ThZeal - The Zeal

Putnam

Focused

International

Equity

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$15.27

$12.80

$11.25

$21.39

$16.77

$16.51

Income

from

investment

operations

Net

investment

income

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

0.06

0.21

0.13

0.36

0.06

Net

realized

and

unrealized

gains

(losses)

1.47

2.41

1.77

(5.16)

4.69

0.21

Total

from

investment

operations

........

1.53

2.62

1.90

(4.80)

4.75

0.27

Less

distributions

from:

Net

investment

income

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

(0.55)

(0.15)

(0.35)

(0.03)

(0.13)

(0.01)

Net

realized

gains

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

—

(5.31)

—

Total

distributions

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

(0.55)

(0.15)

(0.35)

(5.34)

(0.13)

(0.01)

Net

asset

value,

end

period

..........

$16.25

$15.27

$12.80

$11.25

$21.39

$16.77

Total

return

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

10.31%

20.51%

16.95%

(29.16)%

28.41%

1.62%

Ratios

average

net

assets

Expenses

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

1.15%

1.17%

1.16%

1.11%

1.10%

1.13%

Net

investment

income

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

0.82%

1.37%

0.96%

2.50%

0.31%

0.39%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$716,051

$688,440

$633,627

$594,911

$944,938

$799,870

Portfolio

turnover

rate

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

12%

31%

17%

32%

125%

62%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.24

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

1.64%.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Includes

one-time

proxy

cost

0.01%.

Putnam

Focused

International

Equity

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$13.53

$11.32

$9.96

$19.69

$15.45

$15.32

Income

from

investment

operations

Net

investment

income

(loss)

........

—

0.07

0.02

0.24

(0.09)

(0.05)

Net

realized

and

unrealized

gains

(losses)

1.30

2.15

1.59

(4.63)

4.33

0.18

Total

from

investment

operations

........

1.30

2.22

1.61

(4.39)

4.24

0.13

Less

distributions

from:

Net

investment

income

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

(0.42)

(0.01)

(0.25)

(0.03)

—

Net

realized

gains

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

—

(5.31)

—

Total

distributions

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

(0.42)

(0.01)

(0.25)

(5.34)

—

Net

asset

value,

end

period

..........

$14.41

$13.53

$11.32

$9.96

$19.69

$15.45

Total

return

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

9.86%

19.59%

16.18%

(29.74)%

27.44%

0.85%

Ratios

average

net

assets

Expenses

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

1.90%

1.92%

1.91%

1.86%

1.85%

1.88%

Net

investment

income

(loss)

..........

0.07%

0.54%

0.21%

1.84%

(0.46)%

(0.36)%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$4,533

$4,917

$7,436

$9,277

$17,165

$18,122

Portfolio

turnover

rate

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

12%

31%

17%

32%

125%

62%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Amount

rounds

less

than

$0.01

per

share.

Net

investment

income

per

includes

approximately

$0.23

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

1.76%.

Total

return

does

not

reflect

sales

commissions

contingent

deferred

sales

charges,

applicable,

and

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Includes

one-time

proxy

cost

0.01%.

Putnam

Focused

International

Equity

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$15.04

$12.63

$11.08

$21.21

$16.55

$16.33

Income

from

investment

operations

Net

investment

income

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

0.04

0.18

0.09

0.32

0.01

0.03

Net

realized

and

unrealized

gains

(losses)

1.44

2.35

1.76

(5.11)

4.65

0.19

Total

from

investment

operations

........

1.48

2.53

1.85

(4.79)

4.66

0.22

Less

distributions

from:

Net

investment

income

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

(0.51)

(0.12)

(0.30)

(0.03)

—

Net

realized

gains

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

—

(5.31)

—

Total

distributions

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

(0.51)

(0.12)

(0.30)

(5.34)

—

Net

asset

value,

end

period

..........

$16.01

$15.04

$12.63

$11.08

$21.21

$16.55

Total

return

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

10.14%

20.12%

16.79%

(29.42)%

28.16%

1.35%

Ratios

average

net

assets

Expenses

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

1.40%

1.42%

1.41%

1.36%

1.35%

1.38%

Net

investment

income

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

0.57%

1.17%

0.72%

2.25%

0.06%

0.18%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$701

$697

$367

$419

$751

$752

Portfolio

turnover

rate

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

12%

31%

17%

32%

125%

62%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.23

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

1.65%.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Includes

one-time

proxy

cost

0.01%.

Putnam

Focused

International

Equity

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$16.20

$13.58

$11.91

$22.27

$17.49

$17.21

Income

from

investment

operations

Net

investment

income

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

0.09

0.27

0.19

0.40

0.14

0.13

Net

realized

and

unrealized

gains

(losses)

1.57

2.55

1.88

(5.42)

4.90

0.21

Total

from

investment

operations

........

1.66

2.82

2.07

(5.02)

5.04

0.34

Less

distributions

from:

Net

investment

income

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

(0.61)

(0.20)

(0.40)

(0.03)

(0.26)

(0.06)

Net

realized

gains

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

—

(5.31)

—

Total

distributions

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

(0.61)

(0.20)

(0.40)

(5.34)

(0.26)

(0.06)

Net

asset

value,

end

period

..........

$17.25

$16.20

$13.58

$11.91

$22.27

$17.49

Total

return

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

10.62%

20.86%

17.51%

(28.95)%

28.95%

1.99%

Ratios

average

net

assets

Expenses

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

0.78%

0.80%

0.78%

0.74%

0.73%

0.74%

Net

investment

income

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

1.19%

1.71%

1.35%

2.67%

0.65%

0.78%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$12,798

$23,917

$23,178

$18,763

$20,410

$19,620

Portfolio

turnover

rate

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

12%

31%

17%

32%

125%

62%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.21

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

1.44%.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Includes

one-time

proxy

cost

0.01%.

Putnam

Focused

International

Equity

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Class

Per

operating

performance

(for

outstanding

throughout

the

period)

Net

asset

value,

beginning

period

.....

$16.09

$13.48

$11.83

$22.17

$17.40

$17.13

Income

from

investment

operations

Net

investment

income

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

0.09

0.26

0.17

0.40

0.12

0.11

Net

realized

and

unrealized

gains

(losses)

1.54

2.53

1.86

(5.40)

4.87

0.21

Total

from

investment

operations

........

1.63

2.79

2.03

(5.00)

4.99

0.32

Less

distributions

from:

Net

investment

income

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

(0.59)

(0.18)

(0.38)

(0.03)

(0.22)

(0.05)

Net

realized

gains

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

—

(5.31)

—

Total

distributions

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

(0.59)

(0.18)

(0.38)

(5.34)

(0.22)

(0.05)

Net

asset

value,

end

period

..........

$17.13

$16.09

$13.48

$11.83

$22.17

$17.40

Total

return

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

10.43%

20.79%

17.28%

(29.00)%

28.78%

1.83%

Ratios

average

net

assets

Expenses

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

0.90%

0.92%

0.91%

0.86%

0.85%

0.88%

Net

investment

income

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

1.07%

1.63%

1.23%

2.68%

0.56%

0.64%

Supplemental

data

Net

assets,

end

period

(000’s)

........

$46,470

$43,314

$38,447

$36,113

$51,671

$42,867

Portfolio

turnover

rate

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

12%

31%

17%

32%

125%

62%

The

amount

shown

for

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

Operations

for

the

period

due

the

timing

sales

and

repurchases

the

Fund’s

relation

income

earned

and/or

fluctuating

fair

value

the

investments

the

Fund.

Based

average

daily

outstanding.

Net

investment

income

per

includes

approximately

$0.23

per

income

received

the

form

special

dividends

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

net

investment

income

average

net

assets

would

have

been

1.57%.

Total

return

not

annualized

for

periods

less

than

one

year.

Ratios

are

annualized

for

periods

less

than

one

year.

Benefit

expense

reduction

rounds

less

than

0.01%

Benefit

waiver

and

payments

affiliates

rounds

less

than

0.01%.

Includes

one-time

proxy

cost

0.01%.

Putnam

Focused

International

Equity

Fund

Schedule

Investments

(unaudited),

April

30,

2025

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Country

Value

Common

Stocks

95.0%

Banks

8.6%

AIB

Group

plc

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

Ireland

4,555,359

30,616,842

HDFC

Bank

Ltd.

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

India

923,488

20,976,065

National

Bank

Greece

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

Greece

1,501,196

15,932,894

67,525,801

Broadline

Retail

4.9%

Alibaba

Group

Holding

Ltd.

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

China

1,830,300

27,326,436

Prosus

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

China

233,224

10,934,616

38,261,052

Capital

Markets

5.6%

Bolsa

Mexicana

Valores

SAB

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

Mexico

9,363,729

19,648,528

London

Stock

Exchange

Group

plc

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

United

Kingdom

154,924

24,123,452

43,771,980

Diversified

Telecommunication

Services

6.3%

Cogeco

Communications,

Inc.

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

Canada

580,812

28,564,525

Liberty

Global

Ltd.,

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

Belgium

1,839,870

20,146,577

48,711,102

Entertainment

4.1%

Universal

Music

Group

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

Netherlands

1,098,987

32,316,230

Food

Products

1.9%

Otoki

Corp.

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

South

Korea

51,800

14,589,662

Health

Care

Equipment

Supplies

1.9%

Sonova

Holding

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

Switzerland

47,233

14,520,084

Health

Care

Technology

2.9%

a,b

CompuGroup

Medical

Co.

KgaA

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

Germany

919,030

22,904,709

Household

Durables

7.3%

Berkeley

Group

Holdings

plc

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

United

Kingdom

272,028

15,163,739

Persimmon

plc

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

United

Kingdom

934,332

16,169,512

Sony

Group

Corp.

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

Japan

964,700

25,451,485

56,784,736

Industrial

Conglomerates

4.8%

Hikari

Tsushin,

Inc.

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

Japan

67,600

18,750,726

Square

Co.

Ltd.

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

South

Korea

302,532

18,703,988

37,454,714

Insurance

4.8%

Admiral

Group

plc

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

United

Kingdom

855,623

37,213,133

Interactive

Media

Services

5.2%

Alphabet,

Inc.,

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

United

States

117,375

18,884,464

Rightmove

plc

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

United

Kingdom

2,195,209

21,680,234

40,564,698

Services

1.9%

Tata

Consultancy

Services

Ltd.

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

India

369,190

15,070,302

Oil,

Gas

Consumable

Fuels

5.2%

Canadian

Natural

Resources

Ltd.

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

Canada

635,966

18,249,539

International

Petroleum

Corp.

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

Canada

1,645,962

22,491,480

40,741,019

Putnam

Focused

International

Equity

Fund

Schedule

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Country

Value

Common

Stocks

(continued)

Passenger

Airlines

5.7%

Ryanair

Holdings

plc

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

Italy

1,869,630

44,505,628

Personal

Care

Products

1.9%

Unilever

plc

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

United

Kingdom

232,125

14,779,373

Pharmaceuticals

3.5%

AstraZeneca

plc

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

United

Kingdom

103,545

14,834,553

Bayer

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

Germany

466,001

12,212,570

27,047,123

Semiconductors

Semiconductor

Equipment

8.3%

ASML

Holding

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

Netherlands

25,634

17,160,475

Japan

Material

Co.

Ltd.

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

Japan

1,206,700

10,116,032

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

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

Taiwan

958,000

27,144,503

Tokyo

Electron

Ltd.

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

Japan

67,800

10,095,311

64,516,321

Software

5.5%

Constellation

Software,

Inc.

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

Canada

11,854

42,720,746

Trading

Companies

Distributors

4.7%

ITOCHU

Corp.

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

Japan

725,100

37,083,746

Total

Common

Stocks

(Cost

$658,899,126)

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

741,082,159

Preferred

Stocks

1.8%

Technology

Hardware,

Storage

Peripherals

1.8%

Samsung

Electronics

Co.

Ltd.,

3.09%

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

South

Korea

431,605

14,247,564

Total

Preferred

Stocks

(Cost

$17,629,102)

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

14,247,564

Total

Long

Term

Investments

(Cost

$676,528,228)

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

755,329,723

Short

Term

Investments

2.4%

Country

Value

Money

Market

Funds

2.4%

d,e

Putnam

Short

Term

Investment

Fund,

Class

4.468%

.......

United

States

18,510,878

Total

Money

Market

Funds

(Cost

$18,510,878)

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

18,510,878

Total

Short

Term

Investments

(Cost

$18,510,878

)

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

18,510,878

Total

Investments

(Cost

$695,039,106)

99.2%

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

$773,840,601

Other

Assets,

less

Liabilities

0.8%

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

6,713,110

Net

Assets

100.0%

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

$780,553,711

Non-income

producing.

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

Variable

rate

security.

The

rate

shown

represents

the

yield

period

end.

See

Note

3(g)

regarding

investments

affiliated

management

investment

companies.

The

rate

shown

the

annualized

seven-day

effective

yield

period

end.

Putnam

Focused

International

Equity

Fund

Schedule

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

April

30,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

1(c).

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

Centrally

Cleared

Swap

Contracts

Buy

Protection

(c)

Traded

Index

iTraxx

Asia

ex-

Japan

(1.00)%

Quarterly

6/20/30

141,000,000

(365,209)

(1,594,874)

1,229,665

Total

Centrally

Cleared

Swap

Contracts

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

$(365,209)

$(1,594,874)

$1,229,665

Total

Credit

Default

Swap

Contracts

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

$(365,209)

(1,594,874)

$1,229,665

(a)

U.S.

dollars

unless

otherwise

indicated.

For

contracts

sell

protection,

the

notional

amount

equal

the

maximum

potential

amount

the

future

payments

and

recourse

provisions

have

been

entered

into

association

with

the

contracts.

(b)

Based

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

mapping

into

equivalent

ratings

from

external

vendors.

(c)

Performance

triggers

for

settlement

contract

include

default,

bankruptcy

restructuring

for

single

name

swaps,

and

failure

pay

bankruptcy

the

underlying

securities

for

traded

index

swaps.

See

Abbreviations

page

See

Note

regarding

other

derivative

information.

Putnam

Focused

International

Equity

Fund

Financial

Statements

Statement

Assets

and

Liabilities

April

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Putnam

Focused

International

Equity

Fund

Assets:

Investments

securities:

Cost

Unaffiliated

issuers

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

$676,528,228

Cost

Non-controlled

affiliates

(Note

)

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

18,510,878

Value

Unaffiliated

issuers

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

$755,329,723

Value

Non-controlled

affiliates

(Note

)

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

18,510,878

Cash

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

2,942,193

Receivables:

Capital

sold

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

1,148,700

Dividends

and

interest

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

427,799

European

Union

tax

reclaims

(Note

)

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

1,531,780

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

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

3,555,674

Variation

margin

centrally

cleared

swap

contracts

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

125,460

Prepaid

expenses

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

349,840

Other

assets

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

339

Total

assets

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

783,922,386

Liabilities:

Payables:

Capital

redeemed

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

1,266,005

Management

fees

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

388,915

Administrative

fees

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

3,489

Distribution

fees

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

142,924

Transfer

agent

fees

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

311,740

Trustees'

fees

and

expenses

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

405,785

Deferred

taxes

unrealized

appreciation

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

558,624

Accrued

expenses

and

other

liabilities

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

291,193

Total

liabilities

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

3,368,675

Net

assets,

value

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

$780,553,711

Net

assets

consist

of:

Paid-in

capital

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

$717,408,947

Total

distributable

earnings

(losses)

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

63,144,764

Net

assets,

value

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

$780,553,711

Putnam

Focused

International

Equity

Fund

Financial

Statements

Statement

Assets

and

Liabilities

(continued)

April

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Putnam

Focused

International

Equity

Fund

Class

Net

assets,

value

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

$716,051,252

outstanding

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

44,075,644

Net

asset

value

per

a,b

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

$16.25

Maximum

offering

price

per

(net

asset

value

per

94.25%)

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

$17.24

Class

Net

assets,

value

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

$4,533,473

outstanding

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

314,656

Net

asset

value

and

maximum

offering

price

per

a,b

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

$14.41

Class

Net

assets,

value

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

$701,186

outstanding

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

43,798

Net

asset

value

and

maximum

offering

price

per

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

$16.01

Class

R6:

Net

assets,

value

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

$12,798,083

outstanding

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

741,948

Net

asset

value

and

maximum

offering

price

per

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

$17.25

Class

Net

assets,

value

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

$46,469,717

outstanding

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

2,712,707

Net

asset

value

and

maximum

offering

price

per

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

$17.13

Redemption

price

equal

net

asset

value

less

contingent

deferred

sales

charges,

applicable.

Net

asset

value

per

may

not

recalculate

due

rounding.

Putnam

Focused

International

Equity

Fund

Financial

Statements

Statement

Operations

for

the

six

months

ended

April

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

integral

part

these

financial

statements.

Putnam

Focused

International

Equity

Fund

Investment

income:

Dividends:

(net

foreign

taxes

$663,055)

Unaffiliated

issuers

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

$6,175,603

Non-controlled

affiliates

(Note

)

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

1,053,450

Interest:

Unaffiliated

issuers

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

73,864

Income

from

securities

loaned:

Unaffiliated

entities

(net

fees

and

rebates)

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

(93,948)

Non-controlled

affiliates

(Note

)

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

102,389

Other

income

(Note

)

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

Total

investment

income

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

7,311,368

Expenses:

Management

fees

(Note

)

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

2,427,449

Administrative

fees

(Note

)

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

8,242

Distribution

fees:

(Note

)

Class

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

846,148

Class

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

22,430

Class

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

1,541

Transfer

agent

fees:

(Note

)

Class

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

573,652

Class

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

3,801

Class

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

522

Class

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

4,299

Class

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

36,669

Custodian

fees

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

86,381

Reports

shareholders

fees

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

63,734

Registration

and

filing

fees

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

43,443

Professional

fees

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

58,975

Trustees'

fees

and

expenses

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

12,736

Other

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

4,462

Total

expenses

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

4,194,484

Expense

reductions

(Note

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

(863)

Expenses

waived/paid

affiliates

(Note

and

)

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

(6,862)

Net

expenses

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

4,186,759

Net

investment

income

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

3,124,609

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

18,262,983

Foreign

currency

transactions

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

(373,651)

Swap

contracts

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

5,951,009

Net

realized

gain

(loss)

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

23,840,341

Net

change

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

46,321,264

Translation

other

assets

and

liabilities

denominated

foreign

currencies

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

298,124

Swap

contracts

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

939,608

Change

deferred

taxes

unrealized

appreciation

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

(558,624)

Net

change

unrealized

appreciation

(depreciation)

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

47,000,372

Net

realized

and

unrealized

gain

(loss)

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

70,840,713

Net

increase

(decrease)

net

assets

resulting

from

operations

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

$73,965,322

Putnam

Focused

International

Equity

Fund

Financial

Statements

Changes

Net

Assets

franklintempleton.com

The

accompanying

notes

are

integral

part

these

financial

statements.

Semiannual

Report

Putnam

Focused

International

Equity

Fund

Six

Months

Ended

April

30,

2025

(unaudited)

Year

Ended

October

31,

2024

Increase

(decrease)

net

assets:

Operations:

Net

investment

income

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

$3,124,609

$10,942,947

Net

realized

gain

(loss)

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

23,840,341

44,729,642

Net

change

unrealized

appreciation

(depreciation)

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

47,000,372

86,852,948

Net

increase

(decrease)

net

assets

resulting

from

operations

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

73,965,322

142,525,537

Distributions

shareholders:

Class

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

(24,210,785)

(7,183,277)

Class

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

(141,427)

(3,555)

Class

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

(20,231)

(3,826)

Class

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

(888,365)

(345,309)

Class

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

(1,564,907)

(522,669)

Total

distributions

shareholders

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

(26,825,715)

(8,058,636)

Capital

transactions:

(Note

)

Class

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

(16,119,747)

(66,318,250)

Class

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

—

(1,897,059)

Class

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

(664,593)

(3,715,334)

Class

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

(39,104)

261,630

Class

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

(11,343,180)

(3,633,513)

Class

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

296,149

(2,551,339)

Total

capital

transactions

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

(27,870,475)

(77,853,865)

Net

increase

(decrease)

net

assets

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

19,269,132

56,613,036

Net

assets:

Beginning

period

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

761,284,579

704,671,543

End

period

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

$780,553,711

$761,284,579

Putnam

Focused

International

Equity

Fund

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Organization

and

Significant

Accounting

Policies

Putnam

Focused

International

Equity

Fund (Fund)

registered

under

the

Investment

Company

Act

1940

(1940

Act)

open-end

management

investment

company.

The Fund

follows

the

accounting

and

reporting

guidance

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

Fund

offers five

classes

Class

and

Class

automatically

convert

Class

shares,

after

they

have

been

held

for

years.

Each

class

may

differ

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

matters

affecting

single

class,

its

exchange

privilege

and

fees

due

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

September

2024,

all

Class

were

converted

Class

The

following

summarizes

the Fund's

significant

accounting

policies.

Financial

Instrument

Valuation

The

Fund's

investments

financial

instruments

are

carried

fair

value

daily.

Fair

value

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

each business

day as

p.m.

Eastern

time

the

regularly

scheduled

the

New

York

Stock

Exchange

(NYSE),

whichever

earlier.

Under

compliance

policies

and

procedures

approved

the Trust's

Board

Trustees

(the

Board),

the

Board

has

designated

the

Fund’s

investment

manager

the

valuation

designee

and

has

responsibility

for

oversight

valuation.

The

investment

manager

assisted

the

Fund’s

administrator

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

determine

fair

value.

Equity

securities

listed

exchange

the

NASDAQ

National

Market

System

are

valued

the

last

quoted

sale

price

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

the

trading

the

foreign

stock

exchange

which

the

security

primarily

traded,

p.m.

Eastern

time.

The

value

then

converted

into

its

U.S.

dollar

equivalent

the

foreign

exchange

rate

effect

p.m.

Eastern

time

the

day

that

the

value

the

security

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

multiple

markets

multiple

exchanges

are

valued

according

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

relationships

similar

securities.

Investments

in open-end mutual

funds

are

valued

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

trade

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

determine

the

fair

value

those

instruments.

The

Fund's

net

benefit

obligation

under

the

derivative

contract,

measured

the

fair

value

the

contract,

included

net

assets.

The

Fund

has

procedures

determine

the

fair

value

financial

instruments

for

which

market

prices

are

not

reliable

readily

available.

Under

these

procedures,

the Fund

primarily

employs

market-based

approach

which

may

use

comparable

assets

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

determine

the

fair

value

the

investment.

income-based

valuation

approach

may

also

used

which

the

anticipated

future

cash

flows

the

investment

are

discounted

calculate

fair

value.

Discounts

may

also

applied

due

the

nature

duration

any

restrictions

the

disposition

the

investments.

Due

the

inherent

uncertainty

valuations

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

active

market

existed.

Trading

securities

foreign

securities

stock

exchanges

and

OTC

markets

may

completed

before

p.m.

Eastern

time.

addition,

trading

certain

foreign

markets

may

not

take

place

every

Fund's

business

day. Events

can occur

between

the

time

which

trading

foreign

security

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

the

value

portfolio

security

held

the

Fund.

result,

differences

may

arise

between

the

value

the

Fund's

portfolio

securities

determined

the

Putnam

Focused

International

Equity

Fund

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

foreign

market

and

the

latest

indications

value

p.m.

Eastern

time. In

order

minimize

the

potential

for

these

differences,

independent

pricing

service

may

used

adjust

the

value

the

Fund's

portfolio

securities

the

latest

indications

fair

value

p.m.

Eastern

time.

April

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

which

case

the

securities

were

categorized

Level

within

the

fair

value

hierarchy

(referred

“market

level

fair

value”).

See

the

Fair

Value

Measurements

note

for

information.

When

the

last

day

the

reporting

period

non-business

day,

certain

foreign

markets

may

open

those

days

that

the

Fund's

NAV

not

calculated,

which

could

result

differences

between

the

value

the

Fund's

portfolio

securities

the

last

business

day

and

the

last

calendar

day

the

reporting

period.

Any

security

valuation

changes

due

open

foreign

market

are

adjusted

and

reflected

the

Fund

for

financial

reporting

purposes.

Foreign

Currency

Translation

Portfolio

securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

based

the

exchange

rate

such

currencies

against

U.S.

dollars

the

date

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

facilitate

transactions

denominated

foreign

currency.

Purchases

and

sales

securities,

income

and

expense

items

denominated

foreign

currencies

are

translated

into

U.S.

dollars

the

exchange

rate

effect

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

foreign

currencies

contain

risks

that

those

currencies

will

decline

value

relative

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

reliability

foreign

exchange

rates

used

convert

the

U.S.

dollar

equivalent

value.

such

event

occurs,

the

foreign

exchange

rate

will

valued

fair

value

using

procedures

established

and

approved

the

Board.

The

Fund

does

not

separately

report

the

effect

changes

foreign

exchange

rates

from

changes

market

prices

securities

held.

Such

changes

are

included

net

realized

and

unrealized

gain

loss

from

investments

the

Statement of

Operations.

Realized

foreign

exchange

gains

losses

arise

from

sales

foreign

currencies,

currency

gains

losses

realized

between

the

trade

and

settlement

dates

securities

transactions

and

the

difference

between

the

recorded

amounts

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

the

amounts

actually

received

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

foreign

exchange

rates

foreign

denominated

assets

and

liabilities

other

than

investments

securities

held

the

end

the

reporting

period.

Derivative

Financial

Instruments

The

Fund invested

derivative

financial

instruments

order

manage

risk

gain

exposure

various

other

investments

markets.

Derivatives

are

financial

contracts

based

underlying

notional

amount,

require

initial

investment

initial

net

investment

that

smaller

than

would

normally

required

have

similar

response

changes

market

factors,

and

require

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

the

counterparty

fulfill

their

obligations

under

the

terms

the

contract,

the

potential

for

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

gains

losses

excess

the

amounts

shown

the

Statement

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

these

contracts

for

the

period

are

included

the

Statement

Operations.

Derivative

counterparty

credit

risk

managed

through

formal

evaluation

the

creditworthiness

all

potential

counterparties.

The

Fund

attempts

reduce

its

exposure

counterparty

credit

risk

OTC

derivatives,

whenever

possible,

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

collateral

requirements,

events

default,

early

termination.

Termination

events

applicable

the

counterparty

include

certain

deteriorations

the

credit

quality

the

counterparty.

Termination

events

applicable

the

Fund

include

failure

the

Fund

maintain

certain

net

asset

levels

and/or

limit

the

decline

net

assets

over

various

periods

time.

the

event

default

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

net

and

close-out

all

transactions

traded,

whether

not

arising

under

the

ISDA

agreement,

one

net

amount

payable

Organization

and

Significant

Accounting

Policies

(continued)

Financial

Instrument

Valuation

(continued)

Putnam

Focused

International

Equity

Fund

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

one

counterparty

the

other.

However,

absent

event

default

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

the

Statement

Assets

and

Liabilities.

Early

termination

the

counterparty

may

result

immediate

payment

the

Fund

any

net

liability

owed

that

counterparty

under

the

ISDA

agreement.

Collateral

requirements

differ

type

derivative.

Collateral

initial

margin

requirements

are

set

the

broker

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

held

the

exchange

and

can

the

form

cash

and/or

securities.

For

OTC

derivatives

traded

under

ISDA

master

agreement,

posting

collateral

required

either

the

Fund

the

applicable

counterparty

the

total

net

exposure

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

$250,000,

and

can

vary

depending

the

counterparty

and

the

type

of agreement.

Generally,

collateral

determined

the

Fund

business

each

day

and

any

additional

collateral

required

due

changes

derivative

values

may

delivered

the

Fund

the

counterparty

the

business

day,

within

few

business

days.

Collateral

pledged

and/or

received

the

Fund

for

OTC

derivatives,

any,

held

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

the

form

cash

and/or

securities.

Unrestricted

cash

may

invested

according

the

Fund's

investment

objectives.

the

extent

that

the

amounts

due

the

Fund

from

its

counterparties

are

not

subject

collateralization

are

not

fully

collateralized,

the

Fund

bears

the

risk

loss

from

counterparty

non-performance.

The

Fund

entered

into

credit

default

swap

contracts

primarily

manage

and/or

gain

exposure

credit

risk.

credit

default

swap

agreement

between

the

Fund

and

counterparty

whereby

the

buyer

the

contract

receives

credit

protection

and

the

seller

the

contract

guarantees

the

credit

worthiness

referenced

debt

obligation.

These

agreements

may

privately

negotiated

the

over-the-

counter

market

(OTC

credit

default

swaps)

may

executed

multilateral

trade

facility

platform,

such

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

single

issuer

corporate

sovereign

debt,

credit

index,

basket

issuers

indices,

tranche

credit

index

basket

issuers

indices.

the

event

default

the

underlying

referenced

debt

obligation,

the

buyer

entitled

receive

the

notional

amount

the

credit

default

swap

contract

from

the

seller

exchange

for

the

referenced

debt

obligation,

net

settlement

amount

equal

the

notional

amount

the

credit

default

swap

less

the

recovery

value

the

referenced

debt

obligation,

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

the

Fund,

and

the

daily

change

fair

value

accounted

for

variation

margin

payable

receivable

the

Statement

Assets

and

Liabilities.

Over

the

term

the

contract,

the

buyer

pays

the

seller

periodic

stream

payments,

provided

that

event

default

has

occurred.

Such

periodic

payments

are

accrued

daily

unrealized

appreciation or

depreciation

until

the

payments

are

made,

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

the Statement

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

the

contract

realized

gain

loss

the Statement

Operations.

Credit

default

swap

contracts

outstanding

period

end,

any,

are

listed

the

Fund's

Schedule

Investments.

The

Fund

entered

into

OTC

total

return

swap

contracts

primarily

manage

and/or

gain exposure

credit risk

underlying

instrument

such

stock,

bond,

index

basket

securities

indices.

total

return

swap

agreement

between

the

Fund

and

counterparty

exchange

return

linked

underlying

instrument

for

floating

fixed

rate

payment,

both

based

upon

notional

amount.

Over

the

term

the

contract,

contractually

required

payments

paid

received

are

accrued

daily

and

recorded

unrealized

appreciation or

depreciation

until

the

payments

are

made,

which

time

they

are

recognized

realized

gain

loss. Total

return

swap contracts outstanding

period

end,

any,

are

listed

the

Fund's

Schedule

Investments.

See

Note

8 regarding

other

derivative

information.

Securities

Lending

The

Fund

participates

agency

based

securities

lending

program

earn

additional

income.

The

Fund

receives

collateral

the

form

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

Organization

and

Significant

Accounting

Policies

(continued)

Derivative

Financial

Instruments

(continued)

Putnam

Focused

International

Equity

Fund

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

amount

equal

least

102%

the

fair

value

the

loaned

securities.

Collateral

maintained

over

the

life

the

loan

amount

not

less

than

100%

the

fair

value

loaned

securities,

determined

the

Fund

business

each

day;

any

additional

collateral

required

due

changes

security

values

delivered

the

Fund

the

business

day.

The

Fund

may

receive

income

from

the

investment

cash

collateral,

addition

lending

fees

paid

the

borrower.

Income

from

securities

loaned,

net

fees

paid

the

securities

lending

agent

and/or

third-party

vendor,

reported

separately

the

Statement

Operations.

The

Fund

bears

the

market

risk

with

respect

to any

cash collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

its

obligations

the

Fund.

the

borrower

defaults

its

obligation

return

the

securities

loaned,

the

Fund

has

the

right

repurchase

the

securities

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

indemnify

the

Fund

the

event

default

third

party

borrower.

April

30,

2025,

the

Fund

had

securities

loan.

Income

and

Deferred

Taxes

is the Fund's

policy

qualify

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

distribute

shareholders

substantially

all

its

taxable

income

and

net

realized

gains

relieve

from

federal

income

and if

applicable,

excise

taxes.

result,

provision

for

U.S.

federal

income

taxes

required.

The

Fund

may

subject

foreign

taxation

income

received,

capital

gains

the

sale

securities

and

certain

foreign

currency

transactions

the

foreign

jurisdictions

which it

invests.

Foreign

taxes,

any,

are

recorded

based

the

tax

regulations

and

rates

that

exist

the

foreign

markets

which

the

Fund

invests.

When

capital

gain

tax

determined

apply,

the

Fund

records

estimated

deferred

tax

liability

amount

that

would

payable

the

securities

were

disposed

the

valuation

date.

result

several

court

cases,

certain

countries

across

the

European

Union, the

Fund

filed

additional

tax

reclaims

for

previously

withheld

taxes

dividends

earned

those

countries

(EU

reclaims). Income

recognized,

any,

for

reclaims

reflected

other

income

the

Statement

Operations

and

any

receivable,

any,

reflected

European

Union

tax

reclaims

the

Statement

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

other

expenses

the

Statement

Operations.

When

uncertainty

exists

the

ultimate

resolution

these

proceedings,

the

likelihood

receipt

these

reclaims,

and

the

potential

timing

payment,

amounts

are

reflected

the

financial

statements.

For

U.S.

income

tax

purposes,

reclaims

received

the

Fund,

any,

reduce

the

amount

foreign

taxes

Fund

shareholders

can

use

tax

deductions

or credits

their

income

tax

returns

The Fund

may

recognize

income

tax

liability

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

less

than

50%

probability

that

will

sustained

upon

examination

the

tax

authorities

based

its

technical

merits.

April

30,

2025, the Fund

has

determined

that

tax

liability

required

its

financial

statements

uncertain

tax

positions

for

any

open

tax

years

(or

expected

taken

future

tax

years).

Open

tax

years

are

those

that

remain

subject

examination

and

are

based

the

statute

limitations

each

jurisdiction

which

the Fund

invests.

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

Security

transactions

are

accounted

for

trade

date.

Realized

gains

and

losses

security

transactions

are

determined

specific

identification basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

any)

and

estimated

expenses

are

accrued

daily.

Amortization

premium

and

accretion

discount

debt

securities

are

included

interest

income.

Dividend

income

recorded

the

ex-dividend

date.

Distributions

shareholders

are

recorded

the

ex-dividend

date.

Distributable

earnings

are

determined

according

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings recorded

accordance

with

U.S.

GAAP.

These

differences

may

permanent

temporary.

Permanent differences

are

reclassified

among

capital

accounts

reflect

their

tax

character.

These reclassifications

have

impact

net

assets

the

results

operations.

Temporary

differences are

not

reclassified,

they

may

reverse

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

each

class

based

upon

the

Organization

and

Significant

Accounting

Policies

(continued)

Securities

Lending

(continued)

Putnam

Focused

International

Equity

Fund

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

relative

proportion

net

assets

each

class.

Differences

per

distributions

class

are

generally

due

differences

class

specific

expenses.

Accounting

Estimates

The

preparation

financial

statements

accordance

with

U.S.

GAAP

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

the

date

the

financial

statements

and

the

amounts

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Guarantees

and

Indemnifications

Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

the Trust against

certain

liabilities

arising

out

the

performance

their

duties

the

Trust.

Additionally,

the

normal

course

business,

the Trust,

behalf

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

loss

remote.

Beneficial

Interest

April

30,

2025,

there

were

unlimited

number

authorized

(without

par

value).

Transactions

the

Fund's

were

follows:

Six

Months

Ended

April

30,

2025

Year

Ended

October

31,

2024

Amount

Class

sold

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

467,976

$7,173,947

900,352

$13,264,062

issued

reinvestment

distributions

..........

1,549,461

22,761,580

467,579

6,747,161

redeemed

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

(3,033,608)

(46,055,274)

(5,765,993)

(86,329,473)

Net

increase

(decrease)

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

(1,016,171)

$(16,119,747)

(4,398,062)

$(66,318,250)

Class

Shares:*

sold

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

—

$—

711

$8,209

redeemed

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

—

(153,999)

(1,905,268)

Net

increase

(decrease)

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

—

$—

(153,288)

$(1,897,059)

Class

sold

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

13,838

$184,835

21,597

$287,922

issued

reinvestment

distributions

..........

10,771

140,671

275

3,542

redeemed

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

(73,465)

(990,099)

(315,266)

(4,006,798)

Net

increase

(decrease)

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

(48,856)

$(664,593)

(293,394)

$(3,715,334)

Class

sold

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

4,250

$64,681

30,696

$466,126

issued

reinvestment

distributions

..........

1,396

20,221

266

3,786

redeemed

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

(8,194)

(124,006)

(13,696)

(208,282)

Net

increase

(decrease)

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

(2,548)

$(39,104)

17,266

$261,630

Organization

and

Significant

Accounting

Policies

(continued)

Security

Transactions,

Investment

Income,

Expenses

and

Distributions

(continued)

Putnam

Focused

International

Equity

Fund

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Transactions

with

Affiliates

Franklin

Resources,

Inc.

the

holding

company

for

various

subsidiaries

that

together

are

referred

Franklin

Templeton.

Certain

officers

and trustees

the Fund are

also

officers

and/or

directors

the

following

subsidiaries:

Management

Fees

The

Fund

pays Putnam

Management a

management

fee

(based

the

Fund’s

average

net

assets

and

computed

and

paid

monthly)

annual

rates

that

may

vary

based

the

average

the

aggregate

net

assets

all

open-end

mutual

funds

sponsored

Putnam

Management

for

this

purpose)

(excluding

net

assets

such

funds

that

are

invested

in,

that

are

invested

by,

other

such

funds

the

extent

necessary

avoid

“double

counting”

those

assets).

Such

annual

rates

may

vary

follows:

addition,

the

monthly

management

fee

consists

the

monthly

base

fee

plus

minus

performance

adjustment

for

the

month.

The

performance

adjustment

determined

based

performance

over

the

thirty-six

month

period

then

ended.

Each

month,

the

performance

adjustment

calculated

multiplying

the

performance

adjustment

rate

and

the

fund’s

average

net

assets

over

the

performance

period

and

dividing

the

result

twelve.

The

resulting

dollar

amount

added

to,

subtracted

from

the

base

fee

for

that

month.

The

performance

adjustment

rate

equal

0.03

multiplied

the

difference

between

the

fund’s

annualized

performance

(measured

the

fund’s

class

shares)

and

the

annualized

performance

the

SCI

ACWI

USA

Index

(Net

Returns)

measured

over

the

performance

period.

The

maximum

annualized

performance

adjustment

rate

+/-

0.15%.

The

monthly

base

fee

determined

based

the

fund’s

average

net

assets

for

the

month,

while

the

performance

adjustment

determined

based

the

fund’s

average

net

assets

over

the

thirty-six

month

performance

period.

This

means

possible

that,

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.

this

event,

Putnam

Management

would

make

payment

the

fund.

Because

the

performance

adjustment

based

the

fund’s

performance

relative

its

applicable

benchmark

index,

and

not

its

absolute

performance,

the

performance

adjustment

could

increase

Putnam

Management’s

fee

even

the

fund’s

lose

value

during

the

performance

period

provided

that

the

fund

outperformed

its

benchmark

index,

and

could

decrease

Putnam

Management’s

fee

even

the

fund’s

increase

value

during

the

performance

period

provided

that

the

fund

underperformed

its

benchmark

index.

For

the

reporting

period,

the

management

fee

represented

effective

rate

(excluding

the

impact

any

expense

waiver

effect)

0.653%

the

fund’s

average

net

assets,

which

included

effective

base

fee

0.673%

and

decrease

0.020%

(75,018)

based

performance.

Putnam

Management

retained

Advisers

sub-advisor

for

the

Fund

pursuant

new

sub-advisory

agreement.

Pursuant

the

agreement,

Advisors

provides

certain

advisory

and

services

the

Fund.

Putnam

Management

pays

monthly

fee

Advisors

based

the

costs

Advisors

providing

these

services

the

Fund,

which

may

include

mark-up

not

exceed

15%

over

such

costs.

Under

subadvisory

agreement,

FTIML

provides

subadvisory

services

the

Fund.

The

subadvisory

fee

paid

Putnam

Management

based

the

average

net

assets

managed

FTIML,

and

not

additional

expense

the

Fund.

Annualized

Fee

Rate

Net

Assets

0.850%

the

first

billion,

0.800%

the

billion,

0.750%

the

$10

billion,

0.700%

the

$10

billion,

0.650%

the

$50

billion,

0.630%

the

$50

billion,

0.620%

the

$100

billion,

0.615%

any

excess

thereafter.

Transactions

with

Affiliates

(continued)

Management

Fees

(continued)

Putnam

Focused

International

Equity

Fund

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Under

subadvisory

agreement,

PAC

provides

subadvisory

services

the

Fund.

The

subadvisory

fee

paid

by Putnam

Management

based

the

average

net

assets

managed

PAC,

and

not

additional

expense

the

Fund.

Administrative

Fees

Under

agreement

with

Advisers,

Services

provides

administrative

services

the

Fund.

The

fee

paid

Advisers

based

the Fund's

average

daily

net

assets,

and

not

additional

expense

the

Fund.

The

Fund

reimburses

Putnam

Management

allocated

amount

for

the

compensation

and

expenses

certain

officers

the

Fund

and

their

staff

who

provide

administrative

services

the

Fund.

The

aggregate

amount

all

such

reimbursements

determined

annually

the

Trustees.

Distribution

Fees

The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

the

following

classes

pursuant

Rule

12b–1

under

the

1940

Act.

The

purpose

the

Plans

compensate

Distributors

for

services

provided

and

expenses

incurred

distributing

the

fund.

The

Plans

provide

payments

the

fund

Distributors

annual

rate

the

following

amounts

(Maximum

the

average

net

assets

attributable

each

class.

The

Trustees

have

approved

payment

the

fund

the

following

annual

rate

(Approved

the

average

net

assets

attributable

each

class.

Sales

Charges/Underwriting

Agreements

Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

not

represent

expenses

the

Fund.

These

charges

are

deducted

from

the

proceeds

sales

fund

prior

investment

from

redemption

proceeds

prior

remittance,

applicable.

Distributors

has

advised

the

Fund

the

following

commission

transactions

the

sales

and

redemptions

the

Fund's

for

the

period:

Transfer

Agent

Fees

PSERV,

affiliate

Putnam

Management,

provides

investor

servicing

agent

functions

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

and

Class

that

included

(1)

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

the

Fund;

(2)

specified

rate

the

Fund’s

assets

attributable

defined

contribution

plan

accounts;

and

(3)

specified

rate

based

the

average

net

assets

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund’s

retail

and

defined

contribution

accounts

for

these

classes

will

not

exceed

annual

rate

0.25%

the

Fund’s

average

assets

attributable

such

accounts.

Class R6

paid

monthly

fee

based

the

average

net

assets

Class R6

annual

rate

0.05%.

Maximum

Approved

Class

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

0.35%

0.25%

Class

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

1.00%

Class

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

1.00%

0.50%

Sales

charges

retained

net

commissions

paid

unaffiliated

brokers/dealers

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

$10,055

CDSC

retained

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

$57

Transactions

with

Affiliates

(continued)

Management

Fees

(continued)

Putnam

Focused

International

Equity

Fund

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Trustee

Fees

The

Fund

has

adopted

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

all

portion

Trustees’

fees

payable

from

July

1995

through

December

31,

2023.

The

deferred

fees

remain

invested

certain

Putnam

funds

until

distribution

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

the

Fund

who

have

served

Trustee

for

least

five

years

and

were

first

elected

prior

2004.

Benefits

under

the

Pension

Plan

are

equal

50%

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005.

The

retirement

benefit

payable

during

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

years

service

through

December

31,

2006.

Pension

expense

for

the

Fund

included

the

Trustees' fees

and

expenses

the

Statement

Operations.

Accrued

pension

liability

included

Payable

for

Trustees' fee

and

expenses

the

Statement

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

any

Trustee

first

elected

after

2003.

Investments

Affiliated

Management

Investment

Companies

The

Fund

invests

one

affiliated

management

investment

companies.

defined

the

1940

Act,

investment

deemed

“Controlled

Affiliate”

fund

when

fund

owns,

either

directly

indirectly,

25%

the

affiliated

fund’s

outstanding

has

the

power

exercise

control

over

management

policies

such

fund.

The

Fund

does

not

invest

for

purposes

exercising

controlling

influence

over

the

management

policies.

Management

fees

paid

the

Fund

are

waived

assets

invested

the

affiliated

management

investment

companies,

noted

the

Statement

Operations,

amount

not

exceed

the

management

and

administrative

fees,

applicable, paid

directly

indirectly

each

affiliate.

During

the

period

ended

April

30,

2025,

the

Fund

held

investments

affiliated

management

investment

companies

follows:

Waiver

and

Expense

Reimbursements

Putnam

Management has

contractually

agreed,

through

February

28,

2026,

waive

fees

and/or

reimburse

the

Fund’s

expenses

the

extent

necessary

limit

the

cumulative

expenses

the

Fund,

exclusive

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,

fiscal

year-to-date

basis

annual

rate

0.20%

the

Fund’s

average

net

assets

over

such

fiscal

year-to-date

period.

Value

Beginning

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

Unrealized

Appreciation

(Depreciation)

Value

End

Period

Number

Held

End

Period

Investment

Income

Putnam

Focused

International

Equity

Fund

Non-Controlled

Affiliates

Dividends

Putnam

Short

Term

Investment

Fund,

Class

4.468%

......

$77,730,813

$80,474,668

$(139,694,603)

$—

$18,510,878

18,510,878

$1,053,450

Non-Controlled

Affiliates

Income

from

securities

loaned

Putnam

Cash

Collateral

Pool,

LLC,

4.502%

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

$—

$20,102,850

$(20,102,850)

$—

—

$102,389

Total

Affiliated

Securities

...

$77,730,813

$100,577,518

$(159,797,453)

$—

$18,510,878

$1,155,839

Transactions

with

Affiliates

(continued)

Putnam

Focused

International

Equity

Fund

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Expense

Offset

Arrangement

The Fund has

entered

into

arrangement

with

its

custodian

whereby

credits

realized

result

uninvested

cash

balances

are

used

reduce

portion

the

Fund's

custodian

expenses.

During

the

period

ended

April

30,

2025,

the

custodian

fees

were

reduced

noted

the

Statement

Operations.

Income

Taxes

For

tax

purposes,

capital

losses

may

carried

over

offset

future

capital

gains.

October

31,

2024,

the

capital

loss

carryforwards

were

follows:

April

30,

2025,

the

cost

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

follows:

Investment

Transactions

Purchases

and

sales

investments (excluding

short

term

securities) for

the

period

ended

April

30,

2025,

aggregated

$95,078,069 and

$84,895,861,

respectively.

Concentration

Risk

Investing

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

U.S.

securities,

such

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

greater

market

volatility.

Political

and

financial

uncertainty

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

investing

foreign

securities.

addition,

certain

foreign

securities

may

not

liquid

U.S.

securities.

Capital

loss

carryforwards

not

subject

expiration:

Short

term

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

$7,464,499

Long

term

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

$32,837,879

Total

capital

loss

carryforwards

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

$40,302,378

Cost

investments

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

$699,196,620

Unrealized

appreciation

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

$152,488,316

Unrealized

depreciation

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

(69,529,307)

Net

unrealized

appreciation

(depreciation)

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

$82,959,009

Putnam

Focused

International

Equity

Fund

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Other

Derivative

Information

April

30,

2025,

investments

derivative

contracts

are

reflected

the Statement of

Assets

and

Liabilities

follows:

For

the

period

ended

April

30,

2025,

the

effect

derivative

contracts

the Statement

Operations

was

follows:

For

the

period

ended

April

30,

2025,

the

average

month

end

notional

amount

swap

contracts

represented

$68,829,328.

See

Note

1(c) regarding

derivative

financial

instruments.

See

Abbreviations

page

Credit

Facility

Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

Funds

(collectively,

Borrowers)

managed

Franklin

Templeton,

are

borrowers

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

January

30,

2026.

This

Global

Credit

Facility

provides

source

Funds

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

meet

future

unanticipated

unusually

large

redemption

requests.

Under

the

terms

the

Global

Credit

Facility,

the

Fund

shall,

addition

interest

charged

any

borrowings

made

the

Fund

and

other

costs

incurred

the

Fund,

pay its

fees

and

expenses

incurred

connection

with

the

implementation

and

maintenance

the

Global

Credit

Facility,

based

upon its

relative

the

aggregate

net

assets

all

the

Borrowers,

Asset

Derivatives

Liability

Derivatives

Derivative

Contracts

Not

Accounted

for

Hedging

Instruments

Statement

Assets

and

Liabilities

Location

Fair

Value

Statement

Assets

and

Liabilities

Location

Fair

Value

Putnam

Focused

International

Equity

Fund

Credit

contracts

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

Variation

margin

centrally

cleared

swap

contracts

1,229,665

Variation

margin

centrally

cleared

swap

contracts

—

Total

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

$1,229,665

$—

This

amount

reflects

the

cumulative

appreciation

(depreciation)

centrally

cleared

swap

contracts

reported

the

Schedule

Investments.

Only

the

variation

margin

receivable/payable

year

end

separately

reported

within

the

Statement

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

cash

upon

receipt

payment.

Derivative

Contracts

Not

Accounted

for

Hedging

Instruments

Statement

Operations

Location

Net

Realized

Gain

(Loss)

for

the

Period

Statement

Operations

Location

Net

Change

Unrealized

Appreciation

(Depreciation)

for

the

Period

Putnam

Focused

International

Equity

Fund

Net

realized

gain

(loss)

from:

Net

change

unrealized

appreciation

(depreciation)

on:

Credit

contracts

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

Swap

contracts

$(240,542)

Swap

contracts

$1,229,665

Equity

contracts

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

Swap

contracts

6,191,551

Swap

contracts

(290,057)

Total

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

$5,951,009

$939,608

Putnam

Focused

International

Equity

Fund

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

including

annual

commitment

fee

0.15%

based

upon

the

unused

portion

the

Global

Credit

Facility.

These

fees

are

reflected

other

expenses

the

Statement

Operations.

During

the

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

Prior

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

Funds,

$320

million

syndicated

unsecured

committed

line

credit,

provided

State

Street

($160

million)

and

JPMorgan

($160

million),

and

$235.5

million

unsecured

uncommitted

line

credit,

provided

State

Street.

Borrowings

may

have

been

made

for

temporary

emergency

purposes,

including

the

funding

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

the

Fund

based

the

Fund’s

borrowings.

closing

fee

equal

0.04%

the

committed

line

credit

and

0.04%

the

uncommitted

line

credit

was

paid

the

participating

Funds

and

$75,000

fee

was

paid

the

participating

Funds

State

Street

agent

the

syndicated

committed

line

credit.

addition,

commitment

fee

0.21%

per

annum

any

unutilized

portion

the

committed

line

credit

was

allocated

the

participating

Funds

based

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

borrowings

against

these

arrangements.

10.

Fair

Value

Measurements

The

Fund

follows

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

determining

the

value

the

Fund's financial

instruments

and

are

summarized

the

following

fair

value

hierarchy:

Level

–

quoted

prices

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

determining

the

fair

value

financial

instruments)

The

input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level.

summary

inputs

used

April

30,

2025,

valuing

the

Fund's assets

and

liabilities carried

fair

value,

follows:

Level

Total

Putnam

Focused

International

Equity

Fund

Assets:

Investments

Securities:

Common

Stocks

Banks

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

—

67,525,801

—

67,525,801

Broadline

Retail

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

—

38,261,052

—

38,261,052

Capital

Markets

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

19,648,528

24,123,452

—

43,771,980

Diversified

Telecommunication

Services

.....

48,711,102

—

48,711,102

Entertainment

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

—

32,316,230

—

32,316,230

Food

Products

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

—

14,589,662

—

14,589,662

Health

Care

Equipment

Supplies

.........

—

14,520,084

—

14,520,084

Health

Care

Technology

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

—

22,904,709

Household

Durables

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

—

56,784,736

—

56,784,736

Industrial

Conglomerates

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

—

37,454,714

—

37,454,714

Insurance

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

—

37,213,133

—

37,213,133

Interactive

Media

Services

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

18,884,464

21,680,234

—

40,564,698

Services

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

—

15,070,302

—

15,070,302

Oil,

Gas

Consumable

Fuels

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

18,249,539

22,491,480

—

40,741,019

Passenger

Airlines

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

—

44,505,628

—

44,505,628

Personal

Care

Products

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

—

14,779,373

—

14,779,373

Credit

Facility

(continued)

Putnam

Focused

International

Equity

Fund

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

reconciliation

which

Level

inputs

are

used

determining

fair

value

presented

when

there

are

significant

Level

assets

and/or

liabilities

the

beginning

and/or

end

the

period.

At April

30,

2025,

the

reconciliation

follows:

Level

financial

instruments

include

the

fair

value

assets

and/or

liabilities

derived

from

recent

transactions,

private

transaction

prices,

non-public

third-party

pricing

information

that

unobservable.

11.

Operating

Segments

The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

Segment

Reporting

(Topic

280)

Improvements

Reportable

Segment

Disclosures.

The

update

limited

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

results

operations.

Level

Total

Putnam

Focused

International

Equity

Fund

(continued)

Assets:

(continued)

Investments

Securities:

(continued)

Common

Stocks:

(continued)

Pharmaceuticals

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

—

27,047,123

—

27,047,123

Semiconductors

Semiconductor

Equipment

—

64,516,321

—

64,516,321

Software

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

42,720,746

—

42,720,746

Trading

Companies

Distributors

..........

—

37,083,746

—

37,083,746

Preferred

Stocks

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

—

14,247,564

—

14,247,564

Short

Term

Investments

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

18,510,878

—

18,510,878

Total

Investments

Securities

...........

$166,725,257

$584,210,635

$22,904,709

$773,840,601

Other

Financial

Instruments:

Swap

Contracts

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

$—

$1,229,665

$—

$1,229,665

Total

Other

Financial

Instruments

.........

$—

$1,229,665

$—

$1,229,665

Includes

foreign

securities

valued

$584,210,635,

which

were

categorized

Level

result

the

application

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

information.

Balance

Beginning

Period

Purchases

Sales

Transfer

Into

Level

Transfer

Out

Level

Net

Accretion

(

Amortiza

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciatio

(

Depreciation

)

Balance

End

Period

Net

Change

Unrealized

Appreciation

(Depreciation)

Assets

Held

Period

End

Putnam

Focused

International

Equity

Fund

Assets:

Investments

Securities:

Common

Stocks

Health

Care

Technology

—

13,664,241

—

9,240,468

22,904,709

9,240,468

Warrants

Application

Software

—

(15)

—

(1)

—

Total

Investments

Securities

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

$—

$(15)

$13,664,241

$—

$15

$9,240,467

$22,904,709

$9,240,468

Sales

include

all

sales

securities,

maturities,

paydowns

and

securities

tendered

corporate

actions.

Transferred

into

Level

result

the

unavailability

quoted

market

price

active

market

for

identical

securities

result

the

unreliability

the

foreign

exchange

rate

and

other

significant

observable

valuation

inputs.

May

include

amounts

corporate

action.

10.

Fair

Value

Measurements

(continued)

Putnam

Focused

International

Equity

Fund

Notes

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

The Fund operates

single

operating

segment,

which

investment

portfolio.

The

Fund's Investment

manager

serves

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

unified

investment

strategy.

The

CODM

uses

these

measures

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

loss,

and

significant

expenses,

refer

the Statement

Assets

and

Liabilities

and

the Statement

Operations,

along

with

the

notes

the financial

statements.

The Schedule

Investments

provides

details

the Fund's

investments

that

generate

returns

such

interest,

dividends,

and

realized

and

unrealized

gains

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

the Financial

Highlights.

12.

New

Accounting

Pronouncements

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

requiring

greater

disaggregation

the

rate

reconciliation

and

income

taxes

paid

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

currently

evaluating

the

impact

and

believes

that

the

adoption

the

ASU

will

not

have

material

impact

the

financial

statements.

13.

Subsequent

Events

The

Fund

has

evaluated

subsequent

events

through

the

issuance

the

financial

statements

and

determined

that

events

have

occurred

that

require

disclosure.

Abbreviations

Counterparty

BZWS

Barclays

Bank

plc

rency

USD

United

States

Dollar

11.

Operating

Segments

(continued)

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

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

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..

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.

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.


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class A	$60	1.15%


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class C	$99	1.90%


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^*^,^†
Class Y	$47	0.90%


Putnam Focused International Equity Fund
Class A [PEQUX]
Semi-Annual Shareholder Report \| April 30, 2025


Total Net Assets	$780,553,711
Total Number of Portfolio Holdings^*	36
Portfolio Turnover Rate	12%


	WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
	Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
	• prospectus • proxy voting information • financial information • holdings • tax information


Putnam Focused International Equity Fund
Class C [PUGCX]
Semi-Annual Shareholder Report \| April 30, 2025


Putnam Focused International Equity Fund
Class R [PGLRX]
Semi-Annual Shareholder Report \| April 30, 2025


Putnam Focused International Equity Fund
Class R6 [PGLEX]
Semi-Annual Shareholder Report \| April 30, 2025


Putnam Focused International Equity Fund
Class Y [PEQYX]
Semi-Annual Shareholder Report \| April 30, 2025