UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05133

High Income Securities Fund
(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

Andrew Dakos

Bulldog Investors, LLP

Park 80 West

250 Pehl Avenue, Suite 708

Saddle Brook, 07663
(Name and address of agent for service)

Copy to:

Thomas R. Westle, Esq.

Blank Rome LLP

1271 Avenue of the Americas

New York, NY 10020

1-877-607-0414

Registrant's telephone number, including area code

Date of fiscal year end: August 31, 2025

Date of reporting period: February 28, 2025

Item 1. Reports to Stockholders.

(a)

High Income Securities Fund (PCF)

Semi-Annual Report

For the six months ended

February 28, 2025

Table of Contents

Letter to Stockholders	1
Portfolio Composition	4
Portfolio of Investments	5
Statement of Assets and Liabilities	11
Statement of Operations	12
Statements of Changes	13
Financial Highlights	14
Notes to Financial Statements	16
Privacy Policy	49

High Income Securities Fund

April 29, 2025

Dear Fellow Shareholders:

The Fund currently pays monthly distributions at an annualized rate of at least 10% (or 0.8333% per month) of its net asset value (NAV) as of the last business day of the previous calendar year. The targeted monthly distribution for calendar year 2025 is $0.0593 per share. Please note that in some years, adhering to a managed distribution policy may require some capital to be returned to shareholders. The Fund will not know what percentage, if any, of its distributions will be characterized as a return of capital until after the end of the calendar year in which they are made.

After accounting for distributions, the Fund’s NAV return was 4.65% for the first half of its fiscal year, i.e., from August 31, 2024 to February 28, 2025. As of February 28, 2025, the Fund’s per share NAV was $7.15 vs. $7.19 on August 31, 2024. We note that the NAV was diluted by 6.05% on August 9, 2024 as a result of the issuance of 11.86 million shares at $6.48 per share pursuant to the Fund’s rights offering, the primary purpose of which was to increase the proportion of shareholders that will actively participate in shareholder meetings. As of February 28, 2025, the Fund’s shares were trading at $6.82, a discount of 4.62% to their then-current NAV.

After completion of the rights offering, a special meeting was held in November 2024 at which shareholders approved (1) an investment advisory agreement with Bulldog Investors, LLP, and (2) changes to the Fund’s investment strategies and fundamental policies to expand the types of investments the Fund can make and to increase the Fund’s ability to pursue attractive investment opportunities. In December 2024, the Fund completed a self-tender offer, purchasing 10,675,000 shares at a price of $7.07 per share (98% of the NAV per common share of $7.21).

To generate sufficient cash to pay an attractive monthly distribution, the Fund seeks to acquire attractively valued investments that either (1) make regular cash distributions, or (2) are expected to result in a monetization event, e.g., a cash tender offer at a premium to the market price. Conversely, the Fund will not invest in shares of firms like Berkshire Hathaway or Tesla because they are not currently expected to provide cash to investors. A primary focus of the Fund’s investment strategy continues to be acquiring discounted shares of closed-end investment companies (“CEFs”) and business development companies (“BDCs”) that make regular distributions, as well as the senior securities, e.g., notes or preferred shares, of CEFs and BDCs (which we think have a negligible risk of defaulting) and of certain operating companies when they are attractively priced. In addition, units or common shares issued by special purpose acquisition companies (“SPACs”) may comprise a significant percentage of the Fund’s portfolio.

High Income Securities Fund

In some instances, the Fund will actively seek to influence a company to consider a monetization event. For example, as part of a settlement reached in 2023 with MFS High Yield Municipal Trust (CMU) and MFS Investment Grade Municipal Trust (CXH) to avert a proxy contest, each fund has committed to provide a liquidity event, unless the discount shrinks to no more than 7.5% by mid-2025. At that time, the discount for each of these CEFs was about 14%. The discounts have shrunk significantly, but each is still above 7.5%. Suffice it to say that the clock is ticking.

Since 2019, when the Fund liquidated its entire portfolio prior to conducting a large tender offer, the Fund has been using the ICE BofA Merrill Lynch 6 Month U.S. Treasury Bill Index (which was up 2.37% in the second half of fiscal year 2024, and 5.30% for the entire fiscal year) as its benchmark. In light of the aforementioned expansion of the Fund’s investment parameters, the Board may determine whether another benchmark is more suitable going forward.

The Fund’s investments in BDCs and CEFs have generally performed well. Some of them have accretive share repurchase plans and, as noted, a number of them, sometimes at our urging, have adopted measures to enhance shareholder value.

As discussed in our last letter, a shareholder lawsuit against Harvest Capital Credit Corporation, a BDC whose shares the Fund owned in 2021 and that merged into another BDC has been settled and we estimate the Fund will soon receive about $75,000 from the settlement.

Lastly, we remind you that from time to time the Fund seeks instructions from its stockholders for voting its proxies for certain CEFs whose shares the Fund owns. The instruction forms are available at http://highincomesecuritiesfund.com. If you would like to receive an email notification when the Fund seeks proxy voting instructions for a CEF whose shares it owns, please email us at proxyinfo@highincomesecuritiesfund.com.

Sincerely yours,

Phillip Goldstein

Chairman

High Income Securities Fund

This chart assumes an initial gross investment of $10,000 made on 2/28/2015.

Effective after the close of business on July 23, 2018, the Fund became internally managed and did not pay any external management fees from such date through the year ended August 31, 2024. On November 8, 2024, the Fund entered into an Investment Management Agreement with Bulldog Investors, LLP, and shareholders approved certain changes to the Fund’s investment objective, investment strategies, and investment restrictions. Accordingly, the information presented in this report with respect to the actions and results of the Fund from July 23, 2018 to November 8, 2024 are not material in making any conclusions as to the future performance of the Fund.

Past Performance at a glance (unaudited)

Average annual total returns for the periods ended 2/28/2025

	6 month
Net assets value returns	(not annualized)	1 year	5 years	10 years
High Income Securities Fund	4.65%	6.30%	5.18%	5.01%

Market price returns
High Income Securities Fund	8.01%	12.57%	6.59%	6.37%

Index returns
ICE BofA Merrill Lynch 6 Month Treasury Bill Index	2.37%	5.30%	2.66%	1.99%

Share Price as of 2/28/2025
Net asset value				$7.15
Market price				$6.82

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the sale of fund shares.

High Income Securities Fund

Generally, the Fund invests primarily in income producing or dividend paying U.S. and non-U.S. investments.

Past performance does not predict future performance. The return and value of an investment will fluctuate so that an investor’s share, when sold, may be worth more or less than their original cost.

Portfolio composition as of 2/28/2025 (unaudited)⁽¹⁾

						% of
	Value			Cost		Net Assets
Closed-End Funds	$	52,740,565		$	48,845,693		39.39	%
Special Purpose Acquisition Vehicles		36,259,711			35,441,866		27.08
Money Markets		19,382,222			19,382,222		14.48
Business Development Companies		15,854,213			15,280,389		11.84
Preferred Stocks		6,176,644			9,662,003		4.61
Trusts		1,395,207			1,218,665		1.04
Common Stocks		1,127,368			1,063,954		0.84
Real Estate Investment Trusts		771,761			2,186,609		0.58
Exchange Traded Funds		468,175			441,587		0.34
Warrants		226,000			133,924		0.17
Rights		74,661			60,414		0.06
Total Investments	$	134,476,527		$	133,717,326		100.43	%
Liabilities in Excess of Other Assets		(582,327	)				(0.43	)
Total Net Assets	$	133,894,200					100.00	%

⁽¹⁾	As a percentage of net assets.

The following table represents the Fund’s investments categorized by country of risk as of February 28, 2025:

Country	% of Net Assets
United States	73.65%
Cayman Islands	26.70%
Australia	0.08%
	100.43%
Liabilities in Excess of Other Assets	-0.43%
	100.00%

High Income Securities Fund

Portfolio of investments—February 28, 2025 (unaudited)

	Shares		Value
CLOSED-END FUNDS—39.4%
abrdn Emerging Markets ex China Fund, Inc.		64,960	$	333,245
abrdn Japan Equity Fund, Inc.		8,262		47,506
AllianceBernstein National Municipal Income Fund, Inc.		424,029		4,791,528
Bancroft Fund Ltd.		13,819		251,929
BlackRock Innovation and Growth Term Trust		128,700		915,057
BNY Mellon Municipal Income, Inc.		622,204		4,467,425
BNY Mellon Strategic Municipal Bond Fund, Inc.		901,459		5,435,798
Clough Global Opportunities Fund		127,292		651,735
Destra Multi-Alternative Fund		166,851		1,468,289
DWS Municipal Income Trust		306,394		2,975,086
Eaton Vance New York Municipal Bond Fund		243,791		2,398,903
Ellsworth Growth and Income Fund Ltd.		173,161		1,677,930
Gabelli Dividend & Income Trust		151,344		3,754,845
GDL Fund		80,907		677,191
Herzfeld Caribbean Basin Fund, Inc.		137,319		319,953
Highland Income Fund		10,000		57,900
MFS High Income Municipal Trust		63,492		242,539
MFS High Yield Municipal Trust		764,756		2,753,122
MFS Investment Grade Municipal Trust		245,951		1,999,582
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		55,414		265,433
Neuberger Berman Municipal Fund, Inc.		150,541		1,615,305
Neuberger Berman Next Generation Connectivity Fund, Inc.		335,788		4,408,896
New America High Income Fund, Inc. (a)		566,415		4,644,603
Platinum Asia Investments Ltd.		168,578		112,448
Principal Real Estate Income Fund		190,218		2,023,919
Saba Capital Income & Opportunities Fund		92,574		736,889
Tortoise Energy Infrastructure Corp.		77,156		3,343,941
Virtus Total Return Fund, Inc.		63,174		369,568
Total Closed-End Funds (Cost $48,845,693)				52,740,565

SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS)—27.1%
AA Mission Acquisition Corp.—Class A (b)		100,000		1,021,000
Ai Transportation Acquisition Corp. (b)		10,000		1,550
Andretti Acquisition Corp. II—Class A (b)		50,000		505,500
Ares Acquisition Corp. II (b)		171,046		1,893,479
Bold Eagle Acquisition Corp.—Class A (b)		100,000		1,003,000

The accompanying notes are an integral part of these financial statements.

High Income Securities Fund

Portfolio of investments—February 28, 2025 (unaudited)

	Shares		Value
SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS)—(continued)
Cantor Equity Partners, Inc. (b)		265,000	$	2,724,200
Cayson Acquisition Corp. (b)		45,000		455,400
Centurion Acquisition Corp. (b)		156,250		1,592,188
Churchill Capital Corp. IX (b)		2,444		25,711
Dynamix Corp. (b)		105,820		1,043,565
EQV Ventures Acquisition Corp.—Class A (b)		250,000		2,507,500
Eureka Acquisition Corp. (b)		50,000		512,500
GigCapital7 Corp.—Class A (b)		166,013		1,673,577
Haymaker Acquisition Corp. 4 (b)		158,353		1,724,464
HCM II Acquisition Corp.—Class A (b)		250,000		2,535,000
Iron Horse Acquisitions Corp. (b)		32,232		337,147
Jackson Acquisition Co. II—Class A (b)		100,000		1,003,000
Launch One Acquisition Corp. (b)		150,000		1,525,500
Legato Merger Corp. III (b)		40,196		417,636
Lionheart Holdings—Class A (b)		73,338		747,314
M3-Brigade Acquisition V Corp.—Class A (b)		255,249		2,588,225
Melar Acquisition Corp. I—Class A (b)		75,000		767,250
Nabors Energy Transition Corp. II (b)		39,885		436,541
Perceptive Capital Solutions Corp. (b)		50,000		514,000
RF Acquisition Corp. II (b)		180,782		1,865,670
Roman DBDR Acquisition Corp. II (b)		125,000		1,242,500
Silverbox Corp. IV—Class A (b)		110,050		1,117,008
SIM Acquisition Corp. I—Class A (b)		150,000		1,530,000
Voyager Acquisition Corp. (b)		290,284		2,949,286
Total Special Purpose Acquisition Companies (SPACS) (Cost $35,441,866)				36,259,711

BUSINESS DEVELOPMENT COMPANIES—11.8%
CION Investment Corp.		626,379		7,854,793
Logan Ridge Finance Corp.		81,300		2,028,435
PhenixFIN Corp.		19,218		1,033,736
Portman Ridge Finance Corp.		131,630		2,296,944
Runway Growth Finance Corp.		229,492		2,640,305
Total Business Development Companies (Cost $15,280,389)				15,854,213

The accompanying notes are an integral part of these financial statements.

High Income Securities Fund

Portfolio of investments—February 28, 2025 (unaudited)

	Shares		Value
PREFERRED STOCKS—4.6%

Business Development Companies—1.7%
OFS Credit Co., Inc., Series E, 5.25%, 12/31/2026		60,000	$	1,431,900
Oxford Lane Capital Corp., Series 2032, 7.95%, 02/29/2032		32,500		800,010
				2,231,910
Closed-End Funds—1.5%
XAI Octagon Floating Rate Alternative Income Trust,
Series 2026, 6.50%, 03/31/2026		80,000		2,005,600

Real Estate Investment Trusts—1.4%
Cedar Realty Trust, Inc.—Series C, Series C, 6.50%, Perpetual		27,267		425,093
NexPoint Diversified Real Estate Trust—Series A, Series A, 5.50%, Perpetual		94,082		1,513,779
				1,938,872
Real Estate Operations and Development—0.0% (c)
Harbor Custom Development, Inc—Series A, Series A, 8.00%, Perpetual (a)		131,166		262

Retail—Catalog Shopping—0.0% (c)
Legacy IMBDS, Inc., 8.50%, 09/30/2026 (a)		27,802		0
Total Preferred Stocks (Cost $9,662,003)				6,176,644

	Certificates
TRUSTS—1.0%

Trusts—1.0%
Copper Property CTL Pass Through Trust		109,428		1,395,207
Total Trusts (Cost $1,218,665)				1,395,207

	Shares
COMMON STOCKS—0.8%

Business Development Companies—0.7%
Investcorp Credit Management BDC, Inc.		131,169		425,001
OFS Capital Corp.		66,663		553,303
				978,304
Closed-End Funds—0.1%
SuRo Capital Corp. (b)		22,933		149,064
Total Common Stocks (Cost $1,063,954)				1,127,368

REAL ESTATE INVESTMENT TRUSTS—COMMON—0.6%

Diversified REITs—0.6%
NexPoint Diversified Real Estate Trust		155,597		771,761
Total Real Estate Investment Trusts—Common (Cost $2,186,609)				771,761

The accompanying notes are an integral part of these financial statements.

High Income Securities Fund

Portfolio of investments—February 28, 2025 (unaudited)

	Shares		Value
EXCHANGE TRADED FUNDS—0.3%
Horizon Kinetics Spac Active ETF		4,700	$	468,174
Total Exchange Traded Funds (Cost $441,587)				468,174

	Contracts
WARRANTS—0.2%
AA Mission Acquisition Corp.,
Expires 08/01/2030,
Exercise Price $11.50 (b)		50,000		3,500
Andretti Acquisition Corp. II,
Expires 10/24/2029,
Exercise Price $11.50 (b)		25,000		4,000
Centurion Acquisition Corp.,
Expires 08/01/2029,
Exercise Price $11.50 (b)		78,125		13,281
Churchill Capital Corp. IX,
Expires 06/11/2029,
Exercise Price $11.50 (b)		611		324
Dynamix Corp.,
Expires 12/06/2029,
Exercise Price $11.50 (b)		52,910		14,815
EQV Ventures Acquisition Corp.,
Expires 07/01/2031,
Exercise Price $11.50 (b)		83,333		33,333
GigCapital7 Corp.,
Expires 09/11/2029,
Exercise Price $11.50 (b)		166,013		12,451
HCM II Acquisition Corp.,
Expires 10/10/2029,
Exercise Price $11.50 (b)		125,000		18,750
Launch One Acquisition Corp.,
Expires 08/29/2029,
Exercise Price $11.50 (b)		75,000		12,000
Legato Merger Corp. III,
Expires 03/28/2029,
Exercise Price $11.50 (b)		20,098		4,219
Lionheart Holdings,
Expires 08/09/2029,
Exercise Price $11.50 (b)		36,669		4,400
M3-Brigade Acquisition V Corp.,
Expires 09/23/2030,
Exercise Price $11.50 (b)		127,625		33,183

The accompanying notes are an integral part of these financial statements.

High Income Securities Fund

Portfolio of investments—February 28, 2025 (unaudited)

	Contracts		Value
WARRANTS—(continued)
Melar Acquisition Corp. I,
Expires 06/01/2031,
Exercise Price $11.50 (b)		37,500	$	5,002
Relativity Acquisition Corp.,
Expires 02/11/2027,
Exercise Price $11.50 (a)(b)		21,700		0
Roman DBDR Acquisition Corp. II,
Expires 02/03/2030,
Exercise Price $11.50 (b)		62,500		21,250
Silverbox Corp. IV,
Expires 09/24/2029,
Exercise Price $11.50 (b)		36,683		12,472
SIM Acquisition Corp. I,
Expires 08/28/2029,
Exercise Price $11.50 (b)		75,000		11,250
Voyager Acquisition Corp.,
Expires 05/16/2031,
Exercise Price $11.50 (b)		145,142		21,771
Total Warrants (Cost $133,924)				226,001

	Shares
RIGHTS—0.1%
Bold Eagle Acquisition Corp.,
Expires 10/11/2029,
Exercise Price $10.00 (b)		100,000		22,000
Cayson Acquisition Corp.,
Expires 06/24/2026,
Exercise Price $10.00 (b)		45,000		5,850
Eureka Acquisition Corp.,
Expires 01/03/2026,
Exercise Price $10.00 (b)		50,000		12,500
Flag Ship Acquisition Corp.,
Expires 03/31/2026,
Exercise Price $0.11 (b)		137,500		27,156
IB Acquisition Corp.,
Expires 09/28/2025,
Exercise Price $10.00 (b)		129,140		7,155
Total Rights (Cost $60,414)				74,661

The accompanying notes are an integral part of these financial statements.

High Income Securities Fund

Portfolio of investments—February 28, 2025 (unaudited)

	Shares		Value
SHORT-TERM INVESTMENTS—14.5%

Money Market Funds—14.5%
Fidelity Investments Money Market Funds—
Government Portfolio—Class Institutional, 4.23% (d)		9,691,111	$	9,691,111
STIT—Treasury Portfolio—Class Institutional, 4.25% (d)		9,691,111		9,691,111
Total Short-Term Investments (Cost $19,382,222)				19,382,222
Total Investments—100.4% (Cost $133,717,326)				134,476,527
Liabilities in Excess of Other Assets—(0.4)%				(582,327	)
Total Net Assets—100.0%			$	133,894,200

Percentages are stated as a percent of net assets.

REIT—Real Estate Investment Trust

(a)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Fund’s Board of Trustees. These securities represented $4,644,865 or 3.5% of net assets as of February 28, 2025.
(b)	Non-income producing security.
(c)	Represents less than 0.05% of net assets.
(d)	The rate shown represents the 7-day annualized effective yield as of February 28, 2025.

The accompanying notes are an integral part of these financial statements.

High Income Securities Fund

Statement of assets and liabilities—February 28, 2025 (unaudited)

Assets:
Investments, at value (Cost $131,034,634)	$	134,476,527
Foreign currencies (Cost $9,484)		9,297
Dividends and interest receivable		97,699
Receivable for investments sold		14,538
Other assets		368,618
Total assets		134,966,679

Liabilities:
Expenses and fees:
Officers		298,645
Investments purchased		268,228
Trustees		188,361
Administration		103,720
Legal		82,774
Chief Compliance Officer		41,143
Audit		40,171
Insurance		15,441
Miscellaneous		11,026
Other		10,878
Custody		9,658
Registration		2,434
Total liabilities		1,072,479
Net assets	$	133,894,200

Net assets consist of:
Paid-in Capital (Unlimited shares authorized)	$	133,432,866
Accumulated deficit		461,334
Net assets	$	133,893,937
Net asset value per share ($133,894,200 applicable to
18,716,450 shares outstanding)	$	7.15

The accompanying notes are an integral part of these financial statements.

High Income Securities Fund

Statement of operations

	For the
	six months ended
	February 28, 2025
	(Unaudited)
Investment income:
Dividends	$	5,364,562
Interest		1,062,186
Other		33,358
Total investment income		6,460,106

Expenses and Fees:
Advisor		381,878
Officers		323,812
Trustees		251,644
Legal		179,782
Administration		137,018
Insurance		82,771
Compliance		71,144
Registration		55,945
Transfer agency		51,329
Other		32,700
Reports and notices to shareholders		28,180
Custody		15,847
Audit		6,271
Accounting		3,117
Total expenses		1,621,438
Net expenses		1,621,438
Net investment income		4,838,668

Net realized and unrealized gain from investment activities:
Net realized loss from:
Investments		(1,897,769	)
Foreign currency translations		(579	)
Net realized loss		(1,898,348	)
Change in net unrealized appreciation/depreciation on:
Investments		3,711,080
Foreign currency translations		(187	)
Change in net unrealized appreciation/depreciation on investments		3,711,080
Net realized and unrealized gain from investment activities		1,812,282
Increase in net assets resulting from operations	$	6,650,950

The accompanying notes are an integral part of these financial statements.

High Income Securities Fund

Statements of changes in net assets applicable to common shareholders

	For the
	six months ended			For the
	February 28, 2025			year ended
	(Unaudited)			August 31, 2024
From operations:
Net investment income	$	4,838,668		$	6,330,432
Net realized gain (loss) on investments		(1,898,611	)		5,985,564
Change in net unrealized
appreciation/depreciation on investments		3,711,080			5,799,309
Net increase in net assets resulting from operations		6,650,950			18,115,305

Distributions paid to shareholders:
Distributions		(8,868,379	)		(10,541,980	)
Return of capital		—			(3,154,292	)
Total dividends and distributions paid to shareholders		(8,868,379	)		(13,696,272	)

Capital Stock Transactions (Note 5)
Issuance of common stock through rights offering		—			76,855,828
Redemptions in kind		—			—
Repurchase of common stock through tender offer		(75,472,250	)		—
Total capital stock transactions		(75,472,250	)		76,855,828
Net increase (decrease) in net assets
applicable to common shareholders		(77,689,679	)		81,274,861

Net assets applicable to common shareholders:
Beginning of period	$	211,583,616		$	130,308,755
End of period	$	133,893,937		$	211,583,616

Number of Fund Shares
Shares outstanding at beginning of period		29,391,450			17,530,463
Shares issued		—			11,860,987
Shares redeemed		10,675,000			—
Shares outstanding at end of period		18,716,450			29,391,450

The accompanying notes are an integral part of these financial statements.

High Income Securities Fund

Financial highlights

Selected data for a share of common stock outstanding throughout each year/period is presented below:

	For the six
	months ended
	February 28, 2025
	(Unaudited)
Net asset value, beginning of year/period	$	7.20
Net investment income⁽¹⁾		0.20
Net realized and unrealized gains (losses) from investment activities		0.19
Total from investment operations		0.39

Less distributions:
Net investment income		(0.37	)
Net realized gains from investment activities		—
Return of capital		—
Total distributions		(0.37	)
Increase from shares repurchased		—
Anti-dilutive effect of Tender Offer		(0.07	)
Dilutive effect of Rights Offer		—
Net asset value, end of year/period	$	7.15
Market price, end of year/period	$	6.82
Total market price return⁽²⁾		8.01	%

Ratio to average net assets:
Ratio of expenses to average net assets		1.84	%
Ratio of net investment income to average net assets		5.51	%

Supplemental data:
Net assets, end of year/period (000’s)	$	133,894
Portfolio turnover		27	%

⁽¹⁾	Per share net investment income has been determined on the basis of the average number of shares outstanding during the period.
⁽²⁾	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.

The accompanying notes are an integral part of these financial statements.

High Income Securities Fund

Financial highlights (continued)

For the years ended August 31,
2024			2023			2022			2021			2020
$	7.43		$	7.87		$	9.31		$	8.65		$	9.49
	0.35			0.36			0.31			0.21			0.38
	0.63			(0.02	)		(0.43	)		2.01			(0.32	)
	0.98			0.34			(0.12	)		2.22			0.06


	(0.57	)		(0.40	)		(0.34	)		(0.33	)		(0.34	)
	—			—			(0.32	)		(0.43	)		(0.05	)
	(0.17	)		(0.38	)		(0.24	)		(0.19	)		(0.51	)
	(0.74	)		(0.78	)		(0.90	)		(0.95	)		(0.90	)
	—			—			0.00			0.00			0.00
	—			—			—			—			—
	(0.47	)		—			(0.42	)		(0.61	)		—
$	7.20		$	7.43		$	7.87		$	9.31		$	8.65
$	6.67		$	6.76		$	7.15		$	9.92		$	8.10
	10.54	%		6.35	%		-19.66	%		36.37	%		9.86	%


	1.04	%		0.95	%		1.03	%		1.57	%		1.89	%
	4.72	%		4.90	%		3.71	%		2.30	%

SEC Form N-CSRS filed by High Income Securities Fund