0000928816-19-001809.txt : 20191108 0000928816-19-001809.hdr.sgml : 20191108 20191108071920 ACCESSION NUMBER: 0000928816-19-001809 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 13 FILED AS OF DATE: 20191108 DATE AS OF CHANGE: 20191108 EFFECTIVENESS DATE: 20191108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM SUSTAINABLE LEADERS FUND CENTRAL INDEX KEY: 0000865177 IRS NUMBER: 043091455 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-35576 FILM NUMBER: 191202073 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM MULTI-CAP GROWTH FUND DATE OF NAME CHANGE: 20101004 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM NEW OPPORTUNITIES FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUTNAM SUSTAINABLE LEADERS FUND CENTRAL INDEX KEY: 0000865177 IRS NUMBER: 043091455 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06128 FILM NUMBER: 191202072 BUSINESS ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6172921000 MAIL ADDRESS: STREET 1: ONE POST OFFICE SQUARE CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM MULTI-CAP GROWTH FUND DATE OF NAME CHANGE: 20101004 FORMER COMPANY: FORMER CONFORMED NAME: PUTNAM NEW OPPORTUNITIES FUND DATE OF NAME CHANGE: 19920703 0000865177 S000006295 PUTNAM SUSTAINABLE LEADERS FUND C000017306 Class A Shares PNOPX C000017307 Class B Shares PNOBX C000017308 Class C Shares PNOCX C000017309 Class M Shares PNOMX C000017310 Class R Shares PNORX C000017311 Class Y Shares PNOYX C000202804 Class R6 Shares 485BPOS 1 a_cover.htm PUTNAM SUSTAINABLE LEADERS FUND

 

 

  As filed with the Securities and Exchange Commission on  
  November 8, 2019  
   
  Registration No. 033-35576 
  811-06128 
  ----------------------------------------------------------------  
  SECURITIES AND EXCHANGE COMMISSION  
  WASHINGTON, D.C. 20549  
  ----------------  
  FORM N-1A  
    ---- 
  REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933  / X / 
    ---- 
    ---- 
  Pre-Effective Amendment No.  /    / 
    ---- 
    ---- 
  Post-Effective Amendment No. 46  / X / 
  and  ---- 
    ---- 
  REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY  / X / 
  ACT OF 1940  ---- 
    ---- 
  Amendment No. 47 / X / 
  (Check appropriate box or boxes)  ---- 
   
  ---------------  
  PUTNAM SUSTAINABLE LEADERS FUND  
  (Exact name of registrant as specified in charter)  
   
  100 Federal Street, Boston, Massachusetts 02110  
  (Address of principal executive offices)  
   
  Registrant's Telephone Number, including Area Code  
  (617) 292-1000  
  ----------------  

 


 

     
  It is proposed that this filing will become effective   
  (check appropriate box)   
----     
/    /  immediately upon filing pursuant to paragraph (b)   
----     
----     
/ X /  on October 30, 2019 pursuant to paragraph (b)   
----     
----     
/    /  60 days after filing pursuant to paragraph (a) (1)   
----     
----     
/    /  on (date) pursuant to paragraph (a) (1)   
----     
----     
/    /  75 days after filing pursuant to paragraph (a) (2)   
----     
----     
/    /  on (date) pursuant to paragraph (a) (2) of Rule 485.   
----     
   
If appropriate, check the following box:   
----     
/    /  this post-effective amendment designates a new   
----  effective date for a previously filed post-effective amendment.   
   
  --------------   
   
  ROBERT T. BURNS, Vice President   
  PUTNAM SUSTAINABLE LEADERS FUND   
  100 Federal Street   
  Boston, Massachusetts 02110   
  (Name and address of agent for service)   
  ---------------   
  Copy to:   
  BRYAN CHEGWIDDEN, Esquire   
  ROPES & GRAY LLP   
  1211 Avenue of the Americas   
  New York, New York 10036 




SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and The Commonwealth of Massachusetts, on the 8th day of November, 2019.

 

 

Putnam Sustainable Leaders Fund

 

By: /s/ Jonathan S. Horwitz, Executive Vice President, Principal Executive Officer and Compliance Liaison

 

Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

 

 

Signature Title

 

Kenneth R. Leibler* Chair, Board of Trustees

 

Robert L. Reynolds* President and Trustee

 

Jonathan S. Horwitz* Executive Vice President, Principal Executive Officer and Compliance Liaison

 

Janet C. Smith* Vice President, Principal Financial Officer, Principal Accounting Officer and Assistant Treasurer

 

Liaquat Ahamed* Trustee

 

Ravi Akhoury* Trustee

 

Barbara M. Baumann* Trustee

 

Katinka Domotorffy* Trustee

 

Catharine Bond Hill* Trustee

 

Paul L. Joskow* Trustee

 

Robert E. Patterson* Trustee

 

George Putnam, III* Trustee

 

Manoj P. Singh* Trustee

 

 

By: /s/ Jonathan S. Horwitz, as Attorney-in-Fact
November 8, 2019

 

*Signed pursuant to power of attorney filed in Post-Effective Amendment No. 43 to the Registrant’s Registration Statement on October 25, 2018.

 

 

EX-101.INS 3 pnopx-20191024.xml XBRL INSTANCE FILE 0000865177 2019-10-24 2019-10-24 0000865177 PNOPX:S000006295Member 2019-10-24 2019-10-24 0000865177 PNOPX:S000006295Member PNOPX:C000017306Member 2019-10-24 2019-10-24 0000865177 PNOPX:S000006295Member PNOPX:C000017307Member 2019-10-24 2019-10-24 0000865177 PNOPX:S000006295Member PNOPX:C000017308Member 2019-10-24 2019-10-24 0000865177 PNOPX:S000006295Member PNOPX:C000017309Member 2019-10-24 2019-10-24 0000865177 PNOPX:S000006295Member PNOPX:C000017310Member 2019-10-24 2019-10-24 0000865177 PNOPX:S000006295Member PNOPX:C000202804Member 2019-10-24 2019-10-24 0000865177 PNOPX:S000006295Member PNOPX:C000017311Member 2019-10-24 2019-10-24 0000865177 PNOPX:S000006295Member PNOPX:C000017306Member rr:AfterTaxesOnDistributionsMember 2019-10-24 2019-10-24 0000865177 PNOPX:S000006295Member PNOPX:C000017306Member rr:AfterTaxesOnDistributionsAndSalesMember 2019-10-24 2019-10-24 0000865177 PNOPX:S000006295Member PNOPX:SP500IndexMember 2019-10-24 2019-10-24 0000865177 PNOPX:S000006295Member PNOPX:Russell3000GrowthSP500IndexMember 2019-10-24 2019-10-24 iso4217:USD xbrli:pure 485BPOS 2018-12-31 PUTNAM SUSTAINABLE LEADERS FUND 0000865177 N-1A false PNOPX 2019-10-24 2019-10-30 2019-11-30 Fund summary Goal Fees and expenses Shareholder fees (fees paid directly from your investment) Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment) Portfolio turnover Example Investments, risks, and performance Risks It is important to understand that you can lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#8217;s performance year to year and over time. putnam.com Please remember that past performance is not necessarily an indication of future results. Annual total returns for class A shares before sales charges The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Year-to-date performance <br /> <b>through 9/30/19</b>&#160;&#160;24.32% <br /> <br /> Best calendar quarter<br /> <b>Q1 2012</b>&#160;&#160;17.95% <br /><br />Worst calendar quarter<br /> <b>Q3 2011</b>&#160;&#8722;19.62% Year-to-date performance Best calendar quarter Worst calendar quarter Average annual total returns after sales charges (for periods ended 12/31/18) 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. Putnam Sustainable Leaders Fund seeks long-term capital appreciation. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 14 of the fund's prospectus, in the Appendix to the fund's prospectus, and in How to buy shares beginning on page II-1 of the fund?s statement of additional information (SAI). 50000 0.0575 0 0 0.0350 0 0 0 0.0100 0.0500 0.0100 0 0 0 0 <div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact PNOPX_S000006295Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0.0056 0.0056 0.0056 0.0056 0.0056 0.0056 0.0056 0.0025 0.0100 0.0100 0.0075 0.0050 0.0023 0.0023 0.0023 0.0023 0.0023 0.0011 0.0023 0.0104 0.0179 0.0179 0.0154 0.0129 0.0067 0.0079 <div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact PNOPX_S000006295Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund&#8217;s operating expenses remain the same. Your actual costs may be higher or lower. 1773 1908 2105 2120 1556 835 978 1116 1170 970 1160 708 373 439 887 863 563 819 409 214 252 675 682 282 501 131 68 81 1908 2105 970 970 563 563 182 182 <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact PNOPX_S000006295Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column period compact * column dei_LegalEntityAxis compact PNOPX_S000006295Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund&#8217;s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund&#8217;s turnover rate in the most recent fiscal year was 30%. 0.30 Investments<br /> <br /> We invest mainly in common stocks of U.S. companies of any size, with a focus on companies that we believe exhibit a commitment to sustainable business practices. Stocks of companies that exhibit a commitment to sustainable business practices are typically, but not always, considered to be growth stocks. Growth stocks are stocks of companies whose earnings are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. We may consider, among other factors, a company&#8217;s sustainable business practices (as described below), valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. We may also invest in non-U.S. companies.<br /> <br /> <i>Sustainable investing. </i>We believe that companies that exhibit leadership in sustainable business practices also often exhibit more profitable, durable financial returns with lower risk profiles. Accordingly, in selecting investments, we focus on companies that we believe have a demonstrated commitment to sustainable business practices. This commitment may be reflected through environmental, social and/or corporate governance (ESG) policies, practices or outcomes. It is important to understand that you can lose money by investing in the fund.<br /> <br /> The value of investments in the fund&#8217;s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, 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&#8217;s portfolio holdings. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. These risks are generally greater for small and midsize companies. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid.<br /> <br /> Investing with a focus on companies that exhibit a commitment to sustainable business practices may cause the fund to forego otherwise attractive investment opportunities or may increase or decrease the fund&#8217;s exposure to certain types of companies and, therefore, to underperform funds that do not invest with a similar focus. In evaluating an investment opportunity, we may make investment decisions based on information and data that is incomplete or inaccurate. In addition, a company&#8217;s business practices may change over time. As a result of these possibilities, among others, the fund may temporarily hold securities that are inconsistent with the fund&#8217;s sustainable investment criteria.<br /> <br /> The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund&#8217;s performance year to year and over time. Before March 21, 2018, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com. 0.3182 0.1931 -0.0500 0.1670 0.3628 0.1335 -0.0040 0.0765 0.2905 -0.0090 2019-09-30 0.2432 2012-03-31 0.1795 2011-09-30 -0.1962 <div style="display: none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * column dei_LegalEntityAxis compact PNOPX_S000006295Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0.1328 0.1328 0.1311 0.1298 0.1367 0.1425 0.1424 0.1203 0.1101 0.1312 0.1515 0.0793 0.0816 0.0840 0.0791 0.0895 0.0951 0.0949 0.0559 0.0596 0.0849 0.0999 -0.0660 -0.0554 -0.0244 -0.0484 -0.0114 -0.0058 -0.0065 -0.1026 -0.0118 -0.0438 -0.0212 before taxes before taxes before taxes before taxes before taxes before taxes before taxes <div style="display: none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact PNOPX_S000006295Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 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&#8217;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.<br /> <br /> Class B share performance reflects conversion to class A shares after eight years. The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in <i>How do I buy fund shares?</i> beginning on page 14 of the fund&#8217;s prospectus, in the Appendix to the fund&#8217;s prospectus, and in <i>How to buy shares</i> beginning on page II-1 of the fund&#8217;s statement of additional information (SAI). Applies only to certain redemptions of shares bought with no initial sales charge. This charge is phased out over six years. This charge is eliminated after one year. Management fees are subject to 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 0.551%. Performance for class R6 shares prior to their inception (5/22/18) 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, 2018 were -2.12%, 9.99%, and 15.15%, respectively. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell(R) 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. 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Label Element Value
Prospectus [Line Items] rr_ProspectusLineItems  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2018
Entity Registrant Name dei_EntityRegistrantName PUTNAM SUSTAINABLE LEADERS FUND
Entity Central Index Key dei_EntityCentralIndexKey 0000865177
Amendment Flag dei_AmendmentFlag false
Entity Inv Company Type dei_EntityInvCompanyType N-1A
Trading Symbol dei_TradingSymbol PNOPX
Document Creation Date dei_DocumentCreationDate Oct. 24, 2019
Document Effective Date dei_DocumentEffectiveDate Oct. 30, 2019
Prospectus Date rr_ProspectusDate Nov. 30, 2019
Putnam Sustainable Leaders Fund  
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading Fund summary
Objective [Heading] rr_ObjectiveHeading Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock Putnam Sustainable Leaders Fund seeks long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 14 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 30%.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 30.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 14 of the fund's prospectus, in the Appendix to the fund's prospectus, and in How to buy shares beginning on page II-1 of the fund?s statement of additional information (SAI).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower.
Strategy [Heading] rr_StrategyHeading Investments, risks, and performance
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Investments

We invest mainly in common stocks of U.S. companies of any size, with a focus on companies that we believe exhibit a commitment to sustainable business practices. Stocks of companies that exhibit a commitment to sustainable business practices are typically, but not always, considered to be growth stocks. Growth stocks are stocks of companies whose earnings are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. We may consider, among other factors, a company’s sustainable business practices (as described below), valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. We may also invest in non-U.S. companies.

Sustainable investing. We believe that companies that exhibit leadership in sustainable business practices also often exhibit more profitable, durable financial returns with lower risk profiles. Accordingly, in selecting investments, we focus on companies that we believe have a demonstrated commitment to sustainable business practices. This commitment may be reflected through environmental, social and/or corporate governance (ESG) policies, practices or outcomes.
Risk [Heading] rr_RiskHeading Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock It is important to understand that you can lose money by investing in the fund.

The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, 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 portfolio holdings. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. These risks are generally greater for small and midsize companies. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid.

Investing with a focus on companies that exhibit a commitment to sustainable business practices may cause the fund to forego otherwise attractive investment opportunities or may increase or decrease the fund’s exposure to certain types of companies and, therefore, to underperform funds that do not invest with a similar focus. In evaluating an investment opportunity, we may make investment decisions based on information and data that is incomplete or inaccurate. In addition, a company’s business practices may change over time. As a result of these possibilities, among others, the fund may temporarily hold securities that are inconsistent with the fund’s sustainable investment criteria.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney It is important to understand that you can lose money by investing in the fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. Before March 21, 2018, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress putnam.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Please remember that past performance is not necessarily an indication of future results.
Bar Chart [Heading] rr_BarChartHeading Annual total returns for class A shares before sales charges
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart does not reflect the impact of sales charges. If it did, performance would be lower.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Year-to-date performance
through 9/30/19  24.32%

Best calendar quarter
Q1 2012  17.95%

Worst calendar quarter
Q3 2011 −19.62%
Year to Date Return, Label rr_YearToDateReturnLabel Year-to-date performance
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2019
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 24.32%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best calendar quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 17.95%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst calendar quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (19.62%)
Performance Table Heading rr_PerformanceTableHeading Average annual total returns after sales charges (for periods ended 12/31/18)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns reflect the historical highest individual federal marginal income tax rates and do not reflect state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for class A shares only and will vary for other classes.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock 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.
Putnam Sustainable Leaders Fund | S&P 500 Index (no deduction for fees, expenses or taxes)  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 (4.38%) [1]
5 Years rr_AverageAnnualReturnYear05 8.49% [1]
10 Years rr_AverageAnnualReturnYear10 13.12% [1]
Putnam Sustainable Leaders Fund | Russell 3000 Growth-S&P 500 Linked Benchmark (no deduction for fees, expenses or taxes)  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 (2.12%) [2]
5 Years rr_AverageAnnualReturnYear05 9.99% [2]
10 Years rr_AverageAnnualReturnYear10 15.15% [2]
Putnam Sustainable Leaders Fund | Class A  
Prospectus [Line Items] rr_ProspectusLineItems  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 1.00% [3]
Management fees rr_ManagementFeesOverAssets 0.56% [4]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.23%
Total annual fund operating expenses rr_ExpensesOverAssets 1.04%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 675
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 887
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,116
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,773
Annual Return 2009 rr_AnnualReturn2009 31.82%
Annual Return 2010 rr_AnnualReturn2010 19.31%
Annual Return 2011 rr_AnnualReturn2011 (5.00%)
Annual Return 2012 rr_AnnualReturn2012 16.70%
Annual Return 2013 rr_AnnualReturn2013 36.28%
Annual Return 2014 rr_AnnualReturn2014 13.35%
Annual Return 2015 rr_AnnualReturn2015 (0.40%)
Annual Return 2016 rr_AnnualReturn2016 7.65%
Annual Return 2017 rr_AnnualReturn2017 29.05%
Annual Return 2018 rr_AnnualReturn2018 (0.90%)
Label rr_AverageAnnualReturnLabel before taxes
1 Year rr_AverageAnnualReturnYear01 (6.60%)
5 Years rr_AverageAnnualReturnYear05 7.93%
10 Years rr_AverageAnnualReturnYear10 13.28%
Putnam Sustainable Leaders Fund | Class A | after taxes on distributions  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 (10.26%)
5 Years rr_AverageAnnualReturnYear05 5.59%
10 Years rr_AverageAnnualReturnYear10 12.03%
Putnam Sustainable Leaders Fund | Class A | after taxes on distributions and sale of fund shares  
Prospectus [Line Items] rr_ProspectusLineItems  
1 Year rr_AverageAnnualReturnYear01 (1.18%)
5 Years rr_AverageAnnualReturnYear05 5.96%
10 Years rr_AverageAnnualReturnYear10 11.01%
Putnam Sustainable Leaders Fund | Class B  
Prospectus [Line Items] rr_ProspectusLineItems  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 5.00% [5]
Management fees rr_ManagementFeesOverAssets 0.56% [4]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.23%
Total annual fund operating expenses rr_ExpensesOverAssets 1.79%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 682
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 863
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,170
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,908
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 182
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 563
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 970
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,908
Label rr_AverageAnnualReturnLabel before taxes
1 Year rr_AverageAnnualReturnYear01 (5.54%)
5 Years rr_AverageAnnualReturnYear05 8.16%
10 Years rr_AverageAnnualReturnYear10 13.28%
Putnam Sustainable Leaders Fund | Class C  
Prospectus [Line Items] rr_ProspectusLineItems  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther 1.00% [6]
Management fees rr_ManagementFeesOverAssets 0.56% [4]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.23%
Total annual fund operating expenses rr_ExpensesOverAssets 1.79%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 282
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 563
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 970
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,105
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 182
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 563
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 970
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,105
Label rr_AverageAnnualReturnLabel before taxes
1 Year rr_AverageAnnualReturnYear01 (2.44%)
5 Years rr_AverageAnnualReturnYear05 8.40%
10 Years rr_AverageAnnualReturnYear10 13.11%
Putnam Sustainable Leaders Fund | Class M  
Prospectus [Line Items] rr_ProspectusLineItems  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 3.50%
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.56% [4]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.75%
Other expenses rr_OtherExpensesOverAssets 0.23%
Total annual fund operating expenses rr_ExpensesOverAssets 1.54%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 501
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 819
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,160
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 2,120
Label rr_AverageAnnualReturnLabel before taxes
1 Year rr_AverageAnnualReturnYear01 (4.84%)
5 Years rr_AverageAnnualReturnYear05 7.91%
10 Years rr_AverageAnnualReturnYear10 12.98%
Putnam Sustainable Leaders Fund | Class R  
Prospectus [Line Items] rr_ProspectusLineItems  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.56% [4]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Other expenses rr_OtherExpensesOverAssets 0.23%
Total annual fund operating expenses rr_ExpensesOverAssets 1.29%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 131
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 409
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 708
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,556
Label rr_AverageAnnualReturnLabel before taxes
1 Year rr_AverageAnnualReturnYear01 (1.14%)
5 Years rr_AverageAnnualReturnYear05 8.95%
10 Years rr_AverageAnnualReturnYear10 13.67%
Putnam Sustainable Leaders Fund | Class R6  
Prospectus [Line Items] rr_ProspectusLineItems  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.56% [4]
Other expenses rr_OtherExpensesOverAssets 0.11%
Total annual fund operating expenses rr_ExpensesOverAssets 0.67%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 68
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 214
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 373
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 835
Label rr_AverageAnnualReturnLabel before taxes [7]
1 Year rr_AverageAnnualReturnYear01 (0.58%) [7]
5 Years rr_AverageAnnualReturnYear05 9.51% [7]
10 Years rr_AverageAnnualReturnYear10 14.25% [7]
Putnam Sustainable Leaders Fund | Class Y  
Prospectus [Line Items] rr_ProspectusLineItems  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) rr_MaximumDeferredSalesChargeOverOther none
Management fees rr_ManagementFeesOverAssets 0.56% [4]
Other expenses rr_OtherExpensesOverAssets 0.23%
Total annual fund operating expenses rr_ExpensesOverAssets 0.79%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 81
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 252
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 439
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 978
Label rr_AverageAnnualReturnLabel before taxes
1 Year rr_AverageAnnualReturnYear01 (0.65%)
5 Years rr_AverageAnnualReturnYear05 9.49%
10 Years rr_AverageAnnualReturnYear10 14.24%
[1] 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, 2018 were -2.12%, 9.99%, and 15.15%, respectively. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell(R) is a trademark of Frank Russell Company.
[2] 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.
[3] Applies only to certain redemptions of shares bought with no initial sales charge.
[4] Management fees are subject to 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 0.551%.
[5] This charge is phased out over six years.
[6] This charge is eliminated after one year.
[7] Performance for class R6 shares prior to their inception (5/22/18) 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.
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Putnam Sustainable Leaders Fund
Fund summary
Goal
Putnam Sustainable Leaders Fund seeks long-term capital appreciation.
Fees and expenses
The following table describes the fees and expenses you may pay if you buy and hold shares of the fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Putnam funds. More information about these and other discounts is available from your financial advisor and in How do I buy fund shares? beginning on page 14 of the fund’s prospectus, in the Appendix to the fund’s prospectus, and in How to buy shares beginning on page II-1 of the fund’s statement of additional information (SAI).
Shareholder fees (fees paid directly from your investment)
Shareholder Fees - Putnam Sustainable Leaders Fund
Class A
Class B
Class C
Class M
Class R
Class R6
Class Y
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) 5.75% none none 3.50% none none none
Maximum deferred sales charge (load) (as a percentage of original purchase price or redemption proceeds, whichever is lower) 1.00% [1] 5.00% [2] 1.00% [3] none none none none
[1] Applies only to certain redemptions of shares bought with no initial sales charge.
[2] This charge is phased out over six years.
[3] This charge is eliminated after one year.
Annual fund operating expenses (expenses you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Putnam Sustainable Leaders Fund
Class A
Class B
Class C
Class M
Class R
Class R6
Class Y
Management fees [1] 0.56% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56%
Distribution and service (12b-1) fees 0.25% 1.00% 1.00% 0.75% 0.50%    
Other expenses 0.23% 0.23% 0.23% 0.23% 0.23% 0.11% 0.23%
Total annual fund operating expenses 1.04% 1.79% 1.79% 1.54% 1.29% 0.67% 0.79%
[1] Management fees are subject to 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 0.551%.
Example
The following hypothetical example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. It assumes that you invest $10,000 in the fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year and that the fund’s operating expenses remain the same. Your actual costs may be higher or lower.
Expense Example - Putnam Sustainable Leaders Fund - USD ($)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Class A 675 887 1,116 1,773
Class B 682 863 1,170 1,908
Class C 282 563 970 2,105
Class M 501 819 1,160 2,120
Class R 131 409 708 1,556
Class R6 68 214 373 835
Class Y 81 252 439 978
Expense Example, No Redemption - Putnam Sustainable Leaders Fund - USD ($)
Expense Example, No Redemption, 1 Year
Expense Example, No Redemption, 3 Years
Expense Example, No Redemption, 5 Years
Expense Example, No Redemption, 10 Years
Class B 182 563 970 1,908
Class C 182 563 970 2,105
Portfolio turnover
The fund pays transaction-related costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or the above example, affect fund performance. The fund’s turnover rate in the most recent fiscal year was 30%.
Investments, risks, and performance
Investments

We invest mainly in common stocks of U.S. companies of any size, with a focus on companies that we believe exhibit a commitment to sustainable business practices. Stocks of companies that exhibit a commitment to sustainable business practices are typically, but not always, considered to be growth stocks. Growth stocks are stocks of companies whose earnings are expected to grow faster than those of similar firms, and whose business growth and other characteristics may lead to an increase in stock price. We may consider, among other factors, a company’s sustainable business practices (as described below), valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends when deciding whether to buy or sell investments. We may also invest in non-U.S. companies.

Sustainable investing. We believe that companies that exhibit leadership in sustainable business practices also often exhibit more profitable, durable financial returns with lower risk profiles. Accordingly, in selecting investments, we focus on companies that we believe have a demonstrated commitment to sustainable business practices. This commitment may be reflected through environmental, social and/or corporate governance (ESG) policies, practices or outcomes.
Risks
It is important to understand that you can lose money by investing in the fund.

The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political or financial market conditions, investor sentiment and market perceptions, government actions, 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 portfolio holdings. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. These risks are generally greater for small and midsize companies. From time to time, the fund may invest a significant portion of its assets in companies in one or more related industries or sectors, which would make the fund more vulnerable to adverse developments affecting those industries or sectors. The value of international investments traded in foreign currencies may be adversely impacted by fluctuations in exchange rates. International investments, particularly investments in emerging markets, may carry risks associated with potentially less stable economies or governments (such as the risk of seizure by a foreign government, the imposition of currency or other restrictions, or high levels of inflation), and may be or become illiquid.

Investing with a focus on companies that exhibit a commitment to sustainable business practices may cause the fund to forego otherwise attractive investment opportunities or may increase or decrease the fund’s exposure to certain types of companies and, therefore, to underperform funds that do not invest with a similar focus. In evaluating an investment opportunity, we may make investment decisions based on information and data that is incomplete or inaccurate. In addition, a company’s business practices may change over time. As a result of these possibilities, among others, the fund may temporarily hold securities that are inconsistent with the fund’s sustainable investment criteria.

The fund may not achieve its goal, and it is not intended to be a complete investment program. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Performance
The performance information below gives some indication of the risks associated with an investment in the fund by showing the fund’s performance year to year and over time. Before March 21, 2018, the fund was managed with a materially different investment strategy and may have achieved materially different performance results under its current investment strategy from that shown for periods before this date. The bar chart does not reflect the impact of sales charges. If it did, performance would be lower. Please remember that past performance is not necessarily an indication of future results. Monthly performance figures for the fund are available at putnam.com.
Annual total returns for class A shares before sales charges
Bar Chart
Year-to-date performance
through 9/30/19  24.32%

Best calendar quarter
Q1 2012  17.95%

Worst calendar quarter
Q3 2011 −19.62%
Average annual total returns after sales charges (for periods ended 12/31/18)
Average Annual Total Returns - Putnam Sustainable Leaders Fund
Label
1 Year
5 Years
10 Years
Class A before taxes (6.60%) 7.93% 13.28%
Class A | after taxes on distributions   (10.26%) 5.59% 12.03%
Class A | after taxes on distributions and sale of fund shares   (1.18%) 5.96% 11.01%
Class B before taxes (5.54%) 8.16% 13.28%
Class C before taxes (2.44%) 8.40% 13.11%
Class M before taxes (4.84%) 7.91% 12.98%
Class R before taxes (1.14%) 8.95% 13.67%
Class R6 [1] before taxes (0.58%) 9.51% 14.25%
Class Y before taxes (0.65%) 9.49% 14.24%
S&P 500 Index (no deduction for fees, expenses or taxes) [2]   (4.38%) 8.49% 13.12%
Russell 3000 Growth-S&P 500 Linked Benchmark (no deduction for fees, expenses or taxes) [3]   (2.12%) 9.99% 15.15%
[1] Performance for class R6 shares prior to their inception (5/22/18) 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.
[2] 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, 2018 were -2.12%, 9.99%, and 15.15%, respectively. Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell(R) is a trademark of Frank Russell Company.
[3] 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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