The fund invests mainly in common stocks of companies worldwide of any size with a focus on biology revolution companies. Biology revolution companies are companies that the funds investment manager, Putnam Investment Management, LLC believes offer the opportunity to capitalize on a convergence of technological developments in the life sciences sector that change the ability to understand and design biology to scale and include technology-enabling companies, biotechnology or synthetic biology companies, and existing companies that may benefit from the biology revolution in certain cases by reducing operational risks, mitigating environmental risks, and/or fostering consumer demand for the companys products