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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 | |
---|---|---|---|---|---|---|---|---|
-0.06 | -0.87% | 6.81 | 6.85 | 6.79 | 6.83 | 133,633 | 21:00:02 |
High Income Securities Fund
|
|||||
Portfolio of Investments
|
|||||
May 31, 2024
|
|||||
(Unaudited)
|
|||||
Shares
|
Value
|
||||
INVESTMENT COMPANIES - 63.24%
|
|
|
|
|
|
Business Development Companies - 15.68%
|
|
|
|
|
|
CION Investment Corp.
|
|
617,720
|
|
7,727,677
|
|
FS KKR Capital Corp.
|
|
310,714
|
|
6,369,637
|
|
Logan Ridge Finance Corp.
|
|
81,300
|
|
1,821,120
|
|
PhenixFIN Corp.
|
|
19,193
|
|
867,524
|
|
Portman Ridge Finance Corp.
|
|
151,137
|
|
3,006,115
|
|
Runway Growth Finance Corp.
|
|
80,978
|
|
970,116
|
|
|
20,762,189
|
||||
Closed-End Funds - 47.56%
|
|
|
|
|
|
AllianceBernstein National Municipal Income Fund, Inc.
|
|
134,467
|
|
1,444,176
|
|
Bancroft Fund Ltd.
|
|
13,721
|
|
214,869
|
|
BlackRock California Municipal Income Trust
|
|
74,065
|
|
855,451
|
|
BlackRock Innovation and Growth Term Trust
|
|
7,538
|
|
56,234
|
|
BlackRock Municipal Income Fund, Inc.
|
|
121,660
|
|
1,459,920
|
|
BNY Mellon Municipal Income, Inc.
|
|
622,204
|
|
4,193,655
|
|
BNY Mellon Strategic Municipal Bond Fund, Inc.
|
|
291,157
|
|
1,656,683
|
|
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.
|
|
67,021
|
|
582,412
|
|
ClearBridge Energy Midstream Opportunity Fund, Inc.
|
|
100,769
|
|
4,252,452
|
|
ClearBridge MLP & Midstream Fund, Inc.
|
|
77,718
|
|
3,675,284
|
|
ClearBridge MLP & Midstream Total Return Fund, Inc.
|
|
53,033
|
|
2,262,918
|
|
Destra Multi-Alternative Fund
|
|
166,851
|
|
1,254,720
|
|
DWS Municipal Income Trust
|
|
682,943
|
|
6,378,688
|
|
DWS Strategic Municipal Income Trust
|
|
197,942
|
|
1,878,470
|
|
Eaton Vance New York Municipal Bond Fund
|
|
276,969
|
|
2,647,824
|
|
Ellsworth Growth and Income Fund Ltd.
|
|
69,083
|
|
558,881
|
|
Herzfeld Caribbean Basin Fund, Inc.
|
|
12,344
|
|
31,044
|
|
Highland Income Fund
|
|
332,526
|
|
2,108,215
|
|
Invesco High Income 2024 Target Term Fund
|
|
156,445
|
|
1,190,546
|
|
MFS High Yield Municipal Trust
|
|
764,756
|
|
2,504,576
|
|
MFS Investment Grade Municipal Trust
|
|
245,951
|
|
1,829,875
|
|
Miller/Howard High Dividend Fund
|
|
93,770
|
|
1,054,912
|
|
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
|
|
100,365
|
|
476,734
|
|
Neuberger Berman Municipal Fund, Inc.
|
|
208,262
|
|
2,134,686
|
|
Neuberger Berman Next Generation Connectivity Fund, Inc.
|
|
397,605
|
|
4,822,949
|
|
New America High Income Fund, Inc.
|
|
278,463
|
|
2,010,503
|
|
Nuveen Multi-Asset Income Fund
|
|
20,588
|
|
250,968
|
|
Nuveen Preferred & Income Term Fund
|
|
67,005
|
|
1,303,917
|
|
PGIM Short Duration High Yield Opportunities Fund
|
|
15,265
|
|
229,738
|
|
Principal Real Estate Income Fund
|
|
199,015
|
|
1,994,130
|
|
Saba Capital Income & Opportunities Fund
|
|
231,408
|
|
1,691,592
|
|
Tortoise Energy Independence Fund, Inc.
|
|
49,741
|
|
1,690,219
|
|
Tortoise Power and Energy Infrastructure Fund, Inc.
|
|
102,980
|
|
1,591,041
|
|
Virtus Convertible & Income 2024 Target Term Fund
|
|
137,180
|
|
1,226,389
|
|
Virtus Total Return Fund, Inc.
|
|
245,437
|
|
1,337,632
|
|
Western Asset Intermediate Muni Fund, Inc.
|
|
14,866
|
|
113,725
|
|
62,966,028
|
|||||
Total Investment Companies (Cost $81,602,316)
|
|
|
|
83,728,217
|
|
|
|||||
|
|
Shares/Units
|
|
|
|
EXCHANGE TRADED FUNDS - 0.35%
|
|
|
|
|
|
Horizon Kinetics Spac Active ETF
|
|
4,700
|
|
464,191
|
|
Total Exchange Traded Funds (Cost $441,587)
|
|
|
|
464,191
|
|
|
|
Shares/Units
|
|
|
|
SPECIAL PURPOSE ACQUISITION VEHICLES - 14.90%
|
|
|
|
|
|
99 Acquisition Group, Inc. (a)
|
|
151,650
|
|
1,589,292
|
|
Ai Transportation Acquisition Corp. (a)(e)
|
|
10,000
|
|
1,501
|
|
Ai Transportation Acquisition Corp. (a)(e)
|
|
45,269
|
|
467,629
|
|
AP Acquisition Corp. (a)(e)
|
|
132,530
|
|
1,514,818
|
|
Ares Acquisition Corp. II (a)(e)
|
|
60,015
|
|
638,560
|
|
Bowen Acquisition Corp. (a)(e)
|
|
14,216
|
|
149,837
|
|
Cartesian Growth Corp. II (a)(e)
|
|
50,000
|
|
562,500
|
|
Churchill Capital Corp. IX (a)(e)
|
|
2,445
|
|
24,694
|
|
Colombier Acquisition Corp. II (a)(e)
|
|
12,667
|
|
5,027
|
|
Colombier Acquisition Corp. II (a)(e)
|
|
38,001
|
|
392,550
|
|
EVe Mobility Acquisition Corp. (a)(e)
|
|
40,963
|
|
452,297
|
|
Four Leaf Acquisition Corp. (a)
|
|
41,431
|
|
452,426
|
|
Global Lights Acquisition Corp. (a)(e)
|
|
192,000
|
|
1,972,800
|
|
Haymaker Acquisition Corp. 4 (a)(e)
|
|
129,016
|
|
1,357,997
|
|
IB Acquisition Corp. (a)
|
|
129,140
|
|
11,623
|
|
IB Acquisition Corp. (a)
|
|
129,140
|
|
1,287,526
|
|
Inflection Point Acquisition Corp. II (a)(e)
|
|
217,023
|
|
2,289,593
|
|
Iron Horse Acquisitions Corp. (a)
|
|
32,232
|
|
324,898
|
|
Keen Vision Acquisition Corp. (a)(e)
|
|
28,469
|
|
300,633
|
|
Legato Merger Corp. III (a)(e)
|
|
40,196
|
|
405,980
|
|
Legato Merger Corp. III (a)(e)
|
|
20,098
|
|
3,216
|
|
Legato Merger Corp. III (a)(e)
|
|
1
|
|
10
|
|
Nabors Energy Transition Corp. II (a)(e)
|
|
58,563
|
|
617,254
|
|
Patria Latin American Opportunity Acquisition Corp. (a)(e)
|
|
28,631
|
|
326,537
|
|
Quetta Acquisition Corp. (a)
|
|
102,660
|
|
1,058,425
|
|
RF Acquisition Corp. II (a)(e)
|
|
36,407
|
|
366,800
|
|
SilverBox Corp. III (a)
|
|
52,254
|
|
552,325
|
|
SK Growth Opportunities Corp. (a)(e)
|
|
12,584
|
|
139,808
|
|
TG Venture Acquisition Corp. (a)(b)
|
|
190,793
|
|
2,062,472
|
|
Trailblazer Merger Corp. I (a)
|
|
36,458
|
|
393,746
|
|
Total Special Purpose Acquisition Vehicles (Cost $19,283,530)
|
|
|
|
19,722,774
|
|
|
|||||
|
|
Shares
|
|
|
|
OTHER COMMON STOCKS - 0.62%
|
|||||
Industrial Support Services - 0.00%
|
|
|
|
|
|
Nature's Miracle California, Inc. (a)
|
|
2,664
|
|
1,918
|
|
Real Estate Investment Trusts - 0.62%
|
|
|
|
|
|
NexPoint Diversified Real Estate Trust
|
|
147,201
|
|
811,078
|
|
Total Other Common Stocks (Cost $2,142,705)
|
|
|
|
812,996
|
|
PREFERRED STOCKS - 8.17%
|
|
|
|
|
|
Business Development Companies - 4.69%
|
|
|
|
|
|
OFS Credit Co., Inc.
|
|
60,000
|
|
1,395,000
|
|
SuRo Capital Corp.
|
200,000
|
4,820,000
|
|||
|
|
|
|
6,215,000
|
|
Closed-End Funds - 1.49%
|
|
|
|
|
|
XAI Octagon Floating Rate Alternative Income Trust
|
|
80,000
|
|
1,966,400
|
|
Real Estate Investment Trusts - 1.98%
|
|
|
|
|
|
Brookfield DTLA Fund Office Trust Investor, Inc., 7.625% (a)
|
|
1,615
|
|
178
|
|
Cedar Realty Trust, Inc.- Series C, 6.500%
|
|
101,456
|
|
1,207,326
|
|
NexPoint Diversified Real Estate Trust - Series A, 5.500%
|
|
94,082
|
|
1,411,230
|
|
|
|
|
|
2,618,734
|
|
Real Estate Operations and Development - 0.01%
|
|
|
|
|
|
Harbor Custom Development, Inc - Series A, 8.000% (a)
|
|
131,166
|
|
19,675
|
|
Retail - Catalog Shopping - 0.00%
|
|
|
|
|
|
Legacy IMBDS, Inc. (b)
|
|
27,802
|
|
-
|
|
Total Preferred Stocks (Cost $15,729,983)
|
|
|
|
10,819,809
|
|
|
|
|
|||
LIQUIDATING TRUSTS - 0.63%
|
|
|
|
|
|
Copper Property CTL Pass Through Trust
|
|
87,573
|
|
830,192
|
|
Total Liquidating Trusts (Cost $942,199)
|
|
|
|
830,192
|
|
|
|
Principal
Amount
|
|
|
|
CORPORATE OBLIGATIONS - 0.31%
|
|
|
|
|
|
Lamington Road DAC
|
|
|
|
|
|
8.000%, 2121-04-07 (b)(c)(d)(e)
|
|
8,395,918
|
|
335,837
|
|
14.000%, 2121-04-07 (b)(c)(d)(e)
|
|
519,816
|
|
68,875
|
|
Total Corporate Obligations (Cost $1,327,493)
|
|
|
|
404,712
|
|
|
|||||
WARRANTS - 0.01% (a)
|
|
|
|
|
|
Ault Disruptive Technologies Corp. (a)
|
|
||||
Expiration: June 2028
|
|||||
Exercise Price: $11.50
|
|
48,000
|
|
2,244
|
|
Cartesian Growth Corp. II (a)(e)
|
|
||||
Expiration: July 2028
|
|||||
Exercise Price: $11.50
|
|
33,333
|
|
3,667
|
|
Churchill Capital Corp. VII (a)
|
|
||||
Expiration: February 2028
|
|||||
Exercise Price: $11.50
|
|
11,761
|
|
2,353
|
|
Digital Health Acquisition Corp. (a)
|
|
||||
Expiration: November 2026
|
|||||
Exercise Price: $11.50
|
|
42,000
|
|
4,347
|
|
ExcelFin Acquisition Corp. (a)
|
|
||||
Expiration: October 2028
|
|||||
Exercise Price: $11.50
|
|
25,000
|
|
880
|
|
Holdco Nuvo Group DG Ltd. (a)(e)
|
|
||||
Expiration: May 2029
|
|||||
Exercise Price: $11.50
|
|
25,000
|
|
625
|
|
Relativity Acquisition Corp. (a)(b)
|
|
||||
Expiration: December 2029
|
|||||
Exercise Price: $11.50
|
|
21,700
|
|
–
|
|
Target Global Acquisition I Corp. (a)(e)
|
|
||||
Expiration: December 2026
|
|||||
Exercise Price: $11.50
|
|
23,633
|
|
1,775
|
|
TG Venture Acquisition Corp. (a)
|
|
||||
Expiration: August 2028
|
|||||
Exercise Price: $11.50
|
|
74,000
|
|
–
|
|
Zapata Computing Holdings, Inc. (a)
|
|
||||
Expiration: February 2029
|
|||||
Exercise Price: $11.50
|
|
25,000
|
|
1,525
|
|
Total Warrants (Cost $95,796)
|
|
|
|
17,416
|
|
MONEY MARKET FUNDS - 11.40%
|
|
|
|
|
|
Fidelity Investments Money Market Funds - Government Portfolio, Institutional, 5.208% (d)
|
|
7,547,358
|
|
7,547,358
|
|
STIT - Treasury Portfolio, Institutional, 5.225% (d)
|
|
7,547,358
|
|
7,547,358
|
|
Total Money Market Funds (Cost $15,094,717)
|
|
|
|
15,094,716
|
|
|
|
|
|
|
|
Total Investments (Cost $136,660,326) - 99.63%
|
|
|
|
131,895,023
|
|
Assets in Excess of Other Liabilities - 0.37%
|
|
|
|
489,150
|
|
TOTAL NET ASSETS- 100.00%
|
|
|
|
132,384,173
|
|
Percentages are stated as a percent of net assets.
|
|||||
(a) Non-income producing security.
|
|||||
(b) The rate shown represents the 7-day yield at May 31, 2024.
|
|||||
(c) Fair valued securities. The total market value of these securities was $404,712, representing 0.31% of net assets. Value
determined using significant unobservable inputs.
|
|||||
(d) The coupon rate shown represents the rate at May 31, 2024.
|
|||||
(e) Foreign-issued security.
|
|||||
Abbreviations:
|
|||||
BDC Business Development Company.
|
|||||
LTD. Limited Liability Company.
|
|||||
The accompanying notes are an integral part of these schedule of investments.
|
Security valuation - Portfolio securities and other investments are valued using policies and procedures adopted by the Trustees. The Trustees have formed a Valuation
|
||||||
Committee to oversee the implementation of these procedures.
|
|
|
|
|
||
|
|
|
|
|
|
|
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and
|
||||||
are classified as Level 1 securities under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820). If no sales are reported, as in the case of some
|
||||||
securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
|
|
|
||||
|
|
|
|
|
|
|
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset
|
||||||
value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
|
||||||
|
|
|
|
|
|
|
Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other
|
||||||
investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees. Such services or dealers determine
|
||||||
valuations for normal institutional size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally
|
||||||
recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized
|
||||||
as Level 2.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such
|
||||||
markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days,
|
||||||
the Fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons
|
||||||
to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities,
|
||||||
will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity
|
||||||
and it is possible that fair value prices will be used by the Fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current
|
||||||
exchange rate.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To the extent a pricing service or dealer is unable to value a security, the security will be valued at fair value in accordance with policies and procedures approved by the Trustees.
|
||||||
Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations
|
||||||
consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S.
|
||||||
Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or
|
||||||
as Level 3 depending on the priority of the significant inputs.
|
|
|
|
|
||
|
|
|
|
|
|
|
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all
|
||||||
relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the
|
||||||
amount that the Fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith
|
||||||
estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
|
|
|
||||
|
|
|
|
|
|
|
The Fund has adopted fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require
|
||||||
additional disclosures about the various input and valuation techniques used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:
|
||||||
|
|
|
|
|
|
|
|
Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
|||||
|
|
|
|
|
|
|
|
Level 2—Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.
|
|||||
|
These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates,
|
|||||
|
prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|
|
|||
|
|
|
|
|
|
|
|
Level 3—Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own
|
|||||
|
assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information
|
|||||
|
available.
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a summary of the fair valuations according to the inputs used as of May 31, 2024 in valuing the Fund's investments:
|
|
|
|
||||||||||||||||
|
Quoted Prices in Active
|
Significant Other
|
||||||||||||||
|
Markets for Identical
|
Observable Inputs
|
Unobservable Inputs
|
|||||||||||||
|
Investments (Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Investment Companies
|
||||||||||||||||
Business Development Companies
|
$
|
20,762,189
|
$
|
-
|
$
|
-
|
$
|
20,762,189
|
||||||||
Closed-End Funds
|
62,966,028
|
-
|
-
|
62,966,028
|
||||||||||||
Exchange Traded Funds
|
464,191
|
-
|
-
|
464,191
|
||||||||||||
Special Purpose Acquisition Vehicles
|
16,598,951
|
1,061,351
|
2,062,472
|
19,722,774
|
||||||||||||
Other Common Stock
|
812,996
|
-
|
-
|
812,996
|
||||||||||||
Preferred Stocks
|
10,819,631
|
178
|
-
|
10,819,809
|
||||||||||||
Liquidating Trusts
|
830,192
|
-
|
-
|
830,192
|
||||||||||||
Corporate Obligations
|
-
|
-
|
404,712
|
404,712
|
||||||||||||
Warrants
|
8,116
|
9,300
|
-
|
17,416
|
||||||||||||
Money Market Funds
|
15,094,716
|
-
|
-
|
15,094,716
|
||||||||||||
Total
|
$
|
128,357,010
|
$
|
1,070,829
|
$
|
2,467,184
|
$
|
131,895,023
|
At the start and close of the reporting period, Level 3 investments in securities represented 2% of the fund’s net assets and were not considered a significant portion of the
|
||||||
fund’s portfolio.
|
|
|
|
|
|
The fair value of derivative instruments as reported within the Schedule of Investments as of May 31, 2024:
|
|
|
|
||||
|
|
|
|
|
|
|
|
Derivatives not accounted for as hedging
instruments
|
|
|
Statement of Assets &
Liabilities Location
|
|
Value
|
|
|
Equity Contracts - Warrants
|
|
|
Investments, at value
|
|
$ |
17,416
|
|
|
|
|
|
|
|
|
|
The effect of derivative instruments on the Statement of Operations for the period ended May 31, 2024:
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
Amount of Realized Gain (Loss) on Derivatives Recognized in Income
|
|
||||
Derivatives not accounted for as hedging
instruments
|
|
|
Statement of Operations
Location
|
|
Value
|
|
|
Equity Contracts - Warrants
|
|
|
Net Realized Gain
|
|
$ |
(70,730)
|
|
|
|
|
on Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
|
|
||||
Derivatives not accounted for as hedging
instruments
|
|
|
Statement of Operations
Location
|
|
Total
|
|
|
Equity Contracts - Warrants
|
|
|
Net change in unrealized
|
|
$ |
67,926
|
|
|
|
|
appreciation of investments
|
|
|
|
|
|
|
|
|
|
|
|
1 Year High Income Securities Chart |
1 Month High Income Securities Chart |
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