Bulldog Investors Sends Letter to Putnam High Income
February 27, 2017 at 10:40 pm IST
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On February 27, 2017, Bulldog Investors, LLC sent a letter to Putnam High Income Securities Fund. In the letter, Bulldog Investors stated that at the next annual shareholder meeting it intends to present two proposals and to nominate 7 persons: Phillip Goldstein, Andrew Dakos, Rajeev Das, James Chadwick, Richard Dayan, Gerald Hellerman, and Ben H. Harris for election as Trustees. Proposals: (1) the shareholders of 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. 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 and (2) the number of Trustees shall be fixed at 7.
High Income Securities Fund (the Fund) is a diversified closed-end management investment company. The Fundâs investment objective is to seek to provide high current income as a primary objective and capital appreciation as a secondary objective. The Fund is focused on achieving objective is by primarily investing approximately 80% of its net assets in fixed income securities, including debt instruments, convertible securities, and preferred stocks. The Fund also invests in high-yielding non-convertible securities with the potential for capital appreciation. The primary focus of the investment strategy is to acquire discounted securities of income-oriented closed-end investment companies, business development companies, fixed income securities, including debt instruments, convertible securities, preferred stocks, and special purpose acquisition companies.
HIGH INCOME SECURITIES FUND 
