PUTNAM GLOBAL HEALTH CARE FUND (0000357295) (Filer)

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 811-03386

Putnam Global Health Care Fund
(Exact name of registrant as specified in charter)

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

Alexander Y. Kymn, Vice President

100 Federal Street,

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 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: August 31

Date of reporting period: August 31, 2026

(a) The Report to Shareholders is filed herewith

This annual shareholder report contains important information about Putnam Global Health Care Fund for the period September 1, 2025, to August 31, 2026.
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.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Class A shares of Putnam Global Health Care Fund returned 20.10%. The Fund compares its performance to the MSCI World Health Care Index-NR, which returned 19.65% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT ($9,425 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 8/31/2016 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?

Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Putnam Investment Management, LLC (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.

The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

9425103951128511415144021777616156180612293119841238291000011711130481301115161195041640618694230762672132693100001107712562125961541419029169331864222463198582375987.66.52.01.70.50.50.50.7

This annual shareholder report contains important information about Putnam Global Health Care Fund for the period September 1, 2025, to August 31, 2026.
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.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Class C shares of Putnam Global Health Care Fund returned 19.20%. The Fund compares its performance to the MSCI World Health Care Index-NR, which returned 19.65% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class C 8/31/2016 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Class C share performance reflects conversion to class A shares after eight years.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?

Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Putnam Investment Management, LLC (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.

The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

10000109461179711842148321816816386181822291519684234631000011711130481301115161195041640618694230762672132693100001107712562125961541419029169331864222463198582375987.66.52.01.70.50.50.50.7

This annual shareholder report contains important information about Putnam Global Health Care Fund for the period September 1, 2025, to August 31, 2026.
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.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Class R shares of Putnam Global Health Care Fund returned 19.81%. The Fund compares its performance to the MSCI World Health Care Index-NR, which returned 19.65% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class R 8/31/2016 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?

Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Putnam Investment Management, LLC (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.

The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

10000110001191312021151271862616887188312384620580246571000011711130481301115161195041640618694230762672132693100001107712562125961541419029169331864222463198582375987.66.52.01.70.50.50.50.7

This annual shareholder report contains important information about Putnam Global Health Care Fund for the period September 1, 2025, to August 31, 2026.
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.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Class A shares of Putnam Global Health Care Fund returned 20.50%. The Fund compares its performance to the MSCI World Health Care Index-NR, which returned 19.65% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class R6 8/31/2016 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 6/1/2020. Returns for periods before 6/1/2020 are based on the Fund’s Class Y performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would have been higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?

Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Putnam Investment Management, LLC (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.

The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

10000110561203112200154401912317437195622492321639260751000011711130481301115161195041640618694230762672132693100001107712562125961541419029169331864222463198582375987.66.52.01.70.50.50.50.7

This annual shareholder report contains important information about Putnam Global Health Care Fund for the period September 1, 2025, to August 31, 2026.
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.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2026, Class Y shares of Putnam Global Health Care Fund returned 20.40%. The Fund compares its performance to the MSCI World Health Care Index-NR, which returned 19.65% for the same period.

PERFORMANCE HIGHLIGHTS

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?

The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

VALUE OF A $10,000 INVESTMENT – Class Y 8/31/2016 — 8/31/2026

AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended August 31, 2026

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

KEY FUND STATISTICS (as of August 31, 2026)

WHAT DID THE FUND INVEST IN? (as of August 31, 2026)

Portfolio Composition^* (% of Total Investments)

HOW HAS THE FUND CHANGED?

Effective August 1, 2026 (the “Effective Date”), The Putnam Advisory Company, LLC (“PAC”), a sub-advisor to the Fund prior to the Effective Date, and an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (formerly Franklin Resources, Inc.), transferred its investment personnel and the assets and liabilities related to its Singapore branch’s investment management business to Templeton Asset Management Ltd. (“TAML”), also an indirect wholly-owned subsidiary of Franklin Templeton, Inc. (the “Reorganization”). As of the Effective Date, PAC investment professionals in its Singapore branch became employees of TAML, and the sub-advisory agreement between Putnam Investment Management, LLC (the “Investment Manager”) and PAC with respect to the Fund was transferred to TAML pursuant to an assignment and assumption agreement (such sub-advisory agreement, as modified by the assignment and assumption agreement, the “New Sub-Advisory Contract”). In connection with the Reorganization, the Fund’s Trustees approved the New Sub-Advisory Contract between the Investment Manager and TAML, pursuant to which TAML became a sub-advisor of the Fund on the Effective Date.

The changes described above are not expected to change the Fund’s investment strategy or the way in which the Fund’s assets are managed in any material way, are not expected to materially change the nature or level of services provided to the Fund, and will not result in an increase in the fees payable by the Fund to the Investment Manager.

This is a summary of certain changes to the Fund since September 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by January 1, 2027, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or [email protected].

HOUSEHOLDING

You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

10000110561203112200154331909717397194982481821532259251000011711130481301115161195041640618694230762672132693100001107712562125961541419029169331864222463198582375987.66.52.01.70.50.50.50.7

(b) Not applicable

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c) N/A

(d) N/A

(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

The Board of Trustees of the Registrant has determined that Warren Lowell, Kenneth Tanji and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as “audit committee financial experts,” and has designated Warren Lowell, Kenneth Tanji and Manoj P. Singh as the Audit Committee’s financial experts. Warren Lowell, Kenneth Tanji and Manoj P. Singh are “independent” Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

(a) Audit Fees. The aggregate fees billed in the last two fiscal years ending August 31, 2025 and August 31, 2026 (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $54,182 in August 31, 2025 and $52,565 in August 31, 2026.

(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in August 31, 2025 and $0 in August 31, 2026.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $12,400 in August 31, 2025 and $12,400 in August 31, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (“Service Affiliates”) during the Reporting Periods that required pre-approval by the Audit Committee.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in August 31, 2025 and $0 in August 31, 2026.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

(e) Audit Committee’s pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds’ independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund’s investment manager and certain of its affiliates of the fund’s independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund’s investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $583,796 in August 31, 2025 and $1,557,011 in August 31, 2026.

(h) Yes. The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor’s independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

(i) Not applicable.

(j) Not applicable

Not applicable.

Putnam

Global

Health

Care

Fund

Financial

Statements

and

Other

Important

Information

Annual

|

August

31,

 2026

If

you

need

assistance

accessing

this

content,

please

reach

out

to

your

sales

representative

or

send

an

email

to

[email protected]

.

Table

of

Contents

franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

1

Financial

Highlights

and

Schedule

of

Investments

2

Financial

Statements

11

Notes

to

Financial

Statements

15

Report

of

Independent

Registered

Public

Accounting

Firm

28

Tax

Information

29

Changes

In

and

Disagreements

with

Accountants

30

Results

of

Meeting(s)

of

Shareholders

30

Remuneration

Paid

to

Directors,

Officers

and

Others

30

Board

Approval

of

Management

and

Subadvisory

Agreements

30

Putnam

Global

Health

Care

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

2

a

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

A

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$56.90

$68.96

$57.43

$55.47

$68.43

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.49

0.32

0.30

0.15

0.17

Net

realized

and

unrealized

gains

(losses)

...........

10.87

(9.64)

14.48

6.27

(5.53)

Total

from

investment

operations

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

11.36

(9.32)

14.78

6.42

(5.36)

Less

distributions

from:

Net

investment

income

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

(0.14)

(0.21)

(0.10)

(0.08)

(0.36)

Net

realized

gains

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

(0.98)

(2.53)

(3.15)

(4.38)

(7.24)

Total

distributions

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

(1.12)

(2.74)

(3.25)

(4.46)

(7.60)

Net

asset

value,

end

of

year

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

$67.14

$56.90

$68.96

$57.43

$55.47

Total

return

c

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

20.10%

(13.48)%

26.95%

11.79%

(9.11)%

Ratios

to

average

net

assets

Expenses

before

expense

reduction

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

1.01%

1.04%

1.05%

1.07%

1.05%

Expenses

net

of

expense

reduction

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

0.99%

1.04%

d

1.05%

d

1.07%

d

1.05%

d

Net

investment

income

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

0.78%

0.55%

0.50%

0.27%

0.28%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$1,311,505

$1,218,327

$1,592,248

$1,341,541

$1,292,980

Portfolio

turnover

rate

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

70%

67%

36%

41%

71%

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Global

Health

Care

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

3

a

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

C

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$31.66

$39.83

$34.62

$35.23

$46.21

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

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

0.01

(0.07)

(0.09)

(0.17)

(0.19)

Net

realized

and

unrealized

gains

(losses)

...........

6.01

(5.57)

8.45

3.94

(3.47)

Total

from

investment

operations

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

6.02

(5.64)

8.36

3.77

(3.66)

Less

distributions

from:

Net

investment

income

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

—

—

—

—

(0.08)

Net

realized

gains

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

(0.98)

(2.53)

(3.15)

(4.38)

(7.24)

Total

distributions

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

(0.98)

(2.53)

(3.15)

(4.38)

(7.32)

Net

asset

value,

end

of

year

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

$36.70

$31.66

$39.83

$34.62

$35.23

Total

return

c

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

19.20%

(14.13)%

26.03%

10.96%

(9.81)%

Ratios

to

average

net

assets

Expenses

before

expense

reduction

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

1.76%

1.79%

1.80%

1.82%

1.80%

Expenses

net

of

expense

reduction

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

1.75%

1.79%

d

1.80%

d

1.82%

d

1.80%

d

Net

investment

income

(loss)

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

0.02%

(0.20)%

(0.25)%

(0.50)%

(0.47)%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$10,312

$11,948

$19,841

$17,385

$21,218

Portfolio

turnover

rate

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

70%

67%

36%

41%

71%

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Global

Health

Care

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

4

a

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

R

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$50.39

$61.53

$51.60

$50.30

$62.68

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.28

0.15

0.15

0.02

0.03

Net

realized

and

unrealized

gains

(losses)

...........

9.63

(8.60)

12.93

5.66

(5.02)

Total

from

investment

operations

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

9.91

(8.45)

13.08

5.68

(4.99)

Less

distributions

from:

Net

investment

income

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

(0.10)

(0.16)

—

—

(0.15)

Net

realized

gains

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

(0.98)

(2.53)

(3.15)

(4.38)

(7.24)

Total

distributions

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

(1.08)

(2.69)

(3.15)

(4.38)

(7.39)

Net

asset

value,

end

of

year

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

$59.22

$50.39

$61.53

$51.60

$50.30

Total

return

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

19.81%

(13.70)%

26.64%

11.51%

(9.34)%

Ratios

to

average

net

assets

Expenses

before

expense

reduction

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

1.26%

1.29%

1.30%

1.32%

1.30%

Expenses

net

of

expense

reduction

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

1.24%

1.29%

c

1.30%

c

1.32%

c

1.30%

c

Net

investment

income

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

0.51%

0.30%

0.27%

0.05%

0.05%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$6,432

$4,875

$3,072

$1,783

$1,603

Portfolio

turnover

rate

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

70%

67%

36%

41%

71%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Global

Health

Care

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

5

a

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

R6

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$64.19

$77.37

$64.03

$61.35

$74.89

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.78

0.60

0.58

0.38

0.49

Net

realized

and

unrealized

gains

(losses)

...........

12.29

(10.83)

16.21

6.96

(6.21)

Total

from

investment

operations

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

13.07

(10.23)

16.79

7.34

(5.72)

Less

distributions

from:

Net

investment

income

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

(0.34)

(0.42)

(0.30)

(0.28)

(0.58)

Net

realized

gains

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

(0.98)

(2.53)

(3.15)

(4.38)

(7.24)

Total

distributions

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

(1.32)

(2.95)

(3.45)

(4.66)

(7.82)

Net

asset

value,

end

of

year

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

$75.94

$64.19

$77.37

$64.03

$61.35

Total

return

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

20.50%

(13.17)%

27.39%

12.19%

(8.82)%

Ratios

to

average

net

assets

Expenses

before

expense

reduction

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

0.68%

0.70%

0.71%

0.72%

0.71%

Expenses

net

of

expense

reduction

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

0.67%

0.70%

c

0.71%

c

0.72%

c

0.71%

c

Net

investment

income

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

1.10%

0.89%

0.85%

0.61%

0.74%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$17,849

$13,682

$35,154

$28,924

$29,327

Portfolio

turnover

rate

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

70%

67%

36%

41%

71%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Global

Health

Care

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

a

Year

Ended

August

31,

2026

2025

2024

2023

2022

Class

Y

Per

share

operating

performance

(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$63.98

$77.14

$63.84

$61.20

$74.73

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.72

0.53

0.54

0.32

0.36

Net

realized

and

unrealized

gains

(losses)

...........

12.25

(10.79)

16.15

6.94

(6.13)

Total

from

investment

operations

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

12.97

(10.26)

16.69

7.26

(5.77)

Less

distributions

from:

Net

investment

income

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

(0.27)

(0.37)

(0.24)

(0.24)

(0.52)

Net

realized

gains

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

(0.98)

(2.53)

(3.15)

(4.38)

(7.24)

Total

distributions

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

(1.25)

(2.90)

(3.39)

(4.62)

(7.76)

Net

asset

value,

end

of

year

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

$75.70

$63.98

$77.14

$63.84

$61.20

Total

return

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

20.40%

(13.25)%

27.29%

12.07%

(8.90)%

Ratios

to

average

net

assets

Expenses

before

expense

reduction

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

0.76%

0.79%

0.80%

0.82%

0.80%

Expenses

net

of

expense

reduction

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

0.74%

0.79%

c

0.80%

c

0.82%

c

0.80%

c

Net

investment

income

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

1.02%

0.80%

0.78%

0.51%

0.53%

Supplemental

data

Net

assets,

end

of

year

(000’s)

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

$194,791

$207,993

$297,080

$152,033

$146,272

Portfolio

turnover

rate

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

70%

67%

36%

41%

71%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Global

Health

Care

Fund

Schedule

of

Investments,

August

31,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

99.3%

Biotechnology

20.6%

AbbVie,

Inc.

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

United

States

404,800

$

103,798,816

Amgen,

Inc.

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

United

States

47,920

20,599,850

a

Argenx

SE

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

Belgium

24,841

25,500,122

a

Ascendis

Pharma

A/S

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

Denmark

31,288

8,229,995

a,b

Celcuity,

Inc.

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

United

States

82,800

7,374,168

a,b

Cytokinetics,

Inc.

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

United

States

54,500

3,864,595

Gilead

Sciences,

Inc.

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

United

States

284,200

41,589,828

a

Insmed,

Inc.

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

United

States

125,114

15,241,387

a

Protagonist

Therapeutics,

Inc.

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

United

States

65,400

9,662,850

a

Revolution

Medicines,

Inc.

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

United

States

70,600

14,513,242

a

Rhythm

Pharmaceuticals,

Inc.

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

United

States

109,200

11,589,396

a

Vertex

Pharmaceuticals,

Inc.

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

United

States

86,500

47,100,980

a

Xenon

Pharmaceuticals,

Inc.

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

Canada

133,500

8,039,370

317,104,599

Health

Care

Equipment

&

Supplies

12.7%

Abbott

Laboratories

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

United

States

214,700

23,694,292

a

Boston

Scientific

Corp.

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

United

States

426,500

20,599,950

a

Dexcom,

Inc.

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

United

States

323,300

29,439,698

a

Edwards

Lifesciences

Corp.

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

United

States

472,300

42,861,225

a

Establishment

Labs

Holdings,

Inc.

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

Costa

Rica

109,800

7,612,434

Hoya

Corp.

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

Japan

130,100

19,921,696

a

Intuitive

Surgical,

Inc.

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

United

States

138,620

52,240,333

196,369,628

Health

Care

Providers

&

Services

14.7%

Cardinal

Health,

Inc.

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

United

States

138,500

32,494,870

CVS

Health

Corp.

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

United

States

375,000

35,216,250

Elevance

Health,

Inc.

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

United

States

77,760

30,523,910

McKesson

Corp.

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

United

States

40,520

35,873,166

UnitedHealth

Group,

Inc.

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

United

States

238,560

92,897,650

227,005,846

Life

Sciences

Tools

&

Services

5.7%

Thermo

Fisher

Scientific,

Inc.

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

United

States

101,160

62,425,836

a

Waters

Corp.

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

United

States

58,320

24,181,222

86,607,058

Pharmaceuticals

45.6%

AstraZeneca

plc

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

United

Kingdom

366,624

59,106,360

Bristol-Myers

Squibb

Co.

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

United

States

375,000

25,053,750

Chugai

Pharmaceutical

Co.

Ltd.

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

Japan

244,800

10,596,090

Eli

Lilly

&

Co.

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

United

States

168,260

194,631,390

GSK

plc

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

United

Kingdom

1,615,902

40,639,262

Johnson

&

Johnson

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

United

States

547,243

145,484,552

a

Ligand

Pharmaceuticals,

Inc.

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

United

States

27,700

7,869,570

Merck

&

Co.,

Inc.

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

United

States

599,771

88,622,163

Novartis

AG

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

United

States

497,166

75,619,640

Roche

Holding

AG

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

United

States

96,648

42,130,885

Royalty

Pharma

plc

,

A

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

United

States

221,800

13,620,738

703,374,400

Total

Common

Stocks

(Cost

$

899,345,369

)

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

1,530,461,531

Putnam

Global

Health

Care

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.1%

c

U.S.

Treasury

Notes

,

2.75

%,

7/31/27

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

United

States

39,000

$

38,492

0.625

%,

8/15/30

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

United

States

667,500

575,537

4.125

%,

8/31/30

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

United

States

142,000

140,247

4.125

%,

7/31/31

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

United

States

75,000

73,752

Total

U.S.

Government

and

Agency

Securities

(Cost

$

828,028

)

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

828,028

Total

Long

Term

Investments

(Cost

$

900,173,397

)

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

1,531,289,559

a

Number

of

Contracts

Notional

Amount

#

a

a

a

aa

Options

Purchased

0.0%

Calls

-

Over-the-Counter

Equity

Options

0.0%

†

Boston

Scientific

Corp.

,

Counterparty

CITI

,

January

Strike

Price

$

100.00

,

Expires

1/15/27

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

169,544

8,188,975

8,631

Total

Options

Purchased

(Cost

$

467,941

)

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

8,631

Short

Term

Investments

0.7%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.3%

d

,e

U.S.

Treasury

Bills

,

3.68

%,

10/22/26

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

United

States

1,540,000

1,531,864

3.75

%,

12/10/26

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

United

States

2,900,000

2,869,805

4,401,669

Total

U.S.

Government

and

Agency

Securities

(Cost

$

4,401,503

)

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

4,401,669

Shares

f

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.4%

Money

Market

Funds

0.4%

g,h

Putnam

Cash

Collateral

Pool,

LLC

,

3.859

%

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

United

States

6,885,375

6,885,375

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$

6,885,375

)

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

6,885,375

Total

Short

Term

Investments

(Cost

$

11,286,878

)

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

11,287,044

a

Total

Investments

(Cost

$

911,928,216

)

100.1

%

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

$1,542,585,234

Other

Assets,

less

Liabilities

(

0.1

)

%

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

(1,695,727)

Net

Assets

100.0%

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

$1,540,889,507

a

a

a

Putnam

Global

Health

Care

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

9

At

August

31,

2026,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(d). 

#

Notional

amount

is

the

number

of

contracts

multiplied

by

contract

size,

and

may

be

multiplied

by

the

underlying

price.

May

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

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

August

31,

2026.

See

Note

1(c).

c

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

See

Note

1(d).

d

The

rate

shown

represents

the

yield

at

period

end.

e

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

August

31,

2026,

the

aggregate

value

of

these

securities

pledged

amount-

ed

to

$2,089,285,

representing

0.1%

of

net

assets.

f

See

Note

1(c)

regarding

securities

on

loan.

g

See

Note

3(g)

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

British

Pound

......

BOFA

Buy

19,677,300

26,442,946

9/16/26

$

219,997

$

—

British

Pound

......

BZWS

Buy

374,000

498,995

9/16/26

7,779

—

British

Pound

......

BZWS

Sell

6,750,500

9,070,681

9/16/26

—

(

76,316

)

British

Pound

......

CITI

Buy

8,562,100

11,497,154

9/16/26

104,579

—

British

Pound

......

CITI

Sell

16,168,800

21,335,184

9/16/26

—

(

573,705

)

British

Pound

......

GSCO

Sell

14,280,200

19,172,311

9/16/26

—

(

177,506

)

British

Pound

......

HSBK

Sell

9,464,000

12,730,627

9/16/26

—

(

93,190

)

British

Pound

......

SSBT

Buy

1,873,300

2,512,532

9/16/26

25,809

—

British

Pound

......

TDOM

Sell

1,264,000

1,695,814

9/16/26

—

(

16,919

)

British

Pound

......

UBSW

Sell

3,170,800

4,254,675

9/16/26

—

(

41,792

)

Danish

Krone

......

BOFA

Buy

95,724,500

14,935,507

9/16/26

—

(

50,484

)

Danish

Krone

......

BZWS

Buy

724,600

110,644

9/16/26

2,031

—

Danish

Krone

......

CITI

Buy

83,578,600

12,965,595

9/16/26

30,757

—

Danish

Krone

......

CITI

Sell

119,778,100

18,682,575

9/16/26

57,252

—

Danish

Krone

......

GSCO

Sell

53,327,000

8,313,768

9/16/26

21,496

—

Danish

Krone

......

HSBK

Buy

44,282,000

6,820,835

9/16/26

64,952

—

Danish

Krone

......

HSBK

Sell

69,832,700

10,888,378

9/16/26

29,494

—

Danish

Krone

......

JPHQ

Buy

75,527,700

11,775,430

9/16/26

—

(

30,980

)

Danish

Krone

......

MSCO

Buy

48,863,900

7,578,015

9/16/26

20,250

—

Danish

Krone

......

MSCO

Sell

99,910,900

15,572,507

9/16/26

36,505

—

Danish

Krone

......

SSBT

Sell

68,235,800

10,631,385

9/16/26

20,816

—

Danish

Krone

......

UBSW

Buy

223,958,000

34,909,382

9/16/26

—

(

84,234

)

Euro

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

BOFA

Sell

27,555,800

32,105,814

9/16/26

80,791

—

Euro

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

BZWS

Buy

134,800

157,037

9/16/26

—

(

374

)

Euro

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

CITI

Sell

6,855,900

7,984,239

9/16/26

16,393

—

Euro

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

GSCO

Buy

7,387,900

8,525,266

9/16/26

67,446

(

6,582

)

Euro

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

HSBK

Buy

148,500

169,426

9/16/26

3,159

—

Euro

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

HSBK

Sell

8,160,900

9,501,359

9/16/26

16,858

—

Euro

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

JPHQ

Buy

10,424,300

12,135,409

9/16/26

—

(

20,412

)

Euro

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

MSCO

Buy

50,185,100

57,909,124

9/16/26

455,597

(

40,195

)

Euro

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

SSBT

Buy

8,187,200

9,526,143

9/16/26

—

(

11,077

)

Euro

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

TDOM

Sell

19,681,100

22,901,912

9/16/26

28,772

—

Euro

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

UBSW

Buy

42,899,400

49,828,061

9/16/26

75,214

(

46,104

)

Euro

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

UBSW

Sell

6,475,200

7,489,754

9/16/26

—

(

35,646

)

Euro

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

WPAC

Buy

1,251,500

1,456,124

9/16/26

—

(

1,646

)

Swedish

Krona

.....

GSCO

Buy

14,073,900

1,506,938

9/16/26

—

(

36,344

)

Swiss

Franc

.......

BOFA

Sell

8,741,400

11,131,287

9/16/26

300,716

—

Putnam

Global

Health

Care

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Swiss

Franc

.......

CITI

Sell

15,246,600

19,398,179

9/16/26

$

507,681

$

—

Swiss

Franc

.......

HSBK

Buy

9,134,100

11,622,558

9/16/26

—

(

305,432

)

Swiss

Franc

.......

JPHQ

Buy

3,363,700

4,279,419

9/16/26

—

(

111,803

)

Swiss

Franc

.......

MSCO

Buy

12,103,700

15,378,428

9/16/26

3,887

(

385,862

)

Swiss

Franc

.......

SSBT

Buy

3,866,800

4,915,909

9/16/26

—

(

124,954

)

Swiss

Franc

.......

TDOM

Buy

8,943,200

11,370,884

9/16/26

—

(

290,282

)

Swiss

Franc

.......

UBSW

Buy

10,439,300

13,280,201

9/16/26

—

(

345,935

)

Swiss

Franc

.......

WPAC

Sell

2,082,700

2,647,785

9/16/26

67,325

—

Australian

Dollar

....

BOFA

Buy

70,900

49,146

10/14/26

1,628

—

Australian

Dollar

....

CITI

Buy

5,916,800

4,101,983

10/14/26

135,215

—

Australian

Dollar

....

HSBK

Buy

224,600

155,755

10/14/26

5,087

—

Australian

Dollar

....

MSCO

Sell

3,741,500

2,592,841

10/14/26

—

(

86,560

)

Australian

Dollar

....

SSBT

Sell

1,806,700

1,252,448

10/14/26

—

(

41,384

)

Australian

Dollar

....

UBSW

Sell

5,337,200

3,699,437

10/14/26

—

(

122,692

)

Australian

Dollar

....

WPAC

Buy

22,845,100

15,838,599

10/14/26

521,462

—

Canadian

Dollar

....

GSCO

Sell

11,223,500

7,957,609

10/14/26

—

(

156,207

)

Canadian

Dollar

....

HSBK

Buy

5,243,800

3,721,052

10/14/26

69,853

—

Canadian

Dollar

....

JPHQ

Sell

2,778,300

1,970,246

10/14/26

—

(

38,273

)

Israeli

New

Shekel

..

GSCO

Buy

21,415,600

7,121,350

10/14/26

50,267

—

New

Zealand

Dollar

.

UBSW

Buy

4,091,500

2,362,444

10/14/26

61,024

—

Japanese

Yen

......

BOFA

Sell

757,950,300

4,805,883

11/10/26

35,178

—

Japanese

Yen

......

BZWS

Buy

1,198,567,300

7,607,080

11/10/26

—

(

63,034

)

Japanese

Yen

......

GSCO

Buy

1,150,569,500

7,290,128

11/10/26

—

(

48,190

)

Japanese

Yen

......

HSBK

Sell

540,439,900

3,423,431

11/10/26

21,783

—

Japanese

Yen

......

JPHQ

Buy

604,045,600

3,831,318

11/10/26

—

(

29,322

)

Japanese

Yen

......

MSCO

Buy

1,155,295,600

7,320,272

11/10/26

—

(

48,587

)

Japanese

Yen

......

SSBT

Sell

1,397,314,900

8,853,571

11/10/26

58,564

—

Japanese

Yen

......

TDOM

Buy

650,176,300

4,119,759

11/10/26

—

(

27,407

)

Japanese

Yen

......

UBSW

Buy

1,225,525,500

7,764,294

11/10/26

—

(

50,567

)

Total

Forward

Exchange

Contracts

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

$3,225,617

$(3,619,997)

Net

unrealized

appreciation

(depreciation)

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

$(394,380)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Note 7 regarding

other

derivative

information.

See

Abbreviations

on

page

27

.

Putnam

Global

Health

Care

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

August

31,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

11

Putnam

Global

Health

Care

Fund

Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$905,042,841

Cost

-

Non-controlled

affiliates

(Note

3

g

)

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

6,885,375

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$

6,780,207

)

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

$1,535,699,859

Value

-

Non-controlled

affiliates

(Note

3

g

)

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

6,885,375

Cash

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

48,041

Receivables:

Investment

securities

sold

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

3,792,695

Capital

shares

sold

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

565,941

Dividends

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

4,570,079

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

3,225,617

Prepaid

expenses

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

245,638

Total

assets

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

1,555,033,245

Liabilities:

Payables:

Capital

shares

redeemed

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

883,285

Management

fees

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

778,484

Administrative

fees

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

6,613

Distribution

fees

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

291,157

Transfer

agent

fees

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

431,990

Trustees'

fees

and

expenses

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

272,948

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

3,619,997

Payable

upon

return

of

securities

loaned

(Note

1

c

)

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

6,885,375

Collateral

on

certain

derivative

contracts,

at

value

(Note

1

d

)

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

828,028

Accrued

expenses

and

other

liabilities

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

145,861

Total

liabilities

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

14,143,738

Net

assets,

at

value

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

$1,540,889,507

Net

assets

consist

of:

Paid-in

capital

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

$812,105,671

Total

distributable

earnings

(losses)

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

728,783,836

Net

assets,

at

value

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

$1,540,889,507

Putnam

Global

Health

Care

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

August

31,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

Putnam

Global

Health

Care

Fund

Class

A:

Net

assets,

at

value

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

$1,311,504,603

Shares

outstanding

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

19,532,504

Net

asset

value

per

share

a

,b

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

$67.14

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94

.25

%

)

b

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

$71.24

Class

C:

Net

assets,

at

value

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

$10,312,287

Shares

outstanding

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

280,984

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$36.70

Class

R:

Net

assets,

at

value

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

$6,431,959

Shares

outstanding

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

108,613

Net

asset

value

and

maximum

offering

price

per

share

b

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

$59.22

Class

R6:

Net

assets,

at

value

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

$17,849,493

Shares

outstanding

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

235,061

Net

asset

value

and

maximum

offering

price

per

share

b

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

$75.94

Class

Y:

Net

assets,

at

value

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

$194,791,165

Shares

outstanding

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

2,573,332

Net

asset

value

and

maximum

offering

price

per

share

b

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

$75.70

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

Global

Health

Care

Fund

Financial

Statements

Statement

of

Operations

for

the

year

ended

August

31,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

13

Putnam

Global

Health

Care

Fund

Investment

income:

Dividends:

(net

of

foreign

taxes

of

$930,223)

Unaffiliated

issuers

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

$25,855,075

Non-controlled

affiliates

(Note

3

g

)

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

766,809

Interest:

Unaffiliated

issuers

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

109,525

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

(239,429)

Non-controlled

affiliates

(Note

3

g

)

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

253,117

Other

income

(Note

1

e

)

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

11,934

Total

investment

income

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

26,757,031

Expenses:

Management

fees

(Note

3

a

)

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

9,021,646

Administrative

fees

(Note

3

b

)

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

21,714

Distribution

fees:

(Note

3c

)

    Class

A

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

3,204,465

    Class

C

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

114,556

    Class

R

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

27,882

Transfer

agent

fees:

(Note

3e

)

    Class

A

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

1,592,472

Class

C

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

14,181

    Class

R

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

6,955

    Class

R6

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

7,585

    Class

Y

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

245,723

Custodian

fees

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

21,910

Reports

to

shareholders

fees

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

124,926

Registration

and

filing

fees

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

81,550

Professional

fees

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

179,438

Trustees'

fees

and

expenses

(Note

3

f

)

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

56,056

Other

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

52,692

Total

expenses

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

14,773,751

Expense

reductions

(Note

4

)

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

(186,263)

Net

expenses

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

14,587,488

Net

investment

income

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

12,169,543

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

100,059,542

Written

options

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

(451,670)

Foreign

currency

transactions

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

295,792

Forward

exchange

contracts

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

(2,039,584)

Net

realized

gain

(loss)

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

97,864,080

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

167,382,485

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(155,546)

Written

options

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

61,007

Forward

exchange

contracts

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

(627,423)

Net

change

in

unrealized

appreciation

(depreciation)

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

166,660,523

Net

realized

and

unrealized

gain

(loss)

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

264,524,603

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$276,694,146

Putnam

Global

Health

Care

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

Putnam

Global

Health

Care

Fund

Year

Ended

August

31,

2026

Year

Ended

August

31,

2025

Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$12,169,543

$9,327,587

Net

realized

gain

(loss)

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

97,864,080

24,146,448

Net

change

in

unrealized

appreciation

(depreciation)

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

166,660,523

(295,428,923)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

276,694,146

(261,954,888)

Distributions

to

shareholders:

Class

A

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

(23,229,913)

(61,698,116)

Class

C

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

(336,523)

(1,125,444)

Class

R

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

(108,473)

(152,299)

Class

R6

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

(244,431)

(1,048,442)

Class

Y

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

(3,473,840)

(10,770,621)

Total

distributions

to

shareholders

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

(27,393,180)

(74,794,922)

Capital

share

transactions:

(Note

2

)

Class

A

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

(116,982,781)

(97,736,455)

Class

B

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

—

(1,176,101)

Class

C

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

(3,296,948)

(4,023,515)

Class

R

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

648,516

2,459,796

Class

R6

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

1,720,616

(15,807,804)

Class

Y

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

(47,324,753)

(38,736,893)

Total

capital

share

transactions

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

(165,235,350)

(155,020,972)

Net

increase

(decrease)

in

net

assets

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

84,065,616

(491,770,782)

Net

assets:

Beginning

of

year

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

1,456,823,891

1,948,594,673

End

of

year

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

$1,540,889,507

$1,456,823,891

Putnam

Global

Health

Care

Fund

15

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

1.

Organization

and

Significant

Accounting

Policies

Putnam

Global

Health

Care

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 five

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Class

Y.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

8

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

September

5,

2024,

all

Class

B

shares

were

converted

to

Class

A.

The

following

summarizes

the 

Fund

's

significant

accounting

policies.

a.

Financial

Instrument

Valuation

The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

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.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

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

Putnam

Global

Health

Care

Fund

Notes

to

Financial

Statements

16

franklintempleton.com

Annual

Report

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At

August

31,

2026,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

more

information.

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