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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-02280

 

Putnam Convertible Securities Fund

(Exact name of registrant as specified in charter)

 

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

 

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

 

Copy to:

 

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

 

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (617) 292-1000

 

Date of fiscal year end: October 31

 

Date of reporting period: April 30, 2025

 
 

 

ITEM 1. REPORT TO STOCKHOLDERS.

 

(a) The Report to Shareholders is filed herewith

Putnam Convertible Securities Fund
image
Class A   [PCONX]
Semi-Annual Shareholder Report | April 30, 2025
image
This semi-annual shareholder report contains important information about Putnam Convertible Securities Fund for the period November 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class A
$51
1.02%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of April 30, 2025)
Total Net Assets
$483,718,947
Total Number of Portfolio Holdings*
99
Portfolio Turnover Rate
40%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Convertible Securities Fund  PAGE 1  38903-STSA-0625
31.711.510.910.69.47.45.54.13.61.30.43.6
 
Putnam Convertible Securities Fund
image
Class C   [PRCCX]
Semi-Annual Shareholder Report | April 30, 2025
image
This semi-annual shareholder report contains important information about Putnam Convertible Securities Fund for the period November 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class C
$88
1.77%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of April 30, 2025)
Total Net Assets
$483,718,947
Total Number of Portfolio Holdings*
99
Portfolio Turnover Rate
40%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Convertible Securities Fund  PAGE 1  38903-STSC-0625
31.711.510.910.69.47.45.54.13.61.30.43.6
 
Putnam Convertible Securities Fund
image
Class I   [PCNIX]
Semi-Annual Shareholder Report | April 30, 2025
image
This semi-annual shareholder report contains important information about Putnam Convertible Securities Fund for the period November 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class I
$34
0.68%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of April 30, 2025)
Total Net Assets
$483,718,947
Total Number of Portfolio Holdings*
99
Portfolio Turnover Rate
40%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Convertible Securities Fund  PAGE 1  38903-STSI-0625
31.711.510.910.69.47.45.54.13.61.30.43.6
 
Putnam Convertible Securities Fund
image
Class R   [PCVRX]
Semi-Annual Shareholder Report | April 30, 2025
image
This semi-annual shareholder report contains important information about Putnam Convertible Securities Fund for the period November 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class R
$63
1.27%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of April 30, 2025)
Total Net Assets
$483,718,947
Total Number of Portfolio Holdings*
99
Portfolio Turnover Rate
40%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Convertible Securities Fund  PAGE 1  38903-STSR-0625
31.711.510.910.69.47.45.54.13.61.30.43.6
 
Putnam Convertible Securities Fund
image
Class R6   [PCNTX]
Semi-Annual Shareholder Report | April 30, 2025
image
This semi-annual shareholder report contains important information about Putnam Convertible Securities Fund for the period November 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class R6
$35
0.71%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of April 30, 2025)
Total Net Assets
$483,718,947
Total Number of Portfolio Holdings*
99
Portfolio Turnover Rate
40%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Convertible Securities Fund  PAGE 1  38903-STSR6-0625
31.711.510.910.69.47.45.54.13.61.30.43.6
 
Putnam Convertible Securities Fund
image
Class Y   [PCGYX]
Semi-Annual Shareholder Report | April 30, 2025
image
This semi-annual shareholder report contains important information about Putnam Convertible Securities Fund for the period November 1, 2024, to April 30, 2025.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class Y
$38
0.77%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of April 30, 2025)
Total Net Assets
$483,718,947
Total Number of Portfolio Holdings*
99
Portfolio Turnover Rate
40%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN? (as of April 30, 2025)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Putnam Convertible Securities Fund  PAGE 1  38903-STSY-0625
31.711.510.910.69.47.45.54.13.61.30.43.6
 

(b) Not applicable

 

ITEM 2. CODE OF ETHICS.

 

Not applicable.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

 

(b) Not applicable.
 

 

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Putnam
Convertible
Securities
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
April
30,
2025
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
13
Notes
to
Financial
Statements
17
Changes
In
and
Disagreements
with
Accountants
27
Results
of
Meeting(s)
of
Shareholders
27
Remuneration
Paid
to
Directors,
Officers
and
Others
27
Board
Approval
of
Management
and
Subadvisory
Agreements
27
Putnam
Convertible
Securities
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
April
30,
2025
(unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$25.39
$20.79
$21.59
$34.68
$30.49
$25.27
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.22
0.33
0.25
0.15
0.10
0.25
Net
realized
and
unrealized
gains
(losses)
(0.19)
4.59
(0.67)
(6.08)
7.67
6.84
Total
from
investment
operations
........
0.03
4.92
(0.42)
(5.93)
7.77
7.09
Less
distributions
from:
Net
investment
income
..............
(0.33)
(0.32)
(0.28)
(0.14)
(0.18)
(0.37)
Net
realized
gains
.................
—
—
(0.10)
(7.02)
(3.40)
(1.50)
Total
distributions
...................
(0.33)
(0.32)
(0.38)
(7.16)
(3.58)
(1.87)
Net
asset
value,
end
of
period
..........
$25.09
$25.39
$20.79
$21.59
$34.68
$30.49
Total
return
c
.......................
0.15%
23.80%
(2.00)%
(20.93)%
26.41%
29.69%
Ratios
to
average
net
assets
d
Expenses
e
........................
1.02%
f
1.03%
1.05%
1.03%
1.01%
1.04%
Net
investment
income
...............
1.71%
1.41%
1.16%
0.63%
0.31%
0.93%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$338,067
$359,663
$331,832
$389,289
$570,217
$478,030
Portfolio
turnover
rate
................
40%
61%
64%
37%
78%
98%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Putnam
Convertible
Securities
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
April
30,
2025
(unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$24.75
$20.26
$21.05
$34.04
$30.06
$24.93
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
0.12
0.15
0.09
(0.03)
(0.14)
0.05
Net
realized
and
unrealized
gains
(losses)
(0.18)
4.48
(0.66)
(5.94)
7.55
6.74
Total
from
investment
operations
........
(0.06)
4.63
(0.57)
(5.97)
7.41
6.79
Less
distributions
from:
Net
investment
income
..............
(0.24)
(0.14)
(0.12)
—
(0.03)
(0.16)
Net
realized
gains
.................
—
—
(0.10)
(7.02)
(3.40)
(1.50)
Total
distributions
...................
(0.24)
(0.14)
(0.22)
(7.02)
(3.43)
(1.66)
Net
asset
value,
end
of
period
..........
$24.45
$24.75
$20.26
$21.05
$34.04
$30.06
Total
return
c
.......................
(0.27)%
22.93%
(2.76)%
(21.51)%
25.46%
28.73%
Ratios
to
average
net
assets
d
Expenses
e
........................
1.77%
f
1.78%
1.80%
1.78%
1.76%
1.79%
Net
investment
income
(loss)
..........
0.96%
0.67%
0.41%
(0.14)%
(0.41)%
0.19%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$5,542
$6,586
$8,012
$10,648
$23,390
$30,926
Portfolio
turnover
rate
................
40%
61%
64%
37%
78%
98%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Putnam
Convertible
Securities
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
April
30,
2025
(unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Class
I
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$25.44
$20.82
$21.62
$34.73
$30.52
$25.29
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.26
0.42
0.34
0.24
0.22
0.35
Net
realized
and
unrealized
gains
(losses)
(0.18)
4.60
(0.68)
(6.10)
7.68
6.84
Total
from
investment
operations
........
0.08
5.02
(0.34)
(5.86)
7.90
7.19
Less
distributions
from:
Net
investment
income
..............
(0.38)
(0.40)
(0.36)
(0.23)
(0.29)
(0.46)
Net
realized
gains
.................
—
—
(0.10)
(7.02)
(3.40)
(1.50)
Total
distributions
...................
(0.38)
(0.40)
(0.46)
(7.25)
(3.69)
(1.96)
Net
asset
value,
end
of
period
..........
$25.14
$25.44
$20.82
$21.62
$34.73
$30.52
Total
return
c
.......................
0.28%
24.31%
(1.64)%
(20.66)%
26.87%
30.18%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.68%
f
0.68%
0.69%
0.68%
0.67%
0.68%
Net
investment
income
...............
2.07%
1.76%
1.53%
0.99%
0.65%
1.28%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$21
$21
$17
$17
$22
$17
Portfolio
turnover
rate
................
40%
61%
64%
37%
78%
98%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Putnam
Convertible
Securities
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
April
30,
2025
(unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$25.20
$20.63
$21.43
$34.47
$30.33
$25.14
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.18
0.27
0.20
0.09
0.02
0.18
Net
realized
and
unrealized
gains
(losses)
(0.18)
4.56
(0.67)
(6.04)
7.62
6.80
Total
from
investment
operations
........
—
4.83
(0.47)
(5.95)
7.64
6.98
Less
distributions
from:
Net
investment
income
..............
(0.30)
(0.26)
(0.23)
(0.07)
(0.10)
(0.29)
Net
realized
gains
.................
—
—
(0.10)
(7.02)
(3.40)
(1.50)
Total
distributions
...................
(0.30)
(0.26)
(0.33)
(7.09)
(3.50)
(1.79)
Net
asset
value,
end
of
period
..........
$24.90
$25.20
$20.63
$21.43
$34.47
$30.33
Total
return
c
.......................
0.01%
23.54%
(2.25)%
(21.13)%
26.08%
29.37%
Ratios
to
average
net
assets
d
Expenses
e
........................
1.27%
f
1.28%
1.30%
1.28%
1.26%
1.29%
Net
investment
income
...............
1.46%
1.16%
0.91%
0.38%
0.06%
0.69%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$2,046
$2,615
$2,252
$2,555
$3,989
$3,249
Portfolio
turnover
rate
................
40%
61%
64%
37%
78%
98%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Putnam
Convertible
Securities
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
April
30,
2025
(unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$25.37
$20.78
$21.58
$34.68
$30.48
$25.27
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.26
0.41
0.32
0.22
0.20
0.33
Net
realized
and
unrealized
gains
(losses)
(0.18)
4.57
(0.66)
(6.08)
7.68
6.83
Total
from
investment
operations
........
0.08
4.98
(0.34)
(5.86)
7.88
7.16
Less
distributions
from:
Net
investment
income
..............
(0.37)
(0.39)
(0.36)
(0.22)
(0.28)
(0.45)
Net
realized
gains
.................
—
—
(0.10)
(7.02)
(3.40)
(1.50)
Total
distributions
...................
(0.37)
(0.39)
(0.46)
(7.24)
(3.68)
(1.95)
Net
asset
value,
end
of
period
..........
$25.08
$25.37
$20.78
$21.58
$34.68
$30.48
Total
return
c
.......................
0.30%
24.16%
(1.68)%
(20.69)%
26.82%
30.07%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.71%
f
0.72%
0.73%
0.72%
0.71%
0.72%
Net
investment
income
...............
2.02%
1.73%
1.48%
0.95%
0.60%
1.24%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$17,078
$22,010
$25,006
$30,542
$21,126
$13,868
Portfolio
turnover
rate
................
40%
61%
64%
37%
78%
98%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Putnam
Convertible
Securities
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
Six
Months
Ended
April
30,
2025
(unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Class
Y
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$25.36
$20.76
$21.57
$34.66
$30.47
$25.26
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.25
0.39
0.31
0.21
0.19
0.32
Net
realized
and
unrealized
gains
(losses)
(0.17)
4.59
(0.68)
(6.07)
7.66
6.82
Total
from
investment
operations
........
0.08
4.98
(0.37)
(5.86)
7.85
7.14
Less
distributions
from:
Net
investment
income
..............
(0.37)
(0.38)
(0.34)
(0.21)
(0.26)
(0.43)
Net
realized
gains
.................
—
—
(0.10)
(7.02)
(3.40)
(1.50)
Total
distributions
...................
(0.37)
(0.38)
(0.44)
(7.23)
(3.66)
(1.93)
Net
asset
value,
end
of
period
..........
$25.07
$25.36
$20.76
$21.57
$34.66
$30.47
Total
return
c
.......................
0.27%
24.14%
(1.80)%
(20.73)%
26.73%
30.00%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.77%
f
0.78%
0.80%
0.78%
0.76%
0.79%
Net
investment
income
...............
1.96%
1.67%
1.41%
0.87%
0.56%
1.18%
Supplemental
data
Net
assets
,
end
of
period
(000’s)
........
$120,966
$125,331
$174,081
$228,939
$426,094
$356,432
Portfolio
turnover
rate
................
40%
61%
64%
37%
78%
98%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Putnam
Convertible
Securities
Fund
Schedule
of
Investments
(unaudited),
April
30,
2025
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
1.8%
Hotels,
Restaurants
&
Leisure
1.1%
Booking
Holdings,
Inc.
...............................
United
States
800
$
4,079,424
a,b
Viking
Holdings
Ltd.
.................................
United
States
30,930
1,269,058
5,348,482
Oil,
Gas
&
Consumable
Fuels
0.3%
Exxon
Mobil
Corp.
...................................
United
States
16,130
1,703,812
Software
0.4%
a
HubSpot,
Inc.
......................................
United
States
2,795
1,709,142
Total
Common
Stocks
(Cost
$8,712,237)
.....................................
8,761,436
Convertible
Preferred
Stocks
12.6%
Aerospace
&
Defense
2.5%
Boeing
Co.
(The),
6%
................................
United
States
196,992
12,091,369
Banks
1.9%
Bank
of
America
Corp.,
L,
7.25%
........................
United
States
7,820
9,150,026
Capital
Markets
1.0%
Ares
Management
Corp.,
B,
6.75%
......................
United
States
102,642
5,067,436
Chemicals
0.4%
Albemarle
Corp.,
7.25%
..............................
United
States
66,750
2,044,552
Electric
Utilities
3.4%
NextEra
Energy,
Inc.,
6.926%
..........................
United
States
245,655
9,457,717
PG&E
Corp.,
A,
6%
..................................
United
States
162,270
7,057,122
16,514,839
Financial
Services
2.0%
Apollo
Global
Management,
Inc.,
6.75%
..................
United
States
134,364
9,690,332
Machinery
0.3%
Chart
Industries,
Inc.,
B,
6.75%
.........................
United
States
24,590
1,301,303
Semiconductors
&
Semiconductor
Equipment
0.3%
a,b
Microchip
Technology,
Inc.,
7.5%
........................
United
States
28,284
1,342,359
a
Technology
Hardware,
Storage
&
Peripherals
0.8%
Hewlett
Packard
Enterprise
Co.,
7.625%
..................
United
States
74,625
3,746,175
Total
Convertible
Preferred
Stocks
(Cost
$61,370,974)
.........................
60,948,391
Principal
Amount
*
Convertible
Bonds
81.7%
Aerospace
&
Defense
1.7%
Axon
Enterprise,
Inc.
,
Senior
Note
,
0.5
%
,
12/15/27
..........
United
States
2,295,000
6,228,514
c
Rocket
Lab
USA,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
2/01/29
.....
United
States
475,000
2,070,239
8,298,753
Automobile
Components
0.9%
Patrick
Industries,
Inc.
,
Senior
Note
,
1.75
%
,
12/01/28
........
United
States
3,370,000
4,455,072
Automobiles
0.7%
Rivian
Automotive,
Inc.
,
Senior
Note
,
4.625
%
,
3/15/29
........
United
States
3,480,000
3,562,650
Putnam
Convertible
Securities
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Banks
1.1%
Barclays
Bank
plc
,
Senior
Note
,
1
%
,
2/16/29
...............
United
Kingdom
5,270,000
$
5,420,458
Biotechnology
6.4%
Alnylam
Pharmaceuticals,
Inc.
,
Senior
Note
,
1
%
,
9/15/27
.....
United
States
3,678,000
4,225,887
Ascendis
Pharma
A/S
,
Senior
Note
,
2.25
%
,
4/01/28
.........
Denmark
4,059,000
5,060,189
BioMarin
Pharmaceutical,
Inc.
,
Senior
Sub.
Note
,
1.25
%
,
5/15/27
United
States
5,330,000
4,971,557
c
Exact
Sciences
Corp.
,
Senior
Note
,
144A,
1.75
%
,
4/15/31
.....
United
States
6,150,000
5,377,560
Halozyme
Therapeutics,
Inc.
,
Senior
Note
,
1
%
,
8/15/28
.......
United
States
4,927,000
6,167,468
Mirum
Pharmaceuticals,
Inc.
,
Senior
Note
,
4
%
,
5/01/29
.......
United
States
1,940,000
3,078,295
Sarepta
Therapeutics,
Inc.
,
Senior
Note
,
1.25
%
,
9/15/27
......
United
States
2,513,000
2,388,458
31,269,414
Broadline
Retail
2.2%
c
Alibaba
Group
Holding
Ltd.
,
Senior
Note
,
144A,
0.5
%
,
6/01/31
.
China
1,915,000
2,518,704
Etsy,
Inc.
,
Senior
Note
,
0.25
%
,
6/15/28
...................
United
States
6,345,000
5,420,216
c
JD.com,
Inc.
,
Senior
Note
,
144A,
0.25
%
,
6/01/29
............
China
2,640,000
2,779,524
10,718,444
Capital
Markets
1.6%
Coinbase
Global,
Inc.
,
Senior
Note
,
0.25
%
,
4/01/30
..........
United
States
4,740,000
4,732,890
c
Hercules
Capital,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
9/01/28
.....
United
States
2,820,000
2,708,610
7,441,500
Communications
Equipment
1.2%
Lumentum
Holdings,
Inc.
,
Senior
Note
,
0.5
%
,
6/15/28
........
United
States
6,480,000
6,001,762
Construction
&
Engineering
0.6%
Fluor
Corp.
,
Senior
Note
,
1.125
%
,
8/15/29
.................
United
States
2,575,000
2,712,119
Consumer
Finance
0.0%
†
c
SoFi
Technologies,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn
.,
10/15/26
United
States
210
212
Consumer
Staples
Distribution
&
Retail
1.4%
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
2.375
%
,
12/15/28
..
United
States
4,660,000
6,712,258
Diversified
REITs
1.4%
c
Digital
Realty
Trust
LP
,
Senior
Note
,
144A,
1.875
%
,
11/15/29
...
United
States
6,353,000
6,617,285
Electric
Utilities
4.7%
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
3
%
,
3/01/27
United
States
2,030,000
2,275,630
NRG
Energy,
Inc.
,
Senior
Bond
,
2.75
%
,
6/01/48
............
United
States
2,725,000
7,268,937
PPL
Capital
Funding,
Inc.
,
Senior
Note
,
2.875
%
,
3/15/28
......
United
States
6,130,000
6,997,395
c
Southern
Co.
(The)
,
Senior
Note
,
144A,
4.5
%
,
6/15/27
.......
United
States
5,720,000
6,359,210
22,901,172
Electronic
Equipment,
Instruments
&
Components
2.9%
c
Itron
,
Inc.
,
Senior
Note
,
144A,
1.375
%
,
7/15/30
.............
United
States
6,309,000
6,901,034
c
OSI
Systems,
Inc.
,
Senior
Note
,
144A,
2.25
%
,
8/01/29
.......
United
States
5,879,000
7,481,049
14,382,083
Energy
Equipment
&
Services
0.3%
Nabors
Industries,
Inc.
,
Senior
Note
,
1.75
%
,
6/15/29
.........
United
States
2,170,000
1,222,795
Putnam
Convertible
Securities
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Entertainment
3.7%
Liberty
Media
Corp.-Liberty
Formula
One
Corp.
,
Senior
Note
,
2.25
%
,
8/15/27
...................................
United
States
5,340,000
$
6,498,290
Live
Nation
Entertainment,
Inc.
,
Senior
Note,
3.125%,
1/15/29
........................
United
States
4,112,000
5,793,808
c
Senior
Note,
144A,
2.875%,
1/15/30
...................
United
States
5,402,000
5,599,173
17,891,271
Financial
Services
3.1%
c
Affirm
Holdings,
Inc.
,
Senior
Note
,
144A,
0.75
%
,
12/15/29
.....
United
States
3,154,000
2,852,381
d
Block,
Inc.
,
Senior
Note
,
4.99%
,
5/01/26
..................
United
States
2,810,000
2,674,417
Global
Payments,
Inc.
,
Senior
Note
,
1.5
%
,
3/01/31
..........
United
States
3,577,000
3,187,107
Shift4
Payments,
Inc.
,
Senior
Note
,
0.5
%
,
8/01/27
...........
United
States
5,765,000
5,863,005
14,576,910
Food
Products
1.2%
Post
Holdings,
Inc.
,
Senior
Note
,
2.5
%
,
8/15/27
.............
United
States
4,930,000
5,817,739
Ground
Transportation
1.7%
Uber
Technologies,
Inc.
,
2028
,
Senior
Note
,
0.875
%
,
12/01/28
..
United
States
6,155,000
8,096,903
Health
Care
Equipment
&
Supplies
3.4%
Dexcom,
Inc.
,
Senior
Note
,
0.375
%
,
5/15/28
...............
United
States
4,445,000
4,038,175
c
Integer
Holdings
Corp.
,
Senior
Note
,
144A,
1.875
%
,
3/15/30
...
United
States
4,720,000
5,007,920
Lantheus
Holdings,
Inc.
,
Senior
Note
,
2.625
%
,
12/15/27
......
United
States
2,785,000
4,140,090
c
Merit
Medical
Systems,
Inc.
,
Senior
Note
,
144A,
3
%
,
2/01/29
...
United
States
2,815,000
3,590,533
16,776,718
Health
Care
REITs
2.7%
c
Welltower
OP
LLC
,
Senior
Note,
144A,
2.75%,
5/15/28
....................
United
States
4,970,000
8,106,070
Senior
Note,
144A,
3.125%,
7/15/29
...................
United
States
3,820,000
5,097,790
13,203,860
Hotels,
Restaurants
&
Leisure
2.2%
Carnival
Corp.
,
Senior
Note
,
5.75
%
,
12/01/27
..............
United
States
1,630,000
2,610,445
d
DraftKings
Holdings,
Inc.
,
Senior
Note
,
4.45%
,
3/15/28
.......
United
States
2,152,000
1,898,796
d
Shake
Shack,
Inc.
,
Senior
Note
,
2.74%
,
3/01/28
............
United
States
6,900,000
6,391,125
10,900,366
Household
Durables
1.2%
c
Meritage
Homes
Corp.
,
Senior
Note
,
144A,
1.75
%
,
5/15/28
....
United
States
5,716,000
5,564,526
Household
Products
1.0%
c
Spectrum
Brands,
Inc.
,
Senior
Note
,
144A,
3.375
%
,
6/01/29
...
United
States
5,119,000
4,758,243
IT
Services
3.0%
Okta,
Inc.
,
Senior
Note
,
0.375
%
,
6/15/26
..................
United
States
4,221,000
4,066,933
c
Snowflake,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn
.,
10/01/27
......
United
States
5,358,000
6,582,303
Spotify
USA,
Inc.
,
Senior
Note
,
Zero
Cpn
.,
3/15/26
..........
United
States
3,070,000
3,960,607
14,609,843
Leisure
Products
0.5%
c
Peloton
Interactive,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
12/01/29
...
United
States
1,435,000
2,575,256
Putnam
Convertible
Securities
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Life
Sciences
Tools
&
Services
0.9%
Repligen
Corp.
,
Senior
Note
,
1
%
,
12/15/28
................
United
States
4,085,000
$
4,190,659
Media
1.2%
Cable
One,
Inc.
,
Senior
Note
,
1.125
%
,
3/15/28
.............
United
States
7,435,000
5,966,587
Multi-Utilities
1.3%
CMS
Energy
Corp.
,
Senior
Note
,
3.375
%
,
5/01/28
...........
United
States
5,570,000
6,168,775
Oil,
Gas
&
Consumable
Fuels
0.7%
Northern
Oil
&
Gas,
Inc.
,
Senior
Note
,
3.625
%
,
4/15/29
.......
United
States
3,420,000
3,288,843
Pharmaceuticals
0.8%
Innoviva
,
Inc.
,
Senior
Note
,
2.5
%
,
8/15/25
.................
United
States
3,290,000
3,709,475
Professional
Services
0.7%
Parsons
Corp.
,
Senior
Note
,
2.625
%
,
3/01/29
..............
United
States
3,345,000
3,542,355
Semiconductors
&
Semiconductor
Equipment
3.8%
Impinj
,
Inc.
,
Senior
Note
,
1.125
%
,
5/15/27
.................
United
States
1,985,000
2,294,133
c
Microchip
Technology,
Inc.
,
Senior
Note
,
144A,
0.75
%
,
6/01/30
.
United
States
3,384,000
3,188,693
c
MKS
Instruments,
Inc.
,
Senior
Note
,
144A,
1.25
%
,
6/01/30
....
United
States
4,729,000
4,078,438
ON
Semiconductor
Corp.
,
Senior
Note
,
0.5
%
,
3/01/29
........
United
States
7,484,000
6,486,757
Wolfspeed
,
Inc.
,
Senior
Note
,
1.875
%
,
12/01/29
............
United
States
7,515,000
2,183,108
18,231,129
Software
17.4%
Bentley
Systems,
Inc.
,
Senior
Note
,
0.375
%
,
7/01/27
.........
United
States
5,034,000
4,608,111
c
Box,
Inc.
,
Senior
Note
,
144A,
1.5
%
,
9/15/29
...............
United
States
4,661,000
4,579,433
c,d
Core
Scientific,
Inc.
,
Senior
Note
,
144A,
2.64%
,
6/15/31
......
United
States
2,705,000
2,305,359
c,d
Datadog,
Inc.
,
Senior
Note
,
144A,
2.23%
,
12/01/29
..........
United
States
9,372,000
8,472,124
c
Guidewire
Software,
Inc.
,
Senior
Note
,
144A,
1.25
%
,
11/01/29
..
United
States
10,055,000
11,080,610
c,d
MARA
Holdings,
Inc.
,
Senior
Note
,
144A,
3.9%
,
6/01/31
......
United
States
3,259,000
2,582,201
MicroStrategy,
Inc.
,
Senior
Note,
0.875%,
3/15/31
........................
United
States
3,484,000
6,144,034
c,d
Senior
Note,
144A,
0.385%,
3/01/30
...................
United
States
10,680,000
12,002,184
c
Nutanix,
Inc.
,
Senior
Note
,
144A,
0.5
%
,
12/15/29
............
United
States
6,169,000
6,673,993
Palo
Alto
Networks,
Inc.
,
Senior
Note
,
0.375
%
,
6/01/25
.......
United
States
505,000
1,886,832
Progress
Software
Corp.
,
Senior
Note
,
3.5
%
,
3/01/30
........
United
States
5,288,000
6,023,478
Tyler
Technologies,
Inc.
,
Senior
Note
,
0.25
%
,
3/15/26
........
United
States
6,775,000
8,004,662
d
Unity
Software,
Inc.
,
Senior
Note,
4.89%,
11/15/26
........................
United
States
3,010,000
2,796,290
c
Senior
Note,
144A,
1.18%,
3/15/30
....................
United
States
1,180,000
1,114,510
c
Vertex,
Inc.
,
Senior
Note
,
144A,
0.75
%
,
5/01/29
.............
United
States
4,111,000
5,372,664
83,646,485
Specialty
Retail
2.0%
Burlington
Stores,
Inc.
,
1.25
%
,
12/15/27
..................
United
States
2,760,000
3,549,360
Wayfair,
Inc.
,
Senior
Note
,
3.25
%
,
9/15/27
.................
United
States
6,860,000
6,393,520
9,942,880
Technology
Hardware,
Storage
&
Peripherals
2.1%
Seagate
HDD
Cayman
,
Senior
Note
,
3.5
%
,
6/01/28
..........
United
States
7,989,000
10,121,064
Total
Convertible
Bonds
(Cost
$374,846,156)
.................................
395,295,864
Putnam
Convertible
Securities
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
0.6%
Interactive
Media
&
Services
0.6%
c
Snap,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/33
............
United
States
2,830,000
$
2,828,813
Total
Corporate
Bonds
(Cost
$2,836,914)
.....................................
2,828,813
Total
Long
Term
Investments
(Cost
$447,766,281)
.............................
467,834,504
a
Short
Term
Investments
3.6%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.1%
e,f
Putnam
Short
Term
Investment
Fund,
Class
P,
4.468%
.......
United
States
14,967,749
14,967,749
Total
Money
Market
Funds
(Cost
$14,967,749)
................................
14,967,749
g
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.5%
Money
Market
Funds
0.5%
e,f
Putnam
Cash
Collateral
Pool,
LLC,
4.502%
................
United
States
2,399,500
2,399,500
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$2,399,500)
..........................................................
2,399,500
Total
Short
Term
Investments
(Cost
$17,367,249
)
..............................
17,367,249
a
Total
Investments
(Cost
$465,133,530)
100.3%
................................
$485,201,753
Other
Assets,
less
Liabilities
(0.3)%
.........................................
(1,482,806)
Net
Assets
100.0%
.........................................................
$483,718,947
a
a
a
See
Abbreviations
on
page
26
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
April
30,
2025.
See
Note
1(c).
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
April
30,
2025,
the
aggregate
value
of
these
securities
was
$156,826,644,
representing
32.4%
of
net
assets.
d
The
rate
shown
represents
the
yield
at
period
end.
e
See
Note
3(g)
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
yield
at
period
end.
g
See
Note
1(c)
regarding
securities
on
loan.
Putnam
Convertible
Securities
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
April
30,
2025
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
Putnam
Convertible
Securities
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$447,766,281
Cost
-
Non-controlled
affiliates
(Note
3
g
)
........................................................
17,367,249
Value
-
Unaffiliated
issuers
(Includes
securities
loaned
of
$
2,346,118
)
..................................
$467,834,504
Value
-
Non-controlled
affiliates
(Note
3
g
)
.......................................................
17,367,249
Cash
....................................................................................
3,790
Receivables:
Capital
shares
sold
........................................................................
39,278
Dividends
and
interest
.....................................................................
1,657,262
Prepaid
expenses
..........................................................................
152,184
Total
assets
..........................................................................
487,054,267
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
243,779
Management
fees
.........................................................................
232,118
Administrative
fees
........................................................................
2,384
Distribution
fees
..........................................................................
72,899
Transfer
agent
fees
........................................................................
128,170
Trustees'
fees
and
expenses
.................................................................
143,107
Payable
upon
return
of
securities
loaned
(Note
1
c
)
..................................................
2,399,500
Accrued
expenses
and
other
liabilities
...........................................................
113,363
Total
liabilities
.........................................................................
3,335,320
Net
assets,
at
value
.................................................................
$483,718,947
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$454,981,057
Total
distributable
earnings
(losses)
.............................................................
28,737,890
Net
assets,
at
value
.................................................................
$483,718,947
Putnam
Convertible
Securities
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
April
30,
2025
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
Putnam
Convertible
Securities
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$338,066,927
Shares
outstanding
........................................................................
13,471,607
Net
asset
value
per
share
a
,b
..................................................................
$25.09
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94
.25
%
)
b
................................
$26.62
Class
C:
Net
assets,
at
value
.......................................................................
$5,542,352
Shares
outstanding
........................................................................
226,673
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$24.45
Class
I:
Net
assets,
at
value
.......................................................................
$20,689
Shares
outstanding
........................................................................
823
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$25.14
Class
R:
Net
assets,
at
value
.......................................................................
$2,045,555
Shares
outstanding
........................................................................
82,140
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$24.90
Class
R6:
Net
assets,
at
value
.......................................................................
$17,077,621
Shares
outstanding
........................................................................
681,018
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$25.08
Class
Y:
Net
assets,
at
value
.......................................................................
$120,965,803
Shares
outstanding
........................................................................
4,825,815
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$25.07
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
Convertible
Securities
Fund
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
April
30,
2025
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
Putnam
Convertible
Securities
Fund
Investment
income:
Dividends:
Unaffiliated
issuers
........................................................................
$2,093,515
Non-controlled
affiliates
(Note
3
g
)
.............................................................
229,413
Interest:
Unaffiliated
issuers
........................................................................
4,543,630
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
.....................................................
(127,601)
Non-controlled
affiliates
(Note
3
g
)
.............................................................
137,194
Total
investment
income
...................................................................
6,876,151
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,523,154
Administrative
fees
(Note
3
b
)
..................................................................
5,837
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
440,371
Class
C
................................................................................
30,579
Class
R
................................................................................
5,729
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
186,030
Class
C
................................................................................
3,231
Class
R
................................................................................
1,210
Class
R6
...............................................................................
4,922
Class
Y
................................................................................
65,556
Class
I
.................................................................................
1
Custodian
fees
(Note
4
)
......................................................................
6,604
Reports
to
shareholders
fees
..................................................................
30,775
Registration
and
filing
fees
....................................................................
47,111
Professional
fees
...........................................................................
47,326
Trustees'
fees
and
expenses
..................................................................
8,875
Other
....................................................................................
2,759
Total
expenses
.........................................................................
2,410,070
Expense
reductions
(Note
4
)
...............................................................
(63)
Expenses
waived/paid
by
affiliates
(Note
3
g
and
3
h
)
..............................................
(3,641)
Net
expenses
.........................................................................
2,406,366
Net
investment
income
................................................................
4,469,785
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
25,604,636
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
(28,483,468)
Net
realized
and
unrealized
gain
(loss)
............................................................
(2,878,832)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$1,590,953
Putnam
Convertible
Securities
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
Putnam
Convertible
Securities
Fund
Six
Months
Ended
April
30,
2025
(unaudited)
Year
Ended
October
31,
2024
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$4,469,785
$7,844,089
Net
realized
gain
(loss)
.................................................
25,604,636
(6,050,494)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
(28,483,468)
113,391,197
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
1,590,953
115,184,792
Distributions
to
shareholders:
Class
A
.............................................................
(4,595,008)
(4,743,523)
Class
B
.............................................................
—
(863)
Class
C
.............................................................
(58,622)
(45,865)
Class
I
.............................................................
(311)
(330)
Class
R
.............................................................
(26,763)
(27,189)
Class
R6
............................................................
(286,164)
(385,917)
Class
Y
.............................................................
(1,766,141)
(2,318,049)
Total
distributions
to
shareholders
..........................................
(6,733,009)
(7,521,736)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(17,936,114)
(41,900,462)
Class
B
.............................................................
—
(354,022)
Class
C
.............................................................
(979,745)
(2,944,892)
Class
I
.............................................................
—
80
Class
R
.............................................................
(554,329)
(122,485)
Class
R6
............................................................
(4,874,009)
(7,813,886)
Class
Y
.............................................................
(3,020,875)
(79,815,337)
Total
capital
share
transactions
............................................
(27,365,072)
(132,951,004)
Net
increase
(decrease)
in
net
assets
...................................
(32,507,128)
(25,287,948)
Net
assets:
Beginning
of
period
.....................................................
516,226,075
541,514,023
End
of
period
..........................................................
$483,718,947
$516,226,075
Putnam
Convertible
Securities
Fund
17
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
1.
Organization
and
Significant
Accounting
Policies
Putnam
Convertible
Securities
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund
offers six
classes
of
shares:
Class
A,
Class
C,
Class
I,
Class
R,
Class
R6
and
Class
Y.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
Effective
September
5,
2024,
all
Class B
shares
were
converted
to
Class
A.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
and
certain
preferred
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
Putnam
Convertible
Securities
Fund
Notes
to
Financial
Statements
(unaudited)
18
franklintempleton.com
Semiannual
Report
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation 
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Lending
The
Fund
participates
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
the
Putnam
Cash
Collateral
Pool,
LLC,
a
limited
liability
company,
an
affiliate
of
Putnam
Management. The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the Statement of
Operations.
The
Fund
bears
the
market
risk
with
respect
to
any
cash
collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Putnam
Convertible
Securities
Fund
Notes
to
Financial
Statements
(unaudited)
19
franklintempleton.com
Semiannual
Report
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
d.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
April
30,
2025, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividend
income
is recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the Fund.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Distributable
earnings are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Securities
Lending
(continued)
Putnam
Convertible
Securities
Fund
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
2.
Shares
of
Beneficial
Interest
At
April
30,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
April
30,
2025
Year
Ended
October
31,
2024
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
291,204
$7,515,103
310,267
$7,310,432
Shares
issued
in
reinvestment
of
distributions
..........
167,149
4,286,125
190,187
4,421,399
Shares
redeemed
...............................
(1,152,024)
(29,737,342)
(2,297,604)
(53,632,293)
Net
increase
(decrease)
..........................
(693,671)
$(17,936,114)
(1,797,150)
$(41,900,462)
Class
B
Shares:
*
Shares
issued
in
reinvestment
of
distributions
..........
—
$—
39
$863
Shares
redeemed
...............................
—
—
(15,773)
(354,885)
Net
increase
(decrease)
..........................
—
$—
(15,734)
$(354,022)
Class
C
Shares:
Shares
sold
...................................
18,463
$469,424
92,948
$2,118,632
Shares
issued
in
reinvestment
of
distributions
..........
2,210
55,131
1,880
42,485
Shares
redeemed
a
..............................
(60,153)
(1,504,300)
(224,106)
(5,106,009)
Net
increase
(decrease)
..........................
(39,480)
$(979,745)
(129,278)
$(2,944,892)
Class
I
Shares:
Shares
issued
in
reinvestment
of
distributions
..........
—
$—
4
$80
Net
increase
(decrease)
..........................
—
$—
4
$80
Class
R
Shares:
Shares
sold
...................................
4,732
$120,665
12,855
$299,224
Shares
issued
in
reinvestment
of
distributions
..........
1,051
26,763
1,177
27,189
Shares
redeemed
...............................
(27,416)
(701,757)
(19,388)
(448,898)
Net
increase
(decrease)
..........................
(21,633)
$(554,329)
(5,356)
$(122,485)
Class
R6
Shares:
Shares
sold
...................................
60,398
$1,548,314
112,337
$2,590,762
Shares
issued
in
reinvestment
of
distributions
..........
3,397
88,244
6,975
160,981
Shares
redeemed
...............................
(250,218)
(6,510,567)
(455,526)
(10,565,629)
Net
increase
(decrease)
..........................
(186,423)
$(4,874,009)
(336,214)
$(7,813,886)
Class
Y
Shares:
Shares
sold
...................................
453,536
$11,568,053
777,970
$18,072,040
Shares
issued
in
reinvestment
of
distributions
..........
61,222
1,568,466
87,137
2,017,066
Shares
redeemed
...............................
(630,608)
(16,157,394)
(4,307,039)
(99,904,443)
Net
increase
(decrease)
..........................
(115,850)
$(3,020,875)
(3,441,932)
$(79,815,337)
*
Effective
September
5,
2024,
the
Fund
has
terminated
its
Class
B
shares.
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Putnam
Convertible
Securities
Fund
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays Putnam
Management a
management
fee
(based
on
the
Fund’s
average
net
assets
and
computed
and
paid
monthly)
at
annual
rates
that
may
vary
based
on
the
average
of
the
aggregate
net
assets
of
all
open-end
mutual
funds
sponsored
by
Putnam
Management
(including
open-end
funds
managed
by
affiliates
of
Putnam
Management
that
have
been
deemed
to
be
sponsored
by
Putnam
Management
for
this
purpose)
(excluding
net
assets
of
such
funds
that
are
invested
in,
or
that
are
invested
in
by,
other
such
funds
to
the
extent
necessary
to
avoid
“double
counting”
of
those
assets).
Such
annual
rates
may
vary
as
follows:
For
the
period
ended
April
30,
2025,
the
annualized
gross
effective
investment
management
fee
rate
was 0.605%
of
the
Fund’s
average daily
net
assets.
Under
a
subadvisory
agreement,
Advisers
provides
portfolio
management
and
certain
other
advisory
and
related
services
to
the
Fund.
With
respect
to
the
portfolio
management
services,
Putnam
Management
pays
a
fee
to
Advisers
equal
to
50%
of
the
net
investment
advisory
fee
payable
by
the
Fund
to
Putnam
Management
and
with
respect
to
the
other
advisory
and
related
services, Putnam
Management
pays
a
fee
to
Advisers
based
on
the
costs
of Advisers
in
providing
these
services
to
the
Fund.
These
fees
are
not
an
additional
expense
to
the
Fund.
Under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by Putnam
Management
based
on
the
average
net
assets
managed
by
FTIML,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Putnam
Management,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Putnam
Management
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
Subsidiary
Affiliation
Putnam
Investment
Management,
LLC
(Putnam
Management)
Investment
manager
Franklin
Advisers,
Inc.
(Advisers)
Subadvisor
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.780%
of
the
first
$5
billion,
0.730%
of
the
next
$5
billion,
0.680%
of
the
next
$10
billion,
0.630%
of
the
next
$10
billion,
0.580%
of
the
next
$50
billion,
0.560%
of
the
next
$50
billion,
0.550%
of
the
next
$100
billion
and
0.545%
of
any
excess
thereafter.
Putnam
Convertible
Securities
Fund
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
The
Fund
reimburses
Putnam
Management
an
allocated
amount
for
the
compensation
and
related
expenses
of
certain
officers
of
the
Fund
and
their
staff
who
provide
administrative
services
to
the
Fund.
The
aggregate
amount
of
all
such
reimbursements
is
determined
annually
by
the
Trustees.
c.
Distribution
Fees
The
Fund
has
adopted
distribution
plans
(the
Plans)
with
respect
to
the
following
share
classes
pursuant
to
Rule
12b–1
under
the
1940
Act.
The
purpose
of
the
Plans
is
to
compensate
Distributors
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
fund.
The
Plans
provide
payments
by
the
fund
to
Distributors
at
an
annual
rate
of
up
to
the
following
amounts
(Maximum
%)
of
the
average
net
assets
attributable
to
each
class.
The
Trustees
have
approved
payment
by
the
fund
at
the
following
annual
rate
(Approved
%)
of
the
average
net
assets
attributable
to
each
class.
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
PSERV,
an
affiliate
of
Putnam
Management,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
received
fees
for
investor
servicing
for
Class
A,
Class
C,
Class
R and
Class
Y
shares
that
included
(1)
a
per
account
fee
for
each
direct
and
underlying
non-defined
contribution
account
(retail
account)
of
the
Fund;
(2)
a
specified
rate
of
the
Fund’s
assets
attributable
to
defined
contribution
plan
accounts;
and
(3)
a
specified
rate
based
on
the
average
net
assets
in
retail
accounts.
PSERV
has
agreed
that
the
aggregate
investor
servicing
fees
for
each
Fund’s
retail
and
defined
contribution
accounts
for
these
share
classes
will
not
exceed
an
annual
rate
of
0.25%
of
the
Fund’s
average
assets
attributable
to
such
accounts.
Class
I
shares
paid
a
monthly
fee
based
on
the
average
net
assets
of
Class
I
shares
at
an
annual
rate
of
0.01%.
Class
R6
shares
paid
a
monthly
fee
based
on
the
average
net
assets
of
Class
R6
shares
at
an
annual
rate
of
0.05%.
f.
Trustee
Fees
The
Fund
has
adopted
a
Trustee
Fee
Deferral
Plan
(the
Deferral
Plan)
which
allows
the
Trustees to
defer
the
receipt
of
all
or
a
portion
of
Trustees'
fees
payable
from
July
1,
1995
through
December
31,
2023.
The
deferred
fees
remain
invested
in
certain
Putnam
funds
until
distribution
in
accordance
with
the
Deferral
Plan.
The
Fund
has
adopted
an
unfunded
noncontributory
defined
benefit
pension
plan
(the
Pension
Plan)
covering
all
Trustees
of
the
Fund
who
have
served
as
a
Trustee
for
at
least
five
years
and
were
first
elected
prior
to
2004.
Benefits
under
the
Pension
Plan
are
equal
to
50%
of
the
Trustee's
average
annual
attendance
and
retainer
fees
for
the
three
years
ended
December
31,
Maximum
%
Approved
%
Class
A
...................................................................
0.35%
0.25%
Class
C
...................................................................
1.00%
1.00%
Class
R
...................................................................
1.00%
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$7,477
CDSC
retained
..............................................................................
$252
3.
Transactions
with
Affiliates
(continued)
b.
Administrative
Fees
(continued)
Putnam
Convertible
Securities
Fund
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
2005.
The
retirement
benefit
is
payable
during
a
Trustee's
lifetime,
beginning
the
year
following
retirement,
for
the
number
of
years
of
service
through
December
31,
2006.
Pension
expense
for
the
Fund
is
included
in
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
and
expenses
in
the
Statement
of
Assets
and
Liabilities.
The
Trustees
have
terminated
the
Pension
Plan
with
respect
to
any
Trustee
first
elected
after
2003.
g.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
April
30,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
h.
Waiver
and
Expense
Reimbursements
Putnam
Management
has
contractually
agreed,
through February
28,
2026,
to
waive
fees
and/or
reimburse
the
Fund’s
expenses
to
the
extent
necessary
to
limit
the
cumulative
expenses
of
the
Fund,
exclusive
of
brokerage,
interest,
taxes,
investment-related
expenses,
extraordinary
expenses,
acquired
fund
fees
and
expenses
and
payments
under
the
Fund’s
investor
servicing
contract,
investment
management
contract
and
distribution
plans,
on
a
fiscal
year-to-date
basis
to
an
annual
rate
of
0.20%
of
the
Fund’s
average
net
assets
over
such
fiscal
year-to-date
period.
4.
Expense
Offset
Arrangement
The Fund has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
period
ended
April
30,
2025,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Convertible
Securities
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
4.468%
......
$11,525,184
$120,882,258
$(117,439,693)
$—
$—
$14,967,749
14,967,749
$229,413
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC,
4.502%
.............
$10,033,400
$71,501,215
$(79,135,115)
$—
$—
$2,399,500
2,399,500
$137,194
Total
Affiliated
Securities
...
$21,558,584
$192,383,473
$(196,574,808)
$—
$—
$17,367,249
$366,607
3.
Transactions
with
Affiliates
(continued)
f.
Trustee
Fees
(continued)
Putnam
Convertible
Securities
Fund
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
October
31,
2024,
the
capital
loss
carryforwards
were
as
follows:
At
April
30,
2025,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
April
30,
2025,
aggregated
$199,457,500 and
$226,537,629,
respectively. 
At
April
30,
2025,
in
connection
with
securities
lending
transactions,
the
Fund
loaned
equity
investments
and
received
$2,399,500
of
cash
collateral.
The
gross
amount
of
recognized
liability
for
such
transactions
is
included
in
payable
upon
return
of
securities
loaned
in
the
Statement
of
Assets
and
Liabilities.
The
agreements
can
be
terminated
at
any
time.
7.
Credit
Facility
Effective
January
31,
2025,
the
Fund,
together
with
other
U.S.
registered
and
foreign
investment
Funds
(collectively,
Borrowers)
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
30,
2026.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
reporting
period,
the
Fund
did
not
use
the
Global
Credit
Facility.
Prior
to
January
31,
2025,
the
Fund
participated,
along
with
other
Putnam
Funds,
in
a
$320
million
syndicated
unsecured
committed
line
of
credit,
provided
by
State
Street
($160
million)
and
JPMorgan
($160
million),
and
a
$235.5
million
unsecured
uncommitted
line
of
credit,
provided
by
State
Street.
Borrowings
may
have
been
made
for
temporary
or
emergency
purposes,
including
the
funding
of
shareholder
redemption
requests
and
trade
settlements.
Interest
was
charged
to
the
Fund
based
on
the
Fund’s
borrowings.
A
closing
fee
equal
to
0.04%
of
the
committed
line
of
credit
and
0.04%
of
the
uncommitted
line
of
credit
was
paid
by
the
participating
Funds
and
a
$75,000
fee
was
paid
by
the
participating
Funds
to
State
Street
as
agent
of
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
1,678,604
Long
term
................................................................................
20,201,913
Total
capital
loss
carryforwards
...............................................................
$21,880,517
Cost
of
investments
..........................................................................
$465,617,650
Unrealized
appreciation
........................................................................
$48,200,891
Unrealized
depreciation
........................................................................
(28,616,788)
Net
unrealized
appreciation
(depreciation)
..........................................................
$19,584,103
Putnam
Convertible
Securities
Fund
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
the
syndicated
committed
line
of
credit.
In
addition,
a
commitment
fee
of
0.21%
per
annum
on
any
unutilized
portion
of
the
committed
line
of
credit
was
allocated
to
the
participating
Funds
based
on
their
relative
net
assets
and
paid
quarterly.
During
the
reporting
period,
the
Fund
had
no
borrowings
against
these
arrangements.
8.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
April
30,
2025,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
9.
Operating
Segments
The
Fund has adopted
the
FASB
Accounting
Standards
Update
(ASU)
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures.
The
update
is
limited
to
disclosure
requirements
and
does
not
impact
the Fund's
financial
position
or
results
of
operations.
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
Fund's Investment
manager
serves
as
the
Chief
Operating
Decision
Maker
(CODM),
evaluating
fund-wide
results
and
performance
under
a
unified
investment
strategy.
The
CODM
uses
these
measures
to
assess
fund
performance
and
allocate
resources
effectively.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's
investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights. 
Level
1
Level
2
Level
3
Total
Putnam
Convertible
Securities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
$
8,761,436
$
—
$
—
$
8,761,436
Convertible
Preferred
Stocks
................
60,948,391
—
—
60,948,391
Convertible
Bonds
.......................
—
395,295,864
—
395,295,864
Corporate
Bonds
........................
—
2,828,813
—
2,828,813
Short
Term
Investments
...................
17,367,249
—
—
17,367,249
Total
Investments
in
Securities
...........
$87,077,076
$398,124,677
$—
$485,201,753
7.
Credit
Facility
(continued)
Putnam
Convertible
Securities
Fund
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
Report
10.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Selected
Portfolio
REIT
Real
Estate
Investment
Trust
Putnam
Convertible
Securities
Fund
27
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Semiannual
Report
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Not
applicable.
38903-SFSOI
06/25
©
2025
Franklin
Templeton.
All
rights
reserved.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

 

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

 

ITEM 16. CONTROLS AND PROCEDURES.

 

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

 

(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.

 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

(a) Not applicable.

 

(b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a) (1) Not applicable.

Exhibit 99.CODE ETH

 

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

 

Putnam Convertible Securities Fund

 

By: /s/ Jonathan S. Horwitz  
  Jonathan S. Horwitz  
  Principal Executive Officer

Date: June 26, 2025  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By: /s/ Jonathan S. Horwitz  
  Jonathan S. Horwitz  
  Principal Executive Officer
Date: June 26, 2025  

 

By: /s/ Jeffrey White  
  Jeffrey White  
  Principal Financial Officer
Date: June 26, 2025