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<FILENAME>audltr061.txt
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PricewaterhouseCoopers LLP
125 High Street
Boston, MA 02110 1707
Telephone (617) 530 5000
Facsimile (617) 530 5001

Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of Putnam High Income Securities
Fund (formerly Putnam High Income Bond Fund):

In planning and performing our audit of the financial statements
of Putnam High Income Securities Fund (the Fund) as of and for
the year ended August 31, 2005, in accordance with the standards
of the Public Company Accounting Oversight Board (United States),
we considered the Funds internal control over financial
reporting, including controls for safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply
with the requirements of Form NSAR, not to provide assurance on
the Funds internal control over financial reporting as of August
31, 2005.

The management of the Fund is responsible for establishing and
maintaining internal control over financial reporting.  In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A funds internal control over
financial reporting is a process designed 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.  Such
internal control over financial reporting includes policies and
procedures that provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use or
disposition of a funds assets that could have a material effect
on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A control deficiency exists when the design or operation of a
control does not allow management or employees, in the normal
course of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A significant deficiency
is a control deficiency, or combination of control deficiencies,
that adversely affects the funds ability to initiate, authorize,
record, process or report external financial data reliably in
accordance with generally accepted accounting principles such
that there is more than a remote likelihood that a misstatement
of the funds annual or interim financial statements that is more
than inconsequential will not be prevented or detected. A
material weakness is a control deficiency, or combination of
control deficiencies, that results in more than a remote
likelihood that a material misstatement of the annual or interim
financial statements will not be prevented or detected.

Our consideration of the Funds internal control over financial
reporting would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the Public Company
Accounting Oversight Board (United States).  However, during our
audit of the financial statements of the Fund as of and for the
year ended August 31, 2005, we noted no deficiencies in the Funds
internal control over financial reporting, including controls for
safeguarding securities, that we consider to be a material
weakness as defined above as of August 31, 2005.

This report is intended solely for the information and use of
management and the Board of Trustees of Putnam High Income
Securities Fund and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than
these specified parties.


/s/ PricewaterhouseCoopers LLP
October 11, 2005

















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