<SEC-DOCUMENT>0000898531-19-000532.txt : 20191031
<SEC-HEADER>0000898531-19-000532.hdr.sgml : 20191031
<ACCEPTANCE-DATETIME>20191031115639
ACCESSION NUMBER:		0000898531-19-000532
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190831
FILED AS OF DATE:		20191031
DATE AS OF CHANGE:		20191031
EFFECTIVENESS DATE:		20191031

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05133
		FILM NUMBER:		191182659

	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-CSR
<SEQUENCE>1
<FILENAME>hisf-ncsra.htm
<DESCRIPTION>HIGH INCOME SECURITIES FUND ANNUAL REPORT 8-31-19
<TEXT>
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    <div style="text-align: center;">UNITED STATES<br>
      SECURITIES AND EXCHANGE COMMISSION<br>
      Washington, D.C. 20549</div>
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    <div style="text-align: center; font-size: 12pt; font-weight: bold;">FORM N-CSR</div>
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    <div style="text-align: center; font-size: 12pt; font-weight: bold;">CERTIFIED SHAREHOLDER REPORT OF REGISTERED </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">MANAGEMENT INVESTMENT COMPANIES</div>
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    <div style="text-align: center;">Investment Company Act file number <font style="font-weight: bold;"><u>811-05133</u></font></div>
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    </div>
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    <div style="text-align: center;"><font style="font-weight: bold;"><u>High Income Securities Fund</u></font><br>
      (Exact name of registrant as specified in charter)</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"><u>615 East Michigan Street</u></div>
    <div style="text-align: center;"><font style="font-weight: bold;"><u>Milwaukee, WI 53202</u></font><br>
      (Address of principal executive offices) (Zip code)</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">High Income Securities Fund</div>
    <div style="text-align: center; font-weight: bold;">c/o US Bancorp Fund Services, LLC</div>
    <div style="text-align: center; font-weight: bold;">615 East Michigan Street</div>
    <div style="text-align: center;"><font style="font-weight: bold;">Milwaukee, WI 53202</font><br>
      (Name and address of agent for service)</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Copy to:</div>
    <div style="text-align: center; font-weight: bold;">Thomas R. Westle, Esq.</div>
    <div style="text-align: center; font-weight: bold;">Blank Rome LLP</div>
    <div style="text-align: center; font-weight: bold;">The Chrysler Building</div>
    <div style="text-align: center; font-weight: bold;">405 Lexington Avenue</div>
    <div style="text-align: center; font-weight: bold;">New York, NY 10174</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"><u>1-888-898-4107</u></div>
    <div style="text-align: center;">Registrant's telephone number, including area code</div>
    <div><br>
    </div>
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    </div>
    <div>Date of fiscal year end: <font style="font-weight: bold;"><u>August 31, 2019</u></font></div>
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    </div>
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    <div>Date of reporting period:&#160; <font style="font-weight: bold;"><u>August 31, 2019</u></font></div>
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    <div style="font-weight: bold;"><u>Item 1. Reports to Stockholders.</u></div>
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  <div style="font-size: 18pt;">High Income Securities Fund (PCF)</div>
  <div style="font-size: 12pt;">(formerly, Putnam High Income Securities Fund)</div>
  <div><br>
  </div>
  <div style="font-size: 18pt;">Annual Report</div>
  <div style="font-size: 18pt;">For the year ended</div>
  <div style="font-size: 18pt;">August 31, 2019</div>
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  </div>
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  <div><br>
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  <div>Beginning on January 1, 2021, as permitted by regulations adopted by the U.S.&#160;Securities and Exchange Commission, paper copies of the Fund&#8217;s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the
    reports from the Fund or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to
    access the report.</div>
  <div>&#160;</div>
  <div>If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications by contacting your financial
    intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling the Fund&#8217;s Transfer Agent, U.S. Bancorp Fund Services, LLC, at&#160;1-888-898-4107.</div>
  <div>&#160;</div>
  <div>You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you
    invest directly with the Fund, you can call the Fund&#8217;s Transfer Agent, U.S. Bancorp Fund Services, LLC, at 1-888-898-4107. Your election to receive reports in paper form will apply to all funds held in your account with your financial intermediary. <br>
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  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div>October 28, 2019</div>
  <div>&#160;</div>
  <div>Dear Fellow Shareholders:</div>
  <div>&#160;</div>
  <div>In Spring 2018, a proxy contest at the annual shareholder meeting of High Income Securities Fund (f/k/a Putnam High Income Securities Fund) culminated in the election of a new Board of Trustees and the approval of a proposal requesting the Board to
    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, &#8220;Putnam&#8221; was removed from the Fund&#8217;s name.</div>
  <div>&#160;</div>
  <div>The newly elected Trustees determined to have the Fund conduct a self-tender offer (which was completed in March 2019) for the Fund&#8217;s shares at a price of 99% of NAV.&#160; In addition, 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 approximately $52 million.&#160; In preparation for the self-tender offer and the potential de-registration, (1)&#160;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.</div>
  <div>&#160;</div>
  <div>In April 2019, the Fund announced that the Board of Trustees determined to implement a Transitional Investment Strategy to invest, within the parameters of the Fund&#8217;s existing investment policies and restrictions, in securities that are likely to
    generate greater income.&#160; Meanwhile, a committee of the Board continues to explore potential acquisitions of controlling stakes in operating companies and other investments that are not securities.&#160; Despite ratification by shareholders of&#160;that plan in
    August 2019, our efforts have not borne fruit and the plan may be abandoned if we cannot identify an attractive acquisition opportunity in the near future.</div>
  <div>&#160;</div>
  <div>A primary focus of the Fund&#8217;s Transitional Investment Strategy is 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&#160;SPACs) may comprise up to 20% of the Fund&#8217;s portfolio.&#160; The Transitional Investment Committee of the Board is comprised of Andrew
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  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div style="font-size: 12pt;"> <br>
  </div>
  <div><br>
  </div>
  <div>Dakos, Rajeev Das and me and is responsible for implementing the Transitional Investment Strategy.</div>
  <div>&#160;</div>
  <div>As a result of this strategic initiative, in August 2019 the Fund re-commenced paying a monthly dividend at an annual rate of at least 6% (or 0.5% per month), based on the NAV of the Fund&#8217;s common shares as of June 28, 2019.&#160; Also, for the year
    2020, as long as the Fund continues to be a registered investment company, it intends to make monthly distributions at an annual rate of at least 6% based on the NAV&#160;of the Fund&#8217;s shares as of the last business day of 2019.&#160; The current dividend of
    $0.048 per month is significantly higher than the dividend payout under the prior management.&#160; We think restoration of the monthly dividend is a primary factor in reducing the discount of the Fund&#8217;s stock price from NAV, which peaked at more than 14%
    earlier this year, to approximately 11% recently.&#160; Subject to various factors, I am cautiously optimistic that our opportunistic investment strategy will enable the Board to increase the dividend in due course, which we would hope to lead to a&#160;further
    narrowing of the discount to NAV.</div>
  <div>&#160;</div>
  <div>While no guarantees can be made about future performance, it should be noted that Mr. Dakos and I own a combined total of 220,000 shares of the Fund.&#160; We think our ownership aligns our interest with the interests of our shareholders in seeing the
    Fund succeed.</div>
  <div>&#160;</div>
  <div style="text-align: center;">***</div>
  <div>&#160;</div>
  <div>We remind you that from time to time the Fund seeks instructions from shareholders for voting its proxies for certain closed-end funds whose shares the Fund owns. The instruction forms are available at <u>http://highincomesecuritiesfund.com</u>. If
    you would like to receive an email&#160;notification when the Fund seeks proxy voting instructions for a closed-end fund whose shares it owns, please email us at <u>proxyinfo@highincomesecuritiesfund.com</u>.</div>
  <div>&#160;</div>
  <div>Sincerely yours,</div>
  <div>&#160;</div>
  <div><br>
    <img src="phillip_goldstein-signature.jpg"></div>
  <div><br>
  </div>
  <div>Phillip Goldstein</div>
  <div>Chairman
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  <div style="font-size: 12pt;">High Income Securities Fund</div>
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  <div style="font-weight: bold;">Past Performance at a glance (unaudited)</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">Average annual total returns for the periods ended 8/31/2019</div>
  <div>&#160;</div>
  <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z108e9e6ec41643ddbc55f4268964b72b" border="0" cellpadding="0" cellspacing="0">

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        <td style="width: 63.03%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Net asset value returns</div>
        </td>
        <td style="width: 11.66%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-weight: bold;">1 year</div>
        </td>
        <td style="width: 11.97%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-weight: bold;">5 years</div>
        </td>
        <td style="width: 13.34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-weight: bold;">10 years</div>
        </td>
      </tr>
      <tr>
        <td style="width: 63.03%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">High Income Securities Fund</div>
        </td>
        <td style="width: 11.66%; vertical-align: top;">
          <div style="text-align: center;">&#160;2.81%</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: center;">&#160; 4.04%</div>
        </td>
        <td style="width: 13.34%; vertical-align: top;">
          <div style="text-align: center;">8.19%</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 63.03%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 11.66%; vertical-align: top; text-align: center;">&#160;</td>
        <td rowspan="1" style="width: 11.97%; vertical-align: top; text-align: center;">&#160;</td>
        <td rowspan="1" style="width: 13.34%; vertical-align: top; text-align: center;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 63.03%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Market price returns</div>
        </td>
        <td style="width: 11.66%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 11.97%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 13.34%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 63.03%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">High Income Securities Fund</div>
        </td>
        <td style="width: 11.66%; vertical-align: top;">
          <div style="text-align: center;">-7.56%</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: center;">&#160; 3.66%</div>
        </td>
        <td style="width: 13.34%; vertical-align: top;">
          <div style="text-align: center;">7.50%</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 63.03%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 11.66%; vertical-align: top; text-align: center;">&#160;</td>
        <td rowspan="1" style="width: 11.97%; vertical-align: top; text-align: center;">&#160;</td>
        <td rowspan="1" style="width: 13.34%; vertical-align: top; text-align: center;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 63.03%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Index returns</div>
        </td>
        <td style="width: 11.66%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 11.97%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 13.34%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 63.03%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">ICE BofA Merrill Lynch 6 Month Treasury Bill Index</div>
        </td>
        <td style="width: 11.66%; vertical-align: top;">
          <div style="text-align: center;">&#160;2.61%</div>
        </td>
        <td style="width: 11.97%; vertical-align: top;">
          <div style="text-align: center;">1.13%</div>
        </td>
        <td style="width: 13.34%; vertical-align: top;">
          <div style="text-align: center;">0.68%</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 63.03%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 11.66%; vertical-align: top; text-align: center;">&#160;</td>
        <td rowspan="1" style="width: 11.97%; vertical-align: top; text-align: center;">&#160;</td>
        <td rowspan="1" style="width: 13.34%; vertical-align: top; text-align: center;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 63.03%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Share price as of 8/31/19</div>
        </td>
        <td style="width: 11.66%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 11.97%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 13.34%; vertical-align: top; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
      </tr>
      <tr>
        <td style="width: 63.03%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Net asset value</div>
        </td>
        <td style="width: 11.66%; vertical-align: top; text-align: center;">&#160;</td>
        <td style="width: 11.97%; vertical-align: top; text-align: center;">&#160;</td>
        <td style="width: 13.34%; vertical-align: top;">
          <div style="text-align: center;">&#160; $9.49</div>
        </td>
      </tr>
      <tr>
        <td style="width: 63.03%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Market price</div>
        </td>
        <td style="width: 11.66%; vertical-align: top; text-align: center;">&#160;</td>
        <td style="width: 11.97%; vertical-align: top; text-align: center;">&#160;</td>
        <td style="width: 13.34%; vertical-align: top;">
          <div style="text-align: center;">&#160; $8.24</div>
        </td>
      </tr>

  </table>
  <div style="font-weight: bold;"> <br>
  </div>
  <div style="font-weight: bold;">Effective after the close of business on July 23, 2018, the Fund became internally managed and did not pay any management fees for the year ended August 31, 2019.&#160; Generally, the Fund invests in securities of discounted
    shares of income-oriented closed-end investment companies, business development companies and Special Purpose Acquisition Vehicles.</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">Accordingly, the information presented in this 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. See Note 8.</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">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. 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) for dividends and other distributions payable through September 11, 2018 and
    reinvested at the lower of the NAV or the closing market price on the ex-dividend date for dividends and other distributions payable after September 11, 2018, and does not account for taxes.</div>
  <div style="font-weight: bold;"> <br>
  </div>
  <div style="font-weight: bold;">
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  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div style="font-size: 12pt;"> <br>
  </div>
  <div><br>
  </div>
  <div style="font-weight: bold;">Portfolio composition as of 8/31/2019<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> (unaudited)</div>
  <div>&#160;</div>
  <table id="ze4bda3e6f7bd49c2a47ee10aa9ac5913" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" border="0" 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-family: &#38;quot; font-weight: bold;">Value</div>
        </td>
        <td colspan="1" style="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-family: &#38;quot; font-weight: bold;">Percent</div>
        </td>
        <td colspan="1" style="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%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Investment Companies</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">38,649,778</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">73.18</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Special Purpose Acquisition Vehicles</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">10,316,156</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">19.53</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Money Market Funds</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">3,635,102</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">6.88</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Warrants</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">92,674</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.18</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Corporate Notes</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">46,400</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.09</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Convertible Preferred Stocks</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">28,890</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.06</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Other Common Stocks</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">20,343</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.04</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Rights</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">6,615</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.01</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Convertible Notes</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">116</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.00</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Senior Secured Notes</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0</div>
        </td>
        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif;">0.00</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total Investments</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">52,796,074</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">99.97</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">%</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Other Assets in Excess of Liabilities</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">16,138</div>
        </td>
        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif;">0.03</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total Net Assets</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</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 style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">52,812,212</div>
        </td>
        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">100.00</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">%</div>
        </td>
      </tr>

  </table>
  <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160; As a percentage of net assets.</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-weight: normal; font-style: normal;">4</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"></div>
  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Portfolio of investments&#8212;August 31, 2019</div>
  <div><br>
  </div>
  <table id="za258065e1964463d84e15e11457abdaf" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" border="0" 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-family: &#38;quot; font-weight: bold;">Shares</div>
        </td>
        <td colspan="1" style="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-family: &#38;quot; font-weight: bold;">Value</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">INVESTMENT COMPANIES&#8212;73.18%</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="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="vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <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="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="vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Closed-End Funds&#8212;56.97%</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="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="vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Eaton Vance Floating Rate Income Fund</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">168,484</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">2,542,424</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Eaton Vance Limited Duration Income Fund</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">204,650</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">2,562,218</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Eaton Vance Senior Income Trust</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">165,329</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">1,001,894</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">First Trust High Income Long/Short Fund</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">150,000</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">2,214,000</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">First Trust Senior Floating Rate 2022 Target Term Fund</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">62,104</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">558,315</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">First Trust Senior Floating Rate Income Fund II</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">6,100</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">71,492</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Franklin Universal Trust</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">245,462</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">1,809,055</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Highland Income Fund</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">73,652</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">961,895</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Invesco Dynamic Credit Opportunities Fund</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">226,646</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">2,459,109</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Invesco High Income Trust II</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">21,990</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">313,577</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Invesco Senior Income Trust</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">590,964</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">2,446,591</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Neuberger Berman High Yield Strategies Fund, Inc.</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">11,557</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">136,873</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">New America High Income Fund, Inc.</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">76,284</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">666,722</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Nuveen Credit Strategies Income Fund</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">20,757</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">155,677</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">PGIM Global High Yield Fund, Inc.</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">163,551</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">2,306,069</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">PGIM High Yield Bond Fund, Inc.</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">65,850</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">950,874</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Pioneer Diversified High Income Trust</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">66,018</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">941,417</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Vertical Capital Income Fund</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">310,942</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">3,283,547</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Western Asset Corporate Loan Fund, Inc.</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">296,865</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">2,790,531</div>
        </td>
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      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Western Asset Global High Income Fund, Inc.</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Western Asset High Income Opportunity Fund, Inc.</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; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">273,365</div>
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        <td colspan="1" style="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>
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          <div style="font-family: 'Times New Roman', Times, serif;">1,369,559</div>
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        <td colspan="1" style="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">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; 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="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;"><br>
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        <td colspan="1" style="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>
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          <div style="font-family: 'Times New Roman', Times, serif;">30,089,877</div>
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      <tr>
        <td rowspan="1" style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
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        <td rowspan="1" colspan="1" style="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="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td rowspan="1" colspan="1" style="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">
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif;">Alcentra Capital Corp.</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">280,500</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">2,516,085</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Apollo Investment Corp.</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">51,300</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">838,755</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Barings BDC, Inc.</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">229,243</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">2,292,430</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">FS KKR Capital Corp.</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">397,039</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">2,243,270</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">OHA Investment Corp.</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">5,636</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">7,327</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">WhiteHorse Finance, Inc.</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; 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="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">49,777</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">662,034</div>
        </td>
        <td colspan="1" style="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">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; 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="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">8,559,901</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total Investment Companies ($38,759,705)</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">38,649,778</div>
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  <div>&#160;</div>
  <div style="text-align: center;">The accompanying notes are an integral part of these financial statements.
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  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div style="font-size: 12pt;"> <br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Portfolio of investments&#8212;August 31, 2019</div>
  <div><br>
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        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">65,720</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">657</div>
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        <td rowspan="1" colspan="1" style="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="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="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="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="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="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="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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          <div style="font-family: 'Times New Roman', Times, serif;">Nine Point Energy, 6.75% (a)(c)</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="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">24</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">28,233</div>
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        <td colspan="1" style="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">
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        <td colspan="1" style="vertical-align: bottom; width: 1%; 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="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">28,890</div>
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        <td colspan="1" style="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%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">OTHER COMMON STOCKS&#8212;0.04%</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <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%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td rowspan="1" colspan="1" style="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Energy&#8212;0.04%</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif;">MWO Holdings, LLC Units (a)(c)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">39</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">3,159</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Nine Point Energy (a)(c)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; 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="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">1,190</div>
        </td>
        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif;">17,184</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total Other Common Stocks (Cost $40,372)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; 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="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">20,343</div>
        </td>
        <td colspan="1" style="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%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"><br>
          </div>
        </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="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: center; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"><font style="font-weight: bold;">Shares/Units </font><br>
        </td>
        <td colspan="1" style="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="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="vertical-align: bottom; width: 1%; 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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">SPECIAL PURPOSE ACQUISITION VEHICLES&#8212;19.53%</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif;">Agba Acquisition Ltd. (a)(g)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">36,750</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">364,560</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Alberton Acquisition Corp. (a)(g)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">50,000</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">509,500</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Churchill Capital Corp. II (a)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">88,662</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">882,187</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Fellazo, Inc. Units (a)(g)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">50,000</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">499,505</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Forum Merger II Corp. (a)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">55,000</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">555,500</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">GigCapital2, Inc. Units (a)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">102,250</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">1,030,568</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Gordon Pointe Acquisition Corp (a)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">100,411</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">40,342</div>
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        <td colspan="1" style="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>
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          <div style="font-family: 'Times New Roman', Times, serif;">417,540</div>
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      <tr>
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          <div style="font-family: 'Times New Roman', Times, serif;">69,000</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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      <tr>
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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 style="font-family: 'Times New Roman', Times, serif;">14,563</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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      <tr>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">151,950</div>
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        <td colspan="1" style="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">
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">45,515</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">471,080</div>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">50,000</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">512,000</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Trinity Merger Corp. (a)</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">22,750</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">235,917</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">183,966</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">1,791,829</div>
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      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Tuscan Holdings Corp. II Units (a)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">1</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">10</div>
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        <td colspan="1" style="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">
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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>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">10,316,156</div>
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  <div>&#160;</div>
  <div style="text-align: center;">The accompanying notes are an integral part of these financial statements.
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  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div style="font-size: 12pt;"> <br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Portfolio of investments&#8212;August 31, 2019</div>
  <div><br>
  </div>
  <table id="z6a1fa6fcf5994bf5ac5491776002a08e" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top; text-align: center;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" 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>
        <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="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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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td rowspan="1" style="vertical-align: top;" valign="bottom">&#160;</td>
        <td rowspan="1" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" 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="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td rowspan="1" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" 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="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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        </td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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        </td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; 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="font-family: 'Times New Roman', Times, serif;">&#160;&#160;3.875%, 10/01/2027 (a)(b)(c)(d)</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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          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">1,160,000</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</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 style="font-family: 'Times New Roman', Times, serif;">116</div>
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        <td colspan="1" style="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">
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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="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="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="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">116</div>
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        <td colspan="1" style="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%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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">
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <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%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td rowspan="1" colspan="1" style="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">
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif;">Windstream Services, LLC Company Guaranty Senior Unsecured</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif;">&#160;&#160;9.000%, 06/30/2025 (b)(d)(f)</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="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 style="font-family: 'Times New Roman', Times, serif;">80,000</div>
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        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif;">46,400</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total Corporate Notes (Cost $92,636)</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="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="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="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 style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">46,400</div>
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        <td colspan="1" style="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%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">SENIOR SECURED NOTES&#8212;0.00%</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td rowspan="1" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td rowspan="1" colspan="1" style="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Communications Equipment&#8212;0.00%</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif;">Avaya, Inc. Escrow</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif;">&#160;&#160;7.000%, 04/01/2019 (a)(b)(c)(d)</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="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 style="font-family: 'Times New Roman', Times, serif;">300,000</div>
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        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif;">0</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total Senior Secured Notes (Cost $0)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; 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="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">0</div>
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        <td colspan="1" style="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%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;"><br>
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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="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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 style="text-align: center; font-weight: bold;">Shares</div>
        </td>
        <td colspan="1" style="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="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="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">RIGHTS&#8212;0.01%</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif;">Agba Acquisition Ltd. (Expiration: February 16, 2021) (a)(g)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; 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="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">36,750</div>
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        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif;">6,615</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total Rights (Cost $4,510)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; 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="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">6,615</div>
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        <td colspan="1" style="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%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="vertical-align: bottom; text-align: right; width: 9%;" 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="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; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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        <td 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; text-align: right; width: 9%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">3,859</div>
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      <tr>
        <td style="vertical-align: top; width: 76%;" 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="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="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="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="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">
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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">
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">29,554</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">35,465</div>
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        <td colspan="1" style="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">
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif;">&#160;&#160;Expiration: July 2025</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="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="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="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="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">
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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 style="font-family: 'Times New Roman', Times, serif;">91,983</div>
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        <td colspan="1" style="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>
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          <div style="font-family: 'Times New Roman', Times, serif;">53,350</div>
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      <tr>
        <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;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">92,674</div>
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  <div><br>
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  <div style="text-align: center;">The accompanying notes are an integral part of these financial statements.
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  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div style="font-size: 12pt;"> <br>
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  <div><br>
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  <div style="font-size: 12pt;">Portfolio of investments&#8212;August 31, 2019</div>
  <div><br>
  </div>
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      <tr>
        <td style="vertical-align: top; text-align: center; 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: center; font-family: &#38;quot; font-weight: bold;">Shares</div>
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        <td colspan="1" style="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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          <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Value</div>
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      <tr>
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          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">MONEY MARKET FUNDS&#8212;6.88%</div>
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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; 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="font-family: 'Times New Roman', Times, serif;">Fidelity Institutional Government Portfolio&#8212;Class I, 2.00% (e)</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">1,817,551</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">1,817,551</div>
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      <tr>
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          <div style="font-family: 'Times New Roman', Times, serif;">STIT-Treasury Portfolio&#8212;Institutional Class, 1.99% (e)</div>
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">1,817,551</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">1,817,551</div>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; 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="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3,635,102</div>
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      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Total Investments (Cost $53,895,153)&#8212;99.97%</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="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="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">52,796,074</div>
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      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Other Assets in Excess of Liabilities&#8212;0.03%</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="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="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="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 style="font-family: 'Times New Roman', Times, serif;">16,138</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">TOTAL NET ASSETS&#8212;100.00%</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="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="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="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">$</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 style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">52,812,212</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <div>Percentages are stated as a percent of net assets.</div>
  <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z127fc220e61d43ba804b664d65ec364d" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(a)</div>
        </td>
        <td style="width: 97%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Non-income producing security.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(b)</div>
        </td>
        <td style="width: 97%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">The coupon rate shown represents the rate at August 31, 2019.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(c)</div>
        </td>
        <td style="width: 97%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Fair valued securities. The total market value of these securities was $49,349, representing 0.09% of net assets. Value determined using significant unobservable inputs.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(d)</div>
        </td>
        <td style="width: 97%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Default or other conditions exist and security is not presently accruing income.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(e)</div>
        </td>
        <td style="width: 97%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">The rate shown represents the 7-day yield at August 31, 2019.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(f)</div>
        </td>
        <td style="width: 97%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Restricted security as to resale. As of report date, the Fund held a restricted security with a current value of $46,400, acquired January 8, 2013, which was 0.09% of its net assets.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(g)</div>
        </td>
        <td style="width: 97%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Foreign-issued security.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: center;">The accompanying notes are an integral part of these financial statements.
    <hr style="height: 2px; color: #000000; background-color: #000000; 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-weight: normal; font-style: normal;">8</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"></div>
  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Statement of assets and liabilities&#8212;August 31, 2019</div>
  <div><br>
  </div>
  <table id="zd09fb2ab09aa403ab1c011bd978bad45" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="vertical-align: top;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assets:</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; 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="font-family: 'Times New Roman', Times, serif;">Investments, at value (Cost $53,895,153)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">52,796,074</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Dividends and interest receivable</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">48,878</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Receivable for investments sold</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">51,485</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Other assets</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">23,455</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Total assets</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">52,919,892</div>
        </td>
        <td colspan="1" style="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%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Liabilities:</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="font-family: 'Times New Roman', Times, serif;">Administration fees payable</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">16,436</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Chief Compliance Officer fees payable</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">7,497</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Director fees payable</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">2,846</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Audit fees payable</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">52,502</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Fund accounting fees payable</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">455</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Custody fees payable</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">1,623</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Legal fees payable</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">19,852</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Transfer Agent fees payable</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">6,021</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Accrued expenses and other liabilities</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">448</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Total liabilities</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">107,680</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Net assets</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</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 style="font-family: 'Times New Roman', Times, serif;">52,812,212</div>
        </td>
        <td colspan="1" style="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%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Net assets consist of:</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="font-family: 'Times New Roman', Times, serif;">Paid-in Capital (Unlimited shares authorized)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">53,929,631</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Accumulated deficit</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(1,117,419</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Net assets</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</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 style="font-family: 'Times New Roman', Times, serif;">52,812,212</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Net asset value per share ($52,812,212 applicable to</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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">
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          <div style="font-family: 'Times New Roman', Times, serif;">9.49</div>
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  <div><br>
  </div>
  <div style="text-align: center;">The accompanying notes are an integral part of these financial statements.
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    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
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  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div style="font-size: 12pt;"> <br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Statement of operations</div>
  <div><br>
  </div>
  <table id="z38cb95f5874c45bc8a1d4ab112ab1d2b" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" border="0" cellpadding="0" cellspacing="0">

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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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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
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      <tr>
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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 style="font-family: 'Times New Roman', Times, serif;">1,729,079</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
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          <div style="font-family: 'Times New Roman', Times, serif;">Total investment income</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="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">2,346,353</div>
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        <td colspan="1" style="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">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Expenses:</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Legal fees and expenses</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">234,399</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Trustees&#8217; fees and expenses</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">201,611</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Administration and accounting fees</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">108,034</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Transitional Investment Committee fees (See Note 8)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">104,167</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Compliance fees and expenses</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">90,247</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Officer fees</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">75,000</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Reports and notices to shareholders</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">71,429</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Audit fees</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">52,165</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Transfer agency fees and expenses</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">51,829</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Stock exchange listing fees</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">42,468</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Insurance fees</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">14,957</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Proxy expenses</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">10,171</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Custody fees and expenses</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">3,829</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Other expenses</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">21,497</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Net expenses</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">1,081,803</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Net investment income</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">1,264,550</div>
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        <td colspan="1" style="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%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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">
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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="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="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="font-family: 'Times New Roman', Times, serif;">Net realized gain from investments</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">89,219</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Change in net unrealized depreciation on investments</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(47,157</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Net realized and unrealized gains from investment activities</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">42,062</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Increase in net assets resulting from operations</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</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">
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  <div><br>
  </div>
  <div style="text-align: center;">The accompanying notes are an integral part of these financial statements.
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  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div style="font-size: 12pt;"> <br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Statements of changes in net assets applicable to common shareholders</div>
  <div><br>
  </div>
  <table id="zcd3c17e8c2574c889266755e46379f6b" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" border="0" cellpadding="0" cellspacing="0">

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          <div style="font-weight: bold;">For the</div>
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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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          <div style="font-weight: bold;">year ended</div>
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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" 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>
        <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="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" 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="vertical-align: bottom; width: 1%;" valign="bottom">
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">2,834,618</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Net realized gain on investments, forward foreign</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif;">&#160;&#160;currency contracts and foreign currency translations</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">89,219</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">10,943,544</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Net unrealized depreciation on investments, forward</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif;">&#160;&#160;foreign currency contracts and foreign currency translations</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(47,157</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(7,682,040</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Net increase in net assets resulting from operations</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">1,306,612</div>
        </td>
        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif;">6,096,122</div>
        </td>
        <td colspan="1" style="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%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Distributions paid to shareholders:</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif;">Net dividends and distributions</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(5,620,676</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</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="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 style="font-family: 'Times New Roman', Times, serif;">(4,028,706</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)*</div>
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      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Total dividends and distributions paid to shareholders</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(5,620,676</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</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="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 style="font-family: 'Times New Roman', Times, serif;">(4,028,706</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Capital Stock Transactions (Note 5)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif;">Repurchase of common stock</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(419,079</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Repurchase of common stock through tender offer</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(68,129,484</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</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="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 style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Total capital stock transactions</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(68,129,484</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(419,079</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Net increase (decrease) in net assets</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif;">&#160;&#160;applicable to common shareholders</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(72,443,548</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">1,648,337</div>
        </td>
        <td colspan="1" style="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%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Net assets applicable to common shareholders:</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif;">Beginning of year</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</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 style="font-family: 'Times New Roman', Times, serif;">125,255,760</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">123,607,423</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">End of year</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</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 style="font-family: 'Times New Roman', Times, serif;">52,812,212</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</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 style="font-family: 'Times New Roman', Times, serif;">125,255,760</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">**</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Number of Fund Shares</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="font-family: 'Times New Roman', Times, serif;">Shares outstanding at beginning of year</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">12,930,356</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">12,977,001</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Shares repurchased</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(7,365,350</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(46,645</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 76%; padding-bottom: 4px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Shares outstanding at end of year</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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 style="font-family: 'Times New Roman', Times, serif;">5,565,006</div>
        </td>
        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif;">12,930,356</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zb5d15ab24b1e43eab410d49e4a8421fd" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: right;">*</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 96%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Includes net investment income distributions of $4,028,706.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: right;">**</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 96%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Includes accumulated undistributed net investment loss of $(1,026,368).</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: center;">The accompanying notes are an integral part of these financial statements.
    <hr style="height: 2px; color: #000000; background-color: #000000; 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-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"></div>
  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Financial highlights</div>
  <div><br>
  </div>
  <div>Selected data for a share of common stock outstanding throughout each year is presented below:</div>
  <div>&#160;</div>
  <div><br>
  </div>
  <div style="font-weight: bold;">Net asset value, beginning of year</div>
  <div>Net investment income<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
  <div>Net realized and unrealized gains (losses) from investment activities</div>
  <div style="font-weight: bold;">Total from investment operations</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">Less distributions:</div>
  <div>Net investment income</div>
  <div>Net realized gains from investment activities</div>
  <div style="font-weight: bold;">Total distributions</div>
  <div>Increase from shares repurchased</div>
  <div>Anti-dilutive effect of tender offer</div>
  <div style="font-weight: bold;">Net asset value, end of year</div>
  <div style="font-weight: bold;">Market price, end of year</div>
  <div><font style="font-weight: bold;">Total market price return</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
  <div>&#160;</div>
  <div style="font-weight: bold;">Ratio to average net assets:</div>
  <div>Ratio of expenses to average net assets</div>
  <div>Ratio of net investment income to average net assets</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">Supplemental data:</div>
  <div>Net assets, end of year (000&#8217;s)</div>
  <div>Portfolio turnover</div>
  <div>&#160;</div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zde02d27251824871875ededf6c2ecb43" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
        </td>
        <td style="width: 97%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Per share net investment income has been determined on the basis of the weighted average number of shares outstanding during the period.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
        </td>
        <td style="width: 97%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">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).</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
        </td>
        <td style="width: 97%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Includes amounts paid through expense offset and brokerage/service arrangements, if any.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
        </td>
        <td style="width: 97%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Includes 0.28% of increased proxy fees related to the 2017 annual shareholder meeting.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup></div>
        </td>
        <td style="width: 97%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Amount represents less than $0.01 per share.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: center;">The accompanying notes are an integral part of these financial statements.
    <hr style="height: 2px; color: #000000; background-color: #000000; 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-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"></div>
  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Financial highlights (continued)</div>
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">For the year ended August 31,</div>
  <table id="zca330ee518824a7e95e1e1bb634a0056" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div style="text-align: center; font-weight: bold;">2019</div>
        </td>
        <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%; border-top: 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); border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div style="text-align: center; font-weight: bold;">2018</div>
        </td>
        <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%; border-top: 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); border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div style="text-align: center; font-weight: bold;">2017</div>
        </td>
        <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%; border-top: 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); border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div style="text-align: center; font-weight: bold;">2016</div>
        </td>
        <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1%; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; text-align: center; width: 1%; border-top: 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); border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">
          <div style="text-align: center; font-weight: bold;">2015</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 18%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">9.69</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">9.53</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">8.92</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">8.67</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">9.56</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 18%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.13</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.22</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.30</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.35</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.35</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <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="vertical-align: bottom; text-align: right; width: 18%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.01</div>
        </td>
        <td colspan="1" style="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="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: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.25</div>
        </td>
        <td colspan="1" style="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="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: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.66</div>
        </td>
        <td colspan="1" style="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="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: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.17</div>
        </td>
        <td colspan="1" style="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="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: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.95</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
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      <tr>
        <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="vertical-align: bottom; text-align: right; width: 18%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.14</div>
        </td>
        <td colspan="1" style="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="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: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.47</div>
        </td>
        <td colspan="1" style="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="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: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.96</div>
        </td>
        <td colspan="1" style="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="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: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.52</div>
        </td>
        <td colspan="1" style="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="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: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.60</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
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      <tr>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 18%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 18%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 18%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.05</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.31</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.37</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.37</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.37</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
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      <tr>
        <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="vertical-align: bottom; text-align: right; width: 18%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(0.41</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</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="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: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
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        <td colspan="1" style="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="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: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="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: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </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%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">(0.37</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
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        <td colspan="1" style="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="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;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(5)</sup>&#160;</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;" 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="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">0.08</div>
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        <td colspan="1" style="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>
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        <td colspan="1" style="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="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: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
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        <td colspan="1" style="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="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;" 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="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: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
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        <td colspan="1" style="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="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: 17%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
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        <td colspan="1" style="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: 4px double rgb(0, 0, 0);" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 18%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">9.49</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">9.69</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">9.53</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">8.92</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">8.67</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 18%;" valign="bottom">
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">9.38</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">8.77</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">8.02</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">7.33</div>
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        <td colspan="1" style="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%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 18%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">-7.56</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">14.19</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">14.96</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 18%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 18%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 18%;" valign="bottom">
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">1.47</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">1.22</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)(4)</sup></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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0.94</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">%<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
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      <tr>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 18%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">1.38</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">2.26</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">3.29</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">4.15</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">3.86</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
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      <tr>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 18%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 18%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 18%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">52,812</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">125,256</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">123,607</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">118,530</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">127,027</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 18%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">43</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">49</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">50</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">26</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 17%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">35</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">%</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-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"></div>
  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Notes to financial statements</div>
  <div><br>
  </div>
  <div>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.</div>
  <div>&#160;</div>
  <div>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.</div>
  <div>&#160;</div>
  <div>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;.</div>
  <div>&#160;</div>
  <div>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.</div>
  <div>&#160;</div>
  <div>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.</div>
  <div>&#160;</div>
  <div>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.</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">Note 1: Significant accounting policies</div>
  <div>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.</div>
  <div>&#160;</div>
  <div><font style="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.</div>
  <div>&#160;</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-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"></div>
  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Notes to financial statements</div>
  <div><br>
  </div>
  <div>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.</div>
  <div>&#160;</div>
  <div>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.</div>
  <div>&#160;</div>
  <div>Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60&#160;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.</div>
  <div>&#160;</div>
  <div>Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur
    after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the Fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities
    markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to
    Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the Fund to a significant
    extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.</div>
  <div>&#160;</div>
  <div>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</div>
  <div>&#160;</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-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"></div>
  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Notes to financial statements</div>
  <div><br>
  </div>
  <div>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.</div>
  <div>&#160;</div>
  <div>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.</div>
  <div>&#160;</div>
  <div>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:</div>
  <div>&#160;</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">Level 1&#8212;</div>
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        <td style="width: 93%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.</div>
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        <td rowspan="1" style="width: 7%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 93%; vertical-align: top;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">Level 2&#8212;</div>
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      <tr>
        <td rowspan="1" style="width: 7%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 93%; vertical-align: top;">&#160;</td>
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        <td style="width: 7%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Level 3&#8212;</div>
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          <div style="font-family: 'Times New Roman', Times, serif;">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
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        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 7%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td rowspan="1" style="width: 93%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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  <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-weight: normal; font-style: normal;">16</font></div>
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  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Notes to financial statements</div>
  <div><br>
  </div>
  <div>The following is a summary of the fair valuations according to the inputs used as of August 31, 2019 in valuing the Fund&#8217;s investments:</div>
  <div>&#160;</div>
  <table id="z71246a0aa0b341fdb2638da610aa362f" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Quoted Prices in</div>
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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Active Markets</div>
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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">for Identical</div>
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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
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        </td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Unobservable</div>
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        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
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      <tr>
        <td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Investments</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Observable Inputs</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Inputs</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" 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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">(Level 1)</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">(Level 2)</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">(Level 3)</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Investment Companies</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="2" style="vertical-align: top;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%; padding-bottom: 2px;" valign="bottom">
          <div style="margin-left: 18pt;">Closed-End Funds</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">30,089,877</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">30,089,877</div>
        </td>
        <td colspan="1" style="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: 2px;" valign="bottom">
          <div style="margin-left: 18pt;">Business Development Companies</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">8,559,901</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">8,559,901</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 52%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Convertible Preferred Stocks</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="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="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="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="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="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="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="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="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: 52%; padding-bottom: 2px;" valign="bottom">
          <div style="margin-left: 18pt;">Basic Materials</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">657</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">657</div>
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        <td colspan="1" style="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: 2px;" valign="bottom">
          <div style="margin-left: 18pt;">Energy</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">28,233</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">28,233</div>
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        <td colspan="1" style="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: 52%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Other Common Stocks</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="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="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="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="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="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="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="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="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: 52%; padding-bottom: 2px;" valign="bottom">
          <div style="margin-left: 18pt;">Energy</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif;">20,343</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">20,343</div>
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        <td colspan="1" style="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: 52%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Special Purpose Acquisition Vehicles</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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">8,011,079</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">2,305,077</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">10,316,156</div>
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        <td colspan="1" style="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: 52%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Convertible Notes</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">116</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">116</div>
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        <td colspan="1" style="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: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Corporate Notes</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">46,400</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">46,400</div>
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        <td colspan="1" style="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: 52%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Senior Secured Notes</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">0</div>
        </td>
        <td colspan="1" style="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: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Rights</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">6,615</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">6,615</div>
        </td>
        <td colspan="1" style="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: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Warrants</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">92,674</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
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        <td colspan="1" style="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="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">92,674</div>
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        <td colspan="1" style="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: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Money Market Funds</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">3,635,102</div>
        </td>
        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
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        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
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        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif;">3,635,102</div>
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        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Total</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
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        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">50,295,959</div>
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        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</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 style="font-family: 'Times New Roman', Times, serif;">2,450,766</div>
        </td>
        <td colspan="1" style="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="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">49,349</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</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 style="font-family: 'Times New Roman', Times, serif;">52,796,074</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>

  </table>
  <div> <br>
  </div>
  <div>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.</div>
  <div>&#160;</div>
  <div>The average monthly shares amount of warrants during the period was 13,191. The average monthly market value of warrants during the period was $7,723.</div>
  <div>&#160;</div>
  <div>The fair value of derivative instruments as reported within the Schedule of Investments as of August 31, 2019:</div>
  <div>&#160;</div>
  <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zf96df9b77ce842aeb95d19c8d10075a7" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 34%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Derivatives not accounted</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Statement of Assets &amp;</div>
        </td>
        <td style="width: 33%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">for as hedging instruments</div>
        </td>
        <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Liabilities Location</div>
        </td>
        <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Value</div>
        </td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Equity Contracts &#8211; Warrants</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Investments, at value</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">$92,674</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td rowspan="1" style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td rowspan="1" style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
      </tr>

  </table>
  <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-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"></div>
  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Notes to financial statements</div>
  <div><br>
  </div>
  <div>The effect of derivative instruments on the Statement of Operations for the period ended August 31, 2019:</div>
  <div>&#160;</div>
  <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z336cbe5dfa1c4a1dbdbc54e7209a6399" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 34%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td colspan="2" rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-weight: bold;">Amount of Realized Gain on Derivatives Recognized in Income</div>
        </td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Derivatives not accounted</div>
        </td>
        <td style="width: 46%; vertical-align: top;">
          <div style="text-align: center; font-weight: bold;">Statement of</div>
        </td>
        <td style="width: 20%; vertical-align: top; text-align: center;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>for as hedging instruments</u></div>
        </td>
        <td style="width: 46%; vertical-align: top;">
          <div style="text-align: center; font-weight: bold;"><u>Operations Location</u></div>
        </td>
        <td style="width: 20%; vertical-align: top;">
          <div style="text-align: center; font-weight: bold;"><u>Value</u></div>
        </td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Equity Contracts &#8211; Warrants</div>
        </td>
        <td style="width: 46%; vertical-align: top;">
          <div style="text-align: center;">Net Realized Gain on Investments</div>
        </td>
        <td style="width: 20%; vertical-align: top;">
          <div style="text-align: center;">$ &#8212;</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 34%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 46%; vertical-align: top; text-align: center;">&#160;</td>
        <td rowspan="1" style="width: 20%; vertical-align: top; text-align: center;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top;">&#160;</td>
        <td colspan="2" rowspan="1" style="vertical-align: top;">
          <div style="text-align: center; font-weight: bold;">Change in Unrealized Appreciation (Depreciation)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        <td colspan="2" rowspan="1" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-weight: bold;">on Derivatives Recognized in Income</div>
        </td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Derivatives not accounted</div>
        </td>
        <td style="width: 46%; vertical-align: top;">
          <div style="text-align: center; font-weight: bold;">Statement of</div>
        </td>
        <td style="width: 20%; vertical-align: top; text-align: center;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>for as hedging instruments</u></div>
        </td>
        <td style="width: 46%; vertical-align: top;">
          <div style="text-align: center; font-weight: bold;"><u>Operations Location</u></div>
        </td>
        <td style="width: 20%; vertical-align: top;">
          <div style="text-align: center; font-weight: bold;"><u>Total</u></div>
        </td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Equity Contracts &#8211; Warrants</div>
        </td>
        <td style="width: 46%; vertical-align: top;">
          <div style="text-align: center;">Net change in unrealized appreciation of investments</div>
        </td>
        <td style="width: 20%; vertical-align: top;">
          <div style="text-align: center;">$5,385</div>
        </td>
      </tr>

  </table>
  <div><font style="font-weight: bold;"> <br>
    </font></div>
  <div><font style="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.</div>
  <div>&#160;</div>
  <div><font style="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.</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-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"></div>
  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Notes to financial statements</div>
  <div><br>
  </div>
  <div style="font-weight: bold;">Note 2: Federal tax status</div>
  <div>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.</div>
  <div>&#160;</div>
  <div>The tax character of distributions paid to shareholders during the fiscal year ended August 31, 2019 are as follows:</div>
  <div>&#160;</div>
  <table id="z892e8aa724684e39b14b117cdd4a8f3c" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Ordinary Income</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">312,843</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Distribution in excess</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">5,307,833</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Total distributions paid</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</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 style="font-family: 'Times New Roman', Times, serif;">5,620,676</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>

  </table>
  <div> <br>
  </div>
  <div>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.</div>
  <div>&#160;</div>
  <div>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.</div>
  <div>&#160;</div>
  <div>At August 31, 2019, the Fund did not defer, on a tax basis, late year losses.</div>
  <div>&#160;</div>
  <div>At August 31, 2019, the Fund did not have any capital loss carryover available to offset future net capital gain.</div>
  <div>&#160;</div>
  <div><font style="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</div>
  <div>&#160;</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-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"></div>
  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Notes to financial statements</div>
  <div><br>
  </div>
  <div>dividends payable, from amortization and 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.</div>
  <div>&#160;</div>
  <div>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
    $5,274,935 to decrease paid-in capital and $5,274,935 to increase total distributable earnings.</div>
  <div>&#160;</div>
  <div>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:</div>
  <div>&#160;</div>
  <table id="z74a3443623714563a6c18fb485367fc0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="vertical-align: top; width: 88%; padding-bottom: 4px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Tax cost of investments</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</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 style="font-family: 'Times New Roman', Times, serif;">53,913,493</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Unrealized appreciation</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">652,978</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Unrealized depreciation</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(1,770,397</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Net unrealized depreciation</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">(1,117,419</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 88%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Undistributed ordinary income</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Undistributed long-term gains</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Total distributable earnings</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Other accumulated gains/losses and other temporary differences</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Total accumulated losses</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</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 style="font-family: 'Times New Roman', Times, serif;">(1,117,419</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">)</div>
        </td>
      </tr>

  </table>
  <div style="font-weight: bold;"> <br>
  </div>
  <div style="font-weight: bold;">Note 3: Management fee, administrative services and other transactions</div>
  <div>Effective after the close of business on July 23, 2018, the Fund became internally managed and did not pay any management fees for the year ended August&#160;31,&#160;2019.</div>
  <div>&#160;</div>
  <div>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.</div>
  <div>&#160;</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-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"></div>
  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div style="font-size: 12pt;"> <br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Notes to financial statements</div>
  <div><br>
  </div>
  <div>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.</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">Note 4: Purchases and sales of securities</div>
  <div>During the year ended August 31, 2019, the cost of purchases and the proceeds from sales, excluding short-term investments, were as follows:</div>
  <div>&#160;</div>
  <table id="ze5741f81c5d54ed08e5c4317df99d763" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;" border="0" 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-family: &#38;quot; font-weight: bold;">Cost of purchases</div>
        </td>
        <td colspan="1" style="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-family: &#38;quot; font-weight: bold;">Proceeds from sales</div>
        </td>
        <td colspan="1" style="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%; padding-bottom: 2px;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">Investments in securities (Long-term)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">54,602,165</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">5,563,521</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">U.S. government securities (Long-term)</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" 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="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="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 style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td colspan="1" style="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="font-family: 'Times New Roman', Times, serif;">Total</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">54,602,165</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" valign="bottom">&#160;</td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" valign="bottom">
          <div style="font-family: 'Times New Roman', Times, serif;">$</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 style="font-family: 'Times New Roman', Times, serif;">5,563,521</div>
        </td>
        <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" nowrap="nowrap" valign="bottom">&#160;</td>
      </tr>

  </table>
  <div style="font-weight: bold;"> <br>
  </div>
  <div style="font-weight: bold;">Note 5: Capital share transactions</div>
  <div>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.</div>
  <div>&#160;</div>
  <div>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.</div>
  <div>&#160;</div>
  <div>For the period September 1, 2018 through October 9, 2018 there were no common shares repurchased.</div>
  <div>&#160;</div>
  <div>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).</div>
  <div>&#160;</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>
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    <div id="DSPFPageFooter"></div>
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="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>
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  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Notes to financial statements</div>
  <div><br>
  </div>
  <div style="font-weight: bold;">Note 6: Market, credit and other risks</div>
  <div>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 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.</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">Note 7: Senior loan commitments</div>
  <div>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 fiscal year.</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">Note 8: Other Matters</div>
  <div>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) if the Board determines to proceed.&#160; A committee of the Board has been 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.</div>
  <div>&#160;</div>
  <div>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
    greater income (the &#8220;Transitional Investment Strategy&#8221;).&#160; 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.&#160; Despite
    ratification by shareholders of&#160;that plan in August 2019, our efforts have not borne fruit and the plan may be abandoned if we cannot identify an attractive acquisition opportunity in the near future.&#160; A Transitional Investment Committee of the Board
    comprised of Phillip Goldstein, Andrew Dakos, and Rajeev Das is responsible for implementing the Transitional Investment Strategy.</div>
  <div>&#160;</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>
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    <div id="DSPFPageFooter"></div>
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">22</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
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  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Notes to financial statements</div>
  <div><br>
  </div>
  <div style="font-weight: bold;">Accordingly, the information presented in this 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 whether or not it
    de-registers as an investment company in the future.</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">Note 9: Subsequent Events</div>
  <div>The Board of Trustees has evaluated subsequent events after August 31, 2019 and through the date the financial statements were issued and determined there were no subsequent events that would require recognition or disclosure in financial
    statements.</div>
  <div>&#160;</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>
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    <div id="DSPFPageFooter"></div>
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="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"></div>
  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Report of Independent Registered Public Accounting Firm</div>
  <div>&#160;</div>
  <div><br>
  </div>
  <div>&#160;</div>
  <div style="font-weight: bold;">To the Shareholders and Board of Trustees of High Income Securities Fund</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">Opinion on the Financial Statements</div>
  <div>&#160;</div>
  <div>We have audited the accompanying statement of assets and liabilities of the High Income Securities Fund (the &#8220;Fund&#8221;), including the schedule of investments, as of August 31, 2019, the related statement of operations for the year then ended, the
    statements of changes in net assets and financial highlights for each of the two years in the period then ended, and the related notes (collectively referred to as the &#8220;financial statements&#8221;).&#160; In our opinion, the financial statements present fairly,
    in all material respects, the financial position of the Fund as of August 31, 2019, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for each of the two years in the period then ended, in
    conformity with accounting principles generally accepted in the United States of America.</div>
  <div>&#160;</div>
  <div>The financial highlights for each of the three years in the period ended August 31, 2017 were audited by other auditors whose report dated October 19, 2017, expressed an unqualified opinion on those financial statements and financial highlights.</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">Basis for Opinion</div>
  <div>&#160;</div>
  <div>These financial statements are the responsibility of the Fund&#8217;s management.&#160; Our responsibility is to express an opinion on the Fund&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company
    Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and
    the PCAOB.&#160; We have served as the Fund&#8217;s auditor since 2018.</div>
  <div>&#160;</div>
  <div>We conducted our audits in accordance with the standards of the PCAOB.&#160; Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due
    to error or fraud.&#160; The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.&#160; As part of our audits we are required to obtain an understanding of internal control over financial
    reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</div>
  <div>&#160;</div>
  <div>Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.&#160; Such procedures included examining, on a test
    basis, evidence regarding the amounts and disclosures in the financial statements.&#160; Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the
    financial statements. Our procedures included confirmation of securities owned as of August 31, 2019 by correspondence with the custodian.&#160; We believe that our audits provide a reasonable basis for our opinion.</div>
  <div>&#160;</div>
  <div style="text-align: right; font-weight: bold;">TAIT, WELLER &amp; BAKER LLP</div>
  <div style="font-weight: bold;">Philadelphia, Pennsylvania</div>
  <div style="font-weight: bold;">October 28, 2019</div>
  <div>&#160;</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>
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    <div id="DSPFPageFooter"></div>
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">24</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
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  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">General information (unaudited)</div>
  <div><br>
  </div>
  <div style="font-weight: bold;">The Fund</div>
  <div>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;</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">Tax information</div>
  <div>The Fund designated 3.61% of its ordinary income distribution for the year ended August 31, 2019, as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003.</div>
  <div>&#160;</div>
  <div>For the year ended August 31, 2019, 2.85% of dividends paid from net ordinary income qualified for the dividends received deduction available to corporate shareholders.</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">Annual meeting of shareholders held on August 21, 2019</div>
  <div>The Fund held an annual meeting of shareholders on August 21, 2019 to vote on the following matters:</div>
  <div>&#160;</div>
  <div>The presence, in person or by proxy, of shareholders entitled to cast a majority of the votes entitled to be cast at the Meeting (i.e., the presence of a majority of the shares outstanding on the record date of July 1, 2019) was necessary to
    constitute a quorum for the transaction of business. At the Meeting, the holders of approximately 85.565% of the outstanding shares as of the record date were represented&#160; in person or by proxy (4,761,710 votes), thus constituting a quorum for the
    matters to be voted upon by all shareholders at the Meeting.</div>
  <div>&#160;</div>
  <div>At the meeting, the vote on the election of the nominees as the Fund&#8217;s Trustees were approved, as follows:</div>
  <div>&#160;</div>
  <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z6ce9b492b4ba4699a251afc479e83616" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Trustee Nominee</div>
        </td>
        <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-weight: bold;">Votes For</div>
        </td>
        <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-weight: bold;">Votes Withheld</div>
        </td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Phillip Goldstein</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: center;">3,960,908</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: center;">800,802</div>
        </td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Rajeev Das</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: center;">4,044,312</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: center;">717,398</div>
        </td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Andrew Dakos</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: center;">4,062,397</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: center;">699,313</div>
        </td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Richard Dayan</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: center;">4,577,254</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: center;">184,456</div>
        </td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Gerald Hellerman</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: center;">3,951,774</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: center;">809,936</div>
        </td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Ben H. Harris</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: center;">4,577,254</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: center;">184,456</div>
        </td>
      </tr>
      <tr>
        <td style="width: 34%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Moritz Sell</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: center;">4,568,303</div>
        </td>
        <td style="width: 33%; vertical-align: top;">
          <div style="text-align: center;">193,407</div>
        </td>
      </tr>

  </table>
  <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-weight: normal; font-style: normal;">25</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"></div>
  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">General information (unaudited)</div>
  <div><br>
  </div>
  <div>At the meeting, the vote to provide a non-binding advisory vote on whether the previously-approved proposal to change the nature of the Fund's business from being an investment company under the Investment Company Act of 1940, as amended (the "1940
    Act") and to de-register the Fund as an investment company with the U.S. Securities and Exchange Commission (the "SEC") to permit the Fund to operate as a holding company continues to be in the best interests of the Fund was approved, as follows:</div>
  <div>&#160;</div>
  <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z86bdef18f2324a9cbb21ed27e623eb27" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Votes For</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Votes Against</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">% of Quorum</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Votes Withheld</div>
        </td>
      </tr>
      <tr>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">&#160;1,013,650</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">256,097</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">21.29%</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">3,491,963</div>
        </td>
      </tr>

  </table>
  <div> <br>
  </div>
  <div>At the meeting, the vote to provide a non-binding advisory vote on whether the previously-approved proposal to reorganize the Fund from a Massachusetts business trust into a Delaware corporation continues to be in the best interests of the Fund was
    approved, as follows:</div>
  <div>&#160;</div>
  <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z0b631ac9d17b467d80bc5dc8582dea01" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Votes For</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Votes Against</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">% of Quorum</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Votes Withheld</div>
        </td>
      </tr>
      <tr>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">1,072,838</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">223,502</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">22.53%</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">3,465,370</div>
        </td>
      </tr>

  </table>
  <div style="font-weight: bold;"> <br>
  </div>
  <div style="font-weight: bold;">Special meeting of shareholders held on January 22, 2019</div>
  <div>The Fund held a special meeting of shareholders on January 22, 2019 to vote on the following matters:</div>
  <div>&#160;</div>
  <div>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.</div>
  <div>&#160;</div>
  <div>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:</div>
  <div>&#160;</div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zacfe0e8ab5c94c4c8a00cd90f7ff45d1" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-weight: bold;">Votes For</div>
        </td>
        <td style="width: 25.49%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="font-weight: bold;">Votes against</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-weight: bold;">% of Quorum</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-weight: bold;">Votes withheld</div>
        </td>
      </tr>
      <tr>
        <td style="width: 25%; vertical-align: top;">
          <div>7,386,876</div>
        </td>
        <td style="width: 25.49%; vertical-align: top;">
          <div>374,496</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div>93.70%</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div>121,866</div>
        </td>
      </tr>

  </table>
  <div> <br>
  </div>
  <div>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:</div>
  <div>&#160;</div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z9c6968957451404ea9e66542ac5eea13" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-weight: bold;">Votes For</div>
        </td>
        <td style="width: 25.49%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="font-weight: bold;">Votes against</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-weight: bold;">% of Quorum</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-weight: bold;">Votes withheld</div>
        </td>
      </tr>
      <tr>
        <td style="width: 25%; vertical-align: top;">
          <div>7,041,173</div>
        </td>
        <td style="width: 25.49%; vertical-align: top;">
          <div>337,642</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div>89.32%</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div>504,423</div>
        </td>
      </tr>

  </table>
  <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-weight: normal; font-style: normal;">26</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"></div>
  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div style="font-size: 12pt;"> <br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">General information (unaudited)</div>
  <div><br>
  </div>
  <div style="font-weight: bold;">Quarterly Form N-Q portfolio schedule</div>
  <div>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 and upon request by calling 1-888-898-4107.</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">Proxy voting policies, procedures and record</div>
  <div>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).</div>
  <div>&#160;</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-weight: normal; font-style: normal;">27</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"></div>
  </div>
  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Supplemental information (unaudited)</div>
  <div style="font-size: 12pt;"> <br>
  </div>
  <div>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 August 31, 2019.</div>
  <div>&#160;</div>
  <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="z793252a3d3534165a703a579cb03659d" 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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Term of</div>
        </td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Number of</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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Office</div>
        </td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Portfolios</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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">and</div>
        </td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">in Fund</div>
        </td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other</div>
        </td>
      </tr>
      <tr>
        <td style="width: 20%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Position(s)</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Length</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Principal Occupation</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Complex</div>
        </td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Directorships</div>
        </td>
      </tr>
      <tr>
        <td style="width: 20%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name, Address</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Held with</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">of Time</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">During the Past</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Overseen</div>
        </td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">held by</div>
        </td>
      </tr>
      <tr>
        <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">and Age*</div>
        </td>
        <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">the Fund</div>
        </td>
        <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Served</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Five Years</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">by Trustee**</div>
        </td>
        <td style="width: 15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Trustee</div>
        </td>
      </tr>
      <tr>
        <td colspan="6" rowspan="1" style="vertical-align: top;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INTERESTED TRUSTEES</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: 25%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 12%; 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="font-family: 'Times New Roman', Times, serif;">Andrew Dakos***</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">President</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">1 year;</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Member of Bulldog Investors,</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">1</div>
        </td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Director, Brookfield</div>
        </td>
      </tr>
      <tr>
        <td style="width: 20%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(53)</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">as of</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Since</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">LLC since 2009; Principal of</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">DTLA Fund Office</div>
        </td>
      </tr>
      <tr>
        <td style="width: 20%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">July 2018.</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">2018</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">the general partner of several</div>
        </td>
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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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        <td style="width: 25%; vertical-align: top;">&#160;</td>
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        <td style="width: 12%; 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>
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        <td style="width: 25%; 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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; 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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; 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: 25%; 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>
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        <td style="width: 25%; 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: 25%; vertical-align: top;">&#160;</td>
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        <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
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        <td rowspan="1" style="width: 25%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 12%; 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: 25%; vertical-align: top;">
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        <td style="width: 12%; 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: 25%; vertical-align: top;">
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        <td style="width: 12%; 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: 25%; vertical-align: top;">
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        <td style="width: 12%; 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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Brookfield DTLA</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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Fund Office Trust</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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; 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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; 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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; 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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; 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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; 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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; 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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; 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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; 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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">
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        <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td style="width: 15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
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  <div><br>
  </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-weight: normal; font-style: normal;">28</font></div>
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  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Supplemental information (unaudited)</div>
  <div><br>
  </div>
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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>
        <td style="width: 14%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">
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        <td style="width: 15%; vertical-align: top;">&#160;</td>
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        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">in Fund</div>
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        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other</div>
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        <td style="width: 20%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">
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        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(until 2018);</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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Director, Aberdeen</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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Greater China Fund</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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(until 2018).</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td rowspan="1" style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td rowspan="1" style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td rowspan="1" style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td rowspan="1" style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        <td rowspan="1" style="width: 15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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  </table>
  <div><br>
  </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-weight: normal; font-style: normal;">29</font></div>
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  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Supplemental information (unaudited)</div>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zea7114e173b84de4a2230ac4b791c484" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 19.56%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Term of</div>
        </td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Number of</div>
        </td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">&#160;</td>
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          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Office</div>
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        <td style="width: 25%; vertical-align: top;">&#160;</td>
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        <td style="width: 15%; vertical-align: top;">&#160;</td>
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      <tr>
        <td style="width: 19.56%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">and</div>
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        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">in Fund</div>
        </td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.56%; 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="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Length</div>
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        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Principal Occupation</div>
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        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Complex</div>
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        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Directorships</div>
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      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Name, Address</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Held with</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">of Time</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">During the Past</div>
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        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Overseen</div>
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        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">held by</div>
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      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">and Age*</div>
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        <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">the Fund</div>
        </td>
        <td style="width: 14%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Served</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Five Years</div>
        </td>
        <td style="width: 12%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">by Trustee**</div>
        </td>
        <td style="width: 15%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Trustee</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Richard Dayan</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">1 year;</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Owner of CactusTrading.</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">1</div>
        </td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Director, Swiss</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(76)</div>
        </td>
        <td style="width: 14%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Since</div>
        </td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Helvetia Fund, Inc.;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">2018</div>
        </td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Director, Emergent</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.56%; 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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Capital Inc.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.56%; 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: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(until 2017).</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 19.56%; 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: 25%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 12%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Ben Harris</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">&#8212;</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">1 year;</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Chief Executive Officer of HHI,</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">1</div>
        </td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Director, Special</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(50)</div>
        </td>
        <td style="width: 14%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Since</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">LLC; Principal of NBC Bancshares,</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;"><br>
          </div>
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        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Opportunities</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">2018</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">LLC; Chief Executive Officer of</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Fund, Inc.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.56%; 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: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Crossroads Capital, Inc.;</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; 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: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Administrator of Crossroads</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; 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: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Liquidating Trust.</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 19.56%; 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: 25%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 12%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td colspan="6" rowspan="1" style="width: 19.56%; vertical-align: top;">
          <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">OFFICERS</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 19.56%; 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: 25%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 12%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Andrew Dakos***</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">President</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">1 year;</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Member of Bulldog Investors,</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">n/a</div>
        </td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">n/a</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(53)</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">as of</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Since</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">LLC; Principal of the general</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">July 2018.</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">2018</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">partner of several private</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; 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: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">investment partnerships in the</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; 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: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Bulldog Investors group of funds.</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 19.56%; 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: 25%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 12%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Thomas Antonucci***</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Treasurer</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">1 year;</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Director of Operations of</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">n/a</div>
        </td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">n/a</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(50)</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">as of</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Since</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Bulldog Investors, LLC.</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">July 2018.</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">2018</div>
        </td>
        <td style="width: 25%; vertical-align: top;">&#160;</td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 19.56%; 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: 25%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 12%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Phillip Goldstein***</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Secretary</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">1 year;</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Member of Bulldog Investors,</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">n/a</div>
        </td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">n/a</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(74)</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">as of</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Since</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">LLC; Principal of the general</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">July 2018.</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">2018</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">partner of several private</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; 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: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">investment partnerships in the</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; 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: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Bulldog Investors group of funds.</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 19.56%; 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: 25%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 12%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Stephanie Darling***</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Chief</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">1 year;</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">General Counsel and Chief</div>
        </td>
        <td style="width: 12%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">n/a</div>
        </td>
        <td style="width: 15%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">n/a</div>
        </td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">(49)</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Compliance</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Since</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Compliance Officer of Bulldog</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Officer</div>
        </td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">2018</div>
        </td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Investors, LLC; Principal, the</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">as of</div>
        </td>
        <td style="width: 14%; vertical-align: top;">&#160;</td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Law Office of Stephanie Darling;</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; vertical-align: top;">&#160;</td>
        <td style="width: 14%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">July 2018.</div>
        </td>
        <td style="width: 14%; vertical-align: top;">&#160;</td>
        <td style="width: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Editor-In-Chief, the Investment</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 19.56%; 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: 25%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Lawyer.</div>
        </td>
        <td style="width: 12%; vertical-align: top;">&#160;</td>
        <td style="width: 15%; vertical-align: top;">&#160;</td>
      </tr>

  </table>
  <div><br>
  </div>
  <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" id="zd9e3367c6e344660874af7c459652458" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: right;">*</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 96%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">The address for all trustees and officers is c/o High Income Securities Fund, 615 East Michigan Street, Milwaukee, WI 53202.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: right;">**</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 96%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">The Fund Complex is comprised of only the Fund.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 3%; vertical-align: top;">
          <div style="text-align: right;">***</div>
        </td>
        <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
        <td style="width: 96%; vertical-align: top;">
          <div style="font-family: 'Times New Roman', Times, serif;">Messrs. Dakos, Goldstein, Das, and Antonucci and Ms. Darling are each considered an &#8220;interested person&#8221; of the Fund within the meaning of the 1940 Act because of their affiliation with
            Bulldog Investors, LLC and their positions as officers of the Fund.</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>
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  <div style="font-size: 12pt;">High Income Securities Fund</div>
  <div style="font-size: 12pt;"> <br>
  </div>
  <div><br>
  </div>
  <div style="font-size: 12pt;">Privacy policy notice</div>
  <div><br>
  </div>
  <div>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.</div>
  <div>&#160;</div>
  <div>CATEGORIES OF INFORMATION THE FUND COLLECTS.&#160; The Fund collects the following nonpublic personal information about you:</div>
  <div>&#160;</div>
  <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z40a61b13645a4f6888dabd2dadd94799" border="0" cellpadding="0" cellspacing="0">

      <tr>
        <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">
          <div>1.</div>
        </td>
        <td style="width: 93%; vertical-align: top;">
          <div>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</div>
        </td>
      </tr>
      <tr>
        <td colspan="1" rowspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 93%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
        <td style="width: 2%; vertical-align: top;">
          <div>2.</div>
        </td>
        <td style="width: 93%; vertical-align: top;">
          <div>Information about the Consumer&#8217;s transactions: this category includes information about your transactions with the Fund, its affiliates, or others (such as your account number and balance, payment history, parties to transactions, cost basis
            information, and other financial information).</div>
        </td>
      </tr>

  </table>
  <div> <br>
  </div>
  <div>CATEGORIES OF INFORMATION THE FUND DISCLOSES.&#160; The Fund does not disclose any nonpublic personal information about their current or former shareholders to unaffiliated third parties, except as required or permitted by law.&#160; The Fund is permitted by
    law to disclose all of the information it collects, as described above, to its service providers (such as the Custodian, administrator and transfer agent) to process your transactions and otherwise provide services to you.</div>
  <div>&#160;</div>
  <div>CONFIDENTIALITY AND SECURITY.&#160; The Fund restricts access to your nonpublic personal information to those persons who require such information to provide products or services to you.&#160; The Fund maintains physical, electronic and procedural safeguards
    that comply with federal standards to guard your nonpublic personal information.</div>
  <div>&#160;</div>
  <div style="font-weight: bold;">This privacy policy notice is not a part of the shareholder report.</div>
  <div>&#160;</div>
  <div><br>
  </div>
  <div>&#160;
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  <div>&#160;</div>
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    </div>
    <div><br>
    </div>
    <div><br>
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    <br>
  </div>
  <div>&#160;</div>
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  </div>
  <div style="font-weight: bold;">Transfer Agent and Registrar,</div>
  <div style="font-weight: bold;">Fund Administrator and Fund Accountant</div>
  <div>U.S. Bancorp Fund Services, LLC</div>
  <div>615 East Michigan Street</div>
  <div>Milwaukee, WI&#160; 53202</div>
  <div><br>
  </div>
  <div style="font-weight: bold;">Custodian</div>
  <div>U.S. Bank, N.A.</div>
  <div>Custody Operations</div>
  <div>1555 North RiverCenter Drive, Suite 302</div>
  <div>Milwaukee, WI&#160; 53212</div>
  <div><br>
  </div>
  <div style="font-weight: bold;">Fund Counsel</div>
  <div>Blank Rome LLP</div>
  <div>The Chrysler Building</div>
  <div>405 Lexington Avenue</div>
  <div>New York, NY&#160; 10174</div>
  <div><br>
  </div>
  <div style="font-weight: bold;">Independent Registered Public Accounting Firm</div>
  <div>Tait, Weller &amp; Baker LLP</div>
  <div>Two Liberty Place</div>
  <div>50 South 16th Street, Suite 2900</div>
  <div>Philadelphia, PA&#160; 19102</div>
  <div><br>
  </div>
  <div style="font-weight: bold;">Board of Trustees</div>
  <div>Andrew Dakos</div>
  <div>Phillip Goldstein</div>
  <div>Ben Harris</div>
  <div>Gerald Hellerman</div>
  <div>Rajeev Das</div>
  <div>Moritz Sell</div>
  <div>Richard Dayan</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
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  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-weight: bold;">High Income Securities Fund</div>
  <div style="font-weight: bold;">1-888-898-4107</div>
  <div style="font-weight: bold;"> <br>
  </div>
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  </div>
  <div style="font-weight: bold;">
    <div style="font-weight: bold;"><u>Item 2. Code of Ethics.</u></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">The registrant has adopted a code of ethics that applies to the registrant&#8217;s principal executive officer and principal financial officer. The registrant has not granted any
      waivers from any provisions of the code of ethics during the period covered by this report. The registrant has not made any amendments to its code of ethics during the period covered by this report.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Item 3. Audit Committee Financial Expert.</u></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">The registrant&#8217;s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Richard Dayan is the &#8220;audit
      committee financial expert&#8221; and is considered to be &#8220;independent&#8221; as each term is defined in Item&#160;3 of Form&#160;N&#8209;CSR.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Item 4. Principal Accountant Fees and Services.</u></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years.&#160;
      &#8220;Audit services&#8221; refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.&#160;
      &#8220;Audit-related services&#8221; refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit.&#160; &#8220;Tax services&#8221; refer to professional services rendered by the principal accountant for tax
      compliance, tax advice, and tax planning.&#160; &#8220;Other services&#8221; provided by the principal accountant were an assessment.&#160; The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees,
      audit-related fees, tax fees and other fees by the principal accountant.<font style="font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>The principal accountant for the fiscal years ended August 31, 2018 and August 31, 2019
      was Tait, Weller &amp; Baker LLP (&#8220;TW&#8221;). Additional fees for the fiscal year end August 31, 2018 were incurred by PricewaterhouseCoopers LLP (&#8220;PwC&#8221;).</div>
    <div><br>
    </div>
    <table style="width: 70%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="zc303bac42f2245b1906849cd7955dae4" align="center" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">FYE&#160; 8/31/2019</div>
          </td>
          <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">FYE&#160; 8/31/2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div>Audit Fees</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$31,000 (TW)</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$22,000 (TW)</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$990 (PwC)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div>Audit-Related Fees</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$-</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div>Tax Fees</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$3,300 (TW)</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$3,000 (TW)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>All Other Fees</div>
          </td>
          <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$-</div>
          </td>
          <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$170 (PwC)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre&#8209;approve all audit and non&#8209;audit services of the registrant,
      including services provided to any entity affiliated with the registrant.</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal;">The percentage of fees billed by </font><font style="font-weight: normal;">PricewaterhouseCoopers LLP (&#8220;PwC&#8221;) and Tait, Weller &amp; Baker LLP for
        the years ended August 31, 2018 and August 31, 2019, respectively,<font style="font-family: 'Times New Roman',Times,serif;">&#160;</font><font style="color: #000000;">applicable to non-audit services pursuant to waiver of pre-approval requirement were
          as follows:</font></font></div>
    <div><br>
    </div>
    <table style="width: 70%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="zf10e840d37d8483e9a8bed1395d335b0" align="center" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">FYE&#160; 8/31/2019</div>
          </td>
          <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">FYE&#160; 8/31/2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div>Audit-Related Fees</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">0%</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">0%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div>Tax Fees</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">0%</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">0%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>All Other Fees</div>
          </td>
          <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">0%</div>
          </td>
          <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">0%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">All of the principal accountant&#8217;s hours spent on auditing the registrant&#8217;s financial statements were attributed to work performed by full&#8209;time permanent employees of the
      principal accountant.</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">The following table indicates the non-audit fees billed<font style="font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font>or expected to be billed by the
      registrant&#8217;s accountant for services to the registrant and to the registrant&#8217;s investment adviser (and any other controlling entity, etc.&#8212;not sub-adviser) for the last two years.&#160; The audit committee of the board of trustees/directors has considered
      whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the
      accountant has not compromised the accountant&#8217;s independence.</div>
    <div><br>
    </div>
    <table style="width: 70%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="zfa88ea42b10b49bb8b90fc29112f7b74" align="center" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Non-Audit Related Fees</div>
          </td>
          <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">FYE&#160; 8/31/2019</div>
          </td>
          <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">FYE&#160; 8/31/2018</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top;">
            <div>Registrant</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$0</div>
          </td>
          <td style="width: 33%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$5,250</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Registrant&#8217;s Investment Adviser</div>
          </td>
          <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$0</div>
          </td>
          <td style="width: 33%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$0</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Item 5. Audit Committee of Listed Registrants.</u></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">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.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Item 6. Investments.</u></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u></div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">HIGH INCOME SECURITIES FUND</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">PROXY VOTING POLICY</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">The Board of Trustees has delegated the voting of proxies with respect to securities owned by the Fund to the Investment Committee.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Proxy Voting Policies</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: normal;">The Investment Committee generally analyzes the proxy statements of issuers of stock owned by the Fund, as necessary and votes proxies on behalf of the
      Fund.</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: normal;">The Investment Committee&#8217;s decisions with respect to proxy issues are made in light of the anticipated impact of the issue on the value of the
      investment.&#160; Proxies are voted solely in the interests of Fund shareholders.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Proxy Voting Procedures</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: normal;">In evaluating proxy statements, the Investment Committee relies upon its own fundamental research, and information presented by company management and
      others.&#160; It does not delegate its proxy voting responsibility to a third party proxy voting service.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Proxy Voting Guidelines</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">The Fund will generally vote proxies in favor of proposals that, in the opinion of the members of the Investment Committee, seek to
      enhance shareholder value and shareholder democracy.</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">With respect to proxies of closed-end investment companies held by the Fund, in order to comply with Section 12(d) of the Investment
      Company Act of 1940, the Fund will &#8220;mirror vote&#8221; all such proxies received by the Fund, unless the Investment Committee deems it appropriate to seek instructions from Fund shareholders with regard to such vote. In such circumstances, the Fund will
      vote such proxies as determined by a majority of the proxy voting instructions received by shareholders.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Form N-PX/Annual Report of Proxy Voting Record</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; color: #000000;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;"><font style="font-weight: bold;">Policy:</font>&#160; </font><font style="font-weight: normal;">Form N-PX is used by funds to
        file reports with the SEC containing the Fund&#8217;s proxy voting record for the most recent 12-month period ended December 31.&#160; The Form must be filed no later than August 31 of each year.&#160; The following information must be collected for the Fund in
        order to complete and file Form N-PX:</font></div>
    <div>&#160;</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z11227861e22249ce9e77ed8f7dc79cdb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; color: #000000;">1.</div>
              <div>&#160;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The name of the issuer of the portfolio security;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z16b13ed5d9fc408a8a7b6da6753f80d4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; color: #000000;">2.</div>
              <div>&#160;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>The exchange ticker symbol of the portfolio security;<br>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z75e2de502b6f4e69af8f90bc3c79e4c0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; color: #000000;">3.</div>
              <div>&#160;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The CUSIP number (may be omitted if it is not available through reasonably practicable means);</div>
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z835f76afe1634478b9ccb1f1a755c008" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; color: #000000;">4.</div>
              <div>&#160;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The shareholder meeting date;</div>
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z937b1dc402bd4dbb9bf12d631f0afbd7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; color: #000000;">5.</div>
              <div>&#160;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">A brief description of the matter voted on;</div>
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0be4979b33d74f068879066c24daca31" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; color: #000000;">6.</div>
              <div>&#160;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Whether the matter was proposed by the issuer or the security holder;</div>
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z59088901f0134f67b848a59ad069f8ef" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; color: #000000;">7.</div>
              <div>&#160;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Whether the Fund cast its vote on the matter;</div>
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z20f3fc1a620c462597b4ae15479c2536" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; color: #000000;">8.</div>
              <div>&#160;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">How the Fund cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); and</div>
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zedbb9244a7b84ec0a16e4f4130f6e2eb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; color: #000000;">9.</div>
              <div>&#160;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">Whether the Fund cast its vote for or against management.</div>
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="font-weight: bold;"><u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">Information is presented as of <font style="background-color: rgb(255, 255, 255);">October 31, 2019</font></div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">(a)(1):</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">The Fund is managed by its Transitional Investment Committee, which is comprised of Phillip Goldstein, Andrew Dakos, and Rajeev Das. The business experience of Messrs.
      Goldstein, Dakos, and Das during the past 5 years is as follows:</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">Phillip Goldstein: Managing Member of Bulldog Investors, LLC since its inception in October 2009. Mr. Goldstein also is a member of Bulldog Holdings, LLC, the owner of
      several entities serving as the general partner of several private investment partnerships in the Bulldog Investors group of funds, and the owner of Kimball &amp; Winthrop, LLC, the managing general partner of Bulldog Investors General Partnership,
      since 2012.&#160; He is a director of the following closed-end funds: Swiss Helvetia Fund, Inc. since 2018, Special Opportunities Fund, Inc. since 2009, and Mexico Equity and Income Fund since 2000.&#160; He also is a director of: MVC Capital, Inc., a business
      development company, since 2012, Brookfield DTLA Fund Office Trust Investor, a subsidiary of a large commercial real estate company, since 2017, and is a trustee of Crossroads Liquidating Trust (f/k/a Crossroads Capital, Inc., a business development
      company), since 2016. He served as a director of Emergent Capital, Inc. (f/k/a Imperial Holdings, Inc.), a specialty finance company, from 2012-2017.</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">Andrew Dakos: Managing Member of Bulldog Investors, LLC since its inception in October 2009. Mr. Dakos also is a member of Bulldog Holdings, LLC, the owner of several
      entities serving as the general partner of several private investment partnerships in the Bulldog Investors group of funds, and the owner of Kimball &amp; Winthrop, LLC, the managing general partner of Bulldog Investors General Partnership, since
      2012.&#160; He has served as a director of Special Opportunities Fund, Inc., a closed-end fund, since 2009, the Mexico Equity and Income Fund, a closed-end fund, from 2001-2015, Emergent Capital, Inc. (f/k/a Imperial Holdings, Inc.), a specialty finance
      company, from 2012-2017, Swiss Helvetia Fund, Inc., a closed-end fund, since 2017, Brookfield DTLA Fund Office Trust Investor, a subsidiary of a large commercial real estate company, since 2017, and as a trustee of Crossroads Liquidating Trust (f/k/a
      Crossroads Capital, Inc., a business development company), since 2015.</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">Rajeev Das: Head Trader of Bulldog Investors, LLC since its inception in October 2009. Since 2004, Mr. Das has been a Principal of the entities serving as the general partner
      of the private investment partnerships in the Bulldog Investors group of funds. He has been a director of The Mexico Equity and Income Fund, Inc., a closed-end fund, since 2001. Mr. Das provides investment research and analysis. Mr. Das buys and
      sells securities for the Fund&#8217;s portfolio under the supervision of Mr. Goldstein and Mr. Dakos.</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">&#160;(a)(2):&#160; Information is provided as of August 31, 2019 (per instructions to paragraph (a)(2).</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">(i) Phillip Goldstein, Andrew Dakos and Rajeev Das</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">(ii) Number of other accounts managed by Mr. Goldstein, Mr. Dakos and Mr. Das within each of the following categories:</div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">(A) Registered investment companies:&#160; 1</div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">(B) Other pooled investment vehicles:&#160; 6</div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">(C) Other accounts:&#160; 67</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">(iii)&#160; Number of other pooled investment vehicles, and total assets therein, with respect to which the advisory fee is based on the performance of the account: 6 pooled
      investment vehicles; $11.2 million (estimated). Number of &#8220;other accounts,&#8221; and total assets therein, with respect to which the advisory fee is based on the performance of the account:&#160; 2 other accounts; $25.5 million (estimated).</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">(iv) Certain conflicts of interest may arise in connection with the Transitional Investment Committee&#8217;s management of the Fund&#8217;s portfolio and the portfolios of other
      accounts managed by members of the Transitional Investment Committee.&#160; For example, certain inherent conflicts of interest exist in connection with managing accounts that pay a performance-based fee or allocation alongside an account that does not.&#160;
      These conflicts may include an incentive to favor such accounts over the Fund because the investment advisor of such accounts can potentially receive greater fees from accounts paying a performance-based fee than from the Fund.&#160; As a result, certain
      members of the Transitional Investment Committee may have an incentive to direct their best investment ideas to, or allocate or sequence trades in favor of such accounts.&#160; In addition, in cases where the investment strategies are the same or very
      similar, various factors (including, but not limited to, tax considerations, amount of available cash, and risk tolerance) may result in substantially different portfolios in such accounts.</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">(a)(3): The members of the Transitional Investment Committee are compensated by the Registrant for their positions on the Transitional Investment Committee in the amount of
      $100,000 each for Phillip Goldstein and Andrew Dakos, and $50,000 for Rajeev Das on an annual basis paid monthly in advance.</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">(a)(4):&#160; Information is provided as of August 31, 2019 (per instructions to paragraph (a)(4)).</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">As of August 31, 2019, Mr. Goldstein beneficially owns 150,000 shares (held Directly) and 106 shares (held Indirectly) of common stock of the Registrant; Mr. Dakos
      beneficially owns 70,000 shares (held Directly) and 106 shares (held Indirectly) of common stock of the Registrant; and Mr. Das beneficially owns no shares of common stock of the Registrant.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Item 9. Purchases of Equity Securities by Closed&#8209;End Management Investment Company and Affiliated Purchasers.</u></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z44d73fd4e6334e9d89f576f41dba2952" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 20%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold; margin-left: 9pt;">Period</div>
          </td>
          <td style="width: 20%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-style: italic; font-weight: bold;">(a)<br>
            </div>
            <div style="text-align: center; font-style: italic; font-weight: bold;">Total Number of Shares (or Units) <br>
              Purchased</div>
          </td>
          <td style="width: 20%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-style: italic; font-weight: bold;">(b)<br>
            </div>
            <div style="text-align: center; font-style: italic; font-weight: bold;">Average Price Paid per Share (or Unit)</div>
          </td>
          <td style="width: 20%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-style: italic; font-weight: bold;">(c)<br>
              Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs</div>
          </td>
          <td style="width: 20%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-style: italic; font-weight: bold;">(d)<br>
              Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs</div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">March 1 &#8211; March 31, 2019</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">7,365,350<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
            <div style="margin-left: 9pt;">&#160;</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">9.25</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">7,365,350</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">N/A</div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">April 1 - April 30, 2019</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">-</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">-</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">-</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">N/A</div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">May 1- May 31, 2019</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">-</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">-</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">-</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">N/A</div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">June 1 &#8211; June 30, 2019</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">-</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">-</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">-</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">N/A</div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">July 1 &#8211; July 31, 2019</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">-</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">-</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">-</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">N/A</div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">August 1 &#8211; August 31, 2019</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">-</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">-</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">-</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">N/A</div>
          </td>
        </tr>
        <tr>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Total</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">7,365,350</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">9.25</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">7,365,350</div>
          </td>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">N/A</div>
          </td>
        </tr>

    </table>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1)</sup> On February 8, 2019, the Fund announced that it was offering to purchase approximately 55% of its outstanding shares, or 7,111,696 of its issued and outstanding
      shares. The offer commenced on February 8, 2019 and expired at 5:00 pm Eastern time on March 18, 2019. A total of 7,365,350 shares or approximately 56.96% of the Fund&#8217;s outstanding shares were validly tendered. 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 without amending or extending the offer), the Fund elected to purchase all validly tendered shares at $9.25 per share or
      99% of $9.34 (the Fund&#8217;s NAV on March 18, 2019).</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Item 10. Submission of Matters to a Vote of Security Holders.</u></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">Not Applicable.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Item 11. Controls and Procedures.</u></div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2997b9fd260b4db2ba046328e1168b1b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>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.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3a9daf192be5473390690f7e0c869c65" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>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.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u></div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">The registrant did not engage in securities lending activities during the fiscal year reported on this Form N-CSR.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Item 13. Exhibits.</u></div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5142c423f4b641428762cb055151c4a2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div>(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>(1) <font style="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> Incorporated by reference to the registrant&#8217;s Form N-CSR filed on November 7, 2018.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">(2) <font style="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.</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">(3) <font style="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.</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="margin-left: 18pt; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: normal;">(4) Change in the registrant&#8217;s independent public accountant. There was no change in the registrant&#8217;s independent public accountant for
      the period covered by this report.</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za15a8e46a6f141c7a85712cc9daf291a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right;">
              <div style="font-style: italic;">(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div><font style="font-style: italic;">Certifications pursuant to Section&#160;906 of the Sarbanes&#8209;Oxley Act of 2002.</font>&#160; Furnished herewith.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageFooter"></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"></div>
    </div>
    <div style="font-weight: bold;">SIGNATURES</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">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.</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">(Registrant)&#160; </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;"><u>High Income Securities Fund</u></font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 360pt; font-weight: normal;" id="TRGRRTFtoHTMLTab">&#160;</font></div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">By (Signature and Title)* </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;"><u>/s/ Andrew Dakos</u></font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 432pt; font-weight: normal;" id="TRGRRTFtoHTMLTab"> <br>
      </font></div>
    <div style="text-indent: 36pt; margin-left: 99pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">&#160; Andrew Dakos, President</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;">Date&#160;&#160;&#160; <u>October 28, 2019</u><br>
      </font></div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">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.</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">By (Signature and Title)* <font style="font-family: 'Times New Roman', Times, serif;"><u>/s/ Andrew Dakos</u></font></div>
    <div style="text-indent: 36pt; margin-left: 99pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">&#160; Andrew Dakos, President</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">
      <div style="text-indent: 36pt;"><font style="font-weight: normal;">Date&#160;&#160;&#160; </font><font style="font-weight: normal;"><font style="font-weight: normal;"><u>October 28, 2019</u></font> </font></div>
      <div style="font-weight: normal;"><br>
      </div>
    </div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">By (Signature and Title)* <font style="font-family: 'Times New Roman', Times, serif;"><u>/s/ Thomas Antonucci</u></font></div>
    <div style="text-indent: 36pt; margin-left: 99pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">&#160; Thomas Antonucci, Treasurer</div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif; font-weight: normal;">
      <div style="text-indent: 36pt;"><font style="font-weight: normal;">Date&#160;&#160;&#160; </font><font style="font-weight: normal;"><u>October 28, 2019</u></font></div>
      <div style="font-weight: normal;"><br>
      </div>
    </div>
    <div style="font-weight: normal;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: normal;">* Print the name and title of each signing officer under his or her signature.</div>
    <font style="font-weight: normal;"> </font></div>
  <div style="font-weight: bold;"><font style="font-weight: normal;"> </font><br>
  </div>
  <div style="font-weight: bold;"> <br>
  </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>hisf-ex99cert302.htm
<DESCRIPTION>CERTIFICATION 302
<TEXT>
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    <div style="text-align: center; font-weight: bold;"><u>CERTIFICATIONS</u></div>
    <div><br>
    </div>
    <div>I, Andrew Dakos, certify that:</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zff6c3189dd234f2d99c5cecfbef1ddd8" cellpadding="0" cellspacing="0">

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              <div>&#160;</div>
              <div>1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>&#160;</div>
              <div>I have reviewed this report on Form N-CSR of High Income Securities Fund;</div>
            </td>
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    <div style="text-indent: 36pt;">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
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            <div>Dated:&#160;&#160;&#160; <font style="font-family: 'Times New Roman',Times,serif; font-weight: normal;"><u>October 28, 2019</u></font></div>
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    <div>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.</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
