# EDGAR Filing Document

**Accession Number:** 0000216934
**File Stem:** 0000928816-25-000752
**Filing Date:** 2025-6
**Character Count:** 153274
**Document Hash:** 5d31d316a246b4b97159b8b82d3fbb6e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000928816-25-000752.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0000928816-25-000752

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02742
- **FILM NUMBER:** 251082738

**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       |  |

?xml version='1.0' encoding='ASCII'? 2025-05-12PT012_PutnamLargeCapValueFund_ClassA_TSRSemiAnnual

<br> UNITED STATES

<br> SECURITIES AND EXCHANGE COMMISSION

<br> Washington, D.C. 20549

**FORM N-CSR** <br>

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** <br>

**MANAGEMENT INVESTMENT COMPANIES** <br>

<br> Investment Company Act file number: (811-02742)

<br> Exact name of registrant as specified in charter: Putnam Large Cap Value Fund

<br> Address of principal executive offices: 100 Federal Street, Boston, Massachusetts 02110

<br> Name and address of agent for service: Stephen Tate, Vice President

<br> 100 Federal Street

<br> Boston, Massachusetts 02110

<br> Copy to: Bryan Chegwidden, Esq.

<br> Ropes & Gray LLP

<br> 1211 Avenue of the Americas

<br> New York, New York 10036

<br> James E. Thomas, Esq.

<br> Ropes & Gray LLP

<br> 800 Boylston Street

<br> Boston, Massachusetts 02199

<br> Registrant's telephone number, including area code: (617) 292-1000

<br> Date of fiscal year end: October 31, 2025

<br> Date of reporting period: November 1, 2024 – April 30, 2025

<br> <u>Item 1. Report to Stockholders:</u>

<br> (a) The Report to Shareholders is filed herewith

<br> (b) Not applicable

------

---

| | |
|:---|:---|
| **Putnam Large Cap Value Fund**  | ![image](i202406031207332.jpg) |
| Class A [PEYAX] | ![image](i202406031207332.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202406031207332.jpg) |
| ![image](i202407221329492.jpg) | ![image](i202407221329492.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Large Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $43 | 0.87% |

---

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $35668542897 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 105 |
| **Portfolio Turnover Rate** | 10% |

---

\* Includes derivatives, if applicable.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition (% of Total Net Assets)**

![image](ts3947img003.jpg)

Cash and Equivalents, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. Unclassified assets, if any, represent ETFs and other holdings that can't be classified by sector. Holdings and allocations may vary over time.

---

| | |
|:---|:---|
| ![image](i202405161828227.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161828227.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161828227.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Large Cap Value Fund PAGE 1 38906-STSA-0625

20.115.612.611.59.86.65.85.24.43.31.33.8 ------

---

| | |
|:---|:---|
| **Putnam Large Cap Value Fund**  | ![image](i202406031207332.jpg) |
| Class C [PEQCX] | ![image](i202406031207332.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202406031207332.jpg) |
| ![image](i202407221329492.jpg) | ![image](i202407221329492.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Large Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $79 | 1.62% |

---

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $35668542897 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 105 |
| **Portfolio Turnover Rate** | 10% |

---

\* Includes derivatives, if applicable.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition (% of Total Net Assets)**

![image](ts3950img003.jpg)

Cash and Equivalents, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. Unclassified assets, if any, represent ETFs and other holdings that can't be classified by sector. Holdings and allocations may vary over time.

---

| | |
|:---|:---|
| ![image](i202405161828227.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161828227.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161828227.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Large Cap Value Fund PAGE 1 38906-STSC-0625

20.115.612.611.59.86.65.85.24.43.31.33.8 ------

---

| | |
|:---|:---|
| **Putnam Large Cap Value Fund**  | ![image](i202406031207332.jpg) |
| Class R [PEQRX] | ![image](i202406031207332.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202406031207332.jpg) |
| ![image](i202407221329492.jpg) | ![image](i202407221329492.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Large Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R | $55 | 1.12% |

---

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $35668542897 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 105 |
| **Portfolio Turnover Rate** | 10% |

---

\* Includes derivatives, if applicable.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition (% of Total Net Assets)**

![image](ts3953img003.jpg)

Cash and Equivalents, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. Unclassified assets, if any, represent ETFs and other holdings that can't be classified by sector. Holdings and allocations may vary over time.

---

| | |
|:---|:---|
| ![image](i202405161828227.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161828227.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161828227.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Large Cap Value Fund PAGE 1 38906-STSR-0625

20.115.612.611.59.86.65.85.24.43.31.33.8 ------

---

| | |
|:---|:---|
| **Putnam Large Cap Value Fund**  | ![image](i202406031207332.jpg) |
| Class R5 [PEQLX] | ![image](i202406031207332.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202406031207332.jpg) |
| ![image](i202407221329492.jpg) | ![image](i202407221329492.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Large Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R5 | $31 | 0.63% |

---

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $35668542897 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 105 |
| **Portfolio Turnover Rate** | 10% |

---

\* Includes derivatives, if applicable.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition (% of Total Net Assets)**

![image](ts3956img003.jpg)

Cash and Equivalents, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. Unclassified assets, if any, represent ETFs and other holdings that can't be classified by sector. Holdings and allocations may vary over time.

---

| | |
|:---|:---|
| ![image](i202405161828227.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161828227.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161828227.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Large Cap Value Fund PAGE 1 38906-STSR5-0625

20.115.612.611.59.86.65.85.24.43.31.33.8 ------

---

| | |
|:---|:---|
| **Putnam Large Cap Value Fund**  | ![image](i202406031207332.jpg) |
| Class R6 [PEQSX] | ![image](i202406031207332.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202406031207332.jpg) |
| ![image](i202407221329492.jpg) | ![image](i202407221329492.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Large Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $26 | 0.53% |

---

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $35668542897 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 105 |
| **Portfolio Turnover Rate** | 10% |

---

\* Includes derivatives, if applicable.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition (% of Total Net Assets)**

![image](ts3958img003.jpg)

Cash and Equivalents, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. Unclassified assets, if any, represent ETFs and other holdings that can't be classified by sector. Holdings and allocations may vary over time.

---

| | |
|:---|:---|
| ![image](i202405161828227.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161828227.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161828227.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Large Cap Value Fund PAGE 1 38906-STSR6-0625

20.115.612.611.59.86.65.85.24.43.31.33.8 ------

---

| | |
|:---|:---|
| **Putnam Large Cap Value Fund**  | ![image](i202406031207332.jpg) |
| Class Y [PEIYX] | ![image](i202406031207332.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202406031207332.jpg) |
| ![image](i202407221329492.jpg) | ![image](i202407221329492.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Large Cap Value Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class Y | $30 | 0.62% |

---

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $35668542897 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 105 |
| **Portfolio Turnover Rate** | 10% |

---

\* Includes derivatives, if applicable.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition (% of Total Net Assets)**

![image](ts3961img003.jpg)

Cash and Equivalents, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. Unclassified assets, if any, represent ETFs and other holdings that can't be classified by sector. Holdings and allocations may vary over time.

---

| | |
|:---|:---|
| ![image](i202405161828227.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405161828227.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405161828227.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Large Cap Value Fund PAGE 1 38906-STSY-0625

20.115.612.611.59.86.65.85.24.43.31.33.8 ------

<br> <u>Item 2. Code of Ethics:</u>

<br> Not applicable

<br> <u>Item 3. Audit Committee Financial Expert:</u>

<br> Not applicable

<br> <u>Item 4. Principal Accountant Fees and Services:</u>

<br> Not applicable

<br> <u>Item 5. Audit Committee of Listed Registrants</u>

<br> Not applicable

<br> <u>Item 6. Investments:</u>

<br> The registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements and Other Important Information in Item 7 below.

<br> <u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>

![frontcoverartcoverlogo.jpg](image_001.jpg)

Putnam

Large Cap Value

Fund

Financial Statements and Other Important Information

Semi-Annual \| April 30, 2025

![frontcoverartcoverbar.jpg](image_002.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| [The fund's portfolio](#page_1) | [1](#page_1) |
| [Financial statements](#page_6) | [6](#page_6) |
| [Financial highlights](#page_9) | [9](#page_9) |
| [Notes to financial statements](#page_11) | [11](#page_11) |
| [Changes in and disagreements with accountants](#page_19) | [19](#page_19) |
| [Results of any shareholder votes](#page_shrvote) | [19](#page_shrvote) |
| [Remuneration paid to directors, officers, and others](#page_remun) | [19](#page_remun) |
| [Board approval of management and subadvisory agreements](#page_bam) | [19](#page_bam) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Financial Statements and Other Important Information—Semi-Annual | &nbsp;&nbsp;**franklintempleton.com** |

---

**The fund's portfolio** 4/30/25 (Unaudited) <br>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (96.2%)\*** | **Shares** | &nbsp;&nbsp;**Value** |
| **Aerospace and defense (3.0%)** |  |  |
| Northrop Grumman Corp. | 1006833 | &nbsp;&nbsp;&nbsp;&nbsp;$489824255 |
| RTX Corp. | 4714347 | &nbsp;&nbsp;&nbsp;&nbsp;594620587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1084444842** |
| **Air freight and logistics (1.4%)** |  |  |
| FedEx Corp. | 2335448 | &nbsp;&nbsp;&nbsp;&nbsp;491214778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**491214778** |
| **Automobiles (1.7%)** |  |  |
| General Motors Co. | 13697813 | &nbsp;&nbsp;&nbsp;&nbsp;619689060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**619689060** |
| **Banks (7.5%)** |  |  |
| Bank of America Corp. | 19058277 | &nbsp;&nbsp;&nbsp;&nbsp;760044087 |
| Citigroup, Inc. | 15372377 | &nbsp;&nbsp;&nbsp;&nbsp;1051163139 |
| JPMorgan Chase & Co. | 1612730 | &nbsp;&nbsp;&nbsp;&nbsp;394506013 |
| PNC Financial Services Group, Inc. (The) | 3003311 | &nbsp;&nbsp;&nbsp;&nbsp;482602045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2688315284** |
| **Beverages (2.8%)** |  |  |
| Coca-Cola Co. (The) | 13922416 | &nbsp;&nbsp;&nbsp;&nbsp;1010071281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1010071281** |
| **Biotechnology (4.3%)** |  |  |
| AbbVie, Inc. | 4623048 | &nbsp;&nbsp;&nbsp;&nbsp;901956665 |
| Regeneron Pharmaceuticals, Inc. | 1063555 | &nbsp;&nbsp;&nbsp;&nbsp;636814192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1538770857** |
| **Building products (1.4%)** |  |  |
| Johnson Controls International PLC | 5846610 | &nbsp;&nbsp;&nbsp;&nbsp;490530579 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**490530579** |
| **Capital markets (6.0%)** |  |  |
| BlackRock, Inc. | 422789 | &nbsp;&nbsp;&nbsp;&nbsp;386539071 |
| Charles Schwab Corp. (The) | 7711033 | &nbsp;&nbsp;&nbsp;&nbsp;627678086 |
| CME Group, Inc. | 2086915 | &nbsp;&nbsp;&nbsp;&nbsp;578242408 |
| Goldman Sachs Group, Inc. (The) | 710315 | &nbsp;&nbsp;&nbsp;&nbsp;388932978 |
| State Street Corp. | 1868652 | &nbsp;&nbsp;&nbsp;&nbsp;164628241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2146020784** |
| **Chemicals (3.5%)** |  |  |
| Corteva, Inc. | 9086774 | &nbsp;&nbsp;&nbsp;&nbsp;563289120 |
| DuPont de Nemours, Inc. | 4087095 | &nbsp;&nbsp;&nbsp;&nbsp;269707399 |
| Eastman Chemical Co. | 2209957 | &nbsp;&nbsp;&nbsp;&nbsp;170166689 |
| PPG Industries, Inc. | 2123131 | &nbsp;&nbsp;&nbsp;&nbsp;231124041 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1234287249** |
| **Communications equipment (2.2%)** |  |  |
| Cisco Systems, Inc. | 13611726 | &nbsp;&nbsp;&nbsp;&nbsp;785804942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**785804942** |
| **Construction materials (1.5%)** |  |  |
| CRH PLC | 5449864 | &nbsp;&nbsp;&nbsp;&nbsp;520026023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**520026023** |
| **Consumer finance (2.2%)** |  |  |
| Capital One Financial Corp. | 4405352 | &nbsp;&nbsp;&nbsp;&nbsp;794108752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**794108752** |
| **Consumer staples distribution and retail (4.7%)** |  |  |
| BJ's Wholesale Club Holdings, Inc. **<sup>†</sup>** | 2546119 | &nbsp;&nbsp;&nbsp;&nbsp;299321750 |
| Target Corp. | 2443999 | &nbsp;&nbsp;&nbsp;&nbsp;236334703 |
| Walmart, Inc. | 11635766 | &nbsp;&nbsp;&nbsp;&nbsp;1131578244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1667234697** |
| **Containers and packaging (0.5%)** |  |  |
| Ball Corp. | 3123428 | &nbsp;&nbsp;&nbsp;&nbsp;162230850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**162230850** |
| **Electric utilities (4.4%)** |  |  |
| NextEra Energy, Inc. | 7435534 | &nbsp;&nbsp;&nbsp;&nbsp;497288514 |
| NRG Energy, Inc. | 6078561 | &nbsp;&nbsp;&nbsp;&nbsp;666088714 |
| PPL Corp. | 11463140 | &nbsp;&nbsp;&nbsp;&nbsp;418404610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1581781838** |

---

Large Cap Value Fund <br> 1

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (96.2%)\*** *cont.* | **Shares** | &nbsp;&nbsp;**Value** |
| **Financial services (1.4%)** |  |  |
| Apollo Global Management, Inc. | 3548071 | &nbsp;&nbsp;&nbsp;&nbsp;$484240730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**484240730** |
| **Health care providers and services (5.8%)** |  |  |
| Cigna Group (The) | 1523463 | &nbsp;&nbsp;&nbsp;&nbsp;518038359 |
| McKesson Corp. | 1143700 | &nbsp;&nbsp;&nbsp;&nbsp;815217923 |
| UnitedHealth Group, Inc. | 1789779 | &nbsp;&nbsp;&nbsp;&nbsp;736386672 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2069642954** |
| **Hotels, restaurants, and leisure (1.2%)** |  |  |
| Hilton Worldwide Holdings, Inc. | 1831492 | &nbsp;&nbsp;&nbsp;&nbsp;412964816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**412964816** |
| **Household durables (1.9%)** |  |  |
| PulteGroup, Inc. | 6650947 | &nbsp;&nbsp;&nbsp;&nbsp;682254143 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**682254143** |
| **Household products (2.1%)** |  |  |
| Procter & Gamble Co. (The) | 4538082 | &nbsp;&nbsp;&nbsp;&nbsp;737755991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**737755991** |
| **Industrial conglomerates (1.4%)** |  |  |
| Honeywell International, Inc. | 2336650 | &nbsp;&nbsp;&nbsp;&nbsp;491864825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**491864825** |
| **Industrial REITs (0.1%)** |  |  |
| Prologis, Inc. **<sup>R</sup>** | 290182 | &nbsp;&nbsp;&nbsp;&nbsp;29656600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**29656600** |
| **Insurance (2.9%)** |  |  |
| Allstate Corp. (The) | 2874773 | &nbsp;&nbsp;&nbsp;&nbsp;570326215 |
| American International Group, Inc. | 5743206 | &nbsp;&nbsp;&nbsp;&nbsp;468186153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1038512368** |
| **IT Services (1.6%)** |  |  |
| Accenture PLC Class A | 1925509 | &nbsp;&nbsp;&nbsp;&nbsp;576016017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**576016017** |
| **Life sciences tools and services (1.9%)** |  |  |
| Thermo Fisher Scientific, Inc. | 1593010 | &nbsp;&nbsp;&nbsp;&nbsp;683401290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**683401290** |
| **Machinery (2.0%)** |  |  |
| Ingersoll Rand, Inc. | 5177597 | &nbsp;&nbsp;&nbsp;&nbsp;390546142 |
| Otis Worldwide Corp. | 3448904 | &nbsp;&nbsp;&nbsp;&nbsp;332025988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**722572130** |
| **Media (1.5%)** |  |  |
| Charter Communications, Inc. Class A **<sup>† S</sup>** | 862139 | &nbsp;&nbsp;&nbsp;&nbsp;337837789 |
| Comcast Corp. Class A | 5558483 | &nbsp;&nbsp;&nbsp;&nbsp;190100119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**527937908** |
| **Metals and mining (1.2%)** |  |  |
| Freeport-McMoRan, Inc. | 12034348 | &nbsp;&nbsp;&nbsp;&nbsp;433597558 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**433597558** |
| **Office REITs (0.8%)** |  |  |
| Vornado Realty Trust **<sup>R</sup>** | 7692990 | &nbsp;&nbsp;&nbsp;&nbsp;271408687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**271408687** |
| **Oil, gas, and consumable fuels (5.8%)** |  |  |
| ConocoPhillips | 4127586 | &nbsp;&nbsp;&nbsp;&nbsp;367850464 |
| Exxon Mobil Corp. | 8998286 | &nbsp;&nbsp;&nbsp;&nbsp;950488950 |
| Shell PLC (Euronext Amsterdam Exchange) (United Kingdom) | 13318377 | &nbsp;&nbsp;&nbsp;&nbsp;433253497 |
| Valero Energy Corp. | 2582331 | &nbsp;&nbsp;&nbsp;&nbsp;299782806 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2051375717** |
| **Passenger airlines (1.4%)** |  |  |
| Southwest Airlines Co. | 17717146 | &nbsp;&nbsp;&nbsp;&nbsp;495371402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**495371402** |
| **Pharmaceuticals (3.5%)** |  |  |
| AstraZeneca PLC ADR (United Kingdom) | 6682523 | &nbsp;&nbsp;&nbsp;&nbsp;479738326 |
| Merck & Co., Inc. | 2134596 | &nbsp;&nbsp;&nbsp;&nbsp;181867579 |
| Sanofi SA (France) | 5440336 | &nbsp;&nbsp;&nbsp;&nbsp;595128307 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1256734212** |

---

2 <br> Large Cap Value Fund

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (96.2%)\*** *cont.* | **Shares** | &nbsp;&nbsp;**Value** |
| **Semiconductors and semiconductor equipment (1.6%)** |  |  |
| Qualcomm, Inc. | 3839511 | &nbsp;&nbsp;&nbsp;&nbsp;$570013803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**570013803** |
| **Software (3.4%)** |  |  |
| Microsoft Corp. | 2228627 | &nbsp;&nbsp;&nbsp;&nbsp;880887108 |
| Oracle Corp. | 2468899 | &nbsp;&nbsp;&nbsp;&nbsp;347423467 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1228310575** |
| **Specialized REITs (0.5%)** |  |  |
| American Tower Corp. **<sup>R</sup>** | 777895 | &nbsp;&nbsp;&nbsp;&nbsp;175345312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**175345312** |
| **Technology hardware, storage, and peripherals (0.9%)** |  |  |
| Seagate Technology Holdings PLC | 3717808 | &nbsp;&nbsp;&nbsp;&nbsp;338432062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**338432062** |
| **Textiles, apparel, and luxury goods (0.4%)** |  |  |
| Lululemon Athletica, Inc. **<sup>†</sup>** | 537056 | &nbsp;&nbsp;&nbsp;&nbsp;145418653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**145418653** |
| **Tobacco (3.0%)** |  |  |
| Philip Morris International, Inc. | 6290458 | &nbsp;&nbsp;&nbsp;&nbsp;1077932883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1077932883** |
| **Trading companies and distributors (0.9%)** |  |  |
| United Rentals, Inc. | 535502 | &nbsp;&nbsp;&nbsp;&nbsp;338142738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**338142738** |
| **Wireless telecommunication services (1.9%)** |  |  |
| T-Mobile US, Inc. | 2699194 | &nbsp;&nbsp;&nbsp;&nbsp;666565958 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**666565958** |
| **Total common stocks (cost $26,171,713,381)** | **Total common stocks (cost $26,171,713,381)** | &nbsp;&nbsp;&nbsp;&nbsp;**$34320001148** |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (3.3%)\*** | **Principal amount/shares** | &nbsp;&nbsp;**Value** |
| Atlantic Asset Securitization, LLC asset-backed commercial paper 4.377%, 5/12/25 | $60000000 | &nbsp;&nbsp;&nbsp;&nbsp;$59912814 |
| Australia and New Zealand Banking Group, Ltd. commercial paper 4.330%, 5/1/25 (Cayman Islands) | 25000000 | &nbsp;&nbsp;&nbsp;&nbsp;25000000 |
| Barclays Bank PLC commercial paper 4.420%, 6/6/25 (United Kingdom) | 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;49773400 |
| Chariot Funding, LLC asset-backed commercial paper 4.417%, 5/16/25 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;9980610 |
| Interest in $600,000,000 joint tri-party repurchase agreement dated 4/30/2025 with HSBC Securities (USA), Inc. due 5/1/2025 — maturity value of $159,216,369 for an effective yield of 4.380% (collateralized by Agency Mortgage-Backed Securities with coupon rates ranging from 2.000% to 7.500% and due dates ranging from 8/1/2026 to 3/1/2055, valued at $612,074,460) | 159197000 | &nbsp;&nbsp;&nbsp;&nbsp;159197000 |
| Interest in $225,000,000 joint tri-party repurchase agreement dated 4/30/2025 with Barclays Capital, Inc. due 5/1/2025 — maturity value of $200,024,278 for an effective yield of 4.370% (collateralized by U.S. Treasuries (including strips) with a coupon rate of 1.375% and due dates ranging from 10/31/2028 to 12/31/2028, valued at $229,527,932) | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp;200000000 |
| Interest in $400,000,000 joint tri-party repurchase agreement dated 4/30/2025 with JPMorgan Securities, LLC due 5/1/2025 — maturity value of $200,024,278 for an effective yield of 4.370% (collateralized by U.S. Treasuries (including strips) with a coupon rate of 0.125% and a due date of 4/15/2026, valued at $408,049,602) | 200000000 | &nbsp;&nbsp;&nbsp;&nbsp;200000000 |
| Manhattan Asset Funding Co., LLC asset-backed commercial paper 4.376%, 5/8/25 (Japan) | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;19980640 |
| Manhattan Asset Funding Co., LLC asset-backed commercial paper 4.324%, 5/2/25 (Japan) | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;14996382 |
| Manhattan Asset Funding Co., LLC asset-backed commercial paper 4.323%, 5/1/25 (Japan) | 22150000 | &nbsp;&nbsp;&nbsp;&nbsp;22147331 |
| Putnam Cash Collateral Pool, LLC 4.50% **<sup>d</sup>** | Shares 24,325,225 | &nbsp;&nbsp;&nbsp;&nbsp;24325225 |
| Putnam Short Term Investment Fund Class P 4.47% **<sup>L</sup>** | Shares 190,332,717 | &nbsp;&nbsp;&nbsp;&nbsp;190332717 |
| Sheffield Receivables Co., LLC asset-backed commercial paper 4.434%, 6/11/25 (United Kingdom) | $25000000 | &nbsp;&nbsp;&nbsp;&nbsp;24871870 |
| Toronto-Dominion Bank (The) commercial paper 4.426%, 5/23/25 (Canada) | 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;49860360 |
| TotalEnergies Capital SA commercial paper 4.387%, 5/12/25 (France) | 50000000 | &nbsp;&nbsp;&nbsp;&nbsp;49927345 |
| U.S. Treasury Bills 4.290%, 5/15/25 **<sup># Δ</sup>** | 59700000 | &nbsp;&nbsp;&nbsp;&nbsp;59602258 |
| U.S. Treasury Bills 4.194%, 10/2/25 **<sup>Δ</sup>** | 13400000 | &nbsp;&nbsp;&nbsp;&nbsp;13166148 |
| **Total short-term investments (cost $1,173,110,559)** | **Total short-term investments (cost $1,173,110,559)** | &nbsp;&nbsp;&nbsp;&nbsp;**$1173074100** |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $27,344,823,940)** | &nbsp;&nbsp;&nbsp;&nbsp;**$35493075248** |

---

Large Cap Value Fund <br> 3

---

| | |
|:---|:---|
| **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. |

---

---

| | |
|:---|:---|
|  | **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 April 30, 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., and references to "ASC 820" represent Accounting Standards Codification 820 *Fair Value Measurements and Disclosures*. |
| **<sup>\*</sup>** | Percentages indicated are based on net assets of $35,668,542,897. |
| **<sup>†</sup>** | This security is non-income-producing. |
| **<sup>#</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 $3,463,754 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 8). |
| **<sup>Δ</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 $67,957,016 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 8). |
| **<sup>d</sup>** | Affiliated company. See Notes 1 and 5 to the financial statements regarding securities lending. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. |
| **<sup>L</sup>** | Affiliated company (Note 5). 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. |
| **<sup>S</sup>** | Security on loan, in part or in entirety, at the close of the reporting period (Note 1). |
|  | Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FORWARD CURRENCY CONTRACTS at 4/30/25 (aggregate face value $1,879,736,723)** (Unaudited) | **FORWARD CURRENCY CONTRACTS at 4/30/25 (aggregate face value $1,879,736,723)** (Unaudited) | **FORWARD CURRENCY CONTRACTS at 4/30/25 (aggregate face value $1,879,736,723)** (Unaudited) | **FORWARD CURRENCY CONTRACTS at 4/30/25 (aggregate face value $1,879,736,723)** (Unaudited) | **FORWARD CURRENCY CONTRACTS at 4/30/25 (aggregate face value $1,879,736,723)** (Unaudited) | **FORWARD CURRENCY CONTRACTS at 4/30/25 (aggregate face value $1,879,736,723)** (Unaudited) | **FORWARD CURRENCY CONTRACTS at 4/30/25 (aggregate face value $1,879,736,723)** (Unaudited) |
|  | **Counterparty** | **Currency** | **Contract type**\* | **Delivery date** | **Value** | **Aggregate face value** | **Unrealized appreciation/ (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 | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$166887734 | &nbsp;&nbsp;&nbsp;&nbsp;$159648247 | &nbsp;&nbsp;&nbsp;&nbsp;$(7239487) |
|  | **Barclays Bank PLC** | **Barclays Bank PLC** | **Barclays Bank PLC** | **Barclays Bank PLC** | **Barclays Bank PLC** | **Barclays Bank PLC** | **Barclays Bank PLC** |
|  |  | British Pound | Sell | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191884300 | &nbsp;&nbsp;&nbsp;&nbsp;184553076 | &nbsp;&nbsp;&nbsp;&nbsp;(7331224) |
|  |  | Euro | Buy | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90762992 | &nbsp;&nbsp;&nbsp;&nbsp;85738954 | &nbsp;&nbsp;&nbsp;&nbsp;5024038 |
|  |  | Euro | Sell | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33616474 | &nbsp;&nbsp;&nbsp;&nbsp;31868474 | &nbsp;&nbsp;&nbsp;&nbsp;(1748000) |
|  | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** | **Citibank, N.A.** |
|  |  | British Pound | Sell | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156357368 | &nbsp;&nbsp;&nbsp;&nbsp;150548150 | &nbsp;&nbsp;&nbsp;&nbsp;(5809218) |
|  | **Goldman Sachs International** | **Goldman Sachs International** | **Goldman Sachs International** | **Goldman Sachs International** | **Goldman Sachs International** | **Goldman Sachs International** | **Goldman Sachs International** |
|  |  | British Pound | Sell | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192580627 | &nbsp;&nbsp;&nbsp;&nbsp;185353234 | &nbsp;&nbsp;&nbsp;&nbsp;(7227393) |
|  |  | Euro | Sell | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48538930 | &nbsp;&nbsp;&nbsp;&nbsp;46018833 | &nbsp;&nbsp;&nbsp;&nbsp;(2520097) |
|  | **HSBC Bank PLC** | **HSBC Bank PLC** | **HSBC Bank PLC** | **HSBC Bank PLC** | **HSBC Bank PLC** | **HSBC Bank PLC** | **HSBC Bank PLC** |
|  |  | British Pound | Sell | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123727844 | &nbsp;&nbsp;&nbsp;&nbsp;118116874 | &nbsp;&nbsp;&nbsp;&nbsp;(5610970) |
|  |  | Euro | Sell | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116366982 | &nbsp;&nbsp;&nbsp;&nbsp;110324289 | &nbsp;&nbsp;&nbsp;&nbsp;(6042693) |
|  | **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 | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29704925 | &nbsp;&nbsp;&nbsp;&nbsp;28570822 | &nbsp;&nbsp;&nbsp;&nbsp;(1134103) |
|  |  | Euro | Sell | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83077309 | &nbsp;&nbsp;&nbsp;&nbsp;78731859 | &nbsp;&nbsp;&nbsp;&nbsp;(4345450) |
|  | **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 | Buy | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137505821 | &nbsp;&nbsp;&nbsp;&nbsp;136149036 | &nbsp;&nbsp;&nbsp;&nbsp;1356785 |
|  |  | Euro | Sell | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78595347 | &nbsp;&nbsp;&nbsp;&nbsp;74626977 | &nbsp;&nbsp;&nbsp;&nbsp;(3968370) |
|  | **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 | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95048082 | &nbsp;&nbsp;&nbsp;&nbsp;91412978 | &nbsp;&nbsp;&nbsp;&nbsp;(3635104) |
|  |  | Euro | Sell | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57309749 | &nbsp;&nbsp;&nbsp;&nbsp;54326963 | &nbsp;&nbsp;&nbsp;&nbsp;(2982786) |
|  | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
|  |  | British Pound | Sell | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32422386 | &nbsp;&nbsp;&nbsp;&nbsp;31184633 | &nbsp;&nbsp;&nbsp;&nbsp;(1237753) |
|  | **UBS AG** | **UBS AG** | **UBS AG** | **UBS AG** | **UBS AG** | **UBS AG** | **UBS AG** |
|  |  | British Pound | Buy | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122725075 | &nbsp;&nbsp;&nbsp;&nbsp;120232243 | &nbsp;&nbsp;&nbsp;&nbsp;2492832 |
|  |  | British Pound | Sell | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52422188 | &nbsp;&nbsp;&nbsp;&nbsp;50456163 | &nbsp;&nbsp;&nbsp;&nbsp;(1966025) |
|  |  | Euro | Sell | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116278494 | &nbsp;&nbsp;&nbsp;&nbsp;110192797 | &nbsp;&nbsp;&nbsp;&nbsp;(6085697) |
|  | **WestPac Banking Corp.** | **WestPac Banking Corp.** | **WestPac Banking Corp.** | **WestPac Banking Corp.** | **WestPac Banking Corp.** | **WestPac Banking Corp.** | **WestPac Banking Corp.** |
|  |  | British Pound | Sell | 6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32914639 | &nbsp;&nbsp;&nbsp;&nbsp;31682121 | &nbsp;&nbsp;&nbsp;&nbsp;(1232518) |
|  | **Unrealized appreciation** | **Unrealized appreciation** | **Unrealized appreciation** | **Unrealized appreciation** | **Unrealized appreciation** | **Unrealized appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**8873655** |
|  | **Unrealized (depreciation)** | **Unrealized (depreciation)** | **Unrealized (depreciation)** | **Unrealized (depreciation)** | **Unrealized (depreciation)** | **Unrealized (depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**(70116888)** |
|  | **Total** | **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$(61243233)** |
| \* | 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. |

---

4 <br> Large Cap Value Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS OUTSTANDING at 4/30/25** (Unaudited) | **FUTURES CONTRACTS OUTSTANDING at 4/30/25** (Unaudited) | **FUTURES CONTRACTS OUTSTANDING at 4/30/25** (Unaudited) | **FUTURES CONTRACTS OUTSTANDING at 4/30/25** (Unaudited) | **FUTURES CONTRACTS OUTSTANDING at 4/30/25** (Unaudited) | **FUTURES CONTRACTS OUTSTANDING at 4/30/25** (Unaudited) |
| | **Number of contracts** | **Notional amount** | **Value** | &nbsp;&nbsp;**Expiration date** | **Unrealized appreciation/ (depreciation)** |
| S&P 500 Index E-Mini (Long) | 1026 | &nbsp;&nbsp;$285692778 | $286613100 | &nbsp;&nbsp;Jun-25 | &nbsp;&nbsp;&nbsp;&nbsp;$(1067177) |
| **Unrealized appreciation** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Unrealized (depreciation)** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(1067177)** |
| **Total** | **Total** | **Total** | **Total** | **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1067177)** |

---

---

| |
|:---|
| 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: |
| Level 1: Valuations based on quoted prices for identical securities in active markets. |
| 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. |
| 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: |

---

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** |
| **Investments in securities:** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** |
| Common stocks\*: |  |  |  |
| Communication services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1194503866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Consumer discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860326672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Consumer staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4492994852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618122220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433253497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7151197918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Health care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4953421006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595128307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4114141294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Information technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3498577399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350141680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476410599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581781838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total common stocks** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33291619344** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1028381804** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| Short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173074100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Totals by level** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$33291619344** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2201455904** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Valuation inputs** |
|  | <br>**Other financial instruments:** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** |
|  | Forward currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(61243233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
|  | Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1067177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | **Totals by level** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(1067177)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(61243233)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** |
| \* | 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. |

---

The accompanying notes are an integral part of these financial statements.

Large Cap Value Fund <br> 5

**Financial statements**

**Statement of assets and liabilities**

4/30/25 (Unaudited)

---

| | |
|:---|:---|
| **ASSETS** | |
| Investment in securities, at value, including $24,177,762 of securities on loan (Note 1): |  |
| &nbsp;&nbsp;Unaffiliated issuers (identified cost $27,130,165,998) | $35278417306 |
| &nbsp;&nbsp;Affiliated issuers (identified cost $214,657,942) (Note 5) | 214657942 |
| Cash | 307704 |
| Dividends, interest and other receivables | 24098625 |
| Foreign tax reclaim | 1001570 |
| Receivable for shares of the fund sold | 96341059 |
| Receivable for investments sold | 237289706 |
| Unrealized appreciation on forward currency contracts (Note 1) | 8873655 |
| Prepaid assets | 583181 |
| **Total assets** | **35861570748** |
| **LIABILITIES** |  |
| Payable for investments purchased | 29314998 |
| Payable for shares of the fund repurchased | 40319711 |
| Payable for compensation of Manager (Note 2) | 12957884 |
| Payable for custodian fees (Note 2) | 177711 |
| Payable for investor servicing fees (Note 2) | 7076343 |
| Payable for Trustee compensation and expenses (Note 2) | 2091478 |
| Payable for administrative services (Note 2) | 64464 |
| Payable for distribution fees (Note 2) | 2555705 |
| Payable for variation margin on futures contracts (Note 1) | 1325733 |
| Unrealized depreciation on forward currency contracts (Note 1) | 70116888 |
| Collateral on securities loaned, at value (Note 1) | 24325225 |
| Other accrued expenses | 2701711 |
| **Total liabilities** | **193027851** |
| **Net assets** | **$35668542897** |
| **Represented by** |  |
| Paid-in capital (Unlimited shares authorized) (Notes 1 and 4) | $26651260923 |
| Total distributable earnings (Note 1) | 9017281974 |
| **Total — Representing net assets applicable to capital shares outstanding** | **$35668542897** |
| **COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE** |  |
| **Net asset value and redemption price per class A share** ($10,791,598,955 divided by 316,300,370 shares) | $34.12 |
| **Offering price per class A share** (100/94.25 of $34.12)\* | $36.20 |
| **Net asset value and offering price per class C share** ($420,043,837 divided by 12,545,819 shares)\*\* | $33.48 |
| **Net asset value, offering price and redemption price per class R share** ($143,535,026 divided by 4,257,985 shares) | $33.71 |
| **Net asset value, offering price and redemption price per class R5 share** ($44,801,807 divided by 1,311,720 shares) | $34.16 |
| **Net asset value, offering price and redemption price per class R6 share** ($7,130,797,559 divided by 208,822,483 shares) | $34.15 |
| **Net asset value, offering price and redemption price per class Y share** ($17,137,765,713 divided by 502,156,981 shares) | $34.13 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | On single retail sales of less than $50,000. On sales of $50,000 or more the offering price is reduced. |
| <sup>\*\*</sup> | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |

---

The accompanying notes are an integral part of these financial statements.

6 Large Cap Value Fund

**Statement of operations**

Six months ended 4/30/25 (Unaudited)

---

| | |
|:---|:---|
| **Investment income** | |
| Dividends (net of foreign tax of $243,028) (including dividend income of $5,058,289 from investments in affiliated issuers) (Note 5) | $351592980 |
| Interest | 24263514 |
| Securities lending (net of expenses) (Notes 1 and 5) | 16428 |
| **Total investment income** | **375872922** |
| **EXPENSES** |  |
| Compensation of Manager (Note 2) | 79305091 |
| Investor servicing fees (Note 2) | 20957386 |
| Custodian fees (Note 2) | 167256 |
| Trustee compensation and expenses (Note 2) | 597906 |
| Distribution fees (Note 2) | 16411906 |
| Administrative services (Note 2) | 392803 |
| Other | 4083750 |
| **Total expenses** | **121916098** |
| Expense reduction (Note 2) | (77609) |
| **Net expenses** | **121838489** |
| **Net investment income** | **254034433** |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| **Net realized gain (loss) on:** |  |
| &nbsp;&nbsp;Securities from unaffiliated issuers (Notes 1 and 3) | 855998234 |
| &nbsp;&nbsp;Foreign currency transactions (Note 1) | (280262) |
| &nbsp;&nbsp;Forward currency contracts (Note 1) | 54304767 |
| &nbsp;&nbsp;Futures contracts (Note 1) | (1221346) |
| **Total net realized gain** | **908801393** |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Securities from unaffiliated issuers | (1857068552) |
| &nbsp;&nbsp;Assets and liabilities in foreign currencies | 100543 |
| &nbsp;&nbsp;Forward currency contracts | (91802123) |
| &nbsp;&nbsp;Futures contracts | (1067177) |
| **Total change in net unrealized depreciation** | **(1949837309)** |
| **Net loss on investments** | **(1041035916)** |
| **Net decrease in net assets resulting from operations** | **$(787001483)** |

---

The accompanying notes are an integral part of these financial statements.

Large Cap Value Fund 7

**Statement of changes in net assets** 

---

| | | |
|:---|:---|:---|
| | **Six months ended 4/30/25**\* | **Year ended 10/31/24** |
| **Increase in net assets** | | |
| **Operations** | | |
| Net investment income | $254034433 | $390552867 |
| Net realized gain on investments and foreign currency transactions | 908801393 | 1897048956 |
| Change in net unrealized appreciation (depreciation) of investments and assets and liabilities in foreign currencies | (1949837309) | 5202567138 |
| **Net increase (decrease) in net assets resulting from operations** | **(787001483)** | **7490168961** |
| Distributions to shareholders (Note 1): |  |  |
| From ordinary income |  |  |
| Net investment income |  |  |
| Class A | (67051246) | (141567087) |
| Class B |  | (67265) |
| Class C | (1023024) | (2167044) |
| Class R | (678625) | (1173529) |
| Class R5 | (297200) | (581608) |
| Class R6 | (53609346) | (75921658) |
| Class Y | (116895332) | (170027279) |
| Net realized short-term gain on investments |  |  |
| Class A |  | (5526019) |
| Class B |  | (10348) |
| Class C |  | (168227) |
| Class R |  | (43387) |
| Class R5 |  | (19880) |
| Class R6 |  | (2001776) |
| Class Y |  | (4698107) |
| From capital gain on investments |  |  |
| Net realized long-term gain on investments |  |  |
| Class A | (599866791) | (352130205) |
| Class B |  | (659397) |
| Class C | (21459314) | (10719818) |
| Class R | (7242117) | (2764728) |
| Class R5 | (1860190) | (1266766) |
| Class R6 | (357506670) | (127557584) |
| Class Y | (813691609) | (299373787) |
| Increase from capital share transactions (Note 4) | 5434532913 | 7075108865 |
| **Total increase in net assets** | **2606349966** | **13366832327** |
| **Net assets** |  |  |
| Beginning of period | 33062192931 | 19695360604 |
| **End of period** | **$35668542897** | **$33062192931** |
| <sup>\*</sup>Unaudited. |  |  |

---

The accompanying notes are an integral part of these financial statements.

8 Large Cap Value Fund

**Financial highlights**

(For a common share outstanding throughout the period)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**INVESTMENT OPERATIONS** | &nbsp;&nbsp;**INVESTMENT OPERATIONS** | &nbsp;&nbsp;**INVESTMENT OPERATIONS** | &nbsp;&nbsp;**INVESTMENT OPERATIONS** | &nbsp;&nbsp;**INVESTMENT OPERATIONS** | &nbsp;&nbsp;**LESS DISTRIBUTIONS** | &nbsp;&nbsp;**LESS DISTRIBUTIONS** | &nbsp;&nbsp;**LESS DISTRIBUTIONS** | &nbsp;&nbsp;**LESS DISTRIBUTIONS** | &nbsp;&nbsp;**LESS DISTRIBUTIONS** | &nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA** | &nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA** | &nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA** | &nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA** |
| &nbsp;&nbsp;Period ended | &nbsp;&nbsp;**Net asset value, beginning of period** | &nbsp;&nbsp;Net investment income (loss)<sup>a</sup> | &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;**Total from investment operations** | &nbsp;&nbsp;From net investment income | &nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;**Total distributions** | &nbsp;&nbsp;**Net asset value, end of period** | &nbsp;&nbsp;**Total return at net asset value (%)<sup>b</sup>** | &nbsp;&nbsp;**Net assets, end of period (in thousands)** | &nbsp;&nbsp;Ratio of expenses to average net assets (%)<sup>c</sup> | &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp;Portfolio turnover (%) |
| &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class A** |
| &nbsp;&nbsp;April 30, 2025**<sup>\*\*</sup>** | &nbsp;&nbsp;**$36.95** | &nbsp;&nbsp;.23 | &nbsp;&nbsp;(.90) | &nbsp;&nbsp;**(.67)** | &nbsp;&nbsp;(.21) | &nbsp;&nbsp;(1.95) | &nbsp;&nbsp;**(2.16)** | &nbsp;&nbsp;**$34.12** | &nbsp;&nbsp;**(2.13)<sup>\*</sup>** | &nbsp;&nbsp;**$10791599** | &nbsp;&nbsp;.43**<sup>\*</sup>** | &nbsp;&nbsp;.64**<sup>\*</sup>** | &nbsp;&nbsp;10**<sup>\*</sup>**<sup>e</sup> |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;**28.77** | &nbsp;&nbsp;.45 | &nbsp;&nbsp;9.36 | &nbsp;&nbsp;**9.81** | &nbsp;&nbsp;(.46) | &nbsp;&nbsp;(1.17) | &nbsp;&nbsp;**(1.63)** | &nbsp;&nbsp;**36.95** | &nbsp;&nbsp;**35.36** | &nbsp;&nbsp;**11369077** | &nbsp;&nbsp;.88<sup>d</sup> | &nbsp;&nbsp;1.32<sup>d</sup> | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;**29.54** | &nbsp;&nbsp;.41 | &nbsp;&nbsp;.82 | &nbsp;&nbsp;**1.23** | &nbsp;&nbsp;(.54) | &nbsp;&nbsp;(1.46) | &nbsp;&nbsp;**(2.00)** | &nbsp;&nbsp;**28.77** | &nbsp;&nbsp;**4.25** | &nbsp;&nbsp;**8890275** | &nbsp;&nbsp;.90 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;October 31, 2022 | &nbsp;&nbsp;**32.65** | &nbsp;&nbsp;.36 | &nbsp;&nbsp;(1.28) | &nbsp;&nbsp;**(.92)** | &nbsp;&nbsp;(.34) | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;**(2.19)** | &nbsp;&nbsp;**29.54** | &nbsp;&nbsp;**(2.99)** | &nbsp;&nbsp;**9228512** | &nbsp;&nbsp;.89 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;October 31, 2021**<sup>†</sup>** | &nbsp;&nbsp;**26.76** | &nbsp;&nbsp;.31 | &nbsp;&nbsp;7.13 | &nbsp;&nbsp;**7.44** | &nbsp;&nbsp;(.37) | &nbsp;&nbsp;(1.18) | &nbsp;&nbsp;**(1.55)** | &nbsp;&nbsp;**32.65** | &nbsp;&nbsp;**29.16<sup>\*</sup>** | &nbsp;&nbsp;**9873796** | &nbsp;&nbsp;.81**<sup>\*</sup>** | &nbsp;&nbsp;1.04**<sup>\*</sup>** | &nbsp;&nbsp;15**<sup>\*</sup>** |
| &nbsp;&nbsp;November 30, 2020 | &nbsp;&nbsp;**26.37** | &nbsp;&nbsp;.41 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;**1.44** | &nbsp;&nbsp;(.40) | &nbsp;&nbsp;(.65) | &nbsp;&nbsp;**(1.05)** | &nbsp;&nbsp;**26.76** | &nbsp;&nbsp;**5.75** | &nbsp;&nbsp;**8114686** | &nbsp;&nbsp;.90 | &nbsp;&nbsp;1.71 | &nbsp;&nbsp;21 |
| &nbsp;&nbsp;November 30, 2019 | &nbsp;&nbsp;**24.48** | &nbsp;&nbsp;.40 | &nbsp;&nbsp;2.85 | &nbsp;&nbsp;**3.25** | &nbsp;&nbsp;(.47) | &nbsp;&nbsp;(.89) | &nbsp;&nbsp;**(1.36)** | &nbsp;&nbsp;**26.37** | &nbsp;&nbsp;**14.64** | &nbsp;&nbsp;**8568585** | &nbsp;&nbsp;.91 | &nbsp;&nbsp;1.66 | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;April 30, 2025**<sup>\*\*</sup>** | &nbsp;&nbsp;**$36.30** | &nbsp;&nbsp;.09 | &nbsp;&nbsp;(.87) | &nbsp;&nbsp;**(.78)** | &nbsp;&nbsp;(.09) | &nbsp;&nbsp;(1.95) | &nbsp;&nbsp;**(2.04)** | &nbsp;&nbsp;**$33.48** | &nbsp;&nbsp;**(2.48)<sup>\*</sup>** | &nbsp;&nbsp;**$420044** | &nbsp;&nbsp;.80**<sup>\*</sup>** | &nbsp;&nbsp;.26**<sup>\*</sup>** | &nbsp;&nbsp;10**<sup>\*</sup>**<sup>e</sup> |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;**28.30** | &nbsp;&nbsp;.19 | &nbsp;&nbsp;9.20 | &nbsp;&nbsp;**9.39** | &nbsp;&nbsp;(.22) | &nbsp;&nbsp;(1.17) | &nbsp;&nbsp;**(1.39)** | &nbsp;&nbsp;**36.30** | &nbsp;&nbsp;**34.35** | &nbsp;&nbsp;**392447** | &nbsp;&nbsp;1.63<sup>d</sup> | &nbsp;&nbsp;.56<sup>d</sup> | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;**29.09** | &nbsp;&nbsp;.19 | &nbsp;&nbsp;.81 | &nbsp;&nbsp;**1.00** | &nbsp;&nbsp;(.33) | &nbsp;&nbsp;(1.46) | &nbsp;&nbsp;**(1.79)** | &nbsp;&nbsp;**28.30** | &nbsp;&nbsp;**3.46** | &nbsp;&nbsp;**266019** | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;.64 | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;October 31, 2022 | &nbsp;&nbsp;**32.19** | &nbsp;&nbsp;.14 | &nbsp;&nbsp;(1.28) | &nbsp;&nbsp;**(1.14)** | &nbsp;&nbsp;(.11) | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;**(1.96)** | &nbsp;&nbsp;**29.09** | &nbsp;&nbsp;**(3.74)** | &nbsp;&nbsp;**283213** | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;.46 | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;October 31, 2021**<sup>†</sup>** | &nbsp;&nbsp;**26.39** | &nbsp;&nbsp;.10 | &nbsp;&nbsp;7.04 | &nbsp;&nbsp;**7.14** | &nbsp;&nbsp;(.16) | &nbsp;&nbsp;(1.18) | &nbsp;&nbsp;**(1.34)** | &nbsp;&nbsp;**32.19** | &nbsp;&nbsp;**28.31<sup>\*</sup>** | &nbsp;&nbsp;**325902** | &nbsp;&nbsp;1.50**<sup>\*</sup>** | &nbsp;&nbsp;.36**<sup>\*</sup>** | &nbsp;&nbsp;15**<sup>\*</sup>** |
| &nbsp;&nbsp;November 30, 2020 | &nbsp;&nbsp;**26.01** | &nbsp;&nbsp;.23 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;**1.24** | &nbsp;&nbsp;(.21) | &nbsp;&nbsp;(.65) | &nbsp;&nbsp;**(.86)** | &nbsp;&nbsp;**26.39** | &nbsp;&nbsp;**4.94** | &nbsp;&nbsp;**310953** | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;.97 | &nbsp;&nbsp;21 |
| &nbsp;&nbsp;November 30, 2019 | &nbsp;&nbsp;**24.17** | &nbsp;&nbsp;.22 | &nbsp;&nbsp;2.80 | &nbsp;&nbsp;**3.02** | &nbsp;&nbsp;(.29) | &nbsp;&nbsp;(.89) | &nbsp;&nbsp;**(1.18)** | &nbsp;&nbsp;**26.01** | &nbsp;&nbsp;**13.73** | &nbsp;&nbsp;**381827** | &nbsp;&nbsp;1.66 | &nbsp;&nbsp;.92 | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Class R** |
| &nbsp;&nbsp;April 30, 2025**<sup>\*\*</sup>** | &nbsp;&nbsp;**$36.54** | &nbsp;&nbsp;.18 | &nbsp;&nbsp;(.89) | &nbsp;&nbsp;**(.71)** | &nbsp;&nbsp;(.17) | &nbsp;&nbsp;(1.95) | &nbsp;&nbsp;**(2.12)** | &nbsp;&nbsp;**$33.71** | &nbsp;&nbsp;**(2.26)<sup>\*</sup>** | &nbsp;&nbsp;**$143535** | &nbsp;&nbsp;.56**<sup>\*</sup>** | &nbsp;&nbsp;.51**<sup>\*</sup>** | &nbsp;&nbsp;10**<sup>\*</sup>**<sup>e</sup> |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;**28.47** | &nbsp;&nbsp;.35 | &nbsp;&nbsp;9.28 | &nbsp;&nbsp;**9.63** | &nbsp;&nbsp;(.39) | &nbsp;&nbsp;(1.17) | &nbsp;&nbsp;**(1.56)** | &nbsp;&nbsp;**36.54** | &nbsp;&nbsp;**35.05** | &nbsp;&nbsp;**130252** | &nbsp;&nbsp;1.13<sup>d</sup> | &nbsp;&nbsp;1.04<sup>d</sup> | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;**29.26** | &nbsp;&nbsp;.33 | &nbsp;&nbsp;.81 | &nbsp;&nbsp;**1.14** | &nbsp;&nbsp;(.47) | &nbsp;&nbsp;(1.46) | &nbsp;&nbsp;**(1.93)** | &nbsp;&nbsp;**28.47** | &nbsp;&nbsp;**3.97** | &nbsp;&nbsp;**68289** | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;October 31, 2022 | &nbsp;&nbsp;**32.36** | &nbsp;&nbsp;.29 | &nbsp;&nbsp;(1.28) | &nbsp;&nbsp;**(.99)** | &nbsp;&nbsp;(.26) | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;**(2.11)** | &nbsp;&nbsp;**29.26** | &nbsp;&nbsp;**(3.24)** | &nbsp;&nbsp;**68257** | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;.96 | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;October 31, 2021**<sup>†</sup>** | &nbsp;&nbsp;**26.53** | &nbsp;&nbsp;.24 | &nbsp;&nbsp;7.07 | &nbsp;&nbsp;**7.31** | &nbsp;&nbsp;(.30) | &nbsp;&nbsp;(1.18) | &nbsp;&nbsp;**(1.48)** | &nbsp;&nbsp;**32.36** | &nbsp;&nbsp;**28.87<sup>\*</sup>** | &nbsp;&nbsp;**69251** | &nbsp;&nbsp;1.04**<sup>\*</sup>** | &nbsp;&nbsp;.82**<sup>\*</sup>** | &nbsp;&nbsp;15**<sup>\*</sup>** |
| &nbsp;&nbsp;November 30, 2020 | &nbsp;&nbsp;**26.15** | &nbsp;&nbsp;.35 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;**1.36** | &nbsp;&nbsp;(.33) | &nbsp;&nbsp;(.65) | &nbsp;&nbsp;**(.98)** | &nbsp;&nbsp;**26.53** | &nbsp;&nbsp;**5.47** | &nbsp;&nbsp;**68849** | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;21 |
| &nbsp;&nbsp;November 30, 2019 | &nbsp;&nbsp;**24.29** | &nbsp;&nbsp;.34 | &nbsp;&nbsp;2.82 | &nbsp;&nbsp;**3.16** | &nbsp;&nbsp;(.41) | &nbsp;&nbsp;(.89) | &nbsp;&nbsp;**(1.30)** | &nbsp;&nbsp;**26.15** | &nbsp;&nbsp;**14.33** | &nbsp;&nbsp;**81830** | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;1.42 | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;**Class R5** | &nbsp;&nbsp;**Class R5** | &nbsp;&nbsp;**Class R5** | &nbsp;&nbsp;**Class R5** | &nbsp;&nbsp;**Class R5** | &nbsp;&nbsp;**Class R5** | &nbsp;&nbsp;**Class R5** | &nbsp;&nbsp;**Class R5** | &nbsp;&nbsp;**Class R5** | &nbsp;&nbsp;**Class R5** | &nbsp;&nbsp;**Class R5** | &nbsp;&nbsp;**Class R5** | &nbsp;&nbsp;**Class R5** | &nbsp;&nbsp;**Class R5** |
| &nbsp;&nbsp;April 30, 2025**<sup>\*\*</sup>** | &nbsp;&nbsp;**$36.99** | &nbsp;&nbsp;.27 | &nbsp;&nbsp;(.89) | &nbsp;&nbsp;**(.62)** | &nbsp;&nbsp;(.26) | &nbsp;&nbsp;(1.95) | &nbsp;&nbsp;**(2.21)** | &nbsp;&nbsp;**$34.16** | &nbsp;&nbsp;**(2.00)<sup>\*</sup>** | &nbsp;&nbsp;**$44802** | &nbsp;&nbsp;.31**<sup>\*</sup>** | &nbsp;&nbsp;.75**<sup>\*</sup>** | &nbsp;&nbsp;10**<sup>\*</sup>**<sup>e</sup> |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;**28.80** | &nbsp;&nbsp;.53 | &nbsp;&nbsp;9.37 | &nbsp;&nbsp;**9.90** | &nbsp;&nbsp;(.54) | &nbsp;&nbsp;(1.17) | &nbsp;&nbsp;**(1.71)** | &nbsp;&nbsp;**36.99** | &nbsp;&nbsp;**35.67** | &nbsp;&nbsp;**35207** | &nbsp;&nbsp;.64<sup>d</sup> | &nbsp;&nbsp;1.56<sup>d</sup> | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;**29.57** | &nbsp;&nbsp;.48 | &nbsp;&nbsp;.82 | &nbsp;&nbsp;**1.30** | &nbsp;&nbsp;(.61) | &nbsp;&nbsp;(1.46) | &nbsp;&nbsp;**(2.07)** | &nbsp;&nbsp;**28.80** | &nbsp;&nbsp;**4.50** | &nbsp;&nbsp;**32544** | &nbsp;&nbsp;.65 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;October 31, 2022 | &nbsp;&nbsp;**32.68** | &nbsp;&nbsp;.43 | &nbsp;&nbsp;(1.29) | &nbsp;&nbsp;**(.86)** | &nbsp;&nbsp;(.40) | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;**(2.25)** | &nbsp;&nbsp;**29.57** | &nbsp;&nbsp;**(2.77)** | &nbsp;&nbsp;**38608** | &nbsp;&nbsp;.65 | &nbsp;&nbsp;1.42 | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;October 31, 2021**<sup>†</sup>** | &nbsp;&nbsp;**26.78** | &nbsp;&nbsp;.38 | &nbsp;&nbsp;7.14 | &nbsp;&nbsp;**7.52** | &nbsp;&nbsp;(.44) | &nbsp;&nbsp;(1.18) | &nbsp;&nbsp;**(1.62)** | &nbsp;&nbsp;**32.68** | &nbsp;&nbsp;**29.48<sup>\*</sup>** | &nbsp;&nbsp;**76300** | &nbsp;&nbsp;.58**<sup>\*</sup>** | &nbsp;&nbsp;1.25**<sup>\*</sup>** | &nbsp;&nbsp;15**<sup>\*</sup>** |
| &nbsp;&nbsp;November 30, 2020 | &nbsp;&nbsp;**26.39** | &nbsp;&nbsp;.47 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;**1.50** | &nbsp;&nbsp;(.46) | &nbsp;&nbsp;(.65) | &nbsp;&nbsp;**(1.11)** | &nbsp;&nbsp;**26.78** | &nbsp;&nbsp;**6.03** | &nbsp;&nbsp;**46663** | &nbsp;&nbsp;.65 | &nbsp;&nbsp;1.95 | &nbsp;&nbsp;21 |
| &nbsp;&nbsp;November 30, 2019 | &nbsp;&nbsp;**24.51** | &nbsp;&nbsp;.46 | &nbsp;&nbsp;2.85 | &nbsp;&nbsp;**3.31** | &nbsp;&nbsp;(.54) | &nbsp;&nbsp;(.89) | &nbsp;&nbsp;**(1.43)** | &nbsp;&nbsp;**26.39** | &nbsp;&nbsp;**14.91** | &nbsp;&nbsp;**67476** | &nbsp;&nbsp;.65 | &nbsp;&nbsp;1.88 | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Class R6** |
| &nbsp;&nbsp;April 30, 2025**<sup>\*\*</sup>** | &nbsp;&nbsp;**$36.98** | &nbsp;&nbsp;.29 | &nbsp;&nbsp;(.89) | &nbsp;&nbsp;**(.60)** | &nbsp;&nbsp;(.28) | &nbsp;&nbsp;(1.95) | &nbsp;&nbsp;**(2.23)** | &nbsp;&nbsp;**$34.15** | &nbsp;&nbsp;**(1.96)<sup>\*</sup>** | &nbsp;&nbsp;**$7130798** | &nbsp;&nbsp;.26**<sup>\*</sup>** | &nbsp;&nbsp;.80**<sup>\*</sup>** | &nbsp;&nbsp;10**<sup>\*</sup>**<sup>e</sup> |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;**28.79** | &nbsp;&nbsp;.55 | &nbsp;&nbsp;9.38 | &nbsp;&nbsp;**9.93** | &nbsp;&nbsp;(.57) | &nbsp;&nbsp;(1.17) | &nbsp;&nbsp;**(1.74)** | &nbsp;&nbsp;**36.98** | &nbsp;&nbsp;**35.83** | &nbsp;&nbsp;**6177233** | &nbsp;&nbsp;.54<sup>d</sup> | &nbsp;&nbsp;1.62<sup>d</sup> | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;**29.56** | &nbsp;&nbsp;.51 | &nbsp;&nbsp;.82 | &nbsp;&nbsp;**1.33** | &nbsp;&nbsp;(.64) | &nbsp;&nbsp;(1.46) | &nbsp;&nbsp;**(2.10)** | &nbsp;&nbsp;**28.79** | &nbsp;&nbsp;**4.60** | &nbsp;&nbsp;**3111458** | &nbsp;&nbsp;.55 | &nbsp;&nbsp;1.72 | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;October 31, 2022 | &nbsp;&nbsp;**32.68** | &nbsp;&nbsp;.47 | &nbsp;&nbsp;(1.30) | &nbsp;&nbsp;**(.83)** | &nbsp;&nbsp;(.44) | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;**(2.29)** | &nbsp;&nbsp;**29.56** | &nbsp;&nbsp;**(2.68)** | &nbsp;&nbsp;**2461068** | &nbsp;&nbsp;.55 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;October 31, 2021**<sup>†</sup>** | &nbsp;&nbsp;**26.78** | &nbsp;&nbsp;.40 | &nbsp;&nbsp;7.15 | &nbsp;&nbsp;**7.55** | &nbsp;&nbsp;(.47) | &nbsp;&nbsp;(1.18) | &nbsp;&nbsp;**(1.65)** | &nbsp;&nbsp;**32.68** | &nbsp;&nbsp;**29.59<sup>\*</sup>** | &nbsp;&nbsp;**2161747** | &nbsp;&nbsp;.49**<sup>\*</sup>** | &nbsp;&nbsp;1.35**<sup>\*</sup>** | &nbsp;&nbsp;15**<sup>\*</sup>** |
| &nbsp;&nbsp;November 30, 2020 | &nbsp;&nbsp;**26.39** | &nbsp;&nbsp;.50 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;**1.52** | &nbsp;&nbsp;(.48) | &nbsp;&nbsp;(.65) | &nbsp;&nbsp;**(1.13)** | &nbsp;&nbsp;**26.78** | &nbsp;&nbsp;**6.14** | &nbsp;&nbsp;**1452740** | &nbsp;&nbsp;.55 | &nbsp;&nbsp;2.07 | &nbsp;&nbsp;21 |
| &nbsp;&nbsp;November 30, 2019 | &nbsp;&nbsp;**24.51** | &nbsp;&nbsp;.49 | &nbsp;&nbsp;2.84 | &nbsp;&nbsp;**3.33** | &nbsp;&nbsp;(.56) | &nbsp;&nbsp;(.89) | &nbsp;&nbsp;**(1.45)** | &nbsp;&nbsp;**26.39** | &nbsp;&nbsp;**15.00** | &nbsp;&nbsp;**1287321** | &nbsp;&nbsp;.55 | &nbsp;&nbsp;2.02 | &nbsp;&nbsp;12 |

---

The accompanying notes are an integral part of these financial statements.

Large Cap Value Fund <br> 9

**Financial highlights** *cont.*

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**INVESTMENT OPERATIONS** | &nbsp;&nbsp;**INVESTMENT OPERATIONS** | &nbsp;&nbsp;**INVESTMENT OPERATIONS** | &nbsp;&nbsp;**INVESTMENT OPERATIONS** | &nbsp;&nbsp;**INVESTMENT OPERATIONS** | &nbsp;&nbsp;**LESS DISTRIBUTIONS** | &nbsp;&nbsp;**LESS DISTRIBUTIONS** | &nbsp;&nbsp;**LESS DISTRIBUTIONS** | &nbsp;&nbsp;**LESS DISTRIBUTIONS** | &nbsp;&nbsp;**LESS DISTRIBUTIONS** | &nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA** | &nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA** | &nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA** | &nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA** |
| &nbsp;&nbsp;Period ended | &nbsp;&nbsp;**Net asset value, beginning of period** | &nbsp;&nbsp;Net investment income (loss)<sup>a</sup> | &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;**Total from investment operations** | &nbsp;&nbsp;From net investment income | &nbsp;&nbsp;From net realized gain on investments | &nbsp;&nbsp;**Total distributions** | &nbsp;&nbsp;**Net asset value, end of period** | &nbsp;&nbsp;**Total return at net asset value (%)<sup>b</sup>** | &nbsp;&nbsp;**Net assets, end of period (in thousands)** | &nbsp;&nbsp;Ratio of expenses to average net assets (%)<sup>c</sup> | &nbsp;&nbsp;Ratio of net investment income (loss) to average net assets (%) | &nbsp;&nbsp;Portfolio turnover (%) |
| &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Class Y** |
| &nbsp;&nbsp;April 30, 2025**<sup>\*\*</sup>** | &nbsp;&nbsp;**$36.96** | &nbsp;&nbsp;.27 | &nbsp;&nbsp;(.89) | &nbsp;&nbsp;**(.62)** | &nbsp;&nbsp;(.26) | &nbsp;&nbsp;(1.95) | &nbsp;&nbsp;**(2.21)** | &nbsp;&nbsp;**$34.13** | &nbsp;&nbsp;**(2.00)<sup>\*</sup>** | &nbsp;&nbsp;**$17137766** | &nbsp;&nbsp;.31**<sup>\*</sup>** | &nbsp;&nbsp;.76**<sup>\*</sup>** | &nbsp;&nbsp;10**<sup>\*</sup>**<sup>e</sup> |
| &nbsp;&nbsp;October 31, 2024 | &nbsp;&nbsp;**28.77** | &nbsp;&nbsp;.52 | &nbsp;&nbsp;9.38 | &nbsp;&nbsp;**9.90** | &nbsp;&nbsp;(.54) | &nbsp;&nbsp;(1.17) | &nbsp;&nbsp;**(1.71)** | &nbsp;&nbsp;**36.96** | &nbsp;&nbsp;**35.74** | &nbsp;&nbsp;**14957976** | &nbsp;&nbsp;.63<sup>d</sup> | &nbsp;&nbsp;1.53<sup>d</sup> | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;October 31, 2023 | &nbsp;&nbsp;**29.55** | &nbsp;&nbsp;.48 | &nbsp;&nbsp;.82 | &nbsp;&nbsp;**1.30** | &nbsp;&nbsp;(.62) | &nbsp;&nbsp;(1.46) | &nbsp;&nbsp;**(2.08)** | &nbsp;&nbsp;**28.77** | &nbsp;&nbsp;**4.47** | &nbsp;&nbsp;**7308033** | &nbsp;&nbsp;.65 | &nbsp;&nbsp;1.63 | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;October 31, 2022 | &nbsp;&nbsp;**32.67** | &nbsp;&nbsp;.44 | &nbsp;&nbsp;(1.30) | &nbsp;&nbsp;**(.86)** | &nbsp;&nbsp;(.41) | &nbsp;&nbsp;(1.85) | &nbsp;&nbsp;**(2.26)** | &nbsp;&nbsp;**29.55** | &nbsp;&nbsp;**(2.77)** | &nbsp;&nbsp;**5704960** | &nbsp;&nbsp;.64 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;October 31, 2021**<sup>†</sup>** | &nbsp;&nbsp;**26.77** | &nbsp;&nbsp;.38 | &nbsp;&nbsp;7.14 | &nbsp;&nbsp;**7.52** | &nbsp;&nbsp;(.44) | &nbsp;&nbsp;(1.18) | &nbsp;&nbsp;**(1.62)** | &nbsp;&nbsp;**32.67** | &nbsp;&nbsp;**29.49<sup>\*</sup>** | &nbsp;&nbsp;**4867264** | &nbsp;&nbsp;.58**<sup>\*</sup>** | &nbsp;&nbsp;1.26**<sup>\*</sup>** | &nbsp;&nbsp;15**<sup>\*</sup>** |
| &nbsp;&nbsp;November 30, 2020 | &nbsp;&nbsp;**26.39** | &nbsp;&nbsp;.47 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;**1.49** | &nbsp;&nbsp;(.46) | &nbsp;&nbsp;(.65) | &nbsp;&nbsp;**(1.11)** | &nbsp;&nbsp;**26.77** | &nbsp;&nbsp;**5.98** | &nbsp;&nbsp;**3226237** | &nbsp;&nbsp;.65 | &nbsp;&nbsp;1.96 | &nbsp;&nbsp;21 |
| &nbsp;&nbsp;November 30, 2019 | &nbsp;&nbsp;**24.50** | &nbsp;&nbsp;.46 | &nbsp;&nbsp;2.85 | &nbsp;&nbsp;**3.31** | &nbsp;&nbsp;(.53) | &nbsp;&nbsp;(.89) | &nbsp;&nbsp;**(1.42)** | &nbsp;&nbsp;**26.39** | &nbsp;&nbsp;**14.93** | &nbsp;&nbsp;**2949801** | &nbsp;&nbsp;.66 | &nbsp;&nbsp;1.91 | &nbsp;&nbsp;12 |

---

**<sup>\*</sup>** Not annualized.

---

| | |
|:---|:---|
| **<sup>\*\*</sup>** | Unaudited. |

---

---

| | |
|:---|:---|
| **<sup>†</sup>** | For the eleven months ended October 31, 2021. The fund changed its fiscal year end from November 30 to October 31. |

---

**<sup>a</sup>** Per share net investment income (loss) has been determined on the basis of the weighted average number of shares outstanding during the period.

**<sup>b</sup>** Total return assumes dividend reinvestment and does not reflect the effect of sales charges.

**<sup>c</sup>** Includes amounts paid through expense offset and/or brokerage/service arrangements, if any (Note 2). Also excludes acquired fund fees and expenses, if any.

**<sup>d</sup>** Reflects a waiver of certain fund expenses in connection with investments in Putnam Government Money Market Fund during the period. As a result of such waiver, the expenses of the fund reflect a reduction of less than 0.01% as a percentage of average net assets.

**<sup>e</sup>** Portfolio turnover excludes securities received in-kind.

The accompanying notes are an integral part of these financial statements.

10 <br> Large Cap Value Fund

**Notes to financial statements** 4/30/25 (Unaudited)

Unless otherwise noted, the "reporting period" represents the period from November 1, 2024 through April 30, 2025. The following table defines commonly used references within the Notes to financial statements:

---

| | |
|:---|:---|
| **References to** | **Represent** |
| **1940 Act** | Investment Company Act of 1940, as amended |
| **Franklin Advisers** | Franklin Advisers, Inc., a direct wholly-owned subsidiary of Franklin Templeton |
| **Franklin Distributors** | Franklin Distributors, LLC, an indirect wholly-owned subsidiary of Franklin Templeton |
| **Franklin Templeton** | Franklin Resources, Inc. |
| **Franklin Templeton Services** | Franklin Templeton Services, LLC, a wholly-owned subsidiary of Franklin Templeton |
| **FTIML** | Franklin Templeton Investment Management Limited |
| **JPMorgan** | JPMorgan Chase Bank, N.A. |
| **OTC** | Over-the-counter |
| **PSERV** | Putnam Investor Services, Inc., a wholly-owned subsidiary of Franklin Templeton |
| **Putnam Management** | Putnam Investment Management, LLC, the fund's investment manager, an indirect wholly-owned subsidiary of Franklin Templeton |
| **Putnam Retail Management** | Putnam Retail Management Limited Partnership, an indirect wholly-owned subsidiary of Franklin Templeton |
| **SEC** | Securities and Exchange Commission |
| **State Street** | State Street Bank and Trust Company |

---

Putnam Large Cap Value Fund (the fund) is a Massachusetts business trust, which is registered under the 1940 Act, as amended, as a diversified open-end management investment company. The goal of the fund is to seek capital growth and current income. The fund invests mainly in common stocks of U.S. companies, with a focus on value stocks that offer the potential for capital growth, current income, or both. Under normal circumstances, Putnam Management invests at least 80% of the fund's net assets in large-cap companies, which for purposes of this policy, are of a size similar to those in the Russell 1000 Value Index. This policy may be changed only after 60 days' notice to shareholders. As of January 31, 2025, the index was composed of companies having market capitalizations of between approximately $338.1 million to $1.0 trillion. The fund may also invest in midsize companies. Value stocks are issued by companies that Putnam Management believes are currently undervalued by the market. If Putnam Management is correct and other investors ultimately recognize the value of the company, the price of its stock may rise. Putnam Management may consider, among other factors, a company's valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments.

The fund offers the following share classes. The expenses for each class of shares may differ based on the distribution and investor servicing fees of each class, which are identified in Note 2.

---

| | | | |
|:---|:---|:---|:---|
| **Share class** | **Sales charge** | **Contingent deferred sales charge** | **Conversion feature** |
| Class A | Up to 5.75% | 1.00% on certain redemptions of shares bought with no initial sales charge |  |
| Class C |  | 1.00% eliminated after one year | Converts to class A shares after 8 years |
| Class R **<sup>†</sup>** |  |  |  |
| Class R5 **<sup>†</sup>** |  |  |  |
| Class R6 **<sup>†</sup>** |  |  |  |
| Class Y **<sup>†</sup>** |  |  |  |

---

Effective September 5, 2024, the fund converted all of its class B shares into class A shares, and subsequently terminated its class B shares as a fund offering.

**<sup>†</sup>** Not available to all investors.

In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund's management team expects the risk of material loss to be remote.

The fund has entered into contractual arrangements with an investment adviser, administrator, distributor, shareholder servicing agent and custodian, who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the fund's Agreement and Declaration of Trust, any claims asserted by a shareholder against or on behalf of the fund, including claims against Trustees and Officers, must be brought in courts located within the Commonwealth of Massachusetts.

**Note 1: Significant accounting policies** 

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 following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

Investment income, realized and unrealized gains and losses and expenses of the fund are borne pro-rata based on the relative net assets of each class to the total net assets of the fund, except that each class bears expenses unique to that class (including the distribution fees applicable to such classes). Each class votes as a class only with respect to its own distribution plan or other matters on which a class vote is required by law or determined by the Trustees. If the fund were liquidated, shares of each class would receive their pro-rata share of the net assets of the fund. In addition, the Trustees declare separate dividends on each class of shares.

**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 Accounting Standards Codification 820 *Fair Value Measurements and Disclosures* (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.

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

Large Cap Value Fund <br> 11

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.

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 1940 Act, 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.

**Joint trading account** Pursuant to an exemptive order from the SEC, the fund may transfer uninvested cash balances into a joint trading account along with the cash of other registered investment companies and certain other accounts managed by Putnam Management. These balances may be invested in issues of short-term investments having maturities of up to 90 days.

**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 $570,450,325 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.

**Security transactions and related investment income** Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.

Interest income, net of any applicable withholding taxes, if any, is recorded on the accrual basis. Amortization and accretion of premiums and discounts on debt securities, if any, is recorded on the accrual basis.

Dividend income, net of any applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain.

**Foreign currency translation** The accounting records of the fund are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.

**Futures contracts** The fund uses futures contracts for equitizing cash.

The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Risks may exceed amounts recognized on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as "variation margin."

Futures contracts outstanding at period end, if any, are listed after the fund's portfolio.

**Forward currency contracts** The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used for hedging foreign exchange risk.

The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position. Risks may exceed amounts recognized on the Statement of assets and liabilities.

Forward currency contracts outstanding at period end, if any, are listed after 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 pledged 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.

12 <br> Large Cap Value Fund

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 $61,243,233 on open derivative contracts subject to the Master Agreements. Collateral pledged by the fund at period end for these agreements totaled $67,957,016 and may include amounts related to unsettled agreements.

**Securities lending** 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. Income from securities lending, if any, is net of expenses and is included in investment income on the Statement of operations. Cash collateral 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. At the close of the reporting period, the fund received cash collateral of $24,325,225 and the value of securities loaned amounted to $24,177,762.

**Interfund lending** The fund, along with other Putnam funds, may participate in an interfund lending program pursuant to an exemptive order issued by the SEC. This program allows the fund to borrow from or lend to other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund's investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates. During the reporting period, the fund did not utilize the program.

**Lines of credit** Effective January 31, 2025, the fund, together with other U.S. registered and foreign investment funds (collectively, Borrowers) managed by an affiliate of Franklin Templeton, are borrowers in a joint syndicated senior unsecured credit facility totaling $2.995 billion (Global Credit Facility) which matures on January 30, 2026. This Global Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the ability to meet future unanticipated or unusually large redemption requests.

Under the terms of the Global Credit Facility, the fund shall, in addition to interest charged on any borrowings made by the fund and other costs incurred by the fund, pay their share of fees and expenses incurred in connection with the implementation and maintenance of the Global Credit Facility, based upon their relative share of the aggregate net assets of all of the Borrowers, including an annual commitment fee of 0.15% based upon the unused portion of the Global Credit Facility. These fees are reflected in Other expenses in the Statements of operations. During the reporting period, the fund did not use the Global Credit Facility.

Prior to January 31, 2025, the fund participated, along with other Putnam funds, in a $320 million syndicated unsecured committed line of credit, provided by State Street ($160 million) and JPMorgan ($160 million), and a $235.5 million unsecured uncommitted line of credit, provided by State Street. Borrowings may have been made for temporary or emergency purposes, including the funding of shareholder redemption requests and trade settlements. Interest was charged to the fund based on the fund's borrowings. A closing fee equal to 0.04% of the committed line of credit and 0.04% of the uncommitted line of credit was paid by the participating funds and a $75,000 fee was paid by the participating funds to State Street as agent of the syndicated committed line of credit. In addition, a commitment fee of 0.21% per annum on any unutilized portion of the committed line of credit was allocated to the participating funds based on their relative net assets and paid quarterly. During the reporting period, the fund had no borrowings against these arrangements.

**Federal taxes** It is the policy of the fund to distribute all of its taxable income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.

The fund is subject to the provisions of Accounting Standards Codification 740 *Income Taxes* (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

The fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset and other income on the fund's books. In many cases, however, the fund may not receive such amounts for an extended period of time, depending on the country of investment.

Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The aggregate identified cost on a tax basis is $27,377,655,882, resulting in gross unrealized appreciation and depreciation of $9,250,904,853 and $1,197,795,897, respectively, or net unrealized appreciation of $8,053,108,956.

**Distributions to shareholders** Distributions to shareholders from net investment income, if any, are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund's fiscal year. Reclassifications are made to the fund's capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations.

**Note 2: Management fee, administrative services and other transactions** 

The fund pays Putnam Management a management fee (based on the fund's average net assets and computed and paid monthly) at annual rates that may vary based on the average of the aggregate net assets of all open-end mutual funds sponsored by Putnam Management (including open-end funds managed by affiliates of Putnam Management that have been deemed to be sponsored by Putnam Management for this purpose) (excluding net assets of funds that are invested in, or that are invested in by, other Putnam funds to the extent necessary to avoid "double counting" of those assets). Such annual rates may vary as follows:

---

| | |
|:---|:---|
| 0.630% | of the first $5 billion, |
| 0.580% | of the next $5 billion, |
| 0.530% | of the next $10 billion, |
| 0.480% | of the next $10 billion, |
| 0.430% | of the next $50 billion, |
| 0.410% | of the next $50 billion, |
| 0.400% | of the next $100 billion and |
| 0.395% | of any excess thereafter. |

---

For the reporting period, the management fee represented an effective rate (excluding the impact from any expense waivers in effect) of 0.225% of the fund's average net assets.

Putnam Management has contractually agreed, through February 28, 2026, to waive fees and/or reimburse the fund's expenses to the extent necessary to limit the cumulative expenses of the fund, exclusive of brokerage, interest, taxes, investment-related expenses, extraordinary expenses, acquired fund fees and expenses and payments under the fund's investor servicing contract, investment management contract and distribution plans, on a fiscal year-to-date basis to an annual rate of 0.20% of the fund's average net assets over such fiscal year-to-date period. During the reporting period, the fund's expenses were not reduced as a result of this limit.

Putnam Management has retained Franklin Advisers as a sub-advisor for the fund pursuant to a sub-advisory agreement. Pursuant to the agreement, Franklin Advisers provides certain advisory and related services. Putnam Management pays a monthly fee to Franklin Advisers based on the costs of Franklin Advisers in

Large Cap Value Fund <br> 13

providing these services to the fund, which may include a mark-up not to exceed 15% over such costs.

FTIML is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. FTIML did not manage any portion of the assets of the fund during the reporting period. If Putnam Management were to engage the services of FTIML, Putnam Management (and not the fund) would pay a monthly sub-management fee to FTIML for its services at an annual rate of 0.25% of the average net assets of the portion of the fund managed by FTIML.

Franklin Templeton Services provides certain administrative services to the fund. The fee for those services is paid by the fund's investment manager based on the fund's average daily net assets and is not an additional expense of the fund.

The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.

PSERV, an affiliate of Putnam Management, provides investor servicing agent functions to the fund. PSERV received fees for investor servicing for class A, class C, class R and class Y shares that included (1) a per account fee for each direct and underlying non-defined contribution account (retail account) of the fund; (2) a specified rate of the fund's assets attributable to defined contribution plan accounts; and (3) a specified rate based on the average net assets in retail accounts. PSERV has agreed that the aggregate investor servicing fees for each fund's retail and defined contribution accounts for these share classes will not exceed an annual rate of 0.25% of the fund's average assets attributable to such accounts.

Class R5 shares paid a monthly fee based on the average net assets of class R5 shares at an annual rate of 0.15%.

Class R6 shares paid a monthly fee based on the average net assets of class R6 shares at an annual rate of 0.05%.

During the reporting period, the expenses for each class of shares related to investor servicing fees were as follows:

---

| | |
|:---|:---|
| Class A | $7695396 |
| Class C | 282561 |
| Class R | 95366 |
| Class R5 | 31410 |
| Class R6 | 1755063 |
| Class Y | 11097590 |
| **Total** | **$20957386** |

---

The fund has entered into expense offset arrangements with PSERV and State Street whereby PSERV's and State Street's fees are reduced by credits allowed on cash balances. For the reporting period, the fund's expenses were reduced by $77,609 under the expense offset arrangements.

Each Independent Trustee of the fund receives an annual Trustee fee, of which $24,889, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.

The fund has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable from July 1, 1995 through December 31, 2023. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.

The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee's average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee's lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.

The fund has adopted distribution plans (the Plans) with respect to the following share classes pursuant to Rule 12b–1 under the 1940 Act. The purpose of the Plans is to compensate Franklin Distributors for services provided and expenses incurred in distributing shares of the fund. The Plans provide payments by the fund to Franklin Distributors at an annual rate of up to the following amounts (Maximum %) of the average net assets attributable to each class. The Trustees have approved payment by the fund at the following annual rate (Approved %) of the average net assets attributable to each class. During the reporting period, the class-specific expenses related to distribution fees were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Maximum %** | **Approved %** | **Amount** |
| Class A | 0.35% | 0.25% | $14007956 |
| Class C | 1.00% | 1.00% | $2056820 |
| Class R | 1.00% | 0.50% | $347130 |
| **Total** |  |  | **$16411906** |

---

For the reporting period, Franklin Distributors, acting as underwriter, received net commissions of $418,825 from the sale of class A shares and received $27,052 in contingent deferred sales charges from redemptions of class C shares.

A deferred sales charge of up to 1.00% is assessed on certain redemptions of class A shares. For the reporting period, Franklin Distributors acting as underwriter, received $12,792 on class A redemptions.

**Note 3: Purchases and sales of securities** 

During the reporting period, the cost of purchases and the proceeds from sales, excluding short-term investments and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| | **Cost of purchases** | **Proceeds from sales** |
| Investments in securities (Long-term) | $6708375176 | $3362633739 |
| U.S. government securities (Long-term) |  |  |
| **Total** | **$6708375176** | **$3362633739** |

---

The fund may purchase or sell investments from or to other Putnam funds in the ordinary course of business, which can reduce the fund's transaction costs, at prices determined in accordance with SEC requirements and policies approved by the Trustees. During the reporting period, purchases or sales of long-term securities from or to other Putnam funds, if any, did not represent more than 5% of the fund's total cost of purchases and/or total proceeds from sales.

Portfolio securities received through in-kind transactions were $85,544,256.

**Note 4: Capital shares** 

At the close of the reporting period, there were an unlimited number of shares of beneficial interest authorized. In certain circumstances shares may be purchased or redeemed through the delivery to the fund or receipt by the shareholders, respectively, of securities, the fair value of which is used to determine the number of shares issued or redeemed Transactions, including, if applicable, direct exchanges pursuant to share conversions, in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** |
| <br>&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;13788457 | &nbsp;&nbsp;$493643557 | &nbsp;&nbsp;20981713 | &nbsp;&nbsp;$718137612 |
| &nbsp;&nbsp;Shares issued in connection with reinvestment of distributions | &nbsp;&nbsp;17146341 | &nbsp;&nbsp;621814362 | &nbsp;&nbsp;15388074 | &nbsp;&nbsp;466367403 |
|  | &nbsp;&nbsp;30934798 | &nbsp;&nbsp;1115457919 | &nbsp;&nbsp;36369787 | &nbsp;&nbsp;1184505015 |
| &nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;(22333565) | &nbsp;&nbsp;(791143087) | &nbsp;&nbsp;(37735893) | &nbsp;&nbsp;(1268303465) |
| &nbsp;&nbsp;**Net increase (decrease)** | &nbsp;&nbsp;**8601233** | &nbsp;&nbsp;**$324314832** | &nbsp;&nbsp;**(1366106)** | &nbsp;&nbsp;**$(83798450)** |

---

14 <br> Large Cap Value Fund

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24 <sup>\*</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24 <sup>\*</sup>** |
| <br>&nbsp;&nbsp;**Class B** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;3382 | &nbsp;&nbsp;$104346 |
| &nbsp;&nbsp;Shares issued in connection with reinvestment of distributions | &nbsp;&nbsp;24067 | &nbsp;&nbsp;702318 |
|  | &nbsp;&nbsp;27449 | &nbsp;&nbsp;806664 |
| &nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;(687894) | &nbsp;&nbsp;(22952445) |
| &nbsp;&nbsp;**Net decrease** | &nbsp;&nbsp;**(660445)** | &nbsp;&nbsp;**$(22145781)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** |
| <br>&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;2528098 | &nbsp;&nbsp;$88522152 | &nbsp;&nbsp;3406194 | &nbsp;&nbsp;$114327225 |
| &nbsp;&nbsp;Shares issued in connection with reinvestment of distributions | &nbsp;&nbsp;582637 | &nbsp;&nbsp;20781694 | &nbsp;&nbsp;414347 | &nbsp;&nbsp;12183878 |
|  | &nbsp;&nbsp;3110735 | &nbsp;&nbsp;109303846 | &nbsp;&nbsp;3820541 | &nbsp;&nbsp;126511103 |
| &nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;(1375017) | &nbsp;&nbsp;(47789853) | &nbsp;&nbsp;(2410976) | &nbsp;&nbsp;(79256136) |
| &nbsp;&nbsp;**Net increase** | &nbsp;&nbsp;**1735718** | &nbsp;&nbsp;**$61513993** | &nbsp;&nbsp;**1409565** | &nbsp;&nbsp;**$47254967** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** |
| <br>&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;962514 | &nbsp;&nbsp;$33793932 | &nbsp;&nbsp;2014040 | &nbsp;&nbsp;$65126935 |
| &nbsp;&nbsp;Shares issued in connection with reinvestment of distributions | &nbsp;&nbsp;220297 | &nbsp;&nbsp;7900472 | &nbsp;&nbsp;131505 | &nbsp;&nbsp;3958364 |
|  | &nbsp;&nbsp;1182811 | &nbsp;&nbsp;41694404 | &nbsp;&nbsp;2145545 | &nbsp;&nbsp;69085299 |
| &nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;(489826) | &nbsp;&nbsp;(16953330) | &nbsp;&nbsp;(979257) | &nbsp;&nbsp;(33106214) |
| &nbsp;&nbsp;**Net increase** | &nbsp;&nbsp;**692985** | &nbsp;&nbsp;**$24741074** | &nbsp;&nbsp;**1166288** | &nbsp;&nbsp;**$35979085** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** |
| <br>&nbsp;&nbsp;**Class R5** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;444597 | &nbsp;&nbsp;$16036735 | &nbsp;&nbsp;424257 | &nbsp;&nbsp;$14253437 |
| &nbsp;&nbsp;Shares issued in connection with reinvestment of distributions | &nbsp;&nbsp;59487 | &nbsp;&nbsp;2157390 | &nbsp;&nbsp;61410 | &nbsp;&nbsp;1868254 |
|  | &nbsp;&nbsp;504084 | &nbsp;&nbsp;18194125 | &nbsp;&nbsp;485667 | &nbsp;&nbsp;16121691 |
| &nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;(144066) | &nbsp;&nbsp;(5112970) | &nbsp;&nbsp;(664147) | &nbsp;&nbsp;(22721390) |
| &nbsp;&nbsp;**Net increase (decrease)** | &nbsp;&nbsp;**360018** | &nbsp;&nbsp;**$13081155** | &nbsp;&nbsp;**(178480)** | &nbsp;&nbsp;**$(6599699)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** |
| <br>&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;57665878 | &nbsp;&nbsp;$2069739337 | &nbsp;&nbsp;82941829 | &nbsp;&nbsp;$2830010507 |
| &nbsp;&nbsp;Shares issued in connection with reinvestment of distributions | &nbsp;&nbsp;10734141 | &nbsp;&nbsp;389238874 | &nbsp;&nbsp;6492444 | &nbsp;&nbsp;199341563 |
| &nbsp;&nbsp;Transfers in-kind | &nbsp;&nbsp;2202478 | &nbsp;&nbsp;85544256 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
|  | &nbsp;&nbsp;70602497 | &nbsp;&nbsp;2544522467 | &nbsp;&nbsp;89434273 | &nbsp;&nbsp;3029352070 |
| &nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;(28825013) | &nbsp;&nbsp;(1013990690) | &nbsp;&nbsp;(30472893) | &nbsp;&nbsp;(1040588314) |
| &nbsp;&nbsp;**Net increase** | &nbsp;&nbsp;**41777484** | &nbsp;&nbsp;**$1530531777** | &nbsp;&nbsp;**58961380** | &nbsp;&nbsp;**$1988763756** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SIX MONTHS ENDED 4/30/25** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**YEAR ENDED 10/31/24** |
| <br>&nbsp;&nbsp;**Class Y** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;138084169 | &nbsp;&nbsp;$4904617795 | &nbsp;&nbsp;207530592 | &nbsp;&nbsp;$7084327000 |
| &nbsp;&nbsp;Shares issued in connection with reinvestment of distributions | &nbsp;&nbsp;24204586 | &nbsp;&nbsp;877281842 | &nbsp;&nbsp;14447405 | &nbsp;&nbsp;443363082 |
|  | &nbsp;&nbsp;162288755 | &nbsp;&nbsp;5781899637 | &nbsp;&nbsp;221977997 | &nbsp;&nbsp;7527690082 |
| &nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;(64820109) | &nbsp;&nbsp;(2301549555) | &nbsp;&nbsp;(71263889) | &nbsp;&nbsp;(2412035095) |
| &nbsp;&nbsp;**Net increase** | &nbsp;&nbsp;**97468646** | &nbsp;&nbsp;**$3480350082** | &nbsp;&nbsp;**150714108** | &nbsp;&nbsp;**$5115654987** |

---

**<sup>\*</sup>** Effective September 5, 2024, the fund has terminated its class B shares.

Large Cap Value Fund <br> 15

**Note 5: Affiliated transactions** 

Transactions during the reporting period with any company which is under common ownership or control, or involving securities of companies in which the fund owned at least 5% of the outstanding voting securities, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of affiliate** | **Fair value as of 10/31/24** | **Purchase cost** | **Sale proceeds** | **Investment income** | **Shares outstanding and fair value as of 4/30/25** |
| **Short-term investments** | | | | | |
| Putnam Cash Collateral Pool, LLC **<sup>\*</sup>** | $— | $287729903 | $263404678 | $401604 | $24325225 |
| Putnam Short Term Investment Fund Class P **<sup>†</sup>** | 250332717 | 45000000 | 105000000 | 5058289 | 190332717 |
| **Total Short-term investments** | **$250332717** | **$332729903** | **$368404678** | **$5459893** | **$214657942** |
| <sup>\*</sup> No management fees are charged to Putnam Cash Collateral Pool, LLC (Note 1). Investment income shown is included in securities lending income on the Statement of operations. | <sup>\*</sup> No management fees are charged to Putnam Cash Collateral Pool, LLC (Note 1). Investment income shown is included in securities lending income on the Statement of operations. | <sup>\*</sup> No management fees are charged to Putnam Cash Collateral Pool, LLC (Note 1). Investment income shown is included in securities lending income on the Statement of operations. | <sup>\*</sup> No management fees are charged to Putnam Cash Collateral Pool, LLC (Note 1). Investment income shown is included in securities lending income on the Statement of operations. | <sup>\*</sup> No management fees are charged to Putnam Cash Collateral Pool, LLC (Note 1). Investment income shown is included in securities lending income on the Statement of operations. | <sup>\*</sup> No management fees are charged to Putnam Cash Collateral Pool, LLC (Note 1). Investment income shown is included in securities lending income on the Statement of operations. |
| **<sup>†</sup>** 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>†</sup>** 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>†</sup>** 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>†</sup>** 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>†</sup>** 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>†</sup>** 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. |

---

**Note 6: Market, credit and other risks** 

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations.

**Note 7: Summary of derivative activity** 

The volume of activity for the reporting period for any derivative type that was held during the period is listed below and was based on an average of the holdings at the end of each fiscal quarter:

---

| | |
|:---|:---|
| Futures contracts (number of contracts) | 700 |
| Forward currency contracts (contract amount) | $1928400000 |

---

The following is a summary of the fair value of derivative instruments as of the close of the reporting period:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fair value of derivative instruments as of the close of the reporting period** | **Fair value of derivative instruments as of the close of the reporting period** | **Fair value of derivative instruments as of the close of the reporting period** | **Fair value of derivative instruments as of the close of the reporting period** | **Fair value of derivative instruments as of the close of the reporting period** |
| | **Asset derivatives** | **Asset derivatives** | **Liability derivatives** | **Liability derivatives** |
| **Derivatives not accounted for as hedging instruments under ASC 815** | **Statement of assets and liabilities location** | **Fair value** | **Statement of assets and liabilities location** | **Fair value** |
| Foreign exchange contracts | Receivables | $8873655 | Payables | $70116888 |
| Equity contracts |  |  | Payables, Net assets — Unrealized depreciation | 1,067,177b>sup> <sup>\*</sup> |
| **Total** |  | **$8873655** |  | **$71184065** |
| **<sup>\*</sup>** Includes cumulative appreciation/depreciation of futures contracts as reported in the fund's portfolio. Only current day's variation margin is reported within the Statement of assets and liabilities. | **<sup>\*</sup>** Includes cumulative appreciation/depreciation of futures contracts as reported in the fund's portfolio. Only current day's variation margin is reported within the Statement of assets and liabilities. | **<sup>\*</sup>** Includes cumulative appreciation/depreciation of futures contracts as reported in the fund's portfolio. Only current day's variation margin is reported within the Statement of assets and liabilities. | **<sup>\*</sup>** Includes cumulative appreciation/depreciation of futures contracts as reported in the fund's portfolio. Only current day's variation margin is reported within the Statement of assets and liabilities. | **<sup>\*</sup>** Includes cumulative appreciation/depreciation of futures contracts as reported in the fund's portfolio. Only current day's variation margin is reported within the Statement of assets and liabilities. |

---

The following is a summary of realized and change in unrealized gains or losses of derivative instruments in the Statement of operations for the reporting period (Note 1):

---

| | | | |
|:---|:---|:---|:---|
| **Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments** | **Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments** | **Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments** | **Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments** |
| **Derivatives not accounted for as hedging instruments under ASC 815** | **Futures** | **Forward currency contracts** | **Total** |
| Foreign exchange contracts | $— | $54304767 | $54304767 |
| Equity contracts | (1221346) |  | $(1221346) |
| **Total** | **$(1221346)** | **$54304767** | **$53083421** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) on investments** | **Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) on investments** | **Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) on investments** | **Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) on investments** |
| **Derivatives not accounted for as hedging instruments under ASC 815** | **Futures** | **Forward currency contracts** | **Total** |
| Foreign exchange contracts | $— | $(91802123) | $(91802123) |
| Equity contracts | (1067177) |  | $(1067177) |
| **Total** | **$(1067177)** | **$(91802123)** | **$(92869300)** |

---

16 <br> Large Cap Value Fund

**Note 8: Offsetting of financial and derivative assets and liabilities** 

The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions or borrowing transactions associated with securities sold short, if any, see Note 1. For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to the master netting agreements in the Statement of assets and liabilities.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Bank of America N.A.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Barclays Bank PLC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Barclays Capital, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BofA Securities, Inc.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Citibank, N.A.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Goldman Sachs International** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**HSBC Bank PLC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**HSBC Securities (USA), Inc.** |
| &nbsp;&nbsp;**Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Futures contracts **<sup>§</sup>** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;Forward currency contracts **<sup>#</sup>** | &nbsp;&nbsp;— | &nbsp;&nbsp;5024038 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Repurchase agreements **<sup>\*\*</sup>** | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;200000000 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;159197000 |
| &nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$5024038** | &nbsp;&nbsp;**$200000000** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$159197000** |
| &nbsp;&nbsp;**Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Futures contracts **<sup>§</sup>** | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1325733 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Forward currency contracts **<sup>#</sup>** | &nbsp;&nbsp;7239487 | &nbsp;&nbsp;9079224 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;5809218 | &nbsp;&nbsp;9747490 | &nbsp;&nbsp;11653663 | &nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;**$7239487** | &nbsp;&nbsp;**$9079224** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$1325733** | &nbsp;&nbsp;**$5809218** | &nbsp;&nbsp;**$9747490** | &nbsp;&nbsp;**$11653663** | &nbsp;&nbsp;**$—** |
| &nbsp;&nbsp;**Total Financial and Derivative Net Assets** | &nbsp;&nbsp;**$(7239487)** | &nbsp;&nbsp;**$(4055186)** | &nbsp;&nbsp;**$200000000** | &nbsp;&nbsp;**$(1325733)** | &nbsp;&nbsp;**$(5809218)** | &nbsp;&nbsp;**$(9747490)** | &nbsp;&nbsp;**$(11653663)** | &nbsp;&nbsp;**$159197000** |
| &nbsp;&nbsp;Total collateral received (pledged) **<sup>†##</sup>** | &nbsp;&nbsp;$(7239487) | &nbsp;&nbsp;$(4055186) | &nbsp;&nbsp;$200000000 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(5809218) | &nbsp;&nbsp;$(9747490) | &nbsp;&nbsp;$(11653663) | &nbsp;&nbsp;$159197000 |
| &nbsp;&nbsp;Net amount | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1325733) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;*Controlled collateral received (including TBA commitments)* **<sup>\*\*</sup>** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;*Uncontrolled collateral received* | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$204024828 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$162400696 |
| &nbsp;&nbsp;*Collateral (pledged) (including TBA commitments)* **<sup>\*\*</sup>** | &nbsp;&nbsp;$(8238156) | &nbsp;&nbsp;$(4913610) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(6059574) | &nbsp;&nbsp;$(11186064) | &nbsp;&nbsp;$(13113648) | &nbsp;&nbsp;$— |

---

Large Cap Value Fund <br> 17

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**JPMorgan Chase Bank N.A.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**JPMorgan Securities, LLC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Morgan Stanley & Co. International PLC** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**State Street Bank and Trust Co.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Toronto-Dominion Bank** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**UBS AG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**WestPac Banking Corp.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Futures contracts **<sup>§</sup>** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;Forward currency contracts **<sup>#</sup>** | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1356785 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;2492832 | &nbsp;&nbsp;— | &nbsp;&nbsp;8873655 |
| &nbsp;&nbsp;Repurchase agreements **<sup>\*\*</sup>** | &nbsp;&nbsp;— | &nbsp;&nbsp;200000000 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;559197000 |
| &nbsp;&nbsp;**Total Assets** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$200000000** | &nbsp;&nbsp;**$1356785** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$2492832** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$568070655** |
| &nbsp;&nbsp;**Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Futures contracts **<sup>§</sup>** | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1325733 |
| &nbsp;&nbsp;Forward currency contracts **<sup>#</sup>** | &nbsp;&nbsp;5479553 | &nbsp;&nbsp;— | &nbsp;&nbsp;3968370 | &nbsp;&nbsp;6617890 | &nbsp;&nbsp;1237753 | &nbsp;&nbsp;8051722 | &nbsp;&nbsp;1232518 | &nbsp;&nbsp;70116888 |
| &nbsp;&nbsp;**Total Liabilities** | &nbsp;&nbsp;**$5479553** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$3968370** | &nbsp;&nbsp;**$6617890** | &nbsp;&nbsp;**$1237753** | &nbsp;&nbsp;**$8051722** | &nbsp;&nbsp;**$1232518** | &nbsp;&nbsp;**$71442621** |
| &nbsp;&nbsp;**Total Financial and Derivative Net Assets** | &nbsp;&nbsp;**$(5479553)** | &nbsp;&nbsp;**$200000000** | &nbsp;&nbsp;**$(2611585)** | &nbsp;&nbsp;**$(6617890)** | &nbsp;&nbsp;**$(1237753)** | &nbsp;&nbsp;**$(5558890)** | &nbsp;&nbsp;**$(1232518)** | &nbsp;&nbsp;**$496628034** |
| &nbsp;&nbsp;Total collateral received (pledged) **<sup>†##</sup>** | &nbsp;&nbsp;$(5479553) | &nbsp;&nbsp;$200000000 | &nbsp;&nbsp;$(2326043) | &nbsp;&nbsp;$(6617890) | &nbsp;&nbsp;$(1237753) | &nbsp;&nbsp;$(5558890) | &nbsp;&nbsp;$— |  |
| &nbsp;&nbsp;Net amount | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(285542) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1232518) |  |
| &nbsp;&nbsp;*Controlled collateral received (including TBA commitments)* **<sup>\*\*</sup>** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;*Uncontrolled collateral received* | &nbsp;&nbsp;$— | &nbsp;&nbsp;$204024801 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$570450325 |
| &nbsp;&nbsp;*Collateral (pledged) (including TBA commitments)* **<sup>\*\*</sup>** | &nbsp;&nbsp;$(6149372) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(2326043) | &nbsp;&nbsp;$(7509459) | &nbsp;&nbsp;$(1483053) | &nbsp;&nbsp;$(6978037) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(67957016) |

---

---

| | |
|:---|:---|
| **<sup>\*\*</sup>** | Included with Investments in securities on the Statement of assets and liabilities. |
| **<sup>†</sup>** | Additional collateral may be required from certain brokers based on individual agreements. |
| **<sup>#</sup>** | Covered by master netting agreement (Note 1). |
| **<sup>##</sup>** | Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements. |
| **<sup>§</sup>** | Includes current day's variation margin only as reported on the Statement of assets and liabilities, which is not collateralized. Cumulative appreciation/(depreciation) for futures contracts is represented in the tables listed after the fund's portfolio. Collateral pledged for initial margin on futures contracts, which is not included in the table above, amounted to $3,463,754. |

---

**Note 9: Operating segments** 

The fund has adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023–07, *Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures.* The update is limited to disclosure requirements and does not impact the fund's financial position or results of operations.

The fund operates as a single operating segment, which is an investment portfolio. The fund's investment manager serves as the Chief Operating Decision Maker (CODM), evaluating fund-wide results and performance under a unified investment strategy. The CODM uses these measures to assess fund performance and allocate resources effectively. Internal reporting provided to the CODM aligns with the accounting policies and measurement principles used in the financial statements.

For information regarding segment assets, segment profit or loss, and significant expenses, refer to the Statement of assets and liabilities and the Statement of operations, along with the related notes to the financial statements. The fund's portfolio provides details of the fund's investments that generate returns such as interest, dividends, and realized and unrealized gains or losses. Performance metrics, including portfolio turnover and expense ratios, are disclosed in the Financial highlights.

**Note 10: New accounting pronouncement** 

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023–09, *Income Taxes (Topic 740) – Improvements to Income Tax Disclosures* . The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact and believes that the adoption of the ASU will not have a material impact on the financial statements.

18 <br> Large Cap Value Fund

**Changes in and disagreements with accountants** 

Not applicable

**Results of any shareholder votes** 

Not applicable

**Remuneration paid to directors, officers, and others** 

Remuneration paid to directors, officers, and others is included in the Notes to financial statements above.

**Board approval of management and subadvisory agreements** 

Not applicable

Large Cap Value Fund <br> 19

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![backcoverartbackcoverlogo.jpg](image_003.jpg) |  |
|© 2025 Franklin Templeton. All rights reserved. | 38906-SFSOI&nbsp;&nbsp;&nbsp;&nbsp;6/25 |

---

<br> <u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>

<br> Included in Item 7 above.

<br> <u>Item 9. Proxy Disclosure for Open-End Management Investment Companies.</u>

<br> Included in Item 7 above.

<br> <u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>

<br> Included in Item 7 above.

<br> <u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>

<br> Included in Item 7 above.

<br> <u>Item 12. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:</u>

<br> Not applicable

<br> <u>Item 13. Portfolio Managers of Closed-End Investment Companies</u>

<br> Not Applicable

<br> <u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:</u>

<br> Not applicable

<u>Item 15. Submission of Matters to a Vote of Security Holders:</u> <br>

<br> Not applicable

<br> <u>Item 16. Controls and Procedures:</u>

(a) The registrant's [principal/chief executive officer] and [principal/chief financial officer] have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934. . <br>

(b)There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's internal control over financial reporting. <br>

<br> <u>Item 17. Disclosures of Securities Lending Activities for Closed-End Investment Companies:</u>

<br> Not Applicable

<br> <u>Item 18. Recovery of Erroneously Awarded Compensation.</u>

<br> Not Applicable

<br> <u>Item 19. Exhibits:</u>

<br> (a)(1) Not applicable

<br> (a)(2) Not applicable

<br> [(a)(3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are filed herewith.](b_012certifications.htm)

<br> [(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.](c_012nocertifications.htm)

<br> <u>SIGNATURES</u>

<br> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<br> <u>Putnam Large Cap Value Fund</u>

<br> By (Signature and Title):

<u>/s/ Jeffrey White</u> <br>

<br> Jeffrey WhitePrincipal Accounting Officer

<br> Date: June 27, 2025

<br> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

<br> By (Signature and Title):

<u>/s/ Jonathan S. Horwitz</u> <br>

<br> Jonathan S. HorwitzPrincipal Executive Officer

<br> Date: June 27, 2025

<br> By (Signature and Title):

<u>/s/ Jeffrey White</u> <br>

<br> Jeffrey WhitePrincipal Financial Officer

<br> Date: June 27, 2025

------

## Ex-99.Cert

<br> <u>Certifications</u>

<br> I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:

<br> 1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:

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

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

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

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

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

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

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

<br> 5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):

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

<br> b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.

<br> Date: June 26, 2025

/s/ Jonathan S. Horwitz <br>

<br> _______________________

<br> Jonathan S. Horwitz<br>Principal Executive Officer

<br> <u>Certifications</u>

<br> I, Jeffrey White, the Principal Financial Officer of the funds listed on Attachment A, certify that:

<br> 1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:

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

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

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

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

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

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

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

<br> 5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):

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

<br> b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.

<br> Date: June 26, 2025

/s/ Jeffrey White <br>

<br> _______________________

<br> Jeffrey White<br>Principal Financial Officer

<br> Attachment A

<br> Period (s) ended April 30, 2025

<br> Putnam BDC Income ETF

<br> Putnam BioRevolution ETF

<br> Putnam Core Bond Fund

<br> Putnam Emerging Markets ex-China ETF

<br> Putnam ESG Core Bond ETF

<br> Putnam ESG High Yield ETF

<br> Putnam ESG Ultra Short ETF

<br> Putnam Large Cap Value Fund

<br> Putnam PanAgora ESG Emerging Markets Equity ETF

<br> Putnam PanAgora ESG International Equity ETF

## Exhibit 99.906

<br> <u>Section 906 Certifications</u>

<br> I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge:

<br> 1. The form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

<br> 2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2025, fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

<br> Date: June 26, 2025

/s/ Jonathan S. Horwitz <br>

<br> ______________________

<br> Jonathan S. Horwitz<br>Principal Executive Officer

<br> <u>Section 906 Certifications</u>

<br> I, Jeffrey White, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge:

<br> 1. The form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

<br> 2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2025, fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.

<br> Date: June 26, 2025

/s/ Jeffrey White <br>

<br> ______________________

<br> Jeffrey White<br>Principal Financial Officer

<br> Attachment A

<br> Period (s) ended April 30, 2025

<br> Putnam BDC Income ETF

<br> Putnam BioRevolution ETF

<br> Putnam Core Bond Fund

<br> Putnam Emerging Markets ex-China ETF

<br> Putnam ESG Core Bond ETF

<br> Putnam ESG High Yield ETF

<br> Putnam ESG Ultra Short ETF

<br> Putnam Large Cap Value Fund

<br> Putnam PanAgora ESG Emerging Markets Equity ETF

<br> Putnam PanAgora ESG International Equity ETF