<SEC-DOCUMENT>0000898531-19-000283.txt : 20190508
<SEC-HEADER>0000898531-19-000283.hdr.sgml : 20190508
<ACCEPTANCE-DATETIME>20190508095921
ACCESSION NUMBER:		0000898531-19-000283
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190228
FILED AS OF DATE:		20190508
DATE AS OF CHANGE:		20190508
EFFECTIVENESS DATE:		20190508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HIGH INCOME SECURITIES FUND
		CENTRAL INDEX KEY:			0000810943
		IRS NUMBER:				046562068
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05133
		FILM NUMBER:		19805485

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		PUTNAM LLC
		STREET 2:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>hisf-ncsrs.htm
<DESCRIPTION>HIGH INCOME SECURITIES FUND SEMIANNUAL REPORT 2-28-19
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">UNITED STATES<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
      </font>SECURITIES AND EXCHANGE COMMISSION<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
      </font>Washington, D.C. 20549</div>
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    <div style="text-align: center;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FORM N-CSR</font></div>
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    <div style="text-align: center;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">CERTIFIED SHAREHOLDER REPORT OF REGISTERED </font></div>
    <div style="text-align: center;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MANAGEMENT INVESTMENT COMPANIES</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Investment Company Act file number <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>811-05133</u></font></font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>High Income Securities Fund</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>(Exact name of registrant as specified in charter)</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>615 East Michigan Street</u></font></font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Milwaukee, WI 53202</u></font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>(Address of principal executive offices) (Zip code)</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Andrew Dakos</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Bulldog Investors, LLC</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Park 80 West</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">250 Pehle Avenue, Suite 708</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Saddle Brook, NJ 07663</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        </font>(Name and address of agent for service)</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Copy to:</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Thomas R. Westle, Esq.</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Blank Rome LLP</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">The Chrysler Building</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">405 Lexington Avenue</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">New York, NY 10174</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>1-888-898-4107</u></font></font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Registrant's telephone number, including area code</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date of fiscal year end: <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>August 31, 2019</u></font></font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date of reporting period:&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>February 28, 2019</u></font></font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u> <br>
          </u></font></font></div>
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    <div style="text-align: left; color: #141213; font-family: 'Times New Roman', Times, serif; font-size: 18pt;">High Income Securities Fund</div>
    <div style="text-align: left;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(PCF) (formerly, Putnam High </font></div>
    <div style="text-align: left;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Income Securities Fund)</font></div>
    <div style="text-align: left;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Semi-Annual Report</font></div>
    <div style="text-align: left;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; color: #141213;">For the six months ended</font></div>
    <div style="text-align: left;"><font style="font-size: 18pt; font-family: 'Times New Roman', Times, serif; color: #141213;">February 28, 2019</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">April 29, 2019</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Dear Fellow Shareholders:</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">A number of significant events have occurred since our last report to shareholders of High Income Securities Fund (f/k/a Putnam
        High Income Securities Fund).</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">To review, a proxy contest at the Fund&#8217;s annual shareholder meeting last Spring culminated in the election of a new Board of
        Trustees.&#160; In addition, shareholders approved a proposal requesting that the Board authorize a self-tender offer at or close to net asset value (NAV).&#160; These developments led Putnam Investment Management, LLC to resign as the Fund&#8217;s investment
        adviser.&#160; Consequently, effective as of July 24, 2018, &#8220;Putnam&#8221; was deleted from the Fund&#8217;s name.&#160; Since then, the Fund has been internally managed by the Board.&#160; However, the Fund&#8217;s New York Stock Exchange ticker symbol of &#8220;PCF&#8221; has remained the
        same.&#160; In addition, U.S. Bank, N.A. is now the Fund&#8217;s custodian and U.S. Bancorp Fund Services, LLC is its administrator, accountant, and transfer agent.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The newly elected Trustees determined to conduct a self-tender offer for 55% (plus a 2% discretionary cushion) of the Fund&#8217;s
        outstanding shares at a price of 99% of NAV, which was completed last month.&#160; Prior to launching the self-tender offer, a special meeting of shareholders was held at which they voted to authorize the de-registration of the Fund as an investment
        company and, if and when de-registration is effected, to change the Fund&#8217;s organizational structure from a Massachusetts business trust to a Delaware corporation which is more appropriate for an operating company.&#160; All shares that were tendered
        were accepted, leaving the Fund with net assets of about $52 million.&#160; In preparation for the self-tender offer, (1) substantially all the Fund&#8217;s portfolio securities were sold, and the proceeds invested in cash equivalents, and (2) the monthly
        dividends that were historically paid were discontinued after the August 2018 dividend.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Earlier this month, the Fund announced that the Board of Trustees has determined to implement a Transitional Investment Strategy
        while a committee of the Board explores potential acquisitions of controlling stakes in operating companies and other investments that are not securities. Among other factors, the results of that exercise will assist the Board in determining
        whether the Fund should cease to be a registered investment company.</font></div>
    <div>&#160;</div>
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    <div>&#160;
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    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">During this transitional period, the Fund will continue to be internally managed and, within the parameters of its existing
        investment policies and restrictions, invest in securities that are likely to generate greater income. It is expected that the primary focus of the Transitional Investment Strategy will be to acquire discounted shares of income-oriented closed-end
        investment companies and business development companies. In addition, units or common shares issued by special purpose acquisition companies (or SPACs) may comprise up to 20% of the Fund&#8217;s portfolio.&#160; A Transitional Investment Committee of
        the&#160;Board comprised of Andrew Dakos, Rajeev Das and me will be responsible for implementing the Transitional Investment Strategy.&#160; As&#160;a&#160;result of this strategic initiative, we anticipate that the Fund will re-commence paying a monthly dividend in
        an amount to be determined in the near future.</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">While no guarantees can be made about future performance, it should be noted that Mr. Dakos and I have put our money where our
        mouths are by recently acquiring a combined total of 220,000 shares of the Fund.&#160; We think that investment aligns our interest with the interest of all shareholders in seeing the Fund succeed.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Sincerely yours,</font></div>
    <div>&#160;</div>
    <div><img src="pgoldstein-signature.jpg"></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Phillip Goldstein</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Chairman</font></div>
    <div>&#160;</div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Performance at a glance (unaudited)</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Average annual total returns for the periods ended 2/28/2019</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Net asset value returns</font></div>
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          <td style="width: 10.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">1 year</font></div>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">5 years</font></div>
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          <td style="width: 13.44%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">10 years</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
          </td>
          <td style="width: 10.99%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">2.57%</font></div>
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          <td style="width: 12.06%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">4.52%</font></div>
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          <td style="width: 13.44%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">11.52%</font></div>
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          <td rowspan="1" style="width: 63.51%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 10.99%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 12.06%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Market price returns</font></div>
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          <td style="width: 10.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12.06%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13.44%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
          </td>
          <td style="width: 10.99%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">8.48%</font></div>
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          <td style="width: 12.06%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">6.55%</font></div>
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          <td style="width: 13.44%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">11.93%</font></div>
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          <td rowspan="1" style="width: 63.51%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 10.99%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 12.06%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 13.44%; vertical-align: top;">&#160;</td>
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          <td style="width: 63.51%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Index returns</font></div>
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          <td style="width: 10.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12.06%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13.44%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">ICE BofA Merrill Lynch 6 Month Treasury Bill Index</font></div>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">2.16%</font></div>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.85%</font></div>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#160; 0.58%</font></div>
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          <td rowspan="1" style="width: 63.51%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 10.99%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 12.06%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 13.44%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 63.51%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Share price as of 2/28/19</font></div>
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          <td style="width: 10.99%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 12.06%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 13.44%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td style="width: 63.51%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Net asset value</font></div>
          </td>
          <td style="width: 10.99%; vertical-align: top;">&#160;</td>
          <td style="width: 12.06%; vertical-align: top;">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; $9.34</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Market price</font></div>
          </td>
          <td style="width: 10.99%; vertical-align: top;">&#160;</td>
          <td style="width: 12.06%; vertical-align: top;">&#160;</td>
          <td style="width: 13.44%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; $9.10</font></div>
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    </table>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;"> <br>
      </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Performance assumes reinvestment of distributions and does not account for taxes.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Past performance does not predict future performance. The return and value of an investment will fluctuate so
        that an investor&#8217;s share, when sold, may be worth more or less than their original cost. See pages 19 and 20. The Fund&#8217;s common stock net asset value (&#8220;NAV&#8221;) return assumes, for illustration only, that dividends and other distributions, if any,
        were reinvested at the NAV on the ex-dividend date for dividends and other distributions. The Fund&#8217;s common stock market price returns assume that all dividends and other distributions, if any, were reinvested at prices obtained under the Fund&#8217;s
        Dividend Reinvestment Plan (which was terminated on September 12, 2018).</font></div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;"> <br>
      </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Portfolio composition as of 2/28/2019<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> (unaudited)</font></div>
    <div>&#160;</div>
    <table id="z9998dbd33a0f41b381d08f3f2ca1150f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Value</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Percent</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Money Market Funds</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
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          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">120,808,496</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">100.07</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Corporate Notes</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">47,600</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.04</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Convertible Preferred Stocks</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">28,890</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.02</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Common Stocks</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">20,513</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.02</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Convertible Notes</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">116</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.00</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Senior Secured Notes</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.00</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Total Investments</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">120,905,615</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">100.15</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">%</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Liabilities in Excess of Other Assets</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(183,775</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
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          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(0.15</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">)</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Total Net Assets</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">120,721,840</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">100.00</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">%</font></div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">As a percentage of net assets.</font></div>
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    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
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    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Portfolio of investments&#8212;February 28, 2019 (unaudited)</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">CONVERTIBLE NOTES&#8212;0.00%</font></div>
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          <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td rowspan="1" style="vertical-align: top;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Communication Services&#8212;0.00%</font></div>
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          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Powerwave Technologies, Inc. Unsecured</font></div>
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          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#160;&#160;3.875%, 10/01/2027 (b)(c)(d)</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">116</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">116</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">CORPORATE NOTES&#8212;0.04%</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td rowspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Communication Services&#8212;0.04%</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Windstream Services, LLC Company Guaranty Senior Unsecured</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#160;&#160;9.000%, 06/30/2025 (b)(d)(f)</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Total Corporate Notes (Cost $95,133)</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">SENIOR SECURED NOTES&#8212;0.00%</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Avaya, Inc. Escrow</font></div>
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          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#160;&#160;7.000%, 04/01/2019 (b)(c)(d)</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Shares</font></div>
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          <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td rowspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Basic Materials&#8212;0.00%</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Smurfit-Stone Container Corp. Escrow, 0% (c)</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">65,720</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">657</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td rowspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Energy&#8212;0.02%</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Nine Point Energy, 6.75% (c)</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">24</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">28,233</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">COMMON STOCKS&#8212;0.02%</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td rowspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
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          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td rowspan="1" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Energy&#8212;0.02%</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">MWO Holdings, LLC (Units) (c)</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">3,159</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Nine Point Energy (c)</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1,190</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">17,184</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: top; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; color: rgb(20, 18, 19);">20,343</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Software&#8212;0.00%</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Avaya Holdings Corp. (a)</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">11</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">170</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Total Common Stocks (Cost $3,554)</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">20,513</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The accompanying notes are an integral part of these financial statements.</font></div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">5</font></div>
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        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
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    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Portfolio of investments&#8212;February 28, 2019 (unaudited)</font></div>
    <div><br>
    </div>
    <table id="z70f01391906640a398c09ee62d21d076" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Shares</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Value</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">MONEY MARKET FUNDS&#8212;100.07%</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Fidelity Institutional Government Portfolio&#8212;Class I, 2.280% (e)</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">60,404,248</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">60,404,248</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">STIT-Treasury Portfolio&#8212;Institutional Class, 2.286% (e)</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">60,404,248</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">60,404,248</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Total Money Market Funds (Cost $120,808,496)</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">120,808,496</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Total Investments (Cost $121,965,133)&#8212;100.15%</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">120,905,615</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Liabilities in Excess of Other Assets&#8212;(0.15)%</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(183,775</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">)</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">TOTAL NET ASSETS&#8212;100.00%</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">120,721,840</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Percentages are stated as a percent of net assets.</font></div>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(a)</font></div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Non-income producing security.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(b)</font></div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The coupon rate shown represents the rate at February 28, 2019.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(c)</font></div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Fair valued securities. The total market value of these securities was $49,349, representing 0.04% of net assets. Value
                determined using significant unobservable inputs.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(d)</font></div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Default or other conditions exist and security is not presently accruing income.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(e)</font></div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The rate shown represents the 7-day yield at February 28, 2019.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(f)</font></div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Restricted security as to resale. As of report date, the Fund held a restricted security with a current value of
                $47,600, acquired January 8, 2013, which was 0.04% of its net assets.</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The accompanying notes are an integral part of these financial statements.</font></div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Statement of assets and liabilities&#8212;February 28, 2019 (unaudited)</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table id="ze2b8b6b61c2745e7aec738fa979e9d29" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Assets:</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Investments, at value (Cost $121,965,133)</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
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          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">120,905,615</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Interest receivable</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">211,626</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Other assets</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">2,159</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Total assets</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">121,119,400</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Liabilities:</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Administration fees payable</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">15,224</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Chief Compliance Officer fees payable</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">13,331</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Trustee and Officer fees payable</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">164,885</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Audit fees payable</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">9,066</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Fund accounting fees payable</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">790</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Custody fees payable</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1,114</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Legal fees payable</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">30,402</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Reports and notices to shareholder payable</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">35,727</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Proxy related fees payable</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">97,614</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Stock exchange listing fees payable</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">19,787</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Accrued expenses and other liabilities</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">9,620</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Total liabilities</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">397,560</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Net assets</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">120,721,840</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Net assets consist of:</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Paid-in Capital (Unlimited shares authorized)</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">127,334,050</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Accumulated deficit</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">9.34</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The accompanying notes are an integral part of these financial statements.</font></div>
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    <div><br>
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    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Statement of operations</font></div>
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          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">six months ended</font></div>
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          <td style="vertical-align: top;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1,304,777</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 88%;" valign="bottom">
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Legal fees and expenses</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">166,699</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">139,568</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Administration fees and expenses</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">57,227</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Compliance fees and expenses</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">43,581</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Stock exchange listing fees</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">36,966</font></div>
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          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Transfer agency fees and expenses</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">26,405</font></div>
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          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Reports and notices to shareholders</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">23,355</font></div>
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        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Proxy expenses</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">10,171</font></div>
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          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Insurance fees</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">10,005</font></div>
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          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Audit fees</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">8,729</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">13,623</font></div>
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          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Net expenses</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">536,329</font></div>
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          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">768,448</font></div>
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          <td style="vertical-align: top; width: 88%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Net realized and unrealized gains from investment activities</font></div>
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    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Statements of changes in net assets applicable to common shareholders</font></div>
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          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">year ended</font></div>
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          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">(unaudited)</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">From operations:</font></div>
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          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Net investment income</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">768,448</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">2,834,618</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Net realized gain on investments, forward foreign </font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#160;&#160;currency contracts and foreign currency translations</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">58,783</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">10,943,544</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Net unrealized depreciation on investments, forward</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#160;&#160;foreign currency contracts and foreign currency translations</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(7,596</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(7,682,040</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">)</font></div>
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          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Net increase in net assets resulting from operations</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">6,096,122</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Distributions paid to shareholders:</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Net dividends and distributions</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(5,353,555</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(4,028,706</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">)</font></div>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Capital Stock Transactions (Note 5)</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Repurchase of common stock</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(419,079</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">)</font></div>
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        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Total capital stock transactions</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(419,079</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">)</font></div>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Net increase (decrease) in net assets </font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#160;&#160;applicable to common shareholders</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(4,533,920</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">)</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1,648,337</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Net assets applicable to common shareholders:</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Beginning of period</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">125,255,760</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">123,607,423</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">End of period</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
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          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">120,721,840</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
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          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">125,255,760</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">**</font></div>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Number of Fund Shares</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Shares outstanding at beginning of period</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">12,930,356</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">12,977,001</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Shares repurchased</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(46,645</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">)</font></div>
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        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Shares outstanding at end of period</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">12,930,356</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
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    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z89ce303513d14f83bedd58d47a6fe46e" cellpadding="0" cellspacing="0">

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            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(20, 18, 19);">*</font></div>
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          <td style="width: 97%; vertical-align: top;">
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        <tr>
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            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(20, 18, 19);">**</font></div>
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Includes accumulated undistributed net investment loss of $1,026,368.</font></div>
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    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The accompanying notes are an integral part of these financial statements.</font></div>
    <div>
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      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Financial highlights</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Selected data for a share of common stock outstanding throughout each year/period is presented below:</font></div>
    <div>&#160;</div>
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        <tr>
          <td style="vertical-align: top;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">For the </font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">six months ended</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">February 28, 2019</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">(unaudited)</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Net asset value, beginning of year/period</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
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          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">9.69</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.06</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Net realized and unrealized gains (losses) from investment activities</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.00</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup>&#160;</font></div>
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        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Total from investment operations</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.06</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Less distributions:</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Net investment income</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Net realized gains from investment activities</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(0.41</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">)</font></div>
          </td>
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        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Total distributions</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(0.41</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">)</font></div>
          </td>
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        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Increase from shares repurchased</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Net asset value, end of year/period</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
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        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Market price, end of year/period</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
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          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">9.10</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total market price
                  return</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)(6)</sup></font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Ratio to average net assets:</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
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          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.88</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
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        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Supplemental data:</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Net assets, end of year/period (000&#8217;s)</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">120,722</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Portfolio turnover<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(6)</sup></font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z3e530284f368486b96722c522bf46766" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(1)</font></div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Per share net investment income has been determined on the basis of the weighted average number of shares outstanding
                during the period.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(2)</font></div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">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&#8217;s
                Dividend Reinvestment Plan (which was terminated on September 12, 2018).</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(3)</font></div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Includes amounts paid through expense offset and brokerage/service arrangements, if any (Note 3).</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(4)</font></div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Includes 0.28% of increased proxy fees related to the 2017 annual shareholder meeting.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(5)</font></div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Amount represents less than $0.01 per share.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(6)</font></div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Not annualized for periods less than one year.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(7)</font></div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Annualized for periods less than one year.</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The accompanying notes are an integral part of these financial statements.</font></div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Financial highlights (continued)</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table id="z49f80a4ebaac4eb296f152911feac1e6" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td colspan="18" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">For the year ended August 31,</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">2018</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">2017</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">2016</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">2015</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">2014</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">9.53</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">8.92</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">8.67</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">9.56</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">8.76</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.22</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.30</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.35</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.35</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.36</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.25</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.66</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.17</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(0.95</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">)</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.82</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.47</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.96</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">)%</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)(4)</sup></font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0.94</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <tr>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
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          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">125,256</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">123,607</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">118,530</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">127,027</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
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          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">151,659</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">49</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">50</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">26</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">35</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">41</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">%</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Notes to financial statements (unaudited)</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund (formerly, Putnam High Income Securities Fund) (the &#8220;Fund&#8221;) is a Massachusetts business trust, which
        is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment company. Effective July 24, 2018 the Fund changed its name to High Income Securities Fund.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">At the annual meeting, pursuant to a vote of shareholders of the Fund held on April 27, 2018 the current Board of Trustees (the
        &#8220;Trustees&#8221;) replaced the previous Board of Trustees (the &#8220;Previous Trustees&#8221;).</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The goal of the Fund continues to be to provide high current income as a primary objective and capital appreciation as a
        secondary objective. The Fund pursues its objective primarily by investing, under normal circumstances, at least 80% of its net assets in fixed income securities, including debt instruments, convertible securities and preferred stocks. The Fund
        also invests in high-yielding non-convertible securities with the potential for capital appreciation. Please see Subsequent Events Note 8 regarding the Fund&#8217;s Transitional Investment Strategy.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">As of the date of this report, approximately 99.9% of the Fund's portfolio consisted of cash and cash equivalents. Taking a
        temporary all cash position may have resulted in the Fund not achieving its present investment objectives.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the
        Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 &#8220;Financial Services &#8211; Investment Companies&#8221;.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The Fund&#8217;s shares trade on a stock exchange at market prices, which may be lower than the Fund&#8217;s net asset value.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">In the normal course of business, the Fund enters into contracts that may include agreements to indemnify another party under
        given circumstances. The Fund&#8217;s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been made against the Fund. However, the Trustees expect the risk of material loss to be remote.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Under the Fund&#8217;s Agreement and Declaration of Trust, any claims asserted against or on behalf of the Fund, including claims
        against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.</font></div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">12</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Notes to financial statements (unaudited)</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Note 1: Significant accounting policies</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its
        financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts
        of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Security valuation</font>&#8212;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.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">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.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">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.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">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.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">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 </font></div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">13</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Notes to financial statements (unaudited)</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">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.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">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.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">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.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">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:</font></div>
    <div>&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z853f0964dd1e43d99d7affcffa281eb8" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Level 1&#8212;</font></div>
          </td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.</font></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 7%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 93%; vertical-align: bottom; text-align: left;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Level 2&#8212;</font></div>
          </td>
          <td style="width: 93%; vertical-align: bottom; text-align: left;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; color: rgb(20, 18, 19);">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.</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">14</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Notes to financial statements (unaudited)</font></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z93603690254f42fcb1b1d279136ab780" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 7%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Level 3&#8212;</font></div>
          </td>
          <td style="width: 93%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing
                the Fund&#8217;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.</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;"> <br>
      </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The following is a summary of the fair valuations according to the inputs used as of February 28, 2019 in valuing the Fund&#8217;s
        investments:</font></div>
    <div>&#160;</div>
    <table id="zbc2da8bb50374b2999908e89432fe41e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Quoted Prices in </font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
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          <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Corporate Notes</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Senior Secured Notes</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Convertible Preferred Stocks</font></div>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%;" valign="bottom">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Energy</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">20,343</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">20,343</font></div>
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          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%;" valign="bottom">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Software</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">170</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">170</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Money Market Funds</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">120,808,496</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">120,808,496</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 52%; padding-bottom: 4px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Total</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">120,808,666</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">47,600</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">49,349</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">120,905,615</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund&#8217;s net
        assets and were not considered a significant portion of the fund&#8217;s portfolio.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The Fund did not hold derivative instruments during the six months ended February 28, 2019.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Investment transactions and
          investment income</font>&#8212;Security transactions and related investment income security transactions are recorded on the trade date (the date the order to buy or sell is executed). Realized gains or losses on securities sold are determined on the
        identified cost basis. Interest income, net of any applicable withholding taxes, is recorded on the accrual basis. Dividend income, net of any applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from
        foreign securities, if any, are recognized as soon as the Fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Discounts are accreted and premiums are amortized using the
        constant yield method as adjustments to interest income and the identified cost of investments. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain.</font></div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">15</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Notes to financial statements (unaudited)</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Concentration Risk</font>&#8212;The
        Fund invests a significant amount (50.035% of net assets as of February 28, 2019) in the Fidelity Institutional Government Portfolio&#160;&#8211;&#160;Class I (&#8220;FIGXX&#8221;). FIGXX invests exclusively in a portfolio of short-term U.S. Treasury securities, as well as
        repurchase agreements collateralized fully by U.S. Treasury securities. The Fund may also hold cash.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The Fund invests a significant amount (50.035% of net assets as of February 28, 2019) in the STIT-Treasury Portfolio &#8211;
        Institutional Class (&#8220;TRPXX&#8221;). TRPXX invests at least 99.5% of its total assets in cash, Government Securities, and repurchase agreements collateralized by cash or Government Securities.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">FIGXX and TRPXX file complete Semi-Annual and Annual Reports with the U.S. Securities and Exchange Commission for semi-annual
        and annual periods of each fiscal year on Form N-CSR. The Forms N-CSR are available on the website of the U.S. Securities and Exchange Commission at www.sec.gov, and may also be viewed and copied at the Commission&#8217;s Public Reference Room in
        Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The net expense ratio per the March 31, 2018 Annual report of the Fidelity Institutional Government Portfolio &#8211; Class I was 0.20%.
        The net expense ratio per the August 31, 2018 Annual report of the STIT-Treasury Portfolio &#8211; Institutional Class was 0.18%.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Foreign currency translation</font>&#8212;The

        accounting records of the Fund are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the Fund after translation to U.S. dollars based on the
        exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The Fund does not isolate that portion of
        realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and
        unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies, currency gains and losses realized between the trade and
        settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the Fund&#8217;s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized
        appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.</font></div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Notes to financial statements (unaudited)</font></div>
    <div><br>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Note 2: Federal tax status</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The Fund has elected to be taxed as a &#8220;regulated investment company&#8221; and intends to distribute substantially all of its taxable
        income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the Fund to distribute an
        amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The tax character of distributions paid to shareholders during the fiscal year ended August 31, 2018 are as follows:</font></div>
    <div>&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z9e9fe6875bc34870a717bbeac019e313" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 48.08%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Ordinary Income</font></div>
          </td>
          <td style="width: 51.92%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$4,028,706</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;"> <br>
      </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The Fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (ASC 740). ASC 740 sets forth a
        minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The Fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial
        statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the Fund&#8217;s federal tax returns for the prior three fiscal years
        remains subject to examination by the Internal Revenue Service.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The Fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on
        either income or gains earned or repatriated. The Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the Fund may be entitled to
        reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset on the Fund&#8217;s books. In many cases, however, the Fund may not receive such amounts for an extended period of time, depending on the country of
        investment.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">At August 31, 2018, the Fund deferred, on a tax basis, late year losses of $1,026,368.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">At August 31, 2018, the Fund did not have any capital loss carryover available to offset future net capital gain.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Distributions to shareholders</font>&#8212;Distributions

        to shareholders from net investment income are recorded by the Fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to
        be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences include temporary and/or permanent differences from losses on wash sale transactions, from
        nontaxable dividends, from dividends payable, from amortization and </font></div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">17</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Notes to financial statements (unaudited)</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">accretion, from contingent payment debt and from deemed distributions. To the extent these differences are permanent in nature,
        such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Reclassifications are made to the Fund&#8217;s capital accounts to reflect income and gains available for distribution (or available
        capital loss carryovers) under income tax regulations. At the close of the reporting period, the Fund reclassified $212,478 to increase net investment loss, $5,765,067 to decrease paid-in capital and $5,977,545 to decrease accumulated net realized
        loss.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final
        tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The tax basis components of distributable earnings and the federal tax cost as of the close of the
        reporting period were as follows:</font></div>
    <div>&#160;</div>
    <table id="zc6d270b3081f440ab47edc986e57ece3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Tax cost of investments</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">126,300,850</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Unrealized appreciation</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">43,132</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Unrealized depreciation</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(1,095,054</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">)</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Net unrealized depreciation</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(1,051,922</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">)</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Undistributed ordinary income</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Undistributed long-term gains</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Total distributable earnings</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Other accumulated gains/losses and other temporary differences</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(1,026,368</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">)</font></div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Total accumulated losses</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(2,078,290</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">)</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;"> <br>
      </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Note 3: Management fee, administrative services and other transactions</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Effective after the close of business on July 23, 2018, the Fund became internally managed and did not pay any management fees
        for the six month period ended February 28, 2019.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">U.S. Bancorp Fund Services, LLC doing business as U.S. Bank Global Fund Services (&#8220;Fund Services&#8221;), an indirect wholly-owned
        subsidiary of U.S. Bancorp, acts as the Fund&#8217;s Administrator under an Administration Agreement. Fund Services prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to
        the Trustees; monitors the activities of the Fund&#8217;s custodian, transfer agent and accountants; coordinates the preparation and payment of the Fund&#8217;s expenses; and reviews the Fund&#8217;s expense accruals. Fund Services also serves as the Fund&#8217;s fund
        accountant and U.S. Bank, N.A. (&#8220;U.S. Bank&#8221;), an affiliate of Fund Services, serves as the Fund&#8217;s custodian. Effective after the close of business on September 7, 2018, U.S. Bancorp Fund Services, LLC acts as the transfer agent of the Fund.</font></div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">18</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Notes to financial statements (unaudited)</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Prior to the close of business on September 7, 2018, Putnam Investor Services, Inc. provided investor servicing agent functions
        to the Fund. Putnam Investor Services, Inc. was paid a monthly fee for investor servicing at an annual rate of 0.05% of the Fund&#8217;s average daily net assets. The amounts incurred for investor servicing agent functions during the period September 1,
        2018 through September 7, 2018 are included in Transfer Agent fees.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Note 4: Purchases and sales of securities</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">During the six months ended February 28, 2019, the cost of purchases and the proceeds from sales, excluding short-term
        investments, were as follows:</font></div>
    <div>&#160;</div>
    <table id="zfcf56acc36d4492b9a7d33ff91f0d9c4" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Cost of purchases</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Proceeds from sales</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Investments in securities (Long-term)</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">U.S. government securities (Long-term)</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Total</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">$</font></div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">0</font></div>
          </td>
          <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>

    </table>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;"> <br>
      </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Note 5: Capital share transactions</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Repurchases are made when the Fund&#8217;s shares are trading at less than net asset value and in accordance with procedures approved
        by the Fund&#8217;s Previous Trustees.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">In September 2017, the Previous Trustees approved the renewal of the repurchase program to allow the Fund to repurchase up to
        10% of its outstanding common shares over the 12-month period ended October 9, 2018 (based on shares outstanding as of October 9, 2017). For the year ended August 31, 2018, the Fund repurchased 46,645 common shares for an aggregate purchase price
        of $419,079, which reflects a weighted-average discount from net asset value per share of 7.71%. The weighted-average discount reflects the payment of commissions by the Fund to execute repurchase trades.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">For the period September 1, 2018 through October 9, 2018 there were no common shares repurchased.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The Previous Trustees had approved a repurchase program to allow the Fund to repurchase up to 10% of its outstanding common
        shares over the 12-month period ending October 9, 2017 (based on shares outstanding as of October 7, 2016). For the year ended August 31, 2017, the Fund repurchased 309,032 common shares for an aggregate purchase price of $2,458,581, which
        reflected a weighted-average discount from net asset value per share of 10.58%. The weighted-average discount reflected the payment of commissions by the Fund to execute repurchase trades.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Note 6: Market, credit and other risks</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of
        potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The Fund may be exposed to additional credit risk that an </font></div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">19</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Notes to financial statements (unaudited)</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">institution or other entity with which the Fund has unsettled or open transactions will default. Investments in foreign
        securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations. The Fund may invest in higher-yielding, lower-rated bonds that may have a higher rate of default.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Note 7: Senior loan commitments</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Senior loans are purchased or sold on a when-issued or delayed delivery basis and may be settled a month or more after the trade
        date, which from time to time can delay the actual investment of available cash balances; interest income is accrued based on the terms of the securities. Senior loans can be acquired through an agent, by assignment from another holder of the loan,
        or as a participation interest in another holder&#8217;s portion of the loan. When the Fund invests in a loan or participation, the Fund is subject to the risk that an intermediate participant between the Fund and the borrower will fail to meet its
        obligations to the Fund, in addition to the risk that the borrower under the loan may default on its obligations.&#160; The Fund does not have any senior loan commitments outstanding as of the end of the six month period ended February 28, 2019.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Note 8: Subsequent Events</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The Fund completed an offering to purchase up to 55% of the Fund&#8217;s shares outstanding of the Fund at 99% of the net asset value
        (&#8220;NAV&#8221;) per common share on March 15, 2019. At the expiration of the offer on March 18, 2019, a total of 7,365,350 shares or approximately 56.96% of the Fund&#8217;s outstanding common shares were validly tendered. As the total number of shares tendered
        exceeded the number of shares the Fund offered to purchase and in accordance with the rules of the Securities and Exchange Commission allowing the Fund to purchase additional shares not to exceed 2% of the outstanding shares (approximately 258,607
        shares) without amending or extending the offer, the Fund elected to purchase all shares tendered at a price of $9.25 per share (99% of the NAV of $9.34).</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Prior to the Fund&#8217;s recently completed self-tender offer, shareholders approved a proposal authorizing the Board of Trustees to
        take steps to cause the Fund to cease to be a registered investment company (RIC).&#160; A committee of the Board will be exploring potential acquisitions of controlling stakes in operating companies and other investments that are not securities.&#160; Among
        other factors, the results of that exercise will assist the Board in determining whether the Fund should cease to be a RIC.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">During this transitional period, the Board has determined that the Fund should continue to be internally managed and, within the
        parameters of its existing investment policies and restrictions, invest in securities that are likely to generate more income (the &#8220;Transitional Investment Strategy&#8221;).&#160; It is expected that the </font></div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">20</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Notes to financial statements (unaudited)</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">primary focus of the Transitional Investment Strategy will be to acquire discounted shares of income-oriented closed-end
        investment companies and business development companies.&#160; A Transitional Investment Committee of the Board comprised of Phillip Goldstein, Andrew Dakos, and Rajeev Das will be responsible for implementing the Transitional Investment Strategy.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The Fund paid its last regular monthly dividend on August 1, 2018.&#160; The Board anticipates that the Fund will re-commence paying
        a monthly dividend in an amount to be determined in the near future.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Substantially all of the Fund&#8217;s assets following the completion of the self-tender offer of approximately $52 million are
        currently invested in money market mutual funds.&#160; Taking a temporary all cash position in its portfolio may result in the Fund not achieving its present investment objective.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Accordingly, the information presented in this semi-annual report with respect to the actions and results of
        the Fund are not meaningful in making any conclusions as to the future performance of the Fund if both the shareholders and the SEC approve its de-registration.</font></div>
    <div>&#160;</div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">21</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">General information (unaudited)</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">The Fund</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund (the &#8220;Fund&#8221;) is a diversified, closed-end management investment company whose common shares trade on
        the New York Stock Exchange (&#8220;NYSE&#8221;).&#160; The Fund&#8217;s NYSE trading symbol is &#8220;PCF.&#8221;</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Tax information</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The Fund designated 100% of its ordinary income distribution for the year ended August 31, 2018, as qualified dividend income
        under the Jobs and Growth Tax Relief Reconciliation Act of 2003.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">For the year ended August 31, 2018, 100% of dividends paid from net ordinary income qualified for the dividends received
        deduction available to corporate shareholders.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Special meeting of shareholders held on January 22, 2019</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The Fund held a special meeting of shareholders on January 22, 2019 to vote on the following matters:</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The presence, in person or by proxy, of shareholders owning at least thirty percent of the shares entitled to be cast at the
        Meeting (i.e., the presence of a 30% of the shares outstanding on the record date of November 2, 2018) was necessary to constitute a quorum for the transaction of business.&#160; At the Meeting, the holders of approximately 60.966% of the outstanding
        shares as of the record date were represented in person or by proxy (7,883,238 votes), thus constituting a quorum for the matters to be voted upon by all shareholders at the Meeting.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">At the meeting, a proposal to change the nature of the Fund&#8217;s business from being an investment company under the Investment
        Company Act of 1940, as amended and to deregister the Fund as an investment company with the Securities and Exchange Commission to permit the Fund to operate as a holding company was approved, as follows:</font></div>
    <div>&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zab9bd81f7c1447cd9ca07f418802917a" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Votes For</font></div>
          </td>
          <td style="width: 25.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Votes against</font></div>
          </td>
          <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">% of Quorum</font></div>
          </td>
          <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Votes withheld</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">7,386,876</font></div>
          </td>
          <td style="width: 25.49%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">374,496</font></div>
          </td>
          <td style="width: 25%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">93.70%</font></div>
          </td>
          <td style="width: 25%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">121,866</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;"> <br>
      </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">At the meeting, a proposal to approve the reorganization of the Fund from a Massachusetts business trust into a newly
        established Delaware corporation was approved, as follows:</font></div>
    <div>&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z48623d2b4bbe44b4806dad3e6986ce31" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Votes For</font></div>
          </td>
          <td style="width: 25.49%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Votes against</font></div>
          </td>
          <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">% of Quorum</font></div>
          </td>
          <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Votes withheld</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">7,041,173</font></div>
          </td>
          <td style="width: 25.49%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">337,642</font></div>
          </td>
          <td style="width: 25%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">89.32%</font></div>
          </td>
          <td style="width: 25%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">504,423</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>&#160;
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">22</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">General information (unaudited)</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Quarterly Form N-Q portfolio schedule</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (&#8220;SEC&#8221;) for the first and
        third quarters of each fiscal year on Form N-Q.&#160; The Fund&#8217;s Forms N-Q are available on the SEC&#8217;s Web site at http://www.sec.gov.&#160; The Fund&#8217;s Forms N-Q may be reviewed and copied at the SEC&#8217;s Public Reference Room in Washington, D.C.&#160; Information on
        the operation of the SEC&#8217;s Public Reference Room may be obtained by calling 1-800-SEC-0330.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Proxy voting policies, procedures and record</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">You may obtain a description of the Fund&#8217;s (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding
        how the Fund voted any proxies related to portfolio securities during the most recent 12-month period ended June&#160;30 for which an SEC filing has been made, without charge, upon request by contacting the Fund&#8217;s Shareholder Services at 1-888-898-4107,
        or on the EDGAR Database on the SEC&#8217;s Web site (http://www.sec.gov).</font></div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></div>
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">23</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Supplemental information (unaudited)</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The following table sets forth the trustees and officers of the Fund, their name, address, age, position with the Fund, term of
        office and length of service with the Fund, principal occupation or employment during the past five years and other directorships held at February 28, 2019.</font></div>
    <div>&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z1e18bd02a7ca46c49fa0eae09b8c29f0" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Term of</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Number of</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Office</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Portfolios</font></div>
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          <td style="width: 15%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">and</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">in Fund</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Other</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Position(s)</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Length</font></div>
          </td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Principal Occupation</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Complex</font></div>
          </td>
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          <td style="width: 20%; vertical-align: top;">
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Held with</font></div>
          </td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">of Time</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">During the Past</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Overseen</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">held by</font></div>
          </td>
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          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">and Age*</font></div>
          </td>
          <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">the Fund</font></div>
          </td>
          <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Served</font></div>
          </td>
          <td style="width: 23%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Five Years</font></div>
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          <td style="width: 13.68%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">by Trustee**</font></div>
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          <td style="width: 15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Trustee</font></div>
          </td>
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        <tr>
          <td colspan="6" style="vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">INTERESTED TRUSTEES</font></div>
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          <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 23%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Andrew Dakos***</font></div>
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          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">President</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1 year; </font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Member of Bulldog Investors, </font></div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Director, Brookfield </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(52)</font></div>
          </td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">as of </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Since</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">LLC since 2009; Principal of </font></div>
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          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
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          </td>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">July 2018.</font></div>
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          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">2018</font></div>
          </td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">the general partner of several </font></div>
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          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">private investment partnerships </font></div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
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          </td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">in the Bulldog Investors group </font></div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">of private funds.</font></div>
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          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">2017); Trustee, </font></div>
          </td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Crossroads </font></div>
          </td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Liquidating Trust; </font></div>
          </td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
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          </td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Opportunities </font></div>
          </td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Fund, Inc.; </font></div>
          </td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Chairman, Swiss </font></div>
          </td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Helvetia Fund, Inc.;</font></div>
          </td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
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          </td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Mexico Equity and</font></div>
          </td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Income Fund Inc.</font></div>
          </td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(until 2015).</font></div>
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          <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 23%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Phillip Goldstein***</font></div>
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          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Chairman</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1 year; </font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Member of Bulldog Investors, </font></div>
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          <td style="width: 13.68%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1</font></div>
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          <td style="width: 15%; vertical-align: top;">
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        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(74)</font></div>
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          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">and </font></div>
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          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Since</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">LLC since 2009; Principal of </font></div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Mexico Equity and </font></div>
          </td>
        </tr>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Secretary </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">2018</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">the general partner of several </font></div>
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          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">as of </font></div>
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          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">private investment partnerships </font></div>
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          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Chairman, Special </font></div>
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        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">July 2018.</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">in the Bulldog Investors group </font></div>
          </td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
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          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">of private funds.</font></div>
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          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
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        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
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          </td>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
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          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Capital, Inc.; </font></div>
          </td>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Trustee, Crossroads</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Liquidating Trust;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Director, Swiss </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Helvetia Fund, Inc.;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Chairman, </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Emergent Capital, </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.68%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Inc. (until 2017).</font></div>
          </td>
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    </table>
    <div><br>
    </div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div>&#160;
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; font-weight: normal; font-style: normal;">24</font></div>
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        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
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    </div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Supplemental information (unaudited)</font></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z238c3ea404134665bea1a8cccc93b395" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Term of</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.65%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Number of</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Office</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.65%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Portfolios</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">and</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.65%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">in Fund</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Other</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Position(s)</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Length</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Principal Occupation</font></div>
          </td>
          <td style="width: 13.65%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Complex</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Directorships</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Name, Address</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Held with</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">of Time</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">During the Past</font></div>
          </td>
          <td style="width: 13.65%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Overseen</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">held by</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">and Age*</font></div>
          </td>
          <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">the Fund</font></div>
          </td>
          <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Served</font></div>
          </td>
          <td style="width: 23%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Five Years</font></div>
          </td>
          <td style="width: 13.65%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">by Trustee**</font></div>
          </td>
          <td style="width: 15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Trustee</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Rajeev Das***</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1 year; </font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Principal of Bulldog </font></div>
          </td>
          <td style="width: 13.65%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Director, The </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(50)</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Since </font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Investors, LLC</font></div>
          </td>
          <td style="width: 13.65%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Mexico Equity &amp; </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">2018</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 13.65%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Income Fund, Inc.</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="6" style="vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">INDEPENDENT TRUSTEES</font></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 23%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 13.65%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Gerald Hellerman</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1 year; </font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Managing Director of Hellerman </font></div>
          </td>
          <td style="width: 13.65%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Director, The </font></div>
          </td>
        </tr>
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          <td style="width: 20%; vertical-align: top;">
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          <td style="width: 15%; vertical-align: top;">
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          <td style="width: 14%; vertical-align: top;">
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1993 (which terminated activities </font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">as of December 31, 2013).</font></div>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(until 2016).</font></div>
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          <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Director, Aberdeen</font></div>
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          <td style="width: 20%; vertical-align: top;">
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          <td style="width: 13.65%; vertical-align: top;">&#160;</td>
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        </tr>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
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          <td style="width: 23%; vertical-align: top;">
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          <td style="width: 13.65%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Fund; Director,</font></div>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">International LLC.</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Inc.; Director,</font></div>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Aberdeen Global</font></div>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Director, Aberdeen</font></div>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
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          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Aberdeen </font></div>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
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          <td style="width: 14%; vertical-align: top;">&#160;</td>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(until 2018); </font></div>
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          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Greater China Fund </font></div>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
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          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(until 2018).</font></div>
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    <div>&#160;
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        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 3px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      <div id="DSPFPageHeader" style="width: 100%;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">High Income Securities Fund</font></div>
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    <div><br>
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    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Supplemental information (unaudited)</font></div>
    <div><br>
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    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z1179fd6be6324ea79ba48a3094675e18" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Term of</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Number of</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Office</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Portfolios</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">and</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">in Fund</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Other</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Position(s)</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Length</font></div>
          </td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Principal Occupation</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Complex</font></div>
          </td>
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          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Name, Address</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Held with</font></div>
          </td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">of Time</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">During the Past</font></div>
          </td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Overseen</font></div>
          </td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">held by</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">and Age*</font></div>
          </td>
          <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">the Fund</font></div>
          </td>
          <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Served</font></div>
          </td>
          <td style="width: 23%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Five Years</font></div>
          </td>
          <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">by Trustee**</font></div>
          </td>
          <td style="width: 15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Trustee</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Richard Dayan </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1 year; </font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Owner of CactusTrading.</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Director, Swiss</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(76)</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Since </font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Helvetia Fund, Inc.;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">2018</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Director, Emergent</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Capital Inc. </font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(until 2017).</font></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 23%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Ben Harris</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">&#8212;</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1 year; </font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Chief Executive Officer of HHI,</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Director, Special </font></div>
          </td>
        </tr>
        <tr>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(50)</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Since </font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">LLC; Principal of NBC Bancshares,</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Opportunities</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">2018</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">LLC; Chief Executive Officer of</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Fund, Inc.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Crossroads Capital, Inc.; </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Administrator of Crossroads </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Liquidating Trust.</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" colspan="6" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="6" style="vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">OFFICERS</font></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 23%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Andrew Dakos***</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">President</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1 year; </font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Member of Bulldog Investors, </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">n/a</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">n/a</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(52)</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">as of </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Since</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">LLC; Principal of the general </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">July 2018.</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">2018</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">partner of several private </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">investment partnerships in the </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Bulldog Investors group of funds.</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 23%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Thomas Antonucci***</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Director of Operations of </font></div>
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          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">n/a</font></div>
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          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">n/a</font></div>
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        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(50)</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">as of </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Since</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Bulldog Investors, LLC.</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">July 2018.</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">2018</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
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        <tr>
          <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 23%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 14%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Phillip Goldstein***</font></div>
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          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Chairman</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1 year; </font></div>
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          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Member of Bulldog Investors, </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">n/a</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">n/a</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(74)</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">and </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Since</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">LLC; Principal of the general</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Secretary </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">2018</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">partner of several private</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">as of </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">investment partnerships in the </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">July 2018.</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Bulldog Investors group of funds.</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Stephanie Darling***</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Chief</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1 year; </font></div>
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          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">General Counsel and Chief</font></div>
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          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">n/a</font></div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">n/a</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">(49)</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Compliance </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Since</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Compliance Officer of Bulldog</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
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          </td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">2018</font></div>
          </td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Investors, LLC; Principal, the</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">as of </font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Law Office of Stephanie Darling;</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
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        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">July 2018.</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Editor-In-Chief, the Investment</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 23%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Lawyer.</font></div>
          </td>
          <td style="width: 14%; vertical-align: top;">&#160;</td>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
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        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">*</font></div>
          </td>
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          <td style="width: 96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The address for all trustees and officers is c/o High Income Securities Fund, 615 East Michigan Street, Milwaukee, WI
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          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">**</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The Fund Complex is comprised of only the Fund.</font></div>
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        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">***</font></div>
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          <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 96%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Messrs. Dakos, Goldstein, Das, and Antonucci and Ms. Darling are each considered an &#8220;interested person&#8221; of the Fund
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          </td>
        </tr>

    </table>
    <div><br>
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    <div><br>
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    <div><br>
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    <div style="text-align: left;"><font style="font-size: 12pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Privacy policy notice</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The following is a description of the Fund&#8217;s policies regarding disclosure of nonpublic personal information that you provide to
        the Fund or that the Fund collects from other sources.&#160; In the event that you hold shares of the Fund through a broker-dealer or other financial intermediary, the privacy policy of the financial intermediary would govern how your nonpublic personal
        information would be shared with unaffiliated third parties.</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">CATEGORIES OF INFORMATION THE FUND COLLECTS.&#160; The Fund collects the following nonpublic personal information about you:</font></div>
    <div>&#160;</div>
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        <tr>
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1. </font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">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</font></div>
          </td>
        </tr>
        <tr>
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          <td rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 92%; vertical-align: top;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">2. </font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Information about the Consumer&#8217;s transactions: this category includes information about your transactions with the Fund,
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        </tr>

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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;"> <br>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">CATEGORIES OF INFORMATION THE FUND DISCLOSES.&#160; The Fund does not disclose any nonpublic personal information about their current
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    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">CONFIDENTIALITY AND SECURITY.&#160; The Fund restricts access to your nonpublic personal information to those persons who require
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    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">This privacy policy notice is not a part of the shareholder report.</font></div>
    <div>&#160;</div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Transfer Agent and Registrar, </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Fund Administrator and Fund Accountant</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">U.S. Bancorp Fund Services, LLC</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">615 East Michigan Street</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Milwaukee, WI&#160; 53202</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Custodian</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">U.S. Bank, N.A.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Custody Operations</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">1555 North RiverCenter Drive, Suite 302</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Milwaukee, WI&#160; 53212</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Fund Counsel</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Blank Rome LLP</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">The Chrysler Building</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">405 Lexington Avenue</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">New York, NY&#160; 10174</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Independent Registered Public Accounting Firm</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Tait, Weller &amp; Baker LLP</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Two Liberty Place</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">50 South 16th Street, Suite 2900</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Philadelphia, PA&#160; 19102</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">Board of Trustees</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Andrew Dakos</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Phillip Goldstein</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Ben Harris</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Gerald Hellerman</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Rajeev Das</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Moritz Sell</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #141213;">Richard Dayan</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">High Income Securities Fund</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; color: #141213;">1-888-898-4107</font></div>
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      <div style="text-align: left;"><font style="font-weight: bold; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><u>Item 2. Code of Ethics.</u></font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable for semi-annual reports.</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Item 3. Audit Committee Financial Expert.</u></font></font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable for semi-annual reports.</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Item 4. Principal Accountant Fees and
              Services.</u></font></font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable for semi-annual reports.</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Item 5. Audit Committee of Listed
              Registrants.</u></font></font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the &#8220;Act&#8221;) and has a separately-designated
          standing audit committee established in accordance with Section&#160;3(a)(58)(A) of the Act.&#160; The independent members of the committee are as follows: Gerald Hellerman, Moritz Sell, and Richard Dayan.</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Item 6. Investments.</u></font></font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Item 7. Disclosure of Proxy Voting Policies
              and Procedures for Closed-End Management Investment Companies.</u></font></font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable for semi-annual reports.</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Item 8. Portfolio Managers of Closed-End
              Management Investment Companies.</u></font></font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not applicable for semi-annual reports.</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Item 9. Purchases of Equity Securities by
              Closed&#8209;End Management Investment Company and Affiliated Purchasers.</u></font></font></div>
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      <table style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%;" id="z826ffb72b29f49d4b902213c40c2be81" border="0" cellpadding="5" cellspacing="0">

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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Period</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">(a)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Total Number of </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Shares (or Units) </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Purchased</font></div>
            </td>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">(b)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Average Price Paid </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">per Share (or Unit)</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">(c)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Total Number of </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Shares (or Units) </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Purchased as Part </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">of Publicly </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Announced Plans </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">or Programs</font></div>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">(d)<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
                  </font></font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Maximum Number </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">(or Approximate </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Dollar Value) of </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Shares (or Units) </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">that May Yet Be </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Purchased Under </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">the Plans or </font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Programs</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">September 1 &#8211; September 30, 2018</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">October 1 - October 31, 2018</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">November 1- November 30, 2018</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">December 1 &#8211; December 31, 2018</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">January 1 &#8211; January 31, 2019</font></div>
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            </td>
            <td style="width: 18%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top; padding-left: 5px; padding-right: 5px; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">February 1 &#8211; February 28, 2019</font></div>
            </td>
            <td style="width: 17%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td style="width: 17%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td style="width: 18%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td style="width: 18%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 30%; vertical-align: top; padding-left: 5px; padding-right: 5px; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total</font></div>
            </td>
            <td style="width: 17%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td style="width: 17%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td style="width: 18%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
            <td style="width: 18%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Item 10. Submission of Matters to a Vote of
              Security Holders.</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Not Applicable.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Item 11. Controls and Procedures.</u></font></font></div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z0494706f1407499da903274818215239" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Registrant&#8217;s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in
                    Rule&#160;30a-3(c) under the Investment Company Act of 1940 (the &#8220;Act&#8221;)) as of a date within 90 days of the filing of this report, as required by Rule&#160;30a-3(b) under the Act and Rules&#160;13a-15(b) or 15d&#8209;15(b) under the Securities Exchange Act
                    of 1934.&#160; 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&#8217;s service provider.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z9f5e9a5a8b51476984db6b34ceb4c6e3" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">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 second fiscal quarter of 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.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Item 12. Disclosure of Securities Lending
              Activities for Closed-End Management Investment Companies</u></font></font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The registrant did not engage in securities lending activities during the fiscal year reported on this Form N-CSR.</font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Item 13. Exhibits.</u></font></font></div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="z15fa70dfbab6421db7439a8e01daaa49" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Any code of ethics or
                      amendment thereto, that is the subject of the disclosure required by Item&#160;2, to the extent that the registrant intends to satisfy Item&#160;2 requirements through filing an exhibit. </font> Not applicable.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">A separate
            certification for each principal executive officer and principal financial officer pursuant to Section&#160;302 of the Sarbanes-Oxley Act of 2002.&#160; </font>Filed herewith.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Any written
            solicitation to purchase securities under Rule 23c&#8209;1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.&#160; </font>None.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4) <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Change in the
            registrant&#8217;s independent public accountant.&#160; </font>There was no change in the registrant&#8217;s independent public accountant for the period covered by this report.</font></div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" class="DSPFListTable" id="zaeca4029a8294193bc7481d983f894ab" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt; vertical-align: top; align: right;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(b)</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Certifications pursuant to
                      Section&#160;906 of the Sarbanes&#8209;Oxley Act of 2002.</font>&#160; Furnished herewith.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <div id="DSPFPageHeader"></div>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SIGNATURES</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant
          has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(Registrant) &#160;&#160; High Income Securities Fund</font><font style="display: inline-block; text-indent: 0px; font-size: 1px;
          width: 360pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
      <div><br>
      </div>
      <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">By (Signature and Title)*&#160;&#160;&#160; <u>/s/Andrew Dakos</u></font>
        <div style="margin-left: 108pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Andrew Dakos, President</font></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date</font>&#160;&#160;&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt;
            font-family: 'Times New Roman', Times, serif;"><u>5/7/19</u></font></font></div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has
          been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</font></div>
      <div><br>
      </div>
      <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">By (Signature and Title)* &#160;&#160; <u>/s/Andrew Dakos</u></font></div>
      <div style="text-align: left; margin-left: 144pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Andrew Dakos, President</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date&#160;&#160;&#160;&#160; <u>5/7/19</u></font></div>
      <div><br>
      </div>
      <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">By (Signature and Title)*&#160; &#160; <u>/s/Thomas Antonucci</u></font></div>
      <div style="text-align: left; margin-left: 144pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Thomas Antonucci, Treasurer</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date&#160;&#160;&#160;&#160; <u>5/7/19</u></font></div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">* Print the name and title of each signing officer under his or her signature.</font></div>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>hisf-ex99cert302.htm
<DESCRIPTION>CERTIFICATION 302
<TEXT>
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    <title></title>
    <!-- Licensed to: Dixon MRD & Co.
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    <div style="text-align: center;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><u>CERTIFICATIONS</u></font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">I, Andrew Dakos, certify that:</font></div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%;" class="DSPFListTable" id="z1049a58160df40b18bac6b1764b5e6a3" cellpadding="0" cellspacing="0">

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            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">I have reviewed this report on Form N-CSR of High Income Securities Fund;</font></div>
            </td>
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    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%;" class="DSPFListTable" id="z672a4a91992d44709b6f2635d16bf027" cellpadding="0" cellspacing="0">

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            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
                  to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>
            </td>
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    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%;" class="DSPFListTable" id="z39c9d8274ea742e88f750f6978c6574a" cellpadding="0" cellspacing="0">

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              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
                  material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
                  presented in this report;</font></div>
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    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%;" class="DSPFListTable" id="z01ac932e1ce9477ba16cc230e258fb32" cellpadding="0" cellspacing="0">

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              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The registrant&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
                  (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</font></div>
            </td>
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    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%;" class="DSPFListTable" id="ze76a368114e54967bae27ed07736d801" cellpadding="0" cellspacing="0">

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              <div>&#160;</div>
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
                  supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
                  prepared;</font></div>
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              <div>&#160;</div>
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
                  our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div>
            </td>
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      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%;" class="DSPFListTable" id="z401c86dffa214d4497bd4023ffd495ee" cellpadding="0" cellspacing="0">

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              <div>&#160;</div>
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
                  the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></div>
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    </div>
    <div>
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              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the second
                  fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</font></div>
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          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The registrant&#8217;s other certifying officer(s) and I have disclosed to the registrant&#8217;s auditors and the audit committee of the
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          <tr>
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              <div>&#160;</div>
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
                  reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial information; and</font></div>
            </td>
          </tr>

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          <tr>
            <td style="width: 36.7pt; vertical-align: top; align: right;">
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              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s
                  internal control over financial reporting.</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date: &#160;&#160; <u>5/7/19</u></font></div>
          </td>
          <td style="width: 0.33%; vertical-align: middle;">&#160;</td>
          <td style="width: 55.34%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>/s/Andrew Dakos</u></font><font style="display: inline-block; font-size: 1px; width: 180pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><br>
                </font>Andrew Dakos<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><br>
                </font>President</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>CERTIFICATIONS</u></font></font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">I, Thomas Antonucci, certify that:</font></div>
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          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font></div>
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            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">I have reviewed this report on Form N-CSR of High Income Securities Fund;</font></div>
            </td>
          </tr>

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    <div>
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          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
                  to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></div>
            </td>
          </tr>

      </table>
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    <div>
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          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all
                  material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
                  presented in this report;</font></div>
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    <div>
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          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The registrant&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
                  (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</font></div>
            </td>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div>&#160;</div>
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
                  supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
                  prepared;</font></div>
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    <div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
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              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
                  our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></div>
            </td>
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    <div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
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              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about
                  the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</font></div>
            </td>
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    <div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div>&#160;</div>
              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the second
                  fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</font></div>
            </td>
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    <div>
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          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The registrant&#8217;s other certifying officer(s) and I have disclosed to the registrant&#8217;s auditors and the audit committee of the
                  registrant&#8217;s board of directors (or persons performing the equivalent functions):</font></div>
            </td>
          </tr>

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              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
                  reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial information; and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr>
            <td style="width: 36.75pt; vertical-align: top; align: right;">
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              <div style="text-align: left; margin-left: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s
                  internal control over financial reporting.</font></div>
            </td>
          </tr>

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        <tr>
          <td style="width: 44.33%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:&#160;&#160;&#160; <u>5/7/19</u></font></div>
          </td>
          <td style="width: 0.33%; vertical-align: middle;">&#160;</td>
          <td style="width: 55.34%; vertical-align: bottom;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>/s/Thomas Antonucci</u></font><font style="display: inline-block; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><br>
                </font>Thomas Antonucci<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><br>
                </font>Treasurer</font></div>
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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>hisf-ex99cert906.htm
<DESCRIPTION>CERTIFICATION 906
<TEXT>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Certification Pursuant to Section 906 of
            the Sarbanes-Oxley Act</u></font></font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the High Income Securities
        Fund, does hereby certify, to such officer&#8217;s knowledge, that the report on Form N-CSR of the High Income Securities Fund for the six months ended February 28, 2019 fully complies with the requirements of Section 13(a) or 15(d) of the Securities
        Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the High Income Securities Fund for the stated period.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z3748d0fe6f0043ba96ea98839680f9eb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>/s/Andrew Dakos</u></font><font style="display: inline-block; font-size: 1px; width: 180pt;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Andrew Dakos</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">President, High Income Securities Fund</font></div>
            <div>&#160;</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>/s/Thomas Antonucci</u></font><font style="display: inline-block; font-size: 1px; width: 12pt;" id="TRGRRTFtoHTMLTab">&#160;</font></font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Thomas Antonucci</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Treasurer, High Income Securities Fund</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated: &#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>5/7/19</u></font></font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Dated: &#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>5/7/19</u></font></font></div>
          </td>
        </tr>

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    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed
        by High Income Securities Fund for purposes of Section 18 of the Securities Exchange Act of 1934.</font></div>
    <div><br>
    </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
