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FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
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Schedule
of
Investments
(unaudited)
Putnam
Focused
International
Equity
Fund
2
Notes
to
Schedule
of
Investments
5
Putnam
Focused
International
Equity
Fund
Schedule
of
Investments
(unaudited),
July
31,
2026
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.8%
Banks
6.4%
AIB
Group
plc
......................................
Ireland
3,241,355
$
38,551,483
National
Bank
of
Greece
SA
...........................
Greece
1,501,196
28,088,963
66,640,446
Broadline
Retail
3.3%
Alibaba
Group
Holding
Ltd.
............................
China
1,537,600
23,422,881
Prosus
NV
........................................
China
233,224
10,838,574
34,261,455
Capital
Markets
5.4%
Bolsa
Mexicana
de
Valores
SAB
de
CV
...................
Mexico
11,763,820
26,143,332
London
Stock
Exchange
Group
plc
......................
United
Kingdom
265,900
29,911,759
56,055,091
Diversified
Telecommunication
Services
3.1%
Cogeco
Communications,
Inc.
..........................
Canada
403,860
17,026,163
a
Liberty
Global
Ltd.,
A
.................................
Belgium
1,338,543
14,201,941
31,228,104
Entertainment
5.3%
CTS
Eventim
AG
&
Co.
KGaA
..........................
Germany
527,855
35,614,812
Universal
Music
Group
NV
............................
Netherlands
1,098,987
18,132,803
53,747,615
Financial
Services
3.6%
Edenred
SE
.......................................
France
1,123,233
36,982,212
Food
Products
1.1%
Otoki
Corp.
........................................
South
Korea
51,800
11,745,518
Health
Care
Equipment
&
Supplies
2.6%
Sonova
Holding
AG
..................................
Switzerland
98,828
26,926,072
Health
Care
Technology
1.8%
M3,
Inc.
..........................................
Japan
1,677,600
18,794,453
Hotels,
Restaurants
&
Leisure
1.8%
b
FDJ
United
........................................
France
724,882
18,340,953
Household
Durables
2.2%
a
Berkeley
Group
Holdings
plc
...........................
United
Kingdom
476,900
22,525,277
Industrial
Conglomerates
2.7%
SK
Square
Co.
Ltd.
..................................
South
Korea
39,769
27,345,705
Insurance
2.1%
Admiral
Group
plc
...................................
United
Kingdom
428,188
21,705,915
Interactive
Media
&
Services
5.4%
Alphabet,
Inc.,
C
....................................
United
States
56,452
20,133,606
Rightmove
plc
......................................
United
Kingdom
5,554,253
34,822,566
54,956,172
Oil,
Gas
&
Consumable
Fuels
5.6%
Canadian
Natural
Resources
Ltd.
.......................
Canada
849,995
40,491,255
a
International
Petroleum
Corp.
..........................
Canada
769,573
17,569,579
58,060,834
Putnam
Focused
International
Equity
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Passenger
Airlines
4.9%
Ryanair
Holdings
plc
.................................
Italy
1,809,282
$
50,734,981
Personal
Care
Products
1.3%
Unilever
plc
........................................
United
Kingdom
206,333
13,128,471
Pharmaceuticals
5.4%
AstraZeneca
plc
....................................
United
Kingdom
103,545
17,614,073
Bayer
AG
.........................................
Germany
693,313
38,475,948
56,090,021
Semiconductors
&
Semiconductor
Equipment
19.8%
ASML
Holding
NV
...................................
Netherlands
31,325
51,621,892
Japan
Material
Co.
Ltd.
...............................
Japan
2,094,700
28,806,820
SK
Hynix,
Inc.
......................................
South
Korea
21,992
24,975,340
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
1,118,000
82,693,179
Tokyo
Electron
Ltd.
..................................
Japan
49,900
16,683,431
204,780,662
Software
6.6%
Constellation
Software,
Inc.
............................
Canada
19,860
42,543,340
Rakus
Co.
Ltd.
.....................................
Japan
3,741,900
25,271,154
67,814,494
Trading
Companies
&
Distributors
5.4%
ITOCHU
Corp.
.....................................
Japan
2,342,400
29,396,211
MonotaRO
Co.
Ltd.
..................................
Japan
2,104,700
26,559,632
55,955,843
Total
Common
Stocks
(Cost
$763,536,544)
...................................
987,820,294
Preferred
Stocks
2.9%
Technology
Hardware,
Storage
&
Peripherals
2.9%
c
Samsung
Electronics
Co.
Ltd.,
0.94%
....................
South
Korea
239,527
30,100,155
Total
Preferred
Stocks
(Cost
$15,678,927)
....................................
30,100,155
Total
Long
Term
Investments
(Cost
$779,215,471)
.............................
1,017,920,449
a
Short
Term
Investments
2.8%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
1.3%
d,e
Putnam
Short
Term
Investment
Fund,
Class
P,
3.819%
.......
United
States
14,061,043
14,061,043
Total
Management
Investment
Companies
(Cost
$14,061,043)
..................
14,061,043
Putnam
Focused
International
Equity
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
At
July
31,
2026,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.5%
Money
Market
Funds
1.5%
d,e
Putnam
Cash
Collateral
Pool,
LLC,
3.866%
................
United
States
15,196,000
$
15,196,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$15,196,000)
.........................................................
15,196,000
Total
Short
Term
Investments
(Cost
$29,257,043
)
..............................
29,257,043
a
Total
Investments
(Cost
$808,472,514)
101.5%
................................
$1,047,177,492
Other
Assets,
less
Liabilities
(1.5)%
.........................................
(15,868,457)
Net
Assets
100.0%
.........................................................
$1,031,309,035
a
a
a
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
July
31,
2026.
c
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
d
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
Centrally
Cleared
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
iTraxx
Asia
ex-
Japan
IG
45
.
(1.00)%
Quarterly
6/20/31
181,000,000
$
(2,565,771)
$
(780,402)
$
(1,785,369)
Total
Credit
Default
Swap
Contracts
........................................
$(2,565,771)
$(780,402)
$(1,785,369)
a
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
b
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
c
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
Putnam
Focused
International
Equity
Fund
5
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Putnam
Focused
International
Equity
Fund (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
and
derivative
financial instruments listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The Fund’s
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The Fund’s
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Putnam
Focused
International
Equity
Fund
Notes
to
Schedule
of
Investments
(unaudited)
6
Quarterly
Schedule
of
Investments
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the Fund.
As
a
result,
differences
may
arise
between
the
value
of
the Fund’s
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences, an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At July
31,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
July
31,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. Fair
Value
Measurements
The Fund
follows a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Focused
International
Equity
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund
,
Class
P
,
3.819
%
......
$10,483,181
$164,233,542
$(160,655,680)
$—
$—
$14,061,043
14,061,043
$521,450
Non-Controlled
Affiliates
Income
from
securities
loaned
Putnam
Cash
Collateral
Pool,
LLC
,
3.866
%
.............
$—
$18,683,598
$(3,487,598)
$—
$—
$15,196,000
15,196,000
$38,438
Total
Affiliated
Securities
...
$10,483,181
$182,917,140
$(164,143,278)
$—
$—
$29,257,043
$559,888
2. Financial
Instrument
Valuation
(continued)
Putnam
Focused
International
Equity
Fund
Notes
to
Schedule
of
Investments
(unaudited)
7
Quarterly
Schedule
of
Investments
• Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
July
31,
2026,
in
valuing
the Fund's
assets
and
liabilities carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Putnam
Focused
International
Equity
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Banks
...............................
$
—
$
66,640,446
$
—
$
66,640,446
Broadline
Retail
.......................
—
34,261,455
—
34,261,455
Capital
Markets
........................
26,143,332
29,911,759
—
56,055,091
Diversified
Telecommunication
Services
.....
31,228,104
—
—
31,228,104
Entertainment
.........................
—
53,747,615
—
53,747,615
Financial
Services
......................
—
36,982,212
—
36,982,212
Food
Products
........................
—
11,745,518
—
11,745,518
Health
Care
Equipment
&
Supplies
.........
—
26,926,072
—
26,926,072
Health
Care
Technology
.................
—
18,794,453
—
18,794,453
Hotels,
Restaurants
&
Leisure
.............
—
18,340,953
—
18,340,953
Household
Durables
....................
—
22,525,277
—
22,525,277
Industrial
Conglomerates
................
—
27,345,705
—
27,345,705
Insurance
............................
—
21,705,915
—
21,705,915
Interactive
Media
&
Services
..............
20,133,606
34,822,566
—
54,956,172
Oil,
Gas
&
Consumable
Fuels
.............
40,491,255
17,569,579
—
58,060,834
Passenger
Airlines
.....................
—
50,734,981
—
50,734,981
Personal
Care
Products
.................
—
13,128,471
—
13,128,471
Pharmaceuticals
.......................
—
56,090,021
—
56,090,021
Semiconductors
&
Semiconductor
Equipment
.
—
204,780,662
—
204,780,662
Software
.............................
42,543,340
25,271,154
—
67,814,494
Trading
Companies
&
Distributors
..........
—
55,955,843
—
55,955,843
Preferred
Stocks
.........................
—
30,100,155
—
30,100,155
Short
Term
Investments
...................
14,061,043
15,196,000
—
29,257,043
Total
Investments
in
Securities
...........
$174,600,680
$872,576,812
b
$—
$1,047,177,492
–
–
–
–
Liabilities:
Other
Financial
Instruments:
Swap
Contracts
.........................
$
—
$
1,785,369
$
—
$
1,785,369
Total
Other
Financial
Instruments
.........
$—
$1,785,369
$—
$1,785,369
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$857,380,812,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.