NPORT-EX 2 PSLF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
39051-Q3PH
1
Schedule
of
Investments
(unaudited)
Putnam
Sustainable
Leaders
Fund
2
Notes
to
Schedule
of
Investments
6
Putnam
Sustainable
Leaders
Fund
Schedule
of
Investments
(unaudited),
March
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
98.0%
Automobiles
1.3%
a
Tesla,
Inc.
.........................................
United
States
298,900
$
77,462,924
Banks
4.9%
Bank
of
America
Corp.
...............................
United
States
3,226,726
134,651,276
JPMorgan
Chase
&
Co.
...............................
United
States
631,900
155,005,070
289,656,346
Biotechnology
0.7%
Regeneron
Pharmaceuticals,
Inc.
.......................
United
States
61,900
39,258,837
Broadline
Retail
5.8%
a
Amazon.com,
Inc.
...................................
United
States
1,793,740
341,276,972
Capital
Markets
3.1%
KKR
&
Co.,
Inc.
.....................................
United
States
431,900
49,931,959
London
Stock
Exchange
Group
plc
......................
United
Kingdom
460,918
68,458,891
MSCI,
Inc.,
A
.......................................
United
States
36,300
20,527,650
TPG,
Inc.,
A
.......................................
United
States
1,161,031
55,067,700
193,986,200
Chemicals
4.0%
Eastman
Chemical
Co.
...............................
United
States
799,700
70,461,567
Linde
plc
..........................................
United
States
223,500
104,070,540
Novonesis
A/S,
B
...................................
Denmark
1,044,661
60,826,975
235,359,082
Commercial
Services
&
Supplies
0.8%
Republic
Services,
Inc.,
A
.............................
United
States
206,100
49,909,176
Construction
Materials
1.1%
CRH
plc
..........................................
United
States
724,000
63,690,280
Consumer
Finance
1.5%
Capital
One
Financial
Corp.
...........................
United
States
491,900
88,197,670
Consumer
Staples
Distribution
&
Retail
3.4%
Kroger
Co.
(The)
....................................
United
States
1,140,900
77,227,521
Walmart,
Inc.
......................................
United
States
1,412,500
124,003,375
201,230,896
Containers
&
Packaging
1.1%
Ball
Corp.
.........................................
United
States
1,297,400
67,555,618
Electric
Utilities
2.7%
Constellation
Energy
Corp.
............................
United
States
345,600
69,683,328
NextEra
Energy,
Inc.
.................................
United
States
1,224,100
86,776,449
156,459,777
Entertainment
1.1%
Walt
Disney
Co.
(The)
................................
United
States
684,800
67,589,760
Financial
Services
2.6%
Mastercard,
Inc.,
A
..................................
United
States
276,000
151,281,120
Food
Products
1.4%
Danone
SA
........................................
France
1,069,394
81,792,893
Ground
Transportation
0.5%
Canadian
Pacific
Kansas
City
Ltd.
.......................
Canada
447,400
31,397,746
Putnam
Sustainable
Leaders
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
4.6%
a
Boston
Scientific
Corp.
...............................
United
States
1,182,000
$
119,240,160
a
Intuitive
Surgical,
Inc.
................................
United
States
172,300
85,335,021
Medtronic
plc
......................................
United
States
822,900
73,945,794
278,520,975
Hotels,
Restaurants
&
Leisure
4.9%
a
Chipotle
Mexican
Grill,
Inc.,
A
..........................
United
States
1,361,600
68,365,936
Hilton
Worldwide
Holdings,
Inc.
.........................
United
States
434,136
98,787,647
Starbucks
Corp.
....................................
United
States
654,400
64,190,096
a
Viking
Holdings
Ltd.
.................................
United
States
1,282,600
50,983,350
282,327,029
Industrial
REITs
1.5%
Prologis,
Inc.
.......................................
United
States
789,300
88,235,847
IT
Services
1.2%
Accenture
plc,
A
....................................
Ireland
222,200
69,335,288
Life
Sciences
Tools
&
Services
2.5%
a
Mettler-Toledo
International,
Inc.
........................
United
States
48,800
57,628,408
Thermo
Fisher
Scientific,
Inc.
..........................
United
States
174,800
86,980,480
144,608,888
Machinery
4.2%
Fortive
Corp.
.......................................
United
States
1,084,200
79,341,756
Ingersoll
Rand,
Inc.
..................................
United
States
884,700
70,802,541
Otis
Worldwide
Corp.
................................
United
States
960,100
99,082,320
249,226,617
Personal
Care
Products
1.8%
Unilever
plc
........................................
United
Kingdom
1,818,591
108,355,166
Pharmaceuticals
5.1%
AstraZeneca
plc
....................................
United
Kingdom
436,139
64,044,762
Eli
Lilly
&
Co.
......................................
United
States
175,300
144,782,023
GSK
plc
..........................................
United
States
2,663,267
50,895,581
Sanofi
SA
.........................................
United
States
367,033
40,638,589
300,360,955
Real
Estate
Management
&
Development
0.7%
FirstService
Corp.
...................................
Canada
228,200
37,869,790
Semiconductors
&
Semiconductor
Equipment
10.5%
Analog
Devices,
Inc.
.................................
United
States
219,907
44,348,645
Applied
Materials,
Inc.
................................
United
States
306,900
44,537,328
ASML
Holding
NV,
ADR
..............................
Netherlands
47,400
31,408,662
Broadcom,
Inc.
.....................................
United
States
852,700
142,767,561
Marvell
Technology,
Inc.
..............................
United
States
449,100
27,651,087
NVIDIA
Corp.
......................................
United
States
2,428,800
263,233,344
QUALCOMM,
Inc.
...................................
United
States
488,900
75,099,929
629,046,556
Software
12.8%
a
Cadence
Design
Systems,
Inc.
.........................
United
States
257,700
65,540,841
Microsoft
Corp.
.....................................
United
States
1,162,600
436,428,414
Roper
Technologies,
Inc.
..............................
United
States
188,800
111,312,704
Salesforce,
Inc.
.....................................
United
States
361,200
96,931,632
Putnam
Sustainable
Leaders
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
ServiceNow,
Inc.
....................................
United
States
62,800
$
49,997,592
760,211,183
Specialty
Retail
1.9%
Home
Depot,
Inc.
(The)
...............................
United
States
308,900
113,208,761
Technology
Hardware,
Storage
&
Peripherals
9.9%
Apple,
Inc.
........................................
United
States
2,371,528
526,787,515
Seagate
Technology
Holdings
plc
.......................
United
States
680,400
57,799,980
584,587,495
Textiles,
Apparel
&
Luxury
Goods
0.4%
a
On
Holding
AG,
A
...................................
Switzerland
529,300
23,246,856
Total
Common
Stocks
(Cost
$3,619,757,152)
..................................
5,805,246,703
Short
Term
Investments
2.0%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.2%
b,c
U.S.
Treasury
Bills
,
4.06%,
4/22/25
...................................
United
States
1,300,000
1,296,780
4.16%,
5/15/25
...................................
United
States
13,600,000
13,529,702
14,826,482
Total
U.S.
Government
and
Agency
Securities
(Cost
$14,827,024)
...............
14,826,482
Shares
Money
Market
Funds
1.8%
d,e
Putnam
Short
Term
Investment
Fund,
Class
P,
4.526%
.......
United
States
106,114,677
106,114,677
Total
Money
Market
Funds
(Cost
$106,114,677)
...............................
106,114,677
Total
Short
Term
Investments
(Cost
$120,941,701
)
.............................
120,941,159
a
Total
Investments
(Cost
$3,740,698,853)
100.0%
..............................
$5,926,187,862
Other
Assets,
less
Liabilities
(0.0)%
†
.........................................
(4,431,190)
Net
Assets
100.0%
.........................................................
$5,921,756,672
a
a
a
*
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
The
rate
shown
represents
the
yield
at
period
end.
c
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
open
forward
exchange
contracts.
At
March
31,
2025,
the
value
of
this
security
pledged
amounted
to
$3,769,061,
representing
0.1%
of
net
assets.
d
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Sustainable
Leaders
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
At
March
31,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
9
.
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
Canadian
Dollar
....
JPHQ
Sell
48,198,100
33,541,946
4/16/25
$
26,106
$
—
Canadian
Dollar
....
SSBT
Sell
30,937,600
21,542,517
4/16/25
29,228
—
Canadian
Dollar
....
UBSW
Buy
487,100
337,588
4/16/25
1,129
—
Canadian
Dollar
....
WPAC
Sell
17,695,100
12,318,676
4/16/25
13,914
—
British
Pound
......
BOFA
Sell
39,007,500
50,016,197
6/18/25
—
(368,077)
British
Pound
......
BZWS
Sell
12,241,400
15,822,048
6/18/25
39,960
(29,591)
British
Pound
......
CITI
Sell
16,934,400
21,927,003
6/18/25
53,583
—
British
Pound
......
HSBK
Sell
12,889,300
16,524,147
6/18/25
—
(124,396)
British
Pound
......
MSCO
Sell
8,162,100
10,481,826
6/18/25
—
(60,800)
British
Pound
......
SSBT
Sell
134,642,400
172,606,171
6/18/25
—
(
1,305,502)
British
Pound
......
UBSW
Sell
523,100
671,110
6/18/25
—
(4,555)
Danish
Krone
......
BOFA
Sell
134,718,600
19,500,017
6/18/25
—
(124,908)
Danish
Krone
......
HSBK
Sell
209,358,300
30,323,501
6/18/25
—
(174,448)
Danish
Krone
......
SSBT
Sell
110,534,900
15,999,336
6/18/25
—
(102,666)
Euro
.............
BZWS
Sell
1,845,300
1,987,102
6/18/25
—
(16,961)
Euro
.............
HSBK
Sell
5,666,600
6,102,503
6/18/25
—
(51,631)
Euro
.............
JPHQ
Sell
18,492,400
19,906,983
6/18/25
—
(176,435)
Euro
.............
MSCO
Sell
49,108,600
53,402,642
6/18/25
251,548
(182,632)
Euro
.............
SSBT
Buy
21,456,700
23,430,380
6/18/25
—
(127,623)
Euro
.............
SSBT
Sell
21,803,000
23,477,252
6/18/25
—
(201,599)
Euro
.............
UBSW
Sell
27,046,500
29,114,475
6/18/25
—
(259,007)
Euro
.............
WPAC
Sell
31,081,000
33,463,887
6/18/25
—
(291,209)
Swiss
Franc
.......
SSBT
Sell
14,139,000
16,101,921
6/18/25
—
(27,854)
Total
Forward
Exchange
Contracts
...................................................
$415,468
$(3,629,894)
Net
unrealized
appreciation
(depreciation)
............................................
$(3,214,426)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Putnam
Sustainable
Leaders
Fund
Notes
to
Schedule
of
Investments
(unaudited)
6
Quarterly
Schedule
of
Investments
1.
Organization
Putnam
Sustainable
Leaders
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
Sustainable
Leaders
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 March
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.
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
March
31,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. 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.
    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
Sustainable
Leaders
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P
,
4.526
%
......
$134,562,313
$1,103,031,143
$(1,131,478,779)
$—
$—
$106,114,677
106,114,677
$4,416,357
Total
Affiliated
Securities
...
$134,562,313
$1,103,031,143
$(1,131,478,779)
$—
$—
$106,114,677
$4,416,357
2. Financial
Instrument
Valuation
(continued)
Putnam
Sustainable
Leaders
Fund
Notes
to
Schedule
of
Investments
(unaudited)
8
Quarterly
Schedule
of
Investments
A
summary
of
inputs
used
as
of
March
31,
2025,
in
valuing
the Fund's
assets
and
liabilities carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Putnam
Sustainable
Leaders
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Automobiles
..........................
$
77,462,924
$
—
$
—
$
77,462,924
Banks
...............................
289,656,346
—
—
289,656,346
Biotechnology
.........................
39,258,837
—
—
39,258,837
Broadline
Retail
.......................
341,276,972
—
—
341,276,972
Capital
Markets
........................
125,527,309
68,458,891
—
193,986,200
Chemicals
...........................
174,532,107
60,826,975
—
235,359,082
Commercial
Services
&
Supplies
...........
49,909,176
—
—
49,909,176
Construction
Materials
..................
63,690,280
—
—
63,690,280
Consumer
Finance
.....................
88,197,670
—
—
88,197,670
Consumer
Staples
Distribution
&
Retail
......
201,230,896
—
—
201,230,896
Containers
&
Packaging
.................
67,555,618
—
—
67,555,618
Electric
Utilities
........................
156,459,777
—
—
156,459,777
Entertainment
.........................
67,589,760
—
—
67,589,760
Financial
Services
......................
151,281,120
—
—
151,281,120
Food
Products
........................
—
81,792,893
—
81,792,893
Ground
Transportation
..................
31,397,746
—
—
31,397,746
Health
Care
Equipment
&
Supplies
.........
278,520,975
—
—
278,520,975
Hotels,
Restaurants
&
Leisure
.............
282,327,029
—
—
282,327,029
Industrial
REITs
.......................
88,235,847
—
—
88,235,847
IT
Services
...........................
69,335,288
—
—
69,335,288
Life
Sciences
Tools
&
Services
............
144,608,888
—
—
144,608,888
Machinery
............................
249,226,617
—
—
249,226,617
Personal
Care
Products
.................
—
108,355,166
—
108,355,166
Pharmaceuticals
.......................
144,782,023
155,578,932
—
300,360,955
Real
Estate
Management
&
Development
....
37,869,790
—
—
37,869,790
Semiconductors
&
Semiconductor
Equipment
.
629,046,556
—
—
629,046,556
Software
.............................
760,211,183
—
—
760,211,183
Specialty
Retail
........................
113,208,761
—
—
113,208,761
Technology
Hardware,
Storage
&
Peripherals
.
584,587,495
—
—
584,587,495
Textiles,
Apparel
&
Luxury
Goods
..........
23,246,856
—
—
23,246,856
Short
Term
Investments
...................
106,114,677
14,826,482
—
120,941,159
Total
Investments
in
Securities
...........
$5,436,348,523
$489,839,339
a
$—
$5,926,187,862
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$415,468
$—
$415,468
Total
Other
Financial
Instruments
.........
$—
$415,468
$—
$415,468
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$3,629,894
$—
$3,629,894
Total
Other
Financial
Instruments
.........
$—
$3,629,894
$—
$3,629,894
a
Includes
foreign
securities
valued
at
$475,012,857,
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.
4. Fair
Value
Measurements
(continued)
Putnam
Sustainable
Leaders
Fund
Notes
to
Schedule
of
Investments
(unaudited)
9
Quarterly
Schedule
of
Investments
Abbreviations
Counterparty
BOFA
Bank
of
America
NA
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
SSBT
State
Street
Bank
and
Trust
Co.
UBSW
UBS
AG
WPAC
Westpac
Banking
Corp.
Selected
Portfolio
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.