# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000869392-23-000172
**Filing Date:** 2023-1
**Character Count:** 42595
**Document Hash:** 7edd7c387dc0358e4090d2725980dcf6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-23-000172.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0000869392-23-000172

**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:** 23557103

**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 Sustainable Future ETF (Series ID: S000071711)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000227197 | -            |  |

## Nport-Ex

------

---

| |
|:---|
| **Putnam Sustainable Future ETF** |
| **The fund's portfolio** |
| **11/30/22 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS (97.0%)***<sup>(a)</sup>*** | **COMMON STOCKS (97.0%)***<sup>(a)</sup>*** | **COMMON STOCKS (97.0%)***<sup>(a)</sup>*** |
| | **Shares** | **Value** |
| **Banks (0.9%)** | **Banks (0.9%)** | **Banks (0.9%)** |
| First Republic Bank/CA | 517 | $65974 |
|  |  | **65974** |
| **Biotechnology (5.7%)** | **Biotechnology (5.7%)** | **Biotechnology (5.7%)** |
| Ascendis Pharma A/S ADR (Denmark)***<sup>(NON)</sup>*** | 480 | 59069 |
| Compass Pathways PLC ADR (United Kingdom)***<sup>(NON)</sup>*** | 3296 | 33949 |
| Exact Sciences Corp.***<sup>(NON)</sup>*** | 1751 | 78707 |
| Immunocore Holdings PLC ADR (United Kingdom)***<sup>(NON)</sup>*** | 608 | 38188 |
| Regeneron Pharmaceuticals, Inc.***<sup>(NON)</sup>*** | 219 | 164622 |
| Twist Bioscience Corp.***<sup>(NON)</sup>*** | 1430 | 39111 |
|  |  | **413646** |
| **Building products (0.8%)** | **Building products (0.8%)** | **Building products (0.8%)** |
| Advanced Drainage Systems, Inc. | 624 | 60690 |
|  |  | **60690** |
| **Capital markets (3.2%)** | **Capital markets (3.2%)** | **Capital markets (3.2%)** |
| MSCI, Inc. | 448 | 227508 |
|  |  | **227508** |
| **Chemicals (1.9%)** | **Chemicals (1.9%)** | **Chemicals (1.9%)** |
| Ginkgo Bioworks Holdings, Inc.***<sup>(NON)</sup>*** | 15707 | 31257 |
| Ingevity Corp.***<sup>(NON)</sup>*** | 1380 | 108013 |
|  |  | **139270** |
| **Commercial services and supplies (5.2%)** | **Commercial services and supplies (5.2%)** | **Commercial services and supplies (5.2%)** |
| Casella Waste Systems, Inc. Class A***<sup>(NON)</sup>*** | 1916 | 164948 |
| Cintas Corp. | 460 | 212419 |
|  |  | **377367** |
| **Construction and engineering (1.6%)** | **Construction and engineering (1.6%)** | **Construction and engineering (1.6%)** |
| Quanta Services, Inc. | 754 | 113010 |
|  |  | **113010** |
| **Diversified consumer services (0.6%)** | **Diversified consumer services (0.6%)** | **Diversified consumer services (0.6%)** |
| Chegg, Inc.***<sup>(NON)</sup>*** | 1532 | 45715 |
|  |  | **45715** |
| **Diversified telecommunication services (1.8%)** | **Diversified telecommunication services (1.8%)** | **Diversified telecommunication services (1.8%)** |
| Liberty Global PLC Class C (United Kingdom)***<sup>(NON)</sup>*** | 6207 | 128361 |
|  |  | **128361** |
| **Electric utilities (2.6%)** | **Electric utilities (2.6%)** | **Electric utilities (2.6%)** |
| NextEra Energy, Inc. | 2218 | 187865 |
|  |  | **187865** |
| **Electrical equipment (1.9%)** | **Electrical equipment (1.9%)** | **Electrical equipment (1.9%)** |
| Regal Beloit Corp. | 441 | 57820 |
| Sunrun, Inc.***<sup>(NON)</sup>*** | 2509 | 81743 |
|  |  | **139563** |
| **Electronic equipment, instruments, and components (2.5%)** | **Electronic equipment, instruments, and components (2.5%)** | **Electronic equipment, instruments, and components (2.5%)** |
| Trimble Inc.***<sup>(NON)</sup>*** | 2223 | 132824 |
| Zebra Technologies Corp. Class A***<sup>(NON)</sup>*** | 162 | 43785 |
|  |  | **176609** |
| **Food and staples retailing (1.9%)** | **Food and staples retailing (1.9%)** | **Food and staples retailing (1.9%)** |
| Sprouts Farmers Market, Inc.***<sup>(NON)</sup>*** | 3910 | 134230 |
|  |  | **134230** |
| **Food products (2.5%)** | **Food products (2.5%)** | **Food products (2.5%)** |
| McCormick & Co., Inc. (non-voting shares) | 2143 | 182541 |
|  |  | **182541** |
| **Health-care equipment and supplies (6.0%)** | **Health-care equipment and supplies (6.0%)** | **Health-care equipment and supplies (6.0%)** |
| Cooper Cos., Inc. (The) | 395 | 124958 |
| Dexcom, Inc.***<sup>(NON)</sup>*** | 1945 | 226165 |
| Edwards Lifesciences Corp.***<sup>(NON)</sup>*** | 1021 | 78872 |
|  |  | **429995** |
| **Health-care providers and services (1.9%)** | **Health-care providers and services (1.9%)** | **Health-care providers and services (1.9%)** |
| HealthEquity, Inc.***<sup>(NON)</sup>*** | 2170 | 137752 |
|  |  | **137752** |
| **Health-care technology (2.1%)** | **Health-care technology (2.1%)** | **Health-care technology (2.1%)** |
| Veeva Systems, Inc. Class A***<sup>(NON)</sup>*** | 790 | 150384 |
|  |  | **150384** |
| **Hotels, restaurants, and leisure (4.1%)** | **Hotels, restaurants, and leisure (4.1%)** | **Hotels, restaurants, and leisure (4.1%)** |
| Chipotle Mexican Grill, Inc.***<sup>(NON)</sup>*** | 144 | 234282 |
| Vail Resorts, Inc. | 233 | 60007 |
|  |  | **294289** |
| **Interactive media and services (1.4%)** | **Interactive media and services (1.4%)** | **Interactive media and services (1.4%)** |
| Pinterest, Inc. Class A***<sup>(NON)</sup>*** | 4020 | 102188 |
|  |  | **102188** |
| **IT Services (4.1%)** | **IT Services (4.1%)** | **IT Services (4.1%)** |
| Gartner, Inc.***<sup>(NON)</sup>*** | 539 | 188849 |
| Mastercard, Inc. Class A | 306 | 109058 |
|  |  | **297907** |
| **Life sciences tools and services (8.1%)** | **Life sciences tools and services (8.1%)** | **Life sciences tools and services (8.1%)** |
| Bio-Rad Laboratories, Inc. Class A***<sup>(NON)</sup>*** | 333 | 138098 |
| Danaher Corp. | 886 | 242242 |
| Thermo Fisher Scientific, Inc. | 351 | 196637 |
|  |  | **576977** |
| **Machinery (1.8%)** | **Machinery (1.8%)** | **Machinery (1.8%)** |
| Federal Signal Corp. | 2713 | 131825 |
|  |  | **131825** |
| **Mortgage real estate investment trusts (REITs) (1.4%)** | **Mortgage real estate investment trusts (REITs) (1.4%)** | **Mortgage real estate investment trusts (REITs) (1.4%)** |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc.***<sup>(R)</sup>*** | 3093 | 100337 |
|  |  | **100337** |
| **Pharmaceuticals (1.6%)** | **Pharmaceuticals (1.6%)** | **Pharmaceuticals (1.6%)** |
| Zoetis, Inc. | 737 | 113601 |
|  |  | **113601** |
| **Professional services (1.2%)** | **Professional services (1.2%)** | **Professional services (1.2%)** |
| Planet Labs PBC***<sup>(NON)</sup>*** | 16524 | 89395 |
|  |  | **89395** |
| **Semiconductors and semiconductor equipment (6.4%)** | **Semiconductors and semiconductor equipment (6.4%)** | **Semiconductors and semiconductor equipment (6.4%)** |
| Applied Materials, Inc. | 1325 | 145220 |
| ASML Holding NV (NY Reg Shares) (Netherlands) | 221 | 134395 |
| NVIDIA Corp. | 518 | 87661 |
| SolarEdge Technologies, Inc. (Israel)***<sup>(NON)</sup>*** | 308 | 92049 |
|  |  | **459325** |
| **Software (18.4%)** | **Software (18.4%)** | **Software (18.4%)** |
| Adobe, Inc.***<sup>(NON)</sup>*** | 463 | 159703 |
| Atlassian Corp., Ltd. Class A***<sup>(NON)</sup>*** | 429 | 56435 |
| Bill.com Holdings, Inc.***<sup>(NON)</sup>*** | 582 | 70084 |
| Ceridian HCM Holding, Inc.***<sup>(NON)</sup>*** | 1920 | 131405 |
| Crowdstrike Holdings, Inc. Class A***<sup>(NON)</sup>*** | 1316 | 154827 |
| Dynatrace, Inc.***<sup>(NON)</sup>*** | 3312 | 128340 |
| Palo Alto Networks, Inc.***<sup>(NON)</sup>*** | 951 | 161575 |
| Roper Technologies, Inc. | 376 | 165023 |
| ServiceNow, Inc.***<sup>(NON)</sup>*** | 193 | 80346 |
| Verra Mobility Corp.***<sup>(NON)</sup>*** | 7103 | 112583 |
| Zscaler, Inc.***<sup>(NON)</sup>*** | 761 | 101555 |
|  |  | **1321876** |
| **Specialty retail (0.1%)** | **Specialty retail (0.1%)** | **Specialty retail (0.1%)** |
| Brilliant Earth Group, Inc. Class A***<sup>(NON)</sup>*** | 2019 | 10660 |
|  |  | **10660** |
| **Textiles, apparel, and luxury goods (3.7%)** | **Textiles, apparel, and luxury goods (3.7%)** | **Textiles, apparel, and luxury goods (3.7%)** |
| Levi Strauss & Co. Class A | 7638 | 126256 |
| Lululemon Athletica, Inc. (Canada)***<sup>(NON)</sup>*** | 367 | 139574 |
|  |  | **265830** |
| **Trading companies and distributors (1.6%)** | **Trading companies and distributors (1.6%)** | **Trading companies and distributors (1.6%)** |
| Core & Main, Inc. Class A***<sup>(NON)</sup>*** | 5449 | 113339 |
|  |  | **113339** |
| **Total common stocks (cost $7,516,697)** |  | **$6988029** |

---

------

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS (3.0%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (3.0%)***<sup>(a)</sup>*** | **SHORT-TERM INVESTMENTS (3.0%)***<sup>(a)</sup>*** |
| | **Shares** | **Value** |
| State Street Institutional U.S. Government Money Market Fund, Investor Class 3.58% | 213426 | $213426 |
| **Total short-term investments (cost $213,426)** |  | **$213426** |
| **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** | **TOTAL INVESTMENTS** |
| **Total investments (cost $7,730,123)** |  | **$7201455** |

---

------

---

| | |
|:---|:---|
|  | ***Key to holding's abbreviations*** |
| ADR | American Depository Receipts: Represents ownership of foreign securities on deposit with a custodian bank. |
|  | **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 $7,204,195. |
| ***<sup>(NON)</sup>*** | This security is non-income-producing. |
| ***<sup>(R)</sup>*** | Real Estate Investment Trust. |
|  | 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;$230549 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer discretionary | &nbsp;&nbsp;&nbsp;&nbsp;616494 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer staples | &nbsp;&nbsp;&nbsp;&nbsp;316771 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;393819 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Health care | &nbsp;&nbsp;&nbsp;&nbsp;1822355 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;1025189 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Information technology | &nbsp;&nbsp;&nbsp;&nbsp;2255717 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;139270 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;187865 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total common stocks** | **6988029** | **—** | **—** |
| short-term investments | 213426 |  |  |
| **Totals by level** | **$7201455** | **$—** | **$—** |
| \* 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 Sustainable Future ETF

- **b. EDGAR series identifier (if any):** S000071711

- **c. LEI of Series:** 549300D5SWQ6IG0LO281

**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:** $7272977.31

**Total Liabilities:** $68721.35

**Net Assets:** $7204255.95

**Cash Not Reported:** $555.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227197 | 4.46%                | 5.14%                | -9.50%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-177269.54              | $484530.73                                 |
| Month 2  | $-229900.72              | $567628.43                                 |
| Month 3  | $-115099.47              | $-536545.99                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MSCI INC                                                   | COMMON STOCK        | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |       448 | NS      | $227507.84    | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIPOTLE MEXICAN GRILL INC                                 | COMMON STOCK        | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       144 | NS      | $234282.24    | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY GLOBAL PLC                                         | COMMON STOCK        | CUSIP: G5480U120<br>LEI: 549300BSGXG3QLIQYT84 | Long             | EC               | CORP              | GB        |      6207 | NS      | $128360.76    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM INC                                                 | COMMON STOCK        | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      1945 | NS      | $226164.60    | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| EXACT SCIENCES CORP                                        | COMMON STOCK        | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |      1751 | NS      | $78707.45     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CASELLA WASTE SYSTEMS INC                                  | COMMON STOCK        | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |      1916 | NS      | $164948.44    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                                                | COMMON STOCK        | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |       518 | NS      | $87661.14     | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS INC                                      | COMMON STOCK        | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1325 | NS      | $145220.00    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC                                             | COMMON STOCK        | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       306 | NS      | $109058.40    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST REPUBLIC BANK/CA                                     | COMMON STOCK        | CUSIP: 33616C100<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EC               | CORP              | US        |       517 | NS      | $65974.37     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW INC                                             | COMMON STOCK        | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       193 | NS      | $80345.90     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS INC                                     | COMMON STOCK        | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |       951 | NS      | $161574.90    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOETIS INC                                                 | COMMON STOCK        | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |       737 | NS      | $113601.18    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL INC    | COMMON STOCK        | CUSIP: 41068X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3093 | NS      | $100336.92    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SPROUTS FARMERS MARKET INC                                 | COMMON STOCK        | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |      3910 | NS      | $134230.30    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| VEEVA SYSTEMS INC                                          | COMMON STOCK        | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |       790 | NS      | $150384.40    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEGG INC                                                  | COMMON STOCK        | CUSIP: 163092109<br>LEI: 549300AKX7O8JG0O3G77 | Long             | EC               | CORP              | US        |      1532 | NS      | $45714.88     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHEQUITY INC                                           | COMMON STOCK        | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |      2170 | NS      | $137751.60    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEMS INC                              | COMMON STOCK        | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |       624 | NS      | $60690.24     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNRUN INC                                                 | COMMON STOCK        | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |      2509 | NS      | $81743.22     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| INGEVITY CORP                                              | COMMON STOCK        | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |      1380 | NS      | $108012.60    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ZSCALER INC                                                | COMMON STOCK        | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |       761 | NS      | $101555.45    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CERIDIAN HCM HOLDING INC                                   | COMMON STOCK        | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |      1920 | NS      | $131404.80    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| VERRA MOBILITY CORP                                        | COMMON STOCK        | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |      7103 | NS      | $112582.55    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TWIST BIOSCIENCE CORP                                      | COMMON STOCK        | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |      1430 | NS      | $39110.50     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| LEVI STRAUSS  AND  CO                                      | COMMON STOCK        | CUSIP: 52736R102<br>LEI: MB0UERO0RDFKU8258G77 | Long             | EC               | CORP              | US        |      7638 | NS      | $126256.14    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| PINTEREST INC                                              | COMMON STOCK        | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4020 | NS      | $102188.40    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS INC                                   | COMMON STOCK        | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      1316 | NS      | $154827.40    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNATRACE INC                                              | COMMON STOCK        | CUSIP: 268150109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3312 | NS      | $128340.00    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BILL.COM HOLDINGS INC                                      | COMMON STOCK        | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               | CORP              | US        |       582 | NS      | $70084.44     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| GINKGO BIOWORKS HOLDINGS INC                               | COMMON STOCK        | CUSIP: 37611X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15707 | NS      | $31256.93     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CORE  AND  MAIN INC                                        | COMMON STOCK        | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5449 | NS      | $113339.20    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PLANET LABS PBC                                            | COMMON STOCK        | CUSIP: 72703X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16524 | NS      | $89394.84     | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BRILLIANT EARTH GROUP INC                                  | COMMON STOCK        | CUSIP: 109504100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2397 | NS      | $12656.16     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| COOPER COS INC/THE                                         | COMMON STOCK        | CUSIP: 216648402<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |       395 | NS      | $124958.25    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORP                                               | COMMON STOCK        | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |       886 | NS      | $242241.26    | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES INC                                     | COMMON STOCK        | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       376 | NS      | $165022.64    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CINTAS CORP                                                | COMMON STOCK        | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       460 | NS      | $212418.80    | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| GARTNER INC                                                | COMMON STOCK        | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |       539 | NS      | $188849.43    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MCCORMICK  AND  CO INC/MD                                  | COMMON STOCK        | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |      2143 | NS      | $182540.74    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL SIGNAL CORP                                        | COMMON STOCK        | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |      2713 | NS      | $131824.67    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BIO-RAD LABORATORIES INC                                   | COMMON STOCK        | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |       333 | NS      | $138098.43    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INC                               | COMMON STOCK        | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       351 | NS      | $196637.22    | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| EDWARDS LIFESCIENCES CORP                                  | COMMON STOCK        | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      1021 | NS      | $78872.25     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC                                                  | COMMON STOCK        | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       463 | NS      | $159702.59    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY INC                                         | COMMON STOCK        | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2218 | NS      | $187864.60    | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS INC                              | COMMON STOCK        | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       219 | NS      | $164622.30    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| QUANTA SERVICES INC                                        | COMMON STOCK        | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |       754 | NS      | $113009.52    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIMBLE INC                                                | COMMON STOCK        | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |      2223 | NS      | $132824.25    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| REGAL REXNORD CORP                                         | COMMON STOCK        | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |       441 | NS      | $57819.51     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP                                    | COMMON STOCK        | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |       162 | NS      | $43785.36     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| VAIL RESORTS INC                                           | COMMON STOCK        | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |       233 | NS      | $60006.82     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMUNOCORE HOLDINGS PLC                                    | COMMON STOCK - ADR  | CUSIP: N/A<br>LEI: 213800IUE3DFS84BVN18       | Long             | EC               | CORP              | GB        |       608 | NS      | $38188.48     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ASCENDIS PHARMA A/S                                        | COMMON STOCK - ADR  | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |       480 | NS      | $59068.80     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| COMPASS PATHWAYS PLC                                       | COMMON STOCK - ADR  | CUSIP: 20451W101<br>LEI: 213800N7CUZIC6QSTZ31 | Long             | EC               | CORP              | GB        |      3296 | NS      | $33948.80     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML HOLDING NV                                            | COMMON STOCK - ADR  | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       221 | NS      | $134394.52    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLAREDGE TECHNOLOGIES INC                                 | ORDINARY SHARES     | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | IL        |       308 | NS      | $92048.88     | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLASSIAN CORP LTD                                         | ORDINARY SHARES     | CUSIP: N/A<br>LEI: 549300AGBII4MWBVJY22       | Long             | EC               | CORP              | GB        |       429 | NS      | $56434.95     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC                                    | ORDINARY SHARES     | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | CA        |       367 | NS      | $139573.77    | 1.94%             |  |  |  | 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        |    213426 | NS      | $213425.88    | 2.96%             |  |  |  | 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