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Share Name | Share Symbol | Market | Type |
---|---|---|---|
High Income Securities Fund | NYSE:PCF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.02 | 0.31% | 6.41 | 6.46 | 6.38 | 6.42 | 233,256 | 01:00:00 |
(a)
|
|
6 month
|
||||
Net assets value returns
|
(not annualized)
|
1 year
|
5 years
|
10 years
|
High Income Securities Fund
|
-2.87%
|
4.52%
|
5.77%
|
6.51%
|
Market price returns
|
||||
High Income Securities Fund
|
-13.70%
|
7.87%
|
6.43%
|
6.39%
|
Index returns
|
||||
ICE BofA Merrill Lynch 6 Month Treasury Bill Index
|
-0.04%
|
0.00%
|
1.27%
|
0.79%
|
Share Price as of 2/28/2022
|
||||
Net asset value
|
$8.60
|
|||
Market price
|
$8.13
|
Value
|
Percent
|
|||||||
Investment Companies
|
$
|
65,676,720
|
43.57
|
%
|
||||
Preferred Stocks
|
31,449,857
|
20.87
|
||||||
Special Purpose Acquisition Vehicles
|
29,596,704
|
19.63
|
||||||
Money Market Funds
|
17,273,938
|
11.46
|
||||||
Other Common Stocks
|
954,246
|
0.63
|
||||||
Corporate Obligations
|
346,827
|
0.23
|
||||||
Warrants
|
264,771
|
0.18
|
||||||
Rights
|
15,159
|
0.01
|
||||||
Total Investments
|
$
|
145,578,222
|
96.58
|
%
|
||||
Other Assets in Excess of Liabilities
|
5,151,059
|
3.42
|
||||||
Total Net Assets
|
$
|
150,729,281
|
100.00
|
%
|
(1)
|
As a percentage of net assets.
|
Country
|
% of Net Assets
|
||||
United States
|
94.85
|
%
|
|||
Cayman Islands
|
0.66
|
%
|
|||
Israel
|
0.47
|
%
|
|||
Mexico
|
0.37
|
%
|
|||
Ireland
|
0.23
|
%
|
|||
Hong Kong
|
0.00
|
%
|
|||
Denmark
|
0.00
|
%
|
|||
96.58
|
%
|
||||
Other Assets in Excess of Liabilities
|
3.42
|
%
|
|||
100.00
|
%
|
Shares
|
Value
|
|||||||
INVESTMENT COMPANIES—43.57%
|
||||||||
Closed-End Funds—26.23%
|
||||||||
Aberdeen Asia-Pacific Income Fund, Inc.
|
176,245
|
$
|
615,095
|
|||||
Apollo Tactical Income Fund, Inc.
|
74,905
|
1,099,605
|
||||||
BlackRock California Municipal Income Trust
|
94,349
|
1,227,481
|
||||||
BNY Mellon High Yield Strategies Fund
|
6,581
|
18,361
|
||||||
Center Coast Brookfield MLP & Energy Infrastructure Fund
|
88,981
|
1,477,085
|
||||||
Cushing MLP & Infrastructure Total Return Fund
|
65,131
|
2,127,178
|
||||||
Delaware Enhanced Global Dividend & Income Fund
|
337,792
|
3,117,820
|
||||||
Delaware Investments National Municipal Income Fund
|
23,226
|
305,654
|
||||||
Delaware Ivy High Income Opportunities Fund
|
15,306
|
200,815
|
||||||
DWS Municipal Income Trust
|
52,925
|
570,532
|
||||||
DWS Strategic Municipal Income Trust
|
100
|
1,088
|
||||||
Eaton Vance New York Municipal Bond Fund
|
59,491
|
656,186
|
||||||
Ellsworth Growth and Income Fund (a)
|
484
|
5,043
|
||||||
First Trust High Income Long/Short Fund
|
7,124
|
98,382
|
||||||
Franklin Ltd Duration Income Trust
|
14,000
|
111,300
|
||||||
Highland Income Fund
|
449,986
|
5,219,838
|
||||||
MFS High Income Municipal Trust
|
30,227
|
137,231
|
||||||
MFS High Yield Municipal Trust
|
34,303
|
140,299
|
||||||
MFS Investment Grade Municipal Trust
|
28,228
|
255,181
|
||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
|
223,435
|
1,791,949
|
||||||
Neuberger Berman New York Municipal Fund, Inc.
|
9,945
|
117,649
|
||||||
Neuberger Berman Next Generation Connectivity Fund, Inc.
|
66,240
|
940,608
|
||||||
Neuberger Berman California Municipal Fund, Inc.
|
39,620
|
510,702
|
||||||
New America High Income Fund, Inc.
|
39,518
|
327,999
|
||||||
NexPoint Diversified Real Estate Trust
|
10,165
|
151,255
|
||||||
Nuveen Emerging Markets Debt 2022 Target Term Fund
|
400
|
2,892
|
||||||
Nuveen Short Duration Credit Opportunities Fund
|
237,253
|
3,378,483
|
||||||
PGIM Global High Yield Fund, Inc.
|
176,072
|
2,472,051
|
||||||
Saba Capital Income & Opportunities Fund
|
784,766
|
3,476,513
|
||||||
Templeton Global Income Fund
|
257,842
|
1,286,632
|
||||||
Tortoise Energy Independence Fund, Inc.
|
55,315
|
1,526,141
|
||||||
Tortoise Power and Energy Infrastructure Fund, Inc.
|
206,153
|
2,902,634
|
||||||
Vertical Capital Income Fund
|
310,942
|
3,174,718
|
||||||
Western Asset Intermediate Muni Fund, Inc.
|
521
|
4,736
|
||||||
Western Asset Municipal Partners Fund, Inc.
|
6,078
|
87,341
|
||||||
39,536,477
|
Shares
|
Value
|
|||||||
INVESTMENT COMPANIES—(continued)
|
||||||||
Business Development Companies—17.34%
|
||||||||
CION Investment Corp.
|
256,536
|
$
|
3,086,128
|
|||||
Crescent Capital BDC, Inc.
|
212,821
|
3,713,726
|
||||||
First Eagle Alternative Capital BDC, Inc.
|
19,841
|
88,888
|
||||||
FS KKR Capital Corp.
|
374,220
|
8,120,574
|
||||||
Logan Ridge Finance Corp. (a)
|
81,300
|
2,060,955
|
||||||
PennantPark Investment Corp.
|
177,966
|
1,368,559
|
||||||
PhenixFIN Corp. (a)
|
19,193
|
763,881
|
||||||
Portman Ridge Finance Corp.
|
175,429
|
4,199,770
|
||||||
Runway Growth Finance Corp.
|
199,400
|
2,737,762
|
||||||
26,140,243
|
||||||||
Total Investment Companies (Cost $62,767,209)
|
65,676,720
|
|||||||
OTHER COMMON STOCKS—0.63%
|
||||||||
Real Estate Investment Trusts—0.63%
|
||||||||
Cedar Realty Trust, Inc.
|
91
|
2,185
|
||||||
Lument Finance Trust, Inc.
|
312,151
|
952,061
|
||||||
Total Other Common Stocks (Cost $963,806)
|
954,246
|
|||||||
PREFERRED STOCKS—20.87%
|
||||||||
Apparel Manufacturers—1.39%
|
||||||||
Fossil Group, Inc., 7.000%
|
85,000
|
2,092,700
|
||||||
Closed-End Funds—3.68%
|
||||||||
NexPoint Diversified Real Estate Trust—Series A, 5.500%
|
94,082
|
2,004,417
|
||||||
OFS Credit Co, Inc.—Series E, 5.250%
|
60,000
|
1,473,600
|
||||||
XAI Octagon Floating Rate Alternative Income Term Trust, 6.500%
|
80,000
|
2,072,008
|
||||||
5,550,025
|
||||||||
Coal—1.07%
|
||||||||
Ramaco Resources, Inc., 9.000%
|
60,000
|
1,608,000
|
||||||
Internet Content—0.17%
|
||||||||
LifeMD, Inc.—Series A, 8.875%
|
15,000
|
264,150
|
||||||
Investment Management & Advisory Services—0.20%
|
||||||||
B Riley Financial, Inc., 6.375%
|
12,000
|
302,040
|
||||||
Machinery—Electric Utilities—0.34%
|
||||||||
Babcock & Wilcox Enterprises, Inc., 8.125%
|
20,000
|
506,800
|
||||||
Medical—Drugs—0.56%
|
||||||||
Harrow Health, Inc., 8.625%
|
32,000
|
837,920
|
Shares
|
Value
|
|||||||
PREFERRED STOCKS—(continued)
|
||||||||
Metal Processors & Fabrication—4.04%
|
||||||||
Steel Partners Holdings LP—Series A, 6.000%
|
259,472
|
$
|
6,087,213
|
|||||
Motion Pictures & Services—0.80%
|
||||||||
Chicken Soup For The Soul Entertainment, Inc., 9.500%
|
46,566
|
1,206,991
|
||||||
Real Estate Investment Trusts—1.70%
|
||||||||
Brookfield DTLA Fund Office Trust Investor, Inc.—Series A, 7.625%
|
1,615
|
16,150
|
||||||
Cedar Realty Trust, Inc.—Series B, 7.250%
|
80
|
2,062
|
||||||
Cedar Realty Trust, Inc.—Series C, 6.500%
|
85,770
|
1,914,386
|
||||||
Modiv, Inc., Series A, 7.375%
|
25,000
|
627,000
|
||||||
2,559,598
|
||||||||
Real Estate Operations and Development—1.25%
|
||||||||
Harbor Custom Development, Inc.—Series A, 8.000%
|
135,000
|
1,887,300
|
||||||
Remediation Services—0.69%
|
||||||||
Charah Solutions, Inc., 8.500%
|
44,603
|
1,037,020
|
||||||
Retail—Catalog Shopping—0.90%
|
||||||||
iMedia Brands, Inc., 8.500%
|
60,000
|
1,362,600
|
||||||
Transactional Software—0.71%
|
||||||||
Synchronoss Technologies, Inc., 8.375%
|
50,000
|
1,065,500
|
||||||
Venture Capital—3.37%
|
||||||||
SuRo Capital Corp., 6.000%
|
200,000
|
5,082,000
|
||||||
Total Preferred Stocks (Cost $31,619,817)
|
31,449,857
|
|||||||
Shares/Units
|
||||||||
SPECIAL PURPOSE ACQUISITION VEHICLES—19.63% (a)
|
||||||||
AltC Acquisition Corp.
|
50,000
|
485,500
|
||||||
Andretti Acquisition Corp. Units (e)
|
50,000
|
499,910
|
||||||
Arbor Rapha Capital Bioholdings Corp. I
|
67,200
|
669,312
|
||||||
Ares Acquisition Corp. (e)
|
50,000
|
487,500
|
||||||
Ault Disruptive Technologies Corp.
|
64,000
|
635,520
|
||||||
Austerlitz Acquisition Corp. II (e)
|
50,000
|
487,500
|
||||||
B Riley Principal 150 Merger Corp.
|
26,245
|
259,038
|
||||||
B Riley Principal 250 Merger Corp.
|
49,998
|
482,481
|
||||||
BioPlus Acquisition Corp. (e)
|
75,000
|
738,000
|
||||||
Churchill Capital Corp. VI
|
34,700
|
337,978
|
||||||
Churchill Capital Corp. VII
|
58,805
|
572,173
|
||||||
Clarim Acquisition Corp.
|
9,999
|
97,390
|
Shares/Units
|
Value
|
|||||||
SPECIAL PURPOSE ACQUISITION VEHICLES—(continued)
|
||||||||
Colombier Acquisition Corp. Units
|
40,500
|
$
|
395,685
|
|||||
Digital Health Acquisition Corp.
|
84,000
|
836,304
|
||||||
ExcelFin Acquisition Corp. Units
|
50,000
|
503,500
|
||||||
FAST Acquisition Corp. II
|
30,000
|
291,000
|
||||||
Figure Acquisition Corp. I
|
7,500
|
73,050
|
||||||
Finnovate Acquisition Corp. Units (e)
|
100,000
|
1,001,000
|
||||||
FinTech Acquisition Corp. VI
|
25,000
|
244,000
|
||||||
Forbion European Acquisition Corp. Units (e)
|
100,000
|
1,002,000
|
||||||
Fortress Value Acquisition Corp. III Units
|
11,000
|
108,130
|
||||||
Fortress Value Acquisition Corp. IV
|
25,000
|
243,250
|
||||||
FTAC Hera Acquisition Corp. (e)
|
61,000
|
593,530
|
||||||
GO Acquisition Corp.
|
49,998
|
493,980
|
||||||
Gores Holdings VII, Inc.
|
15,000
|
146,400
|
||||||
Gores Technology Partners, Inc. Units
|
5,000
|
49,250
|
||||||
Gores Technology Partners II, Inc. Units
|
5,000
|
49,300
|
||||||
GX Acquisition Corp. II
|
60,000
|
582,000
|
||||||
HNR Acquisition Corp. Units
|
37,000
|
369,260
|
||||||
Independence Holdings Corp. Units (e)
|
10,000
|
98,000
|
||||||
Industrial Human Capital, Inc.
|
47,700
|
475,569
|
||||||
LAMF Global Ventures Corp. I Units (e)
|
50,000
|
498,500
|
||||||
Landcadia Holdings IV, Inc.
|
150,000
|
1,459,500
|
||||||
Leo Holdings Corp. II Units (e)
|
21,000
|
206,640
|
||||||
LIV Capital Acquisition Corp. II Units (e)
|
55,500
|
553,335
|
||||||
Longview Acquisition Corp. II
|
39,584
|
383,965
|
||||||
M3-Brigade Acquisition III Corp. Units
|
100,333
|
1,005,337
|
||||||
Marlin Technology Corp. (e)
|
49,998
|
488,480
|
||||||
Medicus Sciences Acquisition Corp. (e)
|
10,000
|
97,300
|
||||||
Motive Capital Corp. II (e)
|
99,999
|
981,990
|
||||||
Murphy Canyon Acquisition Corp. Units
|
55,500
|
556,665
|
||||||
Northern Star Investment Corp. III
|
41,116
|
399,031
|
||||||
OmniLit Acquisition Corp. Units
|
90,000
|
900,000
|
||||||
OPY Acquisition Corp. I Units
|
100,000
|
999,000
|
||||||
Periphas Capital Partnering Corp. Units
|
20,000
|
491,800
|
||||||
PWP Forward Acquisition Corp. I
|
105,000
|
1,020,075
|
||||||
Relativity Acquisition Corp. Units
|
21,700
|
218,085
|
||||||
ROC Energy Acquisition Corp.
|
18,000
|
177,660
|
Shares/Units
|
Value
|
|||||||
SPECIAL PURPOSE ACQUISITION VEHICLES—(continued)
|
||||||||
Sandbridge X2 Corp. Units
|
15,000
|
$
|
147,000
|
|||||
Screaming Eagle Acquisition Corp. Units (e)
|
100,000
|
988,000
|
||||||
Seaport Global Acquisition II Corp.
|
100,000
|
988,500
|
||||||
Software Acquisition Group, Inc. III
|
100,000
|
994,000
|
||||||
Target Global Acquisition I Corp. (e)
|
70,899
|
696,937
|
||||||
Tekkorp Digital Acquisition Corp. (e)
|
700
|
6,874
|
||||||
TG Venture Acquisition Corp.
|
74,000
|
728,900
|
||||||
Western Acquisition Ventures Corp. Units
|
100,000
|
1,000,000
|
||||||
Z-Work Acquisition Corp.
|
30,999
|
301,620
|
||||||
Total Special Purpose Acquisition Vehicles (Cost $29,583,701)
|
29,596,704
|
|||||||
Principal Amount
|
||||||||
CORPORATE OBLIGATIONS—0.23%
|
||||||||
Lamington Road DAC (b)(d)(e)
|
||||||||
9.750%, 04/07/2121
|
$
|
491,953
|
346,827
|
|||||
Total Corporate Obligations (Cost $346,828)
|
346,827
|
|||||||
Shares
|
||||||||
RIGHTS—0.01% (a)
|
||||||||
Agba Acquisition Ltd. (Expiration: May 10, 2024) (e)
|
9,250
|
2,295
|
||||||
Nocturne Acquisition Corp. (Expiration: December 26, 2025) (e)
|
40,000
|
9,624
|
||||||
ROC Energy Acquisition Corp. (Expiration: November 30, 2028)
|
18,000
|
3,240
|
||||||
Total Rights (Cost $21,428)
|
15,159
|
|||||||
WARRANTS—0.18% (a)
|
||||||||
Agba Acquisition Ltd.
|
||||||||
Expiration: May 2024
|
||||||||
Exercise Price: $11.50 (e)
|
36,750
|
4,046
|
||||||
Arbor Rapha Capital Bioholdings Corp. I
|
||||||||
Expiration: October 2028
|
||||||||
Exercise Price: $11.50
|
22,400
|
5,152
|
||||||
Ares Acquisition Corp.
|
||||||||
Expiration: December 2027
|
||||||||
Exercise Price: $11.50 (e)
|
10,000
|
4,850
|
||||||
Ault Disruptive Technologies Corp.
|
||||||||
Expiration: June 2023
|
||||||||
Exercise Price: $11.50
|
48,000
|
8,165
|
Shares
|
Value
|
|||||||
WARRANTS—(continued)
|
||||||||
B Riley Principal 150 Merger Corp.
|
||||||||
Expiration: March 2028
|
||||||||
Exercise Price: $11.50
|
9,000
|
$
|
7,933
|
|||||
B Riley Principal 250 Merger Corp.
|
||||||||
Expiration: April 2028
|
||||||||
Exercise Price: $11.50
|
16,666
|
9,833
|
||||||
BioPlus Acquisition Corp.
|
||||||||
Expiration: December 2026
|
||||||||
Exercise Price: $11.50 (e)
|
37,500
|
9,710
|
||||||
Churchill Capital Corp. VI
|
||||||||
Expiration: February 2026
|
||||||||
Exercise Price: $11.50
|
6,940
|
4,927
|
||||||
Churchill Capital Corp. VII
|
||||||||
Expiration: February 2028
|
||||||||
Exercise Price: $11.50
|
11,761
|
5,882
|
||||||
Clarim Acquisition Corp.
|
||||||||
Expiration: January 2026
|
||||||||
Exercise Price: $11.50
|
3,333
|
1,119
|
||||||
Digital Health Acquisition Corp.
|
||||||||
Expiration: November 2026
|
||||||||
Exercise Price: $11.50
|
84,000
|
18,480
|
||||||
FAST Acquisition Corp. II
|
||||||||
Expiration: March 2026
|
||||||||
Exercise Price: $11.50
|
7,500
|
3,634
|
||||||
Figure Acquisition Corp. I
|
||||||||
Expiration: March 2028
|
||||||||
Exercise Price: $11.50
|
1,875
|
1,250
|
||||||
FinTech Acquisition Corp. VI
|
||||||||
Expiration: March 2026
|
||||||||
Exercise Price: $11.50
|
6,250
|
3,635
|
||||||
Fortress Value Acquisition Corp. IV
|
||||||||
Expiration: March 2028
|
||||||||
Exercise Price: $11.50
|
3,125
|
1,568
|
||||||
FTAC Hera Acquisition Corp.
|
||||||||
Expiration: February 2026
|
||||||||
Exercise Price: $11.50 (e)
|
15,250
|
7,637
|
||||||
Gladstone Acquisition Corp.
|
||||||||
Expiration: April 2026
|
||||||||
Exercise Price: $11.50
|
25,200
|
6,300
|
Shares
|
Value
|
|||||||
WARRANTS—(continued)
|
||||||||
GO Acquisition Corp.
|
||||||||
Expiration: August 2027
|
||||||||
Exercise Price: $11.50
|
16,666
|
$
|
5,300
|
|||||
Gores Holdings VII, Inc.
|
||||||||
Expiration: February 2028
|
||||||||
Exercise Price: $11.50
|
1,875
|
1,408
|
||||||
GX Acquisition Corp. II
|
||||||||
Expiration: March 2026
|
||||||||
Exercise Price: $11.50
|
20,000
|
7,000
|
||||||
Haymaker Acquisition Corp. III
|
||||||||
Expiration: March 2028
|
||||||||
Exercise Price: $11.50
|
11,366
|
3,864
|
||||||
IG Acquisition Corp.
|
||||||||
Expiration: October 2027
|
||||||||
Exercise Price: $11.50
|
25,000
|
8,520
|
||||||
Industrial Human Capital, Inc.
|
||||||||
Expiration: November 2026
|
||||||||
Exercise Price: $11.50
|
47,700
|
8,586
|
||||||
Isleworth Healthcare Acquisition Corp.
|
||||||||
Expiration: August 2027
|
||||||||
Exercise Price: $11.50
|
7,350
|
817
|
||||||
Landcadia Holdings IV, Inc.
|
||||||||
Expiration: March 2028
|
||||||||
Exercise Price: $11.50
|
12,500
|
6,620
|
||||||
Longview Acquisition Corp. II
|
||||||||
Expiration: May 2026
|
||||||||
Exercise Price: $11.50
|
10,000
|
4,100
|
||||||
Marlin Technology Corp.
|
||||||||
Expiration: January 2026
|
||||||||
Exercise Price: $11.50 (e)
|
16,666
|
10,490
|
||||||
Medicus Sciences Acquisition Corp.
|
||||||||
Expiration: February 2026
|
||||||||
Exercise Price: $11.50 (e)
|
1,112
|
283
|
||||||
Motive Capital Corp. II
|
||||||||
Expiration: May 2023
|
||||||||
Exercise Price: $11.50 (e)
|
33,333
|
15,413
|
||||||
Northern Star Investment Corp. III
|
||||||||
Expiration: February 2028
|
||||||||
Exercise Price: $11.50
|
7,666
|
3,704
|
Shares
|
Value
|
|||||||
WARRANTS—(continued)
|
||||||||
PWP Forward Acquisition Corp. I
|
||||||||
Expiration: March 2026
|
||||||||
Exercise Price: $11.50
|
21,000
|
$
|
7,743
|
|||||
Quantum FinTech Acquisition Corp.
|
||||||||
Expiration: January 2026
|
||||||||
Exercise Price: $11.50
|
33,000
|
8,580
|
||||||
Seaport Global Acquisition II Corp.
|
||||||||
Expiration: November 2026
|
||||||||
Exercise Price: $11.50
|
50,000
|
17,000
|
||||||
Signa Sports United NV
|
||||||||
Expiration: July 2023
|
||||||||
Exercise Price: $11.50 (e)
|
10,731
|
4,722
|
||||||
Sky Harbour Group Corp.
|
||||||||
Expiration: October 2025
|
||||||||
Exercise Price: $11.50
|
12,500
|
8,749
|
||||||
Spartan Acquisition Corp. III
|
||||||||
Expiration: February 2026
|
||||||||
Exercise Price: $11.50
|
4,425
|
4,248
|
||||||
Tailwind Two Acquisition Corp.
|
||||||||
Expiration: March 2028
|
||||||||
Exercise Price: $11.50 (e)
|
7,916
|
3,246
|
||||||
Target Global Acquisition I Corp.
|
||||||||
Expiration: December 2026
|
||||||||
Exercise Price: $11.50 (e)
|
23,633
|
9,453
|
||||||
TG Venture Acquisition Corp.
|
||||||||
Expiration: August 2028
|
||||||||
Exercise Price: $11.50
|
74,000
|
18,130
|
||||||
Z-Work Acquisition Corp.
|
||||||||
Expiration: January 2026
|
||||||||
Exercise Price: $11.50
|
10,333
|
2,674
|
||||||
Total Warrants (Cost $481,261)
|
264,771
|
Shares
|
Value
|
|||||||
MONEY MARKET FUNDS—11.46%
|
||||||||
Fidelity Investments Money Market Funds—Government Portfolio, 0.010% (c)
|
8,636,969
|
$
|
8,636,969
|
|||||
STIT—Treasury Portfolio, 0.010% (c)
|
8,636,969
|
8,636,969
|
||||||
Total Money Market Funds (Cost $17,273,938)
|
17,273,938
|
|||||||
Total Investments (Cost $143,057,988)—96.58%
|
145,578,222
|
|||||||
Other Assets in Excess of Liabilities—3.42%
|
5,151,059
|
|||||||
TOTAL NET ASSETS—100.00%
|
$
|
150,729,281
|
(a)
|
Non-income producing security.
|
(b)
|
Fair valued securities. The total market value of these securities was $346,827, representing 0.23% of net assets. Value determined using significant unobservable inputs.
|
(c)
|
The rate shown represents the seven-day yield at February 28, 2022.
|
(d)
|
The coupon rate shown represents the rate at February 28, 2022.
|
(e)
|
Foreign-issued security.
|
BDC
|
Business Development Company.
|
Ltd.
|
Limited Company.
|
Assets:
|
||||
Investments, at value (Cost $143,057,988)
|
$
|
145,578,222
|
||
Dividends and interest receivable
|
153,604
|
|||
Receivable for investments sold
|
5,800,099
|
|||
Other assets
|
123,711
|
|||
Total assets
|
151,655,636
|
|||
Liabilities:
|
||||
Payables:
|
||||
Investments purchased
|
868,552
|
|||
Administration
|
16,277
|
|||
Chief Compliance Officer
|
5,660
|
|||
Audit
|
15,578
|
|||
Fund accounting
|
491
|
|||
Custody
|
887
|
|||
Transfer Agent
|
5,535
|
|||
Stock exchange listing
|
13,022
|
|||
Accrued expenses and other liabilities
|
353
|
|||
Total liabilities
|
926,355
|
|||
Net assets
|
$
|
150,729,281
|
||
Net assets consist of:
|
||||
Paid-in Capital (Unlimited shares authorized)
|
$
|
149,065,123
|
||
Accumulated earnings
|
1,664,158
|
|||
Net assets
|
$
|
150,729,281
|
||
Net asset value per share ($150,729,281 applicable to
|
||||
17,530,463 shares outstanding)
|
$
|
8.60
|
For the
|
||||
six months ended
|
||||
February 28, 2022
|
||||
(Unaudited)
|
||||
Investment income:
|
||||
Dividends
|
$
|
2,127,198
|
||
Interest
|
33,649
|
|||
Total investment income
|
2,160,847
|
|||
Expenses and Fees:
|
||||
Investment Committee
|
125,000
|
|||
Trustees
|
82,624
|
|||
Legal
|
65,485
|
|||
Administration
|
65,309
|
|||
Reports and notices to shareholders
|
60,172
|
|||
Officers
|
37,500
|
|||
Compliance
|
35,657
|
|||
Stock exchange listing
|
21,321
|
|||
Transfer agency
|
18,378
|
|||
Audit
|
17,376
|
|||
Insurance
|
13,484
|
|||
Custody
|
4,349
|
|||
Accounting
|
1,900
|
|||
Other
|
3,893
|
|||
Net expenses
|
552,448
|
|||
Net investment income
|
1,608,399
|
|||
Net realized and unrealized gains from investment activities:
|
||||
Net realized gain from investments
|
4,366,469
|
|||
Change in net unrealized depreciation on investments
|
(4,035,197
|
)
|
||
Net realized and unrealized gain from investment activities
|
331,272
|
|||
Increase in net assets resulting from operations
|
$
|
1,939,671
|
For the
|
||||||||
six months ended
|
For the
|
|||||||
February 28, 2022
|
year ended
|
|||||||
(Unaudited)
|
August 31, 2021
|
|||||||
From operations:
|
||||||||
Net investment income
|
$
|
1,608,399
|
$
|
1,647,732
|
||||
Net realized gain on investments, forward
|
||||||||
foreign currency contracts and
|
||||||||
foreign currency translations
|
4,366,469
|
6,174,749
|
||||||
Net unrealized appreciation (depreciation)
|
||||||||
on investments, forward foreign currency
|
||||||||
contracts and foreign currency translations
|
(4,035,197
|
)
|
7,491,670
|
|||||
Net increase in net assets resulting from operations
|
1,939,671
|
15,314,151
|
||||||
Distributions paid to shareholders:
|
||||||||
Distributions
|
(5,866,551
|
)
|
(5,956,163
|
)
|
||||
Return of capital
|
(907,757
|
)
|
(1,483,608
|
)
|
||||
Total dividends and distributions paid to shareholders
|
(6,774,308
|
)
|
(7,439,771
|
)
|
||||
Capital Stock Transactions (Note 5)
|
||||||||
Issuance of common stock through rights offering
|
67,236,052
|
32,324,424
|
||||||
Total capital stock transactions
|
67,236,052
|
32,324,424
|
||||||
Net increase in net assets applicable to common shareholders
|
62,401,415
|
40,198,804
|
||||||
Net assets applicable to common shareholders:
|
||||||||
Beginning of period
|
$
|
88,327,866
|
$
|
48,129,062
|
||||
End of period
|
$
|
150,729,281
|
$
|
88,327,866
|
||||
Number of Fund Shares
|
||||||||
Shares outstanding at beginning of period
|
9,487,873
|
5,565,006
|
||||||
Shares issued
|
8,042,590
|
3,922,867
|
||||||
Shares outstanding at end of period
|
17,530,463
|
9,487,873
|
For the six
|
||||
months ended
|
||||
February 28, 2022
|
||||
(Unaudited)
|
||||
Net asset value, beginning of period
|
$
|
9.31
|
||
Net investment income(1)
|
0.12
|
|||
Net realized and unrealized gains (losses) from investment activities
|
0.05
|
|||
Total from investment operations
|
0.17
|
|||
Less distributions:
|
||||
Net investment income
|
(0.17
|
)
|
||
Net realized gains from investment activities
|
(0.23
|
)
|
||
Return of capital
|
(0.06
|
)
|
||
Total distributions
|
(0.46
|
)
|
||
Increase from shares repurchased
|
—
|
|||
Anti-dilutive effect of Tender Offer
|
—
|
|||
Dilutive effect of Rights Offer
|
(0.42
|
)
|
||
Net asset value, end of period
|
$
|
8.60
|
||
Market price, end of period
|
$
|
8.13
|
||
Total market price return(2)(6)
|
-13.70
|
%
|
||
Ratio to average net assets:
|
||||
Ratio of expenses to average net assets(7)
|
0.84
|
%
|
||
Ratio of net investment income to average net assets(7)
|
2.45
|
%
|
||
Supplemental data:
|
||||
Net assets, end of period (000’s)
|
$
|
150,729
|
||
Portfolio turnover(6)
|
57
|
%
|
(1)
|
Per share net investment income has been determined on the basis of the weighted average number of shares outstanding during the period.
|
(2)
|
Total market price return is calculated assuming a $10,000 purchase of common stock at the current market price on the first day of each period reported and a sale at the current market price on the last day of each
period reported, and assuming reinvestment of dividends and other distributions to common shareholders at prices obtained under the Fund’s Dividend Reinvestment Plan (which was terminated on September 12, 2018).
|
(3)
|
Includes amounts paid through expense offset and brokerage/service arrangements, if any.
|
(4)
|
Includes 0.28% of increased proxy fees related to the 2017 annual shareholder meeting.
|
(5)
|
Amount represents less than $0.01 per share.
|
(6)
|
Not annualized for periods less than one year.
|
(7)
|
Annualized for periods less than one year.
|
For the year ended August 31,
|
||||||||||||||||||
2021
|
2020
|
2019
|
2018
|
2017
|
||||||||||||||
$
|
8.65
|
$
|
9.49
|
$
|
9.69
|
$
|
9.53
|
$
|
8.92
|
|||||||||
0.21
|
0.38
|
0.13
|
0.22
|
0.30
|
||||||||||||||
2.01
|
(0.32
|
)
|
0.01
|
0.25
|
0.66
|
|||||||||||||
2.22
|
0.06
|
0.14
|
0.47
|
0.96
|
||||||||||||||
(0.33
|
)
|
(0.34
|
)
|
(0.05
|
)
|
(0.31
|
)
|
(0.37
|
)
|
|||||||||
(0.43
|
)
|
(0.05
|
)
|
(0.41
|
)
|
—
|
—
|
|||||||||||
(0.19
|
)
|
(0.51
|
)
|
—
|
—
|
—
|
||||||||||||
(0.95
|
)
|
(0.90
|
)
|
(0.46
|
)
|
(0.31
|
)
|
(0.37
|
)
|
|||||||||
—
|
—
|
—
|
0.00
|
(5)
|
0.02
|
|||||||||||||
—
|
—
|
0.12
|
—
|
—
|
||||||||||||||
(0.61
|
)
|
—
|
—
|
—
|
—
|
|||||||||||||
$
|
9.31
|
$
|
8.65
|
$
|
9.49
|
$
|
9.69
|
$
|
9.53
|
|||||||||
$
|
9.92
|
$
|
8.10
|
$
|
8.24
|
$
|
9.38
|
$
|
8.77
|
|||||||||
36.37
|
%
|
9.86
|
%
|
-7.64
|
%
|
10.65
|
%
|
14.19
|
%
|
|||||||||
1.57
|
%
|
1.89
|
%
|
1.18
|
%
|
1.47
|
%(3)
|
1.22
|
%(3)(4)
|
|||||||||
2.30
|
%
|
4.30
|
%
|
1.34
|
%
|
2.26
|
%
|
3.29
|
%
|
|||||||||
$
|
88,328
|
$
|
48,129
|
$
|
52,812
|
$
|
125,256
|
$
|
123,607
|
|||||||||
93
|
%
|
81
|
%
|
43
|
%
|
49
|
%
|
50
|
%
|
Level 1—
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
Level 2—
|
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an
inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
Level 3—
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the
asset or liability, and would be based on the best information available.
|
Quoted Prices in
|
||||||||||||||||
Active Markets
|
||||||||||||||||
for Identical
|
Significant Other
|
Unobservable
|
||||||||||||||
Investments
|
Observable Inputs
|
Inputs
|
||||||||||||||
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
|||||||||||||
Investment Companies
|
||||||||||||||||
Closed-End Funds
|
$
|
39,536,477
|
$
|
—
|
$
|
—
|
$
|
39,536,477
|
||||||||
Business Development Companies
|
26,140,243
|
—
|
—
|
26,140,243
|
||||||||||||
Other Common Stocks
|
||||||||||||||||
Real Estate Investment Trusts
|
954,246
|
—
|
—
|
954,246
|
||||||||||||
Preferred Stocks
|
||||||||||||||||
Apparel Manufacturers
|
2,092,700
|
—
|
—
|
2,092,700
|
||||||||||||
Closed-End Funds
|
5,550,025
|
—
|
—
|
5,550,025
|
||||||||||||
Coal
|
1,608,000
|
—
|
—
|
1,608,000
|
||||||||||||
Internet Content
|
—
|
264,150
|
—
|
264,150
|
||||||||||||
Investment Management
|
||||||||||||||||
& Advisory Services
|
302,040
|
—
|
—
|
302,040
|
||||||||||||
Machinery—Electric Utilities
|
506,800
|
—
|
—
|
506,800
|
||||||||||||
Medical—Drugs
|
837,920
|
—
|
—
|
837,920
|
||||||||||||
Metal Processors & Fabrication
|
6,087,213
|
—
|
—
|
6,087,213
|
||||||||||||
Motion Pictures & Services
|
1,206,991
|
—
|
—
|
1,206,991
|
||||||||||||
Real Estate Investment Trusts
|
2,559,598
|
—
|
—
|
2,559,598
|
||||||||||||
Real Estate Operations
|
||||||||||||||||
& Development
|
1,887,300
|
—
|
—
|
1,887,300
|
||||||||||||
Remediation Services
|
1,037,020
|
—
|
—
|
1,037,020
|
||||||||||||
Retail—Catalog Shopping
|
1,362,600
|
—
|
—
|
1,362,600
|
||||||||||||
Transactional Software
|
1,065,500
|
—
|
—
|
1,065,500
|
||||||||||||
Venture Capital
|
—
|
5,082,000
|
—
|
5,082,000
|
||||||||||||
Special Purpose Acquisition Vehicles
|
21,619,543
|
7,977,161
|
—
|
29,596,704
|
||||||||||||
Corporate Obligations
|
—
|
—
|
346,827
|
346,827
|
||||||||||||
Rights
|
15,159
|
—
|
—
|
15,159
|
||||||||||||
Warrants
|
232,667
|
32,104
|
—
|
264,771
|
||||||||||||
Money Market Funds
|
17,273,938
|
—
|
—
|
17,273,938
|
||||||||||||
Total
|
$
|
131,875,980
|
$
|
13,355,415
|
$
|
346,827
|
$
|
145,578,222
|
Derivatives not accounted
|
Statement of Assets &
|
|
for as hedging instruments
|
Liabilities Location
|
Value
|
Equity Contracts—Warrants
|
Investments, at value
|
$264,771
|
Amount of Realized Gain on Derivatives Recognized in Income
|
||
Derivatives not accounted
|
Statement of
|
|
for as hedging instruments
|
Operations Location
|
Value
|
Equity Contracts—Warrants
|
Net Realized Gain on Investments
|
$257,850
|
Change in Unrealized Appreciation (depreciation)
|
||
on Derivatives Recognized in Income
|
||
Derivatives not accounted
|
Statement of
|
|
for as hedging instruments
|
Operations Location
|
Total
|
Equity Contracts—Warrants
|
Net change in unrealized depreciation of investments
|
$(162,916)
|
August 31, 2021
|
August 31, 2020
|
|||||||
Ordinary Income
|
$
|
4,597,185
|
$
|
2,166,107
|
||||
Return of capital
|
1,483,608
|
2,855,810
|
||||||
Long Term Capital Gain Distribution
|
1,358,978
|
—
|
||||||
Total distributions paid
|
$
|
7,439,771
|
$
|
5,021,917
|
Tax cost of investments
|
$
|
81,164,949
|
||
Unrealized appreciation
|
6,833,408
|
|||
Unrealized depreciation
|
(334,613
|
)
|
||
Net unrealized depreciation
|
6,498,795
|
|||
Undistributed ordinary income
|
—
|
|||
Undistributed long-term gains
|
—
|
|||
Total distributable earnings
|
—
|
|||
Other accumulated losses and other temporary differences
|
—
|
|||
Total accumulated gain
|
$
|
6,498,795
|
Cost of purchases
|
Proceeds from sales
|
|||||||
Investments in securities (Long-term)
|
$
|
111,169,931
|
$
|
60,418,322
|
||||
U.S. government securities (Long-term)
|
—
|
—
|
||||||
Total
|
$
|
111,169,931
|
$
|
60,418,322
|
Trustee Nominee
|
Votes For
|
Votes Withheld
|
||||||
Phillip Goldstein
|
5,218,591
|
1,202,817
|
||||||
Rajeev Das
|
5,286,382
|
1,135,026
|
||||||
Andrew Dakos
|
5,273,871
|
1,147,537
|
||||||
Richard Dayan
|
6,178,937
|
242,471
|
||||||
Gerald Hellerman
|
6,204,448
|
216,960
|
||||||
Ben H. Harris
|
6,206,072
|
215,336
|
||||||
Moritz Sell
|
6,198,119
|
223,289
|
Shares voted
|
|||||
For
|
884,377
|
||||
Against
|
182,557
|
||||
Abstain
|
673,074
|
||||
Broker Non-Vote
|
4,681,400
|
Term of
|
Number of
|
||||
Office
|
Portfolios
|
||||
and
|
in Fund
|
Other
|
|||
Position(s)
|
Length
|
Principal Occupation
|
Complex
|
Directorships
|
|
Name, Address
|
Held with
|
of Time
|
During the Past
|
Overseen
|
held by
|
and Age*
|
the Fund
|
Served
|
Five Years
|
by Trustee**
|
Trustee
|
INTERESTED TRUSTEES
|
|||||
Andrew Dakos***
|
President
|
1 year;
|
Partner – Bulldog Investors,
|
1
|
Director, Brookfield
|
(55)
|
as of
|
Since
|
LLP since 2009; Principal of
|
DTLA Fund Office
|
|
July 2018.
|
2018
|
the former general partner of
|
Trust Investor, Inc.;
|
||
several private investment
|
Director, Emergent
|
||||
partnerships in the Bulldog
|
Capital, Inc. (until
|
||||
Investors group of private funds.
|
2017); Trustee,
|
||||
Crossroads
|
|||||
Liquidating Trust
|
|||||
(until 2020);
|
|||||
Director, Special
|
|||||
Opportunities
|
|||||
Fund, Inc.;
|
|||||
Chairman, Swiss
|
|||||
Helvetia Fund, Inc.
|
|||||
Phillip Goldstein***
|
Secretary
|
1 year;
|
Partner – Bulldog Investors,
|
1
|
Chairman, The
|
(77)
|
as of
|
Since
|
LLP since 2009; Principal of
|
Mexico Equity and
|
|
July 2018.
|
2018
|
the former general partner of
|
Income Fund, Inc.;
|
||
several private investment
|
Chairman, Special
|
||||
partnerships in the Bulldog
|
Opportunities
|
||||
Investors group of private funds.
|
Fund, Inc.; Director,
|
||||
Brookfield DTLA
|
|||||
Fund Office Trust
|
|||||
Investor Inc.;
|
|||||
Director, MVC
|
|||||
Capital, Inc.
|
|||||
(until 2020);
|
|||||
Trustee, Crossroads
|
|||||
Liquidating Trust
|
|||||
(until 2020);
|
|||||
Director, Swiss
|
|||||
Helvetia Fund, Inc.;
|
|||||
Chairman,
|
|||||
Emergent Capital,
|
|||||
Inc. (until 2017).
|
Term of
|
Number of
|
||||
Office
|
Portfolios
|
||||
and
|
in Fund
|
Other
|
|||
Position(s)
|
Length
|
Principal Occupation
|
Complex
|
Directorships
|
|
Name, Address
|
Held with
|
of Time
|
During the Past
|
Overseen
|
held by
|
and Age*
|
the Fund
|
Served
|
Five Years
|
by Trustee**
|
Trustee
|
Richard Dayan
|
—
|
1 year;
|
Owner of CactusTrading.
|
1
|
Director, Swiss
|
(79)
|
Since
|
Helvetia Fund, Inc.;
|
|||
2018
|
Director, Emergent
|
||||
Capital Inc.
|
|||||
(until 2017).
|
|||||
Ben Harris
|
—
|
1 year;
|
Chief Executive Officer of Hormel
|
1
|
Director, Special
|
(53)
|
Since
|
Harris Investments, LLC; Principal
|
Opportunities
|
||
2018
|
of NBC Bancshares, LLC; Chief
|
Fund, Inc.
|
|||
Executive Officer of Crossroads
|
|||||
Capital, Inc.; Administrator of
|
|||||
Crossroads Liquidating Trust.
|
|||||
OFFICERS
|
|||||
Andrew Dakos***
|
President
|
1 year;
|
Partner – Bulldog Investors,
|
n/a
|
n/a
|
(55)
|
as of
|
Since
|
LLP; Principal of the former
|
||
July 2018.
|
2018
|
general partner of several private
|
|||
investment partnerships in the
|
|||||
Bulldog Investors group of funds.
|
|||||
Thomas Antonucci***
|
Treasurer
|
1 year;
|
Director of Operations of
|
n/a
|
n/a
|
(53)
|
as of
|
Since
|
Bulldog Investors, LLP.
|
||
July 2018.
|
2018
|
||||
Phillip Goldstein***
|
Secretary
|
1 year;
|
Partner – Bulldog Investors,
|
n/a
|
n/a
|
(77)
|
as of
|
Since
|
LLP; Principal of the former
|
||
July 2018.
|
2018
|
general partner of several private
|
|||
investment partnerships in the
|
|||||
Bulldog Investors group of funds.
|
|||||
Stephanie Darling***
|
Chief
|
1 year;
|
General Counsel and Chief
|
n/a
|
n/a
|
(52)
|
Compliance
|
Since
|
Compliance Officer of Bulldog
|
||
Officer
|
2018
|
Investors, LLP; Chief Compliance
|
|||
as of
|
Officer of Swiss Helvetia Fund,
|
||||
July 2018.
|
Special Opportunities Fund and
|
||||
Mexico Equity and Income Fund,
|
|||||
Principal, the Law Office of
|
|||||
Stephanie Darling; Editor-In-Chief,
|
|||||
the Investment Lawyer.
|
*
|
The address for all trustees and officers is c/o High Income Securities Fund, 615 East Michigan Street, Milwaukee, WI 53202.
|
|
**
|
The Fund Complex is comprised of only the Fund.
|
|
***
|
Messrs. Dakos, Goldstein, Antonucci and Ms. Darling are each considered an “interested person” of the Fund within the meaning of the 1940 Act because of their positions as officers of the Fund.
|
1.
|
Information from the Consumer: this category includes information the Fund receives from you on or in applications or other forms, correspondence, or conversations (such as your name, address, phone number, social
security number, assets, income and date of birth); and
|
|
2.
|
Information about the Consumer’s transactions: this category includes information about your transactions with the Fund, its affiliates, or others (such as your account number and balance, payment history, parties
to transactions, cost basis information, and other financial information).
|
(b)
|
Not Applicable
|
Period
|
(a)
Total Number of
Shares (or Units)
Purchased
|
(b)
Average Price Paid
per Share (or Unit)
|
(c)
Total Number of
Shares (or Units)
Purchased as Part
of Publicly
Announced Plans
or Programs
|
(d)
Maximum Number
(or Approximate
Dollar Value) of
Shares (or Units)
that May Yet Be
Purchased Under
the Plans or
Programs
|
September 1 –
September 30, 2021
|
-
|
-
|
-
|
N/A
|
October 1 -
October 31, 2021
|
-
|
-
|
-
|
N/A
|
November 1-
November 30, 2021
|
-
|
-
|
-
|
N/A
|
December 1 –
December 31, 2021
|
-
|
-
|
-
|
N/A
|
January 1 –
January 31, 2022
|
-
|
-
|
-
|
N/A
|
February 1 –
February 28, 2022
|
-
|
-
|
-
|
N/A
|
Total
|
-
|
-
|
-
|
N/A
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of
this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably
likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an
exhibit. Incorporated by reference to previous Form N-CSR filing.
|
(4)
|
Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.
|
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