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                <cusip>36467J108</cusip>
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                    <isin value="US36467J1088"/>
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                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>HILTON WORLDWIDE HOLDINGS INC</name>
                <lei>549300HVGPK36ICB0B89</lei>
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                <cusip>43300A203</cusip>
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                    <isin value="US43300A2033"/>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>CHARTER COMMUNICATIONS INC</name>
                <lei>0J0XRGZE3PBRFEZ7MV65</lei>
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                <cusip>16119P108</cusip>
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                    <isin value="US16119P1084"/>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>DXC TECHNOLOGY CO</name>
                <lei>549300DOVZ3EDJB7O259</lei>
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                <cusip>23355L106</cusip>
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                    <isin value="US23355L1061"/>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>BJ'S WHOLESALE CLUB HOLDINGS INC</name>
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                <cusip>05550J101</cusip>
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                    <isin value="US05550J1016"/>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>CIGNA CORP</name>
                <lei>549300VIWYMSIGT1U456</lei>
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                <cusip>125523100</cusip>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>DOW INC</name>
                <lei>5493003S21INSLK2IP73</lei>
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                <cusip>260557103</cusip>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>CORTEVA INC</name>
                <lei>549300WZN9I2QKLS0O94</lei>
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                <cusip>22052L104</cusip>
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                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>CHARLES SCHWAB CORP/THE</name>
                <lei>549300VSGCJ7E698NM85</lei>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>ACTIVISION BLIZZARD INC</name>
                <lei>549300TPQQDBP9GNOF40</lei>
                <title>COMMON STOCK</title>
                <cusip>00507V109</cusip>
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                    <isin value="US00507V1098"/>
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                <units>NS</units>
                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>NORTHROP GRUMMAN CORP</name>
                <lei>RIMU48P07456QXSO0R61</lei>
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                <cusip>666807102</cusip>
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                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>SOUTHWEST AIRLINES CO</name>
                <lei>UDTZ87G0STFETI6HGH41</lei>
                <title>COMMON STOCK</title>
                <cusip>844741108</cusip>
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                    <isin value="US8447411088"/>
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                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>UNITED RENTALS INC</name>
                <lei>5323X5O7RN0NKFCDRY08</lei>
                <title>COMMON STOCK</title>
                <cusip>911363109</cusip>
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                    <isin value="US9113631090"/>
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                <balance>375</balance>
                <units>NS</units>
                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>BANK OF AMERICA CORP</name>
                <lei>9DJT3UXIJIZJI4WXO774</lei>
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                <cusip>060505104</cusip>
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                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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            <invstOrSec>
                <name>PROCTER  AND  GAMBLE CO/THE</name>
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                <title>COMMON STOCK</title>
                <cusip>742718109</cusip>
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                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <fairValLevel>1</fairValLevel>
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            <invstOrSec>
                <name>AMERICAN INTERNATIONAL GROUP INC</name>
                <lei>ODVCVCQG2BP6VHV36M30</lei>
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                <cusip>026874784</cusip>
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                <balance>1755</balance>
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                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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            <invstOrSec>
                <name>WALMART INC</name>
                <lei>Y87794H0US1R65VBXU25</lei>
                <title>COMMON STOCK</title>
                <cusip>931142103</cusip>
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                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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            <invstOrSec>
                <name>RADIAN GROUP INC</name>
                <lei>54930005OUP720S5U385</lei>
                <title>COMMON STOCK</title>
                <cusip>750236101</cusip>
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                    <isin value="US7502361014"/>
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                <balance>3495</balance>
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                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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            <invstOrSec>
                <name>PEPSICO INC</name>
                <lei>FJSUNZKFNQ5YPJ5OT455</lei>
                <title>COMMON STOCK</title>
                <cusip>713448108</cusip>
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                <balance>589</balance>
                <units>NS</units>
                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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            <invstOrSec>
                <name>TEXAS INSTRUMENTS INC</name>
                <lei>WDJNR2L6D8RWOEB8T652</lei>
                <title>COMMON STOCK</title>
                <cusip>882508104</cusip>
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                <units>NS</units>
                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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            <invstOrSec>
                <name>CITIGROUP INC</name>
                <lei>6SHGI4ZSSLCXXQSBB395</lei>
                <title>COMMON STOCK</title>
                <cusip>172967424</cusip>
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                <curCd>USD</curCd>
                <valUSD>136719.27</valUSD>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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            <invstOrSec>
                <name>AMERICAN TOWER CORP</name>
                <lei>5493006ORUSIL88JOE18</lei>
                <title>COMMON STOCK</title>
                <cusip>03027X100</cusip>
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                <curCd>USD</curCd>
                <valUSD>54412.98</valUSD>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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            <invstOrSec>
                <name>MICROSOFT CORP</name>
                <lei>INR2EJN1ERAN0W5ZP974</lei>
                <title>COMMON STOCK</title>
                <cusip>594918104</cusip>
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                <balance>643</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>160544.24</valUSD>
                <pctVal>4.117318789927</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>KEYCORP</name>
                <lei>RKPI3RZGV1V1FJTH5T61</lei>
                <title>COMMON STOCK</title>
                <cusip>493267108</cusip>
                <identifiers>
                    <isin value="US4932671088"/>
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                <balance>1205</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>27763.2</valUSD>
                <pctVal>0.712015236601</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
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                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>CONOCOPHILLIPS </name>
                <lei>WPTL2Z3FIYTHSP5V2253</lei>
                <title>COMMON STOCK</title>
                <cusip>20825C104</cusip>
                <identifiers>
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                <balance>1405</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>78314.7</valUSD>
                <pctVal>2.00845938688</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>EXELON CORP</name>
                <lei>3SOUA6IRML7435B56G12</lei>
                <title>COMMON STOCK</title>
                <cusip>30161N101</cusip>
                <identifiers>
                    <isin value="US30161N1019"/>
                </identifiers>
                <balance>2920</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>131750.4</valUSD>
                <pctVal>3.378871752113</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>FREEPORT-MCMORAN INC</name>
                <lei>549300IRDTHJQ1PVET45</lei>
                <title>COMMON STOCK</title>
                <cusip>35671D857</cusip>
                <identifiers>
                    <isin value="US35671D8570"/>
                </identifiers>
                <balance>2839</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>121282.08</valUSD>
                <pctVal>3.110401138437</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>REGENERON PHARMACEUTICALS INC</name>
                <lei>549300RCBFWIRX3HYQ56</lei>
                <title>COMMON STOCK</title>
                <cusip>75886F107</cusip>
                <identifiers>
                    <isin value="US75886F1075"/>
                </identifiers>
                <balance>80</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>40194.4</valUSD>
                <pctVal>1.030825885562</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ELI LILLY  AND  CO</name>
                <lei>FRDRIPF3EKNDJ2CQJL29</lei>
                <title>COMMON STOCK</title>
                <cusip>532457108</cusip>
                <identifiers>
                    <isin value="US5324571083"/>
                </identifiers>
                <balance>548</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>109457.52</valUSD>
                <pctVal>2.807148383491</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>BOSTON PROPERTIES INC</name>
                <lei>549300OF70FSEUQBT254</lei>
                <title>COMMON STOCK</title>
                <cusip>101121101</cusip>
                <identifiers>
                    <isin value="US1011211018"/>
                </identifiers>
                <balance>335</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>39382.6</valUSD>
                <pctVal>1.010006456639</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>AMGEN INC</name>
                <lei>62QBXGPJ34PQ72Z12S66</lei>
                <title>COMMON STOCK</title>
                <cusip>031162100</cusip>
                <identifiers>
                    <isin value="US0311621009"/>
                </identifiers>
                <balance>308</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>73285.52</valUSD>
                <pctVal>1.879480998668</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>UNION PACIFIC CORP</name>
                <lei>549300LMMRSZZCZ8CL11</lei>
                <title>COMMON STOCK</title>
                <cusip>907818108</cusip>
                <identifiers>
                    <isin value="US9078181081"/>
                </identifiers>
                <balance>401</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>90116.73</valUSD>
                <pctVal>2.311134337275</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>VALERO ENERGY CORP</name>
                <lei>549300XTO5VR8SKV1V74</lei>
                <title>COMMON STOCK</title>
                <cusip>91913Y100</cusip>
                <identifiers>
                    <isin value="US91913Y1001"/>
                </identifiers>
                <balance>669</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>53787.6</valUSD>
                <pctVal>1.379437195287</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>COMCAST CORP</name>
                <lei>51M0QTTNCGUN7KFCFZ59</lei>
                <title>COMMON STOCK</title>
                <cusip>20030N101</cusip>
                <identifiers>
                    <isin value="US20030N1019"/>
                </identifiers>
                <balance>937</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>53727.58</valUSD>
                <pctVal>1.377897921914</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>NXP SEMICONDUCTORS NV</name>
                <lei>724500M9BY5293JDF951</lei>
                <title>ORDINARY SHARES</title>
                <cusip>N6596X109</cusip>
                <identifiers>
                    <isin value="NL0009538784"/>
                </identifiers>
                <balance>696</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>147148.32</valUSD>
                <pctVal>3.77376692457</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>NL</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
            <invstOrSec>
                <name>ASSURED GUARANTY LTD</name>
                <lei>549300BBOQUJEPH87M14</lei>
                <title>ORDINARY SHARES</title>
                <cusip>G0585R106</cusip>
                <identifiers>
                    <isin value="BMG0585R1060"/>
                </identifiers>
                <balance>2611</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>124361.93</valUSD>
                <pctVal>3.189386994766</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>BM</invCountry>

                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
        </invstOrSecs>
        <signature>
            <ncom:dateSigned>2021-07-27</ncom:dateSigned>
            <ncom:nameOfApplicant>Putnam Investments Inc</ncom:nameOfApplicant>
            <ncom:signature>Janet C. Smith</ncom:signature>
            <ncom:signerName>NPORT</ncom:signerName>
            <ncom:title>Principal Financial Officer</ncom:title>
        </signature>
    </formData>
    <documents>XXXX</documents>
</edgarSubmission>
