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Putnam Stable Value Fund

Putnam Stable Value FundAnnual Report Year Ended December 31, 2017 Putnam Stable Value fund Audited Financial StatementsYear ended December 31, 2017 ContentsAudited Financial StatementsReport of Independent Auditors 1 Schedule of investments 2 Statement of assets and liabilities 4 Statement of operations 5 Statement of changes in net assets 6 Financial highlights 7 Notes to financial statements 8 Putnam Stable Value fund 1 Report of Independent Auditors To theTrustee of the Putnam Stable Value fund We have audited the accompanying financial statements of Putnam Stable Value fund

Putnam Stable Value Fund We have audited the accompanyingfinancial statements ofPutnam Stable Value Fund(the “Fund”), which comprise the statement of assets and liabilities, including the schedule of investments, as of

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Transcription of Putnam Stable Value Fund

1 Putnam Stable Value FundAnnual Report Year Ended December 31, 2017 Putnam Stable Value fund Audited Financial StatementsYear ended December 31, 2017 ContentsAudited Financial StatementsReport of Independent Auditors 1 Schedule of investments 2 Statement of assets and liabilities 4 Statement of operations 5 Statement of changes in net assets 6 Financial highlights 7 Notes to financial statements 8 Putnam Stable Value fund 1 Report of Independent Auditors To theTrustee of the Putnam Stable Value fund We have audited the accompanying financial statements of Putnam Stable Value fund

2 (the fund ), which comprise the statement of assets and liabilities, including the schedule of investments, as of December 31, 2017 and the related statements of operations, of changes in net assets and the financial highlights for the year then ended. These financial statements and financial highlights are hereafter collectively referred to as "financial statements." Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

3 Auditors Responsibility Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

4 In making those risk assessments, we consider internal control relevant to the fund s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the fund s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

5 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Putnam Stable Value fund as of December 31, 2017, and the results of its operations, changes in its net assets, and the financial highlights for the year then ended, in accordance with accounting principles generally accepted in the United States of America. Boston, MA March 22, 2018 PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210 T: (617) 530 5000, F.

6 (617) 530 5001, Putnam Stable Value fund 2 Schedule of investments 1 2 / 31/17 TRADITIONAL GUARANTEED INVESTMENT CONTRACTS ( )(a)IssuerInterest RateMaturity DateMajor Credit Ratings Investments at Fair ValueAdjustment to Contract ValueContract Value (b)Jackson National Life Insurance A/A A$51,675,198$(230,693)$51,444,505 Jackson National Life Insurance A/A A51,570,880(265,496)51,305,384 Jackson National Life Insurance A/A A55,110,175(1 5 7, 5 52)54,952,623 Jackson National Life Insurance A/A A101,923,5671,090,477103,014,044 Jackson National Life Insurance A/A A50,985,775(13 ,741)50,972,034 Jackson National Life Insurance A/A A108,773,221(90,819)108,682,402 Metropolitan Life Insurance A /A A 101,116,698(1,024,587)100,092,111 Metropolitan Life Insurance A /A A 51, 506,132(234,272)51,271,860 Metropolitan Life Insurance A /A A 78,733,453(283,489)78,449,964 Metropolitan Life Insurance A /A A 79,484,027(390,865)79,093,162 Metropolitan Life Insurance A /A A 81,042,106(372,266)

7 80,669,840 Metropolitan Life Insurance A /A A 53,127,810(14 8 ,912)52,978,898 Metropolitan Life Insurance A /A A 103,116,50763,07310 3 ,179, 5 8 0 Metropolitan Life Insurance .17 %12/27/2019Aa3/A A /A A 51,907,847(72,239)51,835,608 New York Life Insurance +/AAA101,245,097840,619102,085,716 Principal Life Insurance +/A A 56,641,913(460,216)56,181,697 Principal Life Insurance +/A A 51,70 0,821(401,206)51,299,615 Principal Life Insurance +/A A 50,777,366(163,236)50,614,130 Principal Life Insurance +/A A 150,857,699132,428150,990,127 Principal Life Insurance +/A A 157,932,673(681,132)1 5 7, 2 51, 5 41 Principal Life Insurance +/A A 51,787, 3 2022,72851,810,048 Protective Life Insurance 2/A A /A56,558,224(4 47, 2 37 )

8 56,110,987 Protective Life Insurance 51%3/26/2021A 2/A A /A51,263,455(192,624)51,070,831 Protective Life Insurance 2/A A /A51,467,302(169,037)51,298,265 Protective Life Insurance 2/A A /A51,301,37440,78 451,342,158 Protective Life Insurance 2/A A /A109,205,027(200, 513)109,0 0 4, 514 Prudential Life Insurance 81%12/29/2021A1/A A /A+51,779,929(581,367)51,198, 562 Prudential Life Insurance A /A+50,758,90 4518,10551, 27 7, 0 0 9 Total Traditional Guaranteed Investment Contracts$2,063,350,500$(3,873,285)$ 2 , 0 5 9, 47 7, 21 5 Putnam Stable Value fund 3 SECURITY-BACKED INVESTMENT CONTRACTS ( )(a)IssuerInterest RateMajor Credit Ratings Investments at Fair ValueWrap Contracts at Fair ValueAdjustment to Contract ValueContract Value (b)JPMorgan Chase Bank Putnam Intermediate Domestic Investment-Grade Trust A 3/A /A+$ 7 7,1 91, 3 6 5$ $534,454$ 7 7,7 2 5 , 81 9 Pacific Life Insurance Intermediate Domestic Investment-Grade Trust A1/A+/A+1,338,724,926 (14,426,305)1,324,298,621 Prudential Life Insurance Intermediate Domestic Investment-Grade Trust 2.

9 51% A1/A A /A+1,365,342,630 (15,549,203)1,349,793,427 Total Security-Backed Investment Contracts$2,781,258,921$ $(29,441,054)$2,751,817,867 SEPARATE ACCOUNT GUARANTEED INVESTMENT CONTRACT ( )(a) IssuerInterest RateMajor Credit Ratings Investments at Fair ValueWrap Contracts at Fair ValueAdjustment to Contract ValueContract Value (b)MassMutual Life Insurance Custom Fixed Income Strategy for Putnam , Managed by Babson Aa2/A A+/A A+$1,001,899,643$ $6,196,152$1,008,095,795 Total Separate Account Guaranteed Investment Contract$1,001,899,643$ $6,196,152$1,008,095,795 SHORT-TERM INVESTMENTS ( )(a)IssuerInterest RateSharesInvestments at Fair ValueAdjustment to Contract ValueContract Value (b) Putnam Money Market Portfolio (c)

10 ,116,056$248,116,056$ $248,116,056 Australia & New Zealand Bank time ,000,00050,000,000 50,000,000 Total Short-Term Investments$298,116,056$ $298,116,056 TOTAL INVESTMENTS $6,144,625,120$ $(27,118,187)$6,117,506,933 (a) Percentages indicated are based on net assets of $6,117,305,818. (b) Contract Value approximates cost plus accrued interest as of December 31, 2017. (c) See Note 2 to the financial statements regarding investments in Putnam Money Market Portfolio. The rate quoted in the security description is the annualized 1-day yield of the fund at the close of the reporting period.


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