Net asset value returns
|
1 year
|
5 years
|
10 years
|
High Income Securities Fund
|
4.99%
|
6.25%
|
7.33%
|
Market price returns
|
|||
High Income Securities Fund
|
10.65%
|
8.83%
|
8.63%
|
Index returns
|
|||
Lipper Convertible Securities Funds Index
|
12.48%
|
8.10%
|
7.62%
|
Share price as of 8/31/18
|
|||
Net asset value
|
$9.69
|
||
Market price
|
$9.38
|
Value
|
Percent
|
|||||||
Money Market Funds
|
$
|
125,141,779
|
99.91
|
%
|
||||
Corporate Notes
|
57,800
|
0.05
|
||||||
Convertible Preferred Stocks
|
28,890
|
0.02
|
||||||
Common Stocks
|
20,343
|
0.01
|
||||||
Convertible Notes
|
116
|
0.00
|
||||||
Total Investments
|
$
|
125,248,928
|
99.99
|
%
|
||||
Other Assets in Excess of Liabilities
|
6,832
|
0.01
|
||||||
Total Net Assets
|
$
|
125,255,760
|
100.00
|
%
|
Principal
|
||||||||
Amount
|
Value
|
|||||||
CONVERTIBLE NOTES—0.00%
|
||||||||
Communication Services—0.00%
|
||||||||
Powerwave Technologies, Inc. Unsecured
|
||||||||
3.875%, 10/01/2027 (a)(b)(c)(d)
|
$
|
1,160,000
|
$
|
116
|
||||
Total Convertible Notes (Cost $1,033,950)
|
116
|
|||||||
CORPORATE NOTES—0.05%
|
||||||||
Communication Services—0.05%
|
||||||||
Windstream Services, LLC Company Guaranty Senior Unsecured
|
||||||||
9.000%, 06/30/2025 (b)(f)
|
80,000
|
57,800
|
||||||
Total Corporate Notes (Cost $97,567)
|
57,800
|
|||||||
Shares
|
||||||||
CONVERTIBLE PREFERRED STOCKS—0.02%
|
||||||||
Basic Materials—0.00%
|
||||||||
Smurfit-Stone Container Corp. Escrow, 0% (c)
|
65,720
|
657
|
||||||
Energy—0.02%
|
||||||||
Nine Point Energy, 6.75% (c)
|
24
|
28,233
|
||||||
Total Convertible Preferred Stocks (Cost $24,000)
|
28,890
|
|||||||
COMMON STOCKS—0.01%
|
||||||||
Energy—0.01%
|
||||||||
Milagro Oil & Gas, Inc. (Units) (c)
|
39
|
3,159
|
||||||
Nine Point Energy (c)
|
1,190
|
17,184
|
||||||
Total Common Stocks (Cost $3,554)
|
20,343
|
|||||||
MONEY MARKET FUNDS—99.91%
|
||||||||
Fidelity Institutional Government Portfolio—Class I, 1.820% (e)
|
62,570,889
|
62,570,889
|
||||||
STIT-Treasury Portfolio—Institutional Class, 1.840% (e)
|
62,570,890
|
62,570,890
|
||||||
Total Money Market Funds (Cost $125,141,779)
|
125,141,779
|
|||||||
Total Investments (Cost $126,300,850)—99.99%
|
125,248,928
|
|||||||
Other Assets in Excess of Liabilities—0.01%
|
6,832
|
|||||||
TOTAL NET ASSETS—100.00%
|
$
|
125,255,760
|
(a)
|
Non-income producing security.
|
(b)
|
The coupon rate shown represents the rate at August 31, 2018.
|
(c)
|
Fair valued securities. The total market value of these securities was $49,349, representing 0.04% of net assets. Value determined using significant unobservable inputs.
|
(d)
|
Default or other conditions exist and security is not presently accruing income.
|
(e)
|
The rate shown represents the 7-day yield at August 31, 2018.
|
(f)
|
Restricted security as to resale. As of report date, the Fund held a restricted security with a current value of $57,800, acquired January 8, 2013, which was 0.05% of its net assets.
|
Assets:
|
||||
Investments, at value (Cost $126,300,850)
|
$
|
125,248,928
|
||
Cash
|
83,161
|
|||
Dividends and interest receivable
|
194,468
|
|||
Other assets
|
12,164
|
|||
Total assets
|
125,538,721
|
|||
Liabilities:
|
||||
Administration fees payable
|
6,381
|
|||
Chief Compliance Officer fees payable
|
7,250
|
|||
Director fees payable
|
32,603
|
|||
Audit fees payable
|
35,337
|
|||
Fund accounting fees payable
|
855
|
|||
Custody fees payable
|
10,488
|
|||
Legal fees payable
|
49,658
|
|||
Transfer Agent fees payable
|
8,131
|
|||
Reports and notices to shareholder payable
|
42,909
|
|||
Proxy related fees payable
|
87,443
|
|||
Accrued expenses and other liabilities
|
1,906
|
|||
Total liabilities
|
282,961
|
|||
Net assets
|
$
|
125,255,760
|
||
Net assets consist of:
|
||||
Paid-in Capital (Unlimited shares authorized)
|
$
|
127,334,050
|
||
Accumulated undistributed net investment loss
|
(1,026,368
|
)
|
||
Accumulated net realized gain from investment activities
|
—
|
|||
Net unrealized depreciation on investments
|
(1,051,922
|
)
|
||
Net assets
|
$
|
125,255,760
|
||
Net asset value per share ($125,255,760 applicable to
|
||||
12,930,356 shares outstanding)
|
$
|
9.69
|
For the year ended
|
||||
August 31, 2018
|
||||
Investment income:
|
||||
Dividends
|
$
|
869,179
|
||
Interest
|
3,811,153
|
|||
Total investment income
|
4,680,332
|
|||
Expenses:
|
||||
Investment advisory fees (Note 3)
|
846,951
|
|||
Legal fees incurred prior to change in Board of Trustees
|
427,170
|
|||
Proxy expenses
|
279,979
|
|||
Transfer agency fees and expenses
|
60,435
|
|||
Reports and notices to shareholders
|
42,366
|
|||
Legal fees and expenses
|
41,425
|
|||
Audit fees
|
36,134
|
|||
Trustees’ fees and expenses
|
32,646
|
|||
Stock exchange listing fees
|
25,310
|
|||
Custody fees and expenses
|
18,820
|
|||
Compliance fees and expenses
|
14,750
|
|||
Administration fees and expenses
|
9,537
|
|||
Insurance fees
|
9,336
|
|||
Accounting fees and expenses
|
855
|
|||
Net expenses
|
1,845,714
|
|||
Net investment income
|
2,834,618
|
|||
Net realized and unrealized gains (losses) from investment activities:
|
||||
Net realized gain (loss) from:
|
||||
Investments
|
10,937,362
|
|||
Forward foreign currency contracts
|
7,916
|
|||
Foreign currency translations
|
(1,734
|
)
|
||
Net realized gain
|
10,943,544
|
|||
Change in net unrealized appreciation (depreciation) on:
|
||||
Investments
|
(7,690,874
|
)
|
||
Forward foreign currency contracts
|
8,843
|
|||
Foreign currency translations
|
(9
|
)
|
||
Net realized and unrealized gains from investment activities
|
3,261,504
|
|||
Increase in net assets resulting from operations
|
$
|
6,096,122
|
For the
|
For the
|
|||||||
year ended
|
year ended
|
|||||||
August 31, 2018
|
August 31, 2017
|
|||||||
From operations:
|
||||||||
Net investment income
|
$
|
2,834,618
|
$
|
3,945,408
|
||||
Net realized gain on investments, forward foreign
|
||||||||
currency contracts and foreign currency translations
|
10,943,544
|
3,670,062
|
||||||
Net unrealized appreciation (depreciation) on investments, forward
|
||||||||
foreign currency contracts and foreign currency translations
|
(7,682,040
|
)
|
4,716,003
|
|||||
Net increase in net assets resulting from operations
|
6,096,122
|
12,331,473
|
||||||
Distributions paid to shareholders:
|
||||||||
Net investment income
|
(4,028,706
|
)
|
(4,795,452
|
)
|
||||
Total dividends and distributions paid to shareholders
|
(4,028,706
|
)
|
(4,795,452
|
)
|
||||
Capital Stock Transactions (Note 5):
|
||||||||
Repurchase of common stock
|
(419,079
|
)
|
(2,458,581
|
)
|
||||
Total capital stock transactions
|
(419,079
|
)
|
(2,458,581
|
)
|
||||
Net increase in net assets
|
1,648,337
|
5,077,440
|
||||||
Net assets:
|
||||||||
Beginning of year
|
123,607,423
|
118,529,983
|
||||||
End of year
|
$
|
125,255,760
|
$
|
123,607,423
|
||||
Accumulated undistributed net investment income (loss)
|
$
|
(1,026,368
|
)
|
$
|
380,198
|
|||
Number of Fund Shares
|
||||||||
Shares outstanding at beginning of year
|
12,977,001
|
13,286,033
|
||||||
Shares repurchased
|
(46,645
|
)
|
(309,032
|
)
|
||||
Shares outstanding at end of year
|
12,930,356
|
12,977,001
|
(1)
|
Per share net investment income (loss) has been determined on the basis of the weighted 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, and assuming reinvestment of dividends and other distributions to common shareholders at prices obtained under the Fund’s Dividend Reinvestment Plan (which was terminated on September 12, 2018).
|
(3)
|
Includes amounts paid through expense offset and brokerage/service arrangements, if any (Note 3)
|
(4)
|
Includes 0.28% of increased proxy fees related to the 2017 annual shareholder meeting.
|
(5)
|
Amount represents less than $0.01 per share.
|
For the year ended August 31,
|
||||||||||||||||||
2018
|
2017
|
2016
|
2015
|
2014
|
||||||||||||||
$
|
9.53
|
$
|
8.92
|
$
|
8.67
|
$
|
9.56
|
$
|
8.76
|
|||||||||
0.22
|
0.30
|
0.35
|
0.35
|
0.36
|
||||||||||||||
0.25
|
0.66
|
0.17
|
(0.95
|
)
|
0.82
|
|||||||||||||
0.47
|
0.96
|
0.52
|
(0.60
|
)
|
1.18
|
|||||||||||||
(0.31
|
)
|
(0.37
|
)
|
(0.37
|
)
|
(0.37
|
)
|
(0.43
|
)
|
|||||||||
(0.31
|
)
|
(0.37
|
)
|
(0.37
|
)
|
(0.37
|
)
|
(0.43
|
)
|
|||||||||
0.00
|
(5)
|
0.02
|
0.10
|
0.08
|
0.05
|
|||||||||||||
$
|
9.69
|
$
|
9.53
|
$
|
8.92
|
$
|
8.67
|
$
|
9.56
|
|||||||||
$
|
9.38
|
$
|
8.77
|
$
|
8.02
|
$
|
7.33
|
$
|
8.61
|
|||||||||
10.65
|
%
|
14.19
|
%
|
14.96
|
%
|
(10.87
|
)%
|
17.94
|
%
|
|||||||||
1.47
|
%
|
1.22
|
%
(4)
|
0.94
|
%
|
0.90
|
%
|
0.94
|
%
|
|||||||||
2.26
|
%
|
3.29
|
%
|
4.15
|
%
|
3.86
|
%
|
3.91
|
%
|
|||||||||
$
|
125,256
|
$
|
123,607
|
$
|
118,530
|
$
|
127,027
|
$
|
151,659
|
|||||||||
49
|
%
|
50
|
%
|
26
|
%
|
35
|
%
|
41
|
%
|
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.
|
Quoted Prices in
|
||||||||||||||||
Active Markets
|
||||||||||||||||
for Identical
|
Significant Other
|
Unobservable
|
||||||||||||||
Investments
|
Observable Inputs
|
Inputs
|
||||||||||||||
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
|||||||||||||
Convertible Notes
|
$
|
—
|
$
|
—
|
$
|
116
|
$
|
116
|
||||||||
Corporate Notes
|
—
|
57,800
|
—
|
57,800
|
||||||||||||
Convertible Preferred Stocks
|
||||||||||||||||
Basic Materials
|
—
|
—
|
657
|
657
|
||||||||||||
Energy
|
—
|
—
|
28,233
|
28,233
|
||||||||||||
Common Stocks
|
||||||||||||||||
Energy
|
—
|
—
|
20,343
|
20,343
|
||||||||||||
Money Market Funds
|
125,141,779
|
—
|
—
|
125,141,779
|
||||||||||||
Total
|
$
|
125,141,779
|
$
|
57,800
|
$
|
49,349
|
$
|
125,248,928
|
Forward currency contracts (contract amount)
|
$260,948
|
Amount of Realized Gain on Derivatives Recognized in Income
|
||||||||||||
Derivatives not accounted
|
Forward Foreign
|
|||||||||||
for as hedging instruments
|
Warrants
|
Currency Contracts
|
Total
|
|||||||||
Foreign Exchange Contracts
|
$
|
—
|
$
|
7,916
|
$
|
7,916
|
||||||
Equity Contracts
|
432
|
—
|
432
|
|||||||||
Total
|
$
|
432
|
7,916
|
$
|
8,348
|
|||||||
Change in Unrealized Appreciation (Depreciation)
|
||||||||||||
on Derivatives Recognized in Income
|
||||||||||||
Derivatives not accounted
|
Forward Foreign
|
|||||||||||
for as hedging instruments
|
Warrants
|
Currency Contracts
|
Total
|
|||||||||
Forward Exchange Contracts
|
$
|
—
|
$
|
8,843
|
$
|
8,843
|
||||||
Equity Contracts - Warrants
|
(801
|
)
|
—
|
(801
|
)
|
|||||||
Total
|
$
|
(801
|
)
|
$
|
8,843
|
$
|
8,042
|
Ordinary Income
|
$4,028,706
|
Tax cost of investments
|
$
|
126,300,850
|
||
Unrealized appreciation
|
43,132
|
|||
Unrealized depreciation
|
(1,095,054
|
)
|
||
Net unrealized depreciation
|
(1,051,922
|
)
|
||
Undistributed ordinary income
|
—
|
|||
Undistributed long-term gains
|
—
|
|||
Total distributable earnings
|
—
|
|||
Other accumulated gains/losses and other temporary differences
|
(1,026,368
|
)
|
||
Total accumulated losses
|
$
|
(2,078,290
|
)
|
0.700%
|
of the first $500 million of average net assets,
|
0.430%
|
of the next $5 billion of average net assets,
|
0.600%
|
of the next $500 million of average net assets,
|
0.420%
|
of the next $5 billion of average net assets,
|
0.550%
|
of the next $500 million of average net assets,
|
0.410%
|
of the next $5 billion of average net assets,
|
0.500%
|
of the next $5 billion of average net assets,
|
0.400%
|
of the next $5 billion of average net assets,
|
0.475%
|
of the next $5 billion of average net assets,
|
0.390%
|
of the next $5 billion of average net assets,
|
0.455%
|
of the next $5 billion of average net assets,
|
0.380%
|
of the next $8.5 billion of average net assets and
|
0.440%
|
of the next $5 billion of average net assets,
|
0.370%
|
of any excess thereafter.
|
Cost of purchases
|
Proceeds from sales
|
|||||||
Investments in securities (Long-term)
|
$
|
50,296,965
|
$
|
171,653,854
|
||||
U.S. government securities (Long-term)
|
—
|
—
|
||||||
Total
|
$
|
50,296,965
|
$
|
171,653,854
|
Shares
|
||||||||||||||||||||
Fair Value
|
outstanding
|
|||||||||||||||||||
as of
|
Purchase
|
Sales
|
Investment
|
and fair value
|
||||||||||||||||
Name of affiliate
|
8/31/17
|
Cost
|
Proceeds
|
Income
|
as of 8/31/18
|
|||||||||||||||
Short-term investments
|
||||||||||||||||||||
Putnam Short Term Investment Fund**
|
$
|
2,900,362
|
$
|
58,680,385
|
$
|
61,580,747
|
$
|
38,377
|
$
|
—
|
||||||||||
Total Short-term investments
|
$
|
2,900,362
|
$
|
58,680,385
|
$
|
61,580,747
|
$
|
38,377
|
$
|
—
|
**
|
Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.
|
Votes For
|
Votes Against
|
% of Quorum
|
Votes Withheld
|
3,655,746
|
3,480,598
|
51.13%
|
12,933
|
Votes For
|
Votes Against
|
% of Quorum
|
Votes Withheld
|
3,640,248
|
3,492,559
|
50.92%
|
16,470
|
Trustee Nominee
|
Votes For
|
Votes Withheld
|
Phillip Goldstein
|
3,419,416
|
53,655
|
Rajeev Das
|
3,698,991
|
57,918
|
Andrew Dakos
|
3,693,012
|
63,487
|
Richard Dayan
|
3,694,577
|
62,030
|
Gerald Hellerman
|
3,694,403
|
62,192
|
Ben H. Harris
|
3,693,012
|
63,487
|
Moritz Sell
|
3,693,185
|
63,326
|
Votes For
|
Votes Against
|
% of Quorum
|
Votes Withheld
|
3,296,495
|
3,738,291
|
46.11%
|
114,491
|
Trustee Nominee
|
Votes For
|
Votes Withheld
|
Liaquat Ahamed
|
2,991,128
|
144,378
|
Ravi Akhoury
|
2,990,075
|
145,431
|
Barbara M. Baumann
|
3,232,267
|
145,026
|
Jameson A. Baxter
|
2,981,569
|
143,125
|
Katinka Domotorffy
|
3,226,660
|
150,244
|
Catharine Hill
|
3,225,843
|
151,004
|
Paul L. Joskow
|
3,224,292
|
152,446
|
Kenneth R. Leibler
|
3,224,507
|
152,249
|
Robert E. Patterson
|
3,223,433
|
153,246
|
George Putnam, III
|
3,223,669
|
153,029
|
Robert L. Reynolds
|
2,993,026
|
142,480
|
Manoj Singh
|
2,987,537
|
147,969
|
Term of
|
Number of
|
||||
Office
|
Portfolios
|
||||
and
|
in Fund
|
Other
|
|||
Position(s)
|
Length
|
Principal Occupation
|
Complex
|
Directorships
|
|
Name, Address
|
Held with
|
of Time
|
During the Past
|
Overseen
|
held by
|
and Age*
|
the Fund
|
Served
|
Five Years
|
by Trustee**
|
Trustee
|
INTERESTED TRUSTEES
|
|||||
Andrew Dakos***
|
President
|
1 year;
|
Member of Bulldog Investors,
|
1
|
Director, Brookfield
|
(52)
|
as of
|
Since
|
Inc. since 2009; Principal of
|
DTLA Fund Office
|
|
July 2018.
|
2018
|
the general partner of several
|
Trust Investor, Inc.;
|
||
private investment partnerships
|
Director, Emergent
|
||||
in the Bulldog Investors group
|
Capital, Inc. (until
|
||||
of private funds.
|
2017); Trustee,
|
||||
Crossroads
|
|||||
Liquidating Trust;
|
|||||
Director, Special
|
|||||
Opportunities
|
|||||
Fund, Inc.;
|
|||||
Chairman, Swiss
|
|||||
Helvetia Fund, Inc.
|
|||||
Phillip Goldstein***
|
Chairman
|
1 year;
|
Member of Bulldog Investors,
|
1
|
Chairman, The
|
(73)
|
and
|
Since
|
Inc. since 2009; Principal of
|
Mexico Equity and
|
|
Secretary
|
2018
|
the general partner of several
|
Income Fund, Inc.;
|
||
as of
|
private investment partnerships
|
Chairman, Special
|
|||
July 2018.
|
in the Bulldog Investors group
|
Opportunities
|
|||
of private funds.
|
Fund, Inc.; Director,
|
||||
Brookfield DTLA
|
|||||
Fund Office Trust
|
|||||
Investor Inc.;
|
|||||
Director, MVC
|
|||||
Capital, Inc.;
|
|||||
Trustee, Crossroads
|
|||||
Liquidating Trust;
|
|||||
Director, Swiss
|
|||||
Helvetia Fund;
|
|||||
Chairman,
|
|||||
Emergent Capital,
|
|||||
Inc. (until 2017).
|
|||||
Rajeev Das***
|
—
|
1 year;
|
Principal of Bulldog Investors, Inc.
|
1
|
Director, The
|
(49)
|
Since
|
Mexico Equity &
|
|||
2018
|
Income Fund, Inc.
|
Term of
|
Number of
|
||||
Office
|
Portfolios
|
||||
and
|
in Fund
|
Other
|
|||
Position(s)
|
Length
|
Principal Occupation
|
Complex
|
Directorships
|
|
Name, Address
|
Held with
|
of Time
|
During the Past
|
Overseen
|
held by
|
and Age*
|
the Fund
|
Served
|
Five Years
|
by Trustee**
|
Trustee
|
INDEPENDENT TRUSTEES
|
|||||
Gerald Hellerman
|
—
|
1 year;
|
Managing Director of Hellerman
|
1
|
Director, Mexico
|
(80)
|
Since
|
Associates (a financial and
|
Equity and Income
|
||
2018
|
corporate consulting firm) since
|
Fund, Inc.; Director,
|
|||
1993 (which terminated activities
|
Special
|
||||
as of December 31, 2013).
|
Opportunities
|
||||
Fund, Inc.; Director,
|
|||||
MVC Capital, Inc.;
|
|||||
Trustee, Crossroad
|
|||||
Liquidating Trust;
|
|||||
Trustee, Fiera
|
|||||
Capital Series Trust;
|
|||||
Director, Swiss
|
|||||
Helvetia Fund;
|
|||||
Director, Emergent
|
|||||
Capital, Inc. (until
|
|||||
2017); Director,
|
|||||
Ironsides Partners
|
|||||
Opportunity
|
|||||
Offshore Fund Ltd.
|
|||||
(until 2016);
|
|||||
Director, Brantley
|
|||||
Capital Corporation
|
|||||
(until 2013).
|
|||||
Moritz Sell
|
—
|
1 year;
|
Founder and Principal of
|
1
|
Director, Aberdeen
|
(50)
|
Since
|
Edison Holdings GmbH and
|
Australia Equity
|
||
2018
|
Senior Advisor to Markston
|
Fund; Director,
|
|||
International LLC.
|
Swiss Helvetia Fund;
|
||||
Chairman,
|
|||||
Aberdeen
|
|||||
Singapore Fund
|
|||||
(until 2018);
|
|||||
Director, Aberdeen
|
|||||
Greater China Fund
|
|||||
(until 2018).
|
|||||
Richard Dayan
|
—
|
1 year;
|
Owner of CactusTrading.
|
1
|
Director, Swiss
|
(75)
|
Since
|
Helvetia Fund;
|
|||
2018
|
Director, Emergent
|
||||
Capital Inc.
|
|||||
(until 2017).
|
Term of
|
Number of
|
||||
Office
|
Portfolios
|
||||
and
|
in Fund
|
Other
|
|||
Position(s)
|
Length
|
Principal Occupation
|
Complex
|
Directorships
|
|
Name, Address
|
Held with
|
of Time
|
During the Past
|
Overseen
|
held by
|
and Age*
|
the Fund
|
Served
|
Five Years
|
by Trustee**
|
Trustee
|
Ben Harris
|
—
|
1 year;
|
Chief Executive Officer of HHI,
|
1
|
Director, Special
|
(50)
|
Since
|
LLC; Principal of NBC Bancshares,
|
Opportunities
|
||
2018
|
LLC; Chief Executive Officer of
|
Fund, Inc.
|
|||
Crossroads Capital, Inc.;
|
|||||
Administrator of Crossroads
|
|||||
Liquidating Trust.
|
|||||
OFFICERS
|
|||||
Andrew Dakos***
|
President
|
1 year;
|
Member of Bulldog Investors,
|
n/a
|
n/a
|
(52)
|
as of
|
Since
|
Inc.; Principal of the general
|
||
July 2018.
|
2018
|
partner of several private
|
|||
investment partnerships in the
|
|||||
Bulldog Investors group of funds.
|
|||||
Thomas Antonucci***
|
Treasurer
|
1 year;
|
Director of Operations of
|
n/a
|
n/a
|
(48)
|
as of
|
Since
|
Bulldog Investors, Inc.
|
||
July 2018.
|
2018
|
||||
Phillip Goldstein***
|
Chairman
|
1 year;
|
Member of Bulldog Investors,
|
n/a
|
n/a
|
(73)
|
and
|
Since
|
Inc.; Principal of the general
|
||
Secretary
|
2018
|
partner of several private
|
|||
as of
|
investment partnerships in the
|
||||
July 2018.
|
Bulldog Investors group of funds.
|
||||
Stephanie Darling***
|
Chief
|
1 year;
|
General Counsel and Chief
|
n/a
|
n/a
|
(48)
|
Compliance
|
Since
|
Compliance Officer of Bulldog
|
||
Officer
|
2018
|
Investors, LLC; Principal, the
|
|||
as of
|
Law Office of Stephanie Darling;
|
||||
July 2018.
|
Editor-In-Chief, the Investment
|
||||
Lawyer.
|
*
|
The address for all trustees and officers is c/o High Income Securities Fund, 615 East Michigan Street, Milwaukee, WI 53202.
|
|
**
|
The Fund Complex is comprised of only the Fund.
|
|
***
|
Messrs. Dakos, Goldstein, Das, and Antonucci and Ms. Darling are each considered an “interested person” of the Fund within the meaning of the 1940 Act because of their affiliation with Bulldog Investors, Inc and their positions as officers of the Fund.
|
1.
|
Information from the Consumer: this category includes information the Fund receives from you on or in applications or other forms, correspondence, or conversations (such as your name, address, phone number, social security number, assets, income and date of birth); and
|
|
2.
|
Information about the Consumer’s transactions: this category includes information about your transactions with the Fund, its affiliates, or others (such as your account number and balance, payment history, parties to transactions, cost basis information, and other financial information).
|
FYE 8/31/2018
|
FYE 8/31/2017
|
|
Audit Fees
|
$22,000 (TW)
$990 (PwC)
|
$76,363
|
Audit-Related Fees
|
$-
|
$-
|
Tax Fees
|
$3,000
|
$17,420
|
All Other Fees
|
$170 (PwC)
|
$-
|
FYE 8/31/2018
|
FYE 8/31/2017
|
|
Audit-Related Fees
|
0%
|
0%
|
Tax Fees
|
0%
|
0%
|
All Other Fees
|
0%
|
0%
|
Non-Audit Related Fees
|
FYE 8/31/2018
|
FYE 8/31/2017
|
Registrant
|
$3,000
|
$0
|
Registrant’s Investment Adviser
|
$0
|
$0
|
1.
|
The name of the issuer of the portfolio security;
|
2.
|
The exchange ticker symbol of the portfolio security;
|
3.
|
The CUSIP number (may be omitted if it is not available through reasonably practicable means);
|
4.
|
The shareholder meeting date;
|
5.
|
A brief description of the matter voted on;
|
6.
|
Whether the matter was proposed by the issuer or the security holder;
|
7.
|
Whether the Fund cast its vote on the matter;
|
8.
|
How the Fund cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); and
|
9.
|
Whether the Fund cast its vote for or against management.
|
Period
|
(a)
Total Number of Shares
(or Units) Purchased
|
(b)
Average Price Paid
per Share (or Unit)
|
(c)
Total Number of Shares
(or Units) Purchased as
Part of Publicly Announced Plans or Programs
|
(d)
Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs |
March 1 – March 31, 2018
|
-
|
-
|
-
|
1,251,055
|
April 1 - April 30, 2018
|
-
|
-
|
-
|
1,251,055
|
May 1- May 31, 2018
|
-
|
-
|
-
|
1,251,055
|
June 1 – June 30, 2018
|
-
|
-
|
-
|
1,251,055
|
July 1 – July 31, 2018
|
-
|
-
|
-
|
1,251,055
|
August 1 – August 31, 2018
|
-
|
-
|
-
|
N/A
|
Total
|
-
|
-
|
-
|
N/A
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1)
Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.
Filed herewith.
|
(1)
|
Change in the registrant’s independent public accountant.
Filed herewith.
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002.
Furnished herewith.
|
1.
|
PREAMBLE
|
2.
|
STATEMENT OF POLICY
|
3.
|
COVERED PERSONS
|
4.
|
PROMOTION OF HONEST AND ETHICAL CONDUCT
|
5.
|
PROMOTION OF FULL, FAIR, ACCURATE, TIMELY AND UNDERSTANDABLE DISCLOSURE
|
6.
|
PROMOTION OF COMPLIANCE WITH APPLICABLE GOVERNMENT LAWS, RULES AND REGULATIONS
|
7.
|
PROMOTING PROMPT INTERNAL REPORTING OF VIOLATIONS
|
8.
|
SANCTIONS
|
9.
|
NO RIGHTS CREATED
|
10.
|
RECORDKEEPING
|
11.
|
AMENDMENTS
|
1.
|
I have reviewed this report on Form N-CSR of High Income Securities Fund;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
11/1/2018
|
/s/Andrew Dakos
Andrew Dakos President |
1.
|
I have reviewed this report on Form N-CSR of High Income Securities Fund;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
11/1/2018
|
/s/ Thomas Antonucci
Thomas Antonucci Treasurer |
/s/ Andrew Dakos
Andrew Dakos
President, High Income Securities Fund
|
/s/ Thomas Antonucci
Thomas Antonucci
Treasurer, High Income Securities Fund
|
Dated:
11/1/2018
|