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Putnam High Income Securities Fund annual report as of
August 31, 2008

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.  Upon adoption, the Interpretation did not have a
material effect on the funds financial statements.
However, the conclusions regarding the Interpretation may
be subject to review and adjustment at a later date based
on factors including, but not limited to, further
implementation guidance expected from the FASB, and on-
going analysis of tax laws, regulations and interpretations
thereof. Each of the funds federal tax returns for the
prior three fiscal years remains subject to examination by
the Internal Revenue Service.

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 expands disclosures
about fair value measurements.  The Standard applies to
fair value measurements already required or permitted by
existing standards.  The Standard is effective for fiscal
years beginning after November 15, 2007 and interim periods
within those fiscal years. Putnam Management does not
believe the adoption of the Standard will impact the
amounts reported in the financial statements; however,
additional disclosures will be required about the inputs
used to develop the measurements of fair value.

In March 2008, Statement of Financial Accounting Standards
No. 161, Disclosures about Derivative Instruments and
Hedging Activities (SFAS 161) - an amendment of FASB
Statement No. 133, was issued and is effective for fiscal
years beginning after November 15, 2008. SFAS 161 requires
enhanced disclosures about how and why an entity uses
derivative instruments and how derivative instruments
affect an entitys financial position. Putnam Management is
currently evaluating the impact the adoption of SFAS 161
will have on the funds financial statement disclosures.


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