<SEC-DOCUMENT>0001145549-19-042467.txt : 20191112
<SEC-HEADER>0001145549-19-042467.hdr.sgml : 20191112
<ACCEPTANCE-DATETIME>20191112111421
ACCESSION NUMBER:		0001145549-19-042467
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190831
FILED AS OF DATE:		20191112
DATE AS OF CHANGE:		20191112
EFFECTIVENESS DATE:		20191112

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-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05133
		FILM NUMBER:		191207362

	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-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns:com="http://www.sec.gov/edgar/common" xmlns="http://www.sec.gov/edgar/ncen">
  <schemaVersion>X0201</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000810943</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <flags>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-2</investmentCompanyType>
    </filerInfo>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2019-08-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>High Income Securities Fund</registrantFullName>
      <investmentCompFileNo>811-05133</investmentCompFileNo>
      <registrantCik>0000810943</registrantCik>
      <registrantLei>25RM533JWPQG19PQ1G87</registrantLei>
      <registrantstreet1>615 East Michigan Street</registrantstreet1>
      <registrantcity>Milwaukee</registrantcity>
      <registrantzipCode>53202</registrantzipCode>
      <registrantstate>US-WI</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>4147654255</registrantphoneNumber>
      <websites>
        <website webpage="https://highincomesecuritiesfund.com/"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>U.S. Bancorp Fund Services</officeName>
          <officeAddress1>615 E. Michigan St.</officeAddress1>
          <officeCity>Milwaukee</officeCity>
          <officeStateCountry officeState="US-WI" officeCountry="US"/>
          <officeRecordsZipCode>53202</officeRecordsZipCode>
          <officePhone>18336121912</officePhone>
          <booksRecordsDesc>Fund accounting and fund administration data</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>U.S. Bank, N.A</officeName>
          <officeAddress1>1555 North RiverCenter Drive</officeAddress1>
          <officeAddress2>Suite 302</officeAddress2>
          <officeCity>Milwaukee</officeCity>
          <officeStateCountry officeState="US-WI" officeCountry="US"/>
          <officeRecordsZipCode>53212</officeRecordsZipCode>
          <officePhone>18336121912</officePhone>
          <booksRecordsDesc>Custody data</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <isRegistrantFamilyInvComp>N</isRegistrantFamilyInvComp>
      <registrantClassificationType>N-2</registrantClassificationType>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Gerald Hellerman</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-23220"/>
            <fileNumberInfo fileNumber="811-06111"/>
            <fileNumberInfo fileNumber="811-07528"/>
            <fileNumberInfo fileNumber="811-05128"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Rajeev Das</directorName>
          <crdNumber>002265104</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-06111"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Ben Harris</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-07528"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Moritz Sell</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04438"/>
            <fileNumberInfo fileNumber="811-05128"/>
            <fileNumberInfo fileNumber="811-04611"/>
            <fileNumberInfo fileNumber="811-06342"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Richard Dayan</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-05128"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Phillip Goldstein</directorName>
          <crdNumber>005711842</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-06111"/>
            <fileNumberInfo fileNumber="811-07528"/>
            <fileNumberInfo fileNumber="811-05128"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Andrew Dakos</directorName>
          <crdNumber>004881082</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-07528"/>
            <fileNumberInfo fileNumber="811-05128"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Stephanie Darling</ccoName>
          <crdNumber>N/A</crdNumber>
          <ccoStreet1>818 Ridge Road</ccoStreet1>
          <ccoCity>Rising Sun</ccoCity>
          <ccoStateCountry ccoState="US-MD" ccoCountry="US"/>
          <ccoZipCode>21911</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <securityMatterSeriesInfo isRegistrantSubmittedMatter="Y"/>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <isExemptionFromAct>N</isExemptionFromAct>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Tait, Weller &amp; Baker LLP</publicAccountantName>
          <pcaobNumber>00445</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantState="US-PA" publicAccountantCountry="US"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>High Income Securities Fund</mgmtInvFundName>
        <mgmtInvLei>25RM533JWPQG19PQ1G87</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services LLC</transferAgentName>
            <transferAgentFileNo>85-11357</transferAgentFileNo>
            <transferAgentLei>N1GZ7BBF3NP8GI976H15</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
          <transferAgent>
            <transferAgentName>Putnam Investor Services, Inc</transferAgentName>
            <transferAgentFileNo>084-06331</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>Y</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>Intercontinental Exchange Inc.</pricingServiceName>
            <pricingServiceLei>5493000F4ZO33MV32P92</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-GA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>U.S. Bancorp Fund Services, LLC</adminName>
            <adminLei>N1GZ7BBF3NP8GI976H15</adminLei>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>WELLS FARGO SECURITIES, LLC</brokerName>
            <brokerFileNo>8-65876</brokerFileNo>
            <brokerCrdNo>000126292</brokerCrdNo>
            <brokerLei>VYVVCKR63DVZZN70PB21</brokerLei>
            <brokerStateCountry brokerState="US-NC" brokerCountry="US"/>
            <grossCommission>29877.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>HILLTOP SECURITIES INC.</brokerName>
            <brokerFileNo>8-45123</brokerFileNo>
            <brokerCrdNo>000006220</brokerCrdNo>
            <brokerLei>549300IXU82PMU6XZT45</brokerLei>
            <brokerStateCountry brokerState="US-TX" brokerCountry="US"/>
            <grossCommission>12238.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>COMPASS POINT RESEARCH &amp; TRADING, LLC</brokerName>
            <brokerFileNo>8-65866</brokerFileNo>
            <brokerCrdNo>000126258</brokerCrdNo>
            <brokerLei>254900VW04UOPUJ5PX70</brokerLei>
            <brokerStateCountry brokerState="US-DC" brokerCountry="US"/>
            <grossCommission>9606.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CANTOR FITZGERALD &amp; CO.</brokerName>
            <brokerFileNo>8-201</brokerFileNo>
            <brokerCrdNo>000000134</brokerCrdNo>
            <brokerLei>5493004J7H4GCPG6OB62</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>9006.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>GMP SECURITIES, LLC</brokerName>
            <brokerFileNo>8-49291</brokerFileNo>
            <brokerCrdNo>000041025</brokerCrdNo>
            <brokerLei>549300QXVHD3G589TO05</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>5938.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CAPITAL INSTITUTIONAL SERVICES, INC.</brokerName>
            <brokerFileNo>8-22273</brokerFileNo>
            <brokerCrdNo>000007551</brokerCrdNo>
            <brokerLei>54930061X8RDWFDJIS05</brokerLei>
            <brokerStateCountry brokerState="US-TX" brokerCountry="US"/>
            <grossCommission>5414.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>COWEN EXECUTION SERVICES LLC</brokerName>
            <brokerFileNo>8-46838</brokerFileNo>
            <brokerCrdNo>000035693</brokerCrdNo>
            <brokerLei>5493005RJDJD18OPUP27</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3710.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>COWEN AND COMPANY, LLC</brokerName>
            <brokerFileNo>8-22522</brokerFileNo>
            <brokerCrdNo>000007616</brokerCrdNo>
            <brokerLei>549300WR155U7DVMIW58</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2350.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>B. RILEY &amp; CO., LLC</brokerName>
            <brokerFileNo>8-49016</brokerFileNo>
            <brokerCrdNo>000040355</brokerCrdNo>
            <brokerLei>549300AEVMODVBY3QS51</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>110.000000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>78249.000000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>WEDBUSH SECURITIES INC.</principalName>
            <principalFileNo>8-12987</principalFileNo>
            <principalCrdNo>000000877</principalCrdNo>
            <principalLei>549300CSX55MXZ47EI78</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>1172500.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MAXIM GROUP LLC</principalName>
            <principalFileNo>8-65337</principalFileNo>
            <principalCrdNo>000120708</principalCrdNo>
            <principalLei>254900OJ6JZO6SDMHQ83</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1153420.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>B. RILEY &amp; CO., LLC</principalName>
            <principalFileNo>8-49016</principalFileNo>
            <principalCrdNo>000040355</principalCrdNo>
            <principalLei>549300AEVMODVBY3QS51</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>886620.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>LADENBURG THALMANN &amp; CO. INC.</principalName>
            <principalFileNo>8-17230</principalFileNo>
            <principalCrdNo>000000505</principalCrdNo>
            <principalLei>2549000V3L2KK4L76W91</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>735000.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JEFFERIES LLC</principalName>
            <principalFileNo>8-15074</principalFileNo>
            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>58PU97L1C0WSRCWADL48</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>350000.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CANTOR FITZGERALD &amp; CO.</principalName>
            <principalFileNo>8-201</principalFileNo>
            <principalCrdNo>000000134</principalCrdNo>
            <principalLei>5493004J7H4GCPG6OB62</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>150000.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>4447540.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>91656304.733260300000</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>High Income Securities Fund</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="PCF"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <repurchaseSecurities isRepurchaseSecurity="Y">
        <repurchaseSecurityType>Common stock</repurchaseSecurityType>
      </repurchaseSecurities>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0.000000000000</managementFee>
      <netOperatingExpenses>1.180000000000</netOperatingExpenses>
      <marketPricePerShare>8.240000000000</marketPricePerShare>
      <netAssetValuePerShare>9.490000000000</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <exchangeSeriesInfo/>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="High Income Securities Fund" signedDate="2019-11-08" signature="/s/ Andrew Dakos" title="President"/>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>taitwellern-cenletter.htm
<DESCRIPTION>TAIT WELLER N-CEN LETTER
<TEXT>
<HTML><HEAD>
<TITLE></TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shareholders and Board of Trustees </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>High Income
Securities Fund </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In planning and performing our audits of the financial statements of the High Income Securities Fund (the &#147;Fund&#148;), as of
and for the year ended August&nbsp;31, 2019, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund&#146;s internal control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form <FONT STYLE="white-space:nowrap">N-CEN,</FONT> but not for
the purpose of expressing an opinion on the effectiveness of the Fund&#146;s internal control over financial reporting. Accordingly, we express no such opinion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#146;s internal control over financial reporting includes those
policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)&nbsp;provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations
of management and directors of the company; and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company&#146;s assets that could have a material effect on the
financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the
normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the company&#146;s annual or interim financial statements will not be prevented or detected on a timely basis. </P>

<p STYLE="margin-top:12pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our consideration of the Funds&#146; internal control over financial reporting was for the limited purpose
described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we
noted no deficiencies in the Funds&#146; internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of August&nbsp;31, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This report is intended solely for the information and use of management, the Board of Trustees of the High Income Securities Fund and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:0; text-indent:0; font-size:10pt; font-family:Times New Roman">/s/ TAIT, WELLER&nbsp;&amp; BAKER LLP</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:0; text-indent:0; font-size:10pt; font-family:Times New Roman"><B>TAIT, WELLER&nbsp;&amp; BAKER LLP</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Philadelphia, Pennsylvania </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>October&nbsp;28, 2019
</B></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
