Putnam Large Cap Value Fund - Mutual funds, …

[Pages:2]Q4 | 2021

The fund received a 5-star Overall Morningstar Rating as of 12/31/21 among 1,143 funds in the Large Value category (Y shares, based on risk-adjusted returns)

Darren A. Jaroch, CFA Portfolio Manager (industry since 1996)

Lauren B. DeMore, CFA Assistant Portfolio Manager (industry since 2002)

Objective

The fund seeks capital growth and current income.

Morningstar category Large Value

Lipper category Large Cap Value

Benchmark Russell 1000 Value Index

Fund symbols

Class A

PEYAX

Class B

PEQNX

Class C

PEQCX

Class R

PEQRX

Class R6 Class Y

PEQSX PEIYX

Net assets $17,705.98M

Number of holdings 75

Turnover 15%

Dividend frequency Quarterly

Not FDIC insured May lose value No bank guarantee

Putnam Large Cap Value Fund

A multidimensional approach that defines value on a daily basis

A relative-value focus

The fund focuses on large companies whose stocks are priced below their long-term potential, and where there may be a catalyst for positive change.

Dividend growth

The fund places a distinct emphasis on companies that can grow their dividends and are able and willing to return cash to shareholders.

A disciplined process

The portfolio managers invest using fundamental research and quantitative tools supported by strong risk controls in portfolio construction.

Top 10 holdings

Microsoft Bank of America JPMorgan Chase Walmart Citigroup Northrop Grumman AbbVie Regeneron General Motors Anthem

3.71% 3.53 3.08 2.71 2.29 2.19 1.99 1.97 1.94 1.91

Holdings represent 25.32% of the portfolio and will vary over time.

Sector weightings

Materials Consumer discretionary Energy Consumer staples Industrials Utilities Information technology Health care Real estate Financials Communication services

Underweight

-0.2 -0.3 -1.2 -1.9 -2.3 -3.3

Overweight Portfolio Benchmark

2.9 6.7% 3.8%

2.6 8.3

5.7

1.0

6.1

5.1

0.2

7.6

7.4

0.2

11.7

11.5

4.9

5.1

9.9

10.2

16.8

18.0

3.2

5.1

18.4

20.7

4.0

7.3

Cash and net other assets represent 2.4% of the portfolio. Allocations will vary over time. Due to rounding, percentages may not equal 100%.

The unclassified sector, where applicable, includes exchange-traded funds and other securities not able to be classified by sector.

Top active weights

Top 5 overweights Microsoft Bank of America AbbVie Northrop Grumman Qualcomm

Portfolio Benchmark Over/under

3.7%

0.0%

3.7%

3.5

1.5

2.0

2.0

0.0

2.0

2.2

0.3

1.9

1.8

0.0

1.8

Top 5 underweights Berkshire Hathaway UnitedHealth Pfizer Cisco Systems Disney

Portfolio Benchmark Over/under

0.0%

2.6%

-2.6%

0.0

2.1

-2.1

0.0

1.6

-1.6

0.0

1.3

-1.3

0.0

1.3

-1.3

Risk

Y shares (as of 12/31/21)

Beta

Tracking error

Up capture ratio

Down capture ratio

0.98

2.40%

104.18%

91.47%

The Russell 1000? Value Index is an unmanaged index of those companies in the large-cap Russell 1000 Index chosen for their value orientation. FrankRussell Company is the source and ownerof the trademarks, service marks, and copyrights related to the Russell Indexes. Russell? is a trademark of Frank Russell Company. You cannot invest directly in an index.

Captureratiosare used to evaluate how well an investment managerperformed relative to an index during specific periods (periods of positive return in the case of up capture, negative return in the case of down capture). The ratio is calculated by dividing the manager'sreturns by the returns of the index during the period and multiplying that factor by 100. Turnoveris the rate at which the fund buys and sells securities each year. For example, if a fund's assets total $100 million and the fund bought and sold $100 million of securities that year, its portfolio turnoverrate would be 100%. Beta is defined as a fund's sensitivity to market movements and is used to evaluate market related, or systematic, risk. It is a historical measure of the variability of return earned by an investment portfolio. Riskstatistics are measured using a 5-year regression analysis. For funds with shorter track records, Since Inception analysis is used. Trackingerror assesses how closely a fund's performance tracks that of the fund's benchmark by calculating the standard deviation of the difference between the fund's returns and its benchmark returns over a given time period, typically 5 years.

Not all share classes are available on all platforms.

12 | 31 | 2021

Morningstar rankings

(Y shares, based on total

return) 1 year

38% (451/1207)

3 years

18% (159/1143)

5 years

17% (137/1036)

10 years

10% (59/755)

Total expense ratio (Y shares) 0.65%

(A shares) 0.90%

Market-cap breakdown

Over $95B

51.46%

$22B?$95B

35.24%

$4.7B?$22B

9.68%

$1.5B?$4.7B

1.27%

Less than $1.5B

0.00%

Cash and other assets 2.35%

"Cash and other assets" includes cash, short-term securities, ETFs, bonds excluding convertible bonds, and other securities not able to be classified by market capitalization.

30-day SEC yield

(Y shares) 1.22%

Putnam Large Cap Value Fund

Annual performance (all distributions reinvested)

2012 2013 2014 2015

Y shares at net asset value 19.3% 31.9% 12.7% -2.9%

A shares before sales charge 19.0

31.6 12.4

-3.2

Benchmark

17.5

32.5 13.5

-3.8

2016 13.8% 13.6 17.3

2017 19.0% 18.7 13.7

2018 -8.1% -8.3 -8.3

2019 30.2% 29.9 26.5

2020 6.1% 5.8 2.8

2021 27.2% 26.8 25.2

Annualized total return performance

Y shares (Inception 10/1/98) A shares (Inception 6/15/77) before sales charge A shares after sales charge Benchmark

1 year 27.18% 26.84 19.55 25.16

3 years 20.67% 20.37 18.02 17.64

5 years 13.95% 13.67 12.33 11.16

10 years 14.19% 13.90 13.23 12.97

Life of fund 10.70% 10.56 10.41 --

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or a loss when you sell your shares. Performance of class A and Y shares assumes reinvestment of distributions and does not account for taxes. After-sales-charge returns for class A reflect a maximum 5.75% load. Returns for class Y shares prior to their inception are derived from the historical performance of class A shares, which have not been adjusted for their lower expenses; had they, returns would have been higher. Class Y shares, available to investors through an asset-based fee program or for institutional clients, are sold without an initial sales charge and have no CDSC. For the most recent month-end performance, please visit .

Highlights of five-year performance periods (6/15/7712/31/21)*

Best 5-year return

Best

Worst

period 5-year

end date return

Worst Average % of 5-year period 5-year periods with end date return positive returns

Y shares

21.69% 6/30/99 -2.12% 3/31/09 10.53%

98%

A shares 21.64 6/30/99 -2.36 3/31/09 10.39

98

* Based on annualized returns for quarterly rolling periods.

Number of positive 5-year periods

156

156

Number of negative 5-year periods

3

3

For informational purposes only. Not an investment recommendation.

Putnam Retail Management

FS020_YA 328762 1/22

The MorningstarRatingTM for funds, or "star rating,"is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a 3-year history. Exchange-tradedfunds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthlyexcess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product categoryreceive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall MorningstarRating fora managed product is derived from a weighted average of the performancefigures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Ratingmetrics. The weights are: 100% 3-year rating for36?59 months of total returns, 60% 5-year rating/40%3-year rating for 60?119 months of total returns, and 50% 10-year rating/30% 5-year rating/20%3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Ratingsdo not take into account the effects of sales charges and loads. Putnam Large Cap Value Fund received 4, 4, and 5 stars for the 3-, 5-, and 10-year periods among 1,143, 1,036, and 755 Large Value funds, respectively.

Morningstarrankings for class Y shares are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Morningstar.Morningstarrankings may differ significantlyfrom Morningstar'srisk-adjusted star ratings. Past performanceis not indicative of future results.

Considertheserisksbeforeinvesting:Value stocks may fail to rebound, and the market may not favor value-style investing. Income provided by the fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the fund invests. The value of investments in the fund's portfolio mayfall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investorsentiment and market perceptions; governmentactions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolioholdings.

Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select forthe fund may not perform as well as other securities that we do not select for the fund. We, or the fund's other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.

Request a prospectus or a summary prospectus, if available, from your financial representative or by calling Putnam at 1-800-225-1581. These prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

Putnam Investments | 100 Federal Street | Boston, MA 02110 | 1-800-225-1581 |

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