# EDGAR Filing Document

**Accession Number:** 0000216934
**File Stem:** 0000869392-25-001171
**Filing Date:** 2025-6
**Character Count:** 134931
**Document Hash:** 4b70a8cc94c3099e9e453b499bf6a74a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-25-001171.hdr.sgml**: 20250618

**ACCESSION NUMBER**: 0000869392-25-001171

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250131

**FILED AS OF DATE**: 20250618

**DATE AS OF CHANGE**: 20250618

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM LARGE CAP VALUE FUND
- **CENTRAL INDEX KEY:** 0000216934

**ORGANIZATION NAME:**
- **EIN:** 046407893
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02742
- **FILM NUMBER:** 251056296

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM EQUITY INCOME FUND
- **DATE OF NAME CHANGE:** 20190212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM EQUITY INCOME FUND/NEW/
- **DATE OF NAME CHANGE:** 19940302

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

## Series and Classes Contracts Data

### PUTNAM LARGE CAP VALUE FUND (Series ID: S000005581)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015218 | Class A Shares | PEYAX           |
| C000015220 | Class C Shares | PEQCX           |
| C000015222 | Class R Shares | PEQRX           |
| C000015223 | Class Y Shares | PEIYX           |
| C000118171 | Class R5       |  |
| C000118172 | Class R6       |  |

## Nport-Ex

------

---

| |
|:---|
| **Putnam Large Cap Value Fund** |
| **The fund's portfolio** |
| **1/31/25 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (96.2%)***<sup>(a)</sup>*** | **COMMON STOCKS (96.2%)***<sup>(a)</sup>*** | **COMMON STOCKS (96.2%)***<sup>(a)</sup>*** |
| | **Shares** | **Value** |
| **Aerospace and defense (3.0%)** | **Aerospace and defense (3.0%)** | **Aerospace and defense (3.0%)** |
| Northrop Grumman Corp. | 984303 | $479621323 |
| RTX Corp. | 4608850 | 594311208 |
|  |  | **1073932531** |
| **Air freight and logistics (1.7%)** | **Air freight and logistics (1.7%)** | **Air freight and logistics (1.7%)** |
| FedEx Corp. | 2283186 | 604747476 |
|  |  | **604747476** |
| **Automobiles (1.9%)** | **Automobiles (1.9%)** | **Automobiles (1.9%)** |
| General Motors Co. | 13391285 | 662332956 |
|  |  | **662332956** |
| **Banks (9.0%)** | **Banks (9.0%)** | **Banks (9.0%)** |
| Bank of America Corp. | 21332284 | 987684749 |
| Citigroup, Inc. | 15028376 | 1223760658 |
| JPMorgan Chase & Co. | 1576641 | 421436139 |
| PNC Financial Services Group, Inc. (The) | 2936104 | 590010099 |
|  |  | **3222891645** |
| **Beverages (2.5%)** | **Beverages (2.5%)** | **Beverages (2.5%)** |
| Coca-Cola Co. (The) | 13610862 | 864017520 |
|  |  | **864017520** |
| **Biotechnology (4.2%)** | **Biotechnology (4.2%)** | **Biotechnology (4.2%)** |
| AbbVie, Inc. | 4942601 | 908944324 |
| Regeneron Pharmaceuticals, Inc.***<sup>(NON)</sup>*** | 913195 | 614561971 |
|  |  | **1523506295** |
| **Building products (1.2%)** | **Building products (1.2%)** | **Building products (1.2%)** |
| Johnson Controls International PLC | 5715776 | 445830528 |
|  |  | **445830528** |
| **Capital markets (5.2%)** | **Capital markets (5.2%)** | **Capital markets (5.2%)** |
| Charles Schwab Corp. (The) | 7538477 | 623582817 |
| CME Group, Inc. | 2171136 | 513517087 |
| Goldman Sachs Group, Inc. (The) | 834153 | 534191581 |
| State Street Corp. | 1826836 | 185643074 |
|  |  | **1856934559** |
| **Chemicals (3.7%)** | **Chemicals (3.7%)** | **Chemicals (3.7%)** |
| Corteva, Inc. | 8883432 | 579821607 |
| DuPont de Nemours, Inc. | 3995635 | 306864768 |
| Eastman Chemical Co. | 2160503 | 215294124 |
| PPG Industries, Inc. | 2075620 | 239485036 |
|  |  | **1341465535** |
| **Construction materials (1.5%)** | **Construction materials (1.5%)** | **Construction materials (1.5%)** |
| CRH PLC | 5327908 | 527622729 |
|  |  | **527622729** |
| **Consumer finance (2.4%)** | **Consumer finance (2.4%)** | **Consumer finance (2.4%)** |
| Capital One Financial Corp. | 4306770 | 877332117 |
|  |  | **877332117** |
| **Consumer staples distribution and retail (4.7%)** | **Consumer staples distribution and retail (4.7%)** | **Consumer staples distribution and retail (4.7%)** |
| BJ's Wholesale Club Holdings, Inc.***<sup>(NON)</sup>*** | 2489143 | 246549614 |
| Target Corp. | 2389308 | 329509466 |
| Walmart, Inc. | 11375383 | 1116607595 |
|  |  | **1692666675** |
| **Containers and packaging (0.5%)** | **Containers and packaging (0.5%)** | **Containers and packaging (0.5%)** |
| Ball Corp. | 3053533 | 170081788 |
|  |  | **170081788** |
| **Electric utilities (4.2%)** | **Electric utilities (4.2%)** | **Electric utilities (4.2%)** |
| NextEra Energy, Inc. | 7269143 | 520179873 |
| NRG Energy, Inc. | 5942536 | 608753388 |
| PPL Corp. | 11206620 | 376542432 |
|  |  | **1505475693** |
| **Electronic equipment, instruments, and components (0.4%)** | **Electronic equipment, instruments, and components (0.4%)** | **Electronic equipment, instruments, and components (0.4%)** |
| Vontier Corp. | 4075550 | 157112453 |
|  |  | **157112453** |
| **Financial services (1.6%)** | **Financial services (1.6%)** | **Financial services (1.6%)** |
| Apollo Global Management, Inc. | 3468673 | 593073710 |
|  |  | **593073710** |
| **Health care equipment and supplies (1.7%)** | **Health care equipment and supplies (1.7%)** | **Health care equipment and supplies (1.7%)** |
| Boston Scientific Corp.***<sup>(NON)</sup>*** | 5973176 | 611414295 |
|  |  | **611414295** |
| **Health care providers and services (5.9%)** | **Health care providers and services (5.9%)** | **Health care providers and services (5.9%)** |
| Cigna Group (The) | 1489372 | 438188136 |
| McKesson Corp. | 1217748 | 724255623 |
| UnitedHealth Group, Inc. | 1749728 | 949209943 |
|  |  | **2111653702** |
| **Hotels, restaurants, and leisure (1.3%)** | **Hotels, restaurants, and leisure (1.3%)** | **Hotels, restaurants, and leisure (1.3%)** |
| Hilton Worldwide Holdings, Inc. | 1790508 | 458495384 |
|  |  | **458495384** |
| **Household durables (2.1%)** | **Household durables (2.1%)** | **Household durables (2.1%)** |
| PulteGroup, Inc. | 6502113 | 739810417 |
|  |  | **739810417** |
| **Household products (2.0%)** | **Household products (2.0%)** | **Household products (2.0%)** |
| Procter & Gamble Co. (The) | 4436530 | 736419615 |
|  |  | **736419615** |
| **Industrial conglomerates (1.4%)** | **Industrial conglomerates (1.4%)** | **Industrial conglomerates (1.4%)** |
| Honeywell International, Inc. | 2284361 | 511057243 |
|  |  | **511057243** |
| **Insurance (2.4%)** | **Insurance (2.4%)** | **Insurance (2.4%)** |
| American International Group, Inc. | 5614686 | 413577771 |
| AXA SA (France) | 11893881 | 451219986 |
|  |  | **864797757** |
| **Life sciences tools and services (1.8%)** | **Life sciences tools and services (1.8%)** | **Life sciences tools and services (1.8%)** |
| Thermo Fisher Scientific, Inc. | 1090807 | 652029884 |
|  |  | **652029884** |
| **Machinery (2.2%)** | **Machinery (2.2%)** | **Machinery (2.2%)** |
| Ingersoll Rand, Inc. | 5061734 | 474790649 |
| Otis Worldwide Corp. | 3371725 | 321730000 |
|  |  | **796520649** |
| **Media (1.3%)** | **Media (1.3%)** | **Media (1.3%)** |
| Charter Communications, Inc. Class A***<sup>(NON)</sup>*** | 842847 | 291195210 |
| Comcast Corp. Class A | 5434096 | 182911671 |
|  |  | **474106881** |
| **Metals and mining (1.2%)** | **Metals and mining (1.2%)** | **Metals and mining (1.2%)** |
| Freeport-McMoRan, Inc. | 11765045 | 421776863 |
|  |  | **421776863** |
| **Office REITs (0.9%)** | **Office REITs (0.9%)** | **Office REITs (0.9%)** |
| Vornado Realty Trust***<sup>(R)</sup>*** | 7520838 | 325351452 |
|  |  | **325351452** |
| **Oil, gas, and consumable fuels (5.9%)** | **Oil, gas, and consumable fuels (5.9%)** | **Oil, gas, and consumable fuels (5.9%)** |
| ConocoPhillips | 4035220 | 398800793 |
| Exxon Mobil Corp. | 8796924 | 939775391 |
| Shell PLC (Euronext Amsterdam Exchange) (United Kingdom) | 13020340 | 430781548 |
| Valero Energy Corp. | 2524544 | 335764352 |
|  |  | **2105122084** |
| **Passenger airlines (1.5%)** | **Passenger airlines (1.5%)** | **Passenger airlines (1.5%)** |
| Southwest Airlines Co. | 17320674 | 531917899 |
|  |  | **531917899** |
| **Pharmaceuticals (3.2%)** | **Pharmaceuticals (3.2%)** | **Pharmaceuticals (3.2%)** |
| AstraZeneca PLC ADR (United Kingdom) | 6532983 | 462273877 |
| Merck & Co., Inc. | 2086829 | 206220442 |
| Sanofi SA (France) | 4486963 | 487652287 |
|  |  | **1156146606** |
| **Semiconductors and semiconductor equipment (2.6%)** | **Semiconductors and semiconductor equipment (2.6%)** | **Semiconductors and semiconductor equipment (2.6%)** |
| NXP Semiconductors NV | 1669849 | 348247009 |
| Qualcomm, Inc. | 3435312 | 594068504 |
|  |  | **942315513** |
| **Software (4.8%)** | **Software (4.8%)** | **Software (4.8%)** |
| Microsoft Corp. | 2178756 | 904314465 |
| Oracle Corp. | 4870861 | 828338622 |
|  |  | **1732653087** |
| **Specialized REITs (1.1%)** | **Specialized REITs (1.1%)** | **Specialized REITs (1.1%)** |
| American Tower Corp.***<sup>(R)</sup>*** | 760488 | 140652256 |
| Gaming and Leisure Properties, Inc.***<sup>(R)</sup>*** | 5598089 | 270891523 |
|  |  | **411543779** |
| **Tobacco (2.4%)** | **Tobacco (2.4%)** | **Tobacco (2.4%)** |
| Philip Morris International, Inc. | 6684836 | 870365647 |
|  |  | **870365647** |
| **Trading companies and distributors (1.1%)** | **Trading companies and distributors (1.1%)** | **Trading companies and distributors (1.1%)** |
| United Rentals, Inc. | 523519 | 396858813 |
|  |  | **396858813** |
| **Wireless telecommunication services (1.7%)** | **Wireless telecommunication services (1.7%)** | **Wireless telecommunication services (1.7%)** |
| T-Mobile US, Inc. | 2638792 | 614759372 |
|  |  | **614759372** |
| **Total common stocks (cost $23,969,798,348)** |  | **$34584141152** |

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| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS (0.0%)***<sup>(a)</sup>*** | **U.S. TREASURY OBLIGATIONS (0.0%)***<sup>(a)</sup>*** | **U.S. TREASURY OBLIGATIONS (0.0%)***<sup>(a)</sup>*** |
| | **Principal amount** | **Value** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.625%, 10/15/26***<sup>(i)</sup>*** | $51000 | $52035 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/27***<sup>(i)</sup>*** | 363000 | 362712 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.25%, 3/31/26***<sup>(i)</sup>*** | 480000 | 472990 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.625%, 8/15/30***<sup>(i)</sup>*** | 373000 | 305901 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.375%, 12/31/25***<sup>(i)</sup>*** | 1075000 | 1038537 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.375%, 11/30/25***<sup>(i)</sup>*** | 601000 | 582626 |
| **Total U.S. treasury obligations (cost $2,814,801)** |  | **$2814801** |

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| | | | |
|:---|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (3.6%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (3.6%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (3.6%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (3.6%)***<sup>(a)</sup>*** |
| | | **Principal amount/<br>shares** | **Value** |
| Atlantic Asset Securitization, LLC asset-backed commercial paper 4.397%, 2/10/25 |  | $60000000 | $59927398 |
| Barclays Bank PLC commercial paper 4.354%, 2/6/25 (United Kingdom) |  | 75000000 | 74945606 |
| Fairway Finance Co., LLC asset-backed commercial paper 4.312%, 2/3/25 (Canada) |  | 38000000 | 37986277 |
| Putnam Short Term Investment Fund Class P 4.54%***<sup>(AFF)</sup>*** | Shares | 210332717 | 210332717 |
| Interest in $385,000,000 joint tri-party repurchase agreement dated 1/31/2025 with Citigroup Global Markets, Inc. due 2/3/2025 - maturity value of $209,238,647 for an effective yield of 4.340% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 3.625% to 4.250% and due dates ranging from 8/31/2029 to 11/15/2034, valued at $392,700,023) |  | $209163000 | 209163000 |
| Interest in $300,000,000 joint tri-party repurchase agreement dated 1/31/2025 with JPMorgan Securities, LLC due 2/3/2025 - maturity value of $200,072,333 for an effective yield of 4.340% (collateralized by with a coupon rate of 0.250% and a due date of 8/31/2025, valued at $306,110,754) |  | 200000000 | 200000000 |
| Interest in $360,000,000 joint tri-party repurchase agreement dated 1/31/2025 with Barclays Capital, Inc. due 2/3/2025 - maturity value of $200,072,333 for an effective yield of 4.340% (collateralized by U.S. Treasuries (including strips) with coupon rates ranging from 0.500% to 5.000% and due dates ranging from 8/31/2025 to 8/31/2027, valued at $367,332,861) |  | 200000000 | 200000000 |
| Interest in $300,000,000 joint tri-party repurchase agreement dated 1/31/2025 with Bank of Montreal due 2/3/2025 - maturity value of $200,072,333 for an effective yield of 4.340% (collateralized by Agency Mortgage-Backed Securities with coupon rates ranging from 2.500% to 6.000% and due dates ranging from 2/1/2032 to 3/1/2063, valued at $306,110,670) |  | 200000000 | 200000000 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 4.33%***<sup>(P)</sup>*** | Shares | 17278970 | 17278970 |
| Totalenergies Capital SA commercial paper 4.357%, 2/13/25 (France) |  | $50000000 | 49921012 |
| U.S. Treasury Bills 4.382%, 2/13/25***<sup>(SEG)(SEGSF)</sup>*** |  | 30700000 | 30663814 |
| U.S. Treasury Bills 4.322%, 3/25/25***<sup>(SEG)</sup>*** |  | 1000000 | 994139 |
| U.S. Treasury Bills 4.305%, 4/22/25***<sup>(SEG)</sup>*** |  | 2800000 | 2774672 |
| **Total short-term investments (cost $1,294,005,960)** | **Total short-term investments (cost $1,294,005,960)** | **Total short-term investments (cost $1,294,005,960)** | **$1293987605** |
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $25,266,619,109)** | **Total investments (cost $25,266,619,109)** | **Total investments (cost $25,266,619,109)** | **$35880943558** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FORWARD CURRENCY CONTRACTS at 1/31/25 (aggregate face value $2,037,575,795) (Unaudited)** | **FORWARD CURRENCY CONTRACTS at 1/31/25 (aggregate face value $2,037,575,795) (Unaudited)** | **FORWARD CURRENCY CONTRACTS at 1/31/25 (aggregate face value $2,037,575,795) (Unaudited)** | **FORWARD CURRENCY CONTRACTS at 1/31/25 (aggregate face value $2,037,575,795) (Unaudited)** | **FORWARD CURRENCY CONTRACTS at 1/31/25 (aggregate face value $2,037,575,795) (Unaudited)** | **FORWARD CURRENCY CONTRACTS at 1/31/25 (aggregate face value $2,037,575,795) (Unaudited)** | **FORWARD CURRENCY CONTRACTS at 1/31/25 (aggregate face value $2,037,575,795) (Unaudited)** |
|  | **Counterparty** | **Currency** | **Contract type\*** | **Delivery<br>date** | **Value** | **Aggregate face value** | **Unrealized<br>appreciation/<br>(depreciation)** |
|  | **Bank of America N.A.** | **Bank of America N.A.** | **Bank of America N.A.** | **Bank of America N.A.** | **Bank of America N.A.** | **Bank of America N.A.** | **Bank of America N.A.** |
|  |  | Euro | Sell | 3/19/25 | $35230838 | $35703527 | $472689 |
|  | **Barclays Bank PLC** | **Barclays Bank PLC** | **Barclays Bank PLC** | **Barclays Bank PLC** | **Barclays Bank PLC** | **Barclays Bank PLC** | **Barclays Bank PLC** |
|  |  | British Pound | Sell | 3/19/25 | 178465628 | 182544459 | 4078831 |
|  |  | Euro | Sell | 3/19/25 | 134698601 | 136505192 | 1806591 |
|  | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** |
|  |  | British Pound | Sell | 3/19/25 | 145423132 | 148731387 | 3308255 |
|  |  | Euro | Sell | 3/19/25 | 444907 | 446212 | 1305 |
|  | **Goldman Sachs International** | **Goldman Sachs International** | **Goldman Sachs International** | **Goldman Sachs International** | **Goldman Sachs International** | **Goldman Sachs International** | **Goldman Sachs International** |
|  |  | British Pound | Sell | 3/19/25 | 179113260 | 183161209 | 4047949 |
|  |  | Euro | Sell | 3/19/25 | 44419318 | 45011015 | 591697 |
|  | **HSBC Bank PLC** | **HSBC Bank PLC** | **HSBC Bank PLC** | **HSBC Bank PLC** | **HSBC Bank PLC** | **HSBC Bank PLC** | **HSBC Bank PLC** |
|  |  | British Pound | Sell | 3/19/25 | 16054802 | 16191048 | $136246 |
|  |  | Euro | Sell | 3/19/25 | 106490646 | 108013669 | 1523023 |
|  | **HSBC Bank USA, National Association** | **HSBC Bank USA, National Association** | **HSBC Bank USA, National Association** | **HSBC Bank USA, National Association** | **HSBC Bank USA, National Association** | **HSBC Bank USA, National Association** | **HSBC Bank USA, National Association** |
|  |  | British Pound | Buy | 3/19/25 | 16054566 | 16191048 | (136482) |
|  |  | British Pound | Sell | 3/19/25 | 16054566 | 16420657 | 366091 |
|  |  | Euro | Buy | 3/19/25 | 106512101 | 108013669 | (1501568) |
|  |  | Euro | Sell | 3/19/25 | 106512101 | 107527918 | 1015817 |
|  | **JPMorgan Chase Bank N.A.** | **JPMorgan Chase Bank N.A.** | **JPMorgan Chase Bank N.A.** | **JPMorgan Chase Bank N.A.** | **JPMorgan Chase Bank N.A.** | **JPMorgan Chase Bank N.A.** | **JPMorgan Chase Bank N.A.** |
|  |  | British Pound | Sell | 3/19/25 | 27627628 | 28253036 | 625408 |
|  |  | Euro | Sell | 3/19/25 | 76026345 | 77039508 | 1013163 |
|  | **Morgan Stanley & Co. International PLC** | **Morgan Stanley & Co. International PLC** | **Morgan Stanley & Co. International PLC** | **Morgan Stanley & Co. International PLC** | **Morgan Stanley & Co. International PLC** | **Morgan Stanley & Co. International PLC** | **Morgan Stanley & Co. International PLC** |
|  |  | Euro | Sell | 3/19/25 | 278222376 | 283438528 | 5216152 |
|  | **NatWest Markets PLC** | **NatWest Markets PLC** | **NatWest Markets PLC** | **NatWest Markets PLC** | **NatWest Markets PLC** | **NatWest Markets PLC** | **NatWest Markets PLC** |
|  |  | British Pound | Buy | 3/19/25 | 30154611 | 30413586 | (258975) |
|  |  | British Pound | Sell | 3/19/25 | 30154611 | 30832129 | 677518 |
|  |  | Euro | Buy | 3/19/25 | 2066741 | 2101769 | (35028) |
|  |  | Euro | Sell | 3/19/25 | 2066741 | 2093949 | 27208 |
|  | **State Street Bank and Trust Co.** | **State Street Bank and Trust Co.** | **State Street Bank and Trust Co.** | **State Street Bank and Trust Co.** | **State Street Bank and Trust Co.** | **State Street Bank and Trust Co.** | **State Street Bank and Trust Co.** |
|  |  | British Pound | Sell | 3/19/25 | 88401269 | 90384372 | 1983103 |
|  |  | Euro | Sell | 3/19/25 | 54002913 | 54753700 | 750787 |
|  | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
|  |  | British Pound | Sell | 3/19/25 | 30155054 | 30411738 | 256684 |
|  | **UBS AG** | **UBS AG** | **UBS AG** | **UBS AG** | **UBS AG** | **UBS AG** | **UBS AG** |
|  |  | British Pound | Sell | 3/19/25 | 48756249 | 49849800 | 1093551 |
|  |  | Euro | Sell | 3/19/25 | 132441944 | 134234832 | 1792888 |
|  | **WestPac Banking Corp.** | **WestPac Banking Corp.** | **WestPac Banking Corp.** | **WestPac Banking Corp.** | **WestPac Banking Corp.** | **WestPac Banking Corp.** | **WestPac Banking Corp.** |
|  |  | British Pound | Sell | 3/19/25 | 30612884 | 31305055 | 692171 |
|  |  | Euro | Buy | 3/19/25 | 87846534 | 88002783 | (156249) |
|  | **Unrealized appreciation** | **Unrealized appreciation** |  |  |  |  | **31477127** |
|  | **Unrealized (depreciation)** | **Unrealized (depreciation)** |  |  |  |  | **(2088302)** |
|  | **Total** |  |  |  |  |  | **$29388825** |
| \* | The exchange currency for all contracts listed is the United States Dollar. | The exchange currency for all contracts listed is the United States Dollar. | The exchange currency for all contracts listed is the United States Dollar. | The exchange currency for all contracts listed is the United States Dollar. | The exchange currency for all contracts listed is the United States Dollar. | The exchange currency for all contracts listed is the United States Dollar. | The exchange currency for all contracts listed is the United States Dollar. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** | **FUTURES CONTRACTS OUTSTANDING at 1/31/25 (Unaudited)** |
| | **Number of contracts** | **Notional<br>amount** | **Value** | &nbsp;&nbsp;&nbsp;**Expiration date** | **Unrealized<br>appreciation/<br>(depreciation)** |
| S&P 500 Index E-Mini (Long) | 691 | $208700312 | $209623488 | &nbsp;&nbsp;&nbsp;Mar-25 | $(187594) |
| **Unrealized appreciation** |  |  |  |  | **—** |
| **Unrealized (depreciation)** |  |  |  |  | **(187594)** |
| **Total** |  |  |  |  | **$(187594)** |

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|:---|:---|:---|:---|:---|:---|
|  | ***Key to holding's abbreviations*** | ***Key to holding's abbreviations*** | ***Key to holding's abbreviations*** | ***Key to holding's abbreviations*** | ***Key to holding's abbreviations*** |
| ADR | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. |
|  | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** | **Notes to the fund's portfolio** |
|  | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2024 through January 31, 2025 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's investment manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2024 through January 31, 2025 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's investment manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2024 through January 31, 2025 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's investment manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2024 through January 31, 2025 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's investment manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. | Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2024 through January 31, 2025 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's investment manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* and references to "OTC", if any, represent over-the-counter. |
|  | Putnam Large Cap Value Fund (the fund) is a Massachusetts business trust, which is registered under the 1940 Act as a diversified open-end management investment company. | Putnam Large Cap Value Fund (the fund) is a Massachusetts business trust, which is registered under the 1940 Act as a diversified open-end management investment company. | Putnam Large Cap Value Fund (the fund) is a Massachusetts business trust, which is registered under the 1940 Act as a diversified open-end management investment company. | Putnam Large Cap Value Fund (the fund) is a Massachusetts business trust, which is registered under the 1940 Act as a diversified open-end management investment company. | Putnam Large Cap Value Fund (the fund) is a Massachusetts business trust, which is registered under the 1940 Act as a diversified 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 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 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 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 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. |
| ***<sup>(a)</sup>*** | Percentages indicated are based on net assets of $35,948,467,338. | Percentages indicated are based on net assets of $35,948,467,338. | Percentages indicated are based on net assets of $35,948,467,338. | Percentages indicated are based on net assets of $35,948,467,338. | Percentages indicated are based on net assets of $35,948,467,338. |
| ***<sup>(NON)</sup>*** | This security is non-income-producing. | This security is non-income-producing. | This security is non-income-producing. | This security is non-income-producing. | This security is non-income-producing. |
| ***<sup>(AFF)</sup>*** | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Name of affiliate** | **Fair value<br>as of<br>10/31/24** | **Sale<br>proceeds** | **Investment<br>income** | **Shares outstanding<br>and fair<br>value as of<br>1/31/25** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Short-term investments** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Putnam Cash Collateral Pool, LLC\*# | $— | $163111725 | $218663 | $— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Putnam Short Term Investment Fund Class P‡ | 250332717 | 45000000 | 2788219 | 210332717 |
|  | **Total Short-term investments** | **$250332717** | **$208111725** | **$3006882** | **$210332717** |
|  | \* The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund's agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company that is managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC and there were no realized or unrealized gains or losses during the period. | \* The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund's agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company that is managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC and there were no realized or unrealized gains or losses during the period. | \* The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund's agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company that is managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC and there were no realized or unrealized gains or losses during the period. | \* The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund's agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company that is managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC and there were no realized or unrealized gains or losses during the period. | \* The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund's agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company that is managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC and there were no realized or unrealized gains or losses during the period. |
|  | # At the close of the reporting period, the fund did not have any securities on loan. | # At the close of the reporting period, the fund did not have any securities on loan. | # At the close of the reporting period, the fund did not have any securities on loan. | # At the close of the reporting period, the fund did not have any securities on loan. | # At the close of the reporting period, the fund did not have any securities on loan. |
|  | ‡ Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | ‡ Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | ‡ Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | ‡ Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | ‡ Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. |
| ***<sup>(SEG)</sup>*** | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $10,912,466. | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $10,912,466. | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $10,912,466. | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $10,912,466. | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $10,912,466. |
| ***<sup>(SEGSF)</sup>*** | This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $251,622. | This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $251,622. | This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $251,622. | This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $251,622. | This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $251,622. |
| ***<sup>(i)</sup>*** | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. |
| ***<sup>(P)</sup>*** | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. |
| ***<sup>(R)</sup>*** | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. | Real Estate Investment Trust. |
|  | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. |
|  | The dates shown on debt obligations are the original maturity dates. | The dates shown on debt obligations are the original maturity dates. | The dates shown on debt obligations are the original maturity dates. | The dates shown on debt obligations are the original maturity dates. | The dates shown on debt obligations are the original maturity dates. |
|  | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have 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 VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have 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 VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have 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 VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have 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 VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | **Security valuation:** Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have 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 VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. |
|  | Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at the average of the last reported bid and ask prices, the"mid price", and is generally categorized as a Level 2 security. | Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at the average of the last reported bid and ask prices, the"mid price", and is generally categorized as a Level 2 security. | Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at the average of the last reported bid and ask prices, the"mid price", and is generally categorized as a Level 2 security. | Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at the average of the last reported bid and ask prices, the"mid price", and is generally categorized as a Level 2 security. | Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at the average of the last reported bid and ask prices, the"mid price", and is generally categorized as a Level 2 security. |
|  | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. |
|  | Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by the fund's investment manager. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. | Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by the fund's investment manager. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. | Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by the fund's investment manager. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. | Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by the fund's investment manager. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. | Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by the fund's investment manager. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. |
|  | Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Reliable prices are not readily available for equity securities in these circumstances, where the value of a security has been affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value. To address this, the fund will fair value these securities as determined in accordance with procedures approved by the Trustees. This includes using an independent third-party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time). These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Reliable prices are not readily available for equity securities in these circumstances, where the value of a security has been affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value. To address this, the fund will fair value these securities as determined in accordance with procedures approved by the Trustees. This includes using an independent third-party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time). These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Reliable prices are not readily available for equity securities in these circumstances, where the value of a security has been affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value. To address this, the fund will fair value these securities as determined in accordance with procedures approved by the Trustees. This includes using an independent third-party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time). These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Reliable prices are not readily available for equity securities in these circumstances, where the value of a security has been affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value. To address this, the fund will fair value these securities as determined in accordance with procedures approved by the Trustees. This includes using an independent third-party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time). These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Reliable prices are not readily available for equity securities in these circumstances, where the value of a security has been affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value. To address this, the fund will fair value these securities as determined in accordance with procedures approved by the Trustees. This includes using an independent third-party pricing service to adjust the value of such securities to the latest indications of fair value at 4:00 p.m. (Eastern Time). These securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. |
|  | To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund's investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund's investment manager, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund's investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund's investment manager, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund's investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund's investment manager, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund's investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund's investment manager, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | To the extent a pricing service or dealer is unable to value a security or provides a valuation that the fund's investment manager does not believe accurately reflects the security's fair value, the security will be valued at fair value by the fund's investment manager, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. |
|  | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. |
|  | **Repurchase agreements:** The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements, which totaled $825,567,701 at the end of the reporting period, is held at the counterparty's custodian in a segregated account for the benefit of the fund and the counterparty. Putnam Management is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. | **Repurchase agreements:** The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements, which totaled $825,567,701 at the end of the reporting period, is held at the counterparty's custodian in a segregated account for the benefit of the fund and the counterparty. Putnam Management is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. | **Repurchase agreements:** The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements, which totaled $825,567,701 at the end of the reporting period, is held at the counterparty's custodian in a segregated account for the benefit of the fund and the counterparty. Putnam Management is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. | **Repurchase agreements:** The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements, which totaled $825,567,701 at the end of the reporting period, is held at the counterparty's custodian in a segregated account for the benefit of the fund and the counterparty. Putnam Management is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. | **Repurchase agreements:** The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements, which totaled $825,567,701 at the end of the reporting period, is held at the counterparty's custodian in a segregated account for the benefit of the fund and the counterparty. Putnam Management is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. |
|  | **Master agreements:** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio. | **Master agreements:** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio. | **Master agreements:** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio. | **Master agreements:** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio. | **Master agreements:** The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund's portfolio. |
|  | Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty. | Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty. | Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty. | Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty. | Collateral pledged by the fund is segregated by the fund's custodian and identified in the fund's portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund's net position with each counterparty. |
|  | With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity. | With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity. | With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity. | With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity. | With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund's counterparties to elect early termination could impact the fund's future derivative activity. |
|  | At the close of the reporting period, the fund had a net liability position of $256,142 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $251,622 and may include amounts related to unsettled agreements. | At the close of the reporting period, the fund had a net liability position of $256,142 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $251,622 and may include amounts related to unsettled agreements. | At the close of the reporting period, the fund had a net liability position of $256,142 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $251,622 and may include amounts related to unsettled agreements. | At the close of the reporting period, the fund had a net liability position of $256,142 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $251,622 and may include amounts related to unsettled agreements. | At the close of the reporting period, the fund had a net liability position of $256,142 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $251,622 and may include amounts related to unsettled agreements. |

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| | | | |
|:---|:---|:---|:---|
| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2:** Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. |
| The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: |
|  | **Valuation inputs** | **Valuation inputs** | **Valuation inputs** |
| **Investments in securities:** | **Level 1** | **Level 2** | **Level 3** |
| **Common stocks\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication services | &nbsp;&nbsp;&nbsp;&nbsp;$1088866253 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | &nbsp;&nbsp;&nbsp;&nbsp;1860638757 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | &nbsp;&nbsp;&nbsp;&nbsp;4163469457 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;1674340536 | &nbsp;&nbsp;&nbsp;&nbsp;430781548 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;6963809802 | &nbsp;&nbsp;&nbsp;&nbsp;451219986 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Health care | &nbsp;&nbsp;&nbsp;&nbsp;5567098495 | &nbsp;&nbsp;&nbsp;&nbsp;487652287 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;4360865139 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Information technology | &nbsp;&nbsp;&nbsp;&nbsp;2832081053 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;2460946915 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;736895231 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;1505475693 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total common stocks** | **33214487331** | **1369653821** | **—** |
| U.S. treasury obligations |  | 2814801 |  |
| Short-term investments | 17278970 | 1276708635 |  |
| **Totals by level** | **$33231766301** | **$2649177257** | **$—** |
|  | **Valuation inputs** | **Valuation inputs** | **Valuation inputs** |
| **Other financial instruments:** | **Level 1** | **Level 2** | **Level 3** |
| Forward currency contracts | $— | $29388825 | $— |
| Futures contracts | (187594) |  |  |
| **Totals by level** | **$(187594)** | **$29388825** | **$—** |
| \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. |
| For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com | For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnam.com |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Putnam Large Cap Value Fund

- **b. Investment Company Act file number:** 811-02742

- **c. CIK number of Registrant:** 0000216934

- **d. LEI of Registrant:** CZH3VR3I6CWL6QA8GG38

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 FEDERAL STREET

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 1-800-225-1581

**Item A.2. Information about the Series.**

- **a. Name of Series:** Putnam Large Cap Value Fund

- **b. EDGAR series identifier (if any):** S000005581

- **c. LEI of Series:** CZH3VR3I6CWL6QA8GG38

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $36823168643.57

**Total Liabilities:** $916635963.62

**Net Assets:** $35906532679.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000015220 | 4.34%                | -6.51%               | 5.32%                |
| Class ID C000015218 | 4.41%                | -6.46%               | 5.39%                |
| Class ID C000015222 | 4.37%                | -6.46%               | 5.34%                |
| Class ID C000015223 | 4.41%                | -6.42%               | 5.41%                |
| Class ID C000118172 | 4.44%                | -6.43%               | 5.41%                |
| Class ID C000118171 | 4.43%                | -6.42%               | 5.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13782192.67             | $1450751268.37                             |
| Month 2  | $-59561.04               | $-2383885958.40                            |
| Month 3  | $161939557.51            | $1542096237.57                             |

### Schedule of Portfolio Investments

| Name                                                                        | Title                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| T-MOBILE US INC                                                             | COMMON STOCK         | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |   2638792 | NS      | $614759372.24  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTERNATIONAL PLC                                          | COMMON STOCK         | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |   5715776 | NS      | $445830528.00  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTERNATIONAL INC                                             | COMMON STOCK         | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |   6684836 | NS      | $870365647.20  | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                                                     | COMMON STOCK         | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | US        |   5327908 | NS      | $527622729.24  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS CO                                                           | COMMON STOCK         | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |  13391285 | NS      | $662332956.10  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                                                                  | COMMON STOCK         | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |   4942601 | NS      | $908944323.90  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMING AND LEISURE PROPERTIES INC                                           | COMMON STOCK         | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |   5598089 | NS      | $270891526.71  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC                                               | COMMON STOCK         | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |   1790508 | NS      | $458495383.56  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMMUNICATIONS INC                                                  | COMMON STOCK         | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |    842847 | NS      | $291195210.03  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| INGERSOLL RAND INC                                                          | COMMON STOCK         | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |   5061734 | NS      | $474790649.20  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DUPONT DE NEMOURS INC                                                       | COMMON STOCK         | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |   3995635 | NS      | $306864768.00  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ'S WHOLESALE CLUB HOLDINGS INC                                            | COMMON STOCK         | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |   2489143 | NS      | $246549614.15  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA GROUP/THE                                                             | COMMON STOCK         | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |   1489372 | NS      | $438188136.12  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA INC                                                                 | COMMON STOCK         | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |   8883432 | NS      | $579821606.64  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| OTIS WORLDWIDE CORP                                                         | COMMON STOCK         | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |   3371725 | NS      | $321729999.50  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| VONTIER CORP                                                                | COMMON STOCK         | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |   4075550 | NS      | $157112452.50  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO ASSET MANAGEMENT INC                                                 | COMMON STOCK         | CUSIP: 03769M106<br>LEI: 54930054P2G7ZJB0KM79 | Long             | EC               | CORP              | US        |   3468673 | NS      | $593073709.54  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP                                                  | COMMON STOCK         | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |   4306770 | NS      | $877332116.70  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP                                                           | COMMON STOCK         | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |   1826836 | NS      | $185643074.32  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES SCHWAB CORP/THE                                                     | COMMON STOCK         | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |   7538477 | NS      | $623582817.44  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                                       | COMMON STOCK         | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |    984303 | NS      | $479621322.81  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST AIRLINES CO                                                       | COMMON STOCK         | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |  17320674 | NS      | $531917898.54  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS INC                                                          | COMMON STOCK         | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |    523519 | NS      | $396858813.14  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                                                        | COMMON STOCK         | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |  21332284 | NS      | $987684749.20  | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTMAN CHEMICAL CO                                                         | COMMON STOCK         | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |   2160503 | NS      | $215294123.95  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP INC                                                              | COMMON STOCK         | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6502113 | NS      | $739810417.14  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                                      | COMMON STOCK         | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |   1749728 | NS      | $949209942.72  | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER  AND  GAMBLE CO/THE                                                 | COMMON STOCK         | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |   4436530 | NS      | $736419614.70  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BALL CORP                                                                   | COMMON STOCK         | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |   3053533 | NS      | $170081788.10  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY TRUST                                                        | COMMON STOCK         | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7520838 | NS      | $325351451.88  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP INC                                            | COMMON STOCK         | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |   5614686 | NS      | $413577770.76  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC                                                                 | COMMON STOCK         | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |  11375383 | NS      | $1116607595.28 | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL CORP                                                                    | COMMON STOCK         | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |  11206620 | NS      | $376542432.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES GROUP INC/THE                                        | COMMON STOCK         | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |   2936104 | NS      | $590010098.80  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INC                                                                | COMMON STOCK         | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |   3435312 | NS      | $594068504.16  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CO/THE                                                            | COMMON STOCK         | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |  13610862 | NS      | $864017519.76  | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INC                                                 | COMMON STOCK         | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |   2284361 | NS      | $511057242.92  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                                               | COMMON STOCK         | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |  15028376 | NS      | $1223760657.68 | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORP                                                                    | COMMON STOCK         | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |   4608850 | NS      | $594311207.50  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                                                         | COMMON STOCK         | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    760488 | NS      | $140652255.60  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                                                                 | COMMON STOCK         | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |   4870861 | NS      | $828338621.66  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                                                              | COMMON STOCK         | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |   2178756 | NS      | $904314465.36  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                                                              | COMMON STOCK         | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |   4035220 | NS      | $398800792.60  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG INDUSTRIES INC                                                          | COMMON STOCK         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |   2075620 | NS      | $239485035.60  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INC                                                | COMMON STOCK         | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |   1090807 | NS      | $652029884.25  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC/THE                                                 | COMMON STOCK         | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |    834153 | NS      | $534191581.20  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON SCIENTIFIC CORP                                                      | COMMON STOCK         | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |   5973176 | NS      | $611414295.36  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK  AND  CO INC                                                          | COMMON STOCK         | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |   2086829 | NS      | $206220441.78  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY INC                                                          | COMMON STOCK         | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |   7269143 | NS      | $520179873.08  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORP                                                                  | COMMON STOCK         | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |   2283186 | NS      | $604747475.82  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC                                                        | COMMON STOCK         | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |  11765045 | NS      | $421776863.25  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                                                            | COMMON STOCK         | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |   8796924 | NS      | $939775390.92  | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS INC                                               | COMMON STOCK         | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |    913195 | NS      | $614561971.10  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGET CORP                                                                 | COMMON STOCK         | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |   2389308 | NS      | $329509466.28  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE  AND  CO                                                     | COMMON STOCK         | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |   1576641 | NS      | $421436139.30  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORP                                                          | COMMON STOCK         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |   2524544 | NS      | $335764352.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORP                                                               | COMMON STOCK         | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |   1217748 | NS      | $724255623.00  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP                                                                | COMMON STOCK         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   5434096 | NS      | $182911671.36  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC                                                               | COMMON STOCK         | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |   2171136 | NS      | $513517086.72  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY INC                                                              | COMMON STOCK         | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |   5942536 | NS      | $608753387.84  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                                                             | COMMON STOCK - ADR   | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |   6532983 | NS      | $462273877.08  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK N.A.                                                               | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: E57ODZWZ7FF32TWEFA76       | N/A              | DFE              | CORP              | US        |         1 | NC      | $145423132.01  | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                                      | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: BFM8T61CT2L1QCEMIK50       | N/A              | DFE              | CORP              | US        |         1 | NC      | $48756249.32   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORPORATION                                                 | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: EN5TNI6CI43VEPAMHL14       | N/A              | DFE              | CORP              | US        |         1 | NC      | $30612884.14   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET B AND T CO                                                     | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: 571474TGEMMWANRLN572       | N/A              | DFE              | CORP              | US        |         1 | NC      | $88401268.84   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGANCHASE BANK                                                         | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: 7H6GLXDRUGQFU57RNE97       | N/A              | DFE              | CORP              | US        |         1 | NC      | $27627628.02   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK/THE                                                   | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: PT3QB789TSUIDF371261       | N/A              | DFE              | CORP              | CA        |         1 | NC      | $30155053.96   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTL FX                                                       | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DFE              | CORP              | US        |         1 | NC      | $179113259.82  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                                                               | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: MP6I5ZYZBEU3UXPYFY54       | N/A              | DFE              | CORP              | GB        |         1 | NC      | $16054801.65   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                                                               | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: MP6I5ZYZBEU3UXPYFY54       | N/A              | DFE              | CORP              | GB        |         1 | NC      | $106490645.70  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY AND CO. INTERNATIONAL                                        | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: 4PQUHN3JPFGFNF3BB653       | N/A              | DFE              | CORP              | US        |         1 | NC      | $278222375.85  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                                                      | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: BFM8T61CT2L1QCEMIK50       | N/A              | DFE              | CORP              | US        |         1 | NC      | $132441944.06  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC BANK USA                                                               | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: 1IE8VN30JCEQV1H4R804       | N/A              | DFE              | CORP              | US        |         1 | NC      | $16054801.65   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC BANK USA                                                               | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: 1IE8VN30JCEQV1H4R804       | N/A              | DFE              | CORP              | US        |         1 | NC      | $16054801.65   | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC BANK USA                                                               | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: 1IE8VN30JCEQV1H4R804       | N/A              | DFE              | CORP              | US        |         1 | NC      | $106490645.70  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC BANK USA                                                               | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: 1IE8VN30JCEQV1H4R804       | N/A              | DFE              | CORP              | US        |         1 | NC      | $106490645.70  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                                                         | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: RR3QWICWWIPCS8A4S074       | N/A              | DFE              | CORP              | GB        |         1 | NC      | $2066324.23    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                                                         | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: RR3QWICWWIPCS8A4S074       | N/A              | DFE              | CORP              | GB        |         1 | NC      | $2066324.22    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC WHOLESALE, LONDON                                         | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DFE              | CORP              | GB        |         1 | NC      | $178465627.84  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTL FX                                                       | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DFE              | CORP              | US        |         1 | NC      | $44419317.99   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA N.A.                                                        | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DFE              | CORP              | US        |         1 | NC      | $35230838.41   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGANCHASE BANK                                                         | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: 7H6GLXDRUGQFU57RNE97       | N/A              | DFE              | CORP              | US        |         1 | NC      | $76026344.71   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK N.A.                                                               | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: E57ODZWZ7FF32TWEFA76       | N/A              | DFE              | CORP              | US        |         1 | NC      | $444907.32     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC WHOLESALE, LONDON                                         | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DFE              | CORP              | GB        |         1 | NC      | $134698601.29  | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORPORATION                                                 | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: EN5TNI6CI43VEPAMHL14       | N/A              | DFE              | CORP              | US        |         1 | NC      | $87846534.24   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE STREET B AND T CO                                                     | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: 571474TGEMMWANRLN572       | N/A              | DFE              | CORP              | US        |         1 | NC      | $54002912.69   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                                                         | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: RR3QWICWWIPCS8A4S074       | N/A              | DFE              | CORP              | GB        |         1 | NC      | $30155053.96   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST MARKETS PLC                                                         | CURRENCY FORWARDS    | CUSIP: N/A<br>LEI: RR3QWICWWIPCS8A4S074       | N/A              | DFE              | CORP              | GB        |         1 | NC      | $30155053.96   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| FAIRWAY FINANCE CO LLC                                                      | DISC. CP             | CUSIP: N/A<br>LEI: 549300GKD6SUOVFV4H89       | Long             | ABS-APCP         | CORP              | US        |  38000000 | PA      | $37986277.06   | 0.11%             | 2025-02-03      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ATLANTIC ASSET SECURITIZATION LLC                                           | DISC. CP             | CUSIP: N/A<br>LEI: 549300BUNY5BIX4CVW20       | Long             | ABS-APCP         | CORP              | US        |  60000000 | PA      | $59927398.20   | 0.17%             | 2025-02-10      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TOTALENERGIES CAPITAL SA                                                    | DISC. CP             | CUSIP: N/A<br>LEI: 529900QI55ZLJVCMPA71       | Long             | STIV             | CORP              | FR        |  50000000 | PA      | $49921011.50   | 0.14%             | 2025-02-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK, PLC                                                          | DISC. CP             | CUSIP: 06741FP68<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | STIV             | CORP              | GB        |  75000000 | PA      | $74945605.50   | 0.21%             | 2025-02-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE                                                 | EQUITY INDEX FUTURE  | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | N/A              | DE               | CORP              | US        |       691 | NC      | $209623487.50  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SHELL PLC                                                                   | ORDINARY SHARES      | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |  13020340 | NS      | $430781547.52  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| NXP SEMICONDUCTORS NV                                                       | ORDINARY SHARES      | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |   1669849 | NS      | $348247008.95  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                                                                      | ORDINARY SHARES      | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | EC               | CORP              | FR        |  11893881 | NS      | $451219986.22  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| SANOFI SA                                                                   | ORDINARY SHARES      | CUSIP: N/A<br>LEI: 549300E9PC51EN656011       | Long             | EC               | CORP              | FR        |   4486963 | NS      | $487652287.16  | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.                                               | REPURCHASE AGREEMENT | CUSIP: N/A<br>LEI: MBNUM2BPBDO7JBLYG310       | Long             | RA               | CORP              | US        | 209163000 | PA      | $209163000.00  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                            | REPURCHASE AGREEMENT | CUSIP: N/A<br>LEI: NQQ6HPCNCCU6TUTQYE16       | Long             | RA               | CORP              | US        | 200000000 | PA      | $200000000.00  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL, INC.                                                      | REPURCHASE AGREEMENT | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        | 200000000 | PA      | $200000000.00  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES, LLC.                                                | REPURCHASE AGREEMENT | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        | 200000000 | PA      | $200000000.00  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| PUTNAM SHORT TERM INVESTMENT FUND                                           | SHORT TERM INV FUND  | CUSIP: 74676P664<br>LEI: 5493003MK0Q7JP8CPP42 | Long             | STIV             | PF                | US        | 210332717 | NS      | $210332717.00  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | SHORT TERM INV FUND  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |  17278970 | NS      | $17278970.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES OF AMERICA                                                    | U.S. T BILLS         | CUSIP: 912797NS2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $994139.32     | 0.00%             | 2025-03-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                    | U.S. T BILLS         | CUSIP: 912797PA9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2800000 | PA      | $2774671.68    | 0.01%             | 2025-04-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                    | U.S. T BILLS         | CUSIP: 912797MK0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30700000 | PA      | $30663813.91   | 0.09%             | 2025-02-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                    | U.S. T. NOTE         | CUSIP: 91282CAZ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    601000 | PA      | $582626.32     | 0.00%             | 2025-11-30      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                    | U.S. T. NOTE         | CUSIP: 9128286L9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    480000 | PA      | $472989.75     | 0.00%             | 2026-03-31      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                    | U.S. T. NOTE         | CUSIP: 91282CBC4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1075000 | PA      | $1038537.29    | 0.00%             | 2025-12-31      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                    | U.S. T. NOTE         | CUSIP: 91282CJC6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     51000 | PA      | $52034.50      | 0.00%             | 2026-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                    | U.S. T. NOTE         | CUSIP: 91282CMB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    363000 | PA      | $362711.87     | 0.00%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                    | U.S. T. NOTE         | CUSIP: 91282CAE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    373000 | PA      | $305901.03     | 0.00%             | 2030-08-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-03-31

**Name of Applicant:** Putnam Large Cap Value Fund

**Signature:** Kevin R Blatchford

**Name of Signer:** Kevin R Blatchford

**Title:** Assistant Treasurer