Putnam Sustainable Leaders Fund
The fund's portfolio
9/30/22 (Unaudited)


COMMON STOCKS (96.6%)(a)
        Shares Value
Automobiles (0.7%)
General Motors Co. 958,200 $30,748,638
30,748,638
Banks (3.9%)
Bank of America Corp. 3,119,226 94,200,625
First Republic Bank/CA 329,300 42,990,115
Webster Finanial Corp. 1,052,800 47,586,560
184,777,300
Beverages (2.1%)
Heineken NV (Netherlands) 1,122,693 98,422,574
98,422,574
Biotechnology (3.7%)
Amgen, Inc. 440,600 99,311,240
Regeneron Pharmaceuticals, Inc.(NON) 109,200 75,224,604
174,535,844
Capital markets (4.4%)
BlackRock, Inc. 73,497 40,443,929
Charles Schwab Corp. (The) 1,191,700 85,647,479
KKR & Co., Inc. 913,100 39,263,300
TPG, Inc. 1,602,531 44,614,463
209,969,171
Chemicals (5.8%)
Eastman Chemical Co. 584,000 41,493,200
Ecolab, Inc. 246,900 35,657,298
Ginkgo Bioworks Holdings, Inc.(NON) 5,802,091 18,102,524
Koninklijke DSM NV (Netherlands) 364,901 41,387,027
Linde PLC 319,800 86,214,882
Novozymes A/S Class B (Denmark) 1,054,320 52,586,070
275,441,001
Electric utilities (3.8%)
Constellation Energy Corp. 1,135,600 94,470,564
NextEra Energy, Inc. 1,116,300 87,529,083
181,999,647
Entertainment (1.7%)
Walt Disney Co. (The)(NON) 858,700 81,001,171
81,001,171
Equity real estate investment trusts (REITs) (2.8%)
American Tower Corp.(R) 336,363 72,217,136
Boston Properties, Inc.(R) 800,200 59,990,994
132,208,130
Food and staples retailing (3.0%)
Walmart, Inc. 1,080,600 140,153,820
140,153,820
Food products (1.9%)
McCormick & Co., Inc. (non-voting shares) 1,229,300 87,612,211
87,612,211
Health-care equipment and supplies (3.1%)
Boston Scientific Corp.(NON) 2,459,200 95,244,816
Cooper Cos., Inc. (The) 188,200 49,665,980
144,910,796
Health-care providers and services (3.0%)
UnitedHealth Group, Inc. 283,100 142,976,824
142,976,824
Hotels, restaurants, and leisure (5.1%)
Chipotle Mexican Grill, Inc.(NON) 57,600 86,558,976
Hilton Worldwide Holdings, Inc. 837,936 101,071,840
Starbucks Corp. 622,000 52,409,720
240,040,536
Independent power and renewable electricity producers (1.0%)
AES Corp. (The) 2,156,000 48,725,600
48,725,600
Internet and direct marketing retail (4.1%)
Amazon.com, Inc.(NON) 1,731,540 195,664,020
195,664,020
IT Services (2.3%)
PayPal Holdings, Inc.(NON) 190,700 16,413,549
Visa, Inc. Class A 524,600 93,195,190
109,608,739
Life sciences tools and services (4.3%)
Danaher Corp. 370,400 95,670,616
Thermo Fisher Scientific, Inc. 213,700 108,386,503
204,057,119
Machinery (5.8%)
Deere & Co. 234,700 78,363,983
Fortive Corp. 1,679,700 97,926,510
Ingersoll Rand, Inc. 2,239,600 96,885,096
273,175,589
Multiline retail (1.2%)
Target Corp. 385,100 57,144,989
57,144,989
Personal products (0.9%)
Unilever PLC (United Kingdom) 952,095 41,990,848
41,990,848
Pharmaceuticals (4.6%)
Eli Lilly and Co. 415,400 134,319,590
Merck & Co., Inc. 964,500 83,062,740
217,382,330
Road and rail (1.6%)
Union Pacific Corp. 394,700 76,895,454
76,895,454
Semiconductors and semiconductor equipment (3.3%)
Applied Materials, Inc. 496,700 40,694,631
ASML Holding NV (NY Reg Shares) (Netherlands) 90,500 37,589,175
NVIDIA Corp. 201,100 24,411,529
Texas Instruments, Inc. 342,600 53,027,628
155,722,963
Software (13.9%)
Adobe, Inc.(NON) 269,900 74,276,480
Intuit, Inc. 136,200 52,752,984
Microsoft Corp. 1,622,900 377,973,410
Roper Technologies, Inc. 207,900 74,769,156
salesforce.com, Inc.(NON) 554,400 79,744,896
659,516,926
Specialty retail (1.0%)
Home Depot, Inc. (The) 166,000 45,806,040
45,806,040
Technology hardware, storage, and peripherals (7.0%)
Apple, Inc. 2,412,728 333,439,010
333,439,010
Textiles, apparel, and luxury goods (0.6%)
Levi Strauss & Co. Class A 2,121,230 30,694,199
30,694,199
Total common stocks (cost $3,451,081,261) $4,574,621,489








U.S. TREASURY OBLIGATIONS (0.1%)(a)
        Principal amount Value
U.S. Treasury Bonds 1.875%, 11/15/51(i) $320,000 $213,722
U.S. Treasury Notes
3.25%, 8/31/24(i) 860,000 846,851
1.625%, 8/15/29(i) 1,562,000 1,350,255
0.625%, 12/31/27(i) 3,689,000 3,099,756
Total U.S. treasury obligations (cost $5,510,584) $5,510,584








CONVERTIBLE PREFERRED STOCKS (—%)(a)
        Shares Value
UNEXT.com, LLC $0.00 cv. pfd. (acquired 4/14/00, cost $10,451,238) (Private)(NON)(F)(RES) 125,000 $—
Total convertible preferred stocks (cost $10,451,238) $—








SHORT-TERM INVESTMENTS (3.4%)(a)
        Principal amount/shares Value
Putnam Short Term Investment Fund Class P 3.11%(AFF) Shares 154,193,181 $154,193,181
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.94%(P) Shares 3,720,000 3,720,000
U.S. Treasury Bills 2.618%, 10/25/22 $700,000 698,916
Total short-term investments (cost $158,611,981) $158,612,097
TOTAL INVESTMENTS
Total investments (cost $3,625,655,064) $4,738,744,170








FORWARD CURRENCY CONTRACTS at 9/30/22 (aggregate face value $273,513,282) (Unaudited)
  Counterparty Currency Contract type* Delivery date Value Aggregate face value Unrealized
appreciation/
(depreciation)
Bank of America N.A.
British Pound Sell 12/21/22 $13,140,243 $13,616,055 $475,812
Danish Krone Sell 12/21/22 28,619,902 29,593,391 973,489
Euro Sell 12/21/22 14,633,967 15,017,959 383,992
Barclays Bank PLC
British Pound Sell 12/21/22 3,429,712 3,555,943 126,231
HSBC Bank USA, National Association
British Pound Sell 12/21/22 14,408,458 14,938,170 529,712
Danish Krone Sell 12/21/22 28,619,902 29,595,542 975,640
Euro Sell 12/21/22 40,716,608 41,792,104 1,075,496
JPMorgan Chase Bank N.A.
Euro Sell 12/21/22 46,831,120 48,059,862 1,228,742
Morgan Stanley & Co. International PLC
Euro Sell 12/21/22 30,594,055 32,141,218 1,547,163
UBS AG
Euro Sell 12/21/22 24,866,562 25,486,018 619,456
WestPac Banking Corp.
Canadian Dollar Buy 10/19/22 507 541 (34)
Canadian Dollar Sell 10/19/22 507 507 —
Euro Sell 12/21/22 19,221,108 19,715,972 494,864
Unrealized appreciation 8,430,597
Unrealized (depreciation) (34)
Total $8,430,563
* The exchange currency for all contracts listed is the United States Dollar.












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 July 1, 2022 through September 30, 2022 (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 "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $4,733,857,904.
(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 $—, 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 were as follows:
Name of affiliate Fair value
as of
6/30/22		 Purchase
cost		 Sale
proceeds		 Investment
income		 Shares outstanding
and fair
value as of
9/30/22
Short-term investments
Putnam Cash Collateral Pool, LLC*# $4,935,200 $467,650 $5,402,850 $30,375 $—
Putnam Short Term Investment Fund** 116,925,076 147,578,885 110,310,780 712,883 154,193,181
Total Short-term investments $121,860,276 $148,046,535 $115,713,630 $743,258 $154,193,181
* 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 receives cash collateral, 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 and there were no realized or unrealized gains or losses during the period.
# At the close of the reporting period, the fund did not have any securities on loan.
** Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.
(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. At the close of the reporting period, fair value pricing was also used for certain foreign securities in the portfolio.
(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.
(R) Real Estate Investment Trust.
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
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. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.
To the extent a pricing service or dealer is unable to value a security or provides a valuation that 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.
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 $81,001,171 $— $—
Consumer discretionary 600,098,422 — —
Consumer staples 227,766,031 140,413,422 —
Financials 394,746,471 — —
Health care 883,862,913 — —
Industrials 350,071,043 — —
Information technology 1,258,287,638 — —
Materials 163,365,380 112,075,621 —
Real estate 132,208,130 — —
Utilities 230,725,247 — —
Total common stocks 4,322,132,446 252,489,043 —
Convertible preferred stocks — — —**
U.S. treasury obligations — 5,510,584 —
Short-term investments 3,720,000 154,892,097 —
Totals by level $4,325,852,446 $412,891,724 $—
  Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $8,430,563 $—
Totals by level $— $8,430,563 $—
* 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.
** Value of Level 3 security is $—.
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) $325,100,000
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