Putnam Stable Value Fund

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Putnam Stable Value fund Annual report 12 | 31 | 19Putnam Stable Value fund Audited financial StatementsYear ended December 31, 2019 ContentsAudited financial StatementsReport of Independent Auditors 1Schedule of investments 2Statement of assets and liabilities 6Statement of operations 7Statement of changes in net assets 8Financial highlights 9Notes to financial statements 10 Putnam Stable Value fund 1Price waterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210 T: (617) 530 5000, F:(617) 530 5001, Report of Independent Auditors To the Trustee of Putnam Stable Value fund We have audited the accompanying financial statements of Putnam Stable Value fund (the fund ), which comprise the statement of assets and liabilities, including the schedule of investments, as of December 31, 2019 and the related statements of operations, of changes in net assets and the financial highlights for the year then ended.

Putnam Stable Value Fund Audited Financial Statements Year ended December 31, 2017 Contents Audited Financial Statements Report of Independent Auditors 1

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