| Summary Prospectus Supplement | August 1, 2019 |
| Putnam Sustainable Leaders Fund | |
| Summary prospectus dated October 30, 2018 | |
Effective August 1, 2019, the following replaces a similar footnote to the “Management fees” column in the “Annual fund operating expenses” table in the section “Fees and expenses”:
† Management fees reflect a performance adjustment. The fund’s base management fee is subject to adjustment, up or down, based on the fund’s performance relative to the performance of the S&P 500 Index for portions of a performance period after August 1, 2019 and the Russell 3000 Growth Index for portions of a performance period prior to August 1, 2019. For the most recent fiscal year, the fund’s base management fee prior to any performance adjustment was 0.553%.
Effective August 1, 2019, the “Average annual total returns after sales charges” table and related footnotes in the “Performance” sub-section in the “Investments, risks, and performance” section are replaced in their entirety with the following:
Average annual total returns after sales charges
(for periods ended 12/31/17)
| Share class | 1 year | 5 years | 10 years |
| Class A before taxes | 21.63% | 15.03% | 8.00% |
| Class A after taxes on distributions | 20.25% | 13.43% | 7.23% |
| Class A after taxes on distributions and sale of fund shares | 13.34% | 11.75% | 6.35% |
| Class B before taxes | 23.08% | 15.31% | 7.99% |
| Class C before taxes | 27.09% | 15.54% | 7.83% |
| Class M before taxes | 23.93% | 15.01% | 7.71% |
| Class R before taxes | 28.73% | 16.11% | 8.37% |
| Class R6 before taxes* | 29.39% | 16.70% | 8.91% |
| Class Y before taxes | 29.39% | 16.70% | 8.91% |
| S&P 500 Index (no deduction for fees, expenses or taxes)** | 21.83% | 15.79% | 8.50% |
| Russell 3000 Growth-S&P 500 Linked Benchmark | 29.59% | 17.16% | 9.93% |
| (no deduction for fees, expenses or taxes) *** |
* Performance for class R6 shares prior to their inception (May 22, 2018) is derived from the historical performance of class Y shares and has not been adjusted for the lower investor servicing fees applicable to class R6 shares; had it, returns would have been higher.
** As of August 1, 2019, the S&P 500 Index (an unmanaged market capitalization weighted index of common stock performance) replaced the Russell 3000 Growth Index (a market capitalization weighted index based on the Russell 3000 Index, used to provide a gauge of the performance of growth stocks in the United States) as the benchmark for this fund because, in Putnam Management’s opinion, the securities tracked by the S&P 500 Index more accurately reflect the types of securities that generally are held by the fund. The average annual total returns of the Russell 3000 Growth Index for the one-year, five-year, and ten-year periods ended on December 31, 2017 were 29.59%, 17.16%, and 9.93%, respectively. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.
*** The Russell 3000 Growth-S&P 500 Linked Benchmark represents performance of the Russell 3000 Growth Index from the inception date of the fund, August 31, 1990, through July 31, 2019 and performance of the S&P 500 Index from August 1, 2019 forward.
After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are shown for class A shares only and will vary for other classes. These after-tax returns do not apply if you hold your fund shares through a 401(k) plan, an IRA, or another tax-advantaged arrangement.
Class B share performance reflects conversion to class A shares after eight years.
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