Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

38910-Q3PH

1

Schedule

of

Investments

(unaudited)

Putnam

Global

Health

Care

Fund

2

Notes

to

Schedule

of

Investments

6

Putnam

Global

Health

Care

Fund

Schedule

of

Investments

(unaudited),

May

31,

2025

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

97.3%

Biotechnology

18.8%

AbbVie,

Inc.

.......................................

United

States

494,900

$

92,105,839

a

Alnylam

Pharmaceuticals,

Inc.

..........................

United

States

58,300

17,755,848

a

Argenx

SE

........................................

Netherlands

38,299

21,974,913

a,b

Ascendis

Pharma

A/S,

ADR

...........................

Denmark

334,988

54,549,446

a

Janux

Therapeutics,

Inc.

..............................

United

States

198,985

4,735,843

a,c

Legend

Biotech

Corp.,

ADR

...........................

United

States

234,286

6,782,580

a,c

MoonLake

Immunotherapeutics,

A

.......................

United

States

174,800

6,818,948

Regeneron

Pharmaceuticals,

Inc.

.......................

United

States

63,100

30,936,668

a

Rhythm

Pharmaceuticals,

Inc.

..........................

United

States

66,200

4,060,046

a

Ultragenyx

Pharmaceutical,

Inc.

........................

United

States

194,000

6,601,820

a

Vertex

Pharmaceuticals,

Inc.

...........................

United

States

36,600

16,179,030

a

Zealand

Pharma

A/S,

A

...............................

Denmark

92,662

6,441,048

268,942,029

Health

Care

Equipment

&

Supplies

16.7%

Abbott

Laboratories

..................................

United

States

305,500

40,808,690

Becton

Dickinson

&

Co.

...............................

United

States

169,400

29,236,746

a

Boston

Scientific

Corp.

...............................

United

States

606,148

63,803,138

a

Intuitive

Surgical,

Inc.

................................

United

States

131,300

72,522,242

Medtronic

plc

......................................

United

States

356,300

29,565,774

Terumo

Corp.

......................................

Japan

283,800

5,209,665

241,146,255

Health

Care

Providers

&

Services

14.1%

Cardinal

Health,

Inc.

.................................

United

States

51,100

7,891,884

Cigna

Group

(The)

..................................

United

States

32,100

10,164,144

CVS

Health

Corp.

...................................

United

States

376,700

24,123,868

HCA

Healthcare,

Inc.

.................................

United

States

39,800

15,179,322

Humana,

Inc.

......................................

United

States

25,200

5,874,876

McKesson

Corp.

....................................

United

States

79,900

57,488,849

Quest

Diagnostics,

Inc.

...............................

United

States

69,200

11,995,128

UnitedHealth

Group,

Inc.

..............................

United

States

234,200

70,707,322

203,425,393

Life

Sciences

Tools

&

Services

5.5%

Danaher

Corp.

.....................................

United

States

97,400

18,496,260

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

149,500

60,221,590

78,717,850

Pharmaceuticals

42.2%

AstraZeneca

plc

....................................

United

Kingdom

542,905

79,526,931

Chugai

Pharmaceutical

Co.

Ltd.

........................

Japan

140,800

7,361,238

Daiichi

Sankyo

Co.

Ltd.

...............................

Japan

370,200

9,852,467

Eli

Lilly

&

Co.

......................................

United

States

222,300

163,984,041

a,d

Innoviva,

Inc.

......................................

United

States

3,335,650

65,278,671

Johnson

&

Johnson

.................................

United

States

357,943

55,556,333

Merck

&

Co.,

Inc.

...................................

United

States

438,271

33,676,744

Novartis

AG

.......................................

United

States

485,586

56,050,767

Novo

Nordisk

A/S,

B

.................................

Denmark

675,123

47,966,030

Roche

Holding

AG

..................................

United

States

122,423

39,658,599

Sanofi

SA

.........................................

United

States

345,661

34,234,595

a

Verona

Pharma

plc,

ADR

.............................

United

Kingdom

173,700

14,104,440

607,250,856

Total

Common

Stocks

(Cost

$958,382,456)

...................................

1,399,482,383

Putnam

Global

Health

Care

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.1%

e

U.S.

Treasury

Bonds

,

3.625

%,

5/15/53

...................

United

States

260,500

$

207,917

e

U.S.

Treasury

Notes

,

0.625

%,

8/15/30

....................

United

States

1,384,200

1,166,810

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,374,727)

................

1,374,727

Total

Long

Term

Investments

(Cost

$959,757,183)

.............................

1,400,857,110

a

Number

of

Contracts

Notional

Amount

#

a

a

a

aa

Options

Purchased

0.3%

Calls

-

Over-the-Counter

Equity

Options

0.3%

Ascendis

Pharma

A/S,

Counterparty

BOFA,

December

Strike

Price

$370.00,

Expires

12/19/25

.......................

47,640,275

7,757,742,381

3,910,243

Puts

-

Over-the-Counter

Equity

Options

0.0%

†

Ascendis

Pharma

A/S,

Counterparty

BZWS,

June

Strike

Price

$280.00,

Expires

6/20/25

............................

55,977,180

9,115,323,991

289,350

Total

Options

Purchased

(Cost

$3,202,275)

...................................

4,199,593

Short

Term

Investments

3.1%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.2%

f,g

U.S.

Treasury

Bills,

4.18%,

10/02/25

.....................

United

States

2,100,000

2,070,177

Total

U.S.

Government

and

Agency

Securities

(Cost

$2,070,914)

................

2,070,177

Shares

Money

Market

Funds

2.2%

h,i

Putnam

Short

Term

Investment

Fund,

Class

P,

4.555%

.......

United

States

31,586,017

31,586,017

Total

Money

Market

Funds

(Cost

$31,586,017)

................................

31,586,017

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.7%

Money

Market

Funds

0.7%

h,i

Putnam

Cash

Collateral

Pool,

LLC,

4.599%

................

United

States

10,422,919

10,422,919

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$10,422,919)

.........................................................

10,422,919

Total

Short

Term

Investments

(Cost

$44,079,850

)

..............................

44,079,113

a

Total

Investments

(Cost

$1,007,039,308)

100.8%

..............................

$1,449,135,816

Options

Written

(0.2)%

.....................................................

(2,792,441)

Other

Assets,

less

Liabilities

(0.6)%

.........................................

(8,243,052)

Net

Assets

100.0%

.........................................................

$1,438,100,323

a

a

a

Putnam

Global

Health

Care

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

At

May

31,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

Options

Written

(0.2)%

Calls

-

Over-the-Counter

Equity

Options

(0.2)%

Ascendis

Pharma

A/S,

Counterparty

BOFA,

December

Strike

Price

$400.00,

Expires

12/19/25

.......................

51,503,000

8,386,748,520

$(2,723,318)

$

(2,723,318)

Puts

-

Over-the-Counter

Equity

Options

(0.0)%

†

Ascendis

Pharma

A/S,

Counterparty

BZWS,

June

Strike

Price

$260.00,

Expires

6/20/25

............................

51,978,810

8,464,229,420

$(69,123)

(69,123)

Total

Options

Written

(Premiums

received

$1,679,676)

.........................

$

(2,792,441)

#

Notional

amount

is

the

number

of

contracts

multiplied

by

contract

size,

and

may

be

multiplied

by

the

underlying

price.

May

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

held

in

connection

with

written

option

contracts

open

at

period

end.

c

A

portion

or

all

of

the

security

is

on

loan

at

May

31,

2025.

d

See

Note

3

regarding

holdings

of

5%

voting

securities.

e

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

f

The

rate

shown

represents

the

yield

at

period

end.

g

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

May

31,

2025,

the

value

of

this

security

pledged

amounted

to

$1,536,861,

representing

0.1%

of

net

assets.

h

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

i

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

British

Pound

......

BZWS

Sell

6,750,500

8,827,266

6/18/25

$

—

$

(268,651)

British

Pound

......

CITI

Buy

3,445,400

4,572,842

6/18/25

69,640

—

British

Pound

......

GSCO

Sell

556,100

713,428

6/18/25

—

(35,885)

British

Pound

......

MSCO

Buy

1,920,800

2,570,608

6/18/25

17,562

—

British

Pound

......

TDOM

Sell

1,264,000

1,620,514

6/18/25

—

(82,655)

British

Pound

......

UBSW

Sell

8,537,000

10,952,527

6/18/25

—

(550,598)

Danish

Krone

......

BOFA

Buy

57,296,500

8,334,084

6/18/25

396,069

—

Danish

Krone

......

BOFA

Sell

71,714,800

10,380,451

6/18/25

—

(546,588)

Danish

Krone

......

CITI

Buy

48,361,200

7,068,691

6/18/25

300,007

—

Danish

Krone

......

CITI

Sell

55,866,400

8,110,261

6/18/25

—

(401,989)

Danish

Krone

......

HSBK

Sell

197,749,100

28,642,022

6/18/25

—

(1,488,610)

Danish

Krone

......

JPHQ

Buy

49,659,000

7,580,845

6/18/25

—

(14,403)

Danish

Krone

......

JPHQ

Sell

68,831,900

9,961,837

6/18/25

—

(525,941)

Danish

Krone

......

MSCO

Buy

82,206,500

11,975,846

6/18/25

549,792

—

Danish

Krone

......

MSCO

Sell

261,815,000

38,270,852

6/18/25

—

(1,621,371)

Danish

Krone

......

SSBT

Buy

78,358,600

11,792,010

6/18/25

147,332

—

Euro

.............

BZWS

Buy

134,800

145,159

6/18/25

8,044

—

Euro

.............

JPHQ

Buy

14,358,800

15,457,182

6/18/25

861,862

—

Putnam

Global

Health

Care

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

See

Abbreviations

on

page

9

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Euro

.............

JPHQ

Sell

3,934,500

4,313,070

6/18/25

$

—

$

(158,563)

Euro

.............

MSCO

Buy

9,128,000

9,845,068

6/18/25

529,074

—

Euro

.............

SSBT

Buy

3,345,300

3,703,157

6/18/25

98,839

—

Euro

.............

WPAC

Buy

1,251,500

1,347,449

6/18/25

74,904

—

Swedish

Krona

.....

GSCO

Buy

21,858,600

2,176,008

6/18/25

106,073

—

Swiss

Franc

.......

BOFA

Sell

6,472,200

8,021,158

6/18/25

142,553

—

Swiss

Franc

.......

HSBK

Buy

2,438,600

2,775,261

6/18/25

193,245

—

Swiss

Franc

.......

MSCO

Buy

11,714,500

13,734,885

6/18/25

540,130

(14,962)

Swiss

Franc

.......

MSCO

Sell

3,122,200

3,782,915

6/18/25

—

(17,737)

Swiss

Franc

.......

SSBT

Buy

15,758,700

17,946,484

6/18/25

1,236,571

—

Swiss

Franc

.......

TDOM

Buy

4,060,100

4,623,680

6/18/25

318,677

—

Swiss

Franc

.......

WPAC

Sell

5,419,700

6,229,519

6/18/25

—

(

367,878)

Australian

Dollar

....

BOFA

Buy

70,900

44,724

7/16/25

1,008

—

Australian

Dollar

....

HSBK

Buy

3,921,600

2,473,765

7/16/25

55,780

—

Australian

Dollar

....

MSCO

Buy

3,927,700

2,477,299

7/16/25

56,181

—

Australian

Dollar

....

MSCO

Sell

7,669,200

4,850,297

7/16/25

—

(96,558)

Australian

Dollar

....

SSBT

Buy

3,000,400

1,892,373

7/16/25

42,971

—

Australian

Dollar

....

WPAC

Buy

28,725,900

18,128,829

7/16/25

400,204

—

Canadian

Dollar

....

GSCO

Sell

2,433,200

1,708,961

7/16/25

—

(

68,040)

Canadian

Dollar

....

HSBK

Buy

6,688,700

4,839,871

7/16/25

44,984

—

Canadian

Dollar

....

HSBK

Sell

1,444,900

1,014,827

7/16/25

—

(40,405)

Canadian

Dollar

....

JPHQ

Sell

2,778,300

1,951,382

7/16/25

—

(77,651)

Israeli

New

Shekel

..

GSCO

Buy

8,239,100

2,235,893

7/16/25

110,405

—

New

Zealand

Dollar

.

UBSW

Buy

4,091,500

2,356,037

7/16/25

92,563

—

Japanese

Yen

......

BZWS

Buy

1,198,567,300

8,182,464

8/20/25

222,407

—

Japanese

Yen

......

JPHQ

Buy

604,045,600

4,123,538

8/20/25

112,290

—

Japanese

Yen

......

MSCO

Buy

1,128,668,900

7,761,922

8/20/25

152,790

—

Japanese

Yen

......

SSBT

Buy

1,081,023,400

7,379,921

8/20/25

200,681

—

Japanese

Yen

......

UBSW

Buy

1,225,525,500

8,366,447

8/20/25

227,466

—

Total

Forward

Exchange

Contracts

...................................................

$7,310,104

$(6,378,485)

Net

unrealized

appreciation

(depreciation)

............................................

$931,619

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Putnam

Global

Health

Care

Fund

Notes

to

Schedule

of

Investments

(unaudited)

6

Quarterly

Schedule

of

Investments

1.

Organization

Putnam

Global

Health

Care

Fund (Fund)

is

registered under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The Fund’s

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The Fund’s

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Putnam

Global

Health

Care

Fund

Notes

to

Schedule

of

Investments

(unaudited)

7

Quarterly

Schedule

of

Investments

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund’s

portfolio securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

May

31,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund for

financial

reporting

purposes.

3.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies

The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

Additionally,

as

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

companies’

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

period

ended

May

31,

2025,

investments

in

“affiliated

companies”

were

as

follows: 

4.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

May

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Putnam

Global

Health

Care

Fund

Non-Controlled

Affiliates

Dividends

4Front

Ventures

Corp.

..

$

2,514,800

$

—

$

(199,582)

$

(39,981,418)

$

37,666,200

$

—

a

—

$

—

Innoviva

Inc

.........

102,929,603

2,254,169

(38,448,725)

10,877,986

(12,334,362)

65,278,671

3,335,650

—

Total

Affiliated

Securities

(Value

is

4.5%

of

Net

Assets)

...........

$105,444,403

$2,254,169

$(38,648,307)

$(29,103,432)

$25,331,838

$65,278,671

$—

a

As

of

May

31,

2025,

no

longer

held

by

the

fund.

2. Financial

Instrument

Valuation

(continued)

Putnam

Global

Health

Care

Fund

Notes

to

Schedule

of

Investments

(unaudited)

8

Quarterly

Schedule

of

Investments

5. Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

May

31,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Putnam

Global

Health

Care

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

4.555%

......

$49,826,391

$353,434,316

$(371,674,690)

$—

$—

$31,586,017

31,586,017

$1,285,854

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.599%

.............

$7,837,425

$129,650,125

$(127,064,631)

$—

$—

$10,422,919

10,422,919

$464,708

Total

Affiliated

Securities

...

$57,663,816

$483,084,441

$(498,739,321)

$—

$—

$42,008,936

$1,750,562

Level

1

Level

2

Level

3

Total

Putnam

Global

Health

Care

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Biotechnology

.........................

$

240,526,068

$

28,415,961

$

—

$

268,942,029

Health

Care

Equipment

&

Supplies

.........

235,936,590

5,209,665

—

241,146,255

Health

Care

Providers

&

Services

..........

203,425,393

—

—

203,425,393

Life

Sciences

Tools

&

Services

............

78,717,850

—

—

78,717,850

Pharmaceuticals

.......................

332,600,229

274,650,627

—

607,250,856

U.S.

Government

and

Agency

Securities

.......

—

1,374,727

—

1,374,727

Options

Purchased

.......................

—

4,199,593

—

4,199,593

Short

Term

Investments

...................

42,008,936

2,070,177

—

44,079,113

Total

Investments

in

Securities

...........

$1,133,215,066

$315,920,750

a

$—

$1,449,135,816

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$7,310,104

$—

$7,310,104

Total

Other

Financial

Instruments

.........

$—

$7,310,104

$—

$7,310,104

4.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Putnam

Global

Health

Care

Fund

Notes

to

Schedule

of

Investments

(unaudited)

9

Quarterly

Schedule

of

Investments

Abbreviations

Level

1

Level

2

Level

3

Total

Putnam

Global

Health

Care

Fund

(continued)

Liabilities:

Other

Financial

Instruments:

Options

Written

..........................

$—

$2,792,441

$—

$2,792,441

Forward

Exchange

Contracts

...............

—

6,378,485

—

6,378,485

Total

Other

Financial

Instruments

.........

$—

$9,170,926

$—

$9,170,926

a

Includes

foreign

securities

valued

at

$308,276,253,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

Counterparty

BOFA

Bank

of

America

NA

BZWS

Barclays

Bank

plc

CITI

Citibank

NA

GSCO

Goldman

Sachs

Group,

Inc.

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MSCO

Morgan

Stanley

SSBT

State

Street

Bank

and

Trust

Co.

TDOM

Toronto

Dominion

Bank

UBSW

UBS

AG

WPAC

Westpac

Banking

Corp.

Selected

Portfolio

ADR

American

Depositary

Receipt

5. Fair

Value

Measurements

(continued)

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.