<SEC-DOCUMENT>0001145549-21-065450.txt : 20211115
<SEC-HEADER>0001145549-21-065450.hdr.sgml : 20211115
<ACCEPTANCE-DATETIME>20211115162103
ACCESSION NUMBER:		0001145549-21-065450
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210831
FILED AS OF DATE:		20211115
DATE AS OF CHANGE:		20211115
EFFECTIVENESS DATE:		20211115

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05133
		FILM NUMBER:		211411017

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		414-765-6318

	MAIL ADDRESS:	
		STREET 1:		US BANCORP FUND SERVICES LLC
		STREET 2:		615 EAST MICHIGAN STREET
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME SECURITIES FUND
		DATE OF NAME CHANGE:	20050930

	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
</SEC-HEADER>
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        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:'';font-weight:bold;text-align:center; font-size:12pt;font-weight:bold;font-family:'Times New Roman';font-style:normal;text-transform:none;font-variant: normal;">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;text-align:justify;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;text-align:justify;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;text-align:justify;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:'';font-size:10pt;text-align:justify; font-weight:bold;font-size:11pt;font-family:'Times New Roman';font-style:normal;text-transform:none;font-variant: normal;">Shareholders and Board of Trustees&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:'';font-size:10pt;text-align:justify; font-weight:bold;font-size:11pt;font-family:'Times New Roman';font-style:normal;text-transform:none;font-variant: normal;">High Income Securities Fund&#160;</p>
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        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;text-align:justify;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:'';font-size:10pt;text-align:justify; font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In planning and performing our audits of the financial statements of the High Income<font style="font-size: 16pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Securities</font><font style="font-size: 16pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Fund (the &ldquo;Fund&rdquo;), as of and for the year ended August 31, 2021, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund&rsquo;s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund&rsquo;s internal control over financial reporting.  Accordingly, we express no such opinion.</font>&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;text-align:justify;">&#160;&#160;</p>
        <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:'';font-size:10pt; font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The management of the Fund is responsible for establishing and maintaining effective 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 company&rsquo;s 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. A company&rsquo;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that<font style="font-size: 8pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">receipts</font><font style="font-size: 8pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and expenditures of the company are being made only in accordance with authorizations of management and directors of the</font><font style="font-size: 8pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">company;</font><font style="font-size: 8pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font><font style="font-size: 7pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(3)</font><font style="font-size: 8pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">provide</font><font style="font-size: 7pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">reasonable</font><font style="font-size: 8pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">assurance</font><font style="font-size: 7pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">regarding</font><font style="font-size: 8pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">prevention</font><font style="font-size: 7pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">or</font><font style="font-size: 8pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">timely</font><font style="font-size: 7pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">detection</font><font style="font-size: 8pt; font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of unauthorized acquisition, use or disposition of a company&rsquo;s assets that could have a material effect on the financial statements.</font>&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;text-align:justify;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:'';font-size:10pt;text-align:justify; font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Because of 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.&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;text-align:justify;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:'';font-size:10pt;text-align:justify; font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A deficiency in internal control over financial reporting 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 material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company&rsquo;s annual or interim financial statements will not be prevented or detected on a timely basis.&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;text-align:justify;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;text-align:justify;"><font style="font-size: 11pt;">&#160;</font></p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;text-align:justify;"><font style="font-size: 11pt;">Our consideration of the Funds&rsquo; internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds&rsquo; internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of August 31, 2021.&#160;</font></p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;text-align:justify;">&#160;&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:'';font-size:10pt;text-align:justify; font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This report is intended solely for the information and use of management, the Board of Trustees of the 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.&#160;</p>
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        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;text-align:justify;">/s/ Tait, Weller &amp; Baker LLP</p>
        <font style="padding-left: 4em;"></font>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:'';text-align:justify; font-size:12pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:-15.38%;"><font style="padding-left: 4em;"></font><font style="padding-left: 4em;"></font><font style="font-family: 'Times New Roman';"></font><font style="font-weight: bold; font-family: 'Times New Roman';">TAIT</font></p>
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        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:'';font-size:10pt;text-align:justify; font-weight:bold;font-size:11pt;font-family:'Times New Roman';font-style:normal;text-transform:none;font-variant: normal;">Philadelphia, Pennsylvania&#160;</p>
        <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:'';font-size:10pt;text-align:justify; font-weight:bold;font-size:11pt;font-family:'Times New Roman';font-style:normal;text-transform:none;font-variant: normal;">October 28, 2021&#160;</p>
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