SEC Form 4
FORM 4

[ ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations may continue.
See Instruction 1(b).

(Print or Type Responses) 		UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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OMB Number: 3235-0287
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Estimated average burden
hours per response. . . . . 0.5
1. Name and Address of Reporting Person*
Swofford, Gary     B.
(Last)                      (First)                      (Middle)
411 108th Avenue NE, 15th Floor

(Street)
Bellevue, WA     98004-515
(City)                      (State)                      (Zip)
2. Issuer Name and Ticker or Trading Symbol

Puget Energy, Inc.   PSD
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

                        Director                           10% Owner
           X          Officer                             Other
          Senior Vice President and COO of PSE
7. Individual or Joint/Group Filing (Check Applicable Line)

X   Form filed by One Reporting Person
      Form filed by More than One Reporting Person
3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)
4. Statement for
    Month/Day/Year

    March 25, 2003

5. If Amendment,
    Date of Original
    (Month/Day/Year)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security
    (Instr. 3)
2. Transaction Date
    (Month/Day/Year)
2A. Deemed
      Execution
      Date, if any

      (Month/Day/Year)
 3. Transaction
    Code
    and
    Voluntary
    Code
    (Instr. 8)

Code  |  V    
4. Securities Acquired (A) or Disposed (D) Of
    (Instr. 3, 4, and 5)



        Amount      |         A/D         |         Price          
5. Amount of
    Securities
    Beneficially
    Owned
    Following
    Reported
Transaction(s)

    (Instr. 3 and 4)
6. Owner-
    ship
    Form:
    Direct(D)
    or
    Indirect (I)

    (Instr. 4)
7. Nature of
     Indirect
     Beneficial
     Ownership

    (Instr. 4)
Common




12,153
D

Common




10,106
I
By 401(k)








Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
Persons who respond to the collection of information contained in this form are not required to
respond unless the form displays a currently valid OMB control number.
(over)
SEC 1474 (9-02)
Swofford, Gary B. - March 25, 2003
Form 4 (continued)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
    (Instr. 3)
2. Conver-
    sion or
    Exercise
    Price of
    Deri-
    vative
    Security
3. Transaction
    Date

    (Month/
    Day/
    Year)
3A. Deemed
      Execution
      Date, if
      any

      (Month/
      Day/
      Year)
 4. Transaction
    Code
    and
    Voluntary (V)
    Code
    (Instr.8)


Code | V    
5. Number of Derivative
    Securities Acquired (A)
    or Disposed (D) Of

    (Instr. 3,4 and 5)
6. Date Exercisable(DE) and
    Expiration Date(ED)
    (Month/Day/Year)





  (DE)     |     (ED)  
7. Title and Amount of
    Underlying Securities
    (Instr. 3 and 4)
8. Price
    of
    Derivative
    Security
    (Instr.5)
 9. Number of
    Derivative
    Securities
    Beneficially
    Owned
    Following
    Reported
    Transactions
    (Instr.4) 		10.
Owner-
ship
Form of
Deriv-
ative
Security:
Direct
(D)
or
Indirect
(I)
(Instr.4) 		11. Nature of
      Indirect
      Beneficial
      Ownership
      (Instr.4)
PSE Deferred Compensation Plan (1)
 $0.00 (2) 03/25/2003

   A |     
    (A) 94
Common - 94
34,874
D
LTIP
 $0.00 (3)



12/31/2003 | 12/31/2003
 Common - 12,240
12,240
D
LTIP
 $0.00 (3)



12/31/2004 | 12/31/2004
 Common - 14,408
14,408
D
LTIP
 $0.00 (3)



12/31/2005 | 12/31/2005
 Common - 18,757
18,757
D
LTIP
 $0.00 (3)



12/31/2006 | 12/31/2006
 Common - 20,079
20,079
D












Explanation of Responses :


** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
        See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient,
            see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB number. 		/s/ Gary B. Swofford                   03-25-2003    
** Signature of Reporting Person                         Date



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Swofford, Gary B. - March 25, 2003
Form 4 (continued)
FOOTNOTE Descriptions for Puget Energy, Inc. PSD

Form 4 - March 2003

Gary B. Swofford
411 108th Avenue NE, 15th Floor

Bellevue, WA 98004-515
Explanation of responses:

(1)   Phantom share units deferred in the Puget Sound Energy Deferred Compensation Plan.
(2)   One common share will be received for each stock unit.
(3)   LTIP share grants under the Puget Energy Long-Term Incentive Plan for Officers and Key Employees. LTIP Shares are paid in Puget Energy stock when vested in an amount ranging from zero to 175% of LTIP Share Grants.
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