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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 | |
---|---|---|---|---|---|---|---|---|
-0.11 | -1.60% | 6.78 | 6.84 | 6.78 | 6.80 | 116,084 | 21:09:12 |
(a)
|
|
Letter to Stockholders
|
1
|
Portfolio Composition
|
4
|
Portfolio of Investments
|
5
|
Statement of Assets and Liabilities
|
12
|
Statement of Operations
|
13
|
Statements of Changes
|
15
|
Financial Highlights
|
16
|
Notes to Financial Statements
|
18
|
Privacy Policy
|
46
|
6 month
|
||||
Net assets value returns
|
(not annualized)
|
1 year
|
5 years
|
10 years
|
High Income Securities Fund
|
1.42%
|
-1.90%
|
3.80%
|
5.19%
|
Market price returns
|
||||
High Income Securities Fund
|
0.63%
|
-6.32%
|
3.66%
|
5.27%
|
Index returns
|
||||
ICE BofA Merrill Lynch 6 Month Treasury Bill Index
|
1.78%
|
2.07%
|
1.49%
|
0.97%
|
Share Price as of 2/28/2023
|
||||
Net asset value
|
|
|||
Market price
|
|
% of
|
||||||||||||
Value
|
Cost
|
Net Assets
|
||||||||||
Closed-End Funds
|
$
|
51,114,826
|
$
|
54,884,578
|
38.63
|
%
|
||||||
Business Development Companies
|
27,156,007
|
27,475,359
|
20.52
|
|||||||||
Special Purpose Acquisition Vehicles
|
22,568,958
|
21,942,180
|
17.06
|
|||||||||
Preferred Stocks
|
16,600,139
|
20,499,667
|
12.54
|
|||||||||
Money Markets
|
10,801,554
|
10,801,554
|
8.16
|
|||||||||
Other Common Stocks
|
2,766,674
|
2,820,533
|
2.09
|
|||||||||
Corporate Obligations
|
565,823
|
679,624
|
0.43
|
|||||||||
Liquidating Trust
|
180,715
|
204,246
|
0.14
|
|||||||||
Warrants
|
123,310
|
312,272
|
0.09
|
|||||||||
Rights
|
20,779
|
28,013
|
0.02
|
|||||||||
Total Investments
|
$
|
131,898,785
|
$
|
139,648,026
|
99.68
|
%
|
||||||
Liabilities in Excess of Other Assets
|
427,157
|
0.32
|
||||||||||
Total Net Assets
|
$
|
132,325,942
|
100.00
|
%
|
(1)
|
As a percentage of net assets.
|
Country
|
% of Net Assets
|
|||
United States
|
99.25
|
%
|
||
Ireland
|
0.43
|
%
|
||
99.68
|
%
|
|||
Liabilities in Excess of Other Assets
|
0.32
|
%
|
||
100.00
|
%
|
Shares
|
Value
|
|||||||
INVESTMENT COMPANIES—59.15%
|
||||||||
Business Development Companies—20.52%
|
||||||||
Barings BDC, Inc.
|
197,667
|
$
|
1,713,773
|
|||||
CION Investment Corp.
|
571,482
|
6,257,728
|
||||||
Crescent Capital BDC, Inc.
|
174,885
|
2,747,443
|
||||||
First Eagle Alternative Capital BDC, Inc.
|
281,770
|
1,369,402
|
||||||
FS KKR Capital Corp.
|
374,220
|
7,375,876
|
||||||
Logan Ridge Finance Corp. (a)
|
81,300
|
1,934,127
|
||||||
PhenixFIN Corp.
|
19,193
|
749,103
|
||||||
Portman Ridge Finance Corp.
|
181,940
|
4,206,453
|
||||||
Runway Growth Finance Corp.
|
62,469
|
802,102
|
||||||
27,156,007
|
||||||||
CLOSED-END FUNDS—38.63%
|
||||||||
Aberdeen Asia-Pacific Income Fund, Inc. (a)
|
406,882
|
1,118,925
|
||||||
Apollo Tactical Income Fund, Inc.
|
147,041
|
1,883,595
|
||||||
BlackRock California Municipal Income Trust
|
255,136
|
2,852,420
|
||||||
Blackrock ESG Capital Allocation Trust
|
268,488
|
3,893,076
|
||||||
Blackstone Strategic Credit Fund
|
28,361
|
314,807
|
||||||
Center Coast Brookfield MLP & Energy Infrastructure Fund
|
85,764
|
1,614,936
|
||||||
Cushing MLP & Infrastructure Total Return Fund
|
28,870
|
1,002,944
|
||||||
Delaware Enhanced Global Dividend & Income Fund
|
47,283
|
364,552
|
||||||
Delaware Ivy High Income Opportunities Fund
|
12,114
|
142,339
|
||||||
Destra Multi-Alternative Fund
|
131,756
|
890,671
|
||||||
Eaton Vance New York Municipal Bond Fund
|
234,736
|
2,154,877
|
||||||
Ellsworth Growth and Income Fund Ltd.
|
73,378
|
617,843
|
||||||
First Trust Dynamic Europe Equity Income Fund
|
516,564
|
6,147,112
|
||||||
Highland Income Fund
|
480,829
|
4,625,575
|
||||||
MFS High Yield Municipal Trust
|
245,183
|
782,134
|
||||||
MFS Investment Grade Municipal Trust
|
46,625
|
336,166
|
||||||
Morgan Stanley Emerging Markets Debt Fund, Inc.
|
192,681
|
1,263,987
|
||||||
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
|
57,106
|
256,977
|
||||||
Neuberger Berman New York Municipal Fund, Inc.
|
30,831
|
290,736
|
||||||
Neuberger Berman Next Generation Connectivity Fund, Inc.
|
334,243
|
3,362,485
|
||||||
New America High Income Fund, Inc.
|
123,071
|
838,114
|
||||||
Nuveen Multi-Asset Income Fund
|
20,588
|
250,350
|
||||||
Nuveen Short Duration Credit Opportunities Fund
|
302,479
|
3,717,467
|
||||||
NXG NextGen Infrastructure Income Fund
|
17,591
|
684,290
|
Shares
|
Value
|
|||||||
INVESTMENT COMPANIES—(continued)
|
||||||||
Closed-End Funds—(continued)
|
||||||||
PGIM Global High Yield Fund, Inc.
|
176,072
|
$
|
2,042,435
|
|||||
Saba Capital Income & Opportunities Fund
|
570,973
|
4,664,849
|
||||||
Templeton Global Income Fund
|
5,806
|
24,734
|
||||||
Tortoise Energy Independence Fund, Inc.
|
3,202
|
94,331
|
||||||
Tortoise Power and Energy Infrastructure Fund, Inc.
|
304
|
3,952
|
||||||
Vertical Capital Income Fund
|
310,942
|
3,135,850
|
||||||
Virtus Total Return Fund, Inc.
|
266,388
|
1,728,858
|
||||||
Western Asset Intermediate Muni Fund, Inc.
|
1,723
|
13,439
|
||||||
51,114,826
|
||||||||
TOTAL INVESTMENT COMPANIES (Cost $82,359,937)
|
78,270,833
|
|||||||
SPECIAL PURPOSE ACQUISITION VEHICLES—17.06%(a)
|
Shares/Units
|
|||||||
7 Acquisition Corp.(e)
|
48,050
|
499,240
|
||||||
Accretion Acquisition Corp.
|
12,533
|
128,087
|
||||||
Alphatime Acquisition Corp. (e)
|
35,000
|
355,950
|
||||||
AltC Acquisition Corp.
|
50,000
|
505,500
|
||||||
AltEnergy Acquisition Corp.
|
68,000
|
701,080
|
||||||
Andretti Acquisition Corp. (e)
|
50,000
|
522,500
|
||||||
B Riley Principal 250 Merger Corp.
|
49,998
|
505,230
|
||||||
Battery Future Acquisition Corp. (e)
|
14,000
|
145,390
|
||||||
Cartesian Growth Corp. II (e)
|
99,999
|
1,047,990
|
||||||
Churchill Capital Corp. VI
|
34,700
|
348,041
|
||||||
Churchill Capital Corp. VII
|
58,805
|
590,402
|
||||||
Colombier Acquisition Corp.
|
40,500
|
410,467
|
||||||
Concord Acquisition Corp II
|
16,612
|
167,449
|
||||||
dMY Technology Group Inc VI
|
56,773
|
575,678
|
||||||
Elliott Opportunity II Corp. (e)
|
49,395
|
501,606
|
||||||
ExcelFin Acquisition Corp.
|
50,000
|
517,000
|
||||||
Fifth Wall Acquisition Corp. III (e)
|
46,100
|
467,454
|
||||||
Forbion European Acquisition Corp. (e)
|
100,000
|
1,046,000
|
||||||
FTAC Hera Acquisition Corp. (e)
|
61,000
|
620,065
|
||||||
GX Acquisition Corp. II
|
60,000
|
607,500
|
||||||
HNR Acquisition Corp.
|
37,000
|
385,910
|
||||||
Juniper II Corp.
|
142,689
|
1,471,124
|
||||||
Kensington Capital Acquisition Corp V (e)
|
63,160
|
653,706
|
Shares/Units
|
Value
|
|||||||
SPECIAL PURPOSE ACQUISITION VEHICLES—(continued)
|
||||||||
Lakeshore Acquisition II Corp. (e)
|
59,500
|
$
|
615,825
|
|||||
LAMF Global Ventures Corp. I (e)
|
50,000
|
519,500
|
||||||
LIV Capital Acquisition Corp II (e)
|
55,500
|
577,478
|
||||||
M3-Brigade Acquisition III Corp.
|
100,332
|
1,032,416
|
||||||
Motive Capital Corp. II (e)
|
99,999
|
1,038,990
|
||||||
Pearl Holdings Acquisition Corp. (e)
|
42,865
|
443,653
|
||||||
Portage Fintech Acquisition Corp. (e)
|
31,400
|
320,280
|
||||||
ROC Energy Acquisition Corp.
|
18,000
|
186,838
|
||||||
Screaming Eagle Acquisition Corp. (e)
|
99,999
|
1,008,490
|
||||||
SVF Investment Corp 2(e)
|
13,056
|
133,041
|
||||||
Swiftmerge Acquisition Corp.(e)
|
37,100
|
381,017
|
||||||
Twin Ridge Capital Acquisition Corp. (e)
|
49,842
|
508,388
|
||||||
Valor Latitude Acquisition Corp. (e)
|
50,000
|
508,500
|
||||||
VPC Impact Acquisition Holdings II (e)
|
218,427
|
2,235,600
|
||||||
Zimmer Energy Transition Acquisition Corp.
|
28,387
|
285,573
|
||||||
TOTAL SPECIAL PURPOSE ACQUISITION VEHICLES (Cost $21,942,180)
|
22,568,958
|
|||||||
OTHER COMMON STOCKS—2.09%
|
Shares
|
|||||||
Real Estate Investment Trusts—2.09%
|
||||||||
NexPoint Diversified Real Estate Trust
|
173,018
|
2,112,549
|
||||||
Lument Finance Trust, Inc.
|
311,488
|
654,125
|
||||||
Total Other Common Stocks (Cost $2,820,533)
|
2,766,674
|
|||||||
PREFERRED STOCKS—12.54%
|
||||||||
Apparel Manufacturers—0.09%
|
||||||||
Fossil Group, Inc., 7.000%
|
6,611
|
119,725
|
||||||
Business Development Companies—4.61%
|
||||||||
OFS Credit Co, Inc., 5.250%
|
60,000
|
1,365,000
|
||||||
SuRo Capital Corp., 6.000%
|
200,000
|
4,736,000
|
||||||
Closed End Funds—1.51%
|
||||||||
XAI Octagon Floating Rate Alternative Income Term Trust, 6.50%
|
80,000
|
1,999,200
|
||||||
Metal Processors—2.76%
|
||||||||
Steel Partners Holdings LP, 6.000%
|
158,763
|
3,654,724
|
||||||
Real Estate Investment Trusts—2.11%
|
||||||||
Brookfield DTLA Fund Office Trust Investor, Inc., 7.625%
|
1,615
|
5,329
|
||||||
Cedar Realty Trust, Inc.—Series C, 6.500%
|
101,456
|
1,242,836
|
||||||
NexPoint Diversified Real Estate Trust—Series A, 5.500%
|
94,082
|
1,542,945
|
Shares
|
Value
|
|||||||
Real Estate Operations and Development—0.57%
|
||||||||
Harbor Custom Development, Inc—Series A, 8.000%
|
131,166
|
$
|
758,140
|
|||||
Retail—Catalog Shopping—0.24%
|
||||||||
iMedia Brands, Inc., 8.500%
|
28,988
|
318,868
|
||||||
Transactional Software—0.65%
|
||||||||
Synchronoss Technologies, Inc., 8.375%
|
46,470
|
857,372
|
||||||
Total Preferred Stocks (Cost $20,499,667)
|
16,600,139
|
|||||||
LIQUIDATING TRUSTS—0.14%
|
||||||||
Copper Property CTL Pass Through Trust
|
15,380
|
180,715
|
||||||
Total Liquidating Trusts (Cost $204,246)
|
180,715
|
|||||||
Principal Amount
|
||||||||
CORPORATE OBLIGATIONS—0.43%
|
||||||||
Lamington Road DAC
|
||||||||
8.000%, 04/07/2121 (b)(d)(e)
|
$
|
7,762,499
|
310,500
|
|||||
9.750%, 04/07/2121 (b)(d)(e)
|
491,953
|
255,323
|
||||||
Total Corporate Obligations (Cost $679,624)
|
565,823
|
|||||||
Shares
|
||||||||
RIGHTS—0.02%(a)
|
||||||||
Lakeshore Acquisition II Corp. (Expiration: November 18, 2026) (e)
|
59,500
|
11,364
|
||||||
Nocturne Acquisition Corp. (Expiration: December 26, 2025) (e)
|
40,000
|
6,400
|
||||||
ROC Energy Acquisition Corp. (Expiration: November 30, 2028)
|
9,000
|
3,015
|
||||||
TOTAL RIGHTS (Cost $28,013)
|
20,779
|
|||||||
WARRANTS—0.09%(a)
|
||||||||
Biote Corp.
|
||||||||
Expiration: May 2027
|
||||||||
Exercise Price: $11.50
|
10,908
|
4,254
|
||||||
Signa Sports United NV (e)
|
||||||||
Expiration: July 2023
|
||||||||
Exercise Price: $11.50
|
10,731
|
1,717
|
||||||
AGBA Group Holding Ltd. (e)
|
||||||||
Expiration: March 2027
|
||||||||
Exercise Price: $11.50
|
36,750
|
2,058
|
||||||
Arbor Rapha Capital Bioholdings Corp. I
|
||||||||
Expiration: October 2028
|
||||||||
Exercise Price: $11.50
|
22,400
|
—
|
Shares
|
Value
|
|||||||
WARRANTS—(continued)
|
||||||||
Global Systems Dynamics, Inc.
|
||||||||
Expiration: April 2026
|
||||||||
Exercise Price: $11.50
|
25,200
|
$
|
1,641
|
|||||
GX Acquisition Corp. II
|
||||||||
Expiration: March 2026
|
||||||||
Exercise Price: $11.50
|
6,425
|
4,497
|
||||||
Seaport Global Acquisition II Corp.
|
||||||||
Expiration: November 2026
|
||||||||
Exercise Price: $11.50
|
50,000
|
7,000
|
||||||
TG Venture Acquisition Corp.
|
||||||||
Expiration: August 2028
|
||||||||
Exercise Price: $11.50
|
74,000
|
5,365
|
||||||
Andretti Acquisition Corp. (e)
|
||||||||
Expiration: March 2028
|
||||||||
Exercise Price: $11.50
|
25,000
|
3,997
|
||||||
Ault Disruptive Technologies Corp.
|
||||||||
Expiration: June 2023
|
||||||||
Exercise Price: $11.50
|
48,000
|
1,440
|
||||||
B Riley Principal 250 Merger Corp.
|
||||||||
Expiration: April 2028
|
||||||||
Exercise Price: $11.50
|
16,666
|
2,202
|
||||||
BioPlus Acquisition Corp.(e)
|
||||||||
Expiration: December 2026
|
||||||||
Exercise Price: $11.50
|
37,500
|
3,000
|
||||||
Cartesian Growth Corp. II (e)
|
||||||||
Expiration: July 2028
|
||||||||
Exercise Price: $11.50
|
33,333
|
5,003
|
||||||
Churchill Capital Corp. VI
|
||||||||
Expiration: February 2026
|
||||||||
Exercise Price: $11.50
|
6,940
|
848
|
||||||
Churchill Capital Corp. VII
|
||||||||
Expiration: February 2028
|
||||||||
Exercise Price: $11.50
|
11,761
|
1,412
|
||||||
Colombier Acquisition Corp.
|
||||||||
Expiration: December 2028
|
||||||||
Exercise Price: $11.50
|
13,500
|
3,119
|
||||||
Digital Health Acquisition Corp.
|
||||||||
Expiration: November 2026
|
||||||||
Exercise Price: $11.50
|
84,000
|
8,593
|
Shares
|
Value
|
|||||||
WARRANTS—(continued)
|
||||||||
ExcelFin Acquisition Corp.
|
||||||||
Expiration: October 2028
|
||||||||
Exercise Price: $11.50
|
25,000
|
$
|
2,375
|
|||||
FAST Acquisition Corp. II
|
||||||||
Expiration: March 2026
|
||||||||
Exercise Price: $11.50
|
6,688
|
1,839
|
||||||
Forbion European Acquisition Corp. (a)(e)
|
||||||||
Expiration: December 2026
|
||||||||
Exercise Price: $11.50
|
33,333
|
6,000
|
||||||
FTAC Hera Acquisition Corp. (e)
|
||||||||
Expiration: February 2026
|
||||||||
Exercise Price: $11.50
|
15,250
|
12
|
||||||
HNR Acquisition Corp.
|
||||||||
Expiration: February 2026
|
||||||||
Exercise Price: $11.50
|
37,000
|
3,145
|
||||||
Lakeshore Acquisition II Corp. (e)
|
||||||||
Expiration: November 2026
|
||||||||
Exercise Price: $11.50
|
29,750
|
1,190
|
||||||
LAMF Global Ventures Corp. I (e)
|
||||||||
Expiration: November 2026
|
||||||||
Exercise Price: $11.50
|
25,000
|
1,750
|
||||||
Landcadia Holdings IV, Inc.
|
||||||||
Expiration: March 2028
|
||||||||
Exercise Price: $11.50
|
12,500
|
2,001
|
||||||
Leo Holdings Corp II (e)
|
||||||||
Expiration: January 2028
|
||||||||
Exercise Price: $11.50
|
5,250
|
210
|
||||||
LIV Capital Acquisition Corp II (e)
|
||||||||
Expiration: February 2027
|
||||||||
Exercise Price: $11.50
|
41,625
|
3,954
|
||||||
M3-Brigade Acquisition III Corp.
|
||||||||
Expiration: July 2028
|
||||||||
Exercise Price: $11.50
|
33,444
|
12,077
|
||||||
Motive Capital Corp. II (e)
|
||||||||
Expiration: May 2023
|
||||||||
Exercise Price: $11.50
|
33,333
|
4,847
|
||||||
Murphy Canyon Acquisition Corp.
|
||||||||
Expiration: January 2027
|
||||||||
Exercise Price: $11.50
|
55,500
|
4,446
|
Shares
|
Value
|
|||||||
WARRANTS—(continued)
|
||||||||
Northern Star Investment Corp. III
|
||||||||
Expiration: February 2028
|
||||||||
Exercise Price: $11.50
|
7,666
|
$
|
307
|
|||||
OPY Acquisition Corp I
|
||||||||
Expiration: September 2026
|
||||||||
Exercise Price: $11.50
|
50,000
|
8,000
|
||||||
Quantum FinTech Acquisition Corp.
|
||||||||
Expiration: January 2026
|
||||||||
Exercise Price: $11.50
|
33,000
|
2,805
|
||||||
Relativity Acquisition Corp.
|
||||||||
Expiration: December 2029
|
||||||||
Exercise Price: $11.50
|
21,700
|
1,022
|
||||||
Screaming Eagle Acquisition Corp. (e)
|
||||||||
Expiration: January 2027
|
||||||||
Exercise Price: $11.50
|
33,333
|
8,287
|
||||||
Target Global Acquisition I Corp. (e)
|
||||||||
Expiration: December 2026
|
||||||||
Exercise Price: $11.50
|
23,633
|
2,897
|
||||||
TOTAL WARRANTS (Cost $312,272)
|
123,310
|
|||||||
MONEY MARKET FUNDS—8.16%
|
||||||||
Fidelity Investments Money Market Funds—Government Portfolio, 4.456% (c)
|
5,400,774
|
5,400,774
|
||||||
STIT—Treasury Portfolio, 4.511% (c)
|
5,400,780
|
5,400,780
|
||||||
Total Money Market Funds (Cost $10,801,554)
|
10,801,554
|
|||||||
Total Investments (Cost $139,648,026)—99.68%
|
131,898,785
|
|||||||
Liabilities in Excess of Other Assets—0.32%
|
427,157
|
|||||||
TOTAL NET ASSETS—100.00%
|
$
|
132,325,942
|
(a)
|
Non-income producing security.
|
(b)
|
Fair valued securities. The total market value of these securities was $565,823, representing 0.43% of net assets. Value determined using significant unobservable inputs.
|
(c)
|
The rate shown represents the 7-day yield at February 28, 2023.
|
(d)
|
The coupon rate shown represents the rate at February 28, 2023.
|
(e)
|
Foreign-issued security.
|
BDC
|
Business Development Company.
|
Ltd.
|
Limited Liability Company.
|
Assets:
|
||||
Investments, at value (Cost $139,648,026)
|
$
|
131,898,785
|
||
Dividends and interest receivable
|
181,297
|
|||
Receivable for investments sold
|
460,793
|
|||
Other assets
|
11,278
|
|||
Total assets
|
132,552,153
|
|||
Liabilities:
|
||||
Payables/Fees:
|
||||
Legal
|
52,274
|
|||
Administration
|
44,666
|
|||
Chief Compliance Officer
|
33,256
|
|||
Registration
|
29,688
|
|||
Reports and notices to shareholders
|
21,761
|
|||
Audit
|
17,615
|
|||
Director
|
10,664
|
|||
Transfer Agent
|
6,832
|
|||
Investments purchased
|
4,444
|
|||
Custody
|
4,334
|
|||
Fund accounting
|
677
|
|||
Total liabilities
|
226,211
|
|||
Net assets
|
$
|
132,325,942
|
||
Net assets consist of:
|
||||
Paid-in Capital (Unlimited shares authorized)
|
$
|
145,029,747
|
||
Accumulated deficit
|
(12,703,805
|
)
|
||
Net assets
|
$
|
132,325,942
|
||
Net asset value per share ($132,325,942 applicable to
|
||||
|
$
|
|
For the
|
||||
six months ended
|
||||
February 28, 2023
|
||||
(Unaudited)
|
||||
Investment income:
|
||||
Dividends
|
$
|
4,571,493
|
||
Interest
|
234,492
|
|||
Total investment income
|
4,805,985
|
|||
Expenses and Fees:
|
||||
Investment Committee
|
187,500
|
|||
Trustees’
|
121,402
|
|||
Administration
|
84,067
|
|||
Officers
|
45,000
|
|||
Compliance
|
33,783
|
|||
Reports and notices to shareholders
|
32,494
|
|||
Registration
|
30,714
|
|||
Legal
|
25,553
|
|||
Audit
|
18,834
|
|||
Transfer agency
|
18,684
|
|||
Insurance
|
13,388
|
|||
Custody
|
6,259
|
|||
Accounting
|
2,018
|
|||
Other
|
1,859
|
|||
Net expenses
|
621,555
|
|||
Net investment income
|
4,184,430
|
|||
Net realized and unrealized gains from investment activities:
|
||||
Net realized loss from investments
|
(1,828,955
|
)
|
||
Change in net unrealized depreciation on investments
|
(794,109
|
)
|
||
Net realized and unrealized loss from investment activities
|
(2,623,064
|
)
|
||
Increase in net assets resulting from operations
|
$
|
1,561,366
|
For the
|
||||||||
six months ended
|
For the
|
|||||||
February 28, 2023
|
year ended
|
|||||||
(Unaudited)
|
August 31, 2022
|
|||||||
From operations:
|
||||||||
Net investment income
|
$
|
4,184,430
|
$
|
5,111,572
|
||||
Net realized gain (loss) on investments,
|
||||||||
forward foreign currency contracts and
|
||||||||
foreign currency translations
|
(1,828,955
|
)
|
5,260,182
|
|||||
Net unrealized depreciation on investments,
|
||||||||
forward foreign currency contracts and
|
||||||||
foreign currency translations
|
(794,109
|
)
|
(13,481,870
|
)
|
||||
Net increase (decrease) in net assets resulting from operations
|
1,561,366
|
(3,110,116
|
)
|
|||||
Distributions paid to shareholders:
|
||||||||
Distributions
|
(4,066,231
|
)
|
(10,562,686
|
)
|
||||
Return of capital
|
(3,170,344
|
)
|
(3,889,965
|
)
|
||||
Total dividends and distributions paid to shareholders
|
(7,236,575
|
)
|
(14,452,651
|
)
|
||||
Capital Stock Transactions (Note 5)
|
||||||||
Issuance of common stock through rights offering
|
—
|
67,236,052
|
||||||
Total capital stock transactions
|
—
|
67,236,052
|
||||||
Net increase (decrease) in net assets
|
||||||||
applicable to common shareholders
|
(5,675,209
|
)
|
49,673,285
|
|||||
Net assets applicable to common shareholders:
|
||||||||
Beginning of period
|
$
|
138,001,151
|
$
|
88,327,866
|
||||
End of period
|
$
|
132,325,942
|
$
|
138,001,151
|
||||
Number of Fund Shares
|
||||||||
Shares outstanding at beginning of period
|
|
|
||||||
Shares issued
|
—
|
8,042,590
|
||||||
Shares outstanding at end of period
|
|
|
For the six
|
||||
months ended
|
||||
February 28, 2022
|
||||
(Unaudited)
|
||||
Net asset value, beginning of year/period
|
$
|
|
||
Net investment income(1)
|
0.23
|
|||
Net realized and unrealized gains (losses) from investment activities
|
(0.14
|
)
|
||
Total from investment operations
|
(0.09
|
)
|
||
Less distributions:
|
||||
Net investment income
|
(0.23
|
)
|
||
Net realized gains from investment activities
|
—
|
|||
Return of capital
|
(0.18
|
)
|
||
Total distributions
|
(0.41
|
)
|
||
Increase from shares repurchased
|
—
|
|||
Anti-dilutive effect of Tender Offer
|
—
|
|||
Dilutive effect of Rights Offer
|
—
|
|||
Net asset value, end of year/period
|
$
|
|
||
Market price, end of year/period
|
$
|
|
||
Total market price return(2)(6)
|
0.65
|
%
|
||
Ratio to average net assets:
|
||||
Ratio of expenses to average net assets(7)
|
0.96
|
%
|
||
Ratio of net investment income to average net assets(7)
|
6.48
|
%
|
||
Supplemental data:
|
||||
Net assets, end of year/period (000’s)
|
$
|
132,326
|
||
Portfolio turnover(6)
|
27
|
%
|
(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.
|
(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,
|
||||||||||||||||||
2022
|
2021
|
2020
|
2019
|
2018
|
||||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
0.37
|
0.21
|
0.38
|
0.13
|
0.22
|
||||||||||||||
(0.49
|
)
|
2.01
|
(0.32
|
)
|
0.01
|
0.25
|
||||||||||||
(0.12
|
)
|
2.22
|
0.06
|
0.14
|
0.47
|
|||||||||||||
(0.90
|
)
|
(0.33
|
)
|
(0.34
|
)
|
(0.05
|
)
|
(0.31
|
)
|
|||||||||
—
|
(0.43
|
)
|
(0.05
|
)
|
(0.41
|
)
|
—
|
|||||||||||
—
|
(0.19
|
)
|
(0.51
|
)
|
—
|
—
|
||||||||||||
(0.90
|
)
|
(0.95
|
)
|
(0.90
|
)
|
(0.46
|
)
|
(0.31
|
)
|
|||||||||
0.00
|
0.00
|
0.00
|
—
|
0.00
|
||||||||||||||
—
|
—
|
—
|
0.12
|
—
|
||||||||||||||
(0.42
|
)
|
(0.61
|
)
|
—
|
—
|
—
|
||||||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||
-19.62
|
%
|
36.37
|
%
|
9.86
|
%
|
-7.56
|
%
|
10.65
|
%
|
|||||||||
1.03
|
%
|
1.57
|
%
|
1.89
|
%
|
1.18
|
%
|
1.47
|
%(3)(4)
|
|||||||||
3.71
|
%
|
2.30
|
%
|
4.30
|
%
|
1.34
|
%
|
2.26
|
%
|
|||||||||
$
|
138,001
|
$
|
88,328
|
$
|
48,129
|
$
|
52,812
|
$
|
125,256
|
|||||||||
128
|
%
|
93
|
%
|
81
|
%
|
43
|
%
|
49
|
%
|
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
|
$
|
51,114,826
|
$
|
—
|
$
|
—
|
$
|
51,114,826
|
||||||||
Business Development Companies
|
27,156,007
|
—
|
—
|
27,156,007
|
||||||||||||
Other Common Stocks
|
||||||||||||||||
Real Estate Investment Trusts
|
2,766,674
|
—
|
—
|
2,766,674
|
||||||||||||
Liquidating Trusts
|
180,715
|
—
|
—
|
180,715
|
||||||||||||
Preferred Stocks
|
||||||||||||||||
Apparel Manufacturers
|
119,725
|
—
|
—
|
119,725
|
||||||||||||
Business Development Companies
|
6,101,000
|
—
|
—
|
6,101,000
|
||||||||||||
Closed End Funds
|
1,999,200
|
—
|
—
|
1,999,200
|
||||||||||||
Metal Processors
|
3,654,724
|
—
|
—
|
3,654,724
|
||||||||||||
Real Estate Investment Trusts
|
2,791,110
|
—
|
—
|
2,791,110
|
||||||||||||
Real Estate Operations
|
||||||||||||||||
and Development
|
758,140
|
—
|
—
|
758,140
|
||||||||||||
Retail—Catalog Shopping
|
318,868
|
—
|
—
|
318,868
|
||||||||||||
Transactional Software
|
857,372
|
—
|
—
|
857,372
|
||||||||||||
Special Purpose Acquisition Vehicles
|
19,762,779
|
2,806,178
|
—
|
22,568,958
|
||||||||||||
Corporate Obligations
|
—
|
—
|
565,824
|
565,824
|
||||||||||||
Rights
|
3,015
|
17,764
|
—
|
20,779
|
||||||||||||
Warrants
|
81,740
|
40,548
|
1,022
|
123,310
|
||||||||||||
Money Market Funds
|
10,801,554
|
—
|
—
|
10,801,554
|
||||||||||||
Total
|
$
|
128,467,449
|
$
|
2,864,490
|
$
|
566,846
|
$
|
131,898,785
|
August 31, 2022
|
August 31, 2021
|
|||||||
Ordinary Income
|
$
|
7,909,410
|
$
|
4,597,185
|
||||
Return of capital
|
3,889,965
|
1,483,608
|
||||||
Long Term Capital Gain Distribution
|
2,653,276
|
1,358,978
|
||||||
Total distributions paid
|
$
|
14,452,651
|
$
|
7,439,771
|
Tax cost of investments
|
$
|
145,355,880
|
||
Unrealized appreciation
|
4,356,152
|
|||
Unrealized depreciation
|
(11,384,748
|
)
|
||
Net unrealized depreciation
|
(7,028,596
|
)
|
||
Undistributed ordinary income
|
—
|
|||
Undistributed long-term gains
|
—
|
|||
Total distributable earnings
|
—
|
|||
Other accumulated losses and other temporary differences
|
—
|
|||
Total accumulated gain
|
$
|
(7,028,596
|
)
|
Cost of purchases
|
Proceeds from sales
|
|||||||
Investments in securities (Long-term)
|
$
|
34,383,939
|
$
|
41,354,013
|
||||
U.S. government securities (Long-term)
|
—
|
—
|
||||||
Total
|
$
|
34,383,939
|
$
|
41,354,013
|
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
|
(56)
|
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.
|
|||
Ben Harris
|
—
|
1 year;
|
Chief Executive Officer of Hormel
|
1
|
Director, Special
|
(54)
|
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
|
(56)
|
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, 2022
|
-
|
-
|
-
|
N/A
|
October 1 -
October 31, 2022
|
-
|
-
|
-
|
N/A
|
November 1-
November 30, 2022
|
-
|
-
|
-
|
N/A
|
December 1 –
December 31, 2022
|
-
|
-
|
-
|
N/A
|
January 1 –
January 31, 2023
|
-
|
-
|
-
|
N/A
|
February 1 –
February 28, 2023
|
-
|
-
|
-
|
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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