Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. The registrant has not made any amendments to its code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Richard Dayan is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N‑CSR.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. “Other services” provided by the principal accountant were an assessment. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant. The principal accountant for the fiscal years ended August 31, 2018 and August 31, 2019 was Tait, Weller & Baker LLP (“TW”). Additional fees for the fiscal year end August 31, 2018 were incurred by PricewaterhouseCoopers LLP (“PwC”).

	FYE 8/31/2019	FYE 8/31/2018
Audit Fees	$31,000 (TW)	$22,000 (TW) $990 (PwC)
Audit-Related Fees	$-	$-
Tax Fees	$3,300 (TW)	$3,000 (TW)
All Other Fees	$-	$170 (PwC)

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre‑approve all audit and non‑audit services of the registrant, including services provided to any entity affiliated with the registrant.

The percentage of fees billed by PricewaterhouseCoopers LLP (“PwC”) and Tait, Weller & Baker LLP for the years ended August 31, 2018 and August 31, 2019, respectively, applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	FYE 8/31/2019	FYE 8/31/2018
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full‑time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years. The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

Non-Audit Related Fees	FYE 8/31/2019	FYE 8/31/2018
Registrant	$0	$5,250
Registrant’s Investment Adviser	$0	$0

Item 5. Audit Committee of Listed Registrants.

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Gerald Hellerman, Moritz Sell, and Richard Dayan.

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

HIGH INCOME SECURITIES FUND

PROXY VOTING POLICY

The Board of Trustees has delegated the voting of proxies with respect to securities owned by the Fund to the Investment Committee.

Proxy Voting Policies

The Investment Committee generally analyzes the proxy statements of issuers of stock owned by the Fund, as necessary and votes proxies on behalf of the Fund.

The Investment Committee’s decisions with respect to proxy issues are made in light of the anticipated impact of the issue on the value of the investment. Proxies are voted solely in the interests of Fund shareholders.

Proxy Voting Procedures

In evaluating proxy statements, the Investment Committee relies upon its own fundamental research, and information presented by company management and others. It does not delegate its proxy voting responsibility to a third party proxy voting service.

Proxy Voting Guidelines

The Fund will generally vote proxies in favor of proposals that, in the opinion of the members of the Investment Committee, seek to enhance shareholder value and shareholder democracy.

With respect to proxies of closed-end investment companies held by the Fund, in order to comply with Section 12(d) of the Investment Company Act of 1940, the Fund will “mirror vote” all such proxies received by the Fund, unless the Investment Committee deems it appropriate to seek instructions from Fund shareholders with regard to such vote. In such circumstances, the Fund will vote such proxies as determined by a majority of the proxy voting instructions received by shareholders.

Form N-PX/Annual Report of Proxy Voting Record

Policy: Form N-PX is used by funds to file reports with the SEC containing the Fund’s proxy voting record for the most recent 12-month period ended December 31. The Form must be filed no later than August 31 of each year. The following information must be collected for the Fund in order to complete and file Form N-PX:

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.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Information is presented as of October 31, 2019

(a)(1):

The Fund is managed by its Transitional Investment Committee, which is comprised of Phillip Goldstein, Andrew Dakos, and Rajeev Das. The business experience of Messrs. Goldstein, Dakos, and Das during the past 5 years is as follows:

Phillip Goldstein: Managing Member of Bulldog Investors, LLC since its inception in October 2009. Mr. Goldstein also is a member of Bulldog Holdings, LLC, the owner of several entities serving as the general partner of several private investment partnerships in the Bulldog Investors group of funds, and the owner of Kimball & Winthrop, LLC, the managing general partner of Bulldog Investors General Partnership, since 2012. He is a director of the following closed-end funds: Swiss Helvetia Fund, Inc. since 2018, Special Opportunities Fund, Inc. since 2009, and Mexico Equity and Income Fund since 2000. He also is a director of: MVC Capital, Inc., a business development company, since 2012, Brookfield DTLA Fund Office Trust Investor, a subsidiary of a large commercial real estate company, since 2017, and is a trustee of Crossroads Liquidating Trust (f/k/a Crossroads Capital, Inc., a business development company), since 2016. He served as a director of Emergent Capital, Inc. (f/k/a Imperial Holdings, Inc.), a specialty finance company, from 2012-2017.

Andrew Dakos: Managing Member of Bulldog Investors, LLC since its inception in October 2009. Mr. Dakos also is a member of Bulldog Holdings, LLC, the owner of several entities serving as the general partner of several private investment partnerships in the Bulldog Investors group of funds, and the owner of Kimball & Winthrop, LLC, the managing general partner of Bulldog Investors General Partnership, since 2012. He has served as a director of Special Opportunities Fund, Inc., a closed-end fund, since 2009, the Mexico Equity and Income Fund, a closed-end fund, from 2001-2015, Emergent Capital, Inc. (f/k/a Imperial Holdings, Inc.), a specialty finance company, from 2012-2017, Swiss Helvetia Fund, Inc., a closed-end fund, since 2017, Brookfield DTLA Fund Office Trust Investor, a subsidiary of a large commercial real estate company, since 2017, and as a trustee of Crossroads Liquidating Trust (f/k/a Crossroads Capital, Inc., a business development company), since 2015.

Rajeev Das: Head Trader of Bulldog Investors, LLC since its inception in October 2009. Since 2004, Mr. Das has been a Principal of the entities serving as the general partner of the private investment partnerships in the Bulldog Investors group of funds. He has been a director of The Mexico Equity and Income Fund, Inc., a closed-end fund, since 2001. Mr. Das provides investment research and analysis. Mr. Das buys and sells securities for the Fund’s portfolio under the supervision of Mr. Goldstein and Mr. Dakos.

(a)(2): Information is provided as of August 31, 2019 (per instructions to paragraph (a)(2).

(i) Phillip Goldstein, Andrew Dakos and Rajeev Das

(ii) Number of other accounts managed by Mr. Goldstein, Mr. Dakos and Mr. Das within each of the following categories:

(A) Registered investment companies: 1

(B) Other pooled investment vehicles: 6

(iii) Number of other pooled investment vehicles, and total assets therein, with respect to which the advisory fee is based on the performance of the account: 6 pooled investment vehicles; $11.2 million (estimated). Number of “other accounts,” and total assets therein, with respect to which the advisory fee is based on the performance of the account: 2 other accounts; $25.5 million (estimated).

(iv) Certain conflicts of interest may arise in connection with the Transitional Investment Committee’s management of the Fund’s portfolio and the portfolios of other accounts managed by members of the Transitional Investment Committee. For example, certain inherent conflicts of interest exist in connection with managing accounts that pay a performance-based fee or allocation alongside an account that does not. These conflicts may include an incentive to favor such accounts over the Fund because the investment advisor of such accounts can potentially receive greater fees from accounts paying a performance-based fee than from the Fund. As a result, certain members of the Transitional Investment Committee may have an incentive to direct their best investment ideas to, or allocate or sequence trades in favor of such accounts. In addition, in cases where the investment strategies are the same or very similar, various factors (including, but not limited to, tax considerations, amount of available cash, and risk tolerance) may result in substantially different portfolios in such accounts.

(a)(3): The members of the Transitional Investment Committee are compensated by the Registrant for their positions on the Transitional Investment Committee in the amount of $100,000 each for Phillip Goldstein and Andrew Dakos, and $50,000 for Rajeev Das on an annual basis paid monthly in advance.

(a)(4): Information is provided as of August 31, 2019 (per instructions to paragraph (a)(4)).

As of August 31, 2019, Mr. Goldstein beneficially owns 150,000 shares (held Directly) and 106 shares (held Indirectly) of common stock of the Registrant; Mr. Dakos beneficially owns 70,000 shares (held Directly) and 106 shares (held Indirectly) of common stock of the Registrant; and Mr. Das beneficially owns no shares of common stock of the Registrant.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

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, 2019	7,365,350⁽¹⁾	9.25	7,365,350	N/A
April 1 - April 30, 2019	-	-	-	N/A
May 1- May 31, 2019	-	-	-	N/A
June 1 – June 30, 2019	-	-	-	N/A
July 1 – July 31, 2019	-	-	-	N/A
August 1 – August 31, 2019	-	-	-	N/A
Total	7,365,350	9.25	7,365,350	N/A

¹⁾ On February 8, 2019, the Fund announced that it was offering to purchase approximately 55% of its outstanding shares, or 7,111,696 of its issued and outstanding shares. The offer commenced on February 8, 2019 and expired at 5:00 pm Eastern time on March 18, 2019. A total of 7,365,350 shares or approximately 56.96% of the Fund’s outstanding shares were validly tendered. In accordance with the rules of the Securities and Exchange Commission (allowing the Fund to purchase additional shares not to exceed 2% of the outstanding shares without amending or extending the offer), the Fund elected to purchase all validly tendered shares at $9.25 per share or 99% of $9.34 (the Fund’s NAV on March 18, 2019).

Item 10. Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 11. Controls and Procedures.

(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.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

The registrant did not engage in securities lending activities during the fiscal year reported on this Form N-CSR.

Item 13. Exhibits.

(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. Incorporated by reference to the registrant’s Form N-CSR filed on November 7, 2018.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. None.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)	Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) High Income Securities Fund

By (Signature and Title)* /s/ Andrew Dakos

Andrew Dakos, President

Date October 28, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ Andrew Dakos

Andrew Dakos, President

Date October 28, 2019

By (Signature and Title)* /s/ Thomas Antonucci

Thomas Antonucci, Treasurer

Date October 28, 2019

* Print the name and title of each signing officer under his or her signature.

Net asset value returns	1 year	5 years	10 years
High Income Securities Fund	2.81%	4.04%	8.19%

Market price returns
High Income Securities Fund	-7.56%	3.66%	7.50%

Index returns
ICE BofA Merrill Lynch 6 Month Treasury Bill Index	2.61%	1.13%	0.68%

Share price as of 8/31/19
Net asset value			$9.49
Market price			$8.24

	Value		Percent
Investment Companies	$	38,649,778		73.18	%
Special Purpose Acquisition Vehicles		10,316,156		19.53
Money Market Funds		3,635,102		6.88
Warrants		92,674		0.18
Corporate Notes		46,400		0.09
Convertible Preferred Stocks		28,890		0.06
Other Common Stocks		20,343		0.04
Rights		6,615		0.01
Convertible Notes		116		0.00
Senior Secured Notes		0		0.00
Total Investments	$	52,796,074		99.97	%
Other Assets in Excess of Liabilities		16,138		0.03
Total Net Assets	$	52,812,212		100.00	%

	Shares		Value
INVESTMENT COMPANIES—73.18%

Closed-End Funds—56.97%
Eaton Vance Floating Rate Income Fund		168,484	$	2,542,424
Eaton Vance Limited Duration Income Fund		204,650		2,562,218
Eaton Vance Senior Income Trust		165,329		1,001,894
First Trust High Income Long/Short Fund		150,000		2,214,000
First Trust Senior Floating Rate 2022 Target Term Fund		62,104		558,315
First Trust Senior Floating Rate Income Fund II		6,100		71,492
Franklin Universal Trust		245,462		1,809,055
Highland Income Fund		73,652		961,895
Invesco Dynamic Credit Opportunities Fund		226,646		2,459,109
Invesco High Income Trust II		21,990		313,577
Invesco Senior Income Trust		590,964		2,446,591
Neuberger Berman High Yield Strategies Fund, Inc.		11,557		136,873
New America High Income Fund, Inc.		76,284		666,722
Nuveen Credit Strategies Income Fund		20,757		155,677
PGIM Global High Yield Fund, Inc.		163,551		2,306,069
PGIM High Yield Bond Fund, Inc.		65,850		950,874
Pioneer Diversified High Income Trust		66,018		941,417
Vertical Capital Income Fund		310,942		3,283,547
Western Asset Corporate Loan Fund, Inc.		296,865		2,790,531
Western Asset Global High Income Fund, Inc.		56,209		548,038
Western Asset High Income Opportunity Fund, Inc.		273,365		1,369,559
				30,089,877

Business Development Companies—16.21%
Alcentra Capital Corp.		280,500		2,516,085
Apollo Investment Corp.		51,300		838,755
Barings BDC, Inc.		229,243		2,292,430
FS KKR Capital Corp.		397,039		2,243,270
OHA Investment Corp.		5,636		7,327
WhiteHorse Finance, Inc.		49,777		662,034
				8,559,901
Total Investment Companies ($38,759,705)				38,649,778

	Shares		Value
CONVERTIBLE PREFERRED STOCKS—0.06%

Basic Materials—0.00%
Smurfit-Stone Container Corp. Escrow, 0% (a)(c)		65,720	$	657

Energy—0.06%
Nine Point Energy, 6.75% (a)(c)		24		28,233
Total Convertible Preferred Stocks (Cost $24,000)				28,890

OTHER COMMON STOCKS—0.04%

Energy—0.04%
MWO Holdings, LLC Units (a)(c)		39		3,159
Nine Point Energy (a)(c)		1,190		17,184
Total Other Common Stocks (Cost $40,372)				20,343

		Shares/Units
SPECIAL PURPOSE ACQUISITION VEHICLES—19.53%
Agba Acquisition Ltd. (a)(g)		36,750		364,560
Alberton Acquisition Corp. (a)(g)		50,000		509,500
Churchill Capital Corp. II (a)		88,662		882,187
Fellazo, Inc. Units (a)(g)		50,000		499,505
Forum Merger II Corp. (a)		55,000		555,500
GigCapital2, Inc. Units (a)		102,250		1,030,568
Gordon Pointe Acquisition Corp (a)		100,411		1,047,287
Haymaker Acquisition Corp. II Units (a)		40,342		417,540
Landcadia Holdings II, Inc. Units (a)		69,000		691,035
Leisure Acquisition Corp. (a)		14,563		148,688
Pivotal Investment Corp. II Units (a)		15,000		151,950
RMG Acquisition Corp. Units (a)		100,000		1,007,000
SC Health Corp. Units (a)(g)		45,515		471,080
Sentinel Energy Services, Inc. (a)		50,000		512,000
Trinity Merger Corp. (a)		22,750		235,917
Tuscan Holdings Corp. II (a)		183,966		1,791,829
Tuscan Holdings Corp. II Units (a)		1		10
Total Special Purpose Acquisition Vehicles (Cost $10,217,589)				10,316,156

	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—0.09%

Communication Services—0.09%
Windstream Services, LLC Company Guaranty Senior Unsecured
9.000%, 06/30/2025 (b)(d)(f)		80,000		46,400
Total Corporate Notes (Cost $92,636)				46,400

SENIOR SECURED NOTES—0.00%

Communications Equipment—0.00%
Avaya, Inc. Escrow
7.000%, 04/01/2019 (a)(b)(c)(d)		300,000		0
Total Senior Secured Notes (Cost $0)				0

		Shares
RIGHTS—0.01%
Agba Acquisition Ltd. (Expiration: February 16, 2021) (a)(g)		36,750		6,615
Total Rights (Cost $4,510)				6,615

WARRANTS—0.18%
Agba Acquisition Ltd. (a)(g)
Expiration: May 2024
Exercise Price: $11.50		36,750		3,859
Churchill Capital Corp. (a)
Expiration: July 2024
Exercise Price: $11.50		29,554		35,465
Tuscan Holdings Corp. II (a)
Expiration: July 2025
Exercise Price: $11.50		91,983		53,350
Total Warrants (Cost $87,289)				92,674

	Shares		Value
MONEY MARKET FUNDS—6.88%
Fidelity Institutional Government Portfolio—Class I, 2.00% (e)		1,817,551	$	1,817,551
STIT-Treasury Portfolio—Institutional Class, 1.99% (e)		1,817,551		1,817,551
Total Money Market Funds (Cost $3,635,102)				3,635,102
Total Investments (Cost $53,895,153)—99.97%				52,796,074
Other Assets in Excess of Liabilities—0.03%				16,138
TOTAL NET ASSETS—100.00%			$	52,812,212

(a)	Non-income producing security.
(b)	The coupon rate shown represents the rate at August 31, 2019.
(c)	Fair valued securities. The total market value of these securities was $49,349, representing 0.09% 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, 2019.
(f)	Restricted security as to resale. As of report date, the Fund held a restricted security with a current value of $46,400, acquired January 8, 2013, which was 0.09% of its net assets.
(g)	Foreign-issued security.

Assets:
Investments, at value (Cost $53,895,153)	$	52,796,074
Dividends and interest receivable		48,878
Receivable for investments sold		51,485
Other assets		23,455
Total assets		52,919,892

Liabilities:
Administration fees payable		16,436
Chief Compliance Officer fees payable		7,497
Director fees payable		2,846
Audit fees payable		52,502
Fund accounting fees payable		455
Custody fees payable		1,623
Legal fees payable		19,852
Transfer Agent fees payable		6,021
Accrued expenses and other liabilities		448
Total liabilities		107,680
Net assets	$	52,812,212

Net assets consist of:
Paid-in Capital (Unlimited shares authorized)	$	53,929,631
Accumulated deficit		(1,117,419	)
Net assets	$	52,812,212
Net asset value per share ($52,812,212 applicable to
5,565,006 shares outstanding)	$	9.49

	For the year ended
	August 31, 2019
Investment income:
Dividends	$	617,274
Interest		1,729,079
Total investment income		2,346,353

Expenses:
Legal fees and expenses		234,399
Trustees’ fees and expenses		201,611
Administration and accounting fees		108,034
Transitional Investment Committee fees (See Note 8)		104,167
Compliance fees and expenses		90,247
Officer fees		75,000
Reports and notices to shareholders		71,429
Audit fees		52,165
Transfer agency fees and expenses		51,829
Stock exchange listing fees		42,468
Insurance fees		14,957
Proxy expenses		10,171
Custody fees and expenses		3,829
Other expenses		21,497
Net expenses		1,081,803
Net investment income		1,264,550

Net realized and unrealized gains (losses) from investment activities:
Net realized gain from investments		89,219
Change in net unrealized depreciation on investments		(47,157	)
Net realized and unrealized gains from investment activities		42,062
Increase in net assets resulting from operations	$	1,306,612

	For the			For the
	year ended			year ended
	August 31, 2019			August 31, 2018
From operations:
Net investment income	$	1,264,550		$	2,834,618
Net realized gain on investments, forward foreign
currency contracts and foreign currency translations		89,219			10,943,544
Net unrealized depreciation on investments, forward
foreign currency contracts and foreign currency translations		(47,157	)		(7,682,040	)
Net increase in net assets resulting from operations		1,306,612			6,096,122

Distributions paid to shareholders:
Net dividends and distributions		(5,620,676	)		(4,028,706	)*
Total dividends and distributions paid to shareholders		(5,620,676	)		(4,028,706	)

Capital Stock Transactions (Note 5)
Repurchase of common stock		—			(419,079	)
Repurchase of common stock through tender offer		(68,129,484	)		—
Total capital stock transactions		(68,129,484	)		(419,079	)
Net increase (decrease) in net assets
applicable to common shareholders		(72,443,548	)		1,648,337

Net assets applicable to common shareholders:
Beginning of year	$	125,255,760		$	123,607,423
End of year	$	52,812,212		$	125,255,760	**

Number of Fund Shares
Shares outstanding at beginning of year		12,930,356			12,977,001
Shares repurchased		(7,365,350	)		(46,645	)
Shares outstanding at end of year		5,565,006			12,930,356

*		Includes net investment income distributions of $4,028,706.
**		Includes accumulated undistributed net investment loss of $(1,026,368).

⁽¹⁾	Per share net investment income 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.
⁽⁴⁾	Includes 0.28% of increased proxy fees related to the 2017 annual shareholder meeting.
⁽⁵⁾	Amount represents less than $0.01 per share.

2019			2018			2017			2016			2015
$	9.69		$	9.53		$	8.92		$	8.67		$	9.56
	0.13			0.22			0.30			0.35			0.35
	0.01			0.25			0.66			0.17			(0.95	)
	0.14			0.47			0.96			0.52			(0.60	)


	(0.05	)		(0.31	)		(0.37	)		(0.37	)		(0.37	)
	(0.41	)		—			—			—			—
	(0.46	)		(0.31	)		(0.37	)		(0.37	)		(0.37	)
	—			0.00	⁽⁵⁾		0.02			0.10			0.08
	0.12			—			—			—			—
$	9.49		$	9.69		$	9.53		$	8.92		$	8.67
$	8.24		$	9.38		$	8.77		$	8.02		$	7.33
	-7.56	%		10.65	%		14.19	%		14.96	%		-10.87	%


	1.18	%		1.47	%⁽³⁾		1.22	%⁽³⁾⁽⁴⁾		0.94	%⁽³⁾		0.90	%⁽³⁾
	1.38	%		2.26	%		3.29	%		4.15	%		3.86	%


$	52,812		$	125,256		$	123,607		$	118,530		$	127,027
	43	%		49	%		50	%		26	%		35	%

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
Investment Companies
Closed-End Funds	$	30,089,877	$	—	$	—	$	30,089,877
Business Development Companies		8,559,901		—		—		8,559,901
Convertible Preferred Stocks
Basic Materials		—		—		657		657
Energy		—		—		28,233		28,233
Other Common Stocks
Energy		—		—		20,343		20,343
Special Purpose Acquisition Vehicles		8,011,079		2,305,077		—		10,316,156
Convertible Notes		—		—		116		116
Corporate Notes		—		46,400		—		46,400
Senior Secured Notes		—		—		0		0
Rights		—		6,615		—		6,615
Warrants		—		92,674		—		92,674
Money Market Funds		3,635,102		—		—		3,635,102
Total	$	50,295,959	$	2,450,766	$	49,349	$	52,796,074

	Amount of Realized Gain on Derivatives Recognized in Income
Derivatives not accounted	Statement of
for as hedging instruments	Operations Location	Value
Equity Contracts – Warrants	Net Realized Gain on Investments	$ —

	Change in Unrealized Appreciation (Depreciation)
	on Derivatives Recognized in Income
Derivatives not accounted	Statement of
for as hedging instruments	Operations Location	Total
Equity Contracts – Warrants	Net change in unrealized appreciation of investments	$5,385

Ordinary Income	$	312,843
Distribution in excess		5,307,833
Total distributions paid	$	5,620,676

	Cost of purchases		Proceeds from sales
Investments in securities (Long-term)	$	54,602,165	$	5,563,521
U.S. government securities (Long-term)		—		—
Total	$	54,602,165	$	5,563,521

Trustee Nominee	Votes For	Votes Withheld
Phillip Goldstein	3,960,908	800,802
Rajeev Das	4,044,312	717,398
Andrew Dakos	4,062,397	699,313
Richard Dayan	4,577,254	184,456
Gerald Hellerman	3,951,774	809,936
Ben H. Harris	4,577,254	184,456
Moritz Sell	4,568,303	193,407

Derivatives not accounted	Statement of Assets &
for as hedging instruments	Liabilities Location	Value
Equity Contracts – Warrants	Investments, at value	$92,674

Tax cost of investments	$	53,913,493
Unrealized appreciation		652,978
Unrealized depreciation		(1,770,397	)
Net unrealized depreciation		(1,117,419	)
Undistributed ordinary income		—
Undistributed long-term gains		—
Total distributable earnings		—
Other accumulated gains/losses and other temporary differences		—
Total accumulated losses	$	(1,117,419	)

Votes For	Votes Against	% of Quorum	Votes Withheld
1,013,650	256,097	21.29%	3,491,963

		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
(53)	as of	Since	LLC 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.;
					Director, The
					Mexico Equity and
					Income Fund Inc.
					(until 2015).

Phillip Goldstein***	Secretary	1 year;	Member of Bulldog Investors,	1	Chairman, The
(74)	as of	Since	LLC since 2009; Principal of		Mexico Equity and
	July 2018.	2018	the general partner of several		Income Fund, Inc.;
			private investment partnerships		Chairman, Special
			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, Inc.;
					Chairman,
					Emergent Capital,
					Inc. (until 2017).

*		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, LLC 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).