HIGH INCOME SECURITIES FUND — Director's Dealing 2003

Sep 5, 2003

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: PUTNAM HIGH INCOME BOND FUND (PCF)
CIK: 0000810943
Period of Report: 2003-08-31

Reporting Person: THORNDIKE W NICHOLAS (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-31	Closed-End Fund	J	23.805	$7.2	Acquired	305.655	Direct

Footnotes

F1: dividends reinvested for fiscal year ending 8/31/03

F2: price as of 8/31/03