High Income Securities Fund
|
|
|
|
|
|
Portfolio of Investments
|
|
|
|
|
|
May 31, 2023 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
Value
|
|
INVESTMENT COMPANIES - 62.29%
|
|
|
|
|
Business Development Companies - 18.84%
|
|
|
|
|
Barings BDC, Inc.
|
283,740
|
|
$
|
2,252,896 |
|
CION Investment Corp.
|
571,482
|
|
5,406,219
|
|
Crescent Capital BDC, Inc.
|
229,915
|
|
3,099,254
|
|
FS KKR Capital Corp.
|
374,220
|
|
7,241,157
|
|
Logan Ridge Finance Corp.
|
81,300
|
|
1,647,138
|
|
PennantPark Investment Corp.
|
41,601
|
|
229,638
|
|
PhenixFIN Corp.
|
19,193
|
|
654,481
|
|
Portman Ridge Finance Corp.
|
181,940
|
|
3,493,248
|
|
|
|
|
|
|
|
24,024,031
|
|
Closed-End Funds - 43.45%
|
|
|
|
|
Aberdeen Asia-Pacific Income Fund, Inc.
|
215,752
|
|
589,003
|
|
abrdn Global Dynamic Dividend
|
46,058
|
|
420,049
|
|
Apollo Tactical Income Fund, Inc.
|
147,041
|
|
1,779,196
|
|
Bancroft Fund Ltd.
|
9,317
|
|
151,681
|
|
BlackRock California Municipal Income Trust
|
229,376
|
|
2,649,293
|
|
Blackrock ESG Capital Allocation Trust
|
285,700
|
|
4,374,067
|
|
BlackRock Innovation and Growth Term Trust
|
25,167
|
|
188,250
|
|
Blackstone Strategic Credit Fund
|
61,739
|
|
645,173
|
|
BNY Mellon Municipal Income, Inc.
|
56,902
|
|
354,500
|
|
BNY Mellon Strategic Municipal Bond Fund, Inc.
|
43,019
|
|
240,046
|
|
Center Coast Brookfield MLP & Energy Infrastructure Fund
|
135,466
|
|
2,470,900
|
|
Credit Suisse High Yield Bond Fund
|
469,143
|
|
891,372
|
|
Destra Multi-Alternative Fund
|
131,284
|
|
728,626
|
|
DWS Municipal Income Trust
|
26,832
|
|
228,072
|
|
DWS Strategic Municipal Income Trust
|
27,199
|
|
222,216
|
|
Eaton Vance New York Municipal Bond Fund
|
238,267
|
|
2,194,439
|
|
Ellsworth Growth and Income Fund Ltd.
|
84,012
|
|
666,215
|
|
First Trust Dynamic Europe Equity Income Fund
|
516,564
|
|
6,482,877
|
|
First Trust High Yield Opportunities 2027 Term Fund
|
9,172
|
|
124,005
|
|
Highland Income Fund
|
430,600
|
|
3,806,504
|
|
MFS High Yield Municipal Trust
|
392,854
|
|
1,229,633
|
|
MFS Investment Grade Municipal Trust
|
68,446
|
|
491,442
|
|
Morgan Stanley Emerging Markets Debt Fund, Inc.
|
192,681
|
|
1,262,061
|
|
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
|
58,616
|
|
273,151
|
|
Neuberger Berman New York Municipal Fund, Inc.
|
30,831
|
|
290,736
|
|
Neuberger Berman Next Generation Connectivity Fund, Inc.
|
357,757
|
|
3,599,035
|
|
New America High Income Fund, Inc.
|
123,071
|
|
796,269
|
|
Nuveen Multi-Asset Income Fund
|
20,588
|
|
234,086
|
|
Nuveen Short Duration Credit Opportunities Fund
|
302,479
|
|
3,399,864
|
|
NXG NextGen Infrastructure Income Fund
|
54,577
|
|
1,961,497
|
|
PGIM Global High Yield Fund, Inc.
|
176,072
|
|
1,905,099
|
|
Principal Real Estate Income Fund
|
47,386
|
|
442,111
|
|
Saba Capital Income & Opportunities Fund
|
495,448
|
|
3,909,084
|
|
Templeton Global Income Fund
|
8,345
|
|
33,964
|
|
Tortoise Energy Independence Fund, Inc.
|
23,503
|
|
636,461
|
|
Tortoise Power and Energy Infrastructure Fund, Inc.
|
73,812
|
|
920,436
|
|
Vertical Capital Income Fund
|
310,942
|
|
3,106,311
|
|
Virtus Total Return Fund, Inc.
|
266,388
|
|
1,611,647
|
|
Western Asset Intermediate Muni Fund, Inc.
|
13,483
|
|
102,606
|
|
|
|
|
|
|
|
55,411,977
|
|
Total Investment Companies (Cost $86,971,402)
|
|
|
|
79,436,008
|
|
|
|
|
|
|
|
|
|
|
|
Shares/Units
|
|
|
|
SPECIAL PURPOSE ACQUISITION VEHICLES - 16.91% (a)
|
|
|
|
|
Alphatime Acquisition Corp. (e)
|
35,000
|
|
364,350
|
|
AltC Acquisition Corp.
|
50,000
|
|
534,750
|
|
Andretti Acquisition Corp. (e)
|
50,000
|
|
530,000
|
|
AP Acquisition Corp. (e)
|
|
50,000
|
|
532,000
|
|
Apollo Strategic Growth Capital II (e)
|
|
7,042
|
|
72,075
|
|
Battery Future Acquisition Corp. (e)
|
14,000
|
|
147,280
|
|
Bullpen Parlay Acquisition Co. (e)
|
|
50,000
|
|
523,000
|
|
byNordic Acquisition Corp.
|
|
40,013
|
|
421,337
|
|
Cartesian Growth Corp. II (e)
|
188,477
|
|
2,003,248
|
|
Churchill Capital Corp. VI
|
34,700
|
|
355,675
|
|
Churchill Capital Corp. VII
|
58,805
|
|
602,163
|
|
Colombier Acquisition Corp.
|
40,500
|
|
409,455
|
|
Concord Acquisition Corp II
|
16,612
|
|
169,941
|
|
Consilium Acquisition Corp I Ltd. (e)
|
|
10,000
|
|
104,700
|
|
Elliott Opportunity II Corp. (e)
|
67,704
|
|
700,736
|
|
Enphys Acquisition Corp. (e)
|
|
11,300
|
|
116,616
|
|
EVe Mobility Acquisition Corp. (e)
|
|
70,453
|
|
741,166
|
|
Everest Consolidator Acquisition Corp.
|
|
37,100
|
|
393,260
|
|
Forbion European Acquisition Corp. (e)
|
100,000
|
|
1,063,000
|
|
Forbion European Acquisition Corp. Units (e)
|
1
|
|
11
|
|
GoGreen Investments Corp. (e)
|
|
25,100
|
|
269,825
|
|
Gores Holdings IX, Inc.
|
|
19,105
|
|
194,680
|
|
Infinite Acquisition Corp. (e)
|
|
36,192
|
|
381,464
|
|
Investcorp India Acquisition Corp. (e)
|
|
67,686
|
|
720,855
|
|
Kensington Capital Acquisition Corp V (e)
|
63,160
|
|
663,180
|
|
Logistics Innovation Technologies Corp.
|
|
93,500
|
|
956,505
|
|
M3-Brigade Acquisition III Corp.
|
100,332
|
|
1,047,466
|
|
Motive Capital Corp. II (e)
|
146,448
|
|
1,539,168
|
|
Pearl Holdings Acquisition Corp. (e)
|
42,865
|
|
450,511
|
|
Portage Fintech Acquisition Corp. (e)
|
31,400
|
|
324,048
|
|
Rigel Resource Acquisition Corp. (e)
|
|
14,307
|
|
152,370
|
|
Screaming Eagle Acquisition Corp. (e)
|
99,999
|
|
1,024,990
|
|
SILVERspac, Inc. (e)
|
|
16,518
|
|
170,961
|
|
Swiftmerge Acquisition Corp. (e)
|
37,100
|
|
386,582
|
|
Target Global Acquisition I Corp. (e)
|
76,522
|
|
805,011
|
|
TG Venture Acquisition Corp.
|
190,793
|
|
1,982,339
|
|
Waverley Capital Acquisition Corp 1 (e)
|
|
40,971
|
|
422,411
|
|
Zimmer Energy Transition Acquisition Corp.
|
28,387
|
|
290,399
|
|
Total Special Purpose Acquisition Vehicles (Cost $21,011,828)
|
|
|
|
21,567,528
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
OTHER COMMON STOCKS - 1.80%
|
|
|
|
|
|
Real Estate Investment Trusts - 1.80%
|
|
|
|
|
Lument Finance Trust, Inc.
|
|
253,670
|
|
466,753
|
|
NexPoint Diversified Real Estate Trust
|
173,018
|
|
1,825,340
|
|
Total Other Common Stocks (Cost $3,426,884)
|
|
|
|
2,292,093
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCKS - 11.27%
|
|
|
|
|
Business Development Companies - 4.73%
|
|
|
|
|
|
OFS Credit Co, Inc., 5.250%
|
|
60,000
|
|
1,333,896
|
|
SuRo Capital Corp., 6.000%
|
|
200,000
|
|
4,700,000
|
|
|
|
|
|
|
|
6,033,896
|
|
Closed-End Funds - 1.57%
|
|
|
|
|
|
XAI Octagon Floating Rate Alternative Income Term Trust, 6.500%
|
|
80,000
|
|
1,994,400
|
|
Metal Processors & Fabrication - 1.54%
|
|
|
|
|
|
Steel Partners Holdings LP, 6.000%
|
|
86,076
|
|
1,966,837
|
|
Real Estate Investment Trusts - 2.11%
|
|
|
|
|
|
Brookfield DTLA Fund Office Trust Investor, Inc., 7.625%
|
|
1,615
|
|
710
|
|
Cedar Realty Trust, Inc.- Series C, 6.500%
|
|
101,456
|
|
1,141,380
|
|
NexPoint Diversified Real Estate Trust - Series A, 5.500%
|
|
94,082
|
|
1,542,945
|
|
|
|
|
|
|
|
2,685,035
|
|
Real Estate Operations and Development - 0.56%
|
|
|
|
|
|
Harbor Custom Development, Inc - Series A, 8.000%
|
|
131,166
|
|
716,166
|
|
Retail - Catalog Shopping - 0.09%
|
|
|
|
|
|
iMedia Brands, Inc., 8.500%
|
|
27,802
|
|
109,317
|
|
67Transactional Software - 0.56%
|
|
|
|
|
|
Synchronoss Technologies, Inc., 8.375%
|
46,470
|
|
859,695
|
|
Total Preferred Stocks (Cost $18,724,728)
|
|
|
|
14,365,346
|
|
|
|
|
|
|
LIQUIDATING TRUSTS - 0.13%
|
|
|
|
|
Copper Property CTL Pass Through Trust
|
|
15,380
|
|
169,949
|
|
Total Liquidating Trusts (Cost $204,246)
|
|
|
|
169,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount
|
|
|
|
CORPORATE OBLIGATIONS - 0.44%
|
|
|
|
|
Lamington Road DAC (b)(d)(e)
|
|
|
|
|
|
8.000%, 04/07/2121
|
|
$
|
7,762,499 |
|
310,500
|
|
9.750%, 04/07/2121
|
|
491,953
|
|
255,324
|
|
Total Corporate Obligations (Cost $676,854)
|
|
|
|
565,824
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
RIGHTS - 0.01% (a)
|
|
|
|
|
Lakeshore Acquisition II Corp. (Expiration: November 18, 2026) (e)
|
59,500
|
|
10,413
|
|
Nocturne Acquisition Corp. (Expiration: December 26, 2025) (e)
|
40,000
|
|
4,804
|
|
ROC Energy Acquisition Corp. (Expiration: November 30, 2028)
|
9,000
|
|
2,610
|
|
Total Rights (Cost $28,013)
|
|
|
|
17,827
|
|
|
|
|
|
|
|
|
|
WARRANTS - 0.07% (a)
|
|
|
|
|
AGBA Group Holding Ltd. (e)
|
|
|
|
|
Expiration: March 2027
|
|
|
|
|
Exercise Price: $11.50
|
36,750
|
|
1,470
|
|
Andretti Acquisition Corp. (e)
|
|
|
|
|
Expiration: March 2028
|
|
|
|
|
Exercise Price: $11.50
|
25,000
|
|
2,253
|
|
Ault Disruptive Technologies Corp.
|
|
|
|
|
Expiration: June 2023
|
|
|
|
|
Exercise Price: $11.50
|
48,000
|
|
3,840
|
|
BioPlus Acquisition Corp. (e)
|
|
|
|
|
Expiration: December 2026
|
|
|
|
|
Exercise Price: $11.50
|
37,500
|
|
3,750
|
|
Cartesian Growth Corp. II (e)
|
|
|
|
|
Expiration: July 2028
|
|
|
|
|
Exercise Price: $11.50
|
33,333
|
|
5,000
|
|
Churchill Capital Corp. VI
|
|
|
|
|
Expiration: February 2026
|
|
|
|
|
Exercise Price: $11.50
|
6,940
|
|
1,041
|
|
Churchill Capital Corp. VII
|
|
|
|
|
Expiration: February 2028
|
|
|
|
|
Exercise Price: $11.50
|
11,761
|
|
1,764
|
|
Colombier Acquisition Corp.
|
|
|
|
|
Expiration: December 2028
|
|
|
|
|
Exercise Price: $11.50
|
13,500
|
|
3,510
|
|
Digital Health Acquisition Corp.
|
|
|
|
|
Expiration: November 2026
|
|
|
|
|
Exercise Price: $11.50
|
84,000
|
|
5,855
|
|
ExcelFin Acquisition Corp.
|
|
|
|
|
Expiration: October 2028
|
|
|
|
|
Exercise Price: $11.50
|
25,000
|
|
1,173
|
|
FAST Acquisition Corp. II
|
|
|
|
|
Expiration: March 2026
|
|
|
|
|
Exercise Price: $11.50
|
5,797
|
|
3,083
|
|
Forbion European Acquisition Corp. (e)
|
|
|
|
|
Expiration: December 2026
|
|
|
|
|
Exercise Price: $11.50
|
33,333
|
|
13,666
|
|
Global Systems Dynamics, Inc.
|
|
|
|
|
Expiration: April 2026
|
|
|
|
|
Exercise Price: $11.50
|
25,200
|
|
1,638
|
|
HNR Acquisition Corp.
|
|
|
|
|
Expiration: February 2026
|
|
|
|
|
Exercise Price: $11.50
|
37,000
|
|
2,594
|
|
Lakeshore Acquisition II Corp. (e)
|
|
|
|
|
Expiration: November 2026
|
|
|
|
|
Exercise Price: $11.50
|
29,750
|
|
744
|
|
LAMF Global Ventures Corp. I (e)
|
|
|
|
|
Expiration: November 2026
|
|
|
|
|
Exercise Price: $11.50
|
25,000
|
|
2,125
|
|
Landcadia Holdings IV, Inc.
|
|
|
|
|
Expiration: March 2028
|
|
|
|
|
Exercise Price: $11.50
|
12,500
|
|
2,050
|
|
Leo Holdings Corp II (e)
|
|
|
|
|
Expiration: January 2028
|
|
|
|
|
Exercise Price: $11.50
|
5,250
|
|
105
|
|
LIV Capital Acquisition Corp II (e)
|
|
|
|
|
Expiration: February 2027
|
|
|
|
|
Exercise Price: $11.50
|
41,625
|
|
1,357
|
|
M3-Brigade Acquisition III Corp.
|
|
|
|
|
Expiration: July 2028
|
|
|
|
|
Exercise Price: $11.50
|
33,444
|
|
12,373
|
|
Murphy Canyon Acquisition Corp.
|
|
|
|
|
Expiration: January 2027
|
|
|
|
|
Exercise Price: $11.50
|
55,500
|
|
3,469
|
|
Northern Star Investment Corp. III
|
|
|
|
|
Expiration: February 2028
|
|
|
|
|
Exercise Price: $11.50
|
7,666
|
|
460
|
|
OPY Acquisition Corp I
|
|
|
|
|
Expiration: September 2026
|
|
|
|
|
Exercise Price: $11.50
|
50,000
|
|
7,500
|
|
Quantum FinTech Acquisition Corp.
|
|
|
|
|
Expiration: January 2026
|
|
|
|
|
Exercise Price: $11.50
|
33,000
|
|
1,650
|
|
Relativity Acquisition Corp.
|
|
|
|
|
Expiration: December 2029
|
|
|
|
|
Exercise Price: $11.50
|
21,700
|
|
–
|
|
Screaming Eagle Acquisition Corp. (e)
|
|
|
|
|
Expiration: January 2027
|
|
|
|
|
Exercise Price: $11.50
|
33,333
|
|
5,000
|
|
Seaport Global Acquisition II Corp.
|
|
|
|
|
Expiration: November 2026
|
|
|
|
|
Exercise Price: $11.50
|
50,000
|
|
1,750
|
|
Signa Sports United NV (e)
|
|
|
|
|
Expiration: July 2023
|
|
|
|
|
Exercise Price: $11.50
|
10,731
|
|
752
|
|
Target Global Acquisition I Corp. (e)
|
|
|
|
|
Expiration: December 2026
|
|
|
|
|
Exercise Price: $11.50
|
23,633
|
|
945
|
|
TG Venture Acquisition Corp.
|
|
|
|
|
Expiration: August 2028
|
|
|
|
|
Exercise Price: $11.50
|
74,000
|
|
2,960
|
|
Total Warrants (Cost $242,424)
|
|
|
|
93,877
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 6.53%
|
|
|
|
|
|
Fidelity Investments Money Market Funds - Government Portfolio, 4.980% (c)
|
4,160,092
|
|
4,160,092
|
|
STIT - Treasury Portfolio, 5.038% (c)
|
4,160,092
|
|
4,160,092
|
|
Total Money Market Funds (Cost $8,320,184)
|
|
|
|
8,320,184
|
|
|
|
|
|
|
|
|
|
Total Investments (Cost $139,606,563) - 99.45%
|
|
126,828,636
|
|
Other Assets in Excess of Liabilities - 0.55%
|
|
698,121
|
|
TOTAL NET ASSETS- 100.00%
|
|
|
|
127,526,757
|
|