# EDGAR Filing Document

**Accession Number:** 0000081247
**File Stem:** 0001133228-25-006838
**Filing Date:** 2025-6
**Character Count:** 117915
**Document Hash:** b5452a1c2b0267de9463553f9bd6fb43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006838.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001133228-25-006838

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM CONVERTIBLE SECURITIES FUND
- **CENTRAL INDEX KEY:** 0000081247

**ORGANIZATION NAME:**
- **EIN:** 042493360
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02280
- **FILM NUMBER:** 251084431

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6177601000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM CONVERTIBLE INCOME GROWTH TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM CONVERTIBLE FUND
- **DATE OF NAME CHANGE:** 19841212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM CONVERTIBLE FUND INC /PRED/
- **DATE OF NAME CHANGE:** 19821109

## Series and Classes Contracts Data

### PUTNAM CONVERTIBLE SECURITIES FUND (Series ID: S000005511)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000015003 | Class C Shares  |  |
| C000015004 | Class A Shares  | PCONX           |
| C000015007 | Class R Shares  | PCVRX           |
| C000015008 | Class Y Shares  | PCGYX           |
| C000153039 | CLASS I         |  |
| C000202780 | Class R6 Shares |  |

?xml version='1.0' encoding='ASCII'? 2025-05-2374200164400_PutnamConvertibleSecuritiesFund_ClassA_TSRSemiAnnual

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Putnam Convertible Securities Fund**  | ![image](i202505270927280.jpg) |
| Class A [PCONX] | ![image](i202505270927280.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202505270927280.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| 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** | $483718947 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 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**<sup>\*</sup> **(% of Total Investments)**

![image](ts4135img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • 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](i202505270927280.jpg) |
| Class C [PRCCX] | ![image](i202505270927280.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202505270927280.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| 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** | $483718947 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 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**<sup>\*</sup> **(% of Total Investments)**

![image](ts4136img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • 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](i202505270927280.jpg) |
| Class I [PCNIX] | ![image](i202505270927280.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202505270927280.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| 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** | $483718947 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 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**<sup>\*</sup> **(% of Total Investments)**

![image](ts4137img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • 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](i202505270927280.jpg) |
| Class R [PCVRX] | ![image](i202505270927280.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202505270927280.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| 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** | $483718947 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 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**<sup>\*</sup> **(% of Total Investments)**

![image](ts4138img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • 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](i202505270927280.jpg) |
| Class R6 [PCNTX] | ![image](i202505270927280.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202505270927280.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| 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** | $483718947 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 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**<sup>\*</sup> **(% of Total Investments)**

![image](ts4139img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • 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](i202505270927280.jpg) |
| Class Y [PCGYX] | ![image](i202505270927280.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202505270927280.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

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**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| 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** | $483718947 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 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**<sup>\*</sup> **(% of Total Investments)**

![image](ts4140img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • 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 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Convertible

Securities

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

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.

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

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.

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

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.

a

a

#### Country

#### Shares
a

#### Value
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

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Banks

#### 1.1%
Barclays

Bank

plc

,

Senior

Note

,

%

,

2/16/29

...............

United

Kingdom

5,270,000

$

5,420,458

#### Biotechnology

#### 6.4%
Alnylam

Pharmaceuticals,

Inc.

,

Senior

Note

,

%

,

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

,

%

,

8/15/28

.......

United

States

4,927,000

6,167,468

Mirum

Pharmaceuticals,

Inc.

,

Senior

Note

,

%

,

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

#### 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

,

%

,

3/01/27

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.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
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,

%

,

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

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.9%
Repligen

Corp.

,

Senior

Note

,

%

,

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.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
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

#### 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
See

Abbreviations

on

.

\*

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

#### Putnam

#### Convertible

#### Securities

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$447,766,281

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

17,367,249

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$

2,346,118)

..................................

$467,834,504

Value

-

Non-controlled

affiliates

(Note

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

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.

#### 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

÷

.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

#### Putnam

#### Convertible

#### Securities

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

........................................................................

$2,093,515

Non-controlled

affiliates

(Note

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

g)

.............................................................

137,194

Total

investment

income

...................................................................

6,876,151

Expenses:

Management

fees

(Note

a)

...................................................................

1,523,154

Administrative

fees

(Note

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

.................................................................................

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

g

and

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.

#### 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

.............................................................

—

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

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

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

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

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

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)

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

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

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

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

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)

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)

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

..........

—

$—

$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

..........

—

$—

$80

Net

increase

(decrease)

..........................

—

$—

$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)

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)

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)

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.

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### 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)

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)

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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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)

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

franklintempleton.com

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pcsf-efp16088_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pcsf-efp16088_ex99906cert.htm)

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

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Putnam Convertible Securities Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

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

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Putnam Convertible Securities Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial information included in this report, and the financial statements
 on which the financial information is based, fairly present in all material respects the
 financial condition, results of operations, changes in net assets, and cash flows (if the
 financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant's internal control over
financial reporting.

---

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

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Convertible Securities Fund** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **April 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Convertible Securities Fund | Putnam Convertible Securities Fund |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |

---

Date: June 26, 2025 Date: June 26, 2025

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.