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Value
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Guarantee
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Schedule
of
Investments
(unaudited)
Putnam
Large
Cap
Value
Fund
2
Notes
to
Schedule
of
Investments
9
Putnam
Large
Cap
Value
Fund
Schedule
of
Investments
(unaudited),
January
31,
2026
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Shares
a
Value
a
Common
Stocks
95.2%
Aerospace
&
Defense
3.1%
Northrop
Grumman
Corp.
.............................................
1,024,345
$
709,113,070
RTX
Corp.
........................................................
3,822,292
768,013,132
1,477,126,202
Air
Freight
&
Logistics
1.6%
a
FedEx
Corp.
.......................................................
2,376,070
765,688,558
Automobiles
2.5%
General
Motors
Co.
..................................................
13,936,071
1,170,629,964
Banks
8.6%
Bank
of
America
Corp.
...............................................
19,389,774
1,031,535,977
Citigroup,
Inc.
......................................................
15,639,762
1,809,676,861
JPMorgan
Chase
&
Co.
...............................................
1,640,781
501,898,500
PNC
Financial
Services
Group,
Inc.
(The)
.................................
3,055,550
682,304,315
4,025,415,653
Beverages
2.3%
Coca-Cola
Co.
(The)
.................................................
14,164,580
1,059,652,230
Biotechnology
2.6%
AbbVie,
Inc.
.......................................................
1,882,466
419,808,743
Regeneron
Pharmaceuticals,
Inc.
.......................................
1,082,054
802,288,938
1,222,097,681
Broadline
Retail
2.3%
b
Amazon.com,
Inc.
...................................................
4,604,495
1,101,855,653
b
Building
Products
0.6%
Johnson
Controls
International
plc
.......................................
2,480,998
295,883,821
Capital
Markets
5.9%
BlackRock,
Inc.
.....................................................
430,142
481,303,089
Charles
Schwab
Corp.
(The)
...........................................
7,845,157
815,268,715
CME
Group,
Inc.
....................................................
2,123,214
613,736,239
Goldman
Sachs
Group,
Inc.
(The)
.......................................
722,670
675,992,745
State
Street
Corp.
...................................................
1,901,155
248,785,143
2,835,085,931
Chemicals
2.6%
Corteva,
Inc.
.......................................................
9,244,828
673,023,478
DuPont
de
Nemours,
Inc.
.............................................
4,158,185
182,627,485
Eastman
Chemical
Co.
...............................................
2,248,396
155,858,811
a
PPG
Industries,
Inc.
.................................................
2,160,060
249,767,738
1,261,277,512
Communications
Equipment
3.0%
a
Cisco
Systems,
Inc.
.................................................
17,898,573
1,401,816,237
Construction
Materials
1.4%
CRH
plc
..........................................................
5,544,658
678,721,586
Consumer
Finance
2.1%
Capital
One
Financial
Corp.
...........................................
4,481,978
981,239,444
Consumer
Staples
Distribution
&
Retail
3.6%
a,b
BJ's
Wholesale
Club
Holdings,
Inc.
......................................
2,590,405
239,457,038
Target
Corp.
.......................................................
2,486,509
262,252,104
Putnam
Large
Cap
Value
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Consumer
Staples
Distribution
&
Retail
(continued)
Walmart,
Inc.
......................................................
9,677,025
$
1,152,920,759
1,654,629,901
Containers
&
Packaging
0.4%
Ball
Corp.
.........................................................
3,177,756
180,718,984
Diversified
Telecommunication
Services
0.4%
Comcast
Corp.,
A
...................................................
5,655,166
168,241,188
Electric
Utilities
3.9%
NextEra
Energy,
Inc.
.................................................
11,993,454
1,054,224,607
NRG
Energy,
Inc.
...................................................
2,572,757
392,679,901
PPL
Corp.
.........................................................
11,662,528
422,766,640
1,869,671,148
Financial
Services
1.0%
a
Apollo
Global
Management,
Inc.
........................................
3,609,785
485,660,474
Health
Care
Equipment
&
Supplies
1.2%
Becton
Dickinson
&
Co.
...............................................
2,877,939
585,603,028
Health
Care
Providers
&
Services
3.2%
McKesson
Corp.
....................................................
1,163,593
967,190,138
UnitedHealth
Group,
Inc.
..............................................
1,820,910
522,473,706
1,489,663,844
Hotels,
Restaurants
&
Leisure
1.2%
Hilton
Worldwide
Holdings,
Inc.
.........................................
1,863,348
556,228,011
Household
Durables
1.8%
PulteGroup,
Inc.
....................................................
6,766,632
846,437,997
Household
Products
1.5%
Procter
&
Gamble
Co.
(The)
...........................................
4,617,016
700,724,518
Industrial
Conglomerates
2.0%
Honeywell
International,
Inc.
...........................................
4,101,046
933,069,986
Industrial
REITs
1.0%
Prologis,
Inc.
.......................................................
3,508,541
458,075,113
Insurance
2.1%
Allstate
Corp.
(The)
..................................................
2,924,776
582,001,176
American
International
Group,
Inc.
......................................
5,843,102
437,531,478
1,019,532,654
Interactive
Media
&
Services
4.0%
a
Alphabet,
Inc.,
A
....................................................
5,569,072
1,882,346,336
IT
Services
1.7%
Accenture
plc,
A
....................................................
2,988,260
787,824,866
Life
Sciences
Tools
&
Services
2.0%
a
Thermo
Fisher
Scientific,
Inc.
..........................................
1,620,718
937,763,642
Machinery
2.1%
a
Ingersoll
Rand,
Inc.
..................................................
5,267,655
453,492,419
Otis
Worldwide
Corp.
................................................
6,101,865
521,221,308
974,713,727
Putnam
Large
Cap
Value
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Shares
a
Value
a
Common
Stocks
(continued)
Media
0.4%
a,b
Charter
Communications,
Inc.,
A
........................................
877,134
$
180,794,860
b
Metals
&
Mining
1.6%
Freeport-McMoRan,
Inc.
..............................................
12,243,672
737,436,365
Office
REITs
0.5%
a
Vornado
Realty
Trust
.................................................
7,826,800
249,518,384
Oil,
Gas
&
Consumable
Fuels
5.8%
ConocoPhillips
.....................................................
4,199,380
437,701,377
Exxon
Mobil
Corp.
...................................................
9,154,801
1,294,488,861
Shell
plc
..........................................................
13,550,035
522,047,326
Valero
Energy
Corp.
.................................................
2,627,247
476,661,423
2,730,898,987
Passenger
Airlines
1.8%
Southwest
Airlines
Co.
...............................................
18,025,315
856,562,969
Pharmaceuticals
3.3%
AstraZeneca
plc,
ADR
................................................
6,798,758
630,720,780
a
Novo
Nordisk
A/S,
ADR
...............................................
7,490,835
445,180,324
Sanofi
SA
.........................................................
5,534,964
522,078,470
1,597,979,574
Semiconductors
&
Semiconductor
Equipment
1.5%
Marvell
Technology,
Inc.
..............................................
5,141,654
405,779,334
QUALCOMM,
Inc.
...................................................
1,963,047
297,578,295
703,357,629
Software
2.3%
Microsoft
Corp.
.....................................................
2,541,450
1,093,560,521
Specialized
REITs
0.3%
American
Tower
Corp.
................................................
791,425
141,886,674
Technology
Hardware,
Storage
&
Peripherals
1.3%
a
Seagate
Technology
Holdings
plc
.......................................
1,479,915
603,346,546
Textiles,
Apparel
&
Luxury
Goods
0.2%
b
Lululemon
Athletica,
Inc.
..............................................
546,397
95,346,276
b
Tobacco
2.4%
Philip
Morris
International,
Inc.
.........................................
6,399,873
1,148,393,211
Trading
Companies
&
Distributors
0.9%
United
Rentals,
Inc.
..................................................
544,816
426,078,801
Wireless
Telecommunication
Services
1.2%
T-Mobile
US,
Inc.
...................................................
2,746,143
541,566,861
Total
Common
Stocks
(Cost
$29,442,178,189)
...................................
44,914,123,547
a
a
a
a
Short
Term
Investments
5.4%
a
Management
Investment
Companies
0.4%
c,d
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
.......................
168,101,440
168,101,440
Total
Management
Investment
Companies
(Cost
$168,101,440)
...................
168,101,440
Putnam
Large
Cap
Value
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Certificates
of
Deposit
0.0%
†
KBC
Asset
Management
SA,
3.9%,12/10/26
...............................
$
4,775,000
$
4,780,620
Total
Certificates
of
Deposit
(Cost
$4,775,000)
..................................
4,780,620
Commercial
Papers
2.8%
e
Atlantic
Asset
Securitization
LLC
,
f
144A,
4.06%,
2/10/26
................................................
65,000,000
64,926,738
f
144A,
3.93%,
2/17/26
................................................
50,000,000
49,907,400
f
144A,
3.92%,
2/18/26
................................................
30,000,000
29,941,320
f
144A,
3.88%,
2/23/26
................................................
19,000,000
18,952,962
163,728,420
e
Barclays
Bank
plc
,
f
144A,
4.01%,
2/12/26
................................................
100,000,000
99,866,410
f
144A,
3.88%,
4/13/26
................................................
12,750,000
12,651,842
112,518,252
e
Canadian
Imperial
Bank
of
Commerce
,
f
144A,
4.41%,
2/05/26
................................................
100,000,000
99,938,800
4.29%,
2/06/26
.....................................................
100,000,000
99,928,500
199,867,300
e,f
Chariot
Funding
LLC,
144A,
3.88%,2/24/26
................................
75,000,000
74,806,530
e,f
Chevron
Corp.,
144A,
4.85%,2/03/26
....................................
35,500,000
35,485,658
e
Cooperatieve
Rabobank
UA,
3.75%,6/10/26
...............................
8,000,000
7,893,046
e
Exxon
Mobil
Corp.,
3.82%,2/20/26
.......................................
21,000,000
20,955,484
e
Manhattan
Asset
Funding
Co.
LLC
,
f
144A,
5.52%,
2/02/26
................................................
25,000,000
24,992,337
f
144A,
4.91%,
2/03/26
................................................
25,000,000
24,989,775
f
144A,
4.31%,
2/06/26
................................................
30,000,000
29,978,475
f
144A,
3.99%,
2/13/26
................................................
50,000,000
49,928,125
129,888,712
e
MUFG
Bank
Ltd.,
3.77%,5/11/26
........................................
10,000,000
9,896,330
e,f
Nestle
Finance
International
Ltd.,
144A,
4%,2/10/26
.........................
75,000,000
74,916,863
e,f
NRW
Bank,
144A,
4.53%,2/04/26
.......................................
50,000,000
49,974,830
e,f
Province
of
Quebec
Canada,
144A,
3.78%,2/25/26
..........................
50,000,000
49,869,095
e
Sheffield
Receivables
Co.
LLC
,
f
144A,
4.1%,
2/09/26
.................................................
8,000,000
7,991,799
f
144A,
4.01%,
2/12/26
................................................
50,000,000
49,933,185
57,924,984
e
Sumitomo
Mitsui
Trust
Bank
Ltd.,
3.78%,3/31/26
............................
21,231,000
21,100,162
e
Toronto-Dominion
Bank
(The)
,
f
144A,
4.05%,
2/12/26
................................................
16,000,000
15,978,405
f
144A,
3.97%,
2/17/26
................................................
50,000,000
49,906,550
65,884,955
e
TotalEnergies
Capital
SA
,
f
144A,
3.89%,
2/19/26
................................................
5,000,000
4,989,756
f
144A,
4.01%,
2/12/26
................................................
100,000,000
99,866,370
3.85%,
2/25/26
.....................................................
100,000,000
99,733,680
204,589,806
e,f
Victory
Receivables
Corp.,
144A,
5.49%,2/02/26
............................
25,000,000
24,992,380
Putnam
Large
Cap
Value
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Commercial
Papers
(continued)
e
TotalEnergies
Capital
SA,
(continued)
e,f
Walmart,
Inc.,
144A,
4.03%,2/09/26
......................................
$
25,000,000
$
24,974,818
Total
Commercial
Papers
(Cost
$1,329,525,358)
.................................
1,329,267,625
U.S.
Government
and
Agency
Securities
0.4%
e
U.S.
Treasury
Bills
,
2.15%,
2/05/26
...................................................
50,000,000
49,985,054
g
3.51%,
4/23/26
...................................................
35,600,000
35,317,712
g
3.54%,
7/16/26
...................................................
67,100,000
66,022,486
151,325,252
Total
U.S.
Government
and
Agency
Securities
(Cost
$151,310,062)
................
151,325,252
Time
Deposits
0.1%
Australia
&
New
Zealand
Banking
Group
Ltd.,
3.65%,
2/02/26
..................
50,000,000
50,000,000
Total
Time
Deposits
(Cost
$50,000,000)
........................................
50,000,000
Repurchase
Agreements
1.3%
h,i
Joint
tri-party
repurchase
agreement
with
Bank
of
Nova
Scotia
(The),
3.66%,
2/02/26
(Maturity
Value
$7,203,442)
Collateralized
by
U.S.
Treasuries
,
0.125%
-
4.5%,
4/15/26
-
2/15/50
(valued
at
$7,347,524)
......................................................
7,201,245
7,201,245
h,i
Joint
tri-party
repurchase
agreement
with
Barclays
Capital,
Inc.,
3.66%,
2/02/26
(Maturity
Value
$24,011,472)
Collateralized
by
U.S.
Treasury
Notes,
4.125%,
5/31/32
(valued
at
$24,491,716)
..
24,004,151
24,004,151
h,i
Joint
tri-party
repurchase
agreement
with
BNP
Paribas
SA,
3.67%,
2/02/26
(Maturity
Value
$41,157,384)
Collateralized
by
U.S.
Government
and
Agency
Securities,
1.917%
-
7%,
1/1/29
-
1/1/56
,
Agency
Mortgage-Backed
Securities,
4%,
2/20/50
and  U.S.
Treasuries,
3.375%
-
4.5%,
2/15/44
-
11/15/48
(valued
at
$41,980,532)
..................
41,144,800
41,144,800
h,i
Joint
tri-party
repurchase
agreement
with
BofA
Securities,
Inc.,
3.67%,
2/02/26
(Maturity
Value
$33,911,431)
Collateralized
by
U.S.
Government
and
Agency
Securities,
1.5%
-
6.5%,
1/1/36
-
12/1/55
and
Agency
Mortgage-Backed
Securities,
6%,
11/20/65
(valued
at
$34,579,084)
.....................................................
33,901,063
33,901,063
h,i
Joint
tri-party
repurchase
agreement
with
Citigroup
Global
Markets,
Inc.,
3.67%,
2/02/26
(Maturity
Value
$31,562,386)
Collateralized
by
U.S.
Government
and
Agency
Securities,
1.4%
-
4.25%,
2/5/27
-
4/13/46
and  Agency
Mortgage-Backed
Securities,
5.35%,
2/15/67
(valued
at
$32,187,307)
.....................................................
31,552,737
31,552,737
h,i
Joint
tri-party
repurchase
agreement
with
HSBC
Securities
USA,
Inc.,
3.68%,
2/02/26
(Maturity
Value
$144,069,074)
Collateralized
by
U.S.
Government
and
Agency
Securities,
2%
-
7.5%,
2/1/30
-
12/1/55
(valued
at
$146,950,456)
......................................
144,024,907
144,024,906
Tri-party
repurchase
agreement
with
J.P.
Morgan
Securities
LLC,
3.67%,
2/02/26
(Maturity
Value
$250,076,458)
Collateralized
by
U.S.
Government
and
Agency
Securities,
1.46%
-
7%,
8/1/28
-
9/1/56
(valued
at
$255,077,988)
.......................................
250,000,000
250,000,000
Tri-party
repurchase
agreement
with
J.P.
Morgan
Securities
LLC,
3.66%,
2/02/26
(Maturity
Value
$100,030,500)
Collateralized
by
U.S.
Treasury
Notes,
4.625%,
9/30/28
(valued
at
$102,031,143)
.
100,000,000
100,000,000
Total
Repurchase
Agreements
(Cost
$631,828,902)
..............................
631,828,902
Putnam
Large
Cap
Value
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
At
January
31,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
Short
Term
Investments
(continued)
a
a
Shares
a
Value
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.4%
Money
Market
Funds
0.4%
c,d
Putnam
Cash
Collateral
Pool,
LLC,
3.878%
................................
200,025,458
$
200,025,458
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$200,025,458)
...............................................................
200,025,458
Total
Short
Term
Investments
(Cost
$2,535,566,220)
.............................
2,535,329,297
a
Total
Investments
(Cost
$31,977,744,409)
100.6%
...............................
$47,449,452,844
Floating
Rate
Notes
Issued
0.0%
..............................................
—
Other
Assets,
less
Liabilities
(0.6)%
...........................................
(286,275,385)
Net
Assets
100.0%
...........................................................
$47,163,177,459
a
A
portion
or
all
of
the
security
is
on
loan
at
January
31,
2026.
b
Non
-income
producing.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2026,
the
aggregate
value
of
these
securities
was
$1,069,760,423,
representing
2.3%
of
net
assets.
e
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
January
31,
2026,
the
aggregate
value
of
these
securities
pledged
amounted
to
$99,456,231,
representing
0.2%
of
net
assets.
f
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
h
At
January
30,
2026,
all
repurchase
agreements
had
been
entered
into
on
that
date.
i
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
January
30,
2026,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
S&P
500
E-Mini
Index
.........................
Long
2,499
$
870,370,462
3/20/26
$
1,838,915
Total
Futures
Contracts
......................................................................
$1,838,915
*
As
of
period
end.
Putnam
Large
Cap
Value
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
At
January
31,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
12.
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
......
BZWS
Sell
143,955,900
193,355,101
3/17/26
$
—
$
(3,616,590)
British
Pound
......
CITI
Sell
117,302,800
157,555,432
3/17/26
—
(2,947,409)
British
Pound
......
GSCO
Sell
166,704,700
223,911,085
3/17/26
—
(4,187,289)
British
Pound
......
HSBK
Sell
92,823,400
124,672,501
3/17/26
—
(2,335,715)
British
Pound
......
JPHQ
Sell
22,285,300
29,930,883
3/17/26
—
(561,603)
British
Pound
......
MSCO
Sell
84,445,900
112,741,357
3/17/26
—
(2,804,110)
British
Pound
......
SSBT
Sell
71,307,200
95,200,531
3/17/26
—
(2,367,542)
British
Pound
......
TDOM
Sell
24,324,000
32,474,972
3/17/26
—
(807,022)
British
Pound
......
WPAC
Sell
24,693,300
32,968,321
3/17/26
—
(818,978)
Danish
Krone
......
MSCO
Sell
2,604,263,500
411,498,530
3/17/26
—
(2,857,659)
Euro
.............
BOFA
Sell
44,748,900
52,850,272
3/17/26
—
(297,916)
Euro
.............
GSCO
Sell
42,731,300
50,469,725
3/17/26
—
(282,163)
Euro
.............
HSBK
Sell
117,239,200
138,458,909
3/17/26
—
(785,877)
Euro
.............
JPHQ
Sell
73,137,200
86,371,486
3/17/26
—
(493,434)
Euro
.............
SSBT
Sell
50,452,700
59,488,274
3/17/26
—
(434,307)
Euro
.............
UBSW
Sell
102,365,900
120,697,585
3/17/26
—
(882,210)
Total
Forward
Exchange
Contracts
...................................................
—
$(26,479,824)
Net
unrealized
appreciation
(depreciation)
............................................
$(26,479,824)
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
*
In
U.S.
dollars
unless
otherwise
indicated.
Putnam
Large
Cap
Value
Fund
9
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Putnam
Large
Cap
Value
Fund (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
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.
Investments
in repurchase
agreements
and
time
deposits
are
valued
at
cost,
which
approximates
fair
value.
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
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. 
Putnam
Large
Cap
Value
Fund
Notes
to
Schedule
of
Investments
(unaudited)
10
Quarterly
Schedule
of
Investments
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
January
31,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. Fair
Value
Measurements
The Fund
follows a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
January
31,
2026,
in
valuing
the Fund's
assets
and
liabilities carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Large
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.863
%
......
$183,330,413
$134,571,772
$(149,800,745)
$—
$—
$168,101,440
168,101,440
$1,688,108
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC
,
3.878
%
.............
$119,486,204
$530,598,065
$(450,058,811)
$—
$—
$200,025,458
200,025,458
$1,384,518
Total
Affiliated
Securities
...
$302,816,617
$665,169,837
$(599,859,556)
$—
$—
$368,126,898
$3,072,626
Level
1
Level
2
Level
3
Total
Putnam
Large
Cap
Value
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Aerospace
&
Defense
...................
$
1,477,126,202
$
—
$
—
$
1,477,126,202
Air
Freight
&
Logistics
...................
765,688,558
—
—
765,688,558
Automobiles
..........................
1,170,629,964
—
—
1,170,629,964
Banks
...............................
4,025,415,653
—
—
4,025,415,653
Beverages
...........................
1,059,652,230
—
—
1,059,652,230
Putnam
Large
Cap
Value
Fund
Notes
to
Schedule
of
Investments
(unaudited)
11
Quarterly
Schedule
of
Investments
Level
1
Level
2
Level
3
Total
Putnam
Large
Cap
Value
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Common
Stocks:
(continued)
Biotechnology
.........................
$
1,222,097,681
$
—
$
—
$
1,222,097,681
Broadline
Retail
.......................
1,101,855,653
—
—
1,101,855,653
Building
Products
......................
295,883,821
—
—
295,883,821
Capital
Markets
........................
2,835,085,931
—
—
2,835,085,931
Chemicals
...........................
1,261,277,512
—
—
1,261,277,512
Communications
Equipment
..............
1,401,816,237
—
—
1,401,816,237
Construction
Materials
..................
678,721,586
—
—
678,721,586
Consumer
Finance
.....................
981,239,444
—
—
981,239,444
Consumer
Staples
Distribution
&
Retail
......
1,654,629,901
—
—
1,654,629,901
Containers
&
Packaging
.................
180,718,984
—
—
180,718,984
Diversified
Telecommunication
Services
.....
168,241,188
—
—
168,241,188
Electric
Utilities
........................
1,869,671,148
—
—
1,869,671,148
Financial
Services
......................
485,660,474
—
—
485,660,474
Health
Care
Equipment
&
Supplies
.........
585,603,028
—
—
585,603,028
Health
Care
Providers
&
Services
..........
1,489,663,844
—
—
1,489,663,844
Hotels,
Restaurants
&
Leisure
.............
556,228,011
—
—
556,228,011
Household
Durables
....................
846,437,997
—
—
846,437,997
Household
Products
....................
700,724,518
—
—
700,724,518
Industrial
Conglomerates
................
933,069,986
—
—
933,069,986
Industrial
REITs
.......................
458,075,113
—
—
458,075,113
Insurance
............................
1,019,532,654
—
—
1,019,532,654
Interactive
Media
&
Services
..............
1,882,346,336
—
—
1,882,346,336
IT
Services
...........................
787,824,866
—
—
787,824,866
Life
Sciences
Tools
&
Services
............
937,763,642
—
—
937,763,642
Machinery
............................
974,713,727
—
—
974,713,727
Media
...............................
180,794,860
—
—
180,794,860
Metals
&
Mining
.......................
737,436,365
—
—
737,436,365
Office
REITs
..........................
249,518,384
—
—
249,518,384
Oil,
Gas
&
Consumable
Fuels
.............
2,208,851,661
522,047,326
—
2,730,898,987
Passenger
Airlines
.....................
856,562,969
—
—
856,562,969
Pharmaceuticals
.......................
1,075,901,104
522,078,470
—
1,597,979,574
Semiconductors
&
Semiconductor
Equipment
.
703,357,629
—
—
703,357,629
Software
.............................
1,093,560,521
—
—
1,093,560,521
Specialized
REITs
......................
141,886,674
—
—
141,886,674
Technology
Hardware,
Storage
&
Peripherals
.
603,346,546
—
—
603,346,546
Textiles,
Apparel
&
Luxury
Goods
..........
95,346,276
—
—
95,346,276
Tobacco
.............................
1,148,393,211
—
—
1,148,393,211
Trading
Companies
&
Distributors
..........
426,078,801
—
—
426,078,801
Wireless
Telecommunication
Services
.......
541,566,861
—
—
541,566,861
Short
Term
Investments
...................
168,101,440
2,367,227,857
—
2,535,329,297
Total
Investments
in
Securities
...........
$44,038,099,191
$3,411,353,653
b
$—
$47,449,452,844
Other
Financial
Instruments:
Futures
Contracts
.......................
$1,838,915
$—
$—
$1,838,915
Total
Other
Financial
Instruments
.........
$1,838,915
$—
$—
$1,838,915
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
—
26,479,824
—
26,479,824
Total
Other
Financial
Instruments
.........
$—
$26,479,824
$—
$26,479,824
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$1,044,125,796,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
4. Fair
Value
Measurements
(continued)
Putnam
Large
Cap
Value
Fund
Notes
to
Schedule
of
Investments
(unaudited)
12
Quarterly
Schedule
of
Investments
Abbreviations
Counterparty
BOFA
Bank
of
America
NA
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
SSBT
State
Street
Bank
and
Trust
Co.
TDOM
Toronto
Dominion
Bank
UBSW
UBS
AG
WPAC
Westpac
Banking
Corp.
Selected
Portfolio
REIT
Real
Estate
Investment
Trust
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.