|
|
|
|
|
|
|
|
COMMON
STOCKS (98.3%)(a) |
| |
|
|
|
Shares |
Value |
|
Aerospace
and defense (1.6%) |
|
TransDigm
Group, Inc. |
|
|
|
256 |
$160,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
160,896 |
|
Automobiles
(2.7%) |
|
Tesla,
Inc.(NON) |
|
|
|
1,376 |
267,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
267,907 |
|
Building
products (1.2%) |
|
Johnson
Controls International PLC |
|
|
|
1,752 |
116,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
116,403 |
|
Capital
markets (3.0%) |
|
Charles
Schwab Corp. (The) |
|
|
|
2,131 |
175,893 |
|
MSCI,
Inc. |
|
|
|
241 |
122,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
298,280 |
|
Chemicals
(1.9%) |
|
Sherwin-Williams
Co. (The) |
|
|
|
745 |
185,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
185,639 |
|
Commercial
services and supplies (1.7%) |
|
Waste
Connections, Inc. |
|
|
|
1,147 |
165,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
165,742 |
|
Entertainment
(1.3%) |
|
Live
Nation Entertainment, Inc.(NON) |
|
|
|
1,774 |
129,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
129,076 |
|
Equity
real estate investment trusts (REITs) (2.2%) |
|
American
Tower Corp. |
|
|
|
996 |
220,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
220,365 |
|
Food
and staples retailing (4.5%) |
|
Costco
Wholesale Corp. |
|
|
|
501 |
270,164 |
|
Walmart,
Inc. |
|
|
|
1,134 |
172,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
443,008 |
|
Food
products (1.5%) |
|
Hershey
Co. (The) |
|
|
|
622 |
146,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
146,276 |
|
Health-care
equipment and supplies (1.7%) |
|
Dexcom,
Inc.(NON) |
|
|
|
1,004 |
116,745 |
|
IDEXX
Laboratories, Inc.(NON) |
|
|
|
119 |
50,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
167,424 |
|
Health-care
providers and services (7.9%) |
|
HCA
Healthcare, Inc. |
|
|
|
631 |
151,579 |
|
Humana,
Inc. |
|
|
|
250 |
137,475 |
|
UnitedHealth
Group, Inc. |
|
|
|
879 |
481,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
770,535 |
|
Hotels,
restaurants, and leisure (2.1%) |
|
Chipotle
Mexican Grill, Inc.(NON) |
|
|
|
126 |
204,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
204,997 |
|
Interactive
media and services (5.2%) |
|
Alphabet,
Inc. Class A(NON) |
|
|
|
5,020 |
506,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
506,970 |
|
Internet
and direct marketing retail (4.9%) |
|
Amazon.com,
Inc.(NON) |
|
|
|
5,018 |
484,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
484,438 |
|
IT
Services (8.0%) |
|
Accenture
PLC Class A |
|
|
|
747 |
224,795 |
|
Mastercard,
Inc. Class A |
|
|
|
868 |
309,355 |
|
Visa,
Inc. Class A |
|
|
|
1,132 |
245,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
779,794 |
|
Life
sciences tools and services (2.4%) |
|
Danaher
Corp. |
|
|
|
845 |
231,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
231,031 |
|
Personal
products (0.9%) |
|
Estee
Lauder Cos., Inc. (The) Class A |
|
|
|
370 |
87,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
87,242 |
|
Pharmaceuticals
(1.4%) |
|
Eli
Lilly and Co. |
|
|
|
380 |
141,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
141,010 |
|
Road
and rail (1.9%) |
|
Union
Pacific Corp. |
|
|
|
860 |
186,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
186,990 |
|
Semiconductors
and semiconductor equipment (3.9%) |
|
NVIDIA
Corp. |
|
|
|
2,252 |
381,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
381,106 |
|
Software
(18.3%) |
|
Cadence
Design Systems, Inc.(NON) |
|
|
|
1,119 |
192,513 |
|
Intuit,
Inc. |
|
|
|
377 |
153,661 |
|
Microsoft
Corp. |
|
|
|
4,488 |
1,145,068 |
|
Oracle
Corp. |
|
|
|
1,319 |
109,517 |
|
Palo
Alto Networks, Inc.(NON) |
|
|
|
1,125 |
191,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,791,897 |
|
Specialty
retail (1.7%) |
|
Home
Depot, Inc. (The) |
|
|
|
501 |
162,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
162,319 |
|
Technology
hardware, storage, and peripherals (11.7%) |
|
Apple,
Inc. |
|
|
|
7,737 |
1,145,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,145,308 |
|
Textiles,
apparel, and luxury goods (3.5%) |
|
Lululemon
Athletica, Inc. (Canada)(NON) |
|
|
|
389 |
147,941 |
|
Nike,
Inc. Class B |
|
|
|
1,748 |
191,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
339,679 |
|
Wireless
telecommunication services (1.2%) |
|
T-Mobile
US, Inc.(NON) |
|
|
|
798 |
120,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
120,864 |
|
|
|
|
|
|
|
|
Total
common stocks (cost $10,009,484) |
|
|
|
|
$9,635,196 |
|
|
|
|
|
|
|
|
Notes
to the fund's portfolio |
|
Unless
noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from September 1, 2022
through November 30, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management"
represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references
to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC",
if any, represent over-the-counter. |
| (a) |
Percentages
indicated are based on net assets of $9,798,687. |
| (NON) |
This
security is non-income-producing. |
|
For
investments in State Street Institutional U.S. Government Money Market Fund, the rate quoted in the security description is the annualized
7-day yield of the fund at the close of the reporting period. |
|
Security
valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees.
The Trustees oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in
accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible
for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. |
|
Investments
for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official
closing price for certain markets, and are classified as Level 1 securities under ASC 820. If no sales are reported, as in the case of
some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
Short-term securities with remaining maturities of 60 days or less are valued using an independent pricing service approved by the Trustees,
and are classified as Level 2 securities. |
|
Investments
in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities,
are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less
their liabilities and divided by the number of their outstanding shares. |
|
To
the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe
accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies
and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are
also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market
or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates,
U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions.
These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. |
|
To
assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations
on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed
periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect
to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good
faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a
material amount. |
|
|
|
|
|
|
ASC
820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency
of inputs to the valuation of the fund's investments. The three levels are defined as follows: |
|
Level
1: Valuations based on quoted prices for identical securities in active markets. |
|
Level
2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly
or indirectly. |
|
|
|
|
|
|
Level
3: Valuations based on inputs that are unobservable and significant to the fair value measurement. |
|
The
following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: |
|
|
Valuation
inputs |
|
Investments
in securities: |
Level
1 |
Level
2 |
Level
3 |
|
Common
stocks*: |
|
|
|
|
Communication
services |
$756,910 |
$— |
$— |
|
Consumer
discretionary |
1,459,340 |
— |
— |
|
Consumer
staples |
676,526 |
— |
— |
|
Financials |
298,280 |
— |
— |
|
Health
care |
1,310,000 |
— |
— |
|
Industrials |
630,031 |
— |
— |
|
Information
technology |
4,098,105 |
— |
— |
|
Materials |
185,639 |
— |
— |
|
Real
estate |
220,365 |
— |
— |
|
|
|
|
|
|
Total
common stocks |
9,635,196 |
— |
— |
|
Short-term
investments |
161,163 |
— |
— |
|
|
|
|
|
|
Totals
by level |
$9,796,359 |
$— |
$— |
|
*
Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. |
|
For
additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities
and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com |