0001398344-18-009635 Sample Contracts

AGREEMENT
Investment Advisory Agreement • June 29th, 2018 • Bulldog Investors, LLC • Massachusetts

This Agreement (“Agreement”) is made and entered into as of the 26th day of June, 2018, by and among Putnam High Income Securities Fund (the “Fund”), Putnam Investment Management, LLC (“Putnam Management” and together with the Fund, the “Fund Parties”), Bulldog Investors, LLC (“Bulldog Investors”), the funds set forth on Appendix A to this Agreement for which an affiliate of Bulldog Investors serves as general partner (the “Bulldog Private Funds”), including Full Value Partners, L.P. (“Full Value Partners”), Steven Samuels, and each of Phillip Goldstein, Rajeev Das, Andrew Dakos, Richard Dayan, Gerald Hellerman, Ben Harris and Moritz Sell (together, the “Bulldog Nominees”). (Bulldog Investors, the Bulldog Private Funds, and Messrs. Goldstein, Dakos and Samuels are referred to herein as the “Bulldog Parties.”)

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