MAV                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    157094 | NS      | $64801.28     | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| Principal Real Estate Income F | Principal Real Estate Income Fund                      | CUSIP: 74255X104<br>LEI: 549300HK3LIJEGLGMK36 | Long             | EC               | RF                | US        |     23967 | NS      | $243984.06    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Portfolio     | Invesco Treasury Portfolio                             | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |   2807281 | NS      | $2807280.98   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Apex Treasury Corp             | Apex Treasury Corp                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     43000 | NS      | $433440.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Cayson Acquisition Corp        | Cayson Acquisition Corp                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     45000 | NS      | $7200.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Crane Harbor Acquisition Corp  | Crane Harbor Acquisition Corp                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     46800 | NS      | $535860.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| EGH Acquisition Corp           | EGH Acquisition Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     50000 | NS      | $13000.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FIGX Capital Acquisition Corp  | FIGX Capital Acquisition Corp                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100090 | NS      | $1025922.50   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| GigCapital8 Corp               | GigCapital8 Corp                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1026000.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHVIEW MERGER CORP-CL A      | Highview Merger Corp                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     50000 | NS      | $17500.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Indigo Acquisition Corp        | Indigo Acquisition Corp                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    143399 | NS      | $1435423.99   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Legato Merger Corp III         | Legato Merger Corp III                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     40196 | NS      | $434518.76    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Lionheart Holdings             | Lionheart Holdings                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     73338 | NS      | $775182.66    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| McKinley Acquisition Corp      | McKinley Acquisition Corp                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $997000.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Oyster Enterprises II Acquisit | Oyster Enterprises II Acquisition Corp                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    200000 | NS      | $30020.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Silver Pegasus Acquisition Cor | Silver Pegasus Acquisition Corp                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1006000.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SIM Acquisition Corp I         | SIM Acquisition Corp I                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    150000 | NS      | $1582500.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| VENDOME ACQUISITION CORP-A     | Vendome Acquisition Corp I                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     50000 | NS      | $12500.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AllianceBernstein National Mun | AllianceBernstein National Municipal Income Fund Inc   | CUSIP: 01864U106<br>LEI: MNYPOOOZYY8V01GEIT28 | Long             | EC               | RF                | US        |    155140 | NS      | $1686371.80   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Barings BDC Inc                | Barings BDC Inc                                        | CUSIP: 06759L103<br>LEI: 549300GSF4KFZP6ONG49 | Long             | EC               | CORP              | US        |     78913 | NS      | $722053.95    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Corp          | Blue Owl Capital Corp                                  | CUSIP: 69121K104<br>LEI: 2549000BD79OOCPF2L94 | Long             | EC               | CORP              | US        |    126665 | NS      | $1668178.05   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| AI Infrastructure Acquisition  | AI Infrastructure Acquisition Corp                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1017000.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal Redwood Acquisition Corp   | Cal Redwood Acquisition Corp                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $31000.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Centurion Acquisition Corp     | Centurion Acquisition Corp                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    156250 | NS      | $1656250.00   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Andretti Acquisition Corp II   | Andretti Acquisition Corp II                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     50000 | NS      | $524000.00    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Oxford Lane Capital Corp       | Oxford Lane Capital Corp                               | CUSIP: 691543847<br>LEI: 549300G3KO4JNQQD7Z72 | Long             | EC               | RF                | US        |    200291 | NS      | $3002365.09   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Infrastructure  | Cohen & Steers Infrastructure Fund Inc                 | CUSIP: 19248A109<br>LEI: T085JMDV2CFIPONRA870 | Long             | EC               | RF                | US        |     29618 | NS      | $729195.16    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Copper Property CTL Pass Throu | Copper Property CTL Pass Through Trust                 | CUSIP: 217519107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    109428 | NS      | $1321890.24   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Strategic Municipal | BNY Mellon Strategic Municipals Inc                    | CUSIP: 05588W108<br>LEI: 549300FH0LKMOBY7N332 | Long             | EC               | RF                | US        |    532689 | NS      | $3313325.58   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Gabelli Dividend & Income Trus | Gabelli Dividend & Income Trust/The                    | CUSIP: 36242H104<br>LEI: 549300082N1MHBT8NI60 | Long             | EC               | RF                | US        |    151344 | NS      | $4146825.60   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Kinetics Spac Active E | Horizon Kinetics Spac Active ETF                       | CUSIP: 53656G555<br>LEI: 549300AI8RU2XFLJZ173 | Long             | EC               | RF                | US        |      4433 | NS      | $473821.21    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS High Yield Municipal Trust | MFS High Yield Municipal Trust                         | CUSIP: 59318E102<br>LEI: A8WLLLHJKX1MW5QPZU93 | Long             | EC               | RF                | US        |    764756 | NS      | $2699588.68   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuveen Churchill Direct Lendin | Nuveen Churchill Direct Lending Corp                   | CUSIP: 67090S108<br>LEI: 254900X3ULEP6XX7HG39 | Long             | EC               | CORP              | US        |     24625 | NS      | $364942.50    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PhenixFIN Corp                 | PhenixFIN Corp                                         | CUSIP: 71742W103<br>LEI: 549300JJH1QEB0RKNO53 | Long             | EC               | CORP              | US        |     19218 | NS      | $792934.68    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Runway Growth Finance Corp     | Runway Growth Finance Corp                             | CUSIP: 78163D100<br>LEI: 254900AXR3J2N1XT0V02 | Long             | EC               | CORP              | US        |    472501 | NS      | $4342284.19   | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Credit Income Fund     | Carlyle Credit Income Fund                             | CUSIP: 92535C104<br>LEI: 549300LVMWHJGZNVXZ22 | Long             | EC               | RF                | US        |    142304 | NS      | $741403.84    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Axiom Intelligence Acquisition | Axiom Intelligence Acquisition Corp 1                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |     18000 | NS      | $180900.00    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Axiom Intelligence Acquisition | Axiom Intelligence Acquisition Corp 1                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |     18000 | NS      | $3600.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ARMADA ACQUISITION -CLASS A    | Armada Acquisition Corp II                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     25000 | NS      | $26250.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Acquisition Corp          | Blue Acquisition Corp                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    142425 | NS      | $1469826.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal Redwood Acquisition Corp   | Cal Redwood Acquisition Corp                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1008000.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTURION ACQUISITION CORP     | Centurion Acquisition Corp                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     78125 | NS      | $25781.25     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Dynamix Corp                   | Dynamix Corp                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     55633 | NS      | $570238.25    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| EQV VENTURES ACQUISITION C-A   | EQV Ventures Acquisition Corp                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     83333 | NS      | $41674.83     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| EQV VENTURES ACQUISITION C-A   | EQV Ventures Acquisition Corp II                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     25459 | NS      | $8910.59      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fifth Era Acquisition Corp I   | Fifth Era Acquisition Corp I                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |      2200 | NS      | $22770.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GigCapital7 Corp               | GigCapital7 Corp                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     74828 | NS      | $784945.72    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Silverbox Corp IV              | Silverbox Corp IV                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    110050 | NS      | $1157726.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| SIM ACQUISITION CORP I-A       | SIM Acquisition Corp I                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     75000 | NS      | $23475.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| XAI Octagon Floating Rate Alte | XAI Octagon Floating Rate Alternative Income Trust     | CUSIP: 98400T106<br>LEI: 549300XT617P63BLW552 | Long             | EC               | RF                | US        |       800 | NS      | $3736.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LIONHEART HOLDINGS - CL A      | Lionheart Holdings                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     36669 | NS      | $9533.94      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| M3-Brigade Acquisition V Corp  | M3-Brigade Acquisition V Corp                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    127657 | NS      | $1351887.63   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| M3-Brigade Acquisition VI Corp | M3-Brigade Acquisition VI Corp                         | CUSIP: N/A<br>LEI: 529900K3KULJYPOBI946       | Long             | EC               | CORP              | US        |     50000 | NS      | $513000.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Sizzle Acquisition Corp II     | Sizzle Acquisition Corp II                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     50600 | NS      | $10114.94     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SPRING VALLEY ACQUISITION-A    | Spring Valley Acquisition Corp III                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     33333 | NS      | $22750.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Talon Capital Corp             | Talon Capital Corp                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     77000 | NS      | $798490.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| GDL Fund/The                   | GDL Fund/The                                           | CUSIP: 361570104<br>LEI: 5493000XKGL8ZPN99479 | Long             | EC               | RF                | US        |    110621 | NS      | $945809.55    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Gyrodyne LLC                   | Gyrodyne LLC                                           | CUSIP: 403829104<br>LEI: 549300CF8EE7IDXWHQ23 | Long             | EC               | CORP              | US        |     30000 | NS      | $285000.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Highland Opportunities and Inc | Highland Opportunities and Income Fund                 | CUSIP: 43010E404<br>LEI: 254900CMUE9FRYL2UR80 | Long             | EC               | RF                | US        |      5386 | NS      | $33608.64     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Monroe Capital Corp            | Monroe Capital Corp                                    | CUSIP: 610335101<br>LEI: 549300RZ898DGFGWKV04 | Long             | EC               | CORP              | US        |    325584 | NS      | $2090249.28   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ESC HNW                        | ESC HNW                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | RF                | US        |     19842 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Voya Emerging Markets High Div | Voya Emerging Markets High Dividend Equity Fund        | CUSIP: 92912P108<br>LEI: 549300MBU0OQHUKI2Y86 | Long             | EC               | RF                | US        |    405123 | NS      | $2527967.52   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Armada Acquisition Corp II     | Armada Acquisition Corp II                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1016000.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionsGate Acquisition Corp | ChampionsGate Acquisition Corp                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $15030.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CHURCHILL CAPITAL CORP X-A     | Churchill Capital Corp X                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     13508 | NS      | $82668.96     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CSLM DIGITAL ASSET ACQU - A    | CSLM Digital Asset Acquisition Corp III Ltd            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     50000 | NS      | $25000.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| D Boral ARC Acquisition I Corp | D Boral ARC Acquisition I Corp                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    137500 | NS      | $1379125.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DUNE ACQUISITION CORP II       | Dune Acquisition Corp II                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    150000 | NS      | $45000.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNAMIX CORP                   | Dynamix Corp                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     16641 | NS      | $24795.09     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Digital Partners II    | Insight Digital Partners II                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1007000.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Jena Acquisition Corp II       | Jena Acquisition Corp II                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     71213 | NS      | $727084.73    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| LAUNCH ONE ACQUISITION CORP    | Launch One Acquisition Corp                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     75000 | NS      | $20002.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ROMAN DBDR ACQUISITION CORP    | Roman DBDR Acquisition Corp II                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     62500 | NS      | $31256.25     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Silver Pegasus Acquisition Cor | Silver Pegasus Acquisition Corp                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $26000.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Spring Valley Acquisition Corp | Spring Valley Acquisition Corp III                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1025000.00   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| VOYAGER ACQUISITION CORP       | Voyager Acquisition Corp                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    145142 | NS      | $30479.82     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Vendome Acquisition Corp I     | Vendome Acquisition Corp I                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1005000.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Technology Finance Co | Blue Owl Technology Finance Corp                       | CUSIP: 095924106<br>LEI: 254900G5EZJSOD3UKL16 | Long             | EC               | CORP              | US        |    209525 | NS      | $2912397.50   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Strategic Municipal | BNY Mellon Strategic Municipal Bond Fund Inc           | CUSIP: 09662E109<br>LEI: 54930044KK4C1VDJ7M52 | Long             | EC               | RF                | US        |   1130928 | NS      | $6661165.92   | 5.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Municipal Bond Infr | BNY Mellon Municipal Bond Infrastructure Fund Inc      | CUSIP: 09662W109<br>LEI: 5493003OUY2BKGFZ2414 | Long             | EC               | RF                | US        |    119719 | NS      | $1264232.64   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellsworth Growth and Income Fu | Ellsworth Growth and Income Fund Ltd                   | CUSIP: 289074106<br>LEI: 549300GYFOXHCDQTI772 | Long             | EC               | RF                | US        |    173161 | NS      | $2008667.60   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS Investment Grade Municipal | MFS Investment Grade Municipal Trust                   | CUSIP: 59318B108<br>LEI: TQV30XJRB3S7V50XRW52 | Long             | EC               | RF                | US        |    245951 | NS      | $1960475.42   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman Next Generati | Neuberger Berman Next Generation Connectivity Fund Inc | CUSIP: 64133Q108<br>LEI: 549300GRTFKXVB9LQE61 | Long             | EC               | RF                | US        |    429020 | NS      | $6310884.20   | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXPOINT DIV REAL ESTA         | NexPoint Diversified Real Estate Trust                 | CUSIP: 65340G304<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EP               | CORP              | US        |     94082 | NS      | $1320911.28   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Asia Pacific High Dividen | Voya Asia Pacific High Dividend Equity Income Fund     | CUSIP: 92912J102<br>LEI: 549300GNK7F1VWTNPE94 | Long             | EC               | RF                | US        |    112710 | NS      | $841943.70    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Acquisition Corp          | Blue Acquisition Corp                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    143700 | NS      | $48139.50     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE WATER ACQUISITION C-A     | Blue Water Acquisition Corp III                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     54592 | NS      | $10454.27     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EQV Ventures Acquisition Corp  | EQV Ventures Acquisition Corp II                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     77148 | NS      | $772251.48    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution Global Acquisition C | Evolution Global Acquisition Corp                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1900 | NS      | $19171.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Flag Ship Acquisition Corp     | Flag Ship Acquisition Corp                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    137500 | NS      | $26125.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GIGCAPITAL7 CORP-A             | GigCapital7 Corp                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    141517 | NS      | $60852.31     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Invest Green Acquisition Corp  | Invest Green Acquisition Corp                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     75000 | NS      | $751500.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| McKinley Acquisition Corp      | McKinley Acquisition Corp                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $16000.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| M3-BRIGADE ACQUISITION V-A     | M3-Brigade Acquisition V Corp                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     91700 | NS      | $59604.68     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SILVERBOX CORP IV-A            | Silverbox Corp IV                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     36683 | NS      | $11078.27     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Soulpower Acquisition Corp     | Soulpower Acquisition Corp                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     86023 | NS      | $15484.14     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CION Investment Corp           | CION Investment Corp                                   | CUSIP: 17259U204<br>LEI: 549300XN70JLF94XKX80 | Long             | EC               | CORP              | US        |    626379 | NS      | $6364010.64   | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Capital BDC Inc       | Crescent Capital BDC Inc                               | CUSIP: 225655109<br>LEI: 549300VPIZMU6OEE0V68 | Long             | EC               | CORP              | US        |    192238 | NS      | $2758615.30   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Destra Multi-Alternative Fund  | Destra Multi-Alternative Fund                          | CUSIP: 25065A502<br>LEI: N/A                  | Long             | EC               | RF                | US        |     72584 | NS      | $631480.80    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| FS KKR Capital Corp            | FS KKR Capital Corp                                    | CUSIP: 302635206<br>LEI: 549300TYRSI1T21B1360 | Long             | EC               | CORP              | US        |    202206 | NS      | $3255516.60   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| IB Acquisition Corp            | IB Acquisition Corp                                    | CUSIP: 44934N116<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    129140 | NS      | $8910.66      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ESC PHT                        | ESC PHT                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | RF                | US        |     28477 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Bold Eagle Acquisition Corp    | Bold Eagle Acquisition Corp                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    150000 | NS      | $1605000.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| D. BORAL ARC ACQUISIT - CL A   | D Boral ARC Acquisition I Corp                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     68750 | NS      | $24062.50     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ANDRETTI ACQUISITION CORP -A   | Andretti Acquisition Corp II                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     25000 | NS      | $7500.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EGH Acquisition Corp           | EGH Acquisition Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     50000 | NS      | $505000.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Eureka Acquisition Corp        | Eureka Acquisition Corp                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     50000 | NS      | $24000.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Highview Merger Corp           | Highview Merger Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1001000.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Acquisition Co II      | Jackson Acquisition Co II                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1041000.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| LEGATO MERGER CORP III         | Legato Merger Corp III                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     20098 | NS      | $9409.88      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-28

**Name of Applicant:** High Income Securities Fund

**Signature:** Andrew Dakos

**Name of Signer:** /s/ Andrew Dakos

**Title:** President