NPORT-EX 2 b_2aqnport103122.htm QUARTERLY PORTFOLIO HOLDINGS
Putnam Research Fund
The fund's portfolio
10/31/22 (Unaudited)


COMMON STOCKS (97.9%)(a)
        Shares Value
Aerospace and defense (2.1%)
Boeing Co. (The)(NON) 4,179 $595,549
Northrop Grumman Corp. 7,439 4,084,085
Raytheon Technologies Corp. 42,412 4,021,506
8,701,140
Airlines (0.4%)
Southwest Airlines Co.(NON) 40,338 1,466,286
1,466,286
Automobiles (1.5%)
General Motors Co. 18,183 713,683
Tesla, Inc.(NON) 24,591 5,595,436
6,309,119
Banks (2.6%)
Bank of America Corp. 112,146 4,041,742
Citigroup, Inc. 125,740 5,766,436
Silvergate Capital Corp. Class A(NON)(S) 15,561 883,242
10,691,420
Beverages (2.9%)
Coca-Cola Co. (The) 75,722 4,531,962
Constellation Brands, Inc. Class A 1,978 488,724
PepsiCo, Inc. 37,502 6,809,613
11,830,299
Biotechnology (1.7%)
AbbVie, Inc. 15,879 2,324,686
Alkermes PLC(NON) 51,658 1,172,637
Ascendis Pharma A/S ADR (Denmark)(NON)(S) 12,301 1,414,615
Biogen, Inc.(NON) 4,700 1,332,168
Regeneron Pharmaceuticals, Inc.(NON) 797 596,754
6,840,860
Building products (0.8%)
Johnson Controls International PLC 55,208 3,193,231
3,193,231
Capital markets (3.4%)
Charles Schwab Corp. (The) 47,916 3,817,468
Goldman Sachs Group, Inc. (The) 18,936 6,523,641
KKR & Co., Inc. 55,414 2,694,783
Quilter PLC (United Kingdom) 769,996 853,538
13,889,430
Chemicals (2.2%)
Corteva, Inc. 33,022 2,157,657
DuPont de Nemours, Inc. 43,740 2,501,928
Eastman Chemical Co. 9,330 716,637
Linde PLC 1,713 509,361
PPG Industries, Inc. 10,845 1,238,282
Sherwin-Williams Co. (The) 8,771 1,973,738
9,097,603
Construction materials (0.2%)
CRH PLC ADR (Ireland)(S) 26,825 971,333
971,333
Containers and packaging (0.4%)
Avery Dennison Corp. 6,100 1,034,255
Berry Global Group, Inc.(NON) 14,193 671,613
1,705,868
Diversified financial services (0.8%)
Apollo Global Management, Inc. 60,997 3,376,794
3,376,794
Electric utilities (3.3%)
American Electric Power Co., Inc. 15,389 1,353,001
Constellation Energy Corp. 7,760 733,630
Exelon Corp. 68,370 2,638,398
NextEra Energy, Inc. 29,543 2,289,583
NRG Energy, Inc. 144,325 6,408,030
13,422,642
Electrical equipment (0.5%)
Emerson Electric Co. 23,403 2,026,700
2,026,700
Electronic equipment, instruments, and components (1.3%)
CDW Corp./DE 22,778 3,936,266
Vontier Corp. 63,585 1,214,474
5,150,740
Energy equipment and services (0.4%)
Diamond Offshore Drilling, Inc.(NON) 172,263 1,696,791
1,696,791
Entertainment (1.0%)
Netflix, Inc.(NON) 5,015 1,463,778
Sea, Ltd. ADR (Singapore)(NON)(S) 10,844 538,730
Walt Disney Co. (The)(NON) 18,343 1,954,263
3,956,771
Equity real estate investment trusts (REITs) (1.0%)
Gaming and Leisure Properties, Inc.(R) 66,828 3,349,420
Vornado Realty Trust(R) 28,686 676,703
4,026,123
Food and staples retailing (1.9%)
BJ's Wholesale Club Holdings, Inc.(NON) 5,676 439,322
Costco Wholesale Corp. 5,282 2,648,923
Walmart, Inc. 33,602 4,782,572
7,870,817
Food products (0.2%)
McCormick & Co., Inc. (non-voting shares) 12,935 1,017,208
1,017,208
Health-care equipment and supplies (2.2%)
Abbott Laboratories 18,421 1,822,574
Baxter International, Inc. 2,169 117,885
Boston Scientific Corp.(NON) 59,866 2,580,823
Dexcom, Inc.(NON) 10,627 1,283,529
Intuitive Surgical, Inc.(NON) 6,440 1,587,267
Lantheus Holdings, Inc.(NON) 6,993 517,412
Medtronic PLC 14,552 1,270,972
9,180,462
Health-care providers and services (5.4%)
Cigna Corp. 21,731 7,020,417
Elevance Health, Inc. 1,432 782,975
Humana, Inc. 2,667 1,488,399
McKesson Corp. 9,914 3,860,215
UnitedHealth Group, Inc. 16,539 9,181,626
22,333,632
Hotels, restaurants, and leisure (2.1%)
Aramark 25,672 937,028
Booking Holdings, Inc.(NON) 1,608 3,006,124
Chipotle Mexican Grill, Inc.(NON) 1,186 1,777,019
Hilton Worldwide Holdings, Inc. 15,307 2,070,425
Penn Entertainment, Inc.(NON)(S) 26,171 866,260
8,656,856
Household durables (0.8%)
PulteGroup, Inc. 77,349 3,093,187
3,093,187
Household products (1.7%)
Procter & Gamble Co. (The) 52,591 7,082,430
7,082,430
Industrial conglomerates (1.0%)
General Electric Co. 12,574 978,383
Honeywell International, Inc. 16,290 3,323,486
4,301,869
Insurance (2.6%)
AIA Group, Ltd. (Hong Kong) 190,200 1,436,333
Assured Guaranty, Ltd. 93,965 5,561,788
AXA SA (France) 76,392 1,887,359
Prudential PLC (United Kingdom) 194,470 1,808,231
10,693,711
Interactive media and services (3.5%)
Alphabet, Inc. Class A(NON) 128,158 12,112,213
Meta Platforms, Inc. Class A(NON) 24,447 2,277,483
14,389,696
Internet and direct marketing retail (3.8%)
Amazon.com, Inc.(NON) 152,131 15,584,300
15,584,300
IT Services (3.7%)
Adyen NV (Netherlands)(NON) 810 1,162,781
Mastercard, Inc. Class A 28,044 9,203,480
PayPal Holdings, Inc.(NON) 13,041 1,089,967
Visa, Inc. Class A(S) 18,401 3,811,951
15,268,179
Life sciences tools and services (2.2%)
Avantor, Inc.(NON) 54,521 1,099,689
Bio-Rad Laboratories, Inc. Class A(NON) 4,879 1,715,993
Danaher Corp. 12,064 3,036,147
Illumina, Inc.(NON) 584 133,631
Thermo Fisher Scientific, Inc. 5,899 3,031,909
9,017,369
Machinery (1.7%)
Deere & Co. 4,450 1,761,399
Ingersoll Rand, Inc. 32,965 1,664,733
Otis Worldwide Corp. 51,929 3,668,264
7,094,396
Media (0.3%)
Charter Communications, Inc. Class A(NON) 3,260 1,198,441
1,198,441
Metals and mining (0.5%)
Agnico-Eagle Mines, Ltd. (Canada) 25,984 1,143,040
Alamos Gold, Inc. Class A (Canada) 129,007 1,017,865
2,160,905
Multi-utilities (0.3%)
Ameren Corp. 14,181 1,156,035
1,156,035
Multiline retail (0.7%)
Target Corp. 16,293 2,676,125
2,676,125
Oil, gas, and consumable fuels (5.6%)
Cenovus Energy, Inc. (Canada) 313,516 6,337,748
ConocoPhillips 24,441 3,081,766
Exxon Mobil Corp. 101,377 11,233,585
Shell PLC (London Exchange) (United Kingdom) 90,477 2,494,366
23,147,465
Pharmaceuticals (4.3%)
4Front Ventures Corp.(NON) 1,724,209 706,408
Eli Lilly and Co. 11,385 4,122,395
Innoviva, Inc.(NON) 112,490 1,525,364
Johnson & Johnson 27,747 4,827,146
Merck & Co., Inc. 41,242 4,173,690
Pfizer, Inc. 47,022 2,188,874
Zoetis, Inc. 2,027 305,631
17,849,508
Road and rail (1.9%)
CSX Corp. 42,008 1,220,752
Union Pacific Corp. 32,545 6,415,921
7,636,673
Semiconductors and semiconductor equipment (4.0%)
Advanced Micro Devices, Inc.(NON) 64,671 3,884,140
Applied Materials, Inc. 32,308 2,852,473
Enphase Energy, Inc.(NON) 1,139 349,673
NVIDIA Corp. 34,542 4,662,134
Qualcomm, Inc. 39,532 4,651,335
16,399,755
Software (10.3%)
Intuit, Inc. 12,987 5,551,943
Microsoft Corp. 101,381 23,533,570
Oracle Corp. 112,291 8,766,558
salesforce.com, Inc.(NON) 26,130 4,248,477
42,100,548
Specialty retail (3.1%)
Bath & Body Works, Inc. 10,051 335,502
CarMax, Inc.(NON)(S) 9,216 580,700
Home Depot, Inc. (The) 28,794 8,526,767
O'Reilly Automotive, Inc.(NON) 2,551 2,135,621
TJX Cos., Inc. (The) 10,962 790,360
Warby Parker, Inc. Class A(NON) 12,463 200,031
12,568,981
Technology hardware, storage, and peripherals (4.8%)
Apple, Inc. 129,002 19,781,167
19,781,167
Textiles, apparel, and luxury goods (0.5%)
Levi Strauss & Co. Class A 27,782 415,619
Lululemon Athletica, Inc. (Canada)(NON) 1,598 525,806
Nike, Inc. Class B 11,616 1,076,571
2,017,996
Tobacco (0.2%)
Altria Group, Inc. 18,460 854,144
854,144
Trading companies and distributors (0.4%)
United Rentals, Inc.(NON) 5,087 1,606,017
1,606,017
Wireless telecommunication services (1.7%)
T-Mobile US, Inc.(NON) 47,087 7,136,506
7,136,506
Total common stocks (cost $308,645,539) $402,227,528








UNITS (0.1%)(a)
        Units Value
GoGreen Investments Corp.(NON) 52,611 $536,632
Total units (cost $526,110) $536,632








SHORT-TERM INVESTMENTS (3.4%)(a)
        Principal amount/shares Value
Putnam Cash Collateral Pool, LLC 3.34%(AFF) Shares 5,722,653 $5,722,653
Putnam Short Term Investment Fund Class P 3.21%(AFF) Shares 7,254,748 7,254,748
State Street Institutional U.S. Government Money Market Fund, Premier Class 3.01%(P) Shares 210,000 210,000
U.S. Treasury Bills 2.884%, 11/15/22 $200,000 199,768
U.S. Treasury Bills 3.281%, 12/6/22(SEG) 200,000 199,316
U.S. Treasury Bills 2.800%, 11/8/22 100,000 99,945
U.S. Treasury Bills 3.071%, 11/25/22 100,000 99,783
Total short-term investments (cost $13,786,301) $13,786,213
TOTAL INVESTMENTS
Total investments (cost $322,957,950) $416,550,373








FORWARD CURRENCY CONTRACTS at 10/31/22 (aggregate face value $19,726,576) (Unaudited)
  Counterparty Currency Contract type* Delivery
date		 Value Aggregate face value Unrealized
appreciation/
(depreciation)
Bank of America N.A.
British Pound Sell 12/21/22 $3,595,732 $3,625,720 $29,988
Canadian Dollar Sell 1/18/23 3,660,571 3,644,025 (16,546)
Danish Krone Sell 12/21/22 1,068,984 1,099,810 30,826
Barclays Bank PLC
Euro Sell 12/21/22 920,844 939,300 18,456
Citibank, N.A.
Canadian Dollar Sell 1/18/23 2,159,734 2,152,675 (7,059)
Euro Sell 12/21/22 1,341,972 1,366,984 25,012
JPMorgan Chase Bank N.A.
Singapore Dollar Sell 11/16/22 903,087 927,655 24,568
Morgan Stanley & Co. International PLC
Euro Sell 12/21/22 511,029 589,925 78,896
State Street Bank and Trust Co.
Hong Kong Dollar Sell 11/16/22 943,418 945,055 1,637
UBS AG
Canadian Dollar Sell 1/18/23 2,453,729 2,445,961 (7,768)
Euro Sell 12/21/22 813,578 828,591 15,013
WestPac Banking Corp.
British Pound Sell 12/21/22 1,151,746 1,160,875 9,129
Unrealized appreciation 233,525
Unrealized (depreciation) (31,373)
Total $202,152
* The exchange currency for all contracts listed is the United States Dollar.








FUTURES CONTRACTS OUTSTANDING at 10/31/22 (Unaudited)
    Number of contracts Notional amount Value Expiration date Unrealized
appreciation/
(depreciation)
S&P 500 Index E-Mini (Long) 6 $1,161,594 $1,164,900 Dec-22 $17,018
Unrealized appreciation 17,018
Unrealized (depreciation) —
Total $17,018












Key to holding's abbreviations
ADR American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank.
Notes of the fund's portfolio
Unless noted otherwise, the notes of the fund's portfolio are for the close of the fund's reporting period, which ran from August 1, 2022 through October 31, 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 $410,720,343.
(NON) This security is non-income-producing.
(AFF) Affiliated company. For investments in Putnam Cash Collateral Pool, LLC and Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows:
Name of affiliate Fair value
as of
7/31/22		 Purchase
cost		 Sale
proceeds		 Investment
income		 Shares outstanding
and fair
value as of
10/31/22
Short-term investments
Putnam Cash Collateral Pool, LLC*# $7,391,219 $11,148,917 $12,817,483 $38,049 $5,722,653
Putnam Short Term Investment Fund** 6,558,450 25,906,087 25,209,789 69,579 7,254,748
Total Short-term investments $13,949,669 $37,055,004 $38,027,272 $107,628 $12,977,401
* The fund may lend securities, through its agent, to qualified borrowers in order to earn additional income. The loans are collateralized by cash in an amount at least equal to the fair value of the securities loaned. The fair value of securities loaned is determined daily and any additional required collateral is allocated to the fund on the next business day. The remaining maturities of the securities lending transactions are considered overnight and continuous. The risk of borrower default will be borne by the fund’s agent; the fund will bear the risk of loss with respect to the investment of the cash collateral. The fund receives cash collateral, which is invested in Putnam Cash Collateral Pool, LLC, a limited liability company managed by an affiliate of Putnam Management. Investments in Putnam Cash Collateral Pool, LLC are valued at its closing net asset value each business day. There are no management fees charged to Putnam Cash Collateral Pool, LLC and there were no realized or unrealized gains or losses during the period.
# At the close of the reporting period, the fund received cash collateral of $5,722,653 for securities loaned. The rate quoted in the security description is the annualized 7-day yield at the close of the reporting period. At the close of the reporting period, the value of securities loaned amounted to $5,621,858.
** Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.
(SEG) This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $125,546.
(P) This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
(R) Real Estate Investment Trust.
(S) This security is on loan, in part or in entirety, at the close of the reporting period.
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
The dates shown on debt obligations are the original maturity dates.
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to 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.
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.
Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. At the close of the reporting period, fair value pricing was used for certain foreign securities in the portfolio. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.
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.
Futures contracts: The fund used futures contracts to equitize cash.
The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin”.
For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes.
Forward currency contracts: The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts were used to hedge foreign exchange risk.
The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position.
For the fund's average contract amount on forward currency contracts, see the appropriate table at the end of these footnotes.
Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund's custodian and, with respect to those amounts which can be sold or repledged, are presented in the fund's portfolio.
Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.
With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.
At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements.








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 $26,681,414 $— $—
Consumer discretionary 50,906,564 — —
Consumer staples 28,654,898 — —
Energy 24,844,256 — —
Financials 37,215,022 1,436,333 —
Health care 65,221,831 — —
Industrials 36,026,312 — —
Information technology 98,700,389 — —
Materials 13,935,709 — —
Real estate 4,026,123 — —
Utilities 14,578,677 — —
Total common stocks 400,791,195 1,436,333 —
Units 536,632 — —
Short-term investments 210,000 13,576,213 —
Totals by level $401,537,827 $15,012,546 $—
  Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Forward currency contracts $— $202,152 $—
Futures contracts 17,018 — —
Totals by level $17,018 $202,152 $—
* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
Futures contracts (number of contracts) 6
Forward currency contracts (contract amount) $22,900,000
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