# EDGAR Filing Document

**Accession Number:** 0000865177
**File Stem:** 0001133228-26-002264
**Filing Date:** 2026-2
**Character Count:** 120693
**Document Hash:** dcc4ce7e0bd8c3fec6504fa7a31242c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002264.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001133228-26-002264

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM SUSTAINABLE LEADERS FUND
- **CENTRAL INDEX KEY:** 0000865177

**ORGANIZATION NAME:**
- **EIN:** 043091455
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06128
- **FILM NUMBER:** 26683664

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**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

## Series and Classes Contracts Data

### PUTNAM SUSTAINABLE LEADERS FUND (Series ID: S000006295)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000017306 | Class A Shares  | PNOPX           |
| C000017308 | Class C Shares  | PNOCX           |
| C000017310 | Class R Shares  | PNORX           |
| C000017311 | Class Y Shares  | PNOYX           |
| C000202804 | Class R6 Shares |  |

?xml version='1.0' encoding='ASCII'? 2026-01-1574200165800_PutnamSustainableLeadersFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-06128**

 **Putnam Sustainable Leaders Fund** 

(Exact name of registrant as specified in charter)

**100 Federal Street, Boston, Massachusetts 02110**

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

Registrant's telephone number, including area code: **(617) 292-1000**

Date of fiscal year end: **June 30**

Date of reporting period: **December 31, 2025** 

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Sustainable Leaders Fund**  | **Putnam Sustainable Leaders Fund**  |
| Class A [PNOPX] | Semi-Annual Shareholder Report \| December 31, 2025  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Sustainable Leaders Fund for the period July 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $43 | 0.82% |

---

† Annualized.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $6615387548 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 59 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6312img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Sustainable Leaders Fund PAGE 1 39051-STSA-0226

33.512.712.311.48.17.06.03.12.82.01.1 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Sustainable Leaders Fund**  | **Putnam Sustainable Leaders Fund**  |
| Class C [PNOCX] | Semi-Annual Shareholder Report \| December 31, 2025  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Sustainable Leaders Fund for the period July 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $83 | 1.58% |

---

† Annualized.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $6615387548 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 59 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6313img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Sustainable Leaders Fund PAGE 1 39051-STSC-0226

33.512.712.311.48.17.06.03.12.82.01.1 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Sustainable Leaders Fund**  | **Putnam Sustainable Leaders Fund**  |
| Class R [PNORX] | Semi-Annual Shareholder Report \| December 31, 2025  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Sustainable Leaders Fund for the period July 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R | $57 | 1.07% |

---

† Annualized.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $6615387548 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 59 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6314img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Sustainable Leaders Fund PAGE 1 39051-STSR-0226

33.512.712.311.48.17.06.03.12.82.01.1 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Sustainable Leaders Fund**  | **Putnam Sustainable Leaders Fund**  |
| Class R6 [PSLGX] | Semi-Annual Shareholder Report \| December 31, 2025  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Sustainable Leaders Fund for the period July 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $26 | 0.50% |

---

† Annualized.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $6615387548 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 59 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6315img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Sustainable Leaders Fund PAGE 1 39051-STSR6-0226

33.512.712.311.48.17.06.03.12.82.01.1 ------

---

| | |
|:---|:---|
| ![image](img2199_202405220716489.jpg) | ![image](img333186_202505270927280.jpg) |
| **Putnam Sustainable Leaders Fund**  | **Putnam Sustainable Leaders Fund**  |
| Class Y [PNOYX] | Semi-Annual Shareholder Report \| December 31, 2025  |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Sustainable Leaders Fund for the period July 1, 2025, to December 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class Y | $30 | 0.57% |

---

† Annualized.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $6615387548 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 59 |
| **Portfolio Turnover Rate** | 21% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts6316img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Sustainable Leaders Fund PAGE 1 39051-STSY-0226

33.512.712.311.48.17.06.03.12.82.01.1 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Putnam

#### Sustainable

#### Leaders

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

December 31, 2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 11
Notes

to

Financial

Statements

#### 15
Changes

In

and

Disagreements

with

Accountants

#### 28
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Sustainable

Leaders

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

O

a

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$123.36

$129.24

$101.80

$92.24

$128.40

$98.08

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.06 0.30 0.29 0.33 0.09 0.23 Net

realized

and

unrealized

gains

(losses)

12.36 5.15 30.36 16.64 (21.77)

38.43 Total

from

investment

operations

........

12.42 5.45 30.65 16.97 (21.68)

38.66 Less

distributions

from:

Net

investment

income

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

—

(0.63)

(0.19)

(0.01)

(0.60)

(0.33)

Net

realized

gains

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

(13.69)

(10.70)

(3.02)

(7.40)

(13.88)

(8.01)

Total

distributions

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

(13.69)

(11.33)

(3.21)

(7.41)

(14.48)

(8.34)

Net

asset

value,

end

of

period

..........

$122.09

$123.36

$129.24

$101.80

$92.24

$128.40

Total

return

c

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

10.04%

3.84%

30.89%

19.33%

(19.55)%

40.82%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.82%

0.88%

0.87%

0.92%

0.99%

1.05%

Net

investment

income

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

0.10%

0.24%

0.26%

0.34%

0.07%

0.20%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$5,908,241

$5,683,066

$5,989,514

$4,928,013

$4,442,688

$5,915,779

Portfolio

turnover

rate

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

21%

44%

22%

25%

32%

24%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Sustainable

Leaders

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$85.51

$92.89

$74.39

$69.76

$100.59

$78.62

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.29)

(0.45)

(0.39)

(0.29)

(0.62)

(0.51)

Net

realized

and

unrealized

gains

(losses)

8.56 3.79 21.91 12.33 (16.33)

30.49 Total

from

investment

operations

........

8.27 3.34 21.52 12.04 (16.95)

29.98 Less

distributions

from:

Net

investment

income

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

—

(0.02)

—

(0.01)

—

—

Net

realized

gains

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

(13.69)

(10.70)

(3.02)

(7.40)

(13.88)

(8.01)

Total

distributions

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

(13.69)

(10.72)

(3.02)

(7.41)

(13.88)

(8.01)

Net

asset

value,

end

of

period

..........

$80.09

$85.51

$92.89

$74.39

$69.76

$100.59

Total

return

c

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

9.63%

3.06%

29.91%

18.44%

(20.15)%

39.76%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

1.58%

1.62%

1.62%

1.67%

1.74%

1.80%

Net

investment

(loss)

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

(0.65)%

(0.51)%

(0.49)%

(0.41)%

(0.68)%

(0.56)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$25,774

$27,199

$32,819

$31,579

$31,125

$41,870

Portfolio

turnover

rate

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

21%

44%

22%

25%

32%

24%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Sustainable

Leaders

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$115.33

$121.52

$95.99

$87.58

$122.36

$93.85

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.09)

(0.01)

0.02 0.09 (0.28)

(0.12)

Net

realized

and

unrealized

gains

(losses)

11.55 4.85 28.56 15.73 (20.57)

36.77 Total

from

investment

operations

........

11.46 4.84 28.58 15.82 (20.85)

36.65 Less

distributions

from:

Net

investment

income

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

—

(0.33)

(0.03)

(0.01)

(0.05)

(0.13)

Net

realized

gains

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

(13.69)

(10.70)

(3.02)

(7.40)

(13.88)

(8.01)

Total

distributions

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

(13.69)

(11.03)

(3.05)

(7.41)

(13.93)

(8.14)

Net

asset

value,

end

of

period

..........

$113.10

$115.33

$121.52

$95.99

$87.58

$122.36

Total

return

c

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

9.91%

3.58%

30.56%

19.03%

(19.74)%

40.47%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

1.07%

1.13%

1.12%

1.17%

1.24%

1.30%

Net

investment

income

(loss)

..........

(0.15)%

(0.01)%

0.02%

0.10%

(0.22)%

(0.10)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,796

$1,819

$1,705

$1,304

$1,020

$3,860

Portfolio

turnover

rate

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

21%

44%

22%

25%

32%

24%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Sustainable

Leaders

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$140.71

$145.86

$114.45

$102.50

$141.11

$107.06

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.31 0.81 0.74 0.74 0.54 0.69 Net

realized

and

unrealized

gains

(losses)

14.11 5.78 34.22 18.62 (24.24)

42.06 Total

from

investment

operations

........

14.42 6.59 34.96 19.36 (23.70)

42.75 Less

distributions

from:

Net

investment

income

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

—

(1.04)

(0.53)

(0.01)

(1.03)

(0.69)

Net

realized

gains

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

(13.69)

(10.70)

(3.02)

(7.40)

(13.88)

(8.01)

Total

distributions

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

(13.69)

(11.74)

(3.55)

(7.41)

(14.91)

(8.70)

Net

asset

value,

end

of

period

..........

$141.44

$140.71

$145.86

$114.45

$102.50

$141.11

Total

return

c

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

10.23%

4.19%

31.32%

19.74%

(19.27)%

41.29%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.50%

0.55%

0.53%

0.58%

0.65%

0.70%

Net

investment

income

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

0.42%

0.57%

0.59%

0.70%

0.41%

0.55%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$43,714

$44,506

$103,080

$98,187

$81,611

$102,909

Portfolio

turnover

rate

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

21%

44%

22%

25%

32%

24%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Sustainable

Leaders

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$140.01

$145.20

$113.95

$102.17

$140.72

$106.79

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.26 0.69 0.64 0.63 0.43 0.58 Net

realized

and

unrealized

gains

(losses)

14.03 5.75 34.06 18.56 (24.18)

41.95 Total

from

investment

operations

........

14.29 6.44 34.70 19.19 (23.75)

42.53 Less

distributions

from:

Net

investment

income

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

—

(0.93)

(0.43)

(0.01)

(0.92)

(0.59)

Net

realized

gains

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

(13.69)

(10.70)

(3.02)

(7.40)

(13.88)

(8.01)

Total

distributions

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

(13.69)

(11.63)

(3.45)

(7.41)

(14.80)

(8.60)

Net

asset

value,

end

of

period

..........

$140.61

$140.01

$145.20

$113.95

$102.17

$140.72

Total

return

c

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

10.19%

4.11%

31.21%

19.62%

(19.35)%

41.17%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.57%

0.63%

0.62%

0.67%

0.74%

0.80%

Net

investment

income

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

0.35%

0.49%

0.51%

0.60%

0.32%

0.46%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$635,863

$577,507

$469,390

$380,831

$324,486

$412,837

Portfolio

turnover

rate

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

21%

44%

22%

25%

32%

24%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Sustainable

Leaders

Fund

Schedule

of

Investments

(unaudited),

December

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 99.0%

#### Automobiles

#### 1.9%
a

Tesla,

Inc.

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

United

States

286,140

$

128,682,881

#### Banks

#### 4.3%
Bank

of

America

Corp.

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

United

States

1,807,526

99,413,930

JPMorgan

Chase

&

Co.

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

United

States

576,060

185,618,053

285,031,983

#### Beverages

#### 1.1%
Keurig

Dr.

Pepper,

Inc.

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

United

States

2,515,132

70,448,847

#### Biotechnology

#### 2.7%
AbbVie,

Inc.

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

United

States

482,700

110,292,123

Regeneron

Pharmaceuticals,

Inc.

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

United

States

88,540

68,341,370

178,633,493

#### Broadline

#### Retail

#### 5.8%
a

Amazon.com,

Inc.

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

United

States

1,660,340

383,239,679

#### Building

#### Products

#### 1.4%
Allegion

plc

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

United

States

243,900

38,833,758

Trane

Technologies

plc

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

United

States

138,400

53,865,280

92,699,038

#### Capital

#### Markets

#### 2.8%
KKR

&

Co.,

Inc.

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

United

States

754,600

96,196,408

TPG,

Inc.

,

A

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

United

States

1,368,431

87,360,635

183,557,043

#### Chemicals

#### 2.3%
Linde

plc

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

United

States

193,160

82,361,492

Novonesis

Novozymes

,

B

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

Denmark

1,188,945

76,069,330

158,430,822

#### Commercial

#### Services

#### &

#### Supplies

#### 1.0%
Republic

Services,

Inc.

,

A

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

United

States

312,300

66,185,739

#### Construction

#### Materials

#### 0.8%
CRH

plc

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

United

States

398,500

49,732,800

#### Consumer

#### Finance

#### 1.7%
Capital

One

Financial

Corp.

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

United

States

459,000

111,243,240

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2.8%
Costco

Wholesale

Corp.

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

United

States

89,800

77,438,132

Walmart,

Inc.

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

United

States

959,500

106,897,895

184,336,027

#### Electric

#### Utilities

#### 2.8%
Constellation

Energy

Corp.

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

United

States

267,900

94,641,033

NextEra

Energy,

Inc.

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

United

States

1,110,700

89,166,996

183,808,029

#### Entertainment

#### 2.1%
a

Liberty

Media

Corp.-Liberty

Formula

One

Corp.

,

C

...........

United

States

501,600

49,412,616

Walt

Disney

Co.

(The)

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

United

States

729,400

82,983,838

132,396,454

#### Financial

#### Services

#### 1.9%
Mastercard,

Inc.

,

A

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

United

States

217,920

124,406,170

Putnam

Sustainable

Leaders

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Food

#### Products

#### 0.9%
Danone

SA

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

France

626,319

$

56,493,406

#### Ground

#### Transportation

#### 1.0%
Canadian

Pacific

Kansas

City

Ltd.

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

Canada

850,400

62,608,226

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2.0%
Becton

Dickinson

&

Co.

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

United

States

301,200

58,453,884

a

Boston

Scientific

Corp.

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

United

States

786,500

74,992,775

133,446,659

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.3%
Hilton

Worldwide

Holdings,

Inc.

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

United

States

302,896

87,006,876

#### Household

#### Durables

#### 1.0%
DR

Horton,

Inc.

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

United

States

441,600

63,603,648

#### Industrial

#### REITs

#### 0.8%
Prologis,

Inc.

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

United

States

423,900

54,115,074

#### Insurance

#### 0.8%
Aon

plc

,

A

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

United

States

148,660

52,459,141

#### Interactive

#### Media

#### &

#### Services

#### 6.1%
Alphabet,

Inc.

,

A

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

United

States

1,294,300

405,115,900

#### IT

#### Services

#### 0.9%
Accenture

plc

,

A

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

United

States

220,300

59,106,490

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 2.7%
a

Mettler-Toledo

International,

Inc.

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

United

States

48,390

67,464,854

Thermo

Fisher

Scientific,

Inc.

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

United

States

199,080

115,356,906

182,821,760

#### Machinery

#### 3.7%
Fortive

Corp.

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

United

States

1,190,000

65,699,900

Ingersoll

Rand,

Inc.

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

United

States

1,300,100

102,993,922

Otis

Worldwide

Corp.

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

United

States

832,700

72,736,345

241,430,167

#### Office

#### REITs

#### 0.7%
BXP,

Inc.

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

United

States

633,200

42,728,336

#### Personal

#### Care

#### Products

#### 1.3%
Unilever

plc

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

United

Kingdom

1,354,801

88,644,201

#### Pharmaceuticals

#### 5.2%
AstraZeneca

plc

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

United

Kingdom

392,185

72,577,501

Eli

Lilly

&

Co.

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

United

States

205,940

221,319,599

GSK

plc

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

United

States

2,239,065

54,895,641

348,792,741

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.5%
FirstService

Corp.

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

Canada

228,200

35,491,946

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 12.9%
ASML

Holding

NV

,

ADR

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

Netherlands

81,720

87,428,959

Broadcom,

Inc.

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

United

States

789,060

273,093,666

Marvell

Technology,

Inc.

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

United

States

570,200

48,455,596

NVIDIA

Corp.

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

United

States

2,420,600

451,441,900

860,420,121

Putnam

Sustainable

Leaders

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Software

#### 11.4%
a

Cadence

Design

Systems,

Inc.

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

United

States

170,320

$

53,238,626

Microsoft

Corp.

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

United

States

1,114,940

539,207,283

Roper

Technologies,

Inc.

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

United

States

212,060

94,394,268

a

ServiceNow,

Inc.

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

United

States

445,160

68,194,060

755,034,237

#### Specialty

#### Retail

#### 1.4%
Home

Depot,

Inc.

(The)

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

United

States

271,880

93,553,908

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 8.1%
Apple,

Inc.

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

United

States

1,966,328

534,565,930

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.9%
a

On

Holding

AG

,

A

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

Switzerland

1,251,700

58,179,016

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 3,495,653,044

####)
..................................

#### 6,548,450,028

#### Short

#### Term

#### Investments

#### 1.1%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.1%
b,c

U.S.

Treasury

Bills

,

.49

%

,

4/23/26

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

United

States

4,300,000

4,253,342

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 4,252,688

####)
................

#### 4,253,342

#### Shares

#### Management

#### Investment

#### Companies

#### 1.0%
d,e

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.967 %

.......

United

States

69,394,218

69,394,218

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 69,394,218

####)
..................

#### 69,394,218

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 73,646,906

####)
..............................

#### 73,647,560

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 3,569,299,950

####)
100.1 #### %
..............................

#### $6,622,097,588

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
.........................................

#### (6,710,040)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $6,615,387,548

#### a
a

Non-income

producing.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

b

The

rate

shown

represents

the

yield

at

period

end.

c

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

December

31,

2025,

the

value

of

this

security

pledged

amounted

to

$2,893,261,

representing

less

than

0.1%

of

net

assets.

d

See

Note

(g)

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)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

December

31,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(c)

.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Canadian

Dollar

....

HSBK

Buy

742,200

542,596

1/14/26

$

—

$

(1,622)

Canadian

Dollar

....

JPHQ

Sell

47,711,000

34,146,845

1/14/26

—

(628,672)

Canadian

Dollar

....

MSCO

Sell

22,405,000

16,033,807

1/14/26

—

(296,714)

Canadian

Dollar

....

SSBT

Sell

30,937,600

22,194,515

1/14/26

—

(355,234)

Canadian

Dollar

....

TDOM

Sell

18,920,200

13,541,899

1/14/26

—

(248,626)

Canadian

Dollar

....

WPAC

Sell

17,695,100

12,666,590

1/14/26

—

(230,986)

British

Pound

......

BOFA

Sell

50,678,700

68,070,211

3/17/26

—

(229,862)

British

Pound

......

BZWS

Sell

12,241,400

16,442,099

3/17/26

—

(55,730)

British

Pound

......

CITI

Sell

16,934,400

22,745,465

3/17/26

—

(77,156)

British

Pound

......

GSCO

Buy

13,210,100

17,743,278

3/17/26

60,075

—

British

Pound

......

HSBK

Sell

12,889,300

17,311,812

3/17/26

—

(59,196)

British

Pound

......

MSCO

Buy

1,125,500

1,502,624

3/17/26

14,221

—

British

Pound

......

SSBT

Sell

92,337,100

123,277,046

3/17/26

—

(1,166,371)

British

Pound

......

TDOM

Buy

19,924,600

26,601,333

3/17/26

251,203

—

British

Pound

......

UBSW

Buy

806,900

1,088,832

3/17/26

—

(1,366)

British

Pound

......

UBSW

Sell

523,100

698,380

3/17/26

—

(6,606)

British

Pound

......

WPAC

Sell

11,146,100

14,881,292

3/17/26

—

(140,393)

Danish

Krone

......

BOFA

Sell

134,718,600

21,321,824

3/17/26

37,077

—

Danish

Krone

......

HSBK

Buy

4,139,400

654,461

3/17/26

—

(461)

Danish

Krone

......

HSBK

Sell

209,358,300

33,135,751

3/17/26

58,369

—

Danish

Krone

......

MSCO

Sell

51,912,200

8,202,624

3/17/26

801

—

Danish

Krone

......

SSBT

Sell

110,534,900

17,465,681

3/17/26

1,816

—

Euro

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

BOFA

Buy

12,439,900

14,692,028

3/17/26

—

(23,951)

Euro

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

BZWS

Sell

10,023,500

11,838,044

3/17/26

19,182

—

Euro

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

GSCO

Buy

1,058,100

1,251,033

3/17/26

—

(3,411)

Euro

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

GSCO

Sell

17,828,100

21,056,680

3/17/26

35,294

—

Euro

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

HSBK

Buy

6,615,800

7,813,227

3/17/26

—

(12,435)

Euro

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

JPHQ

Sell

35,905,900

42,403,127

3/17/26

65,929

—

Euro

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

MSCO

Sell

16,702,000

19,693,395

3/17/26

—

(189)

Euro

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

SSBT

Buy

8,614,700

10,081,893

3/17/26

75,832

—

Euro

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

SSBT

Sell

21,305,100

25,120,630

3/17/26

—

(540)

Euro

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

UBSW

Buy

3,883,400

4,547,539

3/17/26

31,437

—

Euro

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

UBSW

Sell

25,145,500

29,648,556

3/17/26

—

(888)

Euro

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

WPAC

Sell

44,982,300

53,039,125

3/17/26

—

(195)

Swiss

Franc

.......

SSBT

Sell

29,239,800

37,106,957

3/17/26

—

(87,391)

Swiss

Franc

.......

WPAC

Sell

12,412,400

15,751,277

3/17/26

—

(37,857)

Total

Forward

Exchange

Contracts

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

$651,236

$(3,665,852)

Net

unrealized

appreciation

(depreciation)

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

$(3,014,616)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Sustainable

Leaders

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

December

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Sustainable

#### Leaders

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$3,499,905,732

Cost

-

Non-controlled

affiliates

(Note

g)

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

69,394,218

Value

-

Unaffiliated

issuers

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

$6,552,703,370

Value

-

Non-controlled

affiliates

(Note

g)

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

69,394,218

Cash

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

1,524,732

Receivables:

Investment

securities

sold

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

651,619

Capital

shares

sold

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

509,378

Dividends

and

interest

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

3,327,422

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

651,236

Prepaid

expenses

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

1,267,646

Total

assets

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

6,630,029,621

Liabilities:

Payables:

Capital

shares

redeemed

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

3,627,094

Management

fees

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

2,571,792

Administrative

fees

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

20,840

Distribution

fees

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

1,295,067

Transfer

agent

fees

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

1,523,215

Trustees'

fees

and

expenses

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

1,497,678

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

3,665,852

Accrued

expenses

and

other

liabilities

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

440,535

Total

liabilities

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

14,642,073

Net

assets,

at

value

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

$6,615,387,548

Net

assets

consist

of:

Paid-in

capital

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

$3,389,569,440

Total

distributable

earnings

(losses)

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

3,225,818,108

Net

assets,

at

value

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

$6,615,387,548

Putnam

Sustainable

Leaders

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

December

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Leaders

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$5,908,240,533

Shares

outstanding

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

48,391,792

Net

asset

value

per

share

a

,b

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

$122.09

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$129.54

#### Class

#### C:
Net

assets,

at

value

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

$25,773,844

Shares

outstanding

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

321,791

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$80.09

#### Class

#### R:
Net

assets,

at

value

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

$1,795,762

Shares

outstanding

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

15,877

Net

asset

value

and

maximum

offering

price

per

share

b

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

$113.10

#### Class

#### R6:
Net

assets,

at

value

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

$43,714,482

Shares

outstanding

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

309,073

Net

asset

value

and

maximum

offering

price

per

share

b

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

$141.44

#### Class

#### Y:
Net

assets,

at

value

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

$635,862,927

Shares

outstanding

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

4,522,221

Net

asset

value

and

maximum

offering

price

per

share

b

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

$140.61

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Sustainable

Leaders

Fund

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

December

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Sustainable

#### Leaders

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$165,888)

Unaffiliated

issuers

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

$28,240,853

Non-controlled

affiliates

(Note

g)

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

1,739,489

Interest:

Unaffiliated

issuers

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

471,982

Total

investment

income

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

30,452,324

Expenses:

Management

fees

(Note

a)

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

14,277,970

Administrative

fees

(Note

b)

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

44,002

Distribution

fees:

(Note

3c)

Class

A

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

7,395,876

Class

C

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

134,292

Class

R

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

4,322

Transfer

agent

fees:

(Note

3e)

Class

A

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

3,541,741

Class

C

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

16,118

Class

R

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

1,032

Class

R6

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

11,202

Class

Y

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

366,601

Custodian

fees

(Note

4)

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

30,540

Reports

to

shareholders

fees

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

145,761

Registration

and

filing

fees

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

74,066

Professional

fees

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

296,719

Trustees'

fees

and

expenses

(Note

f)

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

114,158

Other

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

114,545

Total

expenses

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

26,568,945

Expense

reductions

(Note

4)

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

(128,739)

Net

expenses

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

26,440,206

Net

investment

income

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

4,012,118

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

364,314,828

Foreign

currency

transactions

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

40,824

Forward

exchange

contracts

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

(3,589,283)

Net

realized

gain

(loss)

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

360,766,369

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

246,613,633

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

(120,002)

Forward

exchange

contracts

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

13,870,141

Net

change

in

unrealized

appreciation

(depreciation)

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

260,363,772

Net

realized

and

unrealized

gain

(loss)

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

621,130,141

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$625,142,259

Putnam

Sustainable

Leaders

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Sustainable

#### Leaders

#### Fund

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### June

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$4,012,118

$16,639,250

Net

realized

gain

(loss)

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

360,766,369

828,581,693

Net

change

in

unrealized

appreciation

(depreciation)

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

260,363,772

(603,971,620)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

625,142,259

241,249,323

Distributions

to

shareholders:

Class

A

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

(602,278,537)

(507,320,619)

Class

C

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

(3,813,401)

(3,568,346)

Class

R

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

(193,439)

(138,384)

Class

R6

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

(3,886,300)

(8,021,747)

Class

Y

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

(57,242,862)

(37,250,064)

Total

distributions

to

shareholders

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

(667,414,539)

(556,299,160)

Capital

share

transactions:

(Note

2)

Class

A

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

267,691,565

(17,224,987)

Class

B

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

—

(4,880,660)

Class

C

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

(65,822)

(2,784,625)

Class

R

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

9,571

204,595

Class

R6

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

(1,260,421)

(55,648,427)

Class

Y

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

57,187,164

128,042,823

Total

capital

share

transactions

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

323,562,057

47,708,719

Net

increase

(decrease)

in

net

assets

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

281,289,777

(267,341,118)

Net

assets:

Beginning

of

period

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

6,334,097,771

6,601,438,889

End

of

period

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

$6,615,387,548

$6,334,097,771

Putnam

Sustainable

Leaders

Fund

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
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. The

Fund

offers five

classes

of

shares:

Class

A,

Class

C,

Class

R,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

September

5,

2024,

all

Class

B

shares

were

converted

to

Class

A. The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### 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

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 Trust'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

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

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

Putnam

Sustainable

Leaders

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

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

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

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

p.m.

Eastern

time.

At

December

31,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

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.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Sustainable

Leaders

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

December

31,

2025,

the

Fund

had

OTC

derivatives

in

a

net

liability

position

of

$3,131,728

and

the

aggregate

value

of

collateral

pledged

for

such

contracts

was

$2,893,261.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

or

at

the

broker and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

8 regarding

other

derivative

information.

d. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and if

applicable,

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

December

31,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Sustainable

Leaders

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

e. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Dividend

income

is recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the Fund.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

f. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

December

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

320,589

$40,495,068

606,922

$76,340,251

Shares

issued

in

reinvestment

of

distributions

..........

4,647,137

568,809,860

3,719,456

479,326,247

Shares

redeemed

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

(2,646,465)

(341,613,363)

(4,601,478)

(572,891,485)

Net

increase

(decrease)

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

2,321,261

$267,691,565

(275,100)

$(17,224,987)

#### Class

#### B

#### Shares:

#### \*
Shares

redeemed

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

—

—

(62,689)

(4,880,660)

Net

increase

(decrease)

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

—

$—

(62,689)

$(4,880,660)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Sustainable

Leaders

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or directors

of

the

following

subsidiaries:

#### Six

#### Months

#### Ended

#### December

#### 31,

#### 2025

#### Year

#### Ended

#### June

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Shares

sold

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

14,171

$1,262,042

37,848

$3,332,666

Shares

issued

in

reinvestment

of

distributions

..........

47,441

3,809,985

39,699

3,561,819

Shares

redeemed

a

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

(57,885)

(5,137,849)

(112,804)

(9,679,110)

Net

increase

(decrease)

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

3,727

$(65,822)

(35,257)

$(2,784,625)

#### Class

#### R

#### Shares:
Shares

sold

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

2,034

$247,007

4,683

$549,935

Shares

issued

in

reinvestment

of

distributions

..........

1,706

193,439

1,147

138,384

Shares

redeemed

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

(3,637)

(430,875)

(4,090)

(483,724)

Net

increase

(decrease)

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

$9,571

1,740

$204,595

#### Class

#### R6

#### Shares:
Shares

sold

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

34,673

$5,193,362

93,625

$13,324,141

Shares

issued

in

reinvestment

of

distributions

..........

26,809

3,801,032

54,318

7,969,522

Shares

redeemed

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

(68,711)

(10,254,815)

(538,325)

(76,942,090)

Net

increase

(decrease)

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

(7,229)

$(1,260,421)

(390,382)

$(55,648,427)

#### Class

#### Y

#### Shares:
Shares

sold

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

517,696

$77,453,716

1,615,479

$225,070,278

Shares

issued

in

reinvestment

of

distributions

..........

401,779

56,630,810

251,555

36,742,079

Shares

redeemed

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

(522,132)

(76,897,362)

(974,767)

(133,769,534)

Net

increase

(decrease)

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

397,343

$57,187,164

892,267

$128,042,823

\*

Effective

September

5,

2024,

the

Fund

has

terminated

its

Class

B

shares.

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Putnam

Investment

Management,

LLC

(Putnam

Management)

Investment

manager

Franklin

Advisers,

Inc.

(Advisers)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Investments

Limited

(PIL)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Retail

Management

Limited

Partnership

(Putnam

Retail

Management)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Sustainable

Leaders

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

a. #### Management

#### Fees
The

Fund

pays

Putnam

Management

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

In

addition,

the

monthly

management

fee

consists

of

the

monthly

base

fee

plus

or

minus

a

performance

adjustment

for

the

month.

The

performance

adjustment

is

determined

based

on

performance

over

the

thirty-six

month

period

then

ended.

Each

month,

the

performance

adjustment

is

calculated

by

multiplying

the

performance

adjustment

rate

and

the

Fund's

average

net

assets

over

the

performance

period

and

dividing

the

result

by

twelve.

The

resulting

dollar

amount

is

added

to,

or

subtracted

from

the

base

fee

for

that

month.

The

performance

adjustment

rate

is

equal

to

0.03 multiplied

by

the

difference

between

the

Fund's

annualized

performance

(measured

by

the

Fund's

class

A

shares)

and

the

annualized

performance

of

the

S&P

500

Index

each

measured

over

the

performance

period.

The

maximum

annualized

performance

adjustment

rate

is

+/-

0.12%.

The

monthly

base

fee

is

determined

based

on

the

Fund's

average

net

assets

for

the

month,

while

the

performance

adjustment

is

determined

based

on

the

Fund's

average

net

assets

over

the

thirty-six

month

performance

period.

This

means

it

is

possible

that,

if

the

Fund

underperforms

significantly

over

the

performance

period,

and

the

Fund's

assets

have

declined

significantly

over

that

period,

the

negative

performance

adjustment

may

exceed

the

base

fee.

In

this

event,

Putnam

Management

would

make

a

payment

to

the

Fund.

Because

the

performance

adjustment

is

based

on

the

Fund's

performance

relative

to

its

applicable

benchmark

index,

and

not

its

absolute

performance,

the

performance

adjustment

could

increase

Putnam

Management's

fee

even

if

the

Fund's

shares

lose

value

during

the

performance

period

provided

that

the

Fund

outperformed

its

benchmark

index,

and

could

decrease

Putnam

Management's

fee

even

if

the

Fund's

shares

increase

in

value

during

the

performance

period

provided

that

the

Fund

underperformed

its

benchmark

index.

For

the

reporting

period,

the

management

fee

represented

an

effective

rate

(excluding

the

impact

of

any

expense

waiver

in

effect)

of

0.433%

of

the

Fund's

average

net

assets,

which

included

an

effective

base

fee

of

0.530%

and

a

decrease

of

0.097%

($3,187,320)

based

on

performance.

Putnam

Management

retained

Advisers

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Advisers

provides

certain

advisory

and

related

services

to

the

Fund.

Putnam

Management

pays

a

monthly

fee

to

Advisers

based

on

the

costs

of

Advisers

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Putnam

Management

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.710%

of

the

first

$5

billion,

0.660%

of

the

next

$5

billion,

0.610%

of

the

next

$10

billion,

0.560%

of

the

next

$10

billion,

0.510%

of

the

next

$50

billion,

0.490%

of

the

next

$50

billion,

0.480%

of

the

next

$100

billion

and

0.475%

of

any

excess

thereafter.

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Sustainable

Leaders

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

b. #### Administrative

#### Fees
Effective

June

1,

2024,

under

an

agreement

with

Putnam

Management,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Putnam

Management

based

on

the

Fund's average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Putnam

Management

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors,

or

for

periods

prior

to

August

2,

2024,

Putnam

Retail

Management,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

and

to

Putnam

Retail

Management

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Putnam

Management,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

B,

Class

C,

Class R

and

Class

Y

shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

#### Maximum

#### %

#### Approved

#### %
Class

A

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

0.35%

0.25%

Class

C

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

1.00%

1.00%

Class

R

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

1.00%

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$65,967

CDSC

retained

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

$1,092

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Sustainable

Leaders

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. g. #### 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.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

December

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Putnam

Management has

contractually

agreed,

through

October

30,

2026,

to

waive

fees

and/or

reimburse

the

Fund's

expenses

to

the

extent

necessary

to

limit

the

cumulative

expenses

of

the

Fund,

exclusive

of

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

Fund's

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

on

a

fiscal

year-to-date

basis

to

an

annual

rate

of

0.20%

of

the

Fund's

average

net

assets

over

such

fiscal

year-to-date

period.

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into arrangements

with PSERV

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

fees.

During

the

period

ended

December

31,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Sustainable

#### Leaders

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Putnam

Short

Term

Investment

Fund,

Class

P,

3.967%

......

$165,159,563

$375,225,856

$(470,991,201)

$—

$—

$69,394,218

69,394,218

$1,739,489

#### Total

#### Affiliated

#### Securities

#### ...
$165,159,563

$375,225,856

$(470,991,201)

$—

$—

$69,394,218

$1,739,489

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Trustee

#### Fees
(continued)

Putnam

Sustainable

Leaders

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

5. #### Income

#### Taxes
For

tax

purposes,

the

Fund

may

elect

to

defer

any

portion

of

a

post-October

capital

loss

or

late-year

ordinary

loss

to

the

first

day

of

the

following

fiscal

year.

At

June

30,

2025,

the

Fund

deferred

late-year

ordinary

losses

of

$26,171,050.

At

December

31,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

foreign

currency

transactions

and

wash

sales.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

December

31,

2025,

aggregated

$1,324,598,798 and

$1,537,928,318,

respectively.

7. #### Concentration

#### of

#### Risk
Investing

with

a

focus

on

companies

that

exhibit

a

commitment

to

sustainable

business

practices

may

result

in

the

Fund

investing

in

certain

types

of

companies,

industries

or

sectors

that

the

market

may

not

favor.

In

evaluating

an

investment

opportunity, Putnam

Management

may

make

investment

decisions

based

on

information

and

data

that

is

incomplete

or

inaccurate.

Due

to

changes

in

the

products

or

services

of

the

companies

and

issuers

in

which

the

Fund

invests,

the

Fund

may

temporarily

hold

securities

that

are

inconsistent

with

its

sustainable

investment

criteria.

8. #### Other

#### Derivative

#### Information
At

December

31,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

Cost

of

investments

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

$3,567,660,471

Unrealized

appreciation

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

$3,159,405,162

Unrealized

depreciation

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

(107,982,661)

Net

unrealized

appreciation

(depreciation)

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

$3,051,422,501

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Sustainable

#### Leaders

#### Fund
Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

$

651,236

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

3,665,852

Total

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

$651,236

$3,665,852

Putnam

Sustainable

Leaders

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

the

period

ended

December

31,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

period

ended

December

31,

2025,

the

average

month

end contract

value

of

forward

exchange

contracts

was

$795,108,906.

See

Note

1(c) regarding

derivative

financial

instruments.

9. #### Credit

#### Facility
Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers)

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matured

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Effective

January

30,

2026,

the

Borrowers

renewed

the

Global

Credit

Facility

for

a

one-year

term,

maturing

January

29,

2027,

for

a

total

of

$2.995

billion.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

Prior

to

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Fund

based

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

credit

was

paid

by

the

participating

funds

and

a

$75,000

fee

was

paid

by

the

participating

funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

no

borrowings

against

these

arrangements.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### Sustainable

#### Leaders

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Forward

exchange

contracts

$(3,589,283)

Forward

exchange

contracts

$13,870,141

Total

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

$(3,589,283)

$13,870,141

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Sustainable

Leaders

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

10. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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

December

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:

a

Common

Stocks

:

Automobiles

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

$

128,682,881

$

—

$

—

$

128,682,881

Banks

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

285,031,983

—

—

285,031,983

Beverages

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

70,448,847

—

—

70,448,847

Biotechnology

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

178,633,493

—

—

178,633,493

Broadline

Retail

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

383,239,679

—

—

383,239,679

Building

Products

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

92,699,038

—

—

92,699,038

Capital

Markets

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

183,557,043

—

—

183,557,043

Chemicals

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

82,361,492

76,069,330

—

158,430,822

Commercial

Services

&

Supplies

...........

66,185,739

—

—

66,185,739

Construction

Materials

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

49,732,800

—

—

49,732,800

Consumer

Finance

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

111,243,240

—

—

111,243,240

Consumer

Staples

Distribution

&

Retail

......

184,336,027

—

—

184,336,027

Electric

Utilities

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

183,808,029

—

—

183,808,029

Entertainment

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

132,396,454

—

—

132,396,454

Financial

Services

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

124,406,170

—

—

124,406,170

Food

Products

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

—

56,493,406

—

56,493,406

Ground

Transportation

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

62,608,226

—

—

62,608,226

Health

Care

Equipment

&

Supplies

.........

133,446,659

—

—

133,446,659

Hotels,

Restaurants

&

Leisure

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

87,006,876

—

—

87,006,876

Household

Durables

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

63,603,648

—

—

63,603,648

Industrial

REITs

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

54,115,074

—

—

54,115,074

Insurance

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

52,459,141

—

—

52,459,141

Interactive

Media

&

Services

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

405,115,900

—

—

405,115,900

IT

Services

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

59,106,490

—

—

59,106,490

Life

Sciences

Tools

&

Services

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

182,821,760

—

—

182,821,760

Machinery

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

241,430,167

—

—

241,430,167

Office

REITs

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

42,728,336

—

—

42,728,336

Personal

Care

Products

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

—

88,644,201

—

88,644,201

Pharmaceuticals

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

221,319,599

127,473,142

—

348,792,741

Real

Estate

Management

&

Development

....

35,491,946

—

—

35,491,946

Semiconductors

&

Semiconductor

Equipment

.

860,420,121

—

—

860,420,121

Software

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

755,034,237

—

—

755,034,237

Specialty

Retail

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

93,553,908

—

—

93,553,908

Technology

Hardware,

Storage

&

Peripherals

.

534,565,930

—

—

534,565,930

Putnam

Sustainable

Leaders

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

11. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

A

management

group

of

the

Fund's

Investment

manager serves

as

the

Chief

Operating

Decision

Maker

("CODM")

and

is

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

12. #### Subsequent

#### Events
The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Sustainable

#### Leaders

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Textiles,

Apparel

&

Luxury

Goods

..........

$

58,179,016

$

—

$

—

$

58,179,016

Short

Term

Investments

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

69,394,218

4,253,342

—

73,647,560

Total

Investments

in

Securities

...........

$6,269,164,167

$352,933,421

b

$—

$6,622,097,588

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$651,236

$—

$651,236

Total

Other

Financial

Instruments

.........

$—

$651,236

$—

$651,236

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$

—

$

3,665,852

$

—

$

3,665,852

Total

Other

Financial

Instruments

.........

$—

$3,665,852

$—

$3,665,852

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$348,680,079,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Sustainable

Leaders

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Abbreviations

#### 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

#### REIT
Real

Estate

Investment

Trust

Putnam

Sustainable

Leaders

Fund

franklintempleton.com

Annual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

39051-SFSOI

02/26©

2026

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer
 have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that
 includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule
 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new
 third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin
 Templeton's oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pslf-efp22350_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pslf-efp22350_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Putnam Sustainable Leaders Fund** 

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | February 26, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | February 26, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | February 26, 2026 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Sustainable Leaders Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | February 26, 2026 |
| /s/ Jonathan S. Horwitz | /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz | Jonathan S. Horwitz |
| Principal Executive Officer | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Sustainable Leaders Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | February 26, 2026 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Principal Financial Officer | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Sustainable Leaders Fund** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **December 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Sustainable Leaders Fund | Putnam Sustainable Leaders Fund |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: February 26, 2026 | Date: February 26, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.