High Income Securities Fund
Schedule of Investments
May 31, 2025 (Unaudited)

CLOSED-END FUNDS - 37.9%	Shares		Value
AllianceBernstein National Municipal Income Fund, Inc.		495,775	$	5,131,271
Bancroft Fund Ltd.		13,819		247,102
BlackRock Innovation and Growth Term Trust		176,341		1,230,860
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		67,959		682,308
BNY Mellon Municipal Income, Inc.		622,204		4,336,762
BNY Mellon Strategic Municipal Bond Fund, Inc.		968,023		5,372,528
BNY Mellon Strategic Municipals, Inc.		206,268		1,202,542
Clough Global Opportunities Fund		127,292		667,010
Destra Multi-Alternative Fund		166,851		1,464,952
DWS Municipal Income Trust		284,466		2,554,505
Eaton Vance New York Municipal Bond Fund		216,296		1,987,760
Ellsworth Growth and Income Fund Ltd.		173,161		1,693,515
Gabelli Dividend & Income Trust		151,344		3,759,385
GDL Fund		110,621		927,004
Highland Income Fund		5,386		27,469
MFS High Income Municipal Trust		187,176		655,116
MFS High Yield Municipal Trust		764,756		2,554,285
MFS Investment Grade Municipal Trust		245,951		1,863,079
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		55,414		273,745
Neuberger Berman Next Generation Connectivity Fund, Inc.		417,146		5,518,842
Pioneer Diversified High Income Trust		195		2,377
Pioneer Municipal High Income Advantage Fund, Inc.		36,072		299,037
Pioneer Municipal High Income Fund Trust		18,249		167,708
Pioneer Municipal High Income Opportunities Fund, Inc.		3,748		44,601
Platinum Asia Investments Ltd.		1,844,616		1,224,710
Principal Real Estate Income Fund		190,218		1,978,267
Tortoise Energy Infrastructure Corp.		49,027		1,985,594
Virtus Total Return Fund, Inc.		99,290		612,619
Voya Asia Pacific High Dividend Equity Income Fund		28,151		188,330
Voya Emerging Markets High Dividend Equity Fund		114,617		649,867
TOTAL CLOSED-END FUNDS (Cost $47,489,660)				49,303,150

SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 29.8%	Shares		Value
Andretti Acquisition Corp. II - Class A ^(a)		50,000		516,000
Ares Acquisition Corp. II ^(a)		171,046		1,956,766
Armada Acquisition Corp. II ^(a)		100,000		1,002,500
Bold Eagle Acquisition Corp. - Class A ^(a)		100,000		1,038,000
Cal Redwood Acquisition Corp. ^(a)		100,000		1,003,000
Cayson Acquisition Corp. ^(a)		45,000		460,800
Centurion Acquisition Corp. ^(a)		156,250		1,637,500
ChampionsGate Acquisition Corp. ^(a)		100,000		1,002,000
Churchill Capital Corp. X ^(a)		122,024		1,261,118
Crane Harbor Acquisition Corp. - Class A ^(a)		150,000		1,486,500
Dune Acquisition Corp. II ^(a)		200,000		2,007,000
Dynamix Corp. ^(a)		105,820		1,063,491
EGH Acquisition Corp. ^(a)		50,000		503,500
EQV Ventures Acquisition Corp. - Class A ^(a)		250,000		2,605,000
Fifth Era Acquisition Corp. I - Class A ^(a)		2,200		22,220
GigCapital7 Corp. - Class A ^(a)		166,013		1,701,633
Haymaker Acquisition Corp. 4 ^(a)		158,353		1,748,217
HCM II Acquisition Corp. - Class A ^(a)		100,000		1,170,000
Hennessy Capital Investment Corp. VI - Class A ^(a)		125		1,381
Iron Horse Acquisitions Corp. ^(a)		32,032		338,373
Jackson Acquisition Co. II - Class A ^(a)		100,000		1,022,000
Kochav Defense Acquisition Corp. ^(a)		34,400		344,344
Launch One Acquisition Corp. ^(a)		150,000		1,552,500
Legato Merger Corp. III ^(a)		40,196		426,882
Lionheart Holdings - Class A ^(a)		73,338		769,316
M3-Brigade Acquisition V Corp. - Class A ^(a)		195,064		2,301,755
Nabors Energy Transition Corp. II ^(a)		39,885		440,729
Perceptive Capital Solutions Corp. ^(a)		50,000		520,000
Roman DBDR Acquisition Corp. II ^(a)		125,000		1,283,750
Silverbox Corp. IV - Class A ^(a)		110,050		1,148,922
SIM Acquisition Corp. I - Class A ^(a)		150,000		1,560,000
Sizzle Acquisition Corp. II ^(a)		50,600		510,554
Soulpower Acquisition Corp. ^(a)		86,023		868,833
Voyager Acquisition Corp. ^(a)		290,284		2,992,828
Wintergreen Acquisition Corp. ^(a)		50,000		500,500
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) (Cost $37,058,339)				38,767,912

BUSINESS DEVELOPMENT COMPANIES - 14.1%	Shares		Value
Barings BDC, Inc.		125,637		1,169,681
CION Investment Corp.		626,379		6,057,085
Crescent Capital BDC, Inc.		105,162		1,632,114
Investcorp Credit Management BDC, Inc.		242,524		653,602
Logan Ridge Finance Corp.		81,300		1,434,945
OFS Capital Corp.		91,137		758,260
PhenixFIN Corp.		19,218		941,682
Portman Ridge Finance Corp.		131,630		1,592,723
Runway Growth Finance Corp.		406,530		4,036,843
TOTAL BUSINESS DEVELOPMENT COMPANIES (Cost $21,238,207)				18,276,935

PREFERRED STOCKS - 4.8%	Shares		Value
Business Development Companies - 1.7%
OFS Credit Co., Inc., Series E, 5.25%, 12/31/2026 ^(a)		60,000		1,440,000
Oxford Lane Capital Corp., Series 2032, 7.95%, 02/29/2032 ^(a)		32,500		802,750
				2,242,750

Closed-End Funds - 1.6%
Highland Opportunities and Income Fund, Series B, 5.38%, Perpetual ^(a)		1,846		28,114
XAI Octagon Floating Rate Alternative Income Trust, Series 2026, 6.50%, 03/31/2026 ^(a)		80,000		2,008,800
				2,036,914

Real Estate Investment Trusts - 1.5%
Cedar Realty Trust, Inc.- Series C, Series C, 6.50%, Perpetual ^(a)		45,817		675,343
NexPoint Diversified Real Estate Trust - Series A, Series A, 5.50%, Perpetual ^(a)		94,082		1,317,148
				1,992,491

Real Estate Operations and Development - 0.0%^(b)
Harbor Custom Development, Inc - Series A, Series A, 8.00%, Perpetual ^(a)(c)		131,166		0

Retail - Catalog Shopping - 0.0%^(b)
Legacy IMBDS, Inc., 8.50%, 09/30/2026 ^(a)(c)		27,802		0
TOTAL PREFERRED STOCKS (Cost $9,979,881)				6,272,155

TRUSTS - 1.0%	Certificates		Value
Trusts - 1.0%
Copper Property CTL Pass Through Trust		109,428		1,313,136
TOTAL TRUSTS (Cost $1,218,665)				1,313,136

REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.5%	Shares		Value
Diversified REITs - 0.5%
NexPoint Diversified Real Estate Trust		159,749		664,556
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $2,202,611)				664,556

WARRANTS - 0.5%	Contracts		Value
AA Mission Acquisition Corp., Expires 08/01/2030, Exercise Price $11.50 ^(a)		50,000		5,000
Andretti Acquisition Corp. II, Expires 10/24/2029, Exercise Price $11.50 ^(a)		25,000		4,527
Centurion Acquisition Corp., Expires 08/01/2029, Exercise Price $11.50 ^(a)		78,125		22,656
Churchill Capital Corp. IX, Expires 06/11/2029, Exercise Price $11.50 ^(a)		611		617
Dynamix Corp., Expires 12/06/2029, Exercise Price $11.50 ^(a)		52,910		18,413
EQV Ventures Acquisition Corp., Expires 07/01/2031, Exercise Price $11.50 ^(a)		83,333		51,667
GigCapital7 Corp., Expires 09/11/2029, Exercise Price $11.50 ^(a)		166,013		24,902
HCM II Acquisition Corp., Expires 10/10/2029, Exercise Price $11.50 ^(a)		50,000		112,500
Launch One Acquisition Corp., Expires 08/29/2029, Exercise Price $11.50 ^(a)		75,000		20,250
Legato Merger Corp. III, Expires 03/28/2029, Exercise Price $11.50 ^(a)		20,098		4,223
Lionheart Holdings, Expires 08/09/2029, Exercise Price $11.50 ^(a)		36,669		9,901
M3-Brigade Acquisition V Corp., Expires 09/23/2030, Exercise Price $11.50 ^(a)		127,625		232,430
Relativity Acquisition Corp., Expires 02/11/2027, Exercise Price $11.50 ^(a)(c)		21,700		0
Roman DBDR Acquisition Corp. II, Expires 02/03/2030, Exercise Price $11.50 ^(a)		62,500		25,638
Silverbox Corp. IV, Expires 09/24/2029, Exercise Price $11.50 ^(a)		36,683		13,576
SIM Acquisition Corp. I, Expires 08/28/2029, Exercise Price $11.50 ^(a)		75,000		20,250
Voyager Acquisition Corp., Expires 05/16/2031, Exercise Price $11.50 ^(a)		145,142		24,674
TOTAL WARRANTS (Cost $123,922)				591,224

EXCHANGE TRADED FUNDS - 0.4%	Shares		Value
Horizon Kinetics Spac Active ETF		4,700		487,272
TOTAL EXCHANGE TRADED FUNDS (Cost $441,587)				487,272

RIGHTS - 0.0%^(b)	Shares		Value
Bold Eagle Acquisition Corp., Expires 10/11/2029, Exercise Price $10.00 ^(a)		100,000		28,400
Cayson Acquisition Corp., Expires 06/24/2026, Exercise Price $10.00 ^(a)		45,000		7,650
Eureka Acquisition Corp., Expires 01/03/2026, Exercise Price $10.00 ^(a)		50,000		11,000
Flag Ship Acquisition Corp., Expires 03/31/2026, Exercise Price $0.11 ^(a)		137,500		15,139
IB Acquisition Corp., Expires 09/28/2025, Exercise Price $10.00 ^(a)		129,140		8,226
TOTAL RIGHTS (Cost $60,414)				70,415

SHORT-TERM INVESTMENTS - 11.3%			Value
Money Market Funds - 11.3%	Shares
Fidelity Investments Money Market Funds - Government Portfolio - Class Institutional, 4.23% ^(d)		7,344,998		7,344,998
STIT - Treasury Portfolio - Class Institutional, 4.23% ^(d)		7,344,998		7,344,998
TOTAL SHORT-TERM INVESTMENTS (Cost $14,689,996)				14,689,996

TOTAL INVESTMENTS - 100.3% (Cost $134,503,282)				130,436,751
Liabilities in Excess of Other Assets - (0.3)%				(408,832	)
TOTAL NET ASSETS - 100.0%			$	130,027,919
two				–	%
Percentages are stated as a percent of net assets.				–	%

REIT - Real Estate Investment Trust

(a)	Non-income producing security.
(b)	Represents less than 0.05% of net assets.
(c)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of May 31, 2025.
(d)	The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)

High Income Securities Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2025:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Closed-End Funds		49,303,150		–		–		49,303,150
Special Purpose Acquisition Companies (SPACs)		34,224,463		4,543,449		–		38,767,912
Business Development Companies		18,276,935		–		–		18,276,935
Preferred Stocks		2,823,355		3,448,800		0		6,272,155
Trusts		1,313,136		–		–		1,313,136
Real Estate Investment Trusts - Common		664,556		–		–		664,556
Warrants		552,973		38,251		0		591,224
Exchange Traded Funds		487,273		–		–		487,272
Rights		44,276		26,139		–		70,415
Money Market Funds		14,689,996		–		–		14,689,996
Total Investments		122,380,113		8,056,639		0		130,436,751

Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.

The fair value of derivative instruments as reported within the Schedule of Investments as of May 31, 2025:

Derivatives not accounted for as hedging instruments	Statement of Assets & Liabilities Location	Value
Equity Contracts - Warrants	Investments, at value	$	591,224

The effect of derivative instruments on the Statement of Operations for the period ended May 31, 2025

	Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Statement of Operations Location	Value
Equity Contracts - Warrants	Net Realized Gain	$	113,582
on Investments

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments	Statement of Operations Location	Total
Equity Contracts - Warrants	Net change in unrealized appreciation of investments	$	488,321