<SEC-DOCUMENT>0001398344-18-003554.txt : 20180305
<SEC-HEADER>0001398344-18-003554.hdr.sgml : 20180305
<ACCEPTANCE-DATETIME>20180305172708
ACCESSION NUMBER:		0001398344-18-003554
CONFORMED SUBMISSION TYPE:	DEFC14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180305
DATE AS OF CHANGE:		20180305
EFFECTIVENESS DATE:		20180305

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH INCOME SECURITIES FUND
		CENTRAL INDEX KEY:			0000810943
		IRS NUMBER:				046562068
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEFC14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05133
		FILM NUMBER:		18667521

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		PUTNAM LLC
		STREET 2:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME BOND FUND
		DATE OF NAME CHANGE:	20030408

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH BOND FUND
		DATE OF NAME CHANGE:	20021107

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME CONVERTIBLE & BOND FUND
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bulldog Investors, LLC
		CENTRAL INDEX KEY:			0001504304
		IRS NUMBER:				270926182
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFC14A

	BUSINESS ADDRESS:	
		STREET 1:		PARK 80 WEST - PLAZA TWO
		STREET 2:		250 PEHLE AVE. SUITE 708
		CITY:			SADDLE BROOK
		STATE:			NJ
		ZIP:			07663
		BUSINESS PHONE:		201 556-0092

	MAIL ADDRESS:	
		STREET 1:		PARK 80 WEST - PLAZA TWO
		STREET 2:		250 PEHLE AVE. SUITE 708
		CITY:			SADDLE BROOK
		STATE:			NJ
		ZIP:			07663

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Brooklyn Capital Management LLC
		DATE OF NAME CHANGE:	20101026
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFC14A
<SEQUENCE>1
<FILENAME>fp0031748_defc14a.htm
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<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A INFORMATION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">PROXY STATEMENT PURSUANT TO SECTION 14(a)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">OF THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(AMENDMENT NO.__)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Filed by the Registrant [ ]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Filed by a Party other than the Registrant [x]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Bulldog Investors, LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Attn: Phillip Goldstein</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">250 Pehle Avenue, Suite 708</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Saddle Brook, NJ 07663</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Phone: 201 881-7100</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fax: 201 556-0097</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Preliminary Proxy Statement</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Confidential, for Use of the Commission Only (as permitted by</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Rule 14a-6(e)(2))</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Definitive Proxy Statement [X]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Definitive Additional Materials [ ]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Soliciting Material Pursuant to ss.240.14a-11(c) or ss.240.14a-12</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Putnam High Income Securities Fund</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(Name of Registrant as Specified in Its Charter)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Bulldog Investors, LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">No fee required [x].</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and
0-11.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(1) Title of each class of securities to which transaction applies:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(2) Aggregate number of securities to which transaction applies:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(4) Proposed maximum aggregate value of transaction:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><B>Bulldog Investors, LLC,
250 Pehle Avenue, Suite 708, Saddle Brook, NJ 07663</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: center"><B>(201) 881-7111 // Fax: (201)
556-0097 // <U>pgoldstein@bulldoginvestors.com</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">March 7, 2018</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Dear Fellow Shareholders of Putnam High
Income Securities Fund (PCF)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 45.8pt">PCF&rsquo;s recent
performance has been poor relative to its peers. According to the Wall Street Journal, for the 52-week period ending March 2, 2018,
PCF ranked 10<SUP>th</SUP> out of 13 closed-end funds that invest in convertible securities. Over that time span, shareholders
have realized a market return of only 7%. By contrast, the top-ranked Gabelli Convertible and Income Securities (GCV) has returned
30%. That may be why GCV&rsquo;s shares trade at a premium to net asset value while PCF&rsquo;s shares languish at a discount.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 45.8pt">We think it is
time to give shareholders of PCF an opportunity to realize a price for their shares that is closer to NAV. Toward that goal, we
are seeking your support for a proposal requesting a sizeable self-tender offer for PCF&rsquo;s shares at or close to NAV. The
incumbent trustees oppose this proposal. Why? We think they just don&rsquo;t want to bite the hand that feeds them. Each of PCF&rsquo;s
so-called independent trustees receives more than $300,000 per annum to oversee Putnam&rsquo;s mutual funds, so they are not inclined
to support any proposal that adversely impacts Putnam&rsquo;s revenues. That conflict of interest is why we are also proposing
to elect seven Trustees who have no ties to Putnam and who will act solely in your interest, not Putnam&rsquo;s.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>IF YOU WANT TO VOTE
FOR THE SELF-TENDER OFFER PROPOSAL, YOU MUST RETURN THE ENCLOSED GREEN PROXY CARD. IF YOUR SHARES ARE HELD IN STREET NAME, YOU
MAY VOTE ONLINE AT WWW.PROXYVOTE.COM OR BY TELEPHONE AT 1-800-454-8683. IF YOU HAVE ALREADY RETURNED MANAGEMENT&rsquo;S PROXY CARD
(EVEN IF YOU VOTED AGAINST THE BOARD&rsquo;S NOMINEES), YOU MUST STILL VOTE OUR GREEN PROXY CARD IN ORDER TO ELECT OUR NOMINEES
AS TRUSTEES.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>IF YOU HAVE ANY QUESTIONS
ABOUT HOW TO VOTE YOUR PROXY, PLEASE CALL INVESTORCOM AT 1-877-972-0090.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45.8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; width: 50%"><FONT STYLE="font-size: 11pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1in; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 33.75pt; width: 150.75pt"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 1in; font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">Phillip Goldstein</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">Principal</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 11pt">Bulldog Investors, LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B></B></P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROXY STATEMENT OF BULLDOG INVESTORS, LLC
IN OPPOSITION TO THE SOLICITATION BY THE BOARD OF TRUSTEES OF PUTNAM HIGH INCOME SECURITIES FUND FOR THE 2018 ANNUAL MEETING OF
SHAREHOLDERS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Bulldog Investors, LLC (&ldquo;Bulldog Investors&rdquo;)
is sending this proxy statement and the enclosed GREEN proxy card to shareholders of Putnam High Income Securities Fund (the &ldquo;Fund&rdquo;)
of record as of February 5, 2018. We are soliciting a proxy to vote your shares at the 2018 Annual Meeting of Shareholders (the
&ldquo;Meeting&rdquo;), which is scheduled for April 27, 2018. <U>Please refer to the Fund&rsquo;s proxy soliciting material for
additional information concerning the Meeting and the matters to be considered by shareholders.</U> This proxy statement and the
enclosed GREEN proxy card are first being sent to shareholders on or about March 7, 2018.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>INTRODUCTION</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Trustees has determined to present
two matters to be voted upon at the Meeting: a proposal to fix the number of trustees at (the current number of) twelve (Proposal
1A), and the election of twelve trustees (Proposal 1B). In addition, at the Meeting, Full Value Partners, L.P., a shareholder affiliated
with us, intends to present a non-binding proposal requesting that the Board of Trustees authorize a self-tender offer for at least
50% of the outstanding common shares of the Fund at or close to net asset value (NAV) (Proposal 2), and a proposal to fix the number
of trustees at seven (Proposal 3). (If Proposal 2 is approved by shareholders, the board could elect to implement it by directing
the Fund&rsquo;s investment advisor to sell enough portfolio securities to pay for tendered and accepted shares.) We are soliciting
a proxy to vote your shares AGAINST the proposal to fix the number of trustees at twelve, FOR the election of the seven nominees
named below, and FOR the two shareholder proposals.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><U>REASONS FOR THE SOLICITATION</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe a seven-trustee board is sufficient
to oversee the Fund. We also believe a significant self-tender offer at or close to NAV should be conducted in order to afford
shareholders an opportunity to realize a price above the market price and that our nominees, if elected, will implement such a
proposal if it is approved by shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><U>HOW PROXIES WILL BE
VOTED</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If you complete and return a GREEN proxy card
to us, and unless you direct otherwise, your shares will be voted AGAINST the proposal to fix the number of trustees at twelve,
FOR the election of the seven nominees named below as trustees, and FOR the two shareholder proposals. In addition, you will be
granting the proxy holders discretionary authority to vote on any other matters that may come before the Meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>VOTING REQUIREMENTS</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A quorum for the transaction of business will
exist if holders of thirty percent of the shares entitled to vote are represented at the Meeting. As of February 5, 2018, there
were 12,935,965.942 shares outstanding. Each share is entitled to one vote. The election of a trustee requires the affirmative
vote of a plurality of the votes cast, i.e., the nominees receiving the most votes will be elected. A majority of the votes cast
is required to approve all other proposals. Since there are competing proposals to fix the number of trustees, we presume that
the number of trustees (either seven or twelve) will be determined by which of the competing proposal receives the most votes.
An abstention or a broker non-vote will have no effect on the election of trustees or whether a proposal is approved.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; text-align: center; margin-bottom: 0"><U>REVOCATION OF PROXIES</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You may revoke your proxy prior to its exercise
by: (i) delivering a written revocation to us; (ii) executing and delivering a later dated proxy to the inspector of election;
or (iii) voting in person at the Meeting. Attendance at the Meeting will not by itself revoke a proxy. There is no limit on the
number of times you may revoke your proxy and only your most recent proxy will be counted.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>PROPOSAL 1A. FIXING THE NUMBER OF TRUSTEES AT TWELVE</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board intends to propose that shareholders
fix the number of trustees at the current number of 12. However, it does not provide a reason for its recommendation and we believe
it is unnecessary to have so many trustees. Therefore, unless instructions to the contrary are given, your proxy will be voted
against this proposal.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>PROPOSAL 1B: ELECTION OF TRUSTEES </U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our affiliate intends to nominate the following
seven persons for election as trustees, none of whom personally owns any shares of the Fund except for 10,772 shares beneficially
owned jointly by Mr. Goldstein and his wife, 6,241 shares beneficially owned by Mr. Goldstein, 933 shares beneficially owned by
Mr. Dakos, and 1,178 shares owned by Mr. Hellerman as of February 5, 2018. In addition, Mr. Das&rsquo; wife beneficially owns 1,003
shares. Each nominee has consented to be nominated and, if elected, to serve as a trustee. The primary reason for selecting our
nominees is that we know them to be advocates for shareholders and they are not beholden to Putnam for their positions. Including
such shares, as of February 5, 2018 Messrs. Goldstein and Dakos may be deemed collectively to beneficially own 1,988,604 shares
of the Fund as a result of their roles with Bulldog Investors, whose clients are the ultimate beneficial owners of 1,970,658 of
such shares. In particular, Messrs. Goldstein and Dakos are members of Bulldog Investors, which is the general partner of, or the
investment advisor for, certain investment funds, and are limited partners in one or more of such funds. Messrs. Goldstein and
Dakos disclaim beneficial interest in all such shares except to the extent of any pecuniary interest in such funds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no arrangements or understandings
between any of our nominees and Bulldog Investors or any of its affiliates in connection with the nominations. None of our nominees
are currently trustees of any funds in the &ldquo;Putnam complex&rdquo; of funds. <U>Please refer to the Fund&rsquo;s proxy soliciting
material for additional information concerning the election of trustees and any other matters related to the Meeting.</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; border-right: Black 1pt solid; border-left: Black 1pt solid">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt"><B>Name, Address and Age*</B></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt"><P STYLE="margin-top: 0; margin-bottom: 0"><B>Principal Occupation</B></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><B>During the Past Five Years</B></P></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Other Directorships held by</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Nominee During
        the Past</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Five years</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: justify">Phillip Goldstein (73)</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">M<FONT STYLE="color: #1A1919">ember of </FONT>Bulldog Investors,
        LLC, an SEC-registered investment adviser that serves as the investment adviser to, among other clients, the Bulldog Investors
        group of private investment funds and Special Opportunities Fund, Inc., a registered closed-end investment company; <FONT STYLE="color: #1A1919">Principal
        of the general partner of the private investment partnerships in the Bulldog Investors group of private funds.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">Chairman of the Mexico Equity &amp; Income Fund, Inc.; Secretary and Chairman of Special Opportunities Fund, Inc.; Director of MVC Capital, Inc.; Director of Brookfield DTLA Fund Office Trust Investor; Trustee of Crossroads Liquidating Trust; Chairman of Brantley Capital Corporation (until 2013); Director of ASA Ltd. (until 2013); Chairman of Emergent Capital, Inc. (until 2017).</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: justify">Andrew Dakos (52)</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">M<FONT STYLE="color: #1A1919">ember of </FONT>Bulldog Investors,
        LLC, an SEC-registered investment adviser that serves as the investment adviser to, among other clients, the Bulldog Investors
        group of private investment funds and Special Opportunities Fund, Inc., a registered closed-end investment company; <FONT STYLE="color: #1A1919">Principal
        of the general partner of the private investment partnerships in the Bulldog Investors group of private funds.</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">President and Director of Special Opportunities Fund; Director of Swiss Helvetia Fund, Inc.; Director of Brookfield DTLA Fund Office Trust Investor; Trustee of Crossroads Liquidating Trust; Director of Brantley Capital Corporation (until 2013); Director of the Mexico Equity &amp; Income Fund (until 2015); <FONT STYLE="color: #1A1919">Director</FONT> of Emergent Capital, Inc. (until 2017).</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: justify">Rajeev Das (49)</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Principal of the general partner of the private investment partnerships
        in the Bulldog Investors group of investment funds; Head Trader of Bulldog Investors, LLC., an SEC-registered investment adviser
        that serves as the investment adviser to, among other clients, the Bulldog investors group of private investment funds and Special
        Opportunities Fund, Inc., a registered closed-end investment company.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">Director and Chairman of the Audit Committee of the Mexico Equity &amp; Income Fund; Vice President of Special Opportunities Fund, Inc.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; border-right: Black 1pt solid; border-left: Black 1pt solid">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: justify; width: 34%; border-top: Black 1pt solid">Richard Dayan (75)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 33%; border-top: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">President and owner of Cactus Trading, an importer and exporter
        of clothing and accessories. Mr. Dayan formerly served for fifteen years as controller for Biltmore Textiles, a major textile company.
        Prior to that, he was an auditor for a public accounting firm.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; width: 33%; border-top: Black 1pt solid"><FONT STYLE="color: #1A1919">Director</FONT> of Emergent Capital, Inc. (until 2016).</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: justify">Gerald Hellerman (81)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">Managing Director of Hellerman Associates (a financial and corporate consulting firm) from 1993 to December 31, 2013). Chief Compliance Officer of <FONT STYLE="color: #1A1919">Mexico Equity and Income Fund, Inc. and </FONT>Special Opportunities Fund, Inc.</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #1A1919">Director, Mexico Equity and Income
        Fund, Inc.; Director, Special Opportunities Fund, Inc.; Director and Chair of the Audit Committee, MVC Capital, Inc.; Director,
        Ironsides Partners Opportunity Offshore Fund Ltd. (until 2017); Director and Chair of the Audit Committee of Emergent Capital,
        Inc.; Director (until 2017), Director of Crossroads Capital, Inc. (f/k/a BDCA Venture, Inc.) (until 2017); </FONT>Trustee of Crossroads
        Liquidating Trust; Trustee of Fiera Capital Series Trust; <FONT STYLE="color: #1A1919">Director, Brantley Capital Corporation (until
        2013).</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: justify">Ben H. Harris (50)</TD>
    <TD STYLE="border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Harris currently serves as Administrator of Crossroads Liquidating
        Trust, having served as the CEO of Crossroads Capital, Inc. (Nasdaq: XRDC). He previously served as an investment professional
        for MVC Capital, Inc. (NYSE: MVC) and Administrator of Brantley Capital Corp. (Nasdaq: BBDC). Ben holds a J.D. and is a member
        of the Nebraska bar.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt">Mr. Harris serves as Chair or member of several Audit Committees alongside serving on numerous boards, including Nebraska Bank of Commerce, NBC Trust Company, Mountain View Bank of Commerce, and Special Opportunities Fund (NYSE: SPE).</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; border-right: Black 1pt solid; border-left: Black 1pt solid">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: justify; width: 34%; border-top: Black 1pt solid">Mortiz Sell (51)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 33%; border-top: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Mr. Sell currently serves as a Principal at Edison Holdings GmbH
        (commercial real estate and venture capital). In addition, Mr. Sell currently serves as Senior Advisor to Markston International
        LLC, an independent asset manager. Formerly, a Senior Executive, Director, Market Strategist, and Head of Proprietary Trading (London
        Branch) at Landesbank Berlin AG (banking) and its predecessor, now holding company, Landesbank Berlin Holding AG (formerly named
        Bankgesellschaft Berlin AG) from 1996 to 2013.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; width: 33%; border-top: Black 1pt solid">Mr. Sell has been a director of Aberdeen Greater China Fund since 2012, Chairman of the Board of Aberdeen Singapore Fund since 2011, a director of Aberdeen Australia Equity Fund since 2004, and a director of The Swiss Helvetia Fund since 2017. From 2000-2004, Mr. Sell was a director of France Growth Fund and from 1998-1999 he was a director of Growth Fund of Spain.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Each nominee may be contacted by writing to him c/o Bulldog
Investors, LLC, Park 80 West &ndash; Plaza Two, 250 Pehle Ave., Suite 708, Saddle Brook, NJ 07663.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless instructions to the contrary are given,
your proxy will be voted in favor of the above nominees for election as trustees and will withhold on the election of any other
nominees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><U>PROPOSAL 2. THE SHAREHOLDERS OF PUTNAM
HIGH INCOME SECURITIES FUND (THE &ldquo;FUND&rdquo;) REQUEST THAT THE BOARD OF TRUSTEES AUTHORIZE A SELF-TENDER OFFER FOR AT LEAST
50% OF THE OUTSTANDING COMMON SHARES OF THE FUND AT OR CLOSE TO NET ASSET VALUE (NAV).</U> (This proposal is not binding.)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A significant self-tender offer at or close
to NAV will afford shareholders an opportunity to realize a price above the market price. Although this proposal is not binding,
if it is approved by shareholders, the Board could elect to implement it by directing the Fund&rsquo;s investment advisor to sell
enough portfolio securities to pay for tendered and accepted shares. Moreover, certain transaction costs may be incurred in conducting
a tender offer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless instructions to the contrary are given,
your proxy will be voted in favor of this proposal.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>PROPOSAL 3: THE NUMBER OF TRUSTEES SHALL
BE FIXED AT SEVEN.</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe a seven-trustee board is sufficient
to oversee the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless instructions to the contrary are given,
your proxy will be voted in favor of this proposal.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>THE SOLICITATION</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We intend to solicit proxies by mail, and may
utilize other means, e.g., telephone or the internet. Our proxy materials are available at: www.bulldoginvestorsproxymaterials.com.
Persons affiliated with or employed by us may assist us in the solicitation of proxies. Banks, brokerage houses and other securities
intermediaries will be requested to forward this proxy statement and the enclosed GREEN proxy card to the beneficial owners for
whom they hold shares of record. We will reimburse these organizations for their reasonable out-of-pocket expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Initially, we and our clients will bear the
expenses related to this proxy solicitation. Because we believe that all shareholders will benefit from this solicitation and a
similar solicitation we conducted last year, we intend to seek, subject to any applicable regulatory requirements, reimbursement
of our expenses from the Fund. Shareholders will not be asked to vote on the reimbursement of these expenses, which we estimate
will be $80,000 this year plus about $60,000 last year for a total of $140,000.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>PARTICIPANTS</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of February 5, 2018, Bulldog Investors,
250 Pehle Avenue, Suite 708, Saddle Brook, NJ 07663, the soliciting stockholder, beneficially owns 1,969,480 shares of the Fund
which were purchased between November 20, 2015 and February 5, 2018. Separately, Mr. Goldstein and his wife jointly own 10,772
shares in street name which were purchased from August 2015 to October 2015; Mr. Goldstein individually owns 6,241 shares which
were purchased from September 6, 2017 to January 30, 2018; Mr. Dakos owns 933 shares which were purchased in January 2018; Mr.
Hellerman owns 1,178 shares; and Mr. Das&rsquo; wife owns 1,003 shares. No &ldquo;participant&rdquo; has any arrangement or understanding
with any person with respect to any securities of the Fund or with respect to future employment by the Fund or any of its affiliates
or to any future transactions to which the Fund or any of its affiliates will or may be a party. A &ldquo;participant,&rdquo; as
defined by the SEC, includes Bulldog Investors, each of the aforementioned nominees, and each client advised by Bulldog Investors.
The SEC&rsquo;s definition of a &ldquo;participant&rdquo; may be misleading because it suggests that a &ldquo;participant&rdquo;
has a greater role in a solicitation than may be the case.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">March 5, 2018</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>PROXY CARD</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>THIS PROXY IS SOLICITED BY BULLDOG INVESTORS,
LLC IN OPPOSITION TO THE SOLICITATION BY THE BOARD OF TRUSTEES OF PUTNAM HIGH INCOME SECURITIES FUND (THE &ldquo;FUND&rdquo;) FOR
THE FUND&rsquo;S 2018 ANNUAL MEETING OF SHAREHOLDERS (THE &ldquo;MEETING&rdquo;).</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned hereby appoints Phillip Goldstein
and Andrew Dakos and each of them, as the undersigned&rsquo;s proxies, with full power of substitution, to attend the Meeting and
any adjourned or postponed Meeting, and to vote on all matters that come before the Meeting the number of shares that the undersigned
would be entitled to vote if present in person, as specified below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(INSTRUCTIONS: Mark votes by placing an &ldquo;x&rdquo; in the appropriate
[ ].)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">1A. FIXING THE NUMBER OF TRUSTEES AT TWELVE.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 33%">FOR [ ]</TD>
    <TD STYLE="font-size: 11pt; width: 34%">AGAINST [ ]</TD>
    <TD STYLE="font-size: 11pt; width: 33%">ABSTAIN [ ]</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">1B. ELECTION OF TRUSTEES.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">[ ] FOR PHILLIP GOLDSTEIN</TD>
    <TD STYLE="width: 50%">[ ] WITHHOLD AUTHORITY</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>[ ] FOR RAJEEV DAS</TD>
    <TD>[ ] WITHHOLD AUTHORITY</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>[ ] FOR ANDREW DAKOS</TD>
    <TD>[ ] WITHHOLD AUTHORITY</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>[ ] FOR RICHARD DAYAN</TD>
    <TD>[ ] WITHHOLD AUTHORITY</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>[ ] FOR GERALD HELLERMAN</TD>
    <TD>[ ] WITHHOLD AUTHORITY</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>[ ] FOR BEN H. HARRIS</TD>
    <TD>[ ] WITHHOLD AUTHORITY</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>[ ] FOR MORITZ SELL</TD>
    <TD>[ ] WITHHOLD AUTHORITY</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. A NON-BINDING PROPOSAL TO REQUEST THAT THE
BOARD OF TRUSTEES AUTHORIZE A SELF-TENDER OFFER FOR AT LEAST 50% OF THE OUTSTANDING COMMON SHARES OF THE FUND AT OR CLOSE TO NET
ASSET VALUE (NAV).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">FOR [ ]</TD>
    <TD STYLE="width: 34%">AGAINST [ ]</TD>
    <TD STYLE="width: 33%">ABSTAIN [ ]</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. TO FIX THE NUMBER OF TRUSTEES AT SEVEN.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">FOR [ ]</TD>
    <TD STYLE="width: 34%">AGAINST [ ]</TD>
    <TD STYLE="width: 33%">ABSTAIN [ ]</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Please sign and date below. Your shares will
be voted as directed. <B>If no direction is made, this proxy will be voted AGAINST Proposal 1A, FOR the election of the above nominees
as trustees (and TO WITHHOLD a vote for any nominees presented by the Board of Trustees), and FOR Proposals 2 and 3.</B> The undersigned
hereby acknowledges receipt of the proxy statement dated March 5, 2018 of Bulldog Investors and revokes any proxy previously executed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>



<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Signature(s)</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Dated:</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>





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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
