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Schedule
of
Investments
(unaudited)
Putnam
Convertible
Securities
Fund
2
Notes
to
Schedule
of
Investments
8
Putnam
Convertible
Securities
Fund
Schedule
of
Investments
(unaudited),
January
31,
2026
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
1.0%
Hotels,
Restaurants
&
Leisure
0.3%
a
Viking
Holdings
Ltd.
.................................
United
States
22,115
$
1,595,597
Metals
&
Mining
0.2%
Barrick
Mining
Corp.
.................................
Canada
25,665
1,175,201
Oil,
Gas
&
Consumable
Fuels
0.5%
Exxon
Mobil
Corp.
...................................
United
States
16,130
2,280,782
Total
Common
Stocks
(Cost
$
3,709,813
)
.....................................
5,051,580
Convertible
Preferred
Stocks
10.5%
Aerospace
&
Defense
2.4%
b
Boeing
Co.
(The)
,
6
%
................................
United
States
171,312
12,800,432
Banks
1.9%
Bank
of
America
Corp.
,
L
,
7.25
%
........................
United
States
7,820
9,743,720
Capital
Markets
1.8%
Ares
Management
Corp.
,
B
,
6.75
%
......................
United
States
86,907
4,156,762
KKR
&
Co.,
Inc.
,
D
,
6.25
%
.............................
United
States
112,565
5,508,931
9,665,693
Chemicals
0.9%
Albemarle
Corp.
,
7.25
%
..............................
United
States
66,750
4,628,445
Financial
Services
1.1%
Apollo
Global
Management,
Inc.
,
6.75
%
..................
United
States
80,004
5,549,877
Semiconductors
&
Semiconductor
Equipment
0.7%
Microchip
Technology,
Inc.
,
7.5
%
........................
United
States
51,514
3,443,196
Technology
Hardware,
Storage
&
Peripherals
0.9%
Hewlett
Packard
Enterprise
Co.
,
7.625
%
..................
United
States
80,375
4,868,314
Trading
Companies
&
Distributors
0.8%
QXO,
Inc.
,
5.5
%
....................................
United
States
67,805
4,295,447
Total
Convertible
Preferred
Stocks
(Cost
$
47,663,980
)
.........................
54,995,124
Principal
Amount
*
Convertible
Bonds
86.6%
Aerospace
&
Defense
2.5%
AeroVironment,
Inc.
,
Senior
Note
,
Zero
Cpn.,
7/15/30
........
United
States
5,755,000
6,782,268
c
BWX
Technologies,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
11/01/30
United
States
2,712,000
2,802,852
c
Rocket
Lab
USA,
Inc.
,
Senior
Note
,
144A,
4.25
%
,
2/01/29
.....
United
States
225,000
3,511,969
13,097,089
Automobile
Components
1.1%
Patrick
Industries,
Inc.
,
Senior
Note
,
1.75
%
,
12/01/28
........
United
States
2,975,000
5,784,887
Automobiles
0.3%
Rivian
Automotive,
Inc.
,
Senior
Note
,
4.625
%
,
3/15/29
........
United
States
1,350,000
1,427,625
Banks
1.2%
Barclays
Bank
plc
,
Senior
Note
,
1
%
,
2/16/29
...............
United
Kingdom
6,095,000
6,283,153
Biotechnology
5.6%
Alnylam
Pharmaceuticals,
Inc.
,
Senior
Note
,
1
%
,
9/15/27
...........................
United
States
1,503,000
1,962,974
Putnam
Convertible
Securities
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Biotechnology
(continued)
Alnylam
Pharmaceuticals,
Inc.,
(continued)
c,d
Senior
Note
,
144A,
2
.55
%
,
9/15/28
....................
United
States
5,206,000
$
4,873,319
Arrowhead
Pharmaceuticals,
Inc.
,
Senior
Note
,
Zero
Cpn.,
1/15/32
.........................................
United
States
924,000
1,039,347
Ascendis
Pharma
A/S
,
Senior
Note
,
2.25
%
,
4/01/28
.........
Denmark
3,529,000
5,225,567
c
Bridgebio
Pharma,
Inc.
,
Senior
Note
,
144A,
0.75
%
,
2/01/33
....
United
States
1,329,000
1,362,225
Halozyme
Therapeutics,
Inc.
,
Senior
Note
,
1
%
,
8/15/28
.......
United
States
4,927,000
6,848,530
c
Ionis
Pharmaceuticals,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
12/01/30
........................................
United
States
2,685,000
2,973,877
Mirum
Pharmaceuticals,
Inc.
,
Senior
Note
,
4
%
,
5/01/29
.......
United
States
1,415,000
4,688,956
28,974,795
Broadline
Retail
2.0%
Alibaba
Group
Holding
Ltd.
,
Senior
Note
,
0.5
%
,
6/01/31
......
China
2,235,000
3,921,283
c
Etsy,
Inc.
,
Senior
Note
,
144A,
1
%
,
6/15/30
.................
United
States
4,420,000
4,405,386
JD.com,
Inc.
,
Senior
Note
,
0.25
%
,
6/01/29
.................
China
2,395,000
2,418,950
10,745,619
Capital
Markets
3.5%
c
,d
Coinbase
Global,
Inc.
,
Senior
Note
,
144A,
2
.47
%
,
10/01/32
....
United
States
4,909,000
4,172,194
c
Galaxy
Digital
Holdings
LP
,
Senior
Note
,
144A,
0.5
%
,
5/01/31
..
United
States
6,451,000
5,567,213
c
Hercules
Capital,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
9/01/28
.....
United
States
3,430,000
3,455,039
c
WisdomTree,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
8/15/30
.......
United
States
3,851,000
4,490,266
17,684,712
Communications
Equipment
3.3%
c
Lumentum
Holdings,
Inc.
,
Senior
Note
,
144A,
0.375
%
,
3/15/32
.
United
States
7,682,000
17,430,001
Construction
&
Engineering
0.5%
Fluor
Corp.
,
Senior
Note
,
1.125
%
,
8/15/29
.................
United
States
2,090,000
2,583,449
Consumer
Finance
0.0%
†
c
SoFi
Technologies,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
10/15/26
United
States
210
250
Consumer
Staples
Distribution
&
Retail
1.0%
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
2.375
%
,
12/15/28
..
United
States
3,555,000
5,477,188
Diversified
REITs
1.1%
c
Digital
Realty
Trust
LP
,
Senior
Note
,
144A,
1.875
%
,
11/15/29
...
United
States
5,823,000
6,030,881
Diversified
Telecommunication
Services
1.0%
c
AST
SpaceMobile,
Inc.
,
Senior
Bond
,
144A,
2
%
,
1/15/36
......................
United
States
1,423,000
1,943,747
Senior
Note
,
144A,
2.375
%
,
10/15/32
..................
United
States
1,789,000
3,250,166
5,193,913
Electric
Utilities
4.8%
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
3
%
,
3/01/27
United
States
8,905,000
11,852,555
PPL
Capital
Funding,
Inc.
,
Senior
Note
,
2.875
%
,
3/15/28
......
United
States
6,130,000
6,894,717
Southern
Co.
(The)
,
Senior
Note
,
4.5
%
,
6/15/27
............
United
States
5,720,000
6,149,000
24,896,272
Electrical
Equipment
1.2%
c
,d
Bloom
Energy
Corp.
,
Senior
Note
,
144A,
0
.094
%
,
11/15/30
....
United
States
5,649,000
6,405,966
Putnam
Convertible
Securities
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Electronic
Equipment,
Instruments
&
Components
3.8%
c
Avnet,
Inc.
,
Senior
Note
,
144A,
1.75
%
,
9/01/30
.............
United
States
3,708,000
$
4,026,888
Itron,
Inc.
,
Senior
Note
,
1.375
%
,
7/15/30
..................
United
States
5,074,000
5,403,810
c
Mirion
Technologies,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
10/01/31
United
States
3,833,000
4,313,754
c
OSI
Systems,
Inc.
,
Senior
Note
,
144A,
0.5
%
,
2/01/31
........
United
States
6,194,000
6,160,552
19,905,004
Entertainment
3.4%
c
IMAX
Corp.
,
Senior
Note
,
144A,
0.75
%
,
11/15/30
...........
United
States
375,000
401,719
Liberty
Media
Corp.-Liberty
Formula
One
Corp.
,
Senior
Note
,
2.25
%
,
8/15/27
...................................
United
States
5,410,000
6,337,815
Live
Nation
Entertainment,
Inc.
,
Senior
Note
,
3.125
%
,
1/15/29
........................
United
States
3,397,000
5,007,518
Senior
Note
,
2.875
%
,
1/15/30
........................
United
States
5,897,000
6,256,717
18,003,769
Financial
Services
1.0%
Affirm
Holdings,
Inc.
,
Senior
Note
,
0.75
%
,
12/15/29
..........
United
States
5,019,000
5,197,425
Food
Products
1.0%
Post
Holdings,
Inc.
,
Senior
Note
,
2.5
%
,
8/15/27
.............
United
States
4,930,000
5,425,465
Ground
Transportation
2.1%
c
Lyft,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/30
............
United
States
2,423,000
2,555,054
Uber
Technologies,
Inc.
,
2028
,
Senior
Note
,
0.875
%
,
12/01/28
..................
United
States
4,520,000
5,801,559
c,d
Senior
Secured
Note
,
144A,
0
.11
%
,
5/15/28
.............
United
States
2,713,000
2,706,217
11,062,830
Health
Care
Equipment
&
Supplies
1.2%
c
Merit
Medical
Systems,
Inc.
,
Senior
Note
,
144A,
3
%
,
2/01/29
...
United
States
2,815,000
3,259,770
TransMedics
Group,
Inc.
,
Senior
Note
,
1.5
%
,
6/01/28
........
United
States
1,830,000
2,928,082
6,187,852
Health
Care
Providers
&
Services
0.2%
c
,d
Hims
&
Hers
Health,
Inc.
,
Senior
Note
,
144A,
3
.96
%
,
5/15/30
..
United
States
1,302,000
1,102,273
Health
Care
REITs
2.2%
c
Welltower
OP
LLC
,
Senior
Note
,
144A,
2.75
%
,
5/15/28
....................
United
States
2,965,000
5,900,350
Senior
Note
,
144A,
3.125
%
,
7/15/29
...................
United
States
3,820,000
5,829,320
11,729,670
Hotels,
Restaurants
&
Leisure
2.4%
c
DoorDash,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
5/15/30
.......
United
States
7,555,000
7,577,665
c
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
0.75
%
,
9/15/30
..........
United
States
5,385,000
5,253,759
12,831,424
Household
Products
0.9%
Spectrum
Brands,
Inc.
,
Senior
Note
,
3.375
%
,
6/01/29
........
United
States
5,119,000
4,959,031
IT
Services
2.9%
c
Cloudflare,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
6/15/30
.......
United
States
4,608,000
4,864,204
c
CoreWeave,
Inc.
,
Senior
Note
,
144A,
1.75
%
,
12/01/31
.......
United
States
2,671,000
3,086,408
Snowflake,
Inc.
,
Senior
Note
,
Zero
Cpn.,
10/01/27
...........
United
States
5,418,000
7,354,935
15,305,547
Putnam
Convertible
Securities
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Leisure
Products
0.4%
Peloton
Interactive,
Inc.
,
Senior
Note
,
5.5
%
,
12/01/29
........
United
States
1,435,000
$
2,240,332
Life
Sciences
Tools
&
Services
1.0%
Repligen
Corp.
,
Senior
Note
,
1
%
,
12/15/28
................
United
States
4,785,000
5,092,966
Machinery
0.8%
c
JBT
Marel
Corp.
,
Senior
Note
,
144A,
0.375
%
,
9/15/30
........
United
States
3,715,000
3,993,625
Media
0.6%
Cable
One,
Inc.
,
Senior
Note
,
1.125
%
,
3/15/28
.............
United
States
4,150,000
3,164,375
Metals
&
Mining
0.6%
c
MP
Materials
Corp.
,
Senior
Note
,
144A,
3
%
,
3/01/30
.........
United
States
1,125,000
3,208,500
Multi-Utilities
1.1%
CMS
Energy
Corp.
,
Senior
Note
,
3.375
%
,
5/01/28
...........
United
States
5,570,000
6,026,740
Office
REITs
1.0%
c
Boston
Properties
LP
,
Senior
Note
,
144A,
2
%
,
10/01/30
.......
United
States
5,693,000
5,433,969
Oil,
Gas
&
Consumable
Fuels
1.5%
c
Centrus
Energy
Corp.
,
Senior
Note
,
144A,
Zero
Cpn.,
8/15/32
..
United
States
3,355,000
4,855,524
c
Energy
Fuels,
Inc.
,
Senior
Note
,
144A,
0.75
%
,
11/01/31
......
United
States
2,133,000
2,929,676
7,785,200
Personal
Care
Products
0.3%
c
,d
Oddity
Finance
LLC
,
Senior
Note
,
144A,
4
.25
%
,
6/15/30
......
United
States
2,000,000
1,667,280
Professional
Services
2.2%
Parsons
Corp.
,
Senior
Note
,
2.625
%
,
3/01/29
..............
United
States
3,870,000
4,151,670
c
Planet
Labs
PBC
,
Senior
Note
,
144A,
0.5
%
,
10/15/30
........
United
States
3,145,000
7,182,394
11,334,064
Real
Estate
Management
&
Development
1.0%
c
Compass,
Inc.
,
Senior
Note
,
144A,
0.25
%
,
4/15/31
..........
United
States
4,856,000
5,244,495
Semiconductors
&
Semiconductor
Equipment
4.3%
c
Camtek
Ltd.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/30
.........
Israel
3,031,000
4,527,275
Microchip
Technology,
Inc.
,
Senior
Note
,
0.75
%
,
6/01/30
......
United
States
2,199,000
2,265,611
MKS,
Inc.
,
Senior
Note
,
1.25
%
,
6/01/30
...................
United
States
4,104,000
6,912,953
c
Nova
Ltd.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/30
...........
Israel
3,631,000
5,831,495
c
Semtech
Corp.
,
Senior
Note
,
144A,
Zero
Cpn.,
10/15/30
......
United
States
2,611,000
2,943,476
22,480,810
Software
14.9%
Box,
Inc.
,
Senior
Note
,
1.5
%
,
9/15/29
....................
United
States
4,661,000
4,409,306
c
Cipher
Mining,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
10/01/31
...
United
States
4,754,000
6,055,408
c
,d
Cleanspark,
Inc.
,
Senior
Note
,
144A,
2
.98
%
,
2/15/32
.........
United
States
2,834,000
2,373,475
c
,d
Commvault
Systems,
Inc.
,
Senior
Note
,
144A,
3
.76
%
,
9/15/30
..
United
States
3,068,000
2,586,324
c
Core
Scientific,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
6/15/31
....
United
States
2,705,000
3,164,850
c
CyberArk
Software
Ltd.
,
Senior
Note
,
144A,
Zero
Cpn.,
6/15/30
.
United
States
4,900,000
5,169,500
d
Datadog,
Inc.
,
Senior
Note
,
0
.34
%
,
12/01/29
...............
United
States
5,017,000
4,953,033
Guidewire
Software,
Inc.
,
Senior
Note
,
1.25
%
,
11/01/29
.......
United
States
8,240,000
7,988,680
c
,d
IREN
Ltd.
,
Senior
Note
,
144A,
1
.45
%
,
7/01/31
..............
Australia
3,770,000
3,487,250
c
Life360,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
6/01/30
.........
United
States
3,112,000
3,278,158
d
MARA
Holdings,
Inc.
,
Senior
Note
,
4
.36
%
,
3/01/30
..........
United
States
5,250,000
4,410,000
c
Nebius
Group
NV
,
Senior
Note
,
144A,
1
%
,
9/15/30
..........
Netherlands
1,787,000
1,786,106
Putnam
Convertible
Securities
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
See
Abbreviations
on
page
10
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Software
(continued)
Nutanix,
Inc.
,
Senior
Note
,
0.5
%
,
12/15/29
.................
United
States
4,934,000
$
4,497,341
c
,d
Rubrik,
Inc.
,
Senior
Note
,
144A,
2
.44
%
,
6/15/30
............
United
States
1,859,000
1,673,100
Strategy,
Inc.
,
Senior
Note
,
2.25
%
,
6/15/32
.........................
United
States
2,975,000
3,337,058
c,d
Senior
Note
,
144A,
2
.82
%
,
3/01/30
....................
United
States
6,280,000
5,604,900
c
Terawulf,
Inc.
,
Senior
Note
,
144A,
1
%
,
9/01/31
......................
United
States
2,584,000
3,390,208
d
Senior
Note
,
144A,
0
.94
%
,
5/01/32
....................
United
States
4,542,000
4,283,560
Tyler
Technologies,
Inc.
,
Senior
Note
,
0.25
%
,
3/15/26
........
United
States
4,575,000
4,558,987
c
Unity
Software,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
3/15/30
...
United
States
1,180,000
1,329,019
78,336,263
Specialty
Retail
2.4%
Burlington
Stores,
Inc.
,
1.25
%
,
12/15/27
..................
United
States
3,085,000
4,684,572
Wayfair,
Inc.
,
Senior
Note
,
3.25
%
,
9/15/27
.................
United
States
4,630,000
7,935,357
12,619,929
Technology
Hardware,
Storage
&
Peripherals
4.3%
Seagate
HDD
Cayman
,
Senior
Note
,
3.5
%
,
6/01/28
..........
United
States
2,934,000
14,565,843
Western
Digital
Corp.
,
Senior
Note
,
3
%
,
11/15/28
...........
United
States
1,195,000
7,941,259
22,507,102
Total
Convertible
Bonds
(Cost
$
389,097,637
)
.................................
454,861,740
Total
Long
Term
Investments
(Cost
$
440,471,430
)
.............................
514,908,444
a
Short
Term
Investments
4.1%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
1.8%
e,f
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.863
%
.......
United
States
9,638,626
9,638,626
Total
Management
Investment
Companies
(Cost
$
9,638,626
)
...................
9,638,626
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
2.3%
Money
Market
Funds
2.3%
e,f
Putnam
Cash
Collateral
Pool,
LLC
,
3.878
%
................
United
States
11,788,650
11,788,650
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
11,788,650
)
.........................................................
11,788,650
Total
Short
Term
Investments
(Cost
$
21,427,276
)
..............................
21,427,276
a
Total
Investments
(Cost
$
461,898,706
)
102.2
%
................................
$536,335,720
Other
Assets,
less
Liabilities
(
2.2
)
%
.........................................
(11,293,400)
Net
Assets
100.0%
.........................................................
$525,042,320
a
a
a
Putnam
Convertible
Securities
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
*
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
January
31,
2026.
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
January
31,
2026,
the
aggregate
value
of
these
securities
was
$221,712,851,
representing
42.2%
of
net
assets.
d
The
rate
shown
represents
the
yield
at
period
end.
e
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Convertible
Securities
Fund
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
1.
Organization
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.
2. 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
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
Putnam
Convertible
Securities
Fund
Notes
to
Schedule
of
Investments
(unaudited)
9
Quarterly
Schedule
of
Investments
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.
3.
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.
During
the
period
ended
January
31,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. 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
January
31,
2026,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
    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,
3.863%
......
$6,496,342
$53,574,140
$(50,431,856)
$—
$—
$9,638,626
9,638,626
$149,870
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC,
3.878%
.............
$660,800
$27,296,154
$(16,168,304)
$—
$—
$11,788,650
11,788,650
$40,399
Total
Affiliated
Securities
...
$7,157,142
$80,870,294
$(66,600,160)
$—
$—
$21,427,276
$190,269
2. Financial
Instrument
Valuation
(continued)
Putnam
Convertible
Securities
Fund
Notes
to
Schedule
of
Investments
(unaudited)
10
Quarterly
Schedule
of
Investments
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Abbreviations
Level
1
Level
2
Level
3
Total
Putnam
Convertible
Securities
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
$
5,051,580
$
—
$
—
$
5,051,580
Convertible
Preferred
Stocks
................
54,995,124
—
—
54,995,124
Convertible
Bonds
.......................
—
454,861,740
—
454,861,740
Short
Term
Investments
...................
9,638,626
11,788,650
—
21,427,276
Total
Investments
in
Securities
...........
$69,685,330
$466,650,390
$—
$536,335,720
4. Fair
Value
Measurements
(continued)
Selected
Portfolio
REIT
Real
Estate
Investment
Trust
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.