Results
Putnam Global Equity Fund
06/25/2026 | Press release | Distributed by Public on 06/25/2026 14:04
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-01403
Putnam Focused International Equity Fund
(Exact name of registrant as specified in charter)
100 Federal Street, Boston, Massachusetts 02110
(Address of principal executive offices) (Zip code)
Stephen Tate, Vice President
100 Federal Street
Boston, Massachusetts 02110
Copy to:
Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, New York 10036
James E. Thomas, Esq.
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 292-1000
Date of fiscal year end: October 31
Date of reporting period: April 30, 2026
| ITEM 1. | REPORT TO STOCKHOLDERS. |
(a) The Report to Shareholders is filed herewith
|
Putnam Focused International Equity Fund
|
|
|
Class A [PEQUX]
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about Putnam Focused International Equity Fund for the period November 1, 2025, to April 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment†
|
|
Class A
|
$58
|
1.11%
|
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$988,781,320
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
36
|
|
Portfolio Turnover Rate
|
20%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
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 | PAGE 1 | 38902-STSA-0626 |
|
Putnam Focused International Equity Fund
|
|
|
Class C [PUGCX]
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about Putnam Focused International Equity Fund for the period November 1, 2025, to April 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment†
|
|
Class C
|
$96
|
1.86%
|
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$988,781,320
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
36
|
|
Portfolio Turnover Rate
|
20%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
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 | PAGE 1 | 38902-STSC-0626 |
|
Putnam Focused International Equity Fund
|
|
|
Class R [PGLRX]
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about Putnam Focused International Equity Fund for the period November 1, 2025, to April 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment†
|
|
Class R
|
$71
|
1.37%
|
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$988,781,320
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
36
|
|
Portfolio Turnover Rate
|
20%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
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 | PAGE 1 | 38902-STSR-0626 |
|
Putnam Focused International Equity Fund
|
|
|
Class R6 [PGLEX]
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about Putnam Focused International Equity Fund for the period November 1, 2025, to April 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment†
|
|
Class R6
|
$40
|
0.77%
|
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$988,781,320
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
36
|
|
Portfolio Turnover Rate
|
20%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
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 | PAGE 1 | 38902-STSR6-0626 |
|
Putnam Focused International Equity Fund
|
|
|
Class Y [PEQYX]
|
Semi-Annual Shareholder Report | April 30, 2026
|
This semi-annual shareholder report contains important information about Putnam Focused International Equity Fund for the period November 1, 2025, to April 30, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment†
|
|
Class Y
|
$45
|
0.86%
|
| † | Annualized. |
KEY FUND STATISTICS (as of April 30, 2026)
|
Total Net Assets
|
$988,781,320
|
|
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
|
36
|
|
Portfolio Turnover Rate
|
20%
|
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*(% of Total Investments)
| * | Does not include derivatives, except purchased options, if any. |
|
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 | PAGE 1 | 38902-STSY-0626 |
(b) Not applicable
| ITEM 2. | CODE OF ETHICS. |
Not applicable.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Putnam
Focused
International
Equity
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
April
30,
2026
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
.
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information-Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
10
Notes
to
Financial
Statements
14
Changes
In
and
Disagreements
with
Accountants
26
Results
of
Meeting(s)
of
Shareholders
26
Remuneration
Paid
to
Directors,
Officers
and
Others
26
Board
Approval
of
Management
and
Subadvisory
Agreements
26
Putnam
Focused
International
Equity
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
April
30,
2026
(unaudited)
Year
Ended
October
31,
2025
2024
2023
2022
2021
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$19.28
$15.27
$12.80
$11.25
$21.39
$16.77
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.09
0.19
0.21
0.13
0.36
c
0.06
Net
realized
and
unrealized
gains
(losses)
1.61
4.37
2.41
1.77
(5.16)
4.69
Total
from
investment
operations
........
1.70
4.56
2.62
1.90
(4.80)
4.75
Less
distributions
from:
Net
investment
income
..............
(1.29)
(0.55)
(0.15)
(0.35)
(0.03)
(0.13)
Net
realized
gains
.................
-
-
-
-
(5.31)
-
Total
distributions
...................
(1.29)
(0.55)
(0.15)
(0.35)
(5.34)
(0.13)
Net
asset
value,
end
of
period
..........
$19.69
$19.28
$15.27
$12.80
$11.25
$21.39
Total
return
d
.......................
9.34%
30.95%
20.51%
16.95%
(29.16)%
28.41%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.12%
1.15%
1.17%
1.16%
1.11%
1.10%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.11%
1.14%
1.17%
f
1.16%
f
1.11%
f,g
1.10%
f
Net
investment
income
...............
0.99%
1.17%
1.37%
0.96%
2.50%
c
0.31%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$853,652
$817,311
$688,440
$633,627
$594,911
$944,938
Portfolio
turnover
rate
................
20%
29%
31%
17%
32%
125%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.24
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.64%.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Includes
one-time
proxy
cost
of
0.01%.
Putnam
Focused
International
Equity
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
April
30,
2026
(unaudited)
Year
Ended
October
31,
2025
2024
2023
2022
2021
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$17.03
$13.53
$11.32
$9.96
$19.69
$15.45
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
0.02
0.06
0.07
0.02
0.24
c
(0.09)
Net
realized
and
unrealized
gains
(losses)
1.42
3.86
2.15
1.59
(4.63)
4.33
Total
from
investment
operations
........
1.44
3.92
2.22
1.61
(4.39)
4.24
Less
distributions
from:
Net
investment
income
..............
(1.15)
(0.42)
(0.01)
(0.25)
(0.03)
-
Net
realized
gains
.................
-
-
-
-
(5.31)
-
Total
distributions
...................
(1.15)
(0.42)
(0.01)
(0.25)
(5.34)
-
Net
asset
value,
end
of
period
..........
$17.32
$17.03
$13.53
$11.32
$9.96
$19.69
Total
return
d
.......................
8.97%
29.93%
19.59%
16.18%
(29.74)%
27.44%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.87%
1.91%
1.92%
1.91%
1.86%
1.85%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.86%
1.90%
1.92%
f
1.91%
f
1.86%
f,g
1.85%
f
Net
investment
income
(loss)
..........
0.26%
0.42%
0.54%
0.21%
1.84%
c
(0.46)%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$4,107
$4,204
$4,917
$7,436
$9,277
$17,165
Portfolio
turnover
rate
................
20%
29%
31%
17%
32%
125%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.23
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.76%.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Includes
one-time
proxy
cost
of
0.01%.
Putnam
Focused
International
Equity
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
April
30,
2026
(unaudited)
Year
Ended
October
31,
2025
2024
2023
2022
2021
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$18.98
$15.04
$12.63
$11.08
$21.21
$16.55
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.07
0.15
0.18
0.09
0.32
c
0.01
Net
realized
and
unrealized
gains
(losses)
1.57
4.30
2.35
1.76
(5.11)
4.65
Total
from
investment
operations
........
1.64
4.45
2.53
1.85
(4.79)
4.66
Less
distributions
from:
Net
investment
income
..............
(1.25)
(0.51)
(0.12)
(0.30)
(0.03)
-
Net
realized
gains
.................
-
-
-
-
(5.31)
-
Total
distributions
...................
(1.25)
(0.51)
(0.12)
(0.30)
(5.34)
-
Net
asset
value,
end
of
period
..........
$19.37
$18.98
$15.04
$12.63
$11.08
$21.21
Total
return
d
.......................
9.17%
30.66%
20.12%
16.79%
(29.42)%
28.16%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.37%
1.40%
1.42%
1.41%
1.36%
1.35%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
1.37%
f
1.39%
1.42%
f
1.41%
f
1.36%
f,g
1.35%
f
Net
investment
income
...............
0.71%
0.92%
1.17%
0.72%
2.25%
c
0.06%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$567
$696
$697
$367
$419
$751
Portfolio
turnover
rate
................
20%
29%
31%
17%
32%
125%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.23
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.65%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Includes
one-time
proxy
cost
of
0.01%.
Putnam
Focused
International
Equity
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
April
30,
2026
(unaudited)
Year
Ended
October
31,
2025
2024
2023
2022
2021
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$20.50
$16.20
$13.58
$11.91
$22.27
$17.49
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.23
0.26
0.27
0.19
0.40
c
0.14
Net
realized
and
unrealized
gains
(losses)
1.61
4.65
2.55
1.88
(5.42)
4.90
Total
from
investment
operations
........
1.84
4.91
2.82
2.07
(5.02)
5.04
Less
distributions
from:
Net
investment
income
..............
(1.35)
(0.61)
(0.20)
(0.40)
(0.03)
(0.26)
Net
realized
gains
.................
-
-
-
-
(5.31)
-
Total
distributions
...................
(1.35)
(0.61)
(0.20)
(0.40)
(5.34)
(0.26)
Net
asset
value,
end
of
period
..........
$20.99
$20.50
$16.20
$13.58
$11.91
$22.27
Total
return
d
.......................
9.50%
31.46%
20.86%
17.51%
(28.95)%
28.95%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.78%
0.79%
0.80%
0.78%
0.74%
0.73%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.77%
0.78%
0.80%
f
0.78%
f
0.74%
f,g
0.73%
f
Net
investment
income
...............
2.27%
1.53%
1.71%
1.35%
2.67%
c
0.65%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$52,468
$16,332
$23,917
$23,178
$18,763
$20,410
Portfolio
turnover
rate
................
20%
29%
31%
17%
32%
125%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.21
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.44%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Includes
one-time
proxy
cost
of
0.01%.
Putnam
Focused
International
Equity
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
April
30,
2026
(unaudited)
Year
Ended
October
31,
2025
2024
2023
2022
2021
Class
Y
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$20.35
$16.09
$13.48
$11.83
$22.17
$17.40
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.13
0.25
0.26
0.17
0.40
c
0.12
Net
realized
and
unrealized
gains
(losses)
1.69
4.60
2.53
1.86
(5.40)
4.87
Total
from
investment
operations
........
1.82
4.85
2.79
2.03
(5.00)
4.99
Less
distributions
from:
Net
investment
income
..............
(1.33)
(0.59)
(0.18)
(0.38)
(0.03)
(0.22)
Net
realized
gains
.................
-
-
-
-
(5.31)
-
Total
distributions
...................
(1.33)
(0.59)
(0.18)
(0.38)
(5.34)
(0.22)
Net
asset
value,
end
of
period
..........
$20.84
$20.35
$16.09
$13.48
$11.83
$22.17
Total
return
d
.......................
9.49%
31.26%
20.79%
17.28%
(29.00)%
28.78%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.86%
0.90%
0.92%
0.91%
0.86%
0.85%
Expenses
net
of
waiver
and
payments
by
affiliates
and
expense
reduction
........
0.86%
f
0.89%
0.92%
f
0.91%
f
0.86%
f,g
0.85%
f
Net
investment
income
...............
1.34%
1.42%
1.63%
1.23%
2.68%
c
0.56%
Supplemental
data
Net
assets,
end
of
period
(000's)
........
$77,987
$60,769
$43,314
$38,447
$36,113
$51,671
Portfolio
turnover
rate
................
20%
29%
31%
17%
32%
125%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund's
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.23
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.57%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Includes
one-time
proxy
cost
of
0.01%.
Putnam
Focused
International
Equity
Fund
Schedule
of
Investments
(unaudited),
April
30,
2026
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
93.9%
Banks
6.2%
AIB
Group
plc
......................................
Ireland
3,241,355
$
37,361,655
National
Bank
of
Greece
SA
...........................
Greece
1,501,196
23,791,238
61,152,893
Broadline
Retail
3.7%
Alibaba
Group
Holding
Ltd.
............................
China
1,537,600
25,341,207
Prosus
NV
........................................
China
233,224
11,291,076
36,632,283
Capital
Markets
6.2%
Bolsa
Mexicana
de
Valores
SAB
de
CV
...................
Mexico
11,763,820
26,499,489
London
Stock
Exchange
Group
plc
......................
United
Kingdom
265,900
34,502,333
61,001,822
Diversified
Telecommunication
Services
4.1%
Cogeco
Communications,
Inc.
..........................
Canada
464,890
21,540,970
a
Liberty
Global
Ltd.,
A
.................................
Belgium
1,601,747
18,548,230
40,089,200
Entertainment
5.1%
CTS
Eventim
AG
&
Co.
KGaA
..........................
Germany
413,488
27,291,768
Universal
Music
Group
NV
............................
Netherlands
1,098,987
23,043,128
50,334,896
Financial
Services
2.8%
Edenred
SE
.......................................
France
1,123,233
28,130,333
Food
Products
1.3%
Otoki
Corp.
........................................
South
Korea
51,800
12,804,654
Health
Care
Equipment
&
Supplies
2.2%
Sonova
Holding
AG
..................................
Switzerland
98,828
21,663,908
Health
Care
Technology
1.9%
M3,
Inc.
..........................................
Japan
1,917,100
18,466,386
Hotels,
Restaurants
&
Leisure
2.0%
FDJ
United
........................................
France
724,882
19,692,947
Household
Durables
2.1%
a
Berkeley
Group
Holdings
plc
...........................
United
Kingdom
476,900
20,763,974
Industrial
Conglomerates
4.0%
a
SK
Square
Co.
Ltd.
..................................
South
Korea
68,013
39,583,628
Insurance
2.0%
Admiral
Group
plc
...................................
United
Kingdom
428,188
19,682,147
Interactive
Media
&
Services
5.4%
Alphabet,
Inc.,
C
....................................
United
States
72,602
27,729,608
Rightmove
plc
......................................
United
Kingdom
4,439,827
26,183,838
53,913,446
Oil,
Gas
&
Consumable
Fuels
7.3%
Canadian
Natural
Resources
Ltd.
.......................
Canada
1,059,541
50,576,536
a
International
Petroleum
Corp.
..........................
Canada
769,573
21,672,288
72,248,824
Putnam
Focused
International
Equity
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Passenger
Airlines
3.8%
Ryanair
Holdings
plc
.................................
Italy
1,449,474
$
38,030,118
Personal
Care
Products
1.2%
Unilever
plc
........................................
United
Kingdom
206,333
12,032,338
Pharmaceuticals
4.6%
AstraZeneca
plc
....................................
United
Kingdom
103,545
19,644,802
Bayer
AG
.........................................
Germany
570,790
25,592,929
45,237,731
Semiconductors
&
Semiconductor
Equipment
16.8%
ASML
Holding
NV
...................................
Netherlands
25,750
37,222,817
Japan
Material
Co.
Ltd.
...............................
Japan
2,094,700
24,117,367
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.............
Taiwan
1,118,000
77,613,649
Tokyo
Electron
Ltd.
..................................
Japan
88,700
26,138,367
165,092,200
Software
5.8%
Constellation
Software,
Inc.
............................
Canada
19,860
36,169,953
Rakus
Co.
Ltd.
.....................................
Japan
3,981,300
22,000,249
58,170,202
Trading
Companies
&
Distributors
5.4%
ITOCHU
Corp.
.....................................
Japan
2,342,400
29,029,620
MonotaRO
Co.
Ltd.
..................................
Japan
2,104,700
25,026,332
54,055,952
Total
Common
Stocks
(Cost
$719,810,376)
...................................
928,779,882
Preferred
Stocks
1.9%
Technology
Hardware,
Storage
&
Peripherals
1.9%
b
Samsung
Electronics
Co.
Ltd.,
1.05%
....................
South
Korea
171,067
18,463,933
Total
Preferred
Stocks
(Cost
$7,006,596)
.....................................
18,463,933
Total
Long
Term
Investments
(Cost
$726,816,972)
.............................
947,243,815
a
Short
Term
Investments
3.2%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
3.2%
c,d
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
.......
United
States
31,795,154
31,795,154
Total
Management
Investment
Companies
(Cost
$31,795,154)
..................
31,795,154
Total
Short
Term
Investments
(Cost
$31,795,154
)
..............................
31,795,154
a
Total
Investments
(Cost
$758,612,126)
99.0%
.................................
$979,038,969
Other
Assets,
less
Liabilities
1.0%
...........................................
9,742,351
Net
Assets
100.0%
.........................................................
$988,781,320
a
a
a
Putnam
Focused
International
Equity
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
At
April
30,
2026,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
Note
1(c).
a
Non-income
producing.
b
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
c
See
Note
3(g)
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
Centrally
Cleared
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
iTraxx
Asia
ex-
Japan
IG
45
.
(1.00)%
Quarterly
6/20/31
181,000,000
$
(2,033,292)
$
(780,403)
$
(1,252,889)
Total
Credit
Default
Swap
Contracts
........................................
$(2,033,292)
$(780,403)
$(1,252,889)
a
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
b
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
c
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
See
Note
8
regarding
other
derivative
information.
Putnam
Focused
International
Equity
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
April
30,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
Putnam
Focused
International
Equity
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$726,816,972
Cost
-
Non-controlled
affiliates
(Note
3
g
)
........................................................
31,795,154
Value
-
Unaffiliated
issuers
..................................................................
$947,243,815
Value
-
Non-controlled
affiliates
(Note
3
g
)
.......................................................
31,795,154
Cash
....................................................................................
1,693,123
Foreign
currency,
at
value
(cost
$
379,458
)
........................................................
379,322
Receivables:
Capital
shares
sold
........................................................................
236,879
Dividends
...............................................................................
6,357,885
European
Union
tax
reclaims
(Note
1
d
)
.........................................................
1,150,640
Deposits
with
brokers
for:
Centrally
cleared
swap
contracts
............................................................
1,193,400
Variation
margin
on
centrally
cleared
swap
contracts
...............................................
221,632
Prepaid
expenses
..........................................................................
319,885
Total
assets
..........................................................................
990,591,735
Liabilities:
Payables:
Capital
shares
redeemed
...................................................................
419,002
Management
fees
.........................................................................
531,654
Distribution
fees
..........................................................................
174,565
Transfer
agent
fees
........................................................................
187,322
Reports
to
shareholders
fees
................................................................
98,643
Trustees'
fees
and
expenses
.................................................................
352,012
Accrued
expenses
and
other
liabilities
...........................................................
47,217
Total
liabilities
.........................................................................
1,810,415
Net
assets,
at
value
.................................................................
$988,781,320
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$758,127,929
Total
distributable
earnings
(losses)
.............................................................
230,653,391
Net
assets,
at
value
.................................................................
$988,781,320
Putnam
Focused
International
Equity
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
April
30,
2026
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
Putnam
Focused
International
Equity
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$853,651,527
Shares
outstanding
........................................................................
43,358,361
Net
asset
value
per
share
a
,b
..................................................................
$19.69
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94
.25
%
)
b
................................
$20.89
Class
C:
Net
assets,
at
value
.......................................................................
$4,107,334
Shares
outstanding
........................................................................
237,192
Net
asset
value
and
maximum
offering
price
per
share
a
,b
............................................
$17.32
Class
R:
Net
assets,
at
value
.......................................................................
$567,321
Shares
outstanding
........................................................................
29,283
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$19.37
Class
R6:
Net
assets,
at
value
.......................................................................
$52,468,115
Shares
outstanding
........................................................................
2,499,125
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$20.99
Class
Y:
Net
assets,
at
value
.......................................................................
$77,987,023
Shares
outstanding
........................................................................
3,741,857
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$20.84
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
Focused
International
Equity
Fund
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
April
30,
2026
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
Putnam
Focused
International
Equity
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$676,601)
Unaffiliated
issuers
........................................................................
$9,457,671
Non-controlled
affiliates
(Note
3
g
)
.............................................................
318,224
Interest:
Unaffiliated
issuers
........................................................................
3,666
Other
income
(Note
1d)
......................................................................
118,686
Total
investment
income
...................................................................
9,898,247
Expenses:
Management
fees
(Note
3
a
)
...................................................................
3,142,560
Administrative
fees
(Note
3
b
)
..................................................................
7,916
Distribution
fees:
(Note
3c
)
Class
A
................................................................................
1,031,364
Class
C
................................................................................
19,909
Class
R
................................................................................
1,389
Transfer
agent
fees:
(Note
3e
)
Class
A
................................................................................
539,427
Class
C
................................................................................
2,607
Class
R
................................................................................
365
Class
R6
...............................................................................
6,854
Class
Y
................................................................................
44,547
Custodian
fees
............................................................................
31,449
Reports
to
shareholders
fees
..................................................................
54,466
Registration
and
filing
fees
....................................................................
43,307
Professional
fees
...........................................................................
92,580
Trustees'
fees
and
expenses
(Note
3
f
)
...........................................................
18,615
Other
....................................................................................
12,879
Total
expenses
.........................................................................
5,050,234
Expense
reductions
(Not
e
4)
...............................................................
(27,513)
Net
expenses
.........................................................................
5,022,721
Net
investment
income
................................................................
4,875,526
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
(net
of
foreign
taxes
of
$1,653,808)
Unaffiliated
issuers
......................................................................
46,643,407
Foreign
currency
transactions
................................................................
(252,617)
Swap
contracts
...........................................................................
586,813
Net
realized
gain
(loss)
..................................................................
46,977,603
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
30,057,706
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
141,504
Swap
contracts
...........................................................................
(1,032,175)
Change
in
deferred
taxes
on
unrealized
appreciation
...............................................
2,288,909
Net
change
in
unrealized
appreciation
(depreciation)
............................................
31,455,944
Net
realized
and
unrealized
gain
(loss)
............................................................
78,433,547
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$83,309,073
Putnam
Focused
International
Equity
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
Putnam
Focused
International
Equity
Fund
Six
Months
Ended
April
30,
2026
(unaudited)
Year
Ended
October
31,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$4,875,526
$9,486,210
Net
realized
gain
(loss)
.................................................
46,977,603
53,192,111
Net
change
in
unrealized
appreciation
(depreciation)
...........................
31,455,944
155,223,363
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
83,309,073
217,901,684
Distributions
to
shareholders:
Class
A
.............................................................
(54,100,075)
(24,210,785)
Class
C
.............................................................
(270,506)
(141,427)
Class
R
.............................................................
(50,709)
(20,231)
Class
R6
............................................................
(1,173,657)
(888,365)
Class
Y
.............................................................
(4,141,861)
(1,564,907)
Total
distributions
to
shareholders
..........................................
(59,736,808)
(26,825,715)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
16,189,648
(46,337,092)
Class
C
.............................................................
(163,701)
(1,726,503)
Class
R
.............................................................
(132,701)
(165,118)
Class
R6
............................................................
34,772,686
(10,282,645)
Class
Y
.............................................................
15,231,453
5,462,480
Total
capital
share
transactions
............................................
65,897,385
(53,048,878)
Net
increase
(decrease)
in
net
assets
...................................
89,469,650
138,027,091
Net
assets:
Beginning
of
period
.....................................................
899,311,670
761,284,579
End
of
period
..........................................................
$988,781,320
$899,311,670
Putnam
Focused
International
Equity
Fund
Notes
to
Financial
Statements
(unaudited)
14
franklintempleton.com
Semiannual
Report
1.
Organization
and
Significant
Accounting
Policies
Putnam
Focused
International
Equity
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund
offers five
classes
of
shares:
Class
A,
Class
C,
Class
R,
Class
R6
and
Class
Y.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund's
business
day. Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund's
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time. In
order
to
minimize
the
potential
for
Putnam
Focused
International
Equity
Fund
Notes
to
Financial
Statements
(unaudited)
15
franklintempleton.com
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Report
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
April
30,
2026,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund's
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund's
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
or
at
the
broker
and
can
be
in
the
form
of
cash
and/or
securities.
The
Fund
entered
into
credit
default
swap
contracts
primarily
to
manage
and/or
gain
exposure
to
credit
risk.
A
credit
default
swap
is
an
agreement
between
the
Fund
and
a
counterparty
whereby
the
buyer
of
the
contract
receives
credit
protection
and
the
seller
of
the
contract
guarantees
the
credit
worthiness
of
a
referenced
debt
obligation.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
credit
default
swaps)
or
may
be
executed
in
a
multilateral
trade
facility
platform,
such
as
a
registered
exchange
(centrally
cleared
credit
default
swaps).
The
underlying
referenced
debt
obligation
may
be
a
single
issuer
of
corporate
or
sovereign
debt,
a
credit
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Putnam
Focused
International
Equity
Fund
Notes
to
Financial
Statements
(unaudited)
16
franklintempleton.com
Semiannual
Report
index,
a
basket
of
issuers
or
indices,
or
a
tranche
of
a
credit
index
or
basket
of
issuers
or
indices.
In
the
event
of
a
default
of
the
underlying
referenced
debt
obligation,
the
buyer
is
entitled
to
receive
the
notional
amount
of
the
credit
default
swap
contract
from
the
seller
in
exchange
for
the
referenced
debt
obligation,
a
net
settlement
amount
equal
to
the
notional
amount
of
the
credit
default
swap
less
the
recovery
value
of
the
referenced
debt
obligation,
or
other
agreed
upon
amount.
For
centrally
cleared
credit
default
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
the
buyer
pays
the
seller
a
periodic
stream
of
payments,
provided
that
no
event
of
default
has
occurred.
Such
periodic
payments
are
accrued
daily
as
an
unrealized
appreciation or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
Upfront
payments
and
receipts
are
reflected
in
the Statement
of
Assets
and
Liabilities
and
represent
compensating
factors
between
stated
terms
of
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
of
the
contract
as
a
realized
gain
or
loss
in
the Statement
of
Operations.
Credit
default
swap
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
See
Note
8
regarding
other
derivative
information.
d.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and if
applicable,
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
In
some
cases,
the
Fund
may
be
entitled
to
reclaim
all
or
a
portion
of
such
taxes,
and
such
reclaim
amounts,
if
any,
are
reflected
as
a
dividend
receivable
in
the
Statement
of
Assets
and
Liabilities
and
dividend
income
in
the
Statement
of
Operations.
In
many
cases,
however,
the
Fund
may
not
receive
such
amounts
for
an
extended
period
of
time,
depending
on
the
country
of
investment.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
As
a
result
of
several
court
cases,
in
certain
countries
across
the
European
Union, the
Fund
filed
additional
tax
reclaims
for
previously
withheld
taxes
on
dividends
earned
in
those
countries
(EU
reclaims). Income
recognized,
if
any,
for
EU
reclaims
is
reflected
as
other
income
in
the
Statement
of
Operations
and
any
related
receivable,
if
any,
is
reflected
as
European
Union
tax
reclaims
in
the
Statement
of
Assets
and
Liabilities.
Any
fees
associated
with
these
filings
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
When
uncertainty
exists
as
to
the
ultimate
resolution
of
these
proceedings,
the
likelihood
of
receipt
of
these
EU
reclaims,
and
the
potential
timing
of
payment,
no
amounts
are
reflected
in
the
financial
statements.
For
U.S.
income
tax
purposes,
EU
reclaims
received
by
the
Fund,
if
any,
reduce
the
amount
of
foreign
taxes
Fund
shareholders
can
use
as
tax
deductions
or credits
on
their
income
tax
returns.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
April
30,
2026, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
The
Fund's
federal
and
state
income
and
federal
excise
tax
returns
for
the
prior
three
fiscal
years
are
subject
to
examination
by
the
Internal
Revenue
Service
and
state
departments
of
revenue.
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Distributions
to
shareholders
are
1.
Organization
and
Significant
Accounting
Policies
(continued)
c.
Derivative
Financial
Instruments
(continued)
Putnam
Focused
International
Equity
Fund
Notes
to
Financial
Statements
(unaudited)
17
franklintempleton.com
Semiannual
Report
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
April
30,
2026,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
April
30,
2026
Year
Ended
October
31,
2025
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
588,526
$11,266,915
905,291
$14,984,854
Shares
issued
in
reinvestment
of
distributions
..........
2,787,203
50,894,286
1,549,460
22,761,524
Shares
redeemed
...............................
(2,410,538)
(45,971,553)
(5,153,396)
(84,083,470)
Net
increase
(decrease)
..........................
965,191
$16,189,648
(2,698,645)
$(46,337,092)
Class
C
Shares:
Shares
sold
...................................
41,186
$697,919
29,016
$422,599
Shares
issued
in
reinvestment
of
distributions
..........
16,663
268,263
10,771
140,671
Shares
redeemed
a
..............................
(67,481)
(1,129,883)
(156,475)
(2,289,773)
Net
increase
(decrease)
..........................
(9,632)
$(163,701)
(116,688)
$(1,726,503)
Class
R
Shares:
Shares
sold
...................................
11,013
$206,959
15,129
$252,689
Shares
issued
in
reinvestment
of
distributions
..........
2,819
50,684
1,395
20,221
Shares
redeemed
...............................
(21,227)
(390,344)
(26,192)
(438,028)
Net
increase
(decrease)
..........................
(7,395)
$(132,701)
(9,668)
$(165,118)
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Putnam
Focused
International
Equity
Fund
Notes
to
Financial
Statements
(unaudited)
18
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
Putnam
Management
a
management
fee
(based
on
the
Fund's
average
net
assets
and
computed
and
paid
monthly)
at
annual
rates
that
may
vary
based
on
the
average
of
the
aggregate
net
assets
of
all
open-end
mutual
funds
sponsored
by
Putnam
Management
(including
open-end
funds
managed
by
affiliates
of
Putnam
Management
that
have
been
Six
Months
Ended
April
30,
2026
Year
Ended
October
31,
2025
Shares
Amount
Shares
Amount
Class
R6
Shares:
Shares
sold
...................................
1,785,232
$36,533,753
218,236
$3,929,445
Shares
issued
in
reinvestment
of
distributions
..........
59,772
1,162,562
46,645
726,257
Shares
redeemed
...............................
(142,484)
(2,923,629)
(944,442)
(14,938,347)
Net
increase
(decrease)
..........................
1,702,520
$34,772,686
(679,561)
$(10,282,645)
Class
Y
Shares:
Shares
sold
...................................
1,034,035
$21,023,889
742,993
$13,290,412
Shares
issued
in
reinvestment
of
distributions
..........
206,997
3,997,110
97,084
1,501,904
Shares
redeemed
...............................
(484,674)
(9,789,546)
(546,814)
(9,329,836)
Net
increase
(decrease)
..........................
756,358
$15,231,453
293,263
$5,462,480
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Putnam
Investment
Management,
LLC
(Putnam
Management)
Investment
manager
The
Putnam
Advisory
Company,
LLC
(PAC)
Subadvisor
Franklin
Advisers,
Inc.
(Advisers)
Subadvisor
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
2.
Shares
of
Beneficial
Interest
(continued)
Putnam
Focused
International
Equity
Fund
Notes
to
Financial
Statements
(unaudited)
19
franklintempleton.com
Semiannual
Report
deemed
to
be
sponsored
by
Putnam
Management
for
this
purpose)
(excluding
net
assets
of
such
funds
that
are
invested
in,
or
that
are
invested
in
by,
other
such
funds
to
the
extent
necessary
to
avoid
"double
counting"
of
those
assets).
Such
annual
rates
may
vary
as
follows:
In
addition,
the
monthly
management
fee
consists
of
the
monthly
base
fee
plus
or
minus
a
performance
adjustment
for
the
month.
The
performance
adjustment
is
determined
based
on
performance
over
the
thirty-six
month
period
then
ended.
Each
month,
the
performance
adjustment
is
calculated
by
multiplying
the
performance
adjustment
rate
and
the
fund's
average
net
assets
over
the
performance
period
and
dividing
the
result
by
twelve.
The
resulting
dollar
amount
is
added
to,
or
subtracted
from
the
base
fee
for
that
month.
The
performance
adjustment
rate
is
equal
to
0.03
multiplied
by
the
difference
between
the
fund's
annualized
performance
(measured
by
the
fund's
class
A
shares)
and
the
annualized
performance
of
the
SCI
ACWI
ex
USA
Index
(Net
Returns)
(MSCI
World
Index
(Net
Returns)
prior
to
April
1,
2021)
each
measured
over
the
performance
period.
The
maximum
annualized
performance
adjustment
rate
is
+/-
0.15%.
The
monthly
base
fee
is
determined
based
on
the
fund's
average
net
assets
for
the
month,
while
the
performance
adjustment
is
determined
based
on
the
fund's
average
net
assets
over
the
thirty-six
month
performance
period.
This
means
it
is
possible
that,
if
the
fund
underperforms
significantly
over
the
performance
period,
and
the
fund's
assets
have
declined
significantly
over
that
period,
the
negative
performance
adjustment
may
exceed
the
base
fee.
In
this
event,
Putnam
Management
would
make
a
payment
to
the
fund.
Because
the
performance
adjustment
is
based
on
the
fund's
performance
relative
to
its
applicable
benchmark
index,
and
not
its
absolute
performance,
the
performance
adjustment
could
increase
Putnam
Management's
fee
even
if
the
fund's
shares
lose
value
during
the
performance
period
provided
that
the
fund
outperformed
its
benchmark
index,
and
could
decrease
Putnam
Management's
fee
even
if
the
fund's
shares
increase
in
value
during
the
performance
period
provided
that
the
fund
underperformed
its
benchmark
index.
For
the
reporting
period,
the
management
fee
represented
an
effective
rate
(excluding
the
impact
of
any
expense
waiver
in
effect)
of
0.678%
of
the
fund's
average
net
assets,
which
included
an
effective
base
fee
of
0.668%
and
a increase
of
0.010%
($48,169)
based
on
performance.
Putnam
Management
retained
Advisers
as
subadvisor
for
the
Fund.
Pursuant
to
the
agreement,
Advisers
provides
certain
advisory
and
related
services
to
the
Fund.
Putnam
Management
pays
a
monthly
fee
to
Advisers
based
on
the
costs
of
Advisers
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs.
Under
a
subadvisory
agreement,
Putnam
Management
and
FTIML,
affiliates
of
Advisers,
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid
to
Putnam
Management
and
FTIML
by
Advisers,
based
on
the
Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
Annualized
Fee
Rate
Net
Assets
0.850%
of
the
first
$5
billion,
0.800%
of
the
next
$5
billion,
0.750%
of
the
next
$10
billion,
0.700%
of
the
next
$10
billion,
0.650%
of
the
next
$50
billion,
0.630%
of
the
next
$50
billion,
0.620%
of
the
next
$100
billion,
0.615%
of
any
excess
thereafter.
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Putnam
Focused
International
Equity
Fund
Notes
to
Financial
Statements
(unaudited)
20
franklintempleton.com
Semiannual
Report
Under
a
subadvisory
agreement,
PAC
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by
Putnam
Management based
on
the
average
net
assets
managed
by
PAC,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Putnam
Management,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Putnam
Management
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
The
Fund
reimburses
Putnam
Management
an
allocated
amount
for
the
compensation
and
related
expenses
of
certain
officers
of
the
Fund
and
their
staff
who
provide
administrative
services
to
the
Fund.
The
aggregate
amount
of
all
such
reimbursements
is
determined
annually
by
the
Trustees.
c.
Distribution
Fees
The
Fund
has
adopted
distribution
plans
(the
Plans)
with
respect
to
the
following
share
classes
pursuant
to
Rule
12b-1
under
the
1940
Act.
The
purpose
of
the
Plans
is
to
compensate
Distributors
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Fund.
The
Plans
provide
payments
by
the
Fund
to
Distributors
at
an
annual
rate
of
up
to
the
following
amounts
(Maximum
%)
of
the
average
net
assets
attributable
to
each
class.
The
Trustees
have
approved
payment
by
the
Fund
at
the
following
annual
rate
(Approved
%)
of
the
average
net
assets
attributable
to
each
class.
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
PSERV,
an
affiliate
of
Putnam
Management,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
received
fees
for
investor
servicing
for
Class
A,
Class
C,
Class
R
and
Class
Y shares
that
included
(1)
a
per
account
fee
for
each
direct
and
underlying
non-defined
contribution
account
(retail
account)
of
the
Fund;
(2)
a
specified
rate
of
the
Fund's
assets
attributable
to
defined
contribution
plan
accounts;
and
(3)
a
specified
rate
based
on
the
average
net
assets
in
retail
accounts.
PSERV
has
agreed
that
the
aggregate
investor
servicing
fees
for
each
Fund's
retail
and
defined
contribution
accounts
for
these
share
classes
will
not
exceed
an
annual
rate
of
0.25%
of
the
Fund's
average
assets
attributable
to
such
accounts.
Class R6
shares
paid
a
monthly
fee
based
on
the
average
net
assets
of
Class R6
shares
at
an
annual
rate
of
0.05%.
Maximum
%
Approved
%
Class
A
...................................................................
0.35%
0.25%
Class
C
...................................................................
1.00%
1.00%
Class
R
...................................................................
1.00%
0.50%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$12,575
CDSC
retained
..............................................................................
$169
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Putnam
Focused
International
Equity
Fund
Notes
to
Financial
Statements
(unaudited)
21
franklintempleton.com
Semiannual
Report
f.
Trustee
Fees
The
Fund
has
adopted
a
Trustee
Fee
Deferral
Plan
(the
Deferral
Plan)
which
allows
the
Trustees to
defer
the
receipt
of
all
or
a
portion
of
Trustees'
fees
payable
from
July
1,
1995
through
December
31,
2023.
The
deferred
fees
remain
invested
in
certain
Putnam
funds
until
distribution
in
accordance
with
the
Deferral
Plan.
The
Fund
has
adopted
an
unfunded
noncontributory
defined
benefit
pension
plan
(the
Pension
Plan)
covering
all
Trustees
of
the
Fund
who
have
served
as
a
Trustee
for
at
least
five
years
and
were
first
elected
prior
to
2004.
Benefits
under
the
Pension
Plan
are
equal
to
50%
of
the
Trustee's
average
annual
attendance
and
retainer
fees
for
the
three
years
ended
December
31,
2005.
The
retirement
benefit
is
payable
during
a
Trustee's
lifetime,
beginning
the
year
following
retirement,
for
the
number
of
years
of
service
through
December
31,
2006.
Pension
expense
for
the
Fund
is
included
in
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
and
expenses
in
the
Statement
of
Assets
and
Liabilities.
The
Trustees
have
terminated
the
Pension
Plan
with
respect
to
any
Trustee
first
elected
after
2003.
g.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
April
30,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
h.
Waiver
and
Expense
Reimbursements
Putnam
Management has
contractually
agreed,
through
February
28,
2027,
to
waive
fees
and/or
reimburse
the
Fund's
expenses
to
the
extent
necessary
to
limit
the
cumulative
expenses
of
the
Fund,
exclusive
of
brokerage,
interest,
taxes,
investment-related
expenses,
extraordinary
expenses,
acquired
fund
fees
and
expenses
and
payments
under
the
Fund's
investor
servicing
contract,
investment
management
contract
and
distribution
plans,
on
a
fiscal
year-to-date
basis
to
an
annual
rate
of
0.20%
of
the
Fund's
average
net
assets
over
such
fiscal
year-to-date
period.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end.
4.
Expense
Offset
Arrangement
The Fund has entered
into
an arrangement
with PSERV
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
transfer
agent
fees.
During
the
period
ended
April
30,
2026,
the
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Putnam
Focused
International
Equity
Fund
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
......
$10,483,181
$135,462,610
$(114,150,637)
$-
$-
$31,795,154
31,795,154
$318,224
Total
Affiliated
Securities
...
$10,483,181
$135,462,610
$(114,150,637)
$-
$-
$31,795,154
$318,224
3.
Transactions
with
Affiliates
(continued)
Putnam
Focused
International
Equity
Fund
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
October
31,
2025,
the
capital
loss
carryforwards
were
as
follows:
At
April
30,
2026,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
EU
reclaims,
passive
foreign
investment
company
shares
and
derivative
financial
instruments.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
April
30,
2026,
aggregated
$180,645,487 and
$197,853,077,
respectively.
7.
Concentration
of
Risk
Investing
in
foreign
securities
may
include
certain
risks
and
considerations
not
typically
associated
with
investing
in
U.S.
securities,
such
as
fluctuating
currency
values
and
changing
local,
regional
and
global
economic,
political
and
social
conditions,
which
may
result
in
greater
market
volatility.
Political
and
financial
uncertainty
in
many
foreign
regions
may
increase
market
volatility
and
the
economic
risk
of
investing
in
foreign
securities.
In
addition,
certain
foreign
securities
may
not
be
as
liquid
as
U.S.
securities.
Ongoing
or
threatened
military
conflicts
throughout
the
world
may
cause
significant
market
disruptions
and
volatility.
The
hostilities
and
sanctions
resulting
from
those
conflicts
may
also
have
a
significant
impact
on
certain
investments
of
the
Fund
as
well
as
the
Fund's
performance
and
liquidity.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
3,446,652
Long
term
................................................................................
13,027,694
Total
capital
loss
carryforwards
...............................................................
$16,474,346
Cost
of
investments
..........................................................................
$783,428,705
Unrealized
appreciation
........................................................................
$283,168,827
Unrealized
depreciation
........................................................................
(89,591,855)
Net
unrealized
appreciation
(depreciation)
..........................................................
$193,576,972
Putnam
Focused
International
Equity
Fund
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
8.
Other
Derivative
Information
At
April
30,
2026,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
For
the
period
ended
April
30,
2026,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
period
ended
April
30,
2026,
the
average
month
end
notional
amount
of
swap
contracts
represented
152,428,571.
See
Note
1(c) regarding
derivative
financial
instruments.
9.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.995
billion
(Global
Credit
Facility)
which
matures
on
January
29,
2027.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
may,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
April
30,
2026,
the Fund
did
not
use
the
Global
Credit
Facility.
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Putnam
Focused
International
Equity
Fund
Credit
contracts
............
Variation
margin
on
centrally
cleared
swap
contracts
$
-
Variation
margin
on
centrally
cleared
swap
contracts
$
1,252,889
a
Total
....................
$-
$1,252,889
a
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
centrally
cleared
swap
contracts
as
reported
in
the
Schedule
of
Investments.
Only
the
variation
margin
receivable/payable
at
period
end
is
separately
reported
within
the
Statement
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Putnam
Focused
International
Equity
Fund
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
appreciation
(depreciation)
on:
Credit
contracts
...............
Swap
contracts
$586,813
Swap
contracts
$(1,032,175)
Total
.......................
$586,813
$(1,032,175)
Putnam
Focused
International
Equity
Fund
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
10.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
-
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
-
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
April
30,
2026,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Putnam
Focused
International
Equity
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
:
Banks
...............................
$
-
$
61,152,893
$
-
$
61,152,893
Broadline
Retail
.......................
-
36,632,283
-
36,632,283
Capital
Markets
........................
26,499,489
34,502,333
-
61,001,822
Diversified
Telecommunication
Services
.....
40,089,200
-
-
40,089,200
Entertainment
.........................
-
50,334,896
-
50,334,896
Financial
Services
......................
-
28,130,333
-
28,130,333
Food
Products
........................
-
12,804,654
-
12,804,654
Health
Care
Equipment
&
Supplies
.........
-
21,663,908
-
21,663,908
Health
Care
Technology
.................
-
18,466,386
-
18,466,386
Hotels,
Restaurants
&
Leisure
.............
-
19,692,947
-
19,692,947
Household
Durables
....................
-
20,763,974
-
20,763,974
Industrial
Conglomerates
................
-
39,583,628
-
39,583,628
Insurance
............................
19,682,147
-
-
19,682,147
Interactive
Media
&
Services
..............
53,913,446
-
-
53,913,446
Oil,
Gas
&
Consumable
Fuels
.............
50,576,536
21,672,288
-
72,248,824
Passenger
Airlines
.....................
-
38,030,118
-
38,030,118
Personal
Care
Products
.................
-
12,032,338
-
12,032,338
Pharmaceuticals
.......................
-
45,237,731
-
45,237,731
Semiconductors
&
Semiconductor
Equipment
.
-
165,092,200
-
165,092,200
Software
.............................
36,169,953
22,000,249
-
58,170,202
Trading
Companies
&
Distributors
..........
-
54,055,952
-
54,055,952
Preferred
Stocks
.........................
-
18,463,933
-
18,463,933
Short
Term
Investments
...................
31,795,154
-
-
31,795,154
Total
Investments
in
Securities
...........
$258,725,925
$720,313,044
b
$-
$979,038,969
-
-
-
-
Liabilities:
Other
Financial
Instruments:
Swap
Contracts
.........................
$
-
$
1,252,889
$
-
$
1,252,889
Total
Other
Financial
Instruments
.........
$-
$1,252,889
$-
$1,252,889
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
foreign
securities
valued
at
$720,313,044,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Putnam
Focused
International
Equity
Fund
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
11.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
A
management
group
of
the
Fund's
investment
manager serves
as
the
Chief
Operating
Decision
Maker
("CODM")
and
is
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund's
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights.
12.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Putnam
Focused
International
Equity
Fund
26
franklintempleton.com
Semiannual
Report
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Remuneration
to
officers
is
paid
by
the
Fund's
investment
manager
according
to
the
terms
of
the
agreement.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Not
applicable.
38902-SFSOI
06/26
©
2026
Franklin
Templeton.
All
rights
reserved.
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
| ITEM 16. | CONTROLS AND PROCEDURES. |
| (a) | The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with respect to the Funds alongside the required designation. |
| (b) | During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton's oversight. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| ITEM 19. | EXHIBITS. |
(a) (1) Not applicable.
Exhibit 99.CODE ETH
Exhibit 99.CERT
Exhibit 99.906CERT
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.
Putnam Focused International Equity Fund
| By: | /s/ Jonathan S. Horwitz | |
| Jonathan S. Horwitz | ||
| Principal Executive Officer | ||
| Date: | June 25, 2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Jonathan S. Horwitz | |
| Jonathan S. Horwitz | ||
| Principal Executive Officer | ||
| Date: | June 25, 2026 |
| By: | /s/ Jeffrey White | |
| Jeffrey White | ||
| Principal Financial Officer | ||
| Date: | June 25, 2026 |
Putnam Global Equity Fund published this content on June 25, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 25, 2026 at 20:04 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]