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<TYPE>EX-99
<SEQUENCE>3
<FILENAME>acctpron061.txt
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Putnam High Income Securities Fund semiannual report as of
February 28, 2007

Accounting pronouncements

In June 2006, the Financial Accounting Standards Board (FASB)
issued Interpretation No. 48, Accounting for Uncertainty in
Income Taxes (the Interpretation).  The Interpretation
prescribes a minimum threshold for financial statement
recognition of the benefit of a tax position taken or expected
to be taken by a filer in the filers tax return.  The
Interpretation will become effective for fiscal years beginning
after December 15, 2006 but will also apply to tax positions
reflected in the funds financial statements as of that date. No
determination has been made whether the adoption of the
Interpretation will require the fund to make any adjustments to
its net assets or have any other effect on the funds financial
statements. The effects of implementing this pronouncement, if
any, will be noted in the funds next semiannual financial
statements.

In September 2006, the FASB issued Statement of Financial
Accounting Standards No. 157, Fair Value Measurements (the
Standard).  The Standard defines fair value, sets out a
framework for measuring fair value and requires additional
disclosures about fair value measurements.  The Standard applies
to fair value measurements already required or permitted by
existing standards.  The Standard is effective for financial
statements issued for fiscal years beginning after November 15,
2007 and interim periods within those fiscal years. Putnam
Management is currently evaluating what impact the adoption of
the Standard will have on the funds financial statements.

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