NPORT-EX 2 b_012nport083121.htm QUARTERLY PORTFOLIO HOLDINGS
Putnam Large Cap Value Fund†
The fund's portfolio
8/31/21 (Unaudited)


COMMON STOCKS (94.9%)(a)
        Shares Value
Aerospace and defense (2.6%)
Northrop Grumman Corp. 770,979 $283,488,978
Raytheon Technologies Corp. 1,951,615 165,418,887
448,907,865
Airlines (1.5%)
Southwest Airlines Co.(NON) 5,256,611 261,674,096
261,674,096
Automobiles (1.6%)
General Motors Co.(NON) 5,870,530 287,714,675
287,714,675
Banks (11.4%)
Bank of America Corp. 14,031,250 585,804,688
Citigroup, Inc. 6,706,751 482,282,464
JPMorgan Chase & Co. 3,448,735 551,625,163
KeyCorp 3,945,705 80,176,726
PNC Financial Services Group, Inc. (The) 1,292,514 246,999,425
1,946,888,466
Beverages (1.6%)
Keurig Dr Pepper, Inc. 3,129,149 111,616,745
PepsiCo, Inc. 1,135,279 177,546,283
289,163,028
Biotechnology (4.0%)
AbbVie, Inc. 2,598,231 313,814,340
Regeneron Pharmaceuticals, Inc.(NON) 552,380 371,972,692
685,787,032
Building products (2.2%)
Fortune Brands Home & Security, Inc. 1,213,558 118,164,142
Johnson Controls International PLC 3,468,111 259,414,703
377,578,845
Capital markets (3.3%)
Apollo Global Management, Inc. 2,312,653 138,250,396
Goldman Sachs Group, Inc. (The) 719,087 297,349,665
State Street Corp. 1,407,009 130,725,206
566,325,267
Chemicals (3.0%)
Corteva, Inc. 4,446,600 195,517,002
Dow, Inc. 3,592,871 225,991,586
DuPont de Nemours, Inc. 718,666 53,195,657
Sherwin-Williams Co. (The) 131,826 40,031,601
514,735,846
Construction materials (1.3%)
CRH PLC (Ireland) 4,007,336 213,114,139
213,114,139
Consumer finance (0.9%)
Capital One Financial Corp. 943,559 156,602,487
156,602,487
Electric utilities (4.3%)
American Electric Power Co., Inc. 2,162,407 193,686,795
Exelon Corp. 5,096,295 249,820,381
NRG Energy, Inc. 6,343,298 289,698,420
733,205,596
Electrical equipment (1.2%)
Eaton Corp. PLC 1,193,608 200,955,843
200,955,843
Electronic equipment, instruments, and components (0.8%)
Vontier Corp. 3,901,438 141,895,300
141,895,300
Energy equipment and services (0.2%)
Halliburton Co. 1,929,158 38,544,577
38,544,577
Entertainment (0.9%)
Activision Blizzard, Inc. 1,797,374 148,049,696
148,049,696
Equity real estate investment trusts (REITs) (3.3%)
American Tower Corp. 585,720 171,129,812
Boston Properties, Inc. 1,515,473 171,233,294
Gaming and Leisure Properties, Inc. 4,411,954 217,509,332
559,872,438
Food and staples retail (4.0%)
BJ's Wholesale Club Holdings, Inc.(NON)(S) 4,359,613 247,015,673
Walmart, Inc. 2,884,650 427,216,665
674,232,338
Health-care equipment and supplies (1.0%)
Danaher Corp. 548,406 177,771,289
177,771,289
Health-care providers and services (3.1%)
Anthem, Inc. 730,300 273,957,439
McKesson Corp. 1,220,237 249,099,181
523,056,620
Hotels, restaurants, and leisure (1.6%)
Aramark 3,195,200 111,161,008
Hilton Worldwide Holdings, Inc.(NON) 1,346,662 168,144,217
279,305,225
Household durables (1.1%)
HC Brillant Services GmbH (acquired various dates from 8/2/13 to 8/31/16, cost $52) (Private) (Germany)(NON)(F)(RES) 78 69
PulteGroup, Inc. 3,322,853 178,968,863
178,968,932
Household products (1.4%)
Procter & Gamble Co. (The) 1,616,249 230,137,695
230,137,695
Industrial conglomerates (1.0%)
General Electric Co. 347,349 36,614,058
Honeywell International, Inc. 554,318 128,551,887
165,165,945
Insurance (3.0%)
American International Group, Inc. 2,913,929 158,983,966
Assured Guaranty, Ltd.(AFF) 4,148,214 206,829,950
AXA SA (France) 5,002,760 140,468,726
506,282,642
IT Services (1.3%)
Fidelity National Information Services, Inc. 1,786,793 228,298,542
228,298,542
Life sciences tools and services (1.2%)
Thermo Fisher Scientific, Inc. 355,900 197,506,705
197,506,705
Media (3.3%)
Charter Communications, Inc. Class A(NON) 385,957 315,195,644
Comcast Corp. Class A 4,086,884 247,992,121
563,187,765
Metals and mining (1.7%)
Freeport-McMoRan, Inc. (Indonesia) 7,798,882 283,801,316
283,801,316
Multi-utilities (0.7%)
Ameren Corp. 1,288,864 113,059,150
113,059,150
Multiline retail (1.6%)
Target Corp. 1,092,600 269,850,348
269,850,348
Oil, gas, and consumable fuels (5.5%)
ConocoPhillips 4,245,868 235,773,050
Enterprise Products Partners LP 4,731,700 105,327,642
EOG Resources, Inc. 690,763 46,640,318
Exxon Mobil Corp. 2,778,854 151,503,120
Royal Dutch Shell PLC Class A (Amsterdam Exchange) (United Kingdom) 9,818,890 195,051,717
Valero Energy Corp. 2,934,804 194,606,853
928,902,700
Pharmaceuticals (6.0%)
AstraZeneca PLC ADR (United Kingdom) 4,449,576 259,321,289
Johnson & Johnson 1,856,413 321,400,783
Merck & Co., Inc. 2,395,510 182,753,458
Organon & Co.(NON) 239,551 8,118,383
Pfizer, Inc. 1,891,526 87,142,603
Sanofi (France) 1,527,358 158,016,419
1,016,752,935
Road and rail (1.3%)
Union Pacific Corp. 1,032,537 223,895,323
223,895,323
Semiconductors and semiconductor equipment (3.0%)
NXP Semiconductors NV 587,551 126,399,847
Qualcomm, Inc. 1,753,110 257,163,706
Texas Instruments, Inc. 667,384 127,410,279
510,973,832
Software (4.7%)
Microsoft Corp. 1,953,179 589,625,677
Oracle Corp. 2,280,500 203,260,965
792,886,642
Specialty retail (1.1%)
O'Reilly Automotive, Inc.(NON) 316,000 187,729,280
187,729,280
Thrifts and mortgage finance (0.9%)
Radian Group, Inc. 6,177,949 145,984,935
145,984,935
Trading companies and distributors (1.5%)
United Rentals, Inc.(NON) 719,496 253,730,264
253,730,264
Wireless telecommunication services (0.8%)
T-Mobile US, Inc.(NON) 1,029,500 141,062,092
141,062,092
Total common stocks (cost $9,606,849,537) $16,163,557,711








CONVERTIBLE PREFERRED STOCKS (1.6%)(a)
        Shares Value
Danaher Corp. 5.00% cv. pfd.(S) 72,972 $125,292,924
T-Mobile US, Inc. 144A 5.25% cv. pfd.(NON) 117,845 140,332,195
Total convertible preferred stocks (cost $195,899,796) $265,625,119








U.S. TREASURY OBLIGATIONS (—%)(a)
        Principal amount Value
U.S. Treasury Notes
2.625%, 6/30/23(i) $233,000 $244,424
1.875%, 6/30/26(i) 1,735,000 1,832,733
1.75%, 6/30/24(i) 490,000 510,609
0.375%, 12/31/25(i) 1,123,000 1,108,895
0.25%, 6/30/25(i) 718,000 709,090
Total U.S. treasury obligations (cost $4,405,751) $4,405,751








WARRANTS (—%)(a)(NON)
    Expiration date Strike Price Warrants Value
Occidental Petroleum Corp.(S) 8/3/27 $22.00 62,783 $635,364
Total warrants (cost $310,780) $635,364








SHORT-TERM INVESTMENTS (3.5%)(a)
        Principal amount/
shares		 Value
Putnam Cash Collateral Pool, LLC 0.08%(AFF) Shares 22,177,225 $22,177,225
Putnam Short Term Investment Fund Class P 0.08%(AFF) Shares 305,823,467 305,823,467
Atlantic Asset Securitization, LLC asset backed commercial paper 0.080%, 9/27/21 $33,000,000 32,997,575
Chariot Funding, LLC asset backed commercial paper 0.080%, 9/20/21 60,532,000 60,529,209
Interest in $421,802,000 joint tri-party repurchase agreement dated 8/31/2021 with Citigroup Global Markets, Inc. due 9/1/2021 - maturity value of $20,422,034 for an effective yield of 0.060% (collateralized by Agency Mortgage-Backed Securities with coupon rates ranging from 1.500% to 4.000% and due dates ranging from 7/2/2055 to 8/2/2055, valued at $430,258,968) 20,422,000 20,422,000
Nationwide Building Society commercial paper 0.070%, 9/9/21 49,500,000 49,499,010
Nationwide Building Society commercial paper 0.075%, 9/20/21 26,500,000 26,498,778
NRW.Bank commercial paper 0.070%, 9/1/21 44,778,000 44,777,913
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%(P) Shares 20,449,000 20,449,000
U.S. Treasury Bills 0.018%, 9/28/21 $3,800,000 3,799,900
U.S. Treasury Bills 0.012%, 9/2/21 2,600,000 2,599,998
U.S. Treasury Bills 0.012%, 9/21/21 600,000 599,988
U.S. Treasury Bills 0.007%, 9/7/21 2,600,000 2,599,988
Total short-term investments (cost $592,775,351) $592,774,051
TOTAL INVESTMENTS
Total investments (cost $10,400,241,215) $17,026,997,996








FORWARD CURRENCY CONTRACTS at 8/31/21 (aggregate face value $1,073,272,466) (Unaudited)
  Counterparty Currency Contract type* Delivery
date		 Value Aggregate face value Unrealized
appreciation/
(depreciation)
Bank of America N.A.
British Pound Sell 9/15/21 $32,332,010 $31,865,331 $(466,679)
Euro Sell 9/15/21 33,554,298 34,690,206 1,135,908
Barclays Bank PLC
British Pound Sell 9/15/21 146,296,024 150,542,612 4,246,588
Euro Buy 9/15/21 34,472,206 35,640,475 (1,168,269)
Goldman Sachs International
British Pound Sell 9/15/21 167,245,561 172,094,822 4,849,261
Euro Sell 9/15/21 53,586,465 55,408,862 1,822,397
HSBC Bank USA, National Association
British Pound Sell 9/15/21 33,203,694 34,164,039 960,345
Euro Sell 9/15/21 64,742,492 66,941,878 2,199,386
Morgan Stanley & Co. International PLC
Euro Sell 9/15/21 114,487,846 118,376,564 3,888,718
NatWest Markets PLC
British Pound Sell 9/15/21 33,442,925 34,414,203 971,278
State Street Bank and Trust Co.
British Pound Sell 9/15/21 21,420,576 21,325,115 (95,461)
Euro Sell 9/15/21 106,863,142 110,486,634 3,623,492
UBS AG
British Pound Buy 9/15/21 58,340,608 60,031,082 (1,690,474)
Euro Sell 9/15/21 120,547,077 124,621,189 4,074,112
WestPac Banking Corp.
Euro Sell 9/15/21 21,923,962 22,669,454 745,492
Unrealized appreciation 28,516,977
Unrealized (depreciation) (3,420,883)
Total $25,096,094
* The exchange currency for all contracts listed is the United States Dollar.












Key to holding's abbreviations
ADR American Depository Receipts: represents ownership of foreign securities on deposit with a custodian bank
Notes to the fund's portfolio
Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from December 1, 2020 through August 31, 2021 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "the SEC" represent the Securities and Exchange Commission, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter.
† Effective March 30, 2021, the fund changed its name from Putnam Equity Income Fund.
(a) Percentages indicated are based on net assets of $17,028,163,993.
(NON) This security is non-income-producing.
(RES) This security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $69, or less than 0.1% of net assets.
(AFF) Affiliated company. For investments in Putnam Cash Collateral Pool, LLC and Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control, or involving securities of companies in which the fund owned at least 5% of the outstanding voting securities, were as follows:
Name of affiliate Fair value
as of
11/30/20		 Purchase
cost		 Sale
proceeds		 Invest-
ment
income		 Capital gain distributions Realized gain (loss) Change in unrealized appreciation (depreciation) Shares outstanding at period end Fair value
as of
8/31/21
Short-term investments
Putnam Cash Collateral Pool, LLC‡# $176,416,016 $1,146,471,934 $1,300,710,725 $163,611 $— $— $— 22,177,225 $22,177,225
Putnam Short Term Investment Fund** 310,644,395 915,065,359 919,886,287 203,973 — — — 305,823,467 305,823,467
Total Short-term investments 487,060,411 2,061,537,293 2,220,597,012 367,584 — — — 328,000,692 328,000,692
Common Stock*
Financials
Assured Guaranty, Ltd. 123,714,202 1,848,149 — 2,728,537 — — 81,267,599 4,148,214 206,829,950
Total Common Stock 123,714,202 1,848,149 — 2,728,537 — — 81,267,599 4,148,214 206,829,950
Totals $610,774,613 $2,063,385,442 $2,220,597,012 $3,096,121 $— $— $81,267,599 332,148,906 $534,830,642
‡ No management fees are charged to Putnam Cash Collateral Pool, LLC.
# The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund’s agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund received cash collateral of $22,177,225, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $21,796,612.
** Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management.
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
(F) This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs.
(i) This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts.
(P) This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
(S) This security is on loan, in part or in entirety, at the close of the reporting period.
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
Debt obligations are considered secured unless otherwise indicated.
144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The dates shown on debt obligations are the original maturity dates.
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
Repurchase agreements: The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements, which totaled $20,831,453 at the end of the reporting period, is held at the counterparty’s custodian in a segregated account for the benefit of the fund and the counterparty. Putnam Management is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings.
Forward currency contracts: The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts were used to hedge foreign exchange risk.
The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position.
For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund’s custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund’s portfolio.
Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.
Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.
At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements.








ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:
  Valuation inputs
Investments in securities: Level 1 Level 2 Level 3
Common stocks*:
Communication services $852,299,553 $— $—
Consumer discretionary 1,203,568,391 — 69
Consumer staples 1,193,533,061 — —
Energy 967,447,277 — —
Financials 3,322,083,797 — —
Health care 2,600,874,581 — —
Industrials 1,931,908,181 — —
Information technology 1,674,054,316 — —
Materials 1,011,651,301 — —
Real Estate 559,872,438 — —
Utilities 846,264,746 — —
Total common stocks 16,163,557,642 — 69
Convertible preferred stocks — 265,625,119 —
U.S. treasury obligations — 4,405,751 —
Warrants 635,364 — —
Short-term investments 20,449,000 572,325,051 —
Totals by level $16,184,642,006 $842,355,921 $69
  Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $25,096,094 $—
Totals by level $— $25,096,094 $—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.
The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Forward currency contracts (contract amount) $950,400,000
Warrants (number of warrants) 63,000
For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com