Putnam Focused International Equity Fund

The fund's portfolio

7/31/23 (Unaudited)

COMMON STOCKS (93.9%)(a)
	Shares	Value
Banks (5.9%)
Hana Financial Group, Inc. (South Korea)	611,474	$18,864,971
HDFC Bank, Ltd. (India)(NON)	1,403,242	28,187,524
		47,052,495
Broadline retail (6.9%)
Alibaba Group Holding, Ltd. (China)(NON)	2,167,900	27,613,293
Prosus NV (China)	354,248	28,055,383
		55,668,676
Capital markets (2.1%)
London Stock Exchange Group PLC (United Kingdom)	154,924	16,824,286
		16,824,286
Diversified telecommunication services (2.8%)
Liberty Global PLC Class A (United Kingdom)(NON)	1,221,569	22,684,536
		22,684,536
Entertainment (3.5%)
Universal Music Group NV (Netherlands)	1,098,987	28,190,494
		28,190,494
Health care technology (4.3%)
CompuGroup Medical SE & Co. KGaA (Germany)	674,925	34,254,427
		34,254,427
Household durables (7.9%)
Berkeley Group Holdings PLC (The) (United Kingdom)	602,836	33,622,796
Sony Group Corp. (Japan)	318,500	29,806,222
		63,429,018
Industrial conglomerates (3.5%)
SK Square Co., Ltd. (South Korea)(NON)	814,660	28,403,006
		28,403,006
Insurance (3.3%)
Admiral Group PLC (United Kingdom)	963,866	26,335,238
		26,335,238
Interactive media and services (3.9%)
Alphabet, Inc. Class C(NON)	233,975	31,144,412
		31,144,412
IT Services (1.9%)
Tata Consultancy Services, Ltd. (India)	369,190	15,363,147
		15,363,147
Machinery (1.6%)
MinebeaMitsumi, Inc. (Japan)	702,800	13,013,913
		13,013,913
Media (3.0%)
Cogeco Communications, Inc. (Canada)	480,169	24,327,980
		24,327,980
Oil, gas, and consumable fuels (4.3%)
Canadian Natural Resources, Ltd. (Canada)	317,983	19,337,244
International Petroleum Corp. (Canada)(NON)	1,645,962	15,508,294
		34,845,538
Passenger airlines (5.1%)
Ryanair Holdings PLC ADR (Ireland)(NON)	400,593	41,072,800
		41,072,800
Personal care products (3.8%)
Unilever PLC (United Kingdom)	570,925	30,707,301
		30,707,301
Pharmaceuticals (7.7%)
AstraZeneca PLC (United Kingdom)	133,710	19,194,802
Bayer AG (Germany)	403,410	23,570,218
Sanofi (France)	180,887	19,309,776
		62,074,796
Semiconductors and semiconductor equipment (8.2%)
Japan Material Co., Ltd. (Japan)	832,600	14,752,801
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)	2,797,000	50,371,184
		65,123,985
Software (5.6%)
Constellation Software, Inc. (Canada)	20,759	43,858,297
Lumine Group, Inc. (Canada)(NON)	62,284	988,590
		44,846,887
Technology hardware, storage, and peripherals (3.5%)
Samsung Electronics Co., Ltd. (South Korea)	508,076	27,848,350
		27,848,350
Trading companies and distributors (4.1%)
ITOCHU Corp. (Japan)	816,100	33,048,968
		33,048,968
Transportation infrastructure (1.0%)
Anhui Expressway Co., Ltd. Class H (China)	8,006,000	8,070,586
		8,070,586
Total common stocks (cost $720,746,719)		$754,330,839

SHORT-TERM INVESTMENTS (6.0%)(a)
	Shares	Value
Putnam Short Term Investment Fund Class P 5.39%(AFF)	48,434,462	$48,434,462
Total short-term investments (cost $48,434,462)		$48,434,462
TOTAL INVESTMENTS
Total investments (cost $769,181,181)		$802,765,301

	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, 2022 through July 31, 2023 (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 $803,439,831.
(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 10/31/22	Purchase cost	Sale proceeds	Investment income	Shares outstanding and fair value as of 7/31/23
	Short-term investments
	Putnam Cash Collateral Pool, LLC*#	$4,730,400	$16,877,412	$21,607,812	$29,328	$—
	Putnam Short Term Investment Fund**	25,844,513	116,852,897	94,262,948	1,389,009	48,434,462
	Total Short-term investments	$30,574,913	$133,730,309	$115,870,760	$1,418,337	$48,434,462
	* The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund’s agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC and there were no realized or unrealized gains or losses during the period.
	# At the close of the reporting period, the fund did not have any securities on loan.
	** 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.
	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):
	United Kingdom	18.6%
	Canada	13.0
	Japan	11.3
	United States	9.9
	South Korea	9.4
	China	7.9
	Germany	7.2
	Taiwan	6.3
	India	5.4
	Ireland	5.1
	Netherlands	3.5
	France	2.4
	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.
	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. Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees, and are classified as Level 2 securities.
	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, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, 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.

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	$106,347,422	$—	$—
Consumer discretionary	61,678,179	57,419,515	—
Consumer staples	30,707,301	—	—
Energy	34,845,538	—	—
Financials	43,159,524	47,052,495	—
Health care	96,329,223	—	—
Industrials	41,072,800	82,536,473	—
Information technology	44,846,887	108,335,482	—
Total common stocks	458,986,874	295,343,965	—
Short-term investments	—	48,434,462	—
Totals by level	$458,986,874	$343,778,427	$—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
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