NPORT-EX 2 b_852nport093023.htm QUARTERLY PORTFOLIO HOLDINGS
Putnam Sustainable Leaders Fund
The fund's portfolio
9/30/23 (Unaudited)


COMMON STOCKS (97.8%)(a)
        Shares Value
Automobiles (1.0%)
General Motors Co. 1,641,900 $54,133,443
54,133,443
Banks (3.1%)
Bank of America Corp. 2,959,326 81,026,346
JPMorgan Chase & Co. 555,100 80,500,602
161,526,948
Beverages (1.2%)
Heineken NV (Netherlands) 678,641 59,698,389
59,698,389
Biotechnology (1.4%)
Regeneron Pharmaceuticals, Inc.(NON) 88,200 72,585,072
72,585,072
Broadline retail (4.2%)
Amazon.com, Inc.(NON) 1,684,440 214,126,013
214,126,013
Capital markets (3.3%)
Charles Schwab Corp. (The) 1,180,000 64,782,000
KKR & Co., Inc. 1,012,000 62,339,200
TPG, Inc. 1,493,731 44,991,178
172,112,378
Chemicals (4.1%)
Eastman Chemical Co. 756,500 58,038,680
Ginkgo Bioworks Holdings, Inc.(NON) 5,802,091 10,501,785
Linde PLC 275,000 102,396,250
Novozymes A/S Class B (Denmark) 1,046,374 42,182,803
213,119,518
Commercial services and supplies (0.8%)
Waste Connections, Inc. 289,100 38,826,130
38,826,130
Consumer staples distribution and retail (3.8%)
Kroger Co. (The) 1,002,900 44,879,775
Target Corp. 58,300 6,446,231
Walmart, Inc. 899,900 143,921,007
195,247,013
Electric utilities (2.7%)
Constellation Energy Corp. 1,127,000 122,933,160
NextEra Energy, Inc. 256,500 14,694,885
137,628,045
Entertainment (1.2%)
Walt Disney Co. (The)(NON) 750,300 60,811,815
60,811,815
Financial services (2.3%)
Visa, Inc. Class A 520,600 119,743,206
119,743,206
Ground transportation (1.0%)
Canadian Pacific Railway, Ltd. (Canada) 678,700 50,448,409
50,448,409
Health care equipment and supplies (3.3%)
Boston Scientific Corp.(NON) 2,207,700 116,566,560
Cooper Cos., Inc. (The) 174,700 55,556,347
172,122,907
Health care providers and services (2.8%)
UnitedHealth Group, Inc. 290,400 146,416,776
146,416,776
Hotels, restaurants, and leisure (3.8%)
Chipotle Mexican Grill, Inc.(NON) 41,500 76,020,945
Hilton Worldwide Holdings, Inc. 793,736 119,203,272
195,224,217
Independent power and renewable electricity producers (0.8%)
AES Corp. (The) 2,887,400 43,888,480
43,888,480
Industrial REITs (1.2%)
Prologis, Inc.(R) 562,000 63,062,020
63,062,020
Life sciences tools and services (3.2%)
Danaher Corp. 264,300 65,572,830
Thermo Fisher Scientific, Inc. 197,800 100,120,426
165,693,256
Machinery (5.4%)
Fortive Corp. 1,469,900 109,007,784
Ingersoll Rand, Inc. 1,844,600 117,537,912
Otis Worldwide Corp. 679,200 54,546,552
281,092,248
Office REITs (0.9%)
Boston Properties, Inc.(R) 783,700 46,614,476
46,614,476
Personal care products (2.5%)
Kenvue, Inc. 2,432,331 48,841,206
Unilever PLC (United Kingdom) 1,578,941 78,166,222
127,007,428
Pharmaceuticals (5.7%)
Eli Lilly and Co. 253,200 136,001,316
Merck & Co., Inc. 862,800 88,825,260
Sanofi (France) 643,290 69,026,422
293,852,998
Semiconductors and semiconductor equipment (8.4%)
Advanced Micro Devices, Inc.(NON) 545,700 56,108,874
Applied Materials, Inc. 539,200 74,652,240
ASML Holding NV (NY Reg Shares) (Netherlands) 117,600 69,226,416
NVIDIA Corp. 533,600 232,110,664
432,098,194
Software (17.3%)
Adobe, Inc.(NON) 225,400 114,931,460
Intuit, Inc. 110,400 56,407,776
Microsoft Corp. 1,404,800 443,565,600
Roper Technologies, Inc. 238,200 115,355,496
Salesforce, Inc.(NON) 615,000 124,709,700
Synopsys, Inc.(NON) 81,500 37,406,055
892,376,087
Specialized REITs (0.9%)
American Tower Corp.(R) 275,063 45,234,110
45,234,110
Specialty retail (1.7%)
Home Depot, Inc. (The) 293,800 88,774,608
88,774,608
Technology hardware, storage, and peripherals (7.7%)
Apple, Inc. 2,306,928 394,969,143
394,969,143
Textiles, apparel, and luxury goods (1.4%)
LVMH Moet Hennessy Louis Vuitton SA (France) 72,951 55,036,184
On Holding AG Class A (Switzerland)(NON) 530,200 14,750,164
69,786,348
Wireless telecommunication services (0.7%)
T-Mobile US, Inc.(NON) 264,999 37,113,110
37,113,110
Total common stocks (cost $3,260,233,469) $5,045,332,785








U.S. TREASURY OBLIGATIONS (0.1%)(a)
        Principal amount Value
U.S. Treasury Notes
1.625%, 5/15/31(i) $1,172,000 $958,673
1.625%, 2/15/26(i) 1,771,000 1,644,019
1.125%, 2/28/25(i) 285,000 269,299
0.75%, 4/30/26(i) 588,000 531,434
0.25%, 7/31/25(i) 659,000 603,664
Total U.S. treasury obligations (cost $4,007,089) $4,007,089








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 (2.2%)(a)
        Principal amount/shares Value
Putnam Short Term Investment Fund Class P 5.57%(AFF) Shares 90,998,467 $90,998,467
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.29%(P) Shares 3,147,000 3,147,000
U.S. Treasury Bills 5.318%, 11/9/23 $5,700,000 5,668,142
U.S. Treasury Bills 5.419%, 12/7/23 5,700,000 5,644,458
U.S. Treasury Bills 5.324%, 11/16/23 4,600,000 4,569,554
U.S. Treasury Bills 5.453%, 10/26/23 1,400,000 1,395,069
Total short-term investments (cost $111,423,406) $111,422,690
TOTAL INVESTMENTS
Total investments (cost $3,386,115,202) $5,160,762,564








FORWARD CURRENCY CONTRACTS at 9/30/23 (aggregate face value $464,550,206) (Unaudited)
  Counterparty Currency Contract type* Delivery date Value Aggregate face value Unrealized
appreciation/
(depreciation)
Bank of America N.A.
British Pound Sell 12/20/23 $14,349,831 $14,651,829 $301,998
Danish Krone Sell 12/20/23 18,332,498 18,649,999 317,501
Euro Sell 12/20/23 15,748,386 16,017,662 269,276
Barclays Bank PLC
British Pound Sell 12/20/23 3,745,424 3,822,387 76,963
Citibank, N.A.
Euro Sell 12/20/23 17,152,044 17,444,997 292,953
HSBC Bank USA, National Association
British Pound Sell 12/20/23 15,734,787 16,057,786 322,999
Danish Krone Sell 12/20/23 30,726,071 31,254,505 528,434
Euro Sell 12/20/23 43,817,297 44,447,645 630,348
JPMorgan Chase Bank N.A.
Canadian Dollar Sell 10/18/23 53,762,726 55,360,754 1,598,028
Euro Sell 12/20/23 34,017,054 34,600,012 582,958
Morgan Stanley & Co. International PLC
Euro Sell 12/20/23 48,927,044 49,812,504 885,460
State Street Bank and Trust Co.
British Pound Sell 12/20/23 37,188,728 37,954,170 765,442
Euro Sell 12/20/23 5,581,418 5,676,600 95,182
Swiss Franc Sell 12/20/23 15,581,906 16,067,137 485,231
UBS AG
Euro Sell 12/20/23 57,255,506 58,102,839 847,333
WestPac Banking Corp.
Euro Sell 12/20/23 43,880,328 44,629,380 749,052
Unrealized appreciation 8,749,158
Unrealized (depreciation) —
Total $8,749,158
* 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, 2023 through September 30, 2023 (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 $5,157,077,751.
(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 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
6/30/23		 Purchase
cost		 Sale
proceeds		 Investment
income		 Shares outstanding
and fair
value as of
9/30/23
Short-term investments
Putnam Short Term Investment Fund* $186,254,996 $66,605,394 $161,861,923 $1,975,566 $90,998,467
Total Short-term investments $186,254,996 $66,605,394 $161,861,923 $1,975,566 $90,998,467
* 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, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, 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 posted to the fund which cannot be sold or repledged totaled $934,887 at the close of the reporting period.
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 $97,924,925 $— $—
Consumer discretionary 567,008,445 55,036,184 —
Consumer staples 244,088,219 137,864,611 —
Financials 453,382,532 — —
Health care 781,644,587 69,026,422 —
Industrials 370,366,787 — —
Information technology 1,719,443,424 — —
Materials 170,936,715 42,182,803 —
Real estate 154,910,606 — —
Utilities 181,516,525 — —
Total common stocks 4,741,222,765 304,110,020 —
Convertible preferred stocks — — —**
U.S. treasury obligations — 4,007,089 —
Short-term investments 3,147,000 108,275,690 —
Totals by level $4,744,369,765 $416,392,799 $—
  Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $8,749,158 $—
Totals by level $— $8,749,158 $—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
**Value of Level 3 security is $—.
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) $461,700,000
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