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                <title>COMMON STOCK</title>
                <cusip>00287Y109</cusip>
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                    <isin value="US00287Y1091"/>
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                <curCd>USD</curCd>
                <valUSD>353217.92</valUSD>
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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>GAMING AND LEISURE PROPERTIES INC</name>
                <lei>5493006GWRDBCZYWTM57</lei>
                <title>COMMON STOCK</title>
                <cusip>36467J108</cusip>
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                    <isin value="US36467J1088"/>
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                <balance>8106</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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                    <isCashCollateral>N</isCashCollateral>
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            <invstOrSec>
                <name>HILTON WORLDWIDE HOLDINGS INC</name>
                <lei>549300HVGPK36ICB0B89</lei>
                <title>COMMON STOCK</title>
                <cusip>43300A203</cusip>
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                    <isin value="US43300A2033"/>
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                <balance>1868</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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                    <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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                <balance>485</balance>
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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>BJ'S WHOLESALE CLUB HOLDINGS INC</name>
                <lei>549300UCIWH1C93V0J03</lei>
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                <cusip>05550J101</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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                <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>
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                <cusip>00507V109</cusip>
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                    <isin value="US00507V1098"/>
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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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                <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>
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                <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>
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                <cusip>911363109</cusip>
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                    <isin value="US9113631090"/>
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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>BANK OF AMERICA CORP</name>
                <lei>9DJT3UXIJIZJI4WXO774</lei>
                <title>COMMON STOCK</title>
                <cusip>060505104</cusip>
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                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>562812.32</valUSD>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>EASTMAN CHEMICAL CO</name>
                <lei>FDPVHDGJ1IQZFK9KH630</lei>
                <title>COMMON STOCK</title>
                <cusip>277432100</cusip>
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                <curCd>USD</curCd>
                <valUSD>240388.45</valUSD>
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                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
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                <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>
                <name>PROCTER  AND  GAMBLE CO/THE</name>
                <lei>2572IBTT8CCZW6AU4141</lei>
                <title>COMMON STOCK</title>
                <cusip>742718109</cusip>
                <identifiers>
                    <isin value="US7427181091"/>
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                <balance>1756</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>253882.48</valUSD>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>AMERICAN INTERNATIONAL GROUP INC</name>
                <lei>ODVCVCQG2BP6VHV36M30</lei>
                <title>COMMON STOCK</title>
                <cusip>026874784</cusip>
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                <balance>5307</balance>
                <units>NS</units>
                <curCd>USD</curCd>
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                <payoffProfile>Long</payoffProfile>
                <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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                <balance>1270</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>RADIAN GROUP INC</name>
                <lei>54930005OUP720S5U385</lei>
                <title>COMMON STOCK</title>
                <cusip>750236101</cusip>
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                <balance>10539</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>PNC FINANCIAL SERVICES GROUP INC/THE</name>
                <lei>CFGNEKW0P8842LEUIA51</lei>
                <title>COMMON STOCK</title>
                <cusip>693475105</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>PEPSICO INC</name>
                <lei>FJSUNZKFNQ5YPJ5OT455</lei>
                <title>COMMON STOCK</title>
                <cusip>713448108</cusip>
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                    <isin value="US7134481081"/>
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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>TEXAS INSTRUMENTS INC</name>
                <lei>WDJNR2L6D8RWOEB8T652</lei>
                <title>COMMON STOCK</title>
                <cusip>882508104</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>CITIGROUP INC</name>
                <lei>6SHGI4ZSSLCXXQSBB395</lei>
                <title>COMMON STOCK</title>
                <cusip>172967424</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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            <invstOrSec>
                <name>AMERICAN TOWER CORP</name>
                <lei>5493006ORUSIL88JOE18</lei>
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                <cusip>03027X100</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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            <invstOrSec>
                <name>ORACLE CORP</name>
                <lei>1Z4GXXU7ZHVWFCD8TV52</lei>
                <title>COMMON STOCK</title>
                <cusip>68389X105</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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            <invstOrSec>
                <name>MICROSOFT CORP</name>
                <lei>INR2EJN1ERAN0W5ZP974</lei>
                <title>COMMON STOCK</title>
                <cusip>594918104</cusip>
                <identifiers>
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                <balance>1943</balance>
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                <curCd>USD</curCd>
                <valUSD>642336.37</valUSD>
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                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
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                <fairValLevel>1</fairValLevel>
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            <invstOrSec>
                <name>KEYCORP</name>
                <lei>RKPI3RZGV1V1FJTH5T61</lei>
                <title>COMMON STOCK</title>
                <cusip>493267108</cusip>
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                <balance>3554</balance>
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                <curCd>USD</curCd>
                <valUSD>79751.76</valUSD>
                <pctVal>0.662334264017</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
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                    <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>4336</balance>
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                <curCd>USD</curCd>
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                <assetCat>EC</assetCat>
                <issuerCat>CORP</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
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                    <isCashCollateral>N</isCashCollateral>
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                <name>EXELON CORP</name>
                <lei>3SOUA6IRML7435B56G12</lei>
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                <cusip>30161N101</cusip>
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                    <isin value="US30161N1019"/>
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                <valUSD>465078.6</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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                    <isCashCollateral>N</isCashCollateral>
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                    <isLoanByFund>N</isLoanByFund>
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            <invstOrSec>
                <name>THERMO FISHER SCIENTIFIC INC</name>
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                <balance>433</balance>
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                <curCd>USD</curCd>
                <valUSD>274015.39</valUSD>
                <pctVal>2.275683717389</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>O'REILLY AUTOMOTIVE INC</name>
                <lei>549300K2RLMQL149Q332</lei>
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                <cusip>67103H107</cusip>
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                <valUSD>208678.32</valUSD>
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                <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>FREEPORT-MCMORAN INC</name>
                <lei>549300IRDTHJQ1PVET45</lei>
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                <cusip>35671D857</cusip>
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                    <isin value="US35671D8570"/>
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                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>317330.64</valUSD>
                <pctVal>2.635414640311</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>REGENERON PHARMACEUTICALS INC</name>
                <lei>549300RCBFWIRX3HYQ56</lei>
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                <cusip>75886F107</cusip>
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                <units>NS</units>
                <curCd>USD</curCd>
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                <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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            <invstOrSec>
                <name>BOSTON PROPERTIES INC</name>
                <lei>549300OF70FSEUQBT254</lei>
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                <cusip>101121101</cusip>
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                    <isin value="US1011211018"/>
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                <balance>1011</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>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
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            </invstOrSec>
            <invstOrSec>
                <name>UNION PACIFIC CORP</name>
                <lei>549300LMMRSZZCZ8CL11</lei>
                <title>COMMON STOCK</title>
                <cusip>907818108</cusip>
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                <units>NS</units>
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                <assetCat>EC</assetCat>
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                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
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            </invstOrSec>
            <invstOrSec>
                <name>VALERO ENERGY CORP</name>
                <lei>549300XTO5VR8SKV1V74</lei>
                <title>COMMON STOCK</title>
                <cusip>91913Y100</cusip>
                <identifiers>
                    <isin value="US91913Y1001"/>
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                <balance>2018</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>135084.92</valUSD>
                <pctVal>1.121873311235</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>MCKESSON CORP</name>
                <lei>549300WZWOM80UCFSF54</lei>
                <title>COMMON STOCK</title>
                <cusip>58155Q103</cusip>
                <identifiers>
                    <isin value="US58155Q1031"/>
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                <balance>1305</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>282871.8</valUSD>
                <pctVal>2.349235746826</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"/>
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                <balance>2803</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>140093.94</valUSD>
                <pctVal>1.163472964649</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>2130</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>475756.8</valUSD>
                <pctVal>3.95113574897</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"/>
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                <balance>7885</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>386128.45</valUSD>
                <pctVal>3.206776913098</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>
            <invstOrSec>
                <name>STATE STREET INSTITUTIONAL US GOVERNMENT MONEY MARKET FUND</name>
                <lei>549300BZ5TGIFZUZDZ37</lei>
                <title>SHORT TERM INV FUND</title>
                <cusip>857492649</cusip>
                <identifiers>
                    <isin value="US8574926494"/>
                </identifiers>
                <balance>495436.42</balance>
                <units>NS</units>
                <curCd>USD</curCd>
                <valUSD>495436.42</valUSD>
                <pctVal>4.114573980664</pctVal>
                <payoffProfile>Long</payoffProfile>
                <assetCat>STIV</assetCat>
                <issuerCat>PF</issuerCat>
                <invCountry>US</invCountry>
                <isRestrictedSec>N</isRestrictedSec>

                <fairValLevel>1</fairValLevel>
                <securityLending>
                    <isCashCollateral>N</isCashCollateral>
                    <isNonCashCollateral>N</isNonCashCollateral>
                    <isLoanByFund>N</isLoanByFund>
                </securityLending>
            </invstOrSec>
        </invstOrSecs>
        <signature>
            <ncom:dateSigned>2022-01-25</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>
