| Putnam Focused International Equity Fund | ||||||
| The fund's portfolio | ||||||
| 7/31/22 (Unaudited) | ||||||
| COMMON STOCKS (99.3%)(a) | ||||||
| Shares | Value | |||||
| Airlines (4.0%) | ||||||
| Ryanair Holdings PLC ADR (Ireland)(NON) | 432,954 | $31,605,642 | ||||
| 31,605,642 | ||||||
| Automobiles (1.1%) | ||||||
| Bayerische Motoren Werke AG (Germany) | 103,090 | 8,381,570 | ||||
| 8,381,570 | ||||||
| Banks (5.4%) | ||||||
| Hana Financial Group, Inc. (South Korea) | 611,474 | 17,478,641 | ||||
| HDFC Bank, Ltd. (India) | 1,403,242 | 25,628,245 | ||||
| 43,106,886 | ||||||
| Capital markets (5.6%) | ||||||
| BGP Holdings PLC (Malta) | 82,319 | — | ||||
| CI Financial Corp. (Canada) | 2,564,357 | 29,557,541 | ||||
| London Stock Exchange Group PLC (United Kingdom) | 154,924 | 15,119,373 | ||||
| 44,676,914 | ||||||
| Diversified telecommunication services (3.4%) | ||||||
| Liberty Global PLC Class C (United Kingdom)(NON) | 1,188,365 | 27,201,675 | ||||
| 27,201,675 | ||||||
| Entertainment (3.1%) | ||||||
| Universal Music Group NV (Netherlands) | 1,095,290 | 24,878,905 | ||||
| 24,878,905 | ||||||
| Health-care technology (2.4%) | ||||||
| CompuGroup Medical SE & Co. KgaA (Germany) | 436,478 | 18,861,353 | ||||
| 18,861,353 | ||||||
| Household durables (7.5%) | ||||||
| Berkeley Group Holdings PLC (The) (United Kingdom) | 602,836 | 31,191,887 | ||||
| Sony Group Corp. (Japan) | 318,500 | 27,263,555 | ||||
| 58,455,442 | ||||||
| Insurance (2.1%) | ||||||
| Admiral Group PLC (United Kingdom) | 724,780 | 16,946,159 | ||||
| 16,946,159 | ||||||
| Interactive media and services (3.9%) | ||||||
| Alphabet, Inc. Class C(NON) | 267,040 | 31,147,546 | ||||
| 31,147,546 | ||||||
| Internet and direct marketing retail (10.1%) | ||||||
| Alibaba Group Holding, Ltd. (China)(NON) | 2,362,400 | 26,690,677 | ||||
| JD.com, Inc. Class A (China) | 558,550 | 16,632,059 | ||||
| Prosus NV (China) | 547,115 | 35,936,398 | ||||
| 79,259,134 | ||||||
| IT Services (2.9%) | ||||||
| Capgemini SE (France) | 120,452 | 22,985,973 | ||||
| 22,985,973 | ||||||
| Life sciences tools and services (2.8%) | ||||||
| ICON PLC (Ireland)(NON) | 92,085 | 22,215,506 | ||||
| 22,215,506 | ||||||
| Machinery (1.6%) | ||||||
| Minebea Mitsumi, Inc. (Japan) | 702,800 | 12,661,922 | ||||
| 12,661,922 | ||||||
| Media (2.7%) | ||||||
| Cogeco Communications, Inc. (Canada) | 334,944 | 21,680,925 | ||||
| 21,680,925 | ||||||
| Oil, gas, and consumable fuels (3.7%) | ||||||
| Canadian Natural Resources, Ltd. (Canada) | 524,073 | 28,938,504 | ||||
| 28,938,504 | ||||||
| Personal products (3.5%) | ||||||
| Unilever PLC (United Kingdom) | 565,910 | 27,565,038 | ||||
| 27,565,038 | ||||||
| Pharmaceuticals (8.1%) | ||||||
| AstraZeneca PLC (United Kingdom) | 262,180 | 34,463,549 | ||||
| Bayer AG (Germany) | 510,245 | 29,735,453 | ||||
| 64,199,002 | ||||||
| Professional services (3.1%) | ||||||
| Thomson Reuters Corp. (Canada) | 219,327 | 24,627,722 | ||||
| 24,627,722 | ||||||
| Semiconductors and semiconductor equipment (8.8%) | ||||||
| Japan Material Co., Ltd. (Japan) | 832,600 | 12,282,996 | ||||
| SK Square Co., Ltd. (South Korea)(NON) | 458,567 | 15,202,699 | ||||
| Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 2,449,000 | 41,940,290 | ||||
| 69,425,985 | ||||||
| Software (4.8%) | ||||||
| Constellation Software, Inc. (Canada) | 22,416 | 38,132,145 | ||||
| 38,132,145 | ||||||
| Technology hardware, storage, and peripherals (2.3%) | ||||||
| Samsung Electronics Co., Ltd. (South Korea) | 383,479 | 18,186,107 | ||||
| 18,186,107 | ||||||
| Thrifts and mortgage finance (1.8%) | ||||||
| Home Capital Group, Inc. (Canada) | 712,760 | 14,549,644 | ||||
| 14,549,644 | ||||||
| Trading companies and distributors (3.0%) | ||||||
| ITOCHU Corp. (Japan) | 816,100 | 23,820,371 | ||||
| 23,820,371 | ||||||
| Wireless telecommunication services (1.6%) | ||||||
| SK Telecom Co., Ltd. (South Korea) | 312,463 | 12,921,564 | ||||
| 12,921,564 | ||||||
| Total common stocks (cost $903,822,736) | $786,431,634 | |||||
| SHORT-TERM INVESTMENTS (0.7%)(a) | ||||||
| Principal
amount/ shares |
Value | |||||
| Putnam Short Term Investment Fund Class P 1.93%(AFF) | Shares | 5,420,484 | $5,420,484 | |||
| U.S. Treasury Bills 2.114%, 9/6/22(SEG) | $200,000 | 199,582 | ||||
| Total short-term investments (cost $5,620,068) | $5,620,066 | |||||
| TOTAL INVESTMENTS | ||||||
| Total investments (cost $909,442,804) | $792,051,700 | |||||
| FUTURES CONTRACTS OUTSTANDING at 7/31/22 (Unaudited) | ||||||
| Number of contracts | Notional amount |
Value | Expiration date | Unrealized appreciation |
||
| MSCI EAFE Index (Long) | 10 | $968,630 | $976,050 | Sep-22 | $65,912 | |
| Unrealized appreciation | 65,912 | |||||
| Unrealized (depreciation) | — | |||||
| Total | $65,912 | |||||
| Key to holding's abbreviations | ||||||
| ADR | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. | |||||
| Notes to the fund's portfolio | ||||||
| Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2021 through July 31, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter. | ||||||
| (a) | Percentages indicated are based on net assets of $791,994,394. | |||||
| (NON) | This security is non-income-producing. | |||||
| (AFF) | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | |||||
| Name of affiliate | Fair
value as of 10/31/21 |
Purchase cost |
Sale proceeds |
Investment income |
Shares
outstanding and fair value as of 7/31/22 |
|
| Short-term investments | ||||||
| Putnam Short Term Investment Fund* | $12,617,014 | $154,645,782 | $161,842,312 | $27,248 | $5,420,484 | |
| Total Short-term investments | $12,617,014 | $154,645,782 | $161,842,312 | $27,248 | $5,420,484 | |
| * Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | ||||||
| (SEG) | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $166,616. | |||||
| Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | ||||||
| The dates shown on debt obligations are the original maturity dates. | ||||||
| DIVERSIFICATION BY COUNTRY | ||||||
| Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value): | ||||||
| Canada | 19.9% | |||||
| United Kingdom | 19.3 | |||||
| China | 10.0 | |||||
| Japan | 9.6 | |||||
| South Korea | 8.1 | |||||
| Germany | 7.2 | |||||
| Ireland | 6.8 | |||||
| Taiwan | 5.3 | |||||
| United States | 4.6 | |||||
| India | 3.2 | |||||
| Netherlands | 3.1 | |||||
| France | 2.9 | |||||
| Total | 100.0% | |||||
| Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | ||||||
| Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security. | ||||||
| Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | ||||||
| Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. | ||||||
| Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | ||||||
| To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | ||||||
| To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | ||||||
| Futures contracts: The fund used futures contracts to equitize cash. | ||||||
| The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. | ||||||
| Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin”. | ||||||
| For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes. | ||||||
| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ||||
| Level 1: Valuations based on quoted prices for identical securities in active markets. | ||||
| Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | ||||
| Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement. | ||||
| The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | ||||
| Valuation inputs | ||||
| Investments in securities: | Level 1 | Level 2 | Level 3 | |
| Common stocks*: | ||||
| Communication services | $80,030,146 | $37,800,469 | $— | |
| Consumer discretionary | — | 146,096,146 | — | |
| Consumer staples | — | 27,565,038 | — | |
| Energy | 28,938,504 | — | — | |
| Financials | 44,107,185 | 75,172,418 | — | |
| Health care | 22,215,506 | 83,060,355 | — | |
| Industrials | 56,233,364 | 36,482,293 | — | |
| Information technology | 38,132,145 | 110,598,065 | — | |
| Total common stocks | 269,656,850 | 516,774,784 | — | |
| Short-term investments | — | 5,620,066 | — | |
| Totals by level | $269,656,850 | $522,394,850 | $— | |
| Valuation inputs | ||||
| Other financial instruments: | Level 1 | Level 2 | Level 3 | |
| Futures contracts | $65,912 | $— | $— | |
| Totals by level | $65,912 | $— | $— | |
| * Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | ||||
| At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio. | ||||
| The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period: | ||||
| Futures contracts (number of contracts) | 20 | |||
| For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com | ||||