# EDGAR Filing Document

**Accession Number:** 0000216934
**File Stem:** 0001133228-26-009607
**Filing Date:** 2026-6
**Character Count:** 145462
**Document Hash:** 2111080bce9b2e2180f6099b8dc0212e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-009607.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001133228-26-009607

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**EFFECTIVENESS DATE**: 20260625

**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:** 261121705

**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'? 2026-05-2074200164600_PutnamLargeCapValueFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-02742**

**Putnam Large Cap Value Fund**

(Exact name of registrant as specified in charter)

**100 Federal Street, Boston, Massachusetts 02110**

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

Date of fiscal year end: **October 31**

Date of reporting period: **April 30, 2026**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Large Cap Value Fund**  | **Putnam Large Cap Value Fund**  |
| Class A [PEYAX] | Semi-Annual Shareholder Report \| April 30, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Large Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

**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><sup>,</sup><sup>†</sup>  |
| Class A | $44 | 0.83% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $50196998759 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 106 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7492img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Large Cap Value Fund PAGE 1 38906-STSA-0626

19.712.411.710.99.17.86.86.35.74.21.83.6 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Large Cap Value Fund**  | **Putnam Large Cap Value Fund**  |
| Class C [PEQCX] | Semi-Annual Shareholder Report \| April 30, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Large Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

**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><sup>,</sup><sup>†</sup>  |
| Class C | $83 | 1.58% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $50196998759 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 106 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7493img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Large Cap Value Fund PAGE 1 38906-STSC-0626

19.712.411.710.99.17.86.86.35.74.21.83.6 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Large Cap Value Fund**  | **Putnam Large Cap Value Fund**  |
| Class R [PEQRX] | Semi-Annual Shareholder Report \| April 30, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Large Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

**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><sup>,</sup><sup>†</sup>  |
| Class R | $57 | 1.08% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $50196998759 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 106 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7494img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Large Cap Value Fund PAGE 1 38906-STSR-0626

19.712.411.710.99.17.86.86.35.74.21.83.6 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Large Cap Value Fund**  | **Putnam Large Cap Value Fund**  |
| Class R5 [PEQLX] | Semi-Annual Shareholder Report \| April 30, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Large Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

**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 | $32 | 0.60% |

---

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $50196998759 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 106 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7497img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Large Cap Value Fund PAGE 1 38906-STSR5-0626

19.712.411.710.99.17.86.86.35.74.21.83.6 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Large Cap Value Fund**  | **Putnam Large Cap Value Fund**  |
| Class R6 [PEQSX] | Semi-Annual Shareholder Report \| April 30, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Large Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

**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 | $27 | 0.52% |

---

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $50196998759 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 106 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7500img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Large Cap Value Fund PAGE 1 38906-STSR6-0626

19.712.411.710.99.17.86.86.35.74.21.83.6 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Large Cap Value Fund**  | **Putnam Large Cap Value Fund**  |
| Class Y [PEIYX] | Semi-Annual Shareholder Report \| April 30, 2026  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Large Cap Value Fund for the period November 1, 2025, to April 30, 2026.

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

**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><sup>,</sup><sup>†</sup>  |
| Class Y | $30 | 0.58% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $50196998759 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 106 |
| **Portfolio Turnover Rate** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts7501img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Large Cap Value Fund PAGE 1 38906-STSY-0626

19.712.411.710.99.17.86.86.35.74.21.83.6 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Putnam

#### Large

#### Cap

#### Value

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

April

30,

2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 15
Notes

to

Financial

Statements

#### 19
Changes

In

and

Disagreements

with

Accountants

#### 33
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Large

Cap

Value

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### Year

#### Ended

#### October

#### 31,

#### 2021

#### a

#### Year

#### Ended

#### November

#### 30,

#### 2020

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$39.14

$36.95

$28.77

$29.54

$32.65

$26.76

$26.37

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.21 0.44 0.45 0.41 0.36 0.31 0.41 Net

realized

and

unrealized

gains

(losses)

...........

4.33 4.12 9.36 0.82 (1.28)

7.13 1.03 Total

from

investment

operations

...........

4.54 4.56 9.81 1.23 (0.92)

7.44 1.44 Less

distributions

from:

Net

investment

income

..

(0.20)

(0.42)

(0.46)

(0.54)

(0.34)

(0.37)

(0.40)

Net

realized

gains

.....

(1.67)

(1.95)

(1.17)

(1.46)

(1.85)

(1.18)

(0.65)

Total

distributions

.......

(1.87)

(2.37)

(1.63)

(2.00)

(2.19)

(1.55)

(1.05)

Net

asset

value,

end

of

period

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

$41.81

$39.14

$36.95

$28.77

$29.54

$32.65

$26.76

Total

return

d

...........

11.90%

12.89%

35.36%

4.25%

(2.99)%

29.16%\*

5.75%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

0.83%

g

0.85%

0.88%

g

0.90%

0.89%

0.81%\*

0.90%

Net

investment

income

...

1.07%

1.21%

1.32%

1.39%

1.21%

1.04%\*

1.71%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$12,814,544

$11,939,595

$11,369,077

$8,890,275

$9,228,512

$9,873,796

$8,114,686

Portfolio

turnover

rate

....

3%

h

18%

16%

12%

17%

15%\*

21%

\*Not

annualized.

a

For

the

period

December

1,

2020

to

October

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

and

for

current

period

and

prior

year

information.

Putnam

Large

Cap

Value

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### Year

#### Ended

#### October

#### 31,

#### 2021

#### a

#### Year

#### Ended

#### November

#### 30,

#### 2020

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$38.41

$36.30

$28.30

$29.09

$32.19

$26.39

$26.01

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.06 0.17 0.19 0.19 0.14 0.10 0.23 Net

realized

and

unrealized

gains

(losses)

...........

4.25 4.04 9.20 0.81 (1.28)

7.04 1.01 Total

from

investment

operations

...........

4.31 4.21 9.39 1.00 (1.14)

7.14 1.24 Less

distributions

from:

Net

investment

income

..

(0.06)

(0.15)

(0.22)

(0.33)

(0.11)

(0.16)

(0.21)

Net

realized

gains

.....

(1.67)

(1.95)

(1.17)

(1.46)

(1.85)

(1.18)

(0.65)

Total

distributions

.......

(1.73)

(2.10)

(1.39)

(1.79)

(1.96)

(1.34)

(0.86)

Net

asset

value,

end

of

period

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

$40.99

$38.41

$36.30

$28.30

$29.09

$32.19

$26.39

Total

return

d

...........

11.47%

12.06%

34.35%

3.46%

(3.74)%

28.31%\*

4.94%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

1.58%

g

1.60%

1.63%

g

1.65%

1.64%

1.50%\*

1.65%

Net

investment

income

...

0.32%

0.46%

0.56%

0.64%

0.46%

0.36%\*

0.97%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$575,565

$489,983

$392,447

$266,019

$283,213

$325,902

$310,953

Portfolio

turnover

rate

....

3%

h

18%

16%

12%

17%

15%\*

21%

\*Not

annualized.

a

For

the

period

December

1,

2020

to

October

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

and

for

current

period

and

prior

year

information.

Putnam

Large

Cap

Value

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### Year

#### Ended

#### October

#### 31,

#### 2021

#### a

#### Year

#### Ended

#### November

#### 30,

#### 2020

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$38.66

$36.54

$28.47

$29.26

$32.36

$26.53

$26.15

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.16 0.35 0.35 0.33 0.29 0.24 0.35 Net

realized

and

unrealized

gains

(losses)

...........

4.28 4.06 9.28 0.81 (1.28)

7.07 1.01 Total

from

investment

operations

...........

4.44 4.41 9.63 1.14 (0.99)

7.31 1.36 Less

distributions

from:

Net

investment

income

..

(0.15)

(0.34)

(0.39)

(0.47)

(0.26)

(0.30)

(0.33)

Net

realized

gains

.....

(1.67)

(1.95)

(1.17)

(1.46)

(1.85)

(1.18)

(0.65)

Total

distributions

.......

(1.82)

(2.29)

(1.56)

(1.93)

(2.11)

(1.48)

(0.98)

Net

asset

value,

end

of

period

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

$41.28

$38.66

$36.54

$28.47

$29.26

$32.36

$26.53

Total

return

d

...........

11.76%

12.58%

35.05%

3.97%

(3.24)%

28.87%\*

5.47%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

1.08%

g

1.10%

1.13%

g

1.15%

1.14%

1.04%\*

1.15%

Net

investment

income

...

0.81%

0.96%

1.04%

1.15%

0.96%

0.82%\*

1.47%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$220,007

$183,924

$130,252

$68,289

$68,257

$69,251

$68,849

Portfolio

turnover

rate

....

3%

h

18%

16%

12%

17%

15%\*

21%

\*Not

annualized.

a

For

the

period

December

1,

2020

to

October

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

and

for

current

period

and

prior

year

information.

Putnam

Large

Cap

Value

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### Year

#### Ended

#### October

#### 31,

#### 2021

#### a

#### Year

#### Ended

#### November

#### 30,

#### 2020

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$39.18

$36.99

$28.80

$29.57

$32.68

$26.78

$26.39

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.26 0.53 0.53 0.48 0.43 0.38 0.47 Net

realized

and

unrealized

gains

(losses)

...........

4.33 4.13 9.37 0.82 (1.29)

7.14 1.03 Total

from

investment

operations

...........

4.59 4.66 9.90 1.30 (0.86)

7.52 1.50 Less

distributions

from:

Net

investment

income

..

(0.24)

(0.52)

(0.54)

(0.61)

(0.40)

(0.44)

(0.46)

Net

realized

gains

.....

(1.67)

(1.95)

(1.17)

(1.46)

(1.85)

(1.18)

(0.65)

Total

distributions

.......

(1.91)

(2.47)

(1.71)

(2.07)

(2.25)

(1.62)

(1.11)

Net

asset

value,

end

of

period

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

$41.86

$39.18

$36.99

$28.80

$29.57

$32.68

$26.78

Total

return

d

...........

12.01%

13.16%

35.67%

4.50%

(2.77)%

29.48%\*

6.03%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

0.60%

0.62%

0.64%

g

0.65%

0.65%

0.58%\*

0.65%

Net

investment

income

...

1.28%

1.44%

1.56%

1.64%

1.42%

1.25%\*

1.95%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$83,687

$64,448

$35,207

$32,544

$38,608

$76,300

$46,663

Portfolio

turnover

rate

....

3%

h

18%

16%

12%

17%

15%\*

21%

\*Not

annualized.

a

For

the

period

December

1,

2020

to

October

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

and

for

current

period

and

prior

year

information.

Putnam

Large

Cap

Value

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### Year

#### Ended

#### October

#### 31,

#### 2021

#### a

#### Year

#### Ended

#### November

#### 30,

#### 2020

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$39.17

$36.98

$28.79

$29.56

$32.68

$26.78

$26.39

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.28 0.56 0.55 0.51 0.47 0.40 0.50 Net

realized

and

unrealized

gains

(losses)

...........

4.33 4.13 9.38 0.82 (1.30)

7.15 1.02 Total

from

investment

operations

...........

4.61 4.69 9.93 1.33 (0.83)

7.55 1.52 Less

distributions

from:

Net

investment

income

..

(0.26)

(0.55)

(0.57)

(0.64)

(0.44)

(0.47)

(0.48)

Net

realized

gains

.....

(1.67)

(1.95)

(1.17)

(1.46)

(1.85)

(1.18)

(0.65)

Total

distributions

.......

(1.93)

(2.50)

(1.74)

(2.10)

(2.29)

(1.65)

(1.13)

Net

asset

value,

end

of

period

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

$41.85

$39.17

$36.98

$28.79

$29.56

$32.68

$26.78

Total

return

d

...........

12.06%

13.27%

35.83%

4.60%

(2.68)%

29.59%\*

6.14%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

0.52%

0.52%

0.54%

g

0.55%

0.55%

0.49%\*

0.55%

Net

investment

income

...

1.38%

1.54%

1.62%

1.72%

1.55%

1.35%\*

2.07%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$11,162,309

$8,915,380

$6,177,233

$3,111,458

$2,461,068

$2,161,747

$1,452,740

Portfolio

turnover

rate

....

3%

h

18%

16%

12%

17%

15%\*

21%

\*Not

annualized.

a

For

the

period

December

1,

2020

to

October

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

and

for

current

period

and

prior

year

information.

Putnam

Large

Cap

Value

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### Year

#### Ended

#### October

#### 31,

#### 2021

#### a

#### Year

#### Ended

#### November

#### 30,

#### 2020

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$39.15

$36.96

$28.77

$29.55

$32.67

$26.77

$26.39

Income

from

investment

operations

b

:

Net

investment

income

c

.

0.26 0.53 0.52 0.48 0.44 0.38 0.47 Net

realized

and

unrealized

gains

(losses)

...........

4.33 4.13 9.38 0.82 (1.30)

7.14 1.02 Total

from

investment

operations

...........

4.59 4.66 9.90 1.30 (0.86)

7.52 1.49 Less

distributions

from:

Net

investment

income

..

(0.25)

(0.52)

(0.54)

(0.62)

(0.41)

(0.44)

(0.46)

Net

realized

gains

.....

(1.67)

(1.95)

(1.17)

(1.46)

(1.85)

(1.18)

(0.65)

Total

distributions

.......

(1.92)

(2.47)

(1.71)

(2.08)

(2.26)

(1.62)

(1.11)

Net

asset

value,

end

of

period

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

$41.82

$39.15

$36.96

$28.77

$29.55

$32.67

$26.77

Total

return

d

...........

12.01%

13.19%

35.74%

4.47%

(2.77)%

29.49%\*

5.98%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

0.58%

g

0.60%

0.63%

g

0.65%

0.64%

0.58%\*

0.65%

Net

investment

income

...

1.32%

1.46%

1.53%

1.63%

1.46%

1.26%\*

1.96%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$25,340,887

$21,298,824

$14,957,976

$7,308,033

$5,704,960

$4,867,264

$3,226,237

Portfolio

turnover

rate

....

3%

h

18%

16%

12%

17%

15%\*

21%

\*Not

annualized.

a

For

the

period

December

1,

2020

to

October

31,

2021. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

and

for

current

period

and

prior

year

information.

Putnam

Large

Cap

Value

Fund

Schedule

of

Investments

(unaudited),

April

30,

2026

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 96.4%

#### Aerospace

#### &

#### Defense

#### 2.7%
Northrop

Grumman

Corp.

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

United

States

1,081,685

$

626,814,824

RTX

Corp.

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

United

States

4,036,257

710,663,770

1,337,478,594

#### Air

#### Freight

#### &

#### Logistics

#### 2.0%
FedEx

Corp.

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

United

States

2,509,078

1,011,936,248

#### Automobiles

#### 2.3%
General

Motors

Co.

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

United

States

14,716,190

1,131,527,849

#### Banks

#### 8.9%
Bank

of

America

Corp.

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

United

States

20,475,183

1,094,603,283

Citigroup,

Inc.

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

United

States

16,515,251

2,113,621,823

JPMorgan

Chase

&

Co.

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

United

States

1,732,628

542,711,068

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

3,226,593

719,530,239

4,470,466,413

#### Beverages

#### 2.4%
Coca-Cola

Co.

(The)

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

United

States

14,957,490

1,178,051,912

#### Biotechnology

#### 2.4%
AbbVie,

Inc.

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

United

States

1,987,841

420,070,560

Regeneron

Pharmaceuticals,

Inc.

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

United

States

1,142,625

807,904,433

1,227,974,993

#### Broadline

#### Retail

#### 2.6%
a

Amazon.com,

Inc.

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

United

States

4,862,246

1,288,786,925

#### Building

#### Products

#### 0.8%
Johnson

Controls

International

plc

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

United

States

2,619,880

382,581,076

#### Capital

#### Markets

#### 5.8%
BlackRock,

Inc.

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

United

States

454,219

484,015,766

Charles

Schwab

Corp.

(The)

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

United

States

8,284,316

759,174,718

CME

Group,

Inc.

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

United

States

2,242,066

645,311,436

Goldman

Sachs

Group,

Inc.

(The)

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

United

States

763,123

704,950,134

State

Street

Corp.

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

United

States

2,007,577

306,838,069

2,900,290,123

#### Chemicals

#### 2.5%
Corteva,

Inc.

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

United

States

9,762,338

790,847,001

Eastman

Chemical

Co.

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

United

States

2,374,256

173,534,371

PPG

Industries,

Inc.

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

United

States

2,280,976

247,485,896

1,211,867,268

#### Communications

#### Equipment

#### 3.4%
Cisco

Systems,

Inc.

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

United

States

18,900,507

1,729,396,391

#### Construction

#### Materials

#### 1.4%
CRH

plc

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

United

States

5,855,039

693,353,718

#### Consumer

#### Finance

#### 1.8%
Capital

One

Financial

Corp.

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

United

States

4,732,871

905,398,222

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 3.0%
a

BJ's

Wholesale

Club

Holdings,

Inc.

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

United

States

2,735,411

256,827,739

Kroger

Co.

(The)

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

United

States

6,619,695

450,602,639

Walmart,

Inc.

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

United

States

6,260,024

825,884,966

1,533,315,344

Putnam

Large

Cap

Value

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Containers

#### &

#### Packaging

#### 0.4%
Ball

Corp.

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

United

States

3,355,641

$

204,962,552

#### Diversified

#### Telecommunication

#### Services

#### 0.3%
Comcast

Corp.,

A

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

United

States

5,971,732

161,475,633

#### Electric

#### Utilities

#### 4.2%
NextEra

Energy,

Inc.

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

United

States

12,664,828

1,239,633,365

NRG

Energy,

Inc.

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

United

States

2,716,774

422,675,699

PPL

Corp.

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

United

States

12,315,378

461,087,752

2,123,396,816

#### Financial

#### Services

#### 1.0%
Apollo

Global

Management,

Inc.

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

United

States

3,811,854

490,661,847

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.6%
Becton

Dickinson

&

Co.

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

United

States

3,039,040

452,938,522

a

Boston

Scientific

Corp.

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

United

States

6,084,819

350,546,423

803,484,945

#### Health

#### Care

#### Providers

#### &

#### Services

#### 3.4%
McKesson

Corp.

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

United

States

1,228,728

1,001,659,066

UnitedHealth

Group,

Inc.

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

United

States

1,922,841

712,374,134

1,714,033,200

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.3%
Hilton

Worldwide

Holdings,

Inc.

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

United

States

1,967,654

637,657,632

#### Household

#### Durables

#### 1.7%
PulteGroup,

Inc.

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

United

States

7,145,416

874,313,102

#### Household

#### Products

#### 1.4%
Procter

&

Gamble

Co.

(The)

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

United

States

4,875,468

717,132,588

#### Industrial

#### Conglomerates

#### 1.8%
Honeywell

International,

Inc.

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

United

States

4,299,327

921,474,756

#### Industrial

#### REITs

#### 1.1%
Prologis,

Inc.

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

United

States

3,704,942

526,175,863

#### Insurance

#### 2.2%
Allstate

Corp.

(The)

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

United

States

3,088,499

671,007,293

American

International

Group,

Inc.

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

United

States

6,170,188

461,530,062

1,132,537,355

#### Interactive

#### Media

#### &

#### Services

#### 4.5%
Alphabet,

Inc.,

A

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

United

States

5,880,819

2,262,939,151

#### IT

#### Services

#### 1.1%
Accenture

plc,

A

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

United

States

3,155,537

563,926,017

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.9%
Thermo

Fisher

Scientific,

Inc.

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

United

States

1,711,441

819,711,781

a,b

Waters

Corp.

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

United

States

404,724

125,152,803

944,864,584

#### Machinery

#### 1.9%
Ingersoll

Rand,

Inc.

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

United

States

5,562,528

444,223,486

Otis

Worldwide

Corp.

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

United

States

6,443,437

501,814,874

946,038,360

Putnam

Large

Cap

Value

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Media

#### 0.3%
a,b

Charter

Communications,

Inc.,

A

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

United

States

926,232

$

152,985,739

#### Metals

#### &

#### Mining

#### 1.5%
Freeport-McMoRan,

Inc.

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

United

States

12,929,053

747,040,682

#### Office

#### REITs

#### 0.5%
Vornado

Realty

Trust

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

United

States

8,264,931

247,038,788

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 6.8%
ConocoPhillips

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

United

States

4,434,454

557,765,624

Exxon

Mobil

Corp.

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

United

States

9,667,271

1,491,949,933

Shell

plc

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

United

States

14,308,544

646,040,831

Valero

Energy

Corp.

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

United

States

2,774,315

700,736,483

3,396,492,871

#### Passenger

#### Airlines

#### 1.4%
Southwest

Airlines

Co.

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

United

States

19,034,343

721,782,287

#### Pharmaceuticals

#### 3.1%
AstraZeneca

plc

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

United

Kingdom

3,527,757

660,995,829

b

Novo

Nordisk

A/S,

ADR

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

Denmark

7,910,159

333,966,913

Sanofi

SA

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

United

States

5,844,801

546,935,882

1,541,898,624

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 2.5%
Marvell

Technology,

Inc.

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

United

States

5,429,474

896,677,631

QUALCOMM,

Inc.

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

United

States

2,072,933

372,257,308

1,268,934,939

#### Software

#### 2.2%
Microsoft

Corp.

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

United

States

2,683,716

1,094,365,711

#### Specialized

#### REITs

#### 0.3%
American

Tower

Corp.

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

United

States

835,726

152,695,497

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 1.6%
Seagate

Technology

Holdings

plc

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

United

States

1,178,665

793,995,891

#### Tobacco

#### 2.2%
Philip

Morris

International,

Inc.

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

United

States

6,758,127

1,115,564,024

#### Trading

#### Companies

#### &

#### Distributors

#### 1.1%
United

Rentals,

Inc.

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

United

States

575,313

552,208,430

#### Wireless

#### Telecommunication

#### Services

#### 1.1%
T-Mobile

US,

Inc.

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

United

States

2,899,866

566,923,803

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 32,055,724,386)
.................................

#### 48,379,426,763

#### Short

#### Term

#### Investments

#### 3.6%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Certificates

#### of

#### Deposit

#### 0.0%

#### †
KBC

Asset

Management

SA,

3.9%,

12/10/26

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

United

States

4,775,000

4,772,559

#### Total

#### Certificates

#### of

#### Deposit

#### (Cost

#### $4,775,000)

#### ................................

#### 4,772,559
a

#### a
Putnam

Large

Cap

Value

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers

#### 2.1%
c

Atlantic

Asset

Securitization

LLC

,

3.65%,

5/01/26

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

United

States

75,000,000

$

74,992,395

d

144A,

3.69%,

5/11/26

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

United

States

65,000,000

64,926,836

d

144A,

3.84%,

6/16/26

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

United

States

30,000,000

29,850,501

169,769,732

c,d

Bedford

Row

Funding

Corp.

,

144A,

3.72%

,

5/18/26

..........

United

States

50,000,000

49,907,160

c

Canadian

Imperial

Bank

of

Commerce

,

d

144A,

3.65%,

5/01/26

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

Canada

50,000,000

49,994,935

3.68%,

5/21/26

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

Canada

12,000,000

11,974,277

61,969,212

c,d

Chariot

Funding

LLC

,

144A,

3.68%,

5/01/26

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

United

States

40,000,000

39,995,908

144A,

3.74%,

5/20/26

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

United

States

44,000,000

43,908,709

83,904,617

c

Cooperatieve

Rabobank

UA

,

3.77%

,

6/10/26

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

Netherlands

8,000,000

7,965,822

c

Exxon

Mobil

Corp.

,

3.64%

,

5/13/26

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

United

States

75,000,000

74,901,675

c,d

Fairway

Finance

Co.

LLC

,

144A,

3.67%

,

5/01/26

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

United

States

40,000,000

39,995,920

c,d

Gotham

Funding

Corp.

,

144A,

3.7%

,

5/05/26

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

United

States

25,000,000

24,987,162

c,d

Liberty

Street

Funding

LLC

,

144A,

3.81%

,

6/04/26

...........

United

States

12,500,000

12,453,880

c,d

Manhattan

Asset

Funding

Co.

LLC

,

144A,

3.68%

,

5/08/26

.....

United

States

25,000,000

24,979,585

c

MUFG

Bank

Ltd.

,

3.66%

,

5/11/26

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

Japan

10,000,000

9,988,840

c

Nestle

Finance

International

Ltd.

,

3.67%

,

5/27/26

...........

United

States

25,000,000

24,931,410

c,d

Nordea

Bank

Abp

,

144A,

3.77%

,

6/11/26

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

Finland

12,500,000

12,445,323

c,d

Sheffield

Receivables

Co.

LLC

,

144A,

3.75%

,

5/20/26

........

United

Kingdom

20,150,000

20,108,082

c,d

Sumitomo

Mitsui

Trust

Bank

Ltd.

,

144A,

3.61%,

5/04/26

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

Japan

12,500,000

12,494,994

144A,

3.61%,

5/05/26

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

Japan

12,000,000

11,993,991

24,488,985

c,d

TotalEnergies

Capital

SA

,

144A,

3.73%,

5/07/26

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

France

100,000,000

99,927,470

144A,

3.75%,

5/20/26

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

France

50,000,000

49,896,140

144A,

3.78%,

6/01/26

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

France

35,500,000

35,381,267

185,204,877

c,d

Victory

Receivables

Corp.

,

144A,

3.69%,

5/06/26

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

United

States

40,000,000

39,975,428

144A,

3.69%,

5/07/26

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

United

States

80,000,000

79,942,600

119,918,028

c,d

Walmart,

Inc.

,

144A,

3.64%

,

5/01/26

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

United

States

115,000,000

114,988,362

#### Total

#### Commercial

#### Papers

#### (Cost

#### $1,063,011,069)

#### ...............................

#### 1,062,908,672
a

#### a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.2%
c,e

U.S.

Treasury

Bills,

3.56%,

7/16/26

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

United

States

78,500,000

77,906,507

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $77,915,527)

#### ...............

#### 77,906,507
a

#### a

#### Time

#### Deposits

#### 0.0%

#### †
Australia

&

New

Zealand

Banking

Group

Ltd.,

3.65%,

5/01/26

..

Australia

25,000,000

25,000,000

#### Total

#### Time

#### Deposits

#### (Cost

#### $25,000,000)

#### ......................................

#### 25,000,000
Putnam

Large

Cap

Value

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 0.4%
f,g

Putnam

Short

Term

Investment

Fund,

Class

P,

3.843%

.......

United

States

195,884,723

$

195,884,723

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $195,884,723)

#### .................

#### 195,884,723

#### Principal

#### Amount

#### \*

#### Repurchase

#### Agreements

#### 0.8%
h

Joint

tri-party

repurchase

agreement

with

BNP

Paribas

SA,

3.65%,

5/01/26

(Maturity

Value

$8,188,401)

Collateralized

by

U.S.

Government

and

Agency

Securities,

1.5%

-

7%,

3/1/27

-

9/1/55

(valued

at

$8,352,169)

.........

8,187,571

8,187,571

h

Joint

tri-party

repurchase

agreement

with

BofA

Securities,

Inc.,

3.65%,

5/01/26

(Maturity

Value

$21,058,531)

Collateralized

by

U.S.

Government

and

Agency

Securities,

1.5%

-

6.5%,

1/1/28

-

10/15/60

(valued

at

$21,477,524)

.....

21,056,396

21,056,396

h

Joint

tri-party

repurchase

agreement

with

Citigroup

Global

Markets,

Inc.,

3.65%,

5/01/26

(Maturity

Value

$18,606,883)

Collateralized

by

U.S.

Treasury

Notes,

1.625%

-

4.625%,

10/31/26

-

10/31/32

(valued

at

$18,977,104)

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

18,604,997

18,604,997

h

Joint

tri-party

repurchase

agreement

with

HSBC

Securities

USA,

Inc.,

3.65%,

5/01/26

(Maturity

Value

$42,086,927)

Collateralized

by

U.S.

Government

and

Agency

Securities,

1.84%

-

6.5%,

3/1/28

-

5/1/56

(valued

at

$42,928,666)

......

42,082,660

42,082,660

i

Tri-party

repurchase

agreement

with

J.P.

Morgan

Securities

LLC,

3.64%,

5/01/26

(Maturity

Value

$100,010,111)

Collateralized

by

U.S.

Treasury

Notes,

3.875%,

4/30/31

(valued

at

$102,010,397)

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

100,000,000

100,000,000

i

Tri-party

repurchase

agreement

with

J.P.

Morgan

Securities

LLC,

3.65%,

5/01/26

(Maturity

Value

$200,020,278)

Collateralized

by

U.S.

Government

and

Agency

Securities,

4%

-

6.5%,

12/1/33

-

3/1/56

(valued

at

$204,020,683)

...........

200,000,000

200,000,000

#### Total

#### Repurchase

#### Agreements

#### (Cost

#### $389,931,624)
............................

#### 389,931,624

#### Shares
j

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 0.1%

#### Money

#### Market

#### Funds

#### 0.1%
f,g

Putnam

Cash

Collateral

Pool,

LLC,

3.919%

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

United

States

39,718,505

39,718,505

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $39,718,505)
.........................................................

#### 39,718,505

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $1,796,236,448

####)
...........................

#### 1,796,122,590

#### a

#### Total

#### Investments

#### (Cost

#### $33,851,960,834)

#### 100.0%

#### .............................

#### $50,175,549,353

#### Other

#### Assets,

#### less

#### Liabilities

#### 0.0%

#### †
..........................................

#### 21,449,406

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $50,196,998,759

#### a
Putnam

Large

Cap

Value

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non

-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

April

30,

2026. See

Note

(e).

c

The

rate

shown

represents

the

yield

at

period

end.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2026,

the

aggregate

value

of

these

securities

was

$858,154,253,

representing

1.7%

of

net

assets.

e

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

April

30,

2026,

the

value

of

this

security

pledged

amounted

to

$38,484,838,

representing

0.1%

of

net

assets.

f

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

h

See

Note

1(c)

regarding

joint

repurchase

agreement.

i

See

Note

1(c)

regarding

repurchase

agreement.

j

See

Note

1(e)

regarding

securities

on

loan.

Putnam

Large

Cap

Value

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

April

30,

2026

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(d)

.

At

April

30,

2026

,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

(d).

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
British

Pound

......

BZWS

Sell

143,955,900

190,559,463

6/17/26

$

—

$

(5,311,646)

British

Pound

......

CITI

Sell

117,302,800

155,280,121

6/17/26

—

(4,325,908)

British

Pound

......

GSCO

Sell

166,704,700

220,672,012

6/17/26

—

(6,151,859)

British

Pound

......

HSBK

Sell

92,823,400

123,454,658

6/17/26

—

(2,843,899)

British

Pound

......

JPHQ

Sell

22,285,300

29,704,767

6/17/26

—

(617,341)

British

Pound

......

MSCO

Sell

302,883,100

402,704,570

6/17/26

—

(9,408,091)

British

Pound

......

SSBT

Sell

71,307,200

94,840,644

6/17/26

—

(2,182,267)

British

Pound

......

TDOM

Sell

24,324,000

32,351,650

6/17/26

—

(744,381)

British

Pound

......

WPAC

Sell

24,693,300

32,688,176

6/17/26

—

(910,337)

Danish

Krone

......

CITI

Buy

766,674,900

118,086,402

6/17/26

2,631,806

—

Danish

Krone

......

MSCO

Sell

2,604,263,500

403,255,994

6/17/26

—

(6,803,110)

Euro

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

BOFA

Sell

44,748,900

51,437,070

6/17/26

—

(1,192,242)

Euro

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

GSCO

Sell

42,731,300

49,117,493

6/17/26

—

(1,138,914)

Euro

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

HSBK

Sell

132,784,400

153,155,120

6/17/26

—

(3,013,002)

Euro

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

JPHQ

Sell

73,137,200

84,588,950

6/17/26

—

(1,427,926)

Euro

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

MSCO

Sell

36,552,500

42,293,001

6/17/26

—

(696,501)

Euro

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

SSBT

Sell

50,452,700

58,194,515

6/17/26

—

(1,143,053)

Euro

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

UBSW

Buy

640,000

738,192

6/17/26

14,514

—

Total

Forward

Exchange

Contracts

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

$2,646,320

$(47,910,477)

Net

unrealized

appreciation

(depreciation)

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

$(45,264,157)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Equity

#### contracts
S&P

500

E-Mini

Index

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

Long

938

$

339,731,875

6/18/26

$

9,432,802

Total

Futures

Contracts

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

$9,432,802

\*

As

of

period

end.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Large

Cap

Value

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

April

30,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Large

#### Cap

#### Value

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$33,226,425,982

Cost

-

Non-controlled

affiliates

(Note

3g)

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

235,603,228

Cost

-

Unaffiliated

repurchase

agreements

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

389,931,624

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$

,

646

,

907)

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

$49,550,014,501

Value

-

Non-controlled

affiliates

(Note

3g)

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

235,603,228

Value

-

Unaffiliated

repurchase

agreements

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

389,931,624

Foreign

currency,

at

value

(cost

$399)

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

Receivables:

Investment

securities

sold

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

121,134,017

Capital

shares

sold

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

130,868,857

Dividends

and

interest

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

22,077,092

European

Union

tax

reclaims

(Note

1f)

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

1,084,860

Variation

margin

on

futures

contracts

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

1,224,140

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

2,646,320

Prepaid

expenses

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

1,977,648

Total

assets

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

50,456,562,699

Liabilities:

Payables:

Capital

shares

redeemed

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

94,427,390

Management

fees

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

17,996,816

Administrative

fees

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

Distribution

fees

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

3,125,907

Transfer

agent

fees

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

6,730,158

Trustees'

fees

and

expenses

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

1,779,262

Funds

advanced

by

custodian

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

47,079,055

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

47,910,477

Payable

upon

return

of

securities

loaned

(Note

e)

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

39,718,505

Accrued

expenses

and

other

liabilities

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

796,028

Total

liabilities

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

259,563,940

Net

assets,

at

value

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

$50,196,998,759

Net

assets

consist

of:

Paid-in

capital

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

$32,915,953,586

Total

distributable

earnings

(losses)

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

17,281,045,173

Net

assets,

at

value

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

$50,196,998,759

Putnam

Large

Cap

Value

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

April

30,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Large

#### Cap

#### Value

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$12,814,543,854

Shares

outstanding

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

306,461,880

Net

asset

value

per

share

a,b

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

$41.81

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.25%)

b

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

$44.36

#### Class

#### C:
Net

assets,

at

value

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

$575,565,116

Shares

outstanding

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

14,041,280

Net

asset

value

and

maximum

offering

price

per

share

a,b

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

$40.99

#### Class

#### R:
Net

assets,

at

value

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

$220,007,097

Shares

outstanding

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

5,329,906

Net

asset

value

and

maximum

offering

price

per

share

b

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

$41.28

#### Class

#### R5:
Net

assets,

at

value

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

$83,687,317

Shares

outstanding

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

1,999,421

Net

asset

value

and

maximum

offering

price

per

share

b

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

$41.86

#### Class

#### R6:
Net

assets,

at

value

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

$11,162,308,851

Shares

outstanding

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

266,754,987

Net

asset

value

and

maximum

offering

price

per

share

b

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

$41.85

#### Class

#### Y:
Net

assets,

at

value

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

$25,340,886,524

Shares

outstanding

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

605,926,802

Net

asset

value

and

maximum

offering

price

per

share

b

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

$41.82

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Large

Cap

Value

Fund

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

April

30,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Large

#### Cap

#### Value

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

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

$401,525,285

Non-controlled

affiliates

(Note

g)

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

3,474,925

Interest:

Unaffiliated

issuers

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

30,201,636

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

(2,290,380)

Non-controlled

affiliates

(Note

g)

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

2,413,746

Other

income

(Note

f)

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

4,696,479

Total

investment

income

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

440,021,691

Expenses:

Management

fees

(Note

a)

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

103,642,383

Administrative

fees

(Note

b)

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

388,943

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

15,371,309

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

2,639,303

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

503,220

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

6,861,846

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

294,296

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

112,196

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

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

47,739

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

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

2,481,841

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

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

12,961,135

Custodian

fees

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

104,884

Reports

to

shareholders

fees

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

564,358

Registration

and

filing

fees

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

1,316,317

Professional

fees

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

1,586,339

Trustees'

fees

and

expenses

(Note

f)

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

957,322

Other

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

621,460

Total

expenses

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

150,454,891

Expense

reductions

(Note

4)

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

(293,077)

Net

expenses

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

150,161,814

Net

investment

income

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

289,859,877

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

956,265,447

Foreign

currency

transactions

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

165,904

Forward

exchange

contracts

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

45,684,033

Futures

contracts

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

(19,312,954)

Net

realized

gain

(loss)

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

982,802,430

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

4,018,647,919

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

19,321

Forward

exchange

contracts

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

(91,810,894)

Futures

contracts

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

4,797,188

Net

change

in

unrealized

appreciation

(depreciation)

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

3,931,653,534

Net

realized

and

unrealized

gain

(loss)

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

4,914,455,964

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$5,204,315,841

Putnam

Large

Cap

Value

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Large

#### Cap

#### Value

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$289,859,877

$522,676,199

Net

realized

gain

(loss)

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

982,802,430

1,979,106,299

Net

change

in

unrealized

appreciation

(depreciation)

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

3,931,653,534

2,320,362,542

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

5,204,315,841

4,822,145,040

Distributions

to

shareholders:

Class

A

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

(560,866,132)

(730,595,359)

Class

C

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

(22,132,286)

(23,251,965)

Class

R

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

(8,798,115)

(8,672,584)

Class

R5

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

(3,123,829)

(2,539,376)

Class

R6

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

(449,434,546)

(472,406,461)

Class

Y

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

(1,061,631,790)

(1,067,241,186)

Total

distributions

to

shareholders

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

(2,105,986,698)

(2,304,706,931)

Capital

share

transactions:

(Note

2)

Class

A

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

47,313,335

(93,429,013)

Class

C

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

50,545,231

68,866,051

Class

R

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

22,657,145

43,009,365

Class

R5

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

14,334,845

25,187,127

Class

R6

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

1,581,826,473

2,217,786,958

Class

Y

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

2,489,838,600

5,051,102,459

Total

capital

share

transactions

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

4,206,515,629

7,312,522,947

Net

increase

(decrease)

in

net

assets

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

7,304,844,772

9,829,961,056

Net

assets:

Beginning

of

period

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

42,892,153,987

33,062,192,931

End

of

period

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

$50,196,998,759

$42,892,153,987

Putnam

Large

Cap

Value

Fund

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Large

Cap

Value

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company.

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

Fund

offers six

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R5,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively. Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Investments

in

repurchase

agreements

and

time

deposits

are

valued

at

cost,

which

approximates

fair

value.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

Putnam

Large

Cap

Value

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund's

business

day. Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund's

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

p.m.

Eastern

time. In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

At

April

30,

2026,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund's

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund's

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Repurchase

#### Agreements
The

Fund

enters

into

repurchase

agreements.

Repurchase

agreements

are

accounted

for

as

a

loan

by

the

Fund

to

the

seller,

collateralized

by

securities

which

are

delivered

to

the

Fund's

custodian.

The

fair

value,

including

accrued

interest,

of

the

initial

collateralization

is

required

to

be

at

least

102%

of

the

dollar

amount

invested

by

the

Fund,

with

the

value

of

the

underlying

securities

marked

to

market

daily

to

maintain

coverage

of

at

least

100%.

The

Fund

may

also

enter

into

joint

repurchase

agreements

whereby

its

uninvested

cash

balance

is

deposited

into

a

joint

cash

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager

and

is

used

to

invest

in

one

or

more

repurchase

agreements.

The

value

and

face

amount

of

the

joint

repurchase

agreement

are

allocated

to

the

funds

based

on

their

pro-rata

interest.

Repurchase

agreements

are

subject

to

the

terms

of

Master

Repurchase

Agreements

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Large

Cap

Value

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

(MRAs)

with

approved

counterparties

(sellers).

The

MRAs

contain

various

provisions,

including

but

not

limited

to

events

of

default

and

maintenance

of

collateral

for

repurchase

agreements.

In

the

event

of

default

by

either

the

seller

or

the

Fund,

certain

MRAs

may

permit

the

non-defaulting

party

to

net

and

close-out

all

transactions,

if

any,

traded

under

such

agreements.

The

Fund

may

sell

securities

it

holds

as

collateral

and

apply

the

proceeds

towards

the

repurchase

price

and

any

other

amounts

owed

by

the

seller

to

the Fund

in

the

event

of

default

by

the

seller.

This

could

involve

costs

or

delays

in

addition

to

a

loss

on

the

securities

if

their

value

falls

below

the

repurchase

price

owed

by

the

seller.

All

repurchase

agreements

held

by

the Fund

at

period

end,

as

indicated

in

the Schedule

of

Investments,

had

been

entered

into

on

April

30,

2026. d. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/

or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

April

30,

2026,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

by

counterparty

of

$45,278,671

and

the

aggregate

value

of

collateral

pledged

for

such

contracts

was

$30,063,985.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

or

at

the

broker and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Repurchase

#### Agreements
(continued)

Putnam

Large

Cap

Value

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to equity

price

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

regarding

other

derivative

information.

e. #### Securities

#### Lending
The

Fund

participates

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

the

Putnam

Cash

Collateral

Pool,

LLC,

a

limited

liability

company,

an

affiliate

of

Putnam

Management. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statement of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

Securities

on

loan

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

f. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

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

a

dividend

receivable

in

the

Statement

of

Assets

and

Liabilities

and

dividend

income

in

the

Statement

of

Operations.

In

many

cases,

however,

the

Fund

may

not

receive

such

amounts

for

an

extended

period

of

time,

depending

on

the

country

of

investment.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statement

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statement

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Fund,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Large

Cap

Value

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

April

30,

2026, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

g. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividend

income

is recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the Fund.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

h. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

i. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

April

30,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

9,392,357

$378,518,912

20,952,767

$759,681,917

Shares

issued

in

reinvestment

of

distributions

..........

13,213,539

521,932,685

18,705,687

680,812,619

Shares

redeemed

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

(21,197,395)

(853,138,262)

(42,304,212)

(1,533,923,549)

Net

increase

(decrease)

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

1,408,501

$47,313,335

(2,645,758)

$(93,429,013)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

f. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Putnam

Large

Cap

Value

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Shares

sold

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

1,983,521

$78,550,265

4,058,373

$144,179,018

Shares

issued

in

reinvestment

of

distributions

..........

527,010

20,382,996

601,887

21,493,467

Shares

redeemed

a

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

(1,225,495)

(48,388,030)

(2,714,117)

(96,806,434)

Net

increase

(decrease)

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

1,285,036

$50,545,231

1,946,143

$68,866,051

#### Class

#### R

#### Shares:
Shares

sold

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

832,936

$33,163,142

1,800,732

$64,535,483

Shares

issued

in

reinvestment

of

distributions

..........

225,183

8,779,561

240,365

8,650,553

Shares

redeemed

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

(485,254)

(19,285,558)

(849,056)

(30,176,671)

Net

increase

(decrease)

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

572,865

$22,657,145

1,192,041

$43,009,365

#### Class

#### R5

#### Shares:
Shares

sold

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

521,382

$21,160,076

1,194,770

$44,018,463

Shares

issued

in

reinvestment

of

distributions

..........

78,941

3,123,829

69,550

2,539,304

Shares

redeemed

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

(246,013)

(9,949,060)

(570,911)

(21,370,640)

Net

increase

(decrease)

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

354,310

$14,334,845

693,409

$25,187,127

#### Class

#### R6

#### Shares:
Shares

sold

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

81,861,315

$3,329,180,048

101,214,991

$3,685,985,942

Shares

sold

in-kind

(Not

e

10)

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

—

—

2,202,478

85,544,256

Shares

issued

in

reinvestment

of

distributions

..........

10,650,785

421,436,402

12,257,772

446,974,845

Shares

redeemed

in-kind

(Not

e

9)

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

(19,215,595)

(790,020,149)

—

—

Shares

redeemed

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

(34,171,906)

(1,378,769,828)

(55,089,852)

(2,000,718,085)

Net

increase

(decrease)

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

39,124,599

$1,581,826,473

60,585,389

$2,217,786,958

#### Class

#### Y

#### Shares:
Shares

sold

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

119,595,214

$4,847,517,782

235,725,991

$8,553,850,591

Shares

issued

in

reinvestment

of

distributions

..........

25,283,185

999,624,911

27,591,948

1,005,583,743

Shares

redeemed

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

(83,047,736)

(3,357,304,093)

(123,910,135)

(4,508,331,875)

Net

increase

(decrease)

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

61,830,663

$2,489,838,600

139,407,804

$5,051,102,459

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. 2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Large

Cap

Value

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the

Fund

are

also

officers

and/or directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
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

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

period

ended

April

30,

2026,

the

annualized

gross

effective

investment

management

fee

rate

was 0.447%

of

the

Fund's

average daily

net

assets.

Putnam

Management

retained

Advisers

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Advisers

provides

certain

advisory

and

related

services

to

the

Fund.

Putnam

Management

pays

a

monthly

fee

to

Advisers

based

on

the

costs

of

Advisers

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Putnam

Management

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Putnam

Management,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Putnam

Management

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

#### Subsidiary

#### Affiliation
Putnam

Investment

Management,

LLC

(Putnam

Management)

Investment

manager

Franklin

Advisers,

Inc.

(Advisers)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
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.

Putnam

Large

Cap

Value

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

c. #### Distribution

#### Fees
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

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

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.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
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%.

f. #### Trustee

#### Fees
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

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

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. #### Maximum

#### %

#### Approved

#### %
Class

A

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

0.35%

0.25%

Class

C

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

1.00%

1.00%

Class

R

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

1.00%

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$398,027

CDSC

retained

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

$28,767

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Large

Cap

Value

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

April

30,

2026,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Putnam

Management has

contractually

agreed,

through

February

28,

2027,

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.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into an

arrangement

with PSERV

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

fees.

During

the

period

ended

April

30,

2026,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Large

#### Cap

#### Value

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.843%

......

$183,330,413

$309,519,534

$(296,965,224)

$—

$—

$195,884,723

195,884,723

$3,474,925

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

3.919%

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

$119,486,204

$1,154,072,721

$(1,233,840,420)

$—

$—

$39,718,505

39,718,505

$2,413,746

#### Total

#### Affiliated

#### Securities

#### ...
$302,816,617

$1,463,592,255

$(1,530,805,644)

$—

$—

$235,603,228

$5,888,671

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Large

Cap

Value

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

5. #### Income

#### Taxes
At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

foreign

currency

transactions.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

April

30,

2026,

aggregated

$4,292,001,078 and

$1,506,037,759,

respectively. Sales of

investments

excludes

in-kind

transactions

of

$743,306,380.

At

April

30,

2026,

in

connection

with

securities

lending

transactions,

the

Fund

loaned

equity

investments

and

received

$39,718,505

of

cash

collateral.

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statement

of

Assets

and

Liabilities.

The

agreements

can

be

terminated

at

any

time.

7. #### Other

#### Derivative

#### Information
At

April

30,

2026,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

Cost

of

investments

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

$33,905,416,237

Unrealized

appreciation

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

$17,853,847,319

Unrealized

depreciation

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

(1,619,545,558)

Net

unrealized

appreciation

(depreciation)

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

$16,234,301,761

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Large

#### Cap

#### Value

#### Fund
Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

$

2,646,320

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

47,910,477

Equity

contracts

...........

Variation

margin

on

futures

contracts

9,432,802

a

Variation

margin

on

futures

contracts

—

Total

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

$12,079,122

$47,910,477

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

Putnam

Large

Cap

Value

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

the

period

ended

April

30,

2026,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

period

ended

April

30,

2026,

the

average

month

end

notional

amount

of

futures

contracts

represented

$444,085,820. The

average

month

end

contract

value

of

forward

exchange

contracts

was

$2,019,605,215.

See

Note

1(d) regarding

derivative

financial

instruments.

See

Abbreviations

on

.

8. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

29,

2027. 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

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

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

Statement

of

Operations.

During

the

period

ended

April

30,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

9. #### Redemption

#### In-Kind
During

the

period

ended

April

30,

2026,

Putnam

Large

Cap

Value

Fund

realized

$542,673,566

of

net

gains

resulting

from

non-

pro

rata

redemptions

in-kind

in

which

shareholders

redeemed

fund

shares

for

cash

and

selected

portfolio

securities

held

by

the

Fund,

whereby

portfolio

securities

selected

by

the

investment

manager

were

distributed

to

the

redeeming

shareholders

of

the

Fund.

As

such

gains

are

not

taxable

to

the

Fund

and

are

not

distributed

to

remaining

shareholders,

they

are

reclassified

from

accumulated

net

realized

gain

to

paid-in

capital.

10. #### Subscription

#### In-Kind
On

November

27,

2024,

Class R6

shares

of

the

Fund

were

sold

to

certain

shareholders

through

a

subscription

in-kind.

Portfolio

securities valued

at

$85,544,256

were

received

by

the

Fund

in

exchange

for

Class R6

shares.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### Large

#### Cap

#### Value

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

$45,684,033

Forward

exchange

contracts

$(91,810,894)

Equity

contracts

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

Futures

contracts

(19,312,954)

Futures

contracts

4,797,188

Total

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

$26,371,079

$(87,013,706)

7. #### Other

#### Derivative

#### Information
(continued)

Putnam

Large

Cap

Value

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

11. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

April

30,

2026,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Large

#### Cap

#### Value

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

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

$

1,337,478,594

$

—

$

—

$

1,337,478,594

Air

Freight

&

Logistics

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

1,011,936,248

—

—

1,011,936,248

Automobiles

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

1,131,527,849

—

—

1,131,527,849

Banks

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

4,470,466,413

—

—

4,470,466,413

Beverages

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

1,178,051,912

—

—

1,178,051,912

Biotechnology

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

1,227,974,993

—

—

1,227,974,993

Broadline

Retail

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

1,288,786,925

—

—

1,288,786,925

Building

Products

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

382,581,076

—

—

382,581,076

Capital

Markets

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

2,900,290,123

—

—

2,900,290,123

Chemicals

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

1,211,867,268

—

—

1,211,867,268

Communications

Equipment

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

1,729,396,391

—

—

1,729,396,391

Construction

Materials

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

693,353,718

—

—

693,353,718

Consumer

Finance

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

905,398,222

—

—

905,398,222

Consumer

Staples

Distribution

&

Retail

......

1,533,315,344

—

—

1,533,315,344

Containers

&

Packaging

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

204,962,552

—

—

204,962,552

Diversified

Telecommunication

Services

.....

161,475,633

—

—

161,475,633

Electric

Utilities

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

2,123,396,816

—

—

2,123,396,816

Financial

Services

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

490,661,847

—

—

490,661,847

Health

Care

Equipment

&

Supplies

.........

803,484,945

—

—

803,484,945

Health

Care

Providers

&

Services

..........

1,714,033,200

—

—

1,714,033,200

Hotels,

Restaurants

&

Leisure

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

637,657,632

—

—

637,657,632

Household

Durables

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

874,313,102

—

—

874,313,102

Household

Products

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

717,132,588

—

—

717,132,588

Industrial

Conglomerates

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

921,474,756

—

—

921,474,756

Industrial

REITs

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

526,175,863

—

—

526,175,863

Insurance

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

1,132,537,355

—

—

1,132,537,355

Interactive

Media

&

Services

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

2,262,939,151

—

—

2,262,939,151

IT

Services

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

563,926,017

—

—

563,926,017

Life

Sciences

Tools

&

Services

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

944,864,584

—

—

944,864,584

Machinery

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

946,038,360

—

—

946,038,360

Media

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

152,985,739

—

—

152,985,739

Metals

&

Mining

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

747,040,682

—

—

747,040,682

Office

REITs

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

247,038,788

—

—

247,038,788

Oil,

Gas

&

Consumable

Fuels

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

2,750,452,040

646,040,831

—

3,396,492,871

Passenger

Airlines

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

721,782,287

—

—

721,782,287

Putnam

Large

Cap

Value

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

12. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

A

management

group

of

the

Fund's

investment

manager serves

as

the

Chief

Operating

Decision

Maker

("CODM")

and

is

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

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 Schedule

of

Investments

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.

13. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Large

#### Cap

#### Value

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Pharmaceuticals

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

$

994,962,742

$

546,935,882

$

—

$

1,541,898,624

Semiconductors

&

Semiconductor

Equipment

.

1,268,934,939

—

—

1,268,934,939

Software

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

1,094,365,711

—

—

1,094,365,711

Specialized

REITs

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

152,695,497

—

—

152,695,497

Technology

Hardware,

Storage

&

Peripherals

.

793,995,891

—

—

793,995,891

Tobacco

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

1,115,564,024

—

—

1,115,564,024

Trading

Companies

&

Distributors

..........

552,208,430

—

—

552,208,430

Wireless

Telecommunication

Services

.......

566,923,803

—

—

566,923,803

Short

Term

Investments

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

235,603,228

1,560,519,362

—

1,796,122,590

Total

Investments

in

Securities

...........

$47,422,053,278

$2,753,496,075

b

$—

$50,175,549,353

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$2,646,320

$—

$2,646,320

Futures

Contracts

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

9,432,802

—

—

9,432,802

Total

Other

Financial

Instruments

.........

$9,432,802

$2,646,320

$—

$12,079,122

–

–

–

–

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$

—

$

47,910,477

$

—

$

47,910,477

Total

Other

Financial

Instruments

.........

$—

$47,910,477

$—

$47,910,477

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$1,192,976,713,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

11. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Large

Cap

Value

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Abbreviations

#### Counterparty

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### GSCO
Goldman

Sachs

Group,

Inc.

#### HSBK
HSBC

Bank

plc

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MSCO
Morgan

Stanley

#### SSBT
State

Street

Bank

and

Trust

Co.

#### TDOM
Toronto

Dominion

Bank

#### UBSW
UBS

AG

#### WPAC
Westpac

Banking

Corp.

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### CME
Chicago

Mercantile

Exchange

#### REIT
Real

Estate

Investment

Trust

Putnam

Large

Cap

Value

Fund

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

38906-SFSOI

06/26©

2026

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and
 Item 19(a)(3) will include the designations "principal executive officer" and "principal financial officer" in
 the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the
 Rule and Form N-CSR. The Registrants may also include each signatory's actual title with respect to the Funds alongside the required
 designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
 and administrative services for the Registrant that are subject to Franklin Templeton's oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](plcvf-efp25087_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](plcvf-efp25087_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

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, there unto duly authorized.

**Putnam Large Cap Value Fund**

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |

---

Jonathan S. Horwitz

Principal Executive Officer

Date: <u>June 25, 2026</u>

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.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |

---

Jonathan S. Horwitz

Principal Executive Officer

Date: <u>June 25, 2026</u>

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |

---

Jeffrey White

Principal Financial Officer

Date: <u>June 25, 2026</u>

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Large Cap Value Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement 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 this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this 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 this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 this report based on such evaluation; and

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

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 25, 2026 |
| /s/ Jonathan S. Horwitz | /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz | Jonathan S. Horwitz |
| Principal Executive Officer | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Large Cap Value Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement 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 this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, 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 this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 this report
based on such evaluation; and

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

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 25, 2026 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Principal Financial Officer | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Large Cap Value Fund** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **April 30, 2026** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** <br> Putnam Large Cap Value Fund | **Principal Financial Office**r<br> Putnam Large Cap Value Fund |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |

---

Date: June 25, 2026 Date: June 25, 2026

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.