High Income Securities Fund
          
Portfolio of Investments
          
May 31, 2024
          
(Unaudited)
          
   
Shares
  
Value
  
INVESTMENT COMPANIES - 63.24%
 
 
 
 
  
Business Development Companies - 15.68%
 
 
 
 
  
CION Investment Corp.
 
               617,720
 
            7,727,677
  
FS KKR Capital Corp.
 
               310,714
 
            6,369,637
  
Logan Ridge Finance Corp.
 
                 81,300
 
            1,821,120
  
PhenixFIN Corp.
 
                 19,193
 
               867,524
  
Portman Ridge Finance Corp.
 
               151,137
 
            3,006,115
  
Runway Growth Finance Corp.
 
                 80,978
 
               970,116
  
   
 
  
          20,762,189
  
Closed-End Funds - 47.56%
 
 
 
 
  
AllianceBernstein National Municipal Income Fund, Inc.
 
               134,467
 
            1,444,176
  
Bancroft Fund Ltd.
 
                 13,721
 
               214,869
  
BlackRock California Municipal Income Trust
 
                 74,065
 
               855,451
  
BlackRock Innovation and Growth Term Trust
 
                   7,538
 
                 56,234
  
BlackRock Municipal Income Fund, Inc.
 
               121,660
 
            1,459,920
  
BNY Mellon Municipal Income, Inc.
 
               622,204
 
            4,193,655
  
BNY Mellon Strategic Municipal Bond Fund, Inc.
 
               291,157
 
            1,656,683
  
BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc.
 
                 67,021
 
               582,412
  
ClearBridge Energy Midstream Opportunity Fund, Inc.
 
               100,769
 
            4,252,452
  
ClearBridge MLP & Midstream Fund, Inc.
 
                 77,718
 
            3,675,284
  
ClearBridge MLP & Midstream Total Return Fund, Inc.
 
                 53,033
 
            2,262,918
  
Destra Multi-Alternative Fund
 
               166,851
 
            1,254,720
  
DWS Municipal Income Trust
 
               682,943
 
            6,378,688
  
DWS Strategic Municipal Income Trust
 
               197,942
 
            1,878,470
  
Eaton Vance New York Municipal Bond Fund
 
               276,969
 
            2,647,824
  
Ellsworth Growth and Income Fund Ltd.
 
                 69,083
 
               558,881
  
Herzfeld Caribbean Basin Fund, Inc.
 
                 12,344
 
                 31,044
  
Highland Income Fund
 
               332,526
 
            2,108,215
  
Invesco High Income 2024 Target Term Fund
 
               156,445
 
            1,190,546
  
MFS High Yield Municipal Trust
 
               764,756
 
            2,504,576
  
MFS Investment Grade Municipal Trust
 
               245,951
 
            1,829,875
  
Miller/Howard High Dividend Fund
 
                 93,770
 
            1,054,912
  
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
 
               100,365
 
               476,734
  
Neuberger Berman Municipal Fund, Inc.
 
               208,262
 
            2,134,686
  
Neuberger Berman Next Generation Connectivity Fund, Inc.
 
               397,605
 
            4,822,949
  
New America High Income Fund, Inc.
 
               278,463
 
            2,010,503
  
Nuveen Multi-Asset Income Fund
 
                 20,588
 
               250,968
  
Nuveen Preferred & Income Term Fund
 
                 67,005
 
            1,303,917
  
PGIM Short Duration High Yield Opportunities Fund
 
                 15,265
 
               229,738
  
Principal Real Estate Income Fund
 
               199,015
 
            1,994,130
  
Saba Capital Income & Opportunities Fund
 
               231,408
 
            1,691,592
  
Tortoise Energy Independence Fund, Inc.
 
                 49,741
 
            1,690,219
  
Tortoise Power and Energy Infrastructure Fund, Inc.
 
               102,980
 
            1,591,041
  
Virtus Convertible & Income 2024 Target Term Fund
 
               137,180
 
            1,226,389
  
Virtus Total Return Fund, Inc.
 
               245,437
 
            1,337,632
  
Western Asset Intermediate Muni Fund, Inc.
 
                 14,866
 
               113,725
  
       
          62,966,028
  
Total Investment Companies (Cost $81,602,316)
 
 
 
          83,728,217
  
 
          
 
 
Shares/Units
 
 
  
EXCHANGE TRADED FUNDS - 0.35%
 
 
 
 
  
Horizon Kinetics Spac Active ETF
 
                   4,700
 
               464,191
  
Total Exchange Traded Funds (Cost $441,587)
 
 
 
               464,191
  
           
           
 
 
Shares/Units
 
 
  
SPECIAL PURPOSE ACQUISITION VEHICLES - 14.90%
 
 
 
 
  
99 Acquisition Group, Inc. (a)
 
               151,650
 
            1,589,292
  
Ai Transportation Acquisition Corp. (a)(e)
 
                 10,000
 
                   1,501
  
Ai Transportation Acquisition Corp. (a)(e)
 
                 45,269
 
               467,629
  
AP Acquisition Corp. (a)(e)
 
               132,530
 
            1,514,818
  
Ares Acquisition Corp. II (a)(e)
 
                 60,015
 
               638,560
  
Bowen Acquisition Corp. (a)(e)
 
                 14,216
 
               149,837
  
Cartesian Growth Corp. II (a)(e)
 
                 50,000
 
               562,500
  
Churchill Capital Corp. IX (a)(e)
 
                   2,445
 
                 24,694
  
Colombier Acquisition Corp. II (a)(e)
 
                 12,667
 
                   5,027
  
Colombier Acquisition Corp. II (a)(e)
 
                 38,001
 
               392,550
  
EVe Mobility Acquisition Corp. (a)(e)
 
                 40,963
 
               452,297
  
Four Leaf Acquisition Corp. (a)
 
                 41,431
 
               452,426
  
Global Lights Acquisition Corp. (a)(e)
 
               192,000
 
            1,972,800
  
Haymaker Acquisition Corp. 4 (a)(e)
 
               129,016
 
            1,357,997
  
IB Acquisition Corp. (a)
 
               129,140
 
                 11,623
  
IB Acquisition Corp. (a)
 
               129,140
 
            1,287,526
  
Inflection Point Acquisition Corp. II (a)(e)
 
               217,023
 
            2,289,593
  
Iron Horse Acquisitions Corp. (a)
 
                 32,232
 
               324,898
  
Keen Vision Acquisition Corp. (a)(e)
 
                 28,469
 
               300,633
  
Legato Merger Corp. III (a)(e)
 
                 40,196
 
               405,980
  
Legato Merger Corp. III (a)(e)
 
                 20,098
 
                   3,216
  
Legato Merger Corp. III (a)(e)
 
                          1
 
                        10
  
Nabors Energy Transition Corp. II (a)(e)
 
                 58,563
 
               617,254
  
Patria Latin American Opportunity Acquisition Corp. (a)(e)
 
                 28,631
 
               326,537
  
Quetta Acquisition Corp. (a)
 
               102,660
 
            1,058,425
  
RF Acquisition Corp. II (a)(e)
 
                 36,407
 
               366,800
  
SilverBox Corp. III (a)
 
                 52,254
 
               552,325
  
SK Growth Opportunities Corp. (a)(e)
 
                 12,584
 
               139,808
  
TG Venture Acquisition Corp. (a)(b)
 
               190,793
 
            2,062,472
  
Trailblazer Merger Corp. I (a)
 
                 36,458
 
               393,746
  
Total Special Purpose Acquisition Vehicles (Cost $19,283,530)
 
 
 
          19,722,774
  
 
          
 
 
Shares
 
 
  
OTHER COMMON STOCKS - 0.62%
          
Industrial Support Services - 0.00%
 
 
 
 
  
Nature's Miracle California, Inc. (a)
 
                   2,664
 
                   1,918
  
           
Real Estate Investment Trusts - 0.62%
 
 
 
 
  
NexPoint Diversified Real Estate Trust
 
               147,201
 
               811,078
  
Total Other Common Stocks (Cost $2,142,705)
 
 
 
               812,996
  
           
PREFERRED STOCKS - 8.17%
 
 
 
 
  
Business Development Companies - 4.69%
 
 
 
 
  
OFS Credit Co., Inc.
 
                 60,000
 
            1,395,000
  
SuRo Capital Corp.
  
               200,000
  
            4,820,000
  
 
 
 
 
            6,215,000
  
Closed-End Funds - 1.49%
 
 
 
 
  
XAI Octagon Floating Rate Alternative Income Trust
 
                 80,000
 
            1,966,400
  
           
Real Estate Investment Trusts - 1.98%
 
 
 
 
  
Brookfield DTLA Fund Office Trust Investor, Inc., 7.625% (a)
 
                   1,615
 
                      178
  
Cedar Realty Trust, Inc.- Series C, 6.500%
 
               101,456
 
            1,207,326
  
NexPoint Diversified Real Estate Trust - Series A, 5.500%
 
                 94,082
 
            1,411,230
  
 
 
 
 
            2,618,734
  
Real Estate Operations and Development - 0.01%
 
 
 
 
  
Harbor Custom Development, Inc - Series A, 8.000% (a)
 
               131,166
 
                 19,675
  
           
Retail - Catalog Shopping - 0.00%
 
 
 
 
  
Legacy IMBDS, Inc. (b)
 
                 27,802
 
                          -
  
Total Preferred Stocks (Cost $15,729,983)
 
 
 
          10,819,809
  
 
 
 
    
LIQUIDATING TRUSTS - 0.63%
 
 
 
 
  
Copper Property CTL Pass Through Trust
 
                 87,573
 
               830,192
  
Total Liquidating Trusts (Cost $942,199)
 
 
 
               830,192
  
           
 
 
Principal
Amount
 
 
  
CORPORATE OBLIGATIONS - 0.31%
 
 
 
 
  
Lamington Road DAC
 
 
 
 
  
8.000%, 2121-04-07 (b)(c)(d)(e)
 
            8,395,918
 
               335,837
  
14.000%, 2121-04-07 (b)(c)(d)(e)
 
               519,816
 
                 68,875
  
Total Corporate Obligations (Cost $1,327,493)
 
 
 
               404,712
  
 
          
WARRANTS - 0.01% (a)
 
 
 
 
  
Ault Disruptive Technologies Corp. (a)
  
 
      
Expiration: June 2028
          
Exercise Price: $11.50
 
              48,000
 
                2,244
  
Cartesian Growth Corp. II (a)(e)
  
 
      
Expiration: July 2028
          
Exercise Price: $11.50
 
              33,333
 
                3,667
  
Churchill Capital Corp. VII (a)
  
 
      
Expiration: February 2028
          
Exercise Price: $11.50
 
              11,761
 
                2,353
  
Digital Health Acquisition Corp. (a)
  
 
      
Expiration: November 2026
          
Exercise Price: $11.50
 
              42,000
 
                4,347
  
ExcelFin Acquisition Corp. (a)
  
 
      
Expiration: October 2028
          
Exercise Price: $11.50
 
              25,000
 
                   880
  
Holdco Nuvo Group DG Ltd. (a)(e)
  
 
      
Expiration: May 2029
          
Exercise Price: $11.50
 
              25,000
 
                   625
  
Relativity Acquisition Corp. (a)(b)
  
 
      
Expiration: December 2029
          
Exercise Price: $11.50
 
              21,700
 
                       –
  
Target Global Acquisition I Corp. (a)(e)
  
 
      
Expiration: December 2026
          
Exercise Price: $11.50
 
              23,633
 
                1,775
  
TG Venture Acquisition Corp. (a)
  
 
      
Expiration: August 2028
          
Exercise Price: $11.50
 
              74,000
 
                       –
  
Zapata Computing Holdings, Inc. (a)
  
 
      
Expiration: February 2029
          
Exercise Price: $11.50
 
              25,000
 
                1,525
  
Total Warrants (Cost $95,796)
 
 
 
                 17,416
  
           
MONEY MARKET FUNDS - 11.40%
 
 
 
 
  
Fidelity Investments Money Market Funds - Government Portfolio, Institutional, 5.208% (d)
 
            7,547,358
 
            7,547,358
  
STIT - Treasury Portfolio, Institutional, 5.225% (d)
 
            7,547,358
 
            7,547,358
  
Total Money Market Funds (Cost $15,094,717)
 
 
 
          15,094,716
  
 
 
 
 
 
  
Total Investments (Cost $136,660,326) - 99.63%
 
 
 
        131,895,023
  
Assets in Excess of Other Liabilities - 0.37%
 
 
 
               489,150
  
TOTAL NET ASSETS- 100.00%
 
 
 
        132,384,173
  
           
Percentages are stated as a percent of net assets.
          
           
(a) Non-income producing security.
          
(b) The rate shown represents the 7-day yield at May 31, 2024.
          
(c) Fair valued securities. The total market value of these securities was $404,712, representing 0.31% of net assets. Value determined using significant unobservable inputs.
          
(d) The coupon rate shown represents the rate at May 31, 2024.
          
(e) Foreign-issued security.
          
           
Abbreviations:
          
BDC   Business Development Company.
          
LTD.   Limited Liability Company.
          
           
The accompanying notes are an integral part of these schedule of investments.
          

 
Security valuation - Portfolio securities and other investments are valued using policies and procedures adopted by the Trustees. The Trustees have formed a Valuation
Committee to oversee the implementation of these procedures.
 
 
 
 
 
 
 
 
 
 
 
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and
are classified as Level 1 securities under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820). If no sales are reported, as in the case of some
securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
 
 
 
 
 
 
 
 
 
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset
value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
 
 
 
 
 
 
 
Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other
investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees. Such services or dealers determine
valuations for normal institutional size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally
recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized
as Level 2.
 
 
 
 
 
 
 
 
 
 
 
 
 
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such
markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days,
the Fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons
to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities,
will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity
and it is possible that fair value prices will be used by the Fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current
exchange rate.
 
 
 
 
 
 
 
 
 
 
 
 
 
To the extent a pricing service or dealer is unable to value a security, the security will be valued at fair value in accordance with policies and procedures approved by the Trustees.
Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations
consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S.
Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or
as Level 3 depending on the priority of the significant inputs.
 
 
 
 
 
 
 
 
 
 
 
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all
relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the
amount that the Fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith
estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
 
 
 
 
 
 
 
 
 
The Fund has adopted fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require
additional disclosures about the various input and valuation techniques used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:
 
 
 
 
 
 
 
 
Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
 
 
 
 
 
 
 
Level 2—Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.
 
These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates,
 
prepayment speeds, credit risk, yield curves, default rates and similar data.
 
 
 
 
 
 
 
 
 
 
Level 3—Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own
 
assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information
 
available.
 
 
 
 
 
 
 
 
 
 
 
The following is a summary of the fair valuations according to the inputs used as of May 31, 2024 in valuing the Fund's investments:
 
 

 
                        
 
  
Quoted Prices in Active
    
Significant Other
              
 
  
Markets for Identical
    
Observable Inputs
    
Unobservable Inputs
        
 
  
Investments (Level 1)
    
(Level 2)
    
(Level 3)
    
Total
  
Investment Companies
                        
Business Development Companies
  
$
20,762,189
    
$
-
    
$
-
    
$
20,762,189
  
Closed-End Funds
    
62,966,028
      
-
      
-
      
62,966,028
  
Exchange Traded Funds
    
464,191
      
-
      
-
      
464,191
  
Special Purpose Acquisition Vehicles
    
16,598,951
      
1,061,351
      
2,062,472
      
19,722,774
  
Other Common Stock
    
812,996
      
-
      
-
      
812,996
  
Preferred Stocks
    
10,819,631
      
178
      
-
      
10,819,809
  
Liquidating Trusts
    
830,192
      
-
      
-
      
830,192
  
Corporate Obligations
    
-
      
-
      
404,712
      
404,712
  
Warrants
    
8,116
      
9,300
      
-
      
17,416
  
Money Market Funds
    
15,094,716
      
-
      
-
      
15,094,716
  
Total
  
$
128,357,010
    
$
1,070,829
    
$
2,467,184
    
$
131,895,023
  

At the start and close of the reporting period, Level 3 investments in securities represented 2% of the fund’s net assets and were not considered a significant portion of the
fund’s portfolio.
 
 
 
 
  
 

The fair value of derivative instruments as reported within the Schedule of Investments as of May 31, 2024:
 
  
 
 
 
 
 
 
 
  
 
 
Derivatives not accounted for as hedging
instruments
 
 
Statement of Assets &
Liabilities Location
 
  
Value
 
Equity Contracts - Warrants
 
 
Investments, at value
 
 $
                  17,416
 
 
 
 
 
 
  
 
 
The effect of derivative instruments on the Statement of Operations for the period ended May 31, 2024:
 
  
 
 
 
 
 
 
 
  
 
 
 
 
Amount of Realized Gain (Loss) on Derivatives Recognized in Income
 
Derivatives not accounted for as hedging
instruments
 
 
Statement of Operations
Location
 
  
Value
 
Equity Contracts - Warrants
 
 
Net Realized Gain
 
 $
              (70,730)
 
 
 
 
on Investments
 
  
 
 
 
 
 
 
 
  
 
 
 
 
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
 
Derivatives not accounted for as hedging
instruments
 
 
Statement of Operations
Location
 
  
Total
 
Equity Contracts - Warrants
 
 
Net change in unrealized
 
 $
                 67,926
 
 
 
 
appreciation of investments
 
  
 
 
 
 
 
 
 
  
 
 

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