# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000869392-23-000181
**Filing Date:** 2023-1
**Character Count:** 36817
**Document Hash:** 15e235cd1440e93996906170de880deb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-23-000181.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0000869392-23-000181

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Putnam ETF Trust
- **CENTRAL INDEX KEY:** 0001845809
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 23557152

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111
- **BUSINESS PHONE:** 6177601060

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111

## Series and Classes Contracts Data

### Putnam Focused Large Cap Value ETF (Series ID: S000071710)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000227196 | -            |  |

## Nport-Ex

------

---

| |
|:---|
| **Putnam Focused Large Cap Value ETF** |
| **The fund's portfolio** |
| **11/30/22 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (96.5%)***<sup>(a)</sup>*** | **COMMON STOCKS (96.5%)***<sup>(a)</sup>*** | **COMMON STOCKS (96.5%)***<sup>(a)</sup>*** |
| | **Shares** | **Value** |
| **Aerospace and defense (2.1%)** | **Aerospace and defense (2.1%)** | **Aerospace and defense (2.1%)** |
| Northrop Grumman Corp. | 5286 | $2818971 |
|  |  | **2818971** |
| **Airlines (1.4%)** | **Airlines (1.4%)** | **Airlines (1.4%)** |
| Southwest Airlines Co.***<sup>(NON)</sup>*** | 46373 | 1850746 |
|  |  | **1850746** |
| **Automobiles (2.1%)** | **Automobiles (2.1%)** | **Automobiles (2.1%)** |
| General Motors Co. | 70863 | 2874203 |
|  |  | **2874203** |
| **Banks (6.2%)** | **Banks (6.2%)** | **Banks (6.2%)** |
| Bank of America Corp. | 157571 | 5964062 |
| Citigroup, Inc. | 51306 | 2483723 |
|  |  | **8447785** |
| **Beverages (2.2%)** | **Beverages (2.2%)** | **Beverages (2.2%)** |
| Coca-Cola Co. (The) | 47244 | 3005191 |
|  |  | **3005191** |
| **Biotechnology (4.1%)** | **Biotechnology (4.1%)** | **Biotechnology (4.1%)** |
| AbbVie, Inc. | 10559 | 1701900 |
| Regeneron Pharmaceuticals, Inc.***<sup>(NON)</sup>*** | 5243 | 3941163 |
|  |  | **5643063** |
| **Building products (2.8%)** | **Building products (2.8%)** | **Building products (2.8%)** |
| Johnson Controls International PLC | 57731 | 3835648 |
|  |  | **3835648** |
| **Capital markets (3.1%)** | **Capital markets (3.1%)** | **Capital markets (3.1%)** |
| Goldman Sachs Group, Inc. (The) | 10816 | 4176598 |
|  |  | **4176598** |
| **Chemicals (3.2%)** | **Chemicals (3.2%)** | **Chemicals (3.2%)** |
| Corteva, Inc. | 34117 | 2291298 |
| Eastman Chemical Co. | 23619 | 2045878 |
|  |  | **4337176** |
| **Containers and packaging (1.1%)** | **Containers and packaging (1.1%)** | **Containers and packaging (1.1%)** |
| Ball Corp. | 25913 | 1453201 |
|  |  | **1453201** |
| **Diversified financial services (2.5%)** | **Diversified financial services (2.5%)** | **Diversified financial services (2.5%)** |
| Apollo Global Management, Inc. | 49863 | 3459994 |
|  |  | **3459994** |
| **Electric utilities (5.6%)** | **Electric utilities (5.6%)** | **Electric utilities (5.6%)** |
| Constellation Energy Corp. | 21141 | 2032073 |
| Exelon Corp. | 86605 | 3582849 |
| NRG Energy, Inc. | 47244 | 2005508 |
|  |  | **7620430** |
| **Equity real estate investment trusts (REITs) (4.7%)** | **Equity real estate investment trusts (REITs) (4.7%)** | **Equity real estate investment trusts (REITs) (4.7%)** |
| American Tower Corp. | 5243 | 1160014 |
| Boston Properties, Inc. | 13113 | 945185 |
| Gaming and Leisure Properties, Inc. | 81363 | 4280507 |
|  |  | **6385706** |
| **Food and staples retailing (3.7%)** | **Food and staples retailing (3.7%)** | **Food and staples retailing (3.7%)** |
| BJ's Wholesale Club Holdings, Inc.***<sup>(NON)</sup>*** | 26516 | 1995064 |
| Walmart, Inc. | 20363 | 3103728 |
|  |  | **5098792** |
| **Health-care providers and services (5.2%)** | **Health-care providers and services (5.2%)** | **Health-care providers and services (5.2%)** |
| Cigna Corp. | 13221 | 4348255 |
| McKesson Corp. | 7255 | 2769088 |
|  |  | **7117343** |
| **Hotels, restaurants, and leisure (2.2%)** | **Hotels, restaurants, and leisure (2.2%)** | **Hotels, restaurants, and leisure (2.2%)** |
| Hilton Worldwide Holdings, Inc. | 20993 | 2994022 |
|  |  | **2994022** |
| **Household durables (1.1%)** | **Household durables (1.1%)** | **Household durables (1.1%)** |
| PulteGroup, Inc. | 34117 | 1527759 |
|  |  | **1527759** |
| **Household products (2.0%)** | **Household products (2.0%)** | **Household products (2.0%)** |
| Procter & Gamble Co. (The) | 18371 | 2740218 |
|  |  | **2740218** |
| **Insurance (4.8%)** | **Insurance (4.8%)** | **Insurance (4.8%)** |
| American International Group, Inc. | 78039 | 4925041 |
| Assured Guaranty, Ltd. | 25329 | 1686152 |
|  |  | **6611193** |
| **Interactive media and services (2.0%)** | **Interactive media and services (2.0%)** | **Interactive media and services (2.0%)** |
| Meta Platforms, Inc. Class A***<sup>(NON)</sup>*** | 22602 | 2669296 |
|  |  | **2669296** |
| **Life sciences tools and services (1.1%)** | **Life sciences tools and services (1.1%)** | **Life sciences tools and services (1.1%)** |
| Thermo Fisher Scientific, Inc. | 2632 | 1474499 |
|  |  | **1474499** |
| **Media (2.3%)** | **Media (2.3%)** | **Media (2.3%)** |
| Charter Communications, Inc. Class A***<sup>(NON)</sup>*** | 7946 | 3109190 |
|  |  | **3109190** |
| **Metals and mining (2.5%)** | **Metals and mining (2.5%)** | **Metals and mining (2.5%)** |
| Freeport-McMoRan, Inc. (Indonesia) | 86605 | 3446879 |
|  |  | **3446879** |
| **Oil, gas, and consumable fuels (7.9%)** | **Oil, gas, and consumable fuels (7.9%)** | **Oil, gas, and consumable fuels (7.9%)** |
| ConocoPhillips | 39360 | 4861354 |
| Exxon Mobil Corp. | 31492 | 3506319 |
| Valero Energy Corp. | 18367 | 2454199 |
|  |  | **10821872** |
| **Pharmaceuticals (2.5%)** | **Pharmaceuticals (2.5%)** | **Pharmaceuticals (2.5%)** |
| Sanofi ADR (France) | 75676 | 3431907 |
|  |  | **3431907** |
| **Road and rail (2.1%)** | **Road and rail (2.1%)** | **Road and rail (2.1%)** |
| Union Pacific Corp. | 13113 | 2851160 |
|  |  | **2851160** |
| **Semiconductors and semiconductor equipment (3.8%)** | **Semiconductors and semiconductor equipment (3.8%)** | **Semiconductors and semiconductor equipment (3.8%)** |
| NXP Semiconductors NV | 15743 | 2768249 |
| Texas Instruments, Inc. | 13113 | 2366372 |
|  |  | **5134621** |
| **Software (6.3%)** | **Software (6.3%)** | **Software (6.3%)** |
| Microsoft Corp. | 22326 | 5696256 |
| Oracle Corp. | 34113 | 2832402 |
|  |  | **8528658** |
| **Specialty retail (1.7%)** | **Specialty retail (1.7%)** | **Specialty retail (1.7%)** |
| O'Reilly Automotive, Inc.***<sup>(NON)</sup>*** | 2632 | 2275469 |
|  |  | **2275469** |
| **Trading companies and distributors (2.7%)** | **Trading companies and distributors (2.7%)** | **Trading companies and distributors (2.7%)** |
| United Rentals, Inc.***<sup>(NON)</sup>*** | 10504 | 3708227 |
|  |  | **3708227** |
| **Wireless telecommunication services (1.5%)** | **Wireless telecommunication services (1.5%)** | **Wireless telecommunication services (1.5%)** |
| T-Mobile US, Inc.***<sup>(NON)</sup>*** | 13113 | 1986096 |
|  |  | **1986096** |
| **Total common stocks (cost $119,748,875)** |  | **$131435913** |

---

------

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (3.4%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (3.4%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (3.4%)***<sup>(a)</sup>*** |
| | **Shares** | **Value** |
| State Street Institutional U.S. Government Money Market Fund, Investor Class 3.58% | 4611078 | $4611078 |
| **Total short-term investments (cost $4,611,078)** |  | **$4611078** |
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $124,359,953)** |  | **$136046991** |

---

------

---

| | |
|:---|:---|
|  | ***Key to holding's abbreviations*** |
| ADR | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. |
| ETF | Exchange Traded Fund |
|  | **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. |
| ***<sup>(a)</sup>*** | Percentages indicated are based on net assets of $136,171,905. |
| ***<sup>(NON)</sup>*** | 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: | 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: | 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: | 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: |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1:** Valuations based on quoted prices for identical securities in active markets. |
| &nbsp;&nbsp;&nbsp;&nbsp;**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. | &nbsp;&nbsp;&nbsp;&nbsp;**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. | &nbsp;&nbsp;&nbsp;&nbsp;**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. | &nbsp;&nbsp;&nbsp;&nbsp;**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. |
| &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3:** Valuations based on inputs that are unobservable and significant to the fair value measurement. | &nbsp;&nbsp;&nbsp;&nbsp;**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: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | 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** | **Valuation inputs** | **Valuation inputs** |
| **Investments in securities:** | **Level 1** | **Level 2** | **Level 3** |
| **Common stocks\*:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication services | &nbsp;&nbsp;&nbsp;&nbsp;$7764582 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | &nbsp;&nbsp;&nbsp;&nbsp;9671453 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | &nbsp;&nbsp;&nbsp;&nbsp;10844201 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;10821872 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;22695570 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Health care | &nbsp;&nbsp;&nbsp;&nbsp;17666812 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;15064752 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Information technology | &nbsp;&nbsp;&nbsp;&nbsp;13663279 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;9237256 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;6385706 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;7620430 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total common stocks** | **131435913** | **—** | **—** |
| Short-term investments | 4611078 |  |  |
| **Totals by level** | **$136046991** | **$—** | **$—** |
| \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | \* 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 | 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 | 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 | 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 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Putnam ETF Trust

- **b. Investment Company Act file number:** 811-23643

- **c. CIK number of Registrant:** 0001845809

- **d. LEI of Registrant:** 549300EMFKH8ETCKNO35

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 FEDERAL STREET

  - **City:** BOSTON

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 1-800-225-1581

**Item A.2. Information about the Series.**

- **a. Name of Series:** Putnam Focused Large Cap Value ETF

- **b. EDGAR series identifier (if any):** S000071710

- **c. LEI of Series:** 549300I6YUFRH81I6G12

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $136255255.59

**Total Liabilities:** $83350.85

**Net Assets:** $136171904.74

**Cash Not Reported:** $57495.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227196 | 7.11%                | 11.50%               | -7.88%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $753664.91               | $7889924.40                                |
| Month 2  | $-560126.52              | $8819701.77                                |
| Month 3  | $-34646.92               | $-3918838.98                               |

### Schedule of Portfolio Investments

| Name                                                       | Title               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| T-MOBILE US INC                                            | COMMON STOCK        | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     13113 | NS      | $1986094.98   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTERNATIONAL PLC                         | COMMON STOCK        | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |     57731 | NS      | $3835647.64   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG ENERGY INC                                             | COMMON STOCK        | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     47244 | NS      | $2005507.80   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORP                                              | COMMON STOCK        | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      7255 | NS      | $2769088.40   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORP                                         | COMMON STOCK        | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     18367 | NS      | $2454198.54   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS CO                                          | COMMON STOCK        | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     70863 | NS      | $2874203.28   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC                                         | COMMON STOCK        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     22602 | NS      | $2669296.20   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                                                 | COMMON STOCK        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     10559 | NS      | $1701899.62   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMING AND LEISURE PROPERTIES INC                          | COMMON STOCK        | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     81363 | NS      | $4280507.43   | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC                              | COMMON STOCK        | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     20993 | NS      | $2994021.66   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMMUNICATIONS INC                                 | COMMON STOCK        | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |      7946 | NS      | $3109190.34   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ'S WHOLESALE CLUB HOLDINGS INC                           | COMMON STOCK        | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     26516 | NS      | $1995063.84   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA CORP                                                 | COMMON STOCK        | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     13221 | NS      | $4348254.69   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA INC                                                | COMMON STOCK        | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     34117 | NS      | $2291297.72   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO ASSET MANAGEMENT INC                                | COMMON STOCK        | CUSIP: 03769M106<br>LEI: 54930054P2G7ZJB0KM79 | Long             | EC               | CORP              | US        |     49863 | NS      | $3459993.57   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY CORP                                  | COMMON STOCK        | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     21141 | NS      | $2032072.92   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHROP GRUMMAN CORP                                      | COMMON STOCK        | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      5286 | NS      | $2818970.94   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST AIRLINES CO                                      | COMMON STOCK        | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     46373 | NS      | $1850746.43   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED RENTALS INC                                         | COMMON STOCK        | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |     10504 | NS      | $3708227.12   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                                       | COMMON STOCK        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    157571 | NS      | $5964062.35   | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EASTMAN CHEMICAL CO                                        | COMMON STOCK        | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     23619 | NS      | $2045877.78   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| PULTEGROUP INC                                             | COMMON STOCK        | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34117 | NS      | $1527759.26   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER  AND  GAMBLE CO/THE                                | COMMON STOCK        | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     18371 | NS      | $2740218.36   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BALL CORP                                                  | COMMON STOCK        | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |     25913 | NS      | $1453201.04   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP INC                           | COMMON STOCK        | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     78039 | NS      | $4925041.29   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC                                                | COMMON STOCK        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     20363 | NS      | $3103728.46   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INC                                      | COMMON STOCK        | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     13113 | NS      | $2366371.98   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CO/THE                                           | COMMON STOCK        | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     47244 | NS      | $3005190.84   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                              | COMMON STOCK        | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     51306 | NS      | $2483723.46   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                                        | COMMON STOCK        | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      5243 | NS      | $1160013.75   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                                                | COMMON STOCK        | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     34113 | NS      | $2832402.39   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                                             | COMMON STOCK        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     22326 | NS      | $5696255.64   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                                             | COMMON STOCK        | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     39360 | NS      | $4861353.60   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORP                                                | COMMON STOCK        | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     86605 | NS      | $3582848.85   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INC                               | COMMON STOCK        | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      2632 | NS      | $1474499.04   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC/THE                                | COMMON STOCK        | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     10816 | NS      | $4176598.40   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| O'REILLY AUTOMOTIVE INC                                    | COMMON STOCK        | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      2632 | NS      | $2275469.28   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC                                       | COMMON STOCK        | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     86605 | NS      | $3446879.00   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                                           | COMMON STOCK        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     31492 | NS      | $3506319.28   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS INC                              | COMMON STOCK        | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      5243 | NS      | $3941163.10   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON PROPERTIES INC                                      | COMMON STOCK        | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     13113 | NS      | $945185.04    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORP                                         | COMMON STOCK        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     13113 | NS      | $2851159.59   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI                                                     | COMMON STOCK - ADR  | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     75676 | NS      | $3431906.60   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP SEMICONDUCTORS NV                                      | ORDINARY SHARES     | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     15743 | NS      | $2768249.12   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURED GUARANTY LTD                                       | ORDINARY SHARES     | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |     25329 | NS      | $1686151.53   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET INSTITUTIONAL US GOVERNMENT MONEY MARKET FUND | SHORT TERM INV FUND | CUSIP: 857492649<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | PF                | US        |   4611078 | NS      | $4611078.38   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-26

**Name of Applicant:** Putnam Investments Inc

**Signature:** Janet C. Smith

**Name of Signer:** NPORT

**Title:** Principal Financial Officer