Please wait

High Income Securities Fund
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 33.6%
Shares
  
Value
 
AI Infrastructure Acquisition Corp. (a)
    
100,000
    
$
1,017,000
  
Andretti Acquisition Corp. II - Class A (a)
    
50,000
      
524,000
  
Apex Treasury Corp. (a)
    
43,000
      
433,440
  
Armada Acquisition Corp. II - Class A (a)
    
100,000
      
1,016,000
  
Axiom Intelligence Acquisition Corp. 1 - Class A (a)
    
18,000
      
180,900
  
Blue Acquisition Corp. - Class A (a)
    
142,425
      
1,469,826
  
Bold Eagle Acquisition Corp. - Class A (a)
    
150,000
      
1,605,000
  
Cal Redwood Acquisition Corp. - Class A (a)
    
100,000
      
1,008,000
  
Centurion Acquisition Corp. (a)
    
156,250
      
1,656,250
  
ChampionsGate Acquisition Corp. - Class A (a)
    
100,000
      
1,013,000
  
Crane Harbor Acquisition Corp. - Class A (a)
    
46,800
      
535,860
  
CSLM Digital Asset Acquisition Corp. III Ltd. - Class A (a)
    
100,000
      
996,000
  
D Boral ARC Acquisition I Corp. - Class A (a)
    
137,500
      
1,379,125
  
Dune Acquisition Corp. II (a)
    
200,000
      
2,032,000
  
Dynamix Corp. (a)
    
55,633
      
570,238
  
Dynamix Corp. III (a)
    
50,000
      
505,000
  
EGH Acquisition Corp. - Class A (a)
    
50,000
      
505,000
  
EQV Ventures Acquisition Corp. II - Class A (a)
    
77,148
      
772,251
  
Evolution Global Acquisition Corp. (a)
    
1,900
      
19,171
  
Fifth Era Acquisition Corp. I - Class A (a)
    
2,200
      
22,770
  
FIGX Capital Acquisition Corp. (a)
    
100,090
      
1,025,922
  
GigCapital7 Corp. - Class A (a)
    
74,828
      
784,946
  
GigCapital8 Corp. (a)
    
100,000
      
1,026,000
  
Highview Merger Corp. - Class A (a)
    
100,000
      
1,001,000
  
Indigo Acquisition Corp. (a)
    
143,399
      
1,435,424
  
Insight Digital Partners II (a)
    
100,000
      
1,007,000
  
Invest Green Acquisition Corp. (a)
    
75,000
      
751,500
  
Jackson Acquisition Co. II - Class A (a)
    
100,000
      
1,041,000
  
Jena Acquisition Corp. II - Class A (a)
    
71,213
      
727,085
  
Legato Merger Corp. III (a)
    
40,196
      
434,519
  
Lightwave Acquisition Corp. (a)
    
100,000
      
1,012,000
  
Lionheart Holdings - Class A (a)
    
73,338
      
775,183
  
M3-Brigade Acquisition V Corp. - Class A (a)
    
127,657
      
1,351,888
  
M3-Brigade Acquisition VI Corp. (a)
    
50,000
      
513,000
  
McKinley Acquisition Corp. - Class A (a)
    
100,000
      
997,000
  
Oyster Enterprises II Acquisition Corp. - Class A (a)
    
200,000
      
2,020,000
  
Perceptive Capital Solutions Corp. (a)
    
50,000
      
539,500
  
Roman DBDR Acquisition Corp. II (a)
    
125,000
      
1,305,738
  
Silver Pegasus Acquisition Corp. - Class A (a)
    
100,000
      
1,006,000
  
Silverbox Corp. IV - Class A (a)
    
110,050
      
1,157,726
  
SIM Acquisition Corp. I - Class A (a)
    
150,000
      
1,582,500
  
Sizzle Acquisition Corp. II - Class A (a)
    
50,600
      
513,590
  
Soulpower Acquisition Corp. - Class A (a)
    
86,023
      
873,133
  
Spring Valley Acquisition Corp. III - Class A (a)
    
100,000
      
1,025,000
  
Talon Capital Corp. (a)
    
77,000
      
798,490
  
Vendome Acquisition Corp. I - Class A (a)
    
100,000
      
1,005,000
  
Viking Acquisition Corp. I (a)
    
100,000
      
1,006,000
  
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) (Cost $42,514,983)
      
43,976,975
  
                 
CLOSED-END FUNDS - 33.5%
Shares
  
Value
 
AllianceBernstein National Municipal Income Fund, Inc.
    
155,140
      
1,686,372
  
Bancroft Fund Ltd.
    
13,819
      
306,091
  
BNY Mellon Municipal Bond Infrastructure Fund, Inc.
    
119,719
      
1,264,233
  
BNY Mellon Strategic Municipal Bond Fund, Inc.
    
1,130,928
      
6,661,166
  
BNY Mellon Strategic Municipals, Inc.
    
532,689
      
3,313,325
  
Carlyle Credit Income Fund
    
142,304
      
741,404
  
Clough Global Opportunities Fund
    
203,115
      
1,169,942
  
Cohen & Steers Infrastructure Fund, Inc.
    
29,618
      
729,195
  
Destra Multi-Alternative Fund
    
72,584
      
631,481
  
Ellsworth Growth and Income Fund Ltd.
    
173,161
      
2,008,668
  
ESC HNW (a)(b)
    
19,842
      
27,979
  
ESC MAV (a)(b)
    
157,094
      
64,801
  
ESC MHI (a)(b)
    
160,637
      
57,508
  
ESC MIO (a)(b)
    
106,795
      
16,852
  
ESC PHT (a)(b)
    
28,477
      
5,197
  
Gabelli Dividend & Income Trust
    
151,344
      
4,146,826
  
GDL Fund
    
110,621
      
945,809
  
Highland Income Fund
    
5,386
      
33,609
  
Japan Smaller Capitalization Fund, Inc.
    
74,101
      
797,327
  
John Hancock Diversified Income Fund
    
81,076
      
886,161
  
MFS High Income Municipal Trust
    
212,876
      
789,770
  
MFS High Yield Municipal Trust
    
764,756
      
2,699,589
  
MFS Investment Grade Municipal Trust
    
245,951
      
1,960,475
  
Neuberger Berman Next Generation Connectivity Fund, Inc.
    
429,020
      
6,310,884
  
Oxford Lane Capital Corp.
    
200,291
      
3,002,365
  
Principal Real Estate Income Fund
    
23,967
      
243,984
  
Voya Asia Pacific High Dividend Equity Income Fund
    
112,710
      
841,944
  
Voya Emerging Markets High Dividend Equity Fund
    
405,123
      
2,527,967
  
XAI Octagon Floating Rate Alternative Income Trust
    
800
      
3,736
  
TOTAL CLOSED-END FUNDS (Cost $40,940,354)
      
43,874,660
  
                 
BUSINESS DEVELOPMENT COMPANIES - 22.7%
Shares
  
Value
 
Barings BDC, Inc.
    
78,913
      
722,054
  
BCP Investment Corp.
    
253,580
      
3,304,147
  
Blue Owl Capital Corp.
    
126,665
      
1,668,178
  
Blue Owl Technology Finance Corp.
    
209,525
      
2,912,398
  
CION Investment Corp.
    
626,379
      
6,364,011
  
Crescent Capital BDC, Inc.
    
192,238
      
2,758,615
  
FS KKR Capital Corp.
    
202,206
      
3,255,517
  
Investcorp Credit Management BDC, Inc.
    
324,724
      
990,408
  
Monroe Capital Corp.
    
325,584
      
2,090,249
  
Nuveen Churchill Direct Lending Corp.
    
24,625
      
364,943
  
OFS Capital Corp.
    
27,487
      
130,563
  
PhenixFIN Corp.
    
19,218
      
792,935
  
Runway Growth Finance Corp.
    
472,501
      
4,342,284
  
TOTAL BUSINESS DEVELOPMENT COMPANIES (Cost $32,763,895)
      
29,696,302
  
                 
PREFERRED STOCKS - 3.7%
Shares
  
Value
 
Business Development Companies - 1.1%
          
OFS Credit Co., Inc., Series E, 5.25%, 12/31/2026 (a)
    
60,000
      
1,470,000
  
                 
Closed-End Funds - 0.7%
          
Highland Opportunities and Income Fund
    
–
    
$
–
  
Series A, 5.38%, Perpetual   (a)
    
2,521
      
41,395
  
Series B, 5.38%, Perpetual   (a)
    
47,724
      
780,287
  
             
821,682
  
                 
Real Estate Investment Trusts - 1.9%
          
Cedar Realty Trust, Inc.- Series C, Series C, 6.50%, Perpetual
    
72,419
      
1,198,535
  
NexPoint Diversified Real Estate Trust - Series A, Series A, 5.50%, Perpetual
    
94,082
      
1,320,911
  
             
2,519,446
  
                 
Retail - Catalog Shopping - 0.0% (c)
          
Legacy IMBDS, Inc., 8.50%, 09/30/2026 (a)(b)
    
27,802
      
0
  
TOTAL PREFERRED STOCKS (Cost $6,105,400)
      
4,811,128
  
                 
TRUSTS - 1.0%
Certificates
  
Value
 
Trusts - 1.0%
          
Copper Property CTL Pass Through Trust
    
109,428
      
1,321,890
  
TOTAL TRUSTS (Cost $1,218,665)
      
1,321,890
  
                 
WARRANTS - 0.5%
Contracts
  
Value
 
AA Mission Acquisition Corp., Expires 08/01/2030, Exercise Price $11.50  (a)(d)
    
50,000
      
8,500
  
Andretti Acquisition Corp. II, Expires 10/24/2029, Exercise Price $11.50  (a)(d)
    
25,000
      
7,500
  
Armada Acquisition Corp. II, Expires 05/20/2030, Exercise Price $11.50  (a)(d)
    
25,000
      
26,250
  
Blue Water Acquisition Corp. III, Expires 12/31/2026, Exercise Price $11.50  (a)(d)
    
54,592
      
10,454
  
Centurion Acquisition Corp., Expires 08/01/2029, Exercise Price $11.50  (a)(d)
    
78,125
      
25,781
  
Churchill Capital Corp. X, Expires 07/03/2030, Exercise Price $11.50  (a)(d)
    
13,508
      
82,669
  
CSLM Digital Asset Acquisition Corp. III Ltd., Expires 09/19/2030, Exercise Price $11.50  (a)(d)
    
50,000
      
25,000
  
D Boral ARC Acquisition I Corp., Expires 05/06/2030, Exercise Price $11.50  (a)(d)
    
68,750
      
24,063
  
Dune Acquisition Corp. II, Expires 06/12/2030, Exercise Price $11.50  (a)(d)
    
150,000
      
45,000
  
Dynamix Corp., Expires 12/06/2029, Exercise Price $11.50  (a)(d)
    
16,641
      
24,795
  
EQV Ventures Acquisition Corp., Expires 07/01/2031, Exercise Price $11.50  (a)(d)
    
83,333
      
41,675
  
EQV Ventures Acquisition Corp. II, Expires 06/30/2031, Exercise Price $11.50  (a)(d)
    
25,459
      
8,911
  
GigCapital7 Corp., Expires 09/11/2029, Exercise Price $11.50  (a)(d)
    
141,517
      
60,852
  
Highview Merger Corp., Expires 08/12/2030, Exercise Price $11.50  (a)(d)
    
50,000
      
17,500
  
Launch One Acquisition Corp., Expires 08/29/2029, Exercise Price $11.50  (a)(d)
    
75,000
      
20,002
  
Legato Merger Corp. III, Expires 03/28/2029, Exercise Price $11.50  (a)(d)
    
20,098
      
9,410
  
Lionheart Holdings, Expires 08/09/2029, Exercise Price $11.50  (a)(d)
    
36,669
      
9,534
  
M3-Brigade Acquisition V Corp., Expires 09/23/2030, Exercise Price $11.50  (a)(d)
    
91,700
      
59,605
  
Relativity Acquisition Corp., Expires 02/11/2027, Exercise Price $11.50  (a)(b)(d)
    
21,700
      
0
  
Roman DBDR Acquisition Corp. II, Expires 02/03/2030, Exercise Price $11.50  (a)(d)
    
62,500
      
31,256
  
Silverbox Corp. IV, Expires 09/24/2029, Exercise Price $11.50  (a)(d)
    
36,683
      
11,078
  
SIM Acquisition Corp. I, Expires 08/28/2029, Exercise Price $11.50  (a)(d)
    
75,000
      
23,475
  
Spring Valley Acquisition Corp. III, Expires 09/30/2030, Exercise Price $11.50  (a)(d)
    
33,333
      
22,750
  
Vendome Acquisition Corp. I, Expires 02/18/2026, Exercise Price $11.50  (a)(d)
    
50,000
      
12,500
  
Voyager Acquisition Corp., Expires 05/16/2031, Exercise Price $11.50  (a)(d)
    
145,142
      
30,480
  
TOTAL WARRANTS (Cost $278,238)
      
639,040
  
                 
REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.4%
Shares
  
Value
 
Diversified REITs - 0.4%
          
NexPoint Diversified Real Estate Trust
    
168,214
      
486,139
  
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $2,236,232)
      
486,139
  
                 
EXCHANGE TRADED FUNDS - 0.3%
Shares
  
Value
 
Horizon Kinetics Spac Active ETF
    
4,433
      
473,821
  
TOTAL EXCHANGE TRADED FUNDS (Cost $416,501)
      
473,821
  
                 
RIGHTS - 0.2%
Shares
  
Value
 
Axiom Intelligence Acquisition Corp. 1, Expires 06/10/2030, Exercise Price $10.00  (a)(d)
    
18,000
      
3,600
  
Blue Acquisition Corp., Expires 06/11/2030, Exercise Price $0.00  (a)(d)
    
143,700
      
48,139
  
Bold Eagle Acquisition Corp., Expires 10/11/2029, Exercise Price $10.00  (a)(d)
    
100,000
      
38,270
  
Cal Redwood Acquisition Corp., Expires 05/15/2030, Exercise Price $10.00  (a)(d)
    
100,000
      
31,000
  
Cayson Acquisition Corp., Expires 06/24/2026, Exercise Price $10.00  (a)(d)
    
45,000
      
7,200
  
ChampionsGate Acquisition Corp., Expires 05/14/2030, Exercise Price $10.00  (a)(d)
    
100,000
      
15,030
  
EGH Acquisition Corp., Expires 05/12/2027, Exercise Price $10.00  (a)(d)
    
50,000
      
13,000
  
Eureka Acquisition Corp., Expires 01/03/2026, Exercise Price $10.00  (a)(d)
    
50,000
      
24,000
  
Flag Ship Acquisition Corp., Expires 03/31/2026, Exercise Price $0.11  (a)(d)
    
137,500
      
26,125
  
IB Acquisition Corp., Expires 03/28/2026, Exercise Price $10.00  (a)(d)
    
129,140
      
8,911
  
Indigo Acquisition Corp., Expires 04/02/2027, Exercise Price $10.00  (a)(d)
    
143,399
      
22,241
  
McKinley Acquisition Corp., Expires 07/25/2030, Exercise Price $10.00  (a)(d)
    
100,000
      
16,000
  
Oyster Enterprises II Acquisition Corp., Expires 05/22/2030, Exercise Price $10.00  (a)(d)
    
200,000
      
30,020
  
Silver Pegasus Acquisition Corp., Expires 06/26/2030, Exercise Price $10.00  (a)(d)
    
100,000
      
26,000
  
Sizzle Acquisition Corp. II, Expires 04/02/2030, Exercise Price $10.00  (a)(d)
    
50,600
      
10,115
  
Soulpower Acquisition Corp., Expires 06/27/2026, Exercise Price $1.00  (a)(d)
    
86,023
      
15,484
  
TOTAL RIGHTS (Cost $238,706)
      
335,135
  
                 
COMMON STOCKS - 0.2%
Shares
  
Value
 
Real Estate Management & Development - 0.2%
          
Gyrodyne LLC (a)
    
30,000
      
285,000
  
TOTAL COMMON STOCKS (Cost $308,241)
      
285,000
  
                 
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 4.4%
Shares
  
Value
 
Fidelity Investments Money Market Funds - Government Portfolio - Institutional Class, 3.84% (e)
    
2,997,472
      
2,997,472
  
STIT - Treasury Portfolio - Institutional Class, 3.85% (e)
    
2,807,281
      
2,807,281
  
TOTAL MONEY MARKET FUNDS (Cost $5,804,753)
      
5,804,753
  
                 
TOTAL INVESTMENTS - 100.5% (Cost $132,825,968)
      
131,704,843
  
Liabilities in Excess of Other Assets - (0.5)%
      
(678,588
)
TOTAL NET ASSETS - 100.0%
          
$
131,026,255
  
           
Percentages are stated as a percent of net assets.
          

LLC - Limited Liability Company
REIT - Real Estate Investment Trust

(a)
Non-income producing security.
(b)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Board of Directors. These securities represented $172,337 or 0.1% of net assets as of November 30, 2025.
(c)
Represents less than 0.05% of net assets.
(d)
To the extent that the Fund invests more heavily in a particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(e)
The rate shown represents the 7-day annualized yield as of November 30, 2025.
Summary of Fair Value Disclosure as of November 30, 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 November 30, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Special Purpose Acquisition Companies (SPACs)
  
$
36,754,651
    
$
7,222,324
    
$
–
    
$
43,976,975
  
  Closed-End Funds
    
43,702,323
      
–
      
172,337
      
43,874,660
  
  Business Development Companies
    
28,903,367
      
792,935
      
–
      
29,696,302
  
  Preferred Stocks
    
3,341,128
      
1,470,000
      
0
      
4,811,128
  
  Trusts
    
1,321,890
      
–
      
–
      
1,321,890
  
  Warrants
    
379,769
      
259,271
      
0
      
639,040
  
  Real Estate Investment Trusts - Common
    
486,139
      
–
      
–
      
486,139
  
  Exchange Traded Funds
    
473,821
      
–
      
–
      
473,821
  
  Rights
    
139,863
      
195,272
      
–
      
335,135
  
  Common Stocks
    
285,000
      
–
      
–
      
285,000
  
  Money Market Funds
    
5,804,753
      
–
      
–
      
5,804,753
  
Total Investments
  
$
121,592,704
    
$
9,939,802
    
$
172,337
    
$
131,704,843
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   
The fair value of derivative instruments as reported within the Schedule of Investments as of November 30, 2025:
      
 
 
      
Derivatives not accounted for as hedging
instruments
Statement of Assets &
Liabilities Location
  
Value
  
Equity Contracts - Warrants
Investments, at value
  
$
639,040
  
 
 
        
The effect of derivative instruments on the Statement of Operations for the period ended November 30, 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
on Investments
 
$
261,963
  

       
 
 
        
 
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
 
$
104,401