# EDGAR Filing Document

**Accession Number:** 0000810943
**File Stem:** 0001145549-25-049637
**Filing Date:** 2025-7
**Character Count:** 58193
**Document Hash:** a63005aefa89d35be7f64bd65e96414e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-049637.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001145549-25-049637

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**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:** 251159843

**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** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **CLOSED-END FUNDS - 37.9%** | **Shares** | **Value** |
| AllianceBernstein National Municipal Income Fund, Inc. | 495775 | $5131271 |
| Bancroft Fund Ltd. | 13819 | 247102 |
| BlackRock Innovation and Growth Term Trust | 176341 | 1230860 |
| BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 67959 | 682308 |
| BNY Mellon Municipal Income, Inc. | 622204 | 4336762 |
| BNY Mellon Strategic Municipal Bond Fund, Inc. | 968023 | 5372528 |
| BNY Mellon Strategic Municipals, Inc. | 206268 | 1202542 |
| Clough Global Opportunities Fund | 127292 | 667010 |
| Destra Multi-Alternative Fund | 166851 | 1464952 |
| DWS Municipal Income Trust | 284466 | 2554505 |
| Eaton Vance New York Municipal Bond Fund | 216296 | 1987760 |
| Ellsworth Growth and Income Fund Ltd. | 173161 | 1693515 |
| Gabelli Dividend & Income Trust | 151344 | 3759385 |
| GDL Fund | 110621 | 927004 |
| Highland Income Fund | 5386 | 27469 |
| MFS High Income Municipal Trust | 187176 | 655116 |
| MFS High Yield Municipal Trust | 764756 | 2554285 |
| MFS Investment Grade Municipal Trust | 245951 | 1863079 |
| Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | 55414 | 273745 |
| Neuberger Berman Next Generation Connectivity Fund, Inc. | 417146 | 5518842 |
| Pioneer Diversified High Income Trust | 195 | 2377 |
| Pioneer Municipal High Income Advantage Fund, Inc. | 36072 | 299037 |
| Pioneer Municipal High Income Fund Trust | 18249 | 167708 |
| Pioneer Municipal High Income Opportunities Fund, Inc. | 3748 | 44601 |
| Platinum Asia Investments Ltd. | 1844616 | 1224710 |
| Principal Real Estate Income Fund | 190218 | 1978267 |
| Tortoise Energy Infrastructure Corp. | 49027 | 1985594 |
| Virtus Total Return Fund, Inc. | 99290 | 612619 |
| Voya Asia Pacific High Dividend Equity Income Fund | 28151 | 188330 |
| Voya Emerging Markets High Dividend Equity Fund | 114617 | 649867 |
| **TOTAL CLOSED-END FUNDS** (Cost $47,489,660) | **TOTAL CLOSED-END FUNDS** (Cost $47,489,660) | 49303150 |
| **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 29.8%** | **Shares** | **Value**  |
| Andretti Acquisition Corp. II - Class A <sup>(a)</sup> | 50000 | 516000 |
| Ares Acquisition Corp. II <sup>(a)</sup> | 171046 | 1956766 |
| Armada Acquisition Corp. II <sup>(a)</sup> | 100000 | 1002500 |
| Bold Eagle Acquisition Corp. - Class A <sup>(a)</sup> | 100000 | 1038000 |
| Cal Redwood Acquisition Corp. <sup>(a)</sup> | 100000 | 1003000 |
| Cayson Acquisition Corp. <sup>(a)</sup> | 45000 | 460800 |
| Centurion Acquisition Corp. <sup>(a)</sup> | 156250 | 1637500 |
| ChampionsGate Acquisition Corp. <sup>(a)</sup> | 100000 | 1002000 |
| Churchill Capital Corp. X <sup>(a)</sup> | 122024 | 1261118 |
| Crane Harbor Acquisition Corp. - Class A <sup>(a)</sup> | 150000 | 1486500 |
| Dune Acquisition Corp. II <sup>(a)</sup> | 200000 | 2007000 |
| Dynamix Corp. <sup>(a)</sup> | 105820 | 1063491 |
| EGH Acquisition Corp. <sup>(a)</sup> | 50000 | 503500 |
| EQV Ventures Acquisition Corp. - Class A <sup>(a)</sup> | 250000 | 2605000 |
| Fifth Era Acquisition Corp. I - Class A <sup>(a)</sup> | 2200 | 22220 |
| GigCapital7 Corp. - Class A <sup>(a)</sup> | 166013 | 1701633 |
| Haymaker Acquisition Corp. 4 <sup>(a)</sup> | 158353 | 1748217 |
| HCM II Acquisition Corp. - Class A <sup>(a)</sup> | 100000 | 1170000 |
| Hennessy Capital Investment Corp. VI - Class A <sup>(a)</sup> | 125 | 1381 |
| Iron Horse Acquisitions Corp. <sup>(a)</sup> | 32032 | 338373 |
| Jackson Acquisition Co. II - Class A <sup>(a)</sup> | 100000 | 1022000 |
| Kochav Defense Acquisition Corp. <sup>(a)</sup> | 34400 | 344344 |
| Launch One Acquisition Corp. <sup>(a)</sup> | 150000 | 1552500 |
| Legato Merger Corp. III <sup>(a)</sup> | 40196 | 426882 |
| Lionheart Holdings - Class A <sup>(a)</sup> | 73338 | 769316 |
| M3-Brigade Acquisition V Corp. - Class A <sup>(a)</sup> | 195064 | 2301755 |
| Nabors Energy Transition Corp. II <sup>(a)</sup> | 39885 | 440729 |
| Perceptive Capital Solutions Corp. <sup>(a)</sup> | 50000 | 520000 |
| Roman DBDR Acquisition Corp. II <sup>(a)</sup> | 125000 | 1283750 |
| Silverbox Corp. IV - Class A <sup>(a)</sup> | 110050 | 1148922 |
| SIM Acquisition Corp. I - Class A <sup>(a)</sup> | 150000 | 1560000 |
| Sizzle Acquisition Corp. II <sup>(a)</sup> | 50600 | 510554 |
| Soulpower Acquisition Corp. <sup>(a)</sup> | 86023 | 868833 |
| Voyager Acquisition Corp. <sup>(a)</sup> | 290284 | 2992828 |
| Wintergreen Acquisition Corp. <sup>(a)</sup> | 50000 | 500500 |
| **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS)** (Cost $37,058,339) | **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS)** (Cost $37,058,339) | 38767912 |
| **BUSINESS DEVELOPMENT COMPANIES - 14.1%** | **Shares** | **Value** |
| Barings BDC, Inc. | 125637 | 1169681 |
| CION Investment Corp. | 626379 | 6057085 |
| Crescent Capital BDC, Inc. | 105162 | 1632114 |
| Investcorp Credit Management BDC, Inc. | 242524 | 653602 |
| Logan Ridge Finance Corp. | 81300 | 1434945 |
| OFS Capital Corp. | 91137 | 758260 |
| PhenixFIN Corp. | 19218 | 941682 |
| Portman Ridge Finance Corp. | 131630 | 1592723 |
| Runway Growth Finance Corp. | 406530 | 4036843 |
| **TOTAL BUSINESS DEVELOPMENT COMPANIES** (Cost $21,238,207) | **TOTAL BUSINESS DEVELOPMENT COMPANIES** (Cost $21,238,207) | 18276935 |
| **PREFERRED STOCKS - 4.8%** | **Shares** | **Value**  |
| **Business Development Companies - 1.7%** | **Business Development Companies - 1.7%** |  |
|  OFS Credit Co., Inc., Series E, 5.25%, 12/31/2026 <sup>(a)</sup> | 60000 | 1440000 |
|  Oxford Lane Capital Corp., Series 2032, 7.95%, 02/29/2032 <sup>(a)</sup> | 32500 | 802750 |
|  |  | 2242750 |
| **Closed-End Funds - 1.6%** | **Closed-End Funds - 1.6%** |  |
|  Highland Opportunities and Income Fund, Series B, 5.38%, Perpetual <sup>(a)</sup> | 1846 | 28114 |
|  XAI Octagon Floating Rate Alternative Income Trust, Series 2026, 6.50%, 03/31/2026 <sup>(a)</sup> | 80000 | 2008800 |
|  |  | 2036914 |
| **Real Estate Investment Trusts - 1.5%** | **Real Estate Investment Trusts - 1.5%** |  |
|  Cedar Realty Trust, Inc.- Series C, Series C, 6.50%, Perpetual <sup>(a)</sup> | 45817 | 675343 |
|  NexPoint Diversified Real Estate Trust - Series A, Series A, 5.50%, Perpetual <sup>(a)</sup> | 94082 | 1317148 |
|  |  | 1992491 |
| **Real Estate Operations and Development - 0.0%<sup>(b)</sup>** | **Real Estate Operations and Development - 0.0%<sup>(b)</sup>** |  |
|  Harbor Custom Development, Inc - Series A, Series A, 8.00%, Perpetual <sup>(a)(c)</sup> | 131166 | 0 |
| **Retail - Catalog Shopping - 0.0%<sup>(b)</sup>** | **Retail - Catalog Shopping - 0.0%<sup>(b)</sup>** |  |
|  Legacy IMBDS, Inc., 8.50%, 09/30/2026 <sup>(a)(c)</sup> | 27802 | 0 |
| **TOTAL PREFERRED STOCKS** (Cost $9,979,881) | **TOTAL PREFERRED STOCKS** (Cost $9,979,881) | 6272155 |
| **TRUSTS - 1.0%** | **Certificates** | **Value**  |
| **Trusts - 1.0%** | **Trusts - 1.0%** |  |
| Copper Property CTL Pass Through Trust | 109428 | 1313136 |
| **TOTAL TRUSTS** (Cost $1,218,665) | **TOTAL TRUSTS** (Cost $1,218,665) | 1313136 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.5%** | **Shares** | **Value**  |
| **Diversified REITs - 0.5%** | **Diversified REITs - 0.5%** |  |
| NexPoint Diversified Real Estate Trust | 159749 | 664556 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $2,202,611) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $2,202,611) | 664556 |
| **WARRANTS - 0.5%** | **Contracts** | **Value**  |
| AA Mission Acquisition Corp., Expires 08/01/2030, Exercise Price $11.50 <sup>(a)</sup> | 50000 | 5000 |
| Andretti Acquisition Corp. II, Expires 10/24/2029, Exercise Price $11.50 <sup>(a)</sup> | 25000 | 4527 |
| Centurion Acquisition Corp., Expires 08/01/2029, Exercise Price $11.50 <sup>(a)</sup> | 78125 | 22656 |
| Churchill Capital Corp. IX, Expires 06/11/2029, Exercise Price $11.50 <sup>(a)</sup> | 611 | 617 |
| Dynamix Corp., Expires 12/06/2029, Exercise Price $11.50 <sup>(a)</sup> | 52910 | 18413 |
| EQV Ventures Acquisition Corp., Expires 07/01/2031, Exercise Price $11.50 <sup>(a)</sup> | 83333 | 51667 |
| GigCapital7 Corp., Expires 09/11/2029, Exercise Price $11.50 <sup>(a)</sup> | 166013 | 24902 |
| HCM II Acquisition Corp., Expires 10/10/2029, Exercise Price $11.50 <sup>(a)</sup> | 50000 | 112500 |
| Launch One Acquisition Corp., Expires 08/29/2029, Exercise Price $11.50 <sup>(a)</sup> | 75000 | 20250 |
| Legato Merger Corp. III, Expires 03/28/2029, Exercise Price $11.50 <sup>(a)</sup> | 20098 | 4223 |
| Lionheart Holdings, Expires 08/09/2029, Exercise Price $11.50 <sup>(a)</sup> | 36669 | 9901 |
| M3-Brigade Acquisition V Corp., Expires 09/23/2030, Exercise Price $11.50 <sup>(a)</sup> | 127625 | 232430 |
| Relativity Acquisition Corp., Expires 02/11/2027, Exercise Price $11.50 <sup>(a)(c)</sup> | 21700 | 0 |
| Roman DBDR Acquisition Corp. II, Expires 02/03/2030, Exercise Price $11.50 <sup>(a)</sup> | 62500 | 25638 |
| Silverbox Corp. IV, Expires 09/24/2029, Exercise Price $11.50 <sup>(a)</sup> | 36683 | 13576 |
| SIM Acquisition Corp. I, Expires 08/28/2029, Exercise Price $11.50 <sup>(a)</sup> | 75000 | 20250 |
| Voyager Acquisition Corp., Expires 05/16/2031, Exercise Price $11.50 <sup>(a)</sup> | 145142 | 24674 |
| **TOTAL WARRANTS** (Cost $123,922) | **TOTAL WARRANTS** (Cost $123,922) | 591224 |
| **EXCHANGE TRADED FUNDS - 0.4%** | **Shares** | **Value** |
| Horizon Kinetics Spac Active ETF | 4700 | 487272 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $441,587) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $441,587) | 487272 |
| **RIGHTS - 0.0%<sup>(b)</sup>** | **Shares** | **Value**  |
| Bold Eagle Acquisition Corp., Expires 10/11/2029, Exercise Price $10.00 <sup>(a)</sup> | 100000 | 28400 |
| Cayson Acquisition Corp., Expires 06/24/2026, Exercise Price $10.00 <sup>(a)</sup> | 45000 | 7650 |
| Eureka Acquisition Corp., Expires 01/03/2026, Exercise Price $10.00 <sup>(a)</sup> | 50000 | 11000 |
| Flag Ship Acquisition Corp., Expires 03/31/2026, Exercise Price $0.11 <sup>(a)</sup> | 137500 | 15139 |
| IB Acquisition Corp., Expires 09/28/2025, Exercise Price $10.00 <sup>(a)</sup> | 129140 | 8226 |
| **TOTAL RIGHTS** (Cost $60,414) | **TOTAL RIGHTS** (Cost $60,414) | 70415 |
| **SHORT-TERM INVESTMENTS - 11.3%** |  | **Value**  |
| **Money Market Funds - 11.3%** | **<u>Shares</u>** |  |
| Fidelity Investments Money Market Funds - Government Portfolio - Class Institutional, 4.23% <sup>(d)</sup> | 7344998 | 7344998 |
| STIT - Treasury Portfolio - Class Institutional, 4.23% <sup>(d)</sup> | 7344998 | 7344998 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $14,689,996) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $14,689,996) | 14689996 |
| **TOTAL INVESTMENTS - 100.3% (**Cost $134,503,282**)** | **TOTAL INVESTMENTS - 100.3% (**Cost $134,503,282**)** | 130436751 |
| Liabilities in Excess of Other Assets - (0.3)% | Liabilities in Excess of Other Assets - (0.3)% | (408832) |
| **TOTAL NET ASSETS - 100.0%** |  | $130027919 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

REIT - Real Estate Investment Trust<br>

(a) Non-income producing security.

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

(c) 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 $0 or 0.0% of net assets as of May 31, 2025.

(d) The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

------

#### Summary of Fair Value Disclosure as of May 31, 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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Closed-End Funds | 49303150 | – | – | 49303150 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Special Purpose Acquisition Companies (SPACs) | 34224463 | 4543449 | – | 38767912 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Business Development Companies | 18276935 | – | – | 18276935 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 2823355 | 3448800 | 0 | 6272155 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Trusts | 1313136 | – | – | 1313136 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | 664556 | – | – | 664556 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | 552973 | 38251 | 0 | 591224 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 487273 | – | – | 487272 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Rights | 44276 | 26139 | – | 70415 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 14689996 | – | – | 14689996 |
| Total Investments | 122380113 | 8056639 | 0 | 130436751 |
| 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. |
| 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. | 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. | 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. | 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. | 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. |

---

------

---

| | | |
|:---|:---|:---|
| The fair value of derivative instruments as reported within the Schedule of Investments as of May 31, 2025: |  |  |
| Derivatives not accounted for as hedging<br> instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets &<br> Liabilities Location | Value |
| Equity Contracts - Warrants | &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value | $591224 |
| The effect of derivative instruments on the Statement of Operations for the period ended May 31, 2025 |  |  |
|  | Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income |
| Derivatives not accounted for as hedging<br> instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations<br> Location | Value |
| Equity Contracts - Warrants | Net Realized Gain | $113582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on Investments |  |  |
|  | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
| Derivatives not accounted for as hedging<br> instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations Location | Total |
| Equity Contracts - Warrants | Net change in unrealized<br> &nbsp;&nbsp;&nbsp;&nbsp;appreciation of investments  | $488321 |

---

## 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:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $131933701.30

**Total Liabilities:** $1905185.41

**Net Assets:** $130028515.89

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -1.61%               | -4.77%               | 1.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $197410.62               | $-3801583.47                               |
| Month 2  | $1704492.00              | $-2797298.12                               |
| Month 3  | $531890.84               | $1399436.58                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AllianceBernstein National Mun | AllianceBernstein National Municipal Income Fund Inc   | CUSIP: 01864U106<br>LEI: MNYPOOOZYY8V01GEIT28 | Long             | EC               | RF                | US        |    495775 | NS      | $5131271.25   | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Strategic Municipal | BNY Mellon Strategic Municipals Inc                    | CUSIP: 05588W108<br>LEI: 549300FH0LKMOBY7N332 | Long             | EC               | RF                | US        |    201268 | NS      | $1173392.44   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Barings BDC Inc                | Barings BDC Inc                                        | CUSIP: 06759L103<br>LEI: 549300GSF4KFZP6ONG49 | Long             | EC               | CORP              | US        |    125637 | NS      | $1169680.47   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CEDAR REALTY TRUST INC         | Cedar Realty Trust Inc                                 | CUSIP: 150602506<br>LEI: 54930056URX93R2RSN82 | Long             | EP               | CORP              | US        |     33324 | NS      | $491195.76    | 0.38%             |  |  |  | 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      | $1313136.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Capital BDC Inc       | Crescent Capital BDC Inc                               | CUSIP: 225655109<br>LEI: 549300VPIZMU6OEE0V68 | Long             | EC               | CORP              | US        |    105162 | NS      | $1632114.24   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Vance New York Municipal | Eaton Vance New York Municipal Bond Fund               | CUSIP: 27827Y109<br>LEI: 5493003LD9U89XVQ7W91 | Long             | EC               | RF                | US        |    216296 | NS      | $1987760.24   | 1.53%             |  |  |  | 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      | $1693514.58   | 1.30%             |  |  |  | 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      |
| Logan Ridge Finance Corp       | Logan Ridge Finance Corp                               | CUSIP: 541098109<br>LEI: 5493007DZ22O2I4VJ124 | Long             | EC               | CORP              | US        |     81300 | NS      | $1434945.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MFS High Income Municipal Trus | MFS High Income Municipal Trust                        | CUSIP: 59318D104<br>LEI: 0G9TCUWY2FBUXSJY2691 | Long             | EC               | RF                | US        |    186892 | NS      | $654122.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Diversified Real Esta | NexPoint Diversified Real Estate Trust                 | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               | CORP              | US        |    159749 | NS      | $664555.84    | 0.51%             |  |  |  | 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      | $1317148.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PhenixFIN Corp                 | PhenixFIN Corp                                         | CUSIP: 71742W103<br>LEI: 549300JJH1QEB0RKNO53 | Long             | EC               | CORP              | US        |     19218 | NS      | $941682.00    | 0.72%             |  |  |  | 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      | $1003000.00   | 0.77%             |  |  |  | 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      | $1038000.00   | 0.80%             |  |  |  | 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      | $28400.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Centurion Acquisition Corp     | Centurion Acquisition Corp                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    156250 | NS      | $1637500.00   | 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      | $516000.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EGH Acquisition Corp           | EGH Acquisition Corp                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     50000 | NS      | $503500.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Legato Merger Corp III         | Legato Merger Corp III                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     40196 | NS      | $426881.52    | 0.33%             |  |  |  | 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      | $4222.59      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Launch One Acquisition Corp    | Launch One Acquisition Corp                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    150000 | NS      | $1552500.00   | 1.19%             |  |  |  | No            |                  2 | 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      | $20250.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BNY Mellon Municipal Income In | BNY Mellon Municipal Income Inc                        | CUSIP: 05589T104<br>LEI: 549300BKYDDROJTY1E24 | Long             | EC               | RF                | US        |    622204 | NS      | $4336761.88   | 3.34%             |  |  |  | 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        |    968023 | NS      | $5372527.65   | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Acquisition Corp II       | Ares Acquisition Corp II                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    171046 | NS      | $1956766.24   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYAGER ACQUISITION CORP       | Voyager Acquisition Corp                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    145142 | NS      | $24674.14     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Pioneer Municipal High Income  | Pioneer Municipal High Income Advantage Fund Inc       | CUSIP: 723762100<br>LEI: UE8ZNXHQH48NNA19I459 | Long             | EC               | RF                | US        |     31172 | NS      | $258415.88    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Municipal High Income  | Pioneer Municipal High Income Fund Trust               | CUSIP: 723763108<br>LEI: 1SKUXW31ZFWF61CETQ82 | Long             | EC               | RF                | US        |     17191 | NS      | $157985.29    | 0.12%             |  |  |  | No            |                  1 | 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      | $1283750.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SILVERBOX CORP IV-A            | Silverbox Corp IV                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     36683 | NS      | $13576.38     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Principal Real Estate Income F | Principal Real Estate Income Fund                      | CUSIP: 74255X104<br>LEI: 549300HK3LIJEGLGMK36 | Long             | EC               | RF                | US        |    190218 | NS      | $1978267.20   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Total Return Fund Inc   | Virtus Total Return Fund Inc                           | CUSIP: 92835W107<br>LEI: 549300KKRHI4GF7RNQ81 | Long             | EC               | RF                | US        |     99290 | NS      | $612619.30    | 0.47%             |  |  |  | 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        |     28151 | NS      | $188330.19    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Emerging Markets High Div | Voya Emerging Markets High Dividend Equity Fund        | CUSIP: 92912P108<br>LEI: 549300MBU0OQHUKI2Y86 | Long             | EC               | RF                | US        |    114617 | NS      | $649866.93    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| XAI OCTAGON FLT RT ALT         | XAI Octagon Floating Rate Alternative Income Trust     | CUSIP: 98400T205<br>LEI: 549300XT617P63BLW552 | Long             | EP               | CORP              | US        |     80000 | NS      | $2008800.00   | 1.54%             |  |  |  | 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      | $4527.50      | 0.00%             |  |  |  | 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      | $25637.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Soulpower Acquisition Corp     | Soulpower Acquisition Corp                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     86023 | NS      | $868832.30    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| DWS Municipal Income Trust     | DWS Municipal Income Trust                             | CUSIP: 233368109<br>LEI: TEL2CK71Z3LE1OCHIB43 | Long             | EC               | RF                | US        |    284466 | NS      | $2554504.68   | 1.96%             |  |  |  | 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      | $51666.67     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GigCapital7 Corp               | GigCapital7 Corp                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    166013 | NS      | $1701633.25   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                          | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   7753911 | NS      | $7753911.42   | 5.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Hennessy Capital Investment Co | Hennessy Capital Investment Corp VI                    | CUSIP: 42600H108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       125 | NS      | $1381.25      | 0.00%             |  |  |  | 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      | $1863078.83   | 1.43%             |  |  |  | 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      | $1002500.00   | 0.77%             |  |  |  | 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      | $5000.00      | 0.00%             |  |  |  | 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      | $1022000.00   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Silverbox Corp IV              | Silverbox Corp IV                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    110050 | NS      | $1148922.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintergreen Acquisition Corp   | Wintergreen Acquisition Corp                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     50000 | NS      | $500500.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Technology and Priva | BlackRock Technology and Private Equity Term Trust     | CUSIP: 09260Q108<br>LEI: 549300G3XFQ7175KM723 | Long             | EC               | RF                | US        |    176341 | NS      | $1230860.18   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Cayson Acquisition Corp        | Cayson Acquisition Corp                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     45000 | NS      | $460800.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Harbor Acquisition Corp  | Crane Harbor Acquisition Corp                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    150000 | NS      | $1486500.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| OFS CREDIT COMPANY             | OFS Credit Co Inc                                      | CUSIP: 67111Q404<br>LEI: 549300A7A6U0QNX5FB55 | Long             | EP               | CORP              | US        |     60000 | NS      | $1440000.00   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| OXFORD LANE CAPITAL CORP       | Oxford Lane Capital Corp                               | CUSIP: 691543854<br>LEI: 549300G3KO4JNQQD7Z72 | Long             | EP               | CORP              | US        |     32500 | NS      | $802750.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Diversified High Incom | Pioneer Diversified High Income Fund Inc               | CUSIP: 723653101<br>LEI: F6XC8RH66QIXRMU75G31 | Long             | EC               | RF                | US        |       195 | NS      | $2377.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Platinum Asia Investments Ltd  | Platinum Asia Investments Ltd                          | CUSIP: N/A<br>LEI: 549300836DYWB3XCP779       | Long             | EC               | RF                | AU        |   1844616 | NS      | $1224710.40   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Capital Corp X       | Churchill Capital Corp X                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    122024 | NS      | $1261118.04   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Kochav Defense Acquisition Cor | Kochav Defense Acquisition Corp                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     34400 | NS      | $344344.00    | 0.26%             |  |  |  | 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      | $520000.00    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Sizzle Acquisition Corp II     | Sizzle Acquisition Corp II                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     50600 | NS      | $510554.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynamix Corp                   | Dynamix Corp                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    105820 | NS      | $1063491.00   | 0.82%             |  |  |  | No            |                  1 | 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      | $22220.00     | 0.02%             |  |  |  | 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      | $15138.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Haymaker Acquisition Corp 4    | Haymaker Acquisition Corp 4                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    158353 | NS      | $1748217.12   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Runway Growth Finance Corp     | Runway Growth Finance Corp                             | CUSIP: 78163D100<br>LEI: 254900AXR3J2N1XT0V02 | Long             | EC               | CORP              | US        |    406530 | NS      | $4036842.90   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tortoise Energy Infrastructure | Tortoise Energy Infrastructure Corp                    | CUSIP: 89147L886<br>LEI: 5493008P735YB22YPB89 | Long             | EC               | RF                | US        |     49027 | NS      | $1985593.50   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Nabors Energy Transition Corp  | Nabors Energy Transition Corp II                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     39885 | NS      | $440729.25    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancroft Fund Ltd              | Bancroft Fund Ltd                                      | CUSIP: 059695106<br>LEI: 5493000X4Y1FB4G26P45 | Long             | EC               | RF                | US        |     13819 | NS      | $247101.68    | 0.19%             |  |  |  | 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        |     67575 | NS      | $678453.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Kinetics Spac Active E | Horizon Kinetics Spac Active ETF                       | CUSIP: 53656G555<br>LEI: 549300AI8RU2XFLJZ173 | Long             | EC               | RF                | US        |      4700 | NS      | $487272.50    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Emerging Market | Morgan Stanley Emerging Markets Domestic Debt Fund Inc | CUSIP: 617477104<br>LEI: 541YGIXZ6JJP4EZDJI96 | Long             | EC               | RF                | US        |     55414 | NS      | $273745.16    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Municipal High Income  | Pioneer Municipal High Income Opportunities Fund Inc   | CUSIP: 723760104<br>LEI: 5493005BKX8X756MKL25 | Long             | EC               | RF                | US        |      3394 | NS      | $40388.60     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Portman Ridge Finance Corp     | Portman Ridge Finance Corp                             | CUSIP: 73688F201<br>LEI: 254900YM5BVQKA01I468 | Long             | EC               | CORP              | US        |    131630 | NS      | $1592723.00   | 1.22%             |  |  |  | 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      | $22656.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GIGCAPITAL7 CORP-A             | GigCapital7 Corp                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |    166013 | NS      | $24901.95     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HCM II Acquisition Corp        | HCM II Acquisition Corp                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1170000.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Lionheart Holdings             | Lionheart Holdings                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     73338 | NS      | $769315.62    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| LIONHEART HOLDINGS - CL A      | Lionheart Holdings                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     36669 | NS      | $9900.63      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CION Investment Corp           | CION Investment Corp                                   | CUSIP: 17259U204<br>LEI: 549300XN70JLF94XKX80 | Long             | EC               | CORP              | US        |    626379 | NS      | $6057084.93   | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| GDL Fund/The                   | GDL Fund/The                                           | CUSIP: 361570104<br>LEI: 5493000XKGL8ZPN99479 | Long             | EC               | RF                | US        |    110621 | NS      | $927003.98    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Investcorp Credit Management B | Investcorp Credit Management BDC Inc                   | CUSIP: 46090R104<br>LEI: 549300ZRNRCSKPLGYQ55 | Long             | EC               | CORP              | US        |    242524 | NS      | $653602.18    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNAMIX CORP                   | Dynamix Corp                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     52910 | NS      | $18412.68     | 0.01%             |  |  |  | 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      | $20250.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Voyager Acquisition Corp       | Voyager Acquisition Corp                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    290284 | NS      | $2992828.04   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Clough Global Opportunities Fu | Clough Global Opportunities Fund                       | CUSIP: 18914E106<br>LEI: 549300DTG68UBCNCPY15 | Long             | EC               | RF                | US        |    127292 | NS      | $667010.08    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Destra Multi-Alternative Fund  | Destra Multi-Alternative Fund                          | CUSIP: 25065A502<br>LEI: N/A                  | Long             | EC               | RF                | US        |    166851 | NS      | $1464951.78   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HARBOR CUSTOM DEV INC          | Harbor Custom Development Inc                          | CUSIP: 41150T207<br>LEI: 549300X40TN4PVCY6F45 | Long             | EP               | CORP              | US        |    131166 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Highland Opportunities and Inc | Highland Opportunities and Income Fund                 | CUSIP: 43010E404<br>LEI: 254900CMUE9FRYL2UR80 | Long             | EC               | RF                | US        |      5386 | NS      | $27468.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HIGHLAND OPP & INC FUND        | Highland Opportunities and Income Fund                 | CUSIP: 43010E602<br>LEI: 254900CMUE9FRYL2UR80 | Long             | EP               | CORP              | US        |      1846 | NS      | $28114.58     | 0.02%             |  |  |  | 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      | $2554285.04   | 1.96%             |  |  |  | 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        |    417046 | NS      | $5517518.58   | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| OFS Capital Corp               | OFS Capital Corp                                       | CUSIP: 67103B100<br>LEI: 549300XTK3HSWPDBJD13 | Long             | EC               | CORP              | US        |     91137 | NS      | $758259.84    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| 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      |
| Invesco Treasury Portfolio     | Invesco Treasury Portfolio                             | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |   7753911 | NS      | $7753911.41   | 5.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionsGate Acquisition Corp | ChampionsGate Acquisition Corp                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1002000.00   | 0.77%             |  |  |  | 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      | $2007000.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| EQV Ventures Acquisition Corp  | EQV Ventures Acquisition Corp                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    250000 | NS      | $2605000.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eureka Acquisition Corp        | Eureka Acquisition Corp                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     50000 | NS      | $11000.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HCM II ACQUISITION CORP-CL A   | HCM II Acquisition Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |     50000 | NS      | $112500.00    | 0.09%             |  |  |  | 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        |    195064 | NS      | $2301755.20   | 1.77%             |  |  |  | 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        |    127624 | NS      | $232430.38    | 0.18%             |  |  |  | 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      | $1560000.00   | 1.20%             |  |  |  | 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      | $3759384.96   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| IB Acquisition Corp            | IB Acquisition Corp                                    | CUSIP: 44934N116<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    129140 | NS      | $8226.22      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Horse Acquisitions Corp   | Iron Horse Acquisitions Corp                           | CUSIP: 462837105<br>LEI: 5493000JDZP9ZR3A1A41 | Long             | EC               | CORP              | US        |     32032 | NS      | $338373.24    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Cayson Acquisition Corp        | Cayson Acquisition Corp                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     45000 | NS      | $7650.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CHURCHILL CAPITAL CORP IX      | Churchill Capital Corp IX                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |       611 | NS      | $617.11       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

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

**Signature:** Andrew Dakos

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

**Title:** President