SCHEDULE 13D/A


DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT
2/24/17


1. NAME OF REPORTING PERSON
Bulldog Investors, LLC


2. CHECK THE BOX IF MEMBER OF A GROUP                  a[ ]

                                                       b[]

3. SEC USE ONLY

4. SOURCE OF FUNDS
WC


5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e)                        []

6. CITIZENSHIP OR PLACE OF ORGANIZATION
DE
___________________________________________________________


7. SOLE VOTING POWER
795,971

8. SHARED VOTING POWER
701,959

9. SOLE DISPOSITIVE POWER
795,971
_______________________________________________________

10. SHARED DISPOSITIVE POWER
701,959



11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
1,497,930 (Footnote 1)

12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES

[]
___________________________________________________________


13. PERCENT OF CLASS REPRESENTED BY ROW 11

11.27%

14. TYPE OF REPORTING PERSON

IA

___________________________________________________________
1. NAME OF REPORTING PERSON
Bulldog Investors Group of Funds


2. CHECK THE BOX IF MEMBER OF A GROUP                  a[x]

                                                       b[]

3. SEC USE ONLY

4. SOURCE OF FUNDS
WC


5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e)                        []

6. CITIZENSHIP OR PLACE OF ORGANIZATION
DE
___________________________________________________________


7. SOLE VOTING POWER
795,971

8. SHARED VOTING POWER
0

9. SOLE DISPOSITIVE POWER
795,971
_______________________________________________________

10. SHARED DISPOSITIVE POWER
0



11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
795,971 (Footnote 1)

12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES

[]
___________________________________________________________


13. PERCENT OF CLASS REPRESENTED BY ROW 11
5.99%

14. TYPE OF REPORTING PERSON

IC

___________________________________________________________

1. NAME OF REPORTING PERSON
Phillip Goldstein


2. CHECK THE BOX IF MEMBER OF A GROUP                  a[x]

                                                       b[]

3. SEC USE ONLY

4. SOURCE OF FUNDS
WC


5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e)                        []

6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA

7. SOLE VOTING POWER
795,971

8. SHARED VOTING POWER
701,959

9. SOLE DISPOSITIVE POWER
795,971
_______________________________________________________

10. SHARED DISPOSITIVE POWER
701,959



11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
1,497,930 (Footnote 1)

12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES

[]
___________________________________________________________


13. PERCENT OF CLASS REPRESENTED BY ROW 11

11.27%

___________________________________________________________



14. TYPE OF REPORTING PERSON

IN

___________________________________________________________
1. NAME OF REPORTING PERSON
Andrew Dakos


2. CHECK THE BOX IF MEMBER OF A GROUP                  a[]

                                                       b[]

3. SEC USE ONLY

4. SOURCE OF FUNDS
WC


5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e)                        []

6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
___________________________________________________________


7. SOLE VOTING POWER
795,971

8. SHARED VOTING POWER
701,959

9. SOLE DISPOSITIVE POWER
795,971
_______________________________________________________

10. SHARED DISPOSITIVE POWER
701,959



11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
1,497,930 (Footnote 1)

12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES

[]
___________________________________________________________


13. PERCENT OF CLASS REPRESENTED BY ROW 11

11.27%


14. TYPE OF REPORTING PERSON

IN

___________________________________________________________
1. NAME OF REPORTING PERSON
Steven Samuels


2. CHECK THE BOX IF MEMBER OF A GROUP                  a[]

                                                       b[]

3. SEC USE ONLY

4. SOURCE OF FUNDS
WC


5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e)                        []

6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
___________________________________________________________

7. SOLE VOTING POWER
795,971

8. SHARED VOTING POWER
701,959

9. SOLE DISPOSITIVE POWER
795,971
_______________________________________________________

10. SHARED DISPOSITIVE POWER
701,959



11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
1,497,930 (Footnote 1)

12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES

[]
___________________________________________________________


13. PERCENT OF CLASS REPRESENTED BY ROW 11

11.27%


14. TYPE OF REPORTING PERSON

IN
_______________________________________________________

Item 1. SECURITY AND ISSUER

This statement constitutes Amendment #1 to the schedule 13d
filed February 3, 2017. Except as specifically set forth
herein, the Schedule 13d remains unmodified.


ITEM 4. PURPOSE OF TRANSACTION
See exhibit A - Letter to the Fund.


ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As per the N-CSR filed on October 28, 2016, there were 13,286,033 shares
of common stock outstanding as of August 31, 2016.  The percentages set forth
herein were derived using such number.  Phillip Goldstein, Andrew Dakos and
Steven Samuels own Bulldog Investors, LLC, a registered investment advisor.
As of February 24, 2017, Bulldog Investors, LLC is deemed to be the beneficial
owner of 1,497,930 shares of PCF (representing 11.27% of PCF's outstanding
shares) solely by virtue of Bulldog Investors LLC's power to direct the vote
of,and dispose of, these shares. These 1,497,930 shares of PCF include 795,971
shares (representing 5.99% of PCF's outstanding shares) that are beneficially
owned by Mr. Goldstein and the following entities over which Messrs. Goldstein,
Dakos and Samuels exercise control: Opportunity Partners LP, Calapasas West
Partners LP, Full Value Special Situations Fund, LP, Full Value Offshore Fund,
Ltd., Opportunity Income Plus, Full Value Partners, LP, and MCM Opportunity
Partners, LP (collectively, "Bulldog Investors Group of Funds"). Mr. Goldstein
and the Bulldog Investors Group of Funds may be deemed to constitute a group.
All other shares included in the aforementioned 1,497,930 shares of PCF
beneficially owned by Bulldog Investors LLC (solely by virtue of its power to
sell or direct the vote of these shares) are also beneficially owned by clients
of Bulldog Investors, LLC who are not members of any group. The total number of
these "non-group" shares is 701,959 shares (representing 5.28% of PCF's
outstanding shares).

(b)Bulldog Investors,LLC has sole power to dispose of and vote 795,971 shares.
Bulldog Investors, LLC has shared power to dispose of and vote 701,959 shares.
Certain of Bulldog Investors, LLC's clients (none of whom beneficially own more
than 5% of PCF's shares) share this power with Bulldog Investors, LLC.  Messrs.
Goldstein, Dakos and Samuels are control persons of Bulldog Investors, LLC.


c) Since the last filing on 2/3/17 the following shares of PCF were purchased:

Date:		        Shares:		Price:
02/03/17		57,736		8.4416
02/06/17		1,790		8.4838
02/07/17		4,084		8.5039
02/08/17		3,500		8.5000



d) Clients of Bulldog Investors, LLC are entitled to receive any dividends or
sales proceeds.

e) N/A

ITEM 6. CONTRACTS,ARRANGEMENTS,UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
N/A


ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A


After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this
statement is true, complete and correct.

Dated: 2/27/17

By: /S/ Phillip Goldstein
Name:   Phillip Goldstein

By: /S/ Andrew Dakos
Name:   Andrew Dakos


By: /S/ Steven Samuels
Name:   Steven Samuels

Bulldog Investors, LLC
By: /s/ Andrew Dakos
Andrew Dakos, Member

Footnote 1: The reporting persons disclaim beneficial ownership except
to the extent of any pecuniary interest therein.

Exhibit A:

Full Value Partners L.P., 250 Pehle Ave., Suite 708, Saddle Brook, NJ 07663
            (914) 747-5262 // pgoldstein@bulldoginvestors.com

							February 24, 2017

Putnam High Income Securities Fund
One Post Office Square,
Boston, Massachusetts 02109

Attention: Michael J. Higgins, Clerk

Dear Mr. Higgins:

    Full Value Partners, L.P. beneficially owns 268,808 shares of Putnam High
Income Securities Fund (the "Fund") including 200 shares in registered name.
In aggregate, Bulldog Investors, LLC, the investment advisor of Full Value
Partners, L.P. and I beneficially own approximately 1.5 million shares of the
Fund.

    Pursuant to Article 12 of the bylaws of the Fund, at the next annual
shareholder meeting we intend to present two proposals and to nominate seven
persons for election as Trustees, none of whom personally owns any shares of
the Fund except for 10,772 shares that I beneficially own jointly with my wife.
Each nominee is a U.S. citizen, has consented to being named in any proxy
statement as a nominee and to serve as a trustee if elected, and may be
contacted by writing to him c/o Bulldog Investors, 250 Pehle Avenue, Suite 708,
Saddle Brook, NJ 07663. No nominee is an interested person of the Fund, there
are no arrangements or understandings between Full Value Partners, L.P. and any
proposed nominee or any other person, and we are not aware of any family
relationship between any proposed nominee and any director or officer of the
Fund. We intend to have a representative of Full Value Partners, L.P. appear
in person or by proxy at the meeting to act on the matters proposed below.

    Proposal 1 reads as follows:

      The shareholders of Putnam High Income Securities Fund (the "Fund")
      request that the Board of Trustees authorize a self-tender offer for
      all outstanding common shares of the Fund at or close to net asset
      value (NAV). If more than 50% of the Fund's outstanding common shares
      are submitted for tender, the Board is requested to cancel the tender
      offer and take those steps that the Board is required to take to cause
      the Fund to be liquidated or converted to (or merged with) an exchange
      traded fund (ETF) or an open-end mutual fund.

   We support Proposal 1 and believe it is in the best interest of stockholders
because a self-tender offer at or close to NAV will afford them an opportunity
to realize a price equal or close to NAV rather than selling at a discount to
NAV. And, if a majority of the Fund's outstanding shares are tendered, that
would demonstrate that there is insufficient shareholder support for continuing
the Fund in its closed-end format. In that case, we think the tender offer
should be cancelled and the Fund should be liquidated or converted into (or
merged with) an ETF or an open-end mutual fund.

    Proposal 2 reads as follows: "The number of Trustees shall be fixed at
                                  seven."

    We support Proposal 2 and believe it is in the best interest of stockholders
because we believe a seven-trustee board is all that is necessary to oversee the
Fund.

    Our nominees are the following persons:

        Phillip Goldstein (born 1945) - Member 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; Principal of the general partner of
        several private investment partnerships in the Bulldog Investors group
        of private funds. Chairman of the Mexico Equity and Income Fund, Inc.;
        Secretary and Chairman of Special Opportunities Fund, Inc.; Director of
        MVC Capital, Inc.; Chairman of Emergent Capital, Inc.; Director of
        Crossroads Capital, Inc. (f/k/a BDCA Venture, Inc.); Chairman of
	Brantley Capital Corporation (until 2013); Director of ASA Ltd. until
	2013); Director of Korea Equity and Income Fund, Inc. (until 2012).

        Andrew Dakos (born 1966) - Member 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; Principal of the general partner of several private
        investment partnerships in the Bulldog Investors group of private funds;
        Director of Emergent Capital, Inc.; President and Director of Special
        Opportunities Fund; Director of Crossroads Capital, Inc. (f/k/a BDCA
        Venture, Inc.); Director of the Mexico Equity & Income Fund (until
	2015).

        Rajeev Das (born 1968) - 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; Director and Chairman of the Audit Committee of the Mexico
        Equity & Income Fund; Treasurer of Special Opportunities Fund, Inc.
        (until 2014).

        James Chadwick (born 1973) - Portfolio manager and Director of Research
        at Ancora Advisors LLC and Managing Director of Main Street Investment
        Partners, LLC, a private equity firm. From March 2009 to June 2010,
        Mr. Chadwick was a Managing Director of the private equity firm
        Harlingwood Equity Partners LP.; Director of Emergent Capital, Inc.,
        Stewart Information Services Corp and Riverview Bancorp, Inc.

        Richard Dayan (born 1943) - 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; Director of Emergent Capital, Inc. (until 2016).

        Gerald Hellerman (born 1937) - Managing Director of Hellerman
        Associates (a financial and corporate consulting firm) from 1993 to
        December 31, 2013). Chief Compliance Officer and director of Mexico
        Equity and Income Fund, Inc. and 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,
        Crossroads Capital, Inc. (f/k/a BDCA Venture, Inc.); Director, Brantley
        Capital Corporation (until 2013).

        Ben H. Harris (born 1968) - Ben Harris currently serves as CEO of
        Crossroads Capital, Inc. (Nasdaq: XRDC), previously serving 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, 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).

Please advise me immediately if you have any questions or concerns.

					       Very truly yours,

 					       /S/ Phillip Goldstein

                                               Phillip Goldstein
                                               Member
                                               Full Value Advisors, LLC
                                               General Partner