# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-26-012191
**Filing Date:** 2026-3
**Character Count:** 368987
**Document Hash:** ca9d0a4030ed8f8ea2b047f5265887bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-012191.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000940400-26-012191

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Putnam ETF Trust
- **CENTRAL INDEX KEY:** 0001845809

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 26817325

**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 ESG Core Bond ETF (Series ID: S000077297)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237594 | -            |  |

## Nport-Ex

Schedule of Investments (unaudited)

January 31, 2026

***If you need assistance accessing this content, please reach out to your sales representative or send an email to*** <u>accessibility@franklintempleton.com.</u>

 **Putnam ESG Core Bond ETF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount<br>| Value |
| **U.S. Government & Agency Obligations — 42.4%** | **U.S. Government & Agency Obligations — 42.4%** | **U.S. Government & Agency Obligations — 42.4%** | **U.S. Government & Agency Obligations — 42.4%** | **U.S. Government & Agency Obligations — 42.4%** |
| *U.S. Government Obligations — 42.4%* | *U.S. Government Obligations — 42.4%* | *U.S. Government Obligations — 42.4%* | *U.S. Government Obligations — 42.4%* | *U.S. Government Obligations — 42.4%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; $10640000 | &nbsp;&nbsp;&nbsp; $11685297<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 196516<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/15/40 | &nbsp;&nbsp; 15140000 | &nbsp;&nbsp;&nbsp; 15241131<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 2240000 | &nbsp;&nbsp;&nbsp; 2178925<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 11/15/48 | &nbsp;&nbsp; 18670000 | &nbsp;&nbsp;&nbsp; 14720857<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 5/15/51 | &nbsp;&nbsp; 7790000 | &nbsp;&nbsp;&nbsp; 4892789<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 2/15/52 | &nbsp;&nbsp; 6910000 | &nbsp;&nbsp;&nbsp; 4177446<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 20690000 | &nbsp;&nbsp;&nbsp; 14401372<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/52 | &nbsp;&nbsp; 8130000 | &nbsp;&nbsp;&nbsp; 5799612<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 27500000 | &nbsp;&nbsp;&nbsp; 23748828<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 1420000 | &nbsp;&nbsp;&nbsp; 1144487<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 2260000 | &nbsp;&nbsp;&nbsp; 2166422<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 0.500% | &nbsp;&nbsp; 2/28/26 | &nbsp;&nbsp; 24780000 | &nbsp;&nbsp;&nbsp; 24722552<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/28/26 | &nbsp;&nbsp; 2530000 | &nbsp;&nbsp;&nbsp; 2527701<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 9856<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 5/31/27 | &nbsp;&nbsp; 15130000 | &nbsp;&nbsp;&nbsp; 14952695<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 6/30/27 | &nbsp;&nbsp; 6480000 | &nbsp;&nbsp;&nbsp; 6499744<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/31/27 | &nbsp;&nbsp; 13380000 | &nbsp;&nbsp;&nbsp; 13398816<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/28/29 | &nbsp;&nbsp; 14710000 | &nbsp;&nbsp;&nbsp; 13971052<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 5690000 | &nbsp;&nbsp;&nbsp; 5478736<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 20650000 | &nbsp;&nbsp;&nbsp; 21270307<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 6/30/29 | &nbsp;&nbsp; 39750000 | &nbsp;&nbsp;&nbsp; 39241479<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 3510000 | &nbsp;&nbsp;&nbsp; 3481618<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 23520000 | &nbsp;&nbsp;&nbsp; 23905416<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 16410000 | &nbsp;&nbsp;&nbsp; 16071864<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 73330000 | &nbsp;&nbsp;&nbsp; 73678031<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 2/15/35 | &nbsp;&nbsp; 19360000 | &nbsp;&nbsp;&nbsp; 19973319<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp; 6206297<br>|
| **Total U.S. Government & Agency Obligations (Cost — $390,239,930)** | **Total U.S. Government & Agency Obligations (Cost — $390,239,930)** | **Total U.S. Government & Agency Obligations (Cost — $390,239,930)** | **Total U.S. Government & Agency Obligations (Cost — $390,239,930)** | &nbsp;&nbsp; **385743165** |
| **Mortgage-Backed Securities — 29.2%** | **Mortgage-Backed Securities — 29.2%** | **Mortgage-Backed Securities — 29.2%** | **Mortgage-Backed Securities — 29.2%** | **Mortgage-Backed Securities — 29.2%** |
| *FHLMC — 1.4%* | *FHLMC — 1.4%* | *FHLMC — 1.4%* | *FHLMC — 1.4%* | *FHLMC — 1.4%* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/35- <br>3/1/52<br>| &nbsp;&nbsp; 1817107 | &nbsp;&nbsp;&nbsp; 1681653<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/1/35- <br>1/1/52<br>| &nbsp;&nbsp; 5558038 | &nbsp;&nbsp;&nbsp; 4914166<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 1/1/52- <br>5/1/52<br>| &nbsp;&nbsp; 2234121 | &nbsp;&nbsp;&nbsp; 1931531<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/52 | &nbsp;&nbsp; 286051<br>| &nbsp;&nbsp;&nbsp; 275046<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 1051658<br>| &nbsp;&nbsp;&nbsp; 975722<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/1/52 | &nbsp;&nbsp; 427889<br>| &nbsp;&nbsp;&nbsp; 421937<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/52- <br>5/1/53<br>| &nbsp;&nbsp; 1824215 | &nbsp;&nbsp;&nbsp; 1875641<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/53 | &nbsp;&nbsp; 771046<br>| &nbsp;&nbsp;&nbsp; 781489<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/53 | &nbsp;&nbsp; 208233<br>| &nbsp;&nbsp;&nbsp; 215144<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *FHLMC — continued* | *FHLMC — continued* | *FHLMC — continued* | *FHLMC — continued* | *FHLMC — continued* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 5/1/53 | &nbsp;&nbsp; $18204<br>| &nbsp;&nbsp;&nbsp; $18848<br>|
| *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | &nbsp;&nbsp; *13091177* |
| *FNMA — 21.8%* | *FNMA — 21.8%* | *FNMA — 21.8%* | *FNMA — 21.8%* | *FNMA — 21.8%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 11/1/32- <br>4/1/52<br>| &nbsp;&nbsp; 7062712 | &nbsp;&nbsp;&nbsp; 6300439<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/1/36- <br>4/1/52<br>| &nbsp;&nbsp; 23906696 | &nbsp;&nbsp;&nbsp; 19766552<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 1807696<br>| &nbsp;&nbsp;&nbsp; 1640080<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 7/1/36- <br>5/1/52<br>| &nbsp;&nbsp; 18971245 | &nbsp;&nbsp;&nbsp; 16455095<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 2/1/41 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1805682<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/1/41- <br>2/1/56<br>| &nbsp;&nbsp; 16300000 | &nbsp;&nbsp;&nbsp; 13373853<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/41 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300297<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/41- <br>2/1/56<br>| &nbsp;&nbsp; 6700000 | &nbsp;&nbsp;&nbsp; 6724856<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 246319<br>| &nbsp;&nbsp;&nbsp; 253854<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 7/1/50- <br>10/1/56<br>| &nbsp;&nbsp; 8270523 | &nbsp;&nbsp;&nbsp; 7668988<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/52- <br>5/1/53<br>| &nbsp;&nbsp; 3232767 | &nbsp;&nbsp;&nbsp; 3142429<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/52- <br>11/1/52<br>| &nbsp;&nbsp; 2563419 | &nbsp;&nbsp;&nbsp; 2525059<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52- <br>2/1/53<br>| &nbsp;&nbsp; 1763114 | &nbsp;&nbsp;&nbsp; 1777682<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/53- <br>5/1/54<br>| &nbsp;&nbsp; 4414559 | &nbsp;&nbsp;&nbsp; 4607176<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/53- <br>7/1/54<br>| &nbsp;&nbsp; 1283882 | &nbsp;&nbsp;&nbsp; 1336710<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 10250000<br>| &nbsp;&nbsp;&nbsp; 8702099<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 6100000<br>| &nbsp;&nbsp;&nbsp; 5407647<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 925067<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 61150000<br>| &nbsp;&nbsp;&nbsp; 62010182<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 16100000<br>| &nbsp;&nbsp;&nbsp; 16488584<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 10500000<br>| &nbsp;&nbsp;&nbsp; 10874883<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/56 | &nbsp;&nbsp; 5750000<br>| &nbsp;&nbsp;&nbsp; 5486134<br> <sup>(a)</sup><br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *197573348* |
| *GNMA — 6.0%* | *GNMA — 6.0%* | *GNMA — 6.0%* | *GNMA — 6.0%* | *GNMA — 6.0%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/20/43- <br>1/20/54<br>| &nbsp;&nbsp; 5579398 | &nbsp;&nbsp;&nbsp; 5065876<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/20/48 | &nbsp;&nbsp; 1567144<br>| &nbsp;&nbsp;&nbsp; 1510903<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/20/51- <br>7/20/51<br>| &nbsp;&nbsp; 5251935 | &nbsp;&nbsp;&nbsp; 4374755<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/20/51- <br>2/20/53<br>| &nbsp;&nbsp; 11581385 | &nbsp;&nbsp;&nbsp; 10054755<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 1/20/52- <br>3/20/52<br>| &nbsp;&nbsp; 3328818 | &nbsp;&nbsp;&nbsp; 3086275<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *GNMA — continued* | *GNMA — continued* | *GNMA — continued* | *GNMA — continued* | *GNMA — continued* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/20/52- <br>12/20/54<br>| &nbsp;&nbsp; $4420328 | &nbsp;&nbsp;&nbsp; $4340088<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/20/52- <br>6/20/54<br>| &nbsp;&nbsp; 3624460 | &nbsp;&nbsp;&nbsp; 3704678<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/20/52 | &nbsp;&nbsp; 1239100<br>| &nbsp;&nbsp;&nbsp; 1245107<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/20/53- <br>7/20/54<br>| &nbsp;&nbsp; 4426225 | &nbsp;&nbsp;&nbsp; 4594491<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 1186289<br>| &nbsp;&nbsp;&nbsp; 1240322<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2495806<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1282766<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; 1655139<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 4940000<br>| &nbsp;&nbsp;&nbsp; 4939983<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5055396<br> <sup>(a)</sup><br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *54646340* |
| **Total Mortgage-Backed Securities (Cost — $264,493,404)** | **Total Mortgage-Backed Securities (Cost — $264,493,404)** | **Total Mortgage-Backed Securities (Cost — $264,493,404)** | **Total Mortgage-Backed Securities (Cost — $264,493,404)** | &nbsp;&nbsp; **265310865** |
| **Corporate Bonds & Notes — 29.0%** | **Corporate Bonds & Notes — 29.0%** | **Corporate Bonds & Notes — 29.0%** | **Corporate Bonds & Notes — 29.0%** | **Corporate Bonds & Notes — 29.0%** |
| **Communication Services — 2.6%** | **Communication Services — 2.6%** | **Communication Services — 2.6%** | **Communication Services — 2.6%** | **Communication Services — 2.6%** |
| *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* | *Diversified Telecommunication Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 4/30/36 | &nbsp;&nbsp; 455000<br>| &nbsp;&nbsp;&nbsp; 453308<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 700404<br>|
| &nbsp;&nbsp;&nbsp; Verizon Communications Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/30/55 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp;&nbsp; 311170<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *1464882* |
| *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* |
| &nbsp;&nbsp;&nbsp; Netflix Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1502000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1565729*<br> <sup>(c)</sup><br>|
| *Media — 0.6%* | *Media — 0.6%* | *Media — 0.6%* | *Media — 0.6%* | *Media — 0.6%* |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 480000<br>| &nbsp;&nbsp;&nbsp; 477926<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp;&nbsp; 311536<br>|
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/1/50 | &nbsp;&nbsp; 366000<br>| &nbsp;&nbsp;&nbsp; 277577<br>|
| &nbsp;&nbsp;&nbsp; Omnicom Group Inc., Senior Notes | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 361000<br>| &nbsp;&nbsp;&nbsp; 325100<br>|
| &nbsp;&nbsp;&nbsp; Paramount Global, Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 483000<br>| &nbsp;&nbsp;&nbsp; 470130<br>|
| &nbsp;&nbsp;&nbsp; Paramount Global, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1292002<br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable Enterprises LLC, Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 2076000<br>| &nbsp;&nbsp;&nbsp; 2388126<br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *5542397* |
| *Wireless Telecommunication Services — 1.6%* | *Wireless Telecommunication Services — 1.6%* | *Wireless Telecommunication Services — 1.6%* | *Wireless Telecommunication Services — 1.6%* | *Wireless Telecommunication Services — 1.6%* |
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 816516<br>|
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 1056000<br>| &nbsp;&nbsp;&nbsp; 1000933<br>|
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Subordinated Notes (7.000% to 4/15/30 then 5 <br> year Treasury Constant Maturity Rate + 2.653%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/15/55 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 1120740<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Subordinated Notes (7.125% to 4/15/35 then 5 <br> year Treasury Constant Maturity Rate + 2.620%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/15/55 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 566503<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 3802000<br>| &nbsp;&nbsp;&nbsp; 4079750<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 605000<br>| &nbsp;&nbsp;&nbsp; 603578<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.050% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 655000<br>| &nbsp;&nbsp;&nbsp; 630316<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 576064<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* | *Wireless Telecommunication Services — continued* |
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; $3122000<br>| &nbsp;&nbsp;&nbsp; $3069442<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/36 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp;&nbsp; 851587<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 2/15/51 | &nbsp;&nbsp; 1947000<br>| &nbsp;&nbsp;&nbsp; 1297754<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *14613183* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **23186191** |
| **Consumer Discretionary — 2.3%** | **Consumer Discretionary — 2.3%** | **Consumer Discretionary — 2.3%** | **Consumer Discretionary — 2.3%** | **Consumer Discretionary — 2.3%** |
| *Automobiles — 0.6%* | *Automobiles — 0.6%* | *Automobiles — 0.6%* | *Automobiles — 0.6%* | *Automobiles — 0.6%* |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/17/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 995459<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 10/27/28 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 280777<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/7/29 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 594480<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/6/29 | &nbsp;&nbsp; 412000<br>| &nbsp;&nbsp;&nbsp; 418733<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 9/6/34 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 426712<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 1/16/29 | &nbsp;&nbsp; 635000<br>| &nbsp;&nbsp;&nbsp; 673643<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/19/29 | &nbsp;&nbsp; 221000<br>| &nbsp;&nbsp;&nbsp; 227832<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 4/8/30 | &nbsp;&nbsp; 521000<br>| &nbsp;&nbsp;&nbsp; 556941<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 1/8/31 | &nbsp;&nbsp; 186000<br>| &nbsp;&nbsp;&nbsp; 192940<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 6/23/32 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 821195<br> <sup>(c)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *5188712* |
| *Hotels, Restaurants & Leisure — 1.0%* | *Hotels, Restaurants & Leisure — 1.0%* | *Hotels, Restaurants & Leisure — 1.0%* | *Hotels, Restaurants & Leisure — 1.0%* | *Hotels, Restaurants & Leisure — 1.0%* |
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp;&nbsp; 1174141<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 1181000<br>| &nbsp;&nbsp;&nbsp; 1216695<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 2205000<br>| &nbsp;&nbsp;&nbsp; 2267344<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 2293000<br>| &nbsp;&nbsp;&nbsp; 2270421<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; GLP Capital LP/GLP Financing II Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 845000<br>| &nbsp;&nbsp;&nbsp; 916162<br>|
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/29 | &nbsp;&nbsp; 585000<br>| &nbsp;&nbsp;&nbsp; 603327<br>|
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 395000<br>| &nbsp;&nbsp;&nbsp; 407112<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/18/26 | &nbsp;&nbsp; 343000<br>| &nbsp;&nbsp;&nbsp; 341516<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *9196718* |
| *Household Durables — 0.2%* | *Household Durables — 0.2%* | *Household Durables — 0.2%* | *Household Durables — 0.2%* | *Household Durables — 0.2%* |
| &nbsp;&nbsp;&nbsp; DR Horton Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 845000<br>| &nbsp;&nbsp;&nbsp; 852405<br>|
| &nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 112000<br>| &nbsp;&nbsp;&nbsp; 112614<br>|
| &nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 635000<br>| &nbsp;&nbsp;&nbsp; 626674<br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *1591693* |
| *Leisure Products — 0.3%* | *Leisure Products — 0.3%* | *Leisure Products — 0.3%* | *Leisure Products — 0.3%* | *Leisure Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Brunswick Corp., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 3/18/29 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp;&nbsp; 1321544<br>|
| &nbsp;&nbsp;&nbsp; Brunswick Corp., Senior Notes | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 8/18/31 | &nbsp;&nbsp; 1003000<br>| &nbsp;&nbsp;&nbsp; 884647<br>|
| *Total Leisure Products* | *Total Leisure Products* | *Total Leisure Products* | *Total Leisure Products* | &nbsp;&nbsp; *2206191* |
| *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Bath & Body Works Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 95000<br>| &nbsp;&nbsp;&nbsp; 96172<br>|
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods Inc., Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 627201<br>|
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 1/15/52 | &nbsp;&nbsp; 645000<br>| &nbsp;&nbsp;&nbsp; 472011<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *1195384* |
| *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* | *Textiles, Apparel & Luxury Goods — 0.1%* |
| &nbsp;&nbsp;&nbsp; Tapestry Inc., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/11/30 | &nbsp;&nbsp; 444000<br>| &nbsp;&nbsp;&nbsp; 455510<br>|
| &nbsp;&nbsp;&nbsp; Tapestry Inc., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 208000<br>| &nbsp;&nbsp;&nbsp; 189595<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Textiles, Apparel & Luxury Goods — continued* | *Textiles, Apparel & Luxury Goods — continued* | *Textiles, Apparel & Luxury Goods — continued* | *Textiles, Apparel & Luxury Goods — continued* | *Textiles, Apparel & Luxury Goods — continued* |
| &nbsp;&nbsp;&nbsp; Tapestry Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/11/35 | &nbsp;&nbsp; $541000<br>| &nbsp;&nbsp;&nbsp; $552074<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *1197179* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **20575877** |
| **Consumer Staples — 1.8%** | **Consumer Staples — 1.8%** | **Consumer Staples — 1.8%** | **Consumer Staples — 1.8%** | **Consumer Staples — 1.8%** |
| *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* |
| &nbsp;&nbsp;&nbsp; 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 2/10/28 | &nbsp;&nbsp; 1578000<br>| &nbsp;&nbsp;&nbsp; 1494074<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 206000<br>| &nbsp;&nbsp;&nbsp; 181011<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 7/26/27 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp;&nbsp; 442069<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 712631<br> <sup>(c)</sup><br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *2829785* |
| *Food Products — 0.9%* | *Food Products — 0.9%* | *Food Products — 0.9%* | *Food Products — 0.9%* | *Food Products — 0.9%* |
| &nbsp;&nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings Inc./JBS USA Food Co. Holdings, <br> Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp;&nbsp; 2366640<br>|
| &nbsp;&nbsp;&nbsp; Kellanova, Senior Notes | &nbsp;&nbsp; 7.450% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 139000<br>| &nbsp;&nbsp;&nbsp; 159518<br>|
| &nbsp;&nbsp;&nbsp; Kellanova, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 109000<br>| &nbsp;&nbsp;&nbsp; 96220<br>|
| &nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/4/42 | &nbsp;&nbsp; 1060000<br>| &nbsp;&nbsp;&nbsp; 967405<br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 4/20/31 | &nbsp;&nbsp; 72000<br>| &nbsp;&nbsp;&nbsp; 73493<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 123347<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 716945<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 2170000<br>| &nbsp;&nbsp;&nbsp; 2190155<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 905000<br>| &nbsp;&nbsp;&nbsp; 902629<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/1/65 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 220927<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 285000<br>| &nbsp;&nbsp;&nbsp; 263628<br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *8080907* |
| *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Kenvue Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 5/22/32 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 367649<br>|
| &nbsp;&nbsp;&nbsp; Kenvue Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 3/22/33 | &nbsp;&nbsp; 1268000<br>| &nbsp;&nbsp;&nbsp; 1291460<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *1659109* |
| *Tobacco — 0.4%* | *Tobacco — 0.4%* | *Tobacco — 0.4%* | *Tobacco — 0.4%* | *Tobacco — 0.4%* |
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/22/33 | &nbsp;&nbsp; 1055000<br>| &nbsp;&nbsp;&nbsp; 1045787<br>|
| &nbsp;&nbsp;&nbsp; BAT Capital Corp., Senior Notes | &nbsp;&nbsp; 4.390% | &nbsp;&nbsp; 8/15/37 | &nbsp;&nbsp; 566000<br>| &nbsp;&nbsp;&nbsp; 519856<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 583622<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 1935000<br>| &nbsp;&nbsp;&nbsp; 1971958<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *4121223* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **16691024** |
| **Energy — 1.4%** | **Energy — 1.4%** | **Energy — 1.4%** | **Energy — 1.4%** | **Energy — 1.4%** |
| *Oil, Gas & Consumable Fuels — 1.4%* | *Oil, Gas & Consumable Fuels — 1.4%* | *Oil, Gas & Consumable Fuels — 1.4%* | *Oil, Gas & Consumable Fuels — 1.4%* | *Oil, Gas & Consumable Fuels — 1.4%* |
| &nbsp;&nbsp;&nbsp; Aker BP ASA, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 547000<br>| &nbsp;&nbsp;&nbsp; 504485<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 271000<br>| &nbsp;&nbsp;&nbsp; 278471<br>|
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., Senior Notes | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 941288<br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 615000<br>| &nbsp;&nbsp;&nbsp; 617595<br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/31/32 | &nbsp;&nbsp; 1073000<br>| &nbsp;&nbsp;&nbsp; 990534<br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, Senior Notes | &nbsp;&nbsp; 5.927% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 424214<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; DT Midstream Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 12/15/34 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 1007149<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Eastern Energy Gas Holdings LLC, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 744000<br>| &nbsp;&nbsp;&nbsp; 786347<br>|
| &nbsp;&nbsp;&nbsp; Eastern Energy Gas Holdings LLC, Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 10/15/54 | &nbsp;&nbsp; 286000<br>| &nbsp;&nbsp;&nbsp; 278582<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* | *Oil, Gas & Consumable Fuels — continued* |
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; $910000<br>| &nbsp;&nbsp;&nbsp; $1058035<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 825000<br>| &nbsp;&nbsp;&nbsp; 828949<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 831092<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 392000<br>| &nbsp;&nbsp;&nbsp; 395762<br>|
| &nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/15/36 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 512159<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp;&nbsp; 1732779<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 506588<br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 486000<br>| &nbsp;&nbsp;&nbsp; 495049<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 664000<br>| &nbsp;&nbsp;&nbsp; 690063<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **12879141** |
| **Financials — 9.2%** | **Financials — 9.2%** | **Financials — 9.2%** | **Financials — 9.2%** | **Financials — 9.2%** |
| *Banks — 4.8%* | *Banks — 4.8%* | *Banks — 4.8%* | *Banks — 4.8%* | *Banks — 4.8%* |
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., Subordinated Notes (2.570% to <br> 11/25/30 then 5 year Treasury Constant Maturity Rate + 1.700%) | &nbsp;&nbsp; 2.570% | &nbsp;&nbsp; 11/25/35 | &nbsp;&nbsp; 765000<br>| &nbsp;&nbsp;&nbsp; 691196<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Subordinated Notes | &nbsp;&nbsp; 6.921% | &nbsp;&nbsp; 8/8/33 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 441161<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.496% to 2/13/30 then 3 mo. Term <br> SOFR + 1.252%) | &nbsp;&nbsp; 2.496% | &nbsp;&nbsp; 2/13/31 | &nbsp;&nbsp; 727000<br>| &nbsp;&nbsp;&nbsp; 677863<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes | &nbsp;&nbsp; 4.183% | &nbsp;&nbsp; 11/25/27 | &nbsp;&nbsp; 4698000<br>| &nbsp;&nbsp;&nbsp; 4704651<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes (3.846% to 3/8/32 then 5 year <br> Treasury Constant Maturity Rate + 2.000%) | &nbsp;&nbsp; 3.846% | &nbsp;&nbsp; 3/8/37 | &nbsp;&nbsp; 2125000<br>| &nbsp;&nbsp;&nbsp; 1995479<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes (5.425% to 8/15/34 then SOFR + <br> 1.913%) | &nbsp;&nbsp; 5.425% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 1165000<br>| &nbsp;&nbsp;&nbsp; 1183591<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, Senior Notes | &nbsp;&nbsp; 4.541% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 715000<br>| &nbsp;&nbsp;&nbsp; 713539<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (5.367% to 2/25/30 then SOFR + 1.230%) | &nbsp;&nbsp; 5.367% | &nbsp;&nbsp; 2/25/31 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 867427<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Subordinated Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/12/26 | &nbsp;&nbsp; 1105000<br>| &nbsp;&nbsp;&nbsp; 1104770<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPCE SA, Subordinated Notes (3.648% to 1/14/32 then 5 year Treasury <br> Constant Maturity Rate + 1.900%) | &nbsp;&nbsp; 3.648% | &nbsp;&nbsp; 1/14/37 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 727494<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA, Senior Notes (4.634% to 7/3/28 then SOFR + 1.140%) | &nbsp;&nbsp; 4.634% | &nbsp;&nbsp; 7/3/29 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1415051<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.625% to 2/15/31 then 5 year <br> Treasury Constant Maturity Rate + 3.001%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 755000<br>| &nbsp;&nbsp;&nbsp; 769061<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.875% to 8/15/30 then 5 year <br> Treasury Constant Maturity Rate + 2.890%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 1530000<br>| &nbsp;&nbsp;&nbsp; 1564037<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Senior Notes (4.503% to 9/11/30 then SOFR + 1.171%) | &nbsp;&nbsp; 4.503% | &nbsp;&nbsp; 9/11/31 | &nbsp;&nbsp; 3705000<br>| &nbsp;&nbsp;&nbsp; 3709184<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, Subordinated Notes | &nbsp;&nbsp; 2.688% | &nbsp;&nbsp; 3/11/31 | &nbsp;&nbsp; 535000<br>| &nbsp;&nbsp;&nbsp; 487577<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, Subordinated Notes | &nbsp;&nbsp; 5.837% | &nbsp;&nbsp; 3/13/34 | &nbsp;&nbsp; 875000<br>| &nbsp;&nbsp;&nbsp; 920507<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, Senior Notes (4.895% to 9/6/29 then SOFR + 1.486%) | &nbsp;&nbsp; 4.895% | &nbsp;&nbsp; 9/6/30 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp;&nbsp; 188249<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, Senior Notes (6.339% to 7/27/28 then SOFR + 2.340%) | &nbsp;&nbsp; 6.339% | &nbsp;&nbsp; 7/27/29 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 620564<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; First-Citizens Bank & Trust Co., Subordinated Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/9/28 | &nbsp;&nbsp; 3060000<br>| &nbsp;&nbsp;&nbsp; 3167742<br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV, Senior Notes (6.083% to 9/11/26 then SOFR + 1.560%) | &nbsp;&nbsp; 6.083% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 739006<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Junior Subordinated Notes (3 mo. Term SOFR + <br> 1.262%) | &nbsp;&nbsp; 5.113% | &nbsp;&nbsp; 5/15/47 | &nbsp;&nbsp; 361000<br>| &nbsp;&nbsp;&nbsp; 325411<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.323% to 4/26/27 then SOFR + <br> 1.560%) | &nbsp;&nbsp; 4.323% | &nbsp;&nbsp; 4/26/28 | &nbsp;&nbsp; 3147000<br>| &nbsp;&nbsp;&nbsp; 3160011<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.140% to 1/24/30 then SOFR + <br> 1.010%) | &nbsp;&nbsp; 5.140% | &nbsp;&nbsp; 1/24/31 | &nbsp;&nbsp; 1128000<br>| &nbsp;&nbsp;&nbsp; 1164094<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.502% to 1/24/35 then SOFR + <br> 1.315%) | &nbsp;&nbsp; 5.502% | &nbsp;&nbsp; 1/24/36 | &nbsp;&nbsp; $442000<br>| &nbsp;&nbsp;&nbsp; $459869<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes (2.956% to 5/13/30 then 3 mo. <br> Term SOFR + 2.515%) | &nbsp;&nbsp; 2.956% | &nbsp;&nbsp; 5/13/31 | &nbsp;&nbsp; 6137000<br>| &nbsp;&nbsp;&nbsp; 5785436<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes (5.576% to 7/23/35 then SOFR + <br> 1.635%) | &nbsp;&nbsp; 5.576% | &nbsp;&nbsp; 7/23/36 | &nbsp;&nbsp; 345000<br>| &nbsp;&nbsp;&nbsp; 354569<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes (5.717% to 9/14/32 then SOFR + <br> 2.580%) | &nbsp;&nbsp; 5.717% | &nbsp;&nbsp; 9/14/33 | &nbsp;&nbsp; 361000<br>| &nbsp;&nbsp;&nbsp; 381047<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Subordinated Notes (3.369% to 12/14/41 then 5 <br> year Treasury Constant Maturity Rate + 1.500%) | &nbsp;&nbsp; 3.369% | &nbsp;&nbsp; 12/14/46 | &nbsp;&nbsp; 895000<br>| &nbsp;&nbsp;&nbsp; 666878<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (5.373% to 7/21/35 then <br> SOFR + 1.417%) | &nbsp;&nbsp; 5.373% | &nbsp;&nbsp; 7/21/36 | &nbsp;&nbsp; 235000<br>| &nbsp;&nbsp;&nbsp; 240703<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Subordinated Notes (4.626% to 6/6/32 <br> then SOFR + 1.850%) | &nbsp;&nbsp; 4.626% | &nbsp;&nbsp; 6/6/33 | &nbsp;&nbsp; 2212000<br>| &nbsp;&nbsp;&nbsp; 2193609<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Bank, Subordinated Notes (4.632% to 9/17/29 then 5 year Treasury <br> Constant Maturity Rate + 1.150%) | &nbsp;&nbsp; 4.632% | &nbsp;&nbsp; 9/17/29 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp;&nbsp; 478135<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (5.711% to 1/24/34 then SOFR + 1.922%) | &nbsp;&nbsp; 5.711% | &nbsp;&nbsp; 1/24/35 | &nbsp;&nbsp; 765000<br>| &nbsp;&nbsp;&nbsp; 801486<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Subordinated Notes (2.491% to 11/3/31 then 5 year Treasury <br> Constant Maturity Rate + 0.950%) | &nbsp;&nbsp; 2.491% | &nbsp;&nbsp; 11/3/36 | &nbsp;&nbsp; 722000<br>| &nbsp;&nbsp;&nbsp; 632259<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp., Subordinated Notes | &nbsp;&nbsp; 4.421% | &nbsp;&nbsp; 7/24/39 | &nbsp;&nbsp; 239000<br>| &nbsp;&nbsp;&nbsp; 221044<br>|
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp., Subordinated Notes | &nbsp;&nbsp; 2.963% | &nbsp;&nbsp; 11/16/40 | &nbsp;&nbsp; 239000<br>| &nbsp;&nbsp;&nbsp; 182793<br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *43735493* |
| *Capital Markets — 2.3%* | *Capital Markets — 2.3%* | *Capital Markets — 2.3%* | *Capital Markets — 2.3%* | *Capital Markets — 2.3%* |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 739441<br>|
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 513000<br>| &nbsp;&nbsp;&nbsp; 505310<br>|
| &nbsp;&nbsp;&nbsp; Cipher Compute LLC, Senior Secured Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1935000<br>| &nbsp;&nbsp;&nbsp; 1996264<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/25/27 | &nbsp;&nbsp; 1430000<br>| &nbsp;&nbsp;&nbsp; 1454837<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Junior Subordinated Notes (3.650% to 8/10/26 <br> then 5 year Treasury Constant Maturity Rate + 2.915%) | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 8/10/26 | &nbsp;&nbsp; 183000<br>| &nbsp;&nbsp;&nbsp; 182077<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (4.153% to 10/21/28 then SOFR + <br> 0.900%) | &nbsp;&nbsp; 4.153% | &nbsp;&nbsp; 10/21/29 | &nbsp;&nbsp; 1006000<br>| &nbsp;&nbsp;&nbsp; 1005582<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (4.223% to 5/1/28 then 3 mo. Term <br> SOFR + 1.563%) | &nbsp;&nbsp; 4.223% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1343000<br>| &nbsp;&nbsp;&nbsp; 1346340<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (5.065% to 1/21/36 then SOFR + <br> 1.190%) | &nbsp;&nbsp; 5.065% | &nbsp;&nbsp; 1/21/37 | &nbsp;&nbsp; 355000<br>| &nbsp;&nbsp;&nbsp; 353615<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 132000<br>| &nbsp;&nbsp;&nbsp; 133380<br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 1.850% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 1683000<br>| &nbsp;&nbsp;&nbsp; 1435328<br>|
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp;&nbsp; 1183424<br>|
| &nbsp;&nbsp;&nbsp; KKR Group Finance Co. VI LLC, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 861000<br>| &nbsp;&nbsp;&nbsp; 845590<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Moody's Corp., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 478000<br>| &nbsp;&nbsp;&nbsp; 472011<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (4.133% to 10/18/28 then SOFR + 0.913%) | &nbsp;&nbsp; 4.133% | &nbsp;&nbsp; 10/18/29 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 599654<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (4.493% to 1/16/31 then SOFR + 0.950%) | &nbsp;&nbsp; 4.493% | &nbsp;&nbsp; 1/16/32 | &nbsp;&nbsp; 535000<br>| &nbsp;&nbsp;&nbsp; 534765<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (4.994% to 4/12/28 then SOFR + 1.380%) | &nbsp;&nbsp; 4.994% | &nbsp;&nbsp; 4/12/29 | &nbsp;&nbsp; 1445000<br>| &nbsp;&nbsp;&nbsp; 1471716<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.073% to 1/30/36 then SOFR + 1.184%) | &nbsp;&nbsp; 5.073% | &nbsp;&nbsp; 1/30/37 | &nbsp;&nbsp; 545000<br>| &nbsp;&nbsp;&nbsp; 543098<br> <sup>(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Subordinated Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 9/8/26 | &nbsp;&nbsp; 3467000<br>| &nbsp;&nbsp;&nbsp; 3476967<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Subordinated Notes (5.942% to 2/7/34 then 5 year Treasury <br> Constant Maturity Rate + 1.800%) | &nbsp;&nbsp; 5.942% | &nbsp;&nbsp; 2/7/39 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 607153<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Subordinated Notes (5.948% to 1/19/33 then 5 year Treasury <br> Constant Maturity Rate + 2.430%) | &nbsp;&nbsp; 5.948% | &nbsp;&nbsp; 1/19/38 | &nbsp;&nbsp; $194000<br>| &nbsp;&nbsp;&nbsp; $202981<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; MSCI Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 1591000<br>| &nbsp;&nbsp;&nbsp; 1521746<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nasdaq Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 116000<br>| &nbsp;&nbsp;&nbsp; 121292<br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (1.305% to 2/2/26 then SOFR + 0.980%) | &nbsp;&nbsp; 1.305% | &nbsp;&nbsp; 2/2/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250000<br> <sup>(c)(d)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *20982571* |
| *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* | *Consumer Finance — 0.2%* |
| &nbsp;&nbsp;&nbsp; Ally Financial Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 244000<br>| &nbsp;&nbsp;&nbsp; 276754<br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Notes (4.493% to 9/11/30 then SOFR + <br> 1.250%) | &nbsp;&nbsp; 4.493% | &nbsp;&nbsp; 9/11/31 | &nbsp;&nbsp; 915000<br>| &nbsp;&nbsp;&nbsp; 909201<br> <sup>(d)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *1185955* |
| *Financial Services — 0.9%* | *Financial Services — 0.9%* | *Financial Services — 0.9%* | *Financial Services — 0.9%* | *Financial Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp;&nbsp; 492939<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/28/29 | &nbsp;&nbsp; 245000<br>| &nbsp;&nbsp;&nbsp; 244200<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 9/10/29 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 151596<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 1795000<br>| &nbsp;&nbsp;&nbsp; 1661175<br>|
| &nbsp;&nbsp;&nbsp; Corebridge Financial Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 4/5/29 | &nbsp;&nbsp; 483000<br>| &nbsp;&nbsp;&nbsp; 478210<br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 1380000<br>| &nbsp;&nbsp;&nbsp; 1436040<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/17/28 | &nbsp;&nbsp; 393000<br>| &nbsp;&nbsp;&nbsp; 418158<br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 1490000<br>| &nbsp;&nbsp;&nbsp; 1469806<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 784000<br>| &nbsp;&nbsp;&nbsp; 802135<br>|
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/17/30 | &nbsp;&nbsp; 488000<br>| &nbsp;&nbsp;&nbsp; 494593<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/26/31 | &nbsp;&nbsp; 608000<br>| &nbsp;&nbsp;&nbsp; 650918<br> <sup>(c)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *8299770* |
| *Insurance — 1.0%* | *Insurance — 1.0%* | *Insurance — 1.0%* | *Insurance — 1.0%* | *Insurance — 1.0%* |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 455000<br>| &nbsp;&nbsp;&nbsp; 465690<br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Secured Notes | &nbsp;&nbsp; 5.526% | &nbsp;&nbsp; 7/11/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1026963<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Secured Notes | &nbsp;&nbsp; 5.322% | &nbsp;&nbsp; 11/13/31 | &nbsp;&nbsp; 635000<br>| &nbsp;&nbsp;&nbsp; 646337<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Senior Secured Notes | &nbsp;&nbsp; 5.543% | &nbsp;&nbsp; 8/22/35 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 611971<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 342000<br>| &nbsp;&nbsp;&nbsp; 355213<br>|
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 295000<br>| &nbsp;&nbsp;&nbsp; 287415<br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 6/23/30 | &nbsp;&nbsp; 863000<br>| &nbsp;&nbsp;&nbsp; 876483<br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/23/32 | &nbsp;&nbsp; 311000<br>| &nbsp;&nbsp;&nbsp; 317372<br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 6/23/35 | &nbsp;&nbsp; 415000<br>| &nbsp;&nbsp;&nbsp; 424836<br>|
| &nbsp;&nbsp;&nbsp; CNA Financial Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp;&nbsp; 467925<br>|
| &nbsp;&nbsp;&nbsp; CNO Global Funding, Secured Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 1/6/29 | &nbsp;&nbsp; 773000<br>| &nbsp;&nbsp;&nbsp; 739507<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CNO Global Funding, Secured Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/9/29 | &nbsp;&nbsp; 956000<br>| &nbsp;&nbsp;&nbsp; 972400<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/4/29 | &nbsp;&nbsp; 585000<br>| &nbsp;&nbsp;&nbsp; 608203<br>|
| &nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/17/28 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 395686<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, Senior Secured Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 4/9/30 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 913267<br> <sup>(c)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *9109268* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **83313057** |
| **Health Care — 2.1%** | **Health Care — 2.1%** | **Health Care — 2.1%** | **Health Care — 2.1%** | **Health Care — 2.1%** |
| *Biotechnology — 0.2%* | *Biotechnology — 0.2%* | *Biotechnology — 0.2%* | *Biotechnology — 0.2%* | *Biotechnology — 0.2%* |
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/2/30 | &nbsp;&nbsp; 949000<br>| &nbsp;&nbsp;&nbsp; 984891<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 3/2/53 | &nbsp;&nbsp; 504000<br>| &nbsp;&nbsp;&nbsp; 496435<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Biotechnology — continued* | *Biotechnology — continued* | *Biotechnology — continued* | *Biotechnology — continued* | *Biotechnology — continued* |
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/2/63 | &nbsp;&nbsp; $565000<br>| &nbsp;&nbsp;&nbsp; $552813<br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *2034139* |
| *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/14/29 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 979776<br>|
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 802374<br> <sup>(c)</sup><br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *1782150* |
| *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Junior Subordinated Notes (7.000% to 3/10/30 then 5 year <br> Treasury Constant Maturity Rate + 2.886%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/10/55 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 544487<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/28/31 | &nbsp;&nbsp; 345000<br>| &nbsp;&nbsp;&nbsp; 303912<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 3/25/38 | &nbsp;&nbsp; 1133000<br>| &nbsp;&nbsp;&nbsp; 1063924<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 488000<br>| &nbsp;&nbsp;&nbsp; 489095<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 198217<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp;&nbsp; 460806<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 4/1/34 | &nbsp;&nbsp; 455000<br>| &nbsp;&nbsp;&nbsp; 472776<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 595743<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 605000<br>| &nbsp;&nbsp;&nbsp; 622905<br>|
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC, Senior Secured Notes | &nbsp;&nbsp; 5.809% | &nbsp;&nbsp; 5/8/27 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp;&nbsp; 433099<br>|
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC, Senior Secured Notes | &nbsp;&nbsp; 5.849% | &nbsp;&nbsp; 5/8/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 208636<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *5393600* |
| *Life Sciences Tools & Services — 0.1%* | *Life Sciences Tools & Services — 0.1%* | *Life Sciences Tools & Services — 0.1%* | *Life Sciences Tools & Services — 0.1%* | *Life Sciences Tools & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Illumina Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 9/9/26 | &nbsp;&nbsp; 469000<br>| &nbsp;&nbsp;&nbsp; *470248*<br>|
| *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* |
| &nbsp;&nbsp;&nbsp; Merck & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 12/4/32 | &nbsp;&nbsp; 245000<br>| &nbsp;&nbsp;&nbsp; 245676<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co. Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 12/4/35 | &nbsp;&nbsp; 395000<br>| &nbsp;&nbsp;&nbsp; 391773<br>|
| &nbsp;&nbsp;&nbsp; Novartis Capital Corp., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 11/5/30 | &nbsp;&nbsp; 1775000<br>| &nbsp;&nbsp;&nbsp; 1775507<br>|
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte Ltd., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 5/19/28 | &nbsp;&nbsp; 857000<br>| &nbsp;&nbsp;&nbsp; 866142<br>|
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte Ltd., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/19/33 | &nbsp;&nbsp; 538000<br>| &nbsp;&nbsp;&nbsp; 543582<br>|
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte Ltd., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/19/53 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 522005<br>|
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 9/2/34 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 440548<br>|
| &nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 9/25/35 | &nbsp;&nbsp; 1450000<br>| &nbsp;&nbsp;&nbsp; 1458086<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 95000<br>| &nbsp;&nbsp;&nbsp; 72911<br>|
| &nbsp;&nbsp;&nbsp; Wyeth LLC, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 182868<br>|
| &nbsp;&nbsp;&nbsp; Zoetis Inc., Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 966000<br>| &nbsp;&nbsp;&nbsp; 884786<br>|
| &nbsp;&nbsp;&nbsp; Zoetis Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/17/35 | &nbsp;&nbsp; 1980000<br>| &nbsp;&nbsp;&nbsp; 1994441<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *9378325* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **19058462** |
| **Industrials — 2.7%** | **Industrials — 2.7%** | **Industrials — 2.7%** | **Industrials — 2.7%** | **Industrials — 2.7%** |
| *Aerospace & Defense — 1.4%* | *Aerospace & Defense — 1.4%* | *Aerospace & Defense — 1.4%* | *Aerospace & Defense — 1.4%* | *Aerospace & Defense — 1.4%* |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 2319000<br>| &nbsp;&nbsp;&nbsp; 2410344<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/10/30 | &nbsp;&nbsp; 1005000<br>| &nbsp;&nbsp;&nbsp; 1011354<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BAE Systems PLC, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/26/34 | &nbsp;&nbsp; 1270000<br>| &nbsp;&nbsp;&nbsp; 1314259<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 944000<br>| &nbsp;&nbsp;&nbsp; 932876<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 797000<br>| &nbsp;&nbsp;&nbsp; 756899<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 321000<br>| &nbsp;&nbsp;&nbsp; 292307<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 1658000<br>| &nbsp;&nbsp;&nbsp; 1451848<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* | *Aerospace & Defense — continued* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/39 | &nbsp;&nbsp; $1045000<br>| &nbsp;&nbsp;&nbsp; $857441<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/15/39 | &nbsp;&nbsp; 635000<br>| &nbsp;&nbsp;&nbsp; 717465<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/1/49 | &nbsp;&nbsp; 2083000<br>| &nbsp;&nbsp;&nbsp; 1557747<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 8/1/59 | &nbsp;&nbsp; 535000<br>| &nbsp;&nbsp;&nbsp; 379228<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 693000<br>| &nbsp;&nbsp;&nbsp; 674235<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 235000<br>| &nbsp;&nbsp;&nbsp; 236201<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 2/1/37 | &nbsp;&nbsp; 413000<br>| &nbsp;&nbsp;&nbsp; 447500<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *13039704* |
| *Building Products — 0.0%††* | *Building Products — 0.0%††* | *Building Products — 0.0%††* | *Building Products — 0.0%††* | *Building Products — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Carlisle Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; *397331*<br>|
| *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* |
| &nbsp;&nbsp;&nbsp; Republic Services Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1335000<br>| &nbsp;&nbsp;&nbsp; 1379332<br>|
| &nbsp;&nbsp;&nbsp; Waste Connections Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 1349000<br>| &nbsp;&nbsp;&nbsp; 1373122<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *2752454* |
| *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* |
| &nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 455000<br>| &nbsp;&nbsp;&nbsp; 450430<br>|
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 1285000<br>| &nbsp;&nbsp;&nbsp; 1289791<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ryder System Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp;&nbsp; 879699<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *2619920* |
| *Machinery — 0.3%* | *Machinery — 0.3%* | *Machinery — 0.3%* | *Machinery — 0.3%* | *Machinery — 0.3%* |
| &nbsp;&nbsp;&nbsp; Oshkosh Corp., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 746993<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp., Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 1623000<br>| &nbsp;&nbsp;&nbsp; 1599345<br> <sup>(c)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *2346338* |
| *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd./Aircastle Ireland DAC, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 501487<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ashtead Capital Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 675000<br>| &nbsp;&nbsp;&nbsp; 674105<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ashtead Capital Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 601219<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 845000<br>| &nbsp;&nbsp;&nbsp; 868637<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 4/10/30 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 1006453<br> <sup>(c)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *3651901* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **24807648** |
| **Information Technology — 1.9%** | **Information Technology — 1.9%** | **Information Technology — 1.9%** | **Information Technology — 1.9%** | **Information Technology — 1.9%** |
| *Communications Equipment — 0.2%* | *Communications Equipment — 0.2%* | *Communications Equipment — 0.2%* | *Communications Equipment — 0.2%* | *Communications Equipment — 0.2%* |
| &nbsp;&nbsp;&nbsp; Motorola Solutions Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 217000<br>| &nbsp;&nbsp;&nbsp; 221488<br>|
| &nbsp;&nbsp;&nbsp; Motorola Solutions Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1160000<br>| &nbsp;&nbsp;&nbsp; 1053173<br>|
| &nbsp;&nbsp;&nbsp; Motorola Solutions Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 738000<br>| &nbsp;&nbsp;&nbsp; 761821<br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *2036482* |
| *Electronic Equipment, Instruments & Components — 0.1%* | *Electronic Equipment, Instruments & Components — 0.1%* | *Electronic Equipment, Instruments & Components — 0.1%* | *Electronic Equipment, Instruments & Components — 0.1%* | *Electronic Equipment, Instruments & Components — 0.1%* |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; *939379*<br>|
| *IT Services — 0.1%* | *IT Services — 0.1%* | *IT Services — 0.1%* | *IT Services — 0.1%* | *IT Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; S&P Global Inc., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 478000<br>| &nbsp;&nbsp;&nbsp; *452233*<br>|
| *Semiconductors & Semiconductor Equipment — 1.1%* | *Semiconductors & Semiconductor Equipment — 1.1%* | *Semiconductors & Semiconductor Equipment — 1.1%* | *Semiconductors & Semiconductor Equipment — 1.1%* | *Semiconductors & Semiconductor Equipment — 1.1%* |
| &nbsp;&nbsp;&nbsp; Analog Devices Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 4/1/34 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 722200<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/12/29 | &nbsp;&nbsp; 755000<br>| &nbsp;&nbsp;&nbsp; 777978<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 1093000<br>| &nbsp;&nbsp;&nbsp; 1126203<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 361000<br>| &nbsp;&nbsp;&nbsp; 359183<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* | *Semiconductors & Semiconductor Equipment — continued* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; $425000<br>| &nbsp;&nbsp;&nbsp; $424744<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.926% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 1008000<br>| &nbsp;&nbsp;&nbsp; 993175<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 1/15/56 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 65548<br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/25/31 | &nbsp;&nbsp; 1105000<br>| &nbsp;&nbsp;&nbsp; 1145068<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.150% | &nbsp;&nbsp; 1/25/32 | &nbsp;&nbsp; 334000<br>| &nbsp;&nbsp;&nbsp; 355881<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/33 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 409395<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 1/25/38 | &nbsp;&nbsp; 455000<br>| &nbsp;&nbsp;&nbsp; 487668<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intel Corp., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 8/5/32 | &nbsp;&nbsp; 1440000<br>| &nbsp;&nbsp;&nbsp; 1396908<br>|
| &nbsp;&nbsp;&nbsp; Marvell Technology Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 583000<br>| &nbsp;&nbsp;&nbsp; 607774<br>|
| &nbsp;&nbsp;&nbsp; Marvell Technology Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 55000<br>| &nbsp;&nbsp;&nbsp; 55716<br>|
| &nbsp;&nbsp;&nbsp; Marvell Technology Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 582000<br>| &nbsp;&nbsp;&nbsp; 620198<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *9547639* |
| *Software — 0.3%* | *Software — 0.3%* | *Software — 0.3%* | *Software — 0.3%* | *Software — 0.3%* |
| &nbsp;&nbsp;&nbsp; Microsoft Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/12/35 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 571482<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/26/30 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 488248<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 9/26/32 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 648904<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 3/25/41 | &nbsp;&nbsp; 363000<br>| &nbsp;&nbsp;&nbsp; 265101<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp;&nbsp; 872120<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 64168<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *2910023* |
| *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* | *Technology Hardware, Storage & Peripherals — 0.1%* |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 456000<br>| &nbsp;&nbsp;&nbsp; 459437<br>|
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 534663<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *994100* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **16879856** |
| **Materials — 0.5%** | **Materials — 0.5%** | **Materials — 0.5%** | **Materials — 0.5%** | **Materials — 0.5%** |
| *Chemicals — 0.1%* | *Chemicals — 0.1%* | *Chemicals — 0.1%* | *Chemicals — 0.1%* | *Chemicals — 0.1%* |
| &nbsp;&nbsp;&nbsp; FMC Corp., Subordinated Notes (8.450% to 11/1/30 then 5 year Treasury <br> Constant Maturity Rate + 4.366%) | &nbsp;&nbsp; 8.450% | &nbsp;&nbsp; 11/1/55 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *891113*<br> <sup>(d)</sup><br>|
| *Containers & Packaging — 0.3%* | *Containers & Packaging — 0.3%* | *Containers & Packaging — 0.3%* | *Containers & Packaging — 0.3%* | *Containers & Packaging — 0.3%* |
| &nbsp;&nbsp;&nbsp; AptarGroup Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/30/31 | &nbsp;&nbsp; 1825000<br>| &nbsp;&nbsp;&nbsp; 1836986<br>|
| &nbsp;&nbsp;&nbsp; Berry Global Inc., Senior Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp; 27000<br>| &nbsp;&nbsp;&nbsp; 27016<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; WestRock MWV LLC, Senior Notes | &nbsp;&nbsp; 8.200% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 1045920<br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *2909922* |
| *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 935000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *962276*<br> <sup>(c)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **4763311** |
| **Real Estate — 1.0%** | **Real Estate — 1.0%** | **Real Estate — 1.0%** | **Real Estate — 1.0%** | **Real Estate — 1.0%** |
| *Diversified REITs — 0.3%* | *Diversified REITs — 0.3%* | *Diversified REITs — 0.3%* | *Diversified REITs — 0.3%* | *Diversified REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; VICI Properties LP, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 1098000<br>| &nbsp;&nbsp;&nbsp; 1109329<br>|
| &nbsp;&nbsp;&nbsp; VICI Properties LP, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/34 | &nbsp;&nbsp; 225000<br>| &nbsp;&nbsp;&nbsp; 232230<br>|
| &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 122000<br>| &nbsp;&nbsp;&nbsp; 121329<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 812667<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 785000<br>| &nbsp;&nbsp;&nbsp; 772065<br> <sup>(c)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *3047620* |

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Specialized REITs — 0.7%* | *Specialized REITs — 0.7%* | *Specialized REITs — 0.7%* | *Specialized REITs — 0.7%* | *Specialized REITs — 0.7%* |
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; $2751000<br>| &nbsp;&nbsp;&nbsp; $2614115<br>|
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 661000<br>| &nbsp;&nbsp;&nbsp; 607983<br>|
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp; 305000<br>| &nbsp;&nbsp;&nbsp; 305362<br>|
| &nbsp;&nbsp;&nbsp; Crown Castle Inc., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 605000<br>| &nbsp;&nbsp;&nbsp; 600945<br>|
| &nbsp;&nbsp;&nbsp; Crown Castle Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 606229<br>|
| &nbsp;&nbsp;&nbsp; Crown Castle Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp;&nbsp; 442759<br>|
| &nbsp;&nbsp;&nbsp; EPR Properties, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 188000<br>| &nbsp;&nbsp;&nbsp; 188347<br>|
| &nbsp;&nbsp;&nbsp; Equinix Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 11/18/29 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 577777<br>|
| *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *5943517* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **8991137** |
| **Utilities — 3.5%** | **Utilities — 3.5%** | **Utilities — 3.5%** | **Utilities — 3.5%** | **Utilities — 3.5%** |
| *Electric Utilities — 3.1%* | *Electric Utilities — 3.1%* | *Electric Utilities — 3.1%* | *Electric Utilities — 3.1%* | *Electric Utilities — 3.1%* |
| &nbsp;&nbsp;&nbsp; American Electric Power Co. Inc., Junior Subordinated Notes (5.800% to <br> 3/15/31 then 5 year Treasury Constant Maturity Rate + 2.128%) | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp;&nbsp; 1130468<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Electric Power Co. Inc., Junior Subordinated Notes (6.050% to <br> 3/15/36 then 5 year Treasury Constant Maturity Rate + 1.940%) | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 3/15/56 | &nbsp;&nbsp; 375000<br>| &nbsp;&nbsp;&nbsp; 372515<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 1365000<br>| &nbsp;&nbsp;&nbsp; 1407701<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 385000<br>| &nbsp;&nbsp;&nbsp; 384204<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 854000<br>| &nbsp;&nbsp;&nbsp; 924961<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 691002<br>|
| &nbsp;&nbsp;&nbsp; DTE Electric Co., Senior Secured Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 697209<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 1/5/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 102156<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 992000<br>| &nbsp;&nbsp;&nbsp; 1051250<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 708000<br>| &nbsp;&nbsp;&nbsp; 700771<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 417000<br>| &nbsp;&nbsp;&nbsp; 413488<br>|
| &nbsp;&nbsp;&nbsp; Electricite de France SA, Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 4/22/29 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 730774<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enel Finance International NV, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/30/30 | &nbsp;&nbsp; 955000<br>| &nbsp;&nbsp;&nbsp; 953106<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Exelon Corp., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 1345000<br>| &nbsp;&nbsp;&nbsp; 1384343<br>|
| &nbsp;&nbsp;&nbsp; Exelon Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 685000<br>| &nbsp;&nbsp;&nbsp; 714988<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC, Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 462842<br>|
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 854000<br>| &nbsp;&nbsp;&nbsp; 680631<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 5/17/33 | &nbsp;&nbsp; 715000<br>| &nbsp;&nbsp;&nbsp; 730202<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 546683<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 1275000<br>| &nbsp;&nbsp;&nbsp; 1324793<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 385000<br>| &nbsp;&nbsp;&nbsp; 387551<br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/15/52 | &nbsp;&nbsp; 1060000<br>| &nbsp;&nbsp;&nbsp; 943628<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 493232<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 351312<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 526374<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 145000<br>| &nbsp;&nbsp;&nbsp; 160778<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 424282<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 757123<br>|
| &nbsp;&nbsp;&nbsp; Southern Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 115000<br>| &nbsp;&nbsp;&nbsp; 119471<br>|
| &nbsp;&nbsp;&nbsp; Southern Co., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 695000<br>| &nbsp;&nbsp;&nbsp; 730611<br>|
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 520978<br>|
| &nbsp;&nbsp;&nbsp; Southern Power Co., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199572<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* |
| &nbsp;&nbsp;&nbsp; Southern Power Co., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; $360000<br>| &nbsp;&nbsp;&nbsp; $353899<br>|
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 725000<br>| &nbsp;&nbsp;&nbsp; 735446<br>|
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 1095000<br>| &nbsp;&nbsp;&nbsp; 1088852<br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 1/30/27 | &nbsp;&nbsp; 2495000<br>| &nbsp;&nbsp;&nbsp; 2487565<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 625000<br>| &nbsp;&nbsp;&nbsp; 623351<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 129000<br>| &nbsp;&nbsp;&nbsp; 143107<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 345000<br>| &nbsp;&nbsp;&nbsp; 341798<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 1155000<br>| &nbsp;&nbsp;&nbsp; 1194025<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *27987042* |
| *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* |
| &nbsp;&nbsp;&nbsp; Alexander Funding Trust II, Senior Secured Notes | &nbsp;&nbsp; 7.467% | &nbsp;&nbsp; 7/31/28 | &nbsp;&nbsp; 525000<br>| &nbsp;&nbsp;&nbsp; 559200<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puget Sound Energy Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.448% | &nbsp;&nbsp; 6/1/53 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp;&nbsp; 429667<br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *988867* |
| *Multi-Utilities — 0.3%* | *Multi-Utilities — 0.3%* | *Multi-Utilities — 0.3%* | *Multi-Utilities — 0.3%* | *Multi-Utilities — 0.3%* |
| &nbsp;&nbsp;&nbsp; Dominion Energy Inc., Junior Subordinated Notes (6.200% to 2/15/36 then 5 <br> year Treasury Constant Maturity Rate + 2.006%) | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 2/15/56 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 552144<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; DTE Energy Co., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 618000<br>| &nbsp;&nbsp;&nbsp; 657375<br>|
| &nbsp;&nbsp;&nbsp; NiSource Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 925000<br>| &nbsp;&nbsp;&nbsp; 954311<br>|
| &nbsp;&nbsp;&nbsp; Northern States Power Co., First Mortgage Bonds | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 415000<br>| &nbsp;&nbsp;&nbsp; 421947<br>|
| &nbsp;&nbsp;&nbsp; Sempra, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 395708<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *2981485* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **31957394** |
| **Total Corporate Bonds & Notes (Cost — $257,739,234)** | **Total Corporate Bonds & Notes (Cost — $257,739,234)** | **Total Corporate Bonds & Notes (Cost — $257,739,234)** | **Total Corporate Bonds & Notes (Cost — $257,739,234)** | &nbsp;&nbsp; **263103098** |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 5.4%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 5.4%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 5.4%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 5.4%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 5.4%** |
| &nbsp;&nbsp;&nbsp; Banc of America Commercial Mortgage Trust, 2015-UBS7 AS | &nbsp;&nbsp; 3.989% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 280539<br>| &nbsp;&nbsp;&nbsp; 279973<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2019-BN18 A2 | &nbsp;&nbsp; 3.474% | &nbsp;&nbsp; 5/15/62 | &nbsp;&nbsp; 814000<br>| &nbsp;&nbsp;&nbsp; 796478<br>|
| &nbsp;&nbsp;&nbsp; BANK, 2020-BN28 XA, IO | &nbsp;&nbsp; 1.759% | &nbsp;&nbsp; 3/15/63 | &nbsp;&nbsp; 10145586<br>| &nbsp;&nbsp;&nbsp; 656682<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK5, 2025-5YR18 XA, IO | &nbsp;&nbsp; 1.048% | &nbsp;&nbsp; 12/15/58 | &nbsp;&nbsp; 25929922<br>| &nbsp;&nbsp;&nbsp; 1160271<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays Commercial Mortgage Trust, 2019-C3 A2 | &nbsp;&nbsp; 3.438% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 380565<br>| &nbsp;&nbsp;&nbsp; 375990<br>|
| &nbsp;&nbsp;&nbsp; Barclays Commercial Mortgage Trust, 2019-C5 C | &nbsp;&nbsp; 3.710% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 1344000<br>| &nbsp;&nbsp;&nbsp; 1215394<br>|
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, 2023-C20 XB, IO | &nbsp;&nbsp; 0.588% | &nbsp;&nbsp; 7/15/56 | &nbsp;&nbsp; 47686000<br>| &nbsp;&nbsp;&nbsp; 1596775<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, 2023-C21 A3 | &nbsp;&nbsp; 6.296% | &nbsp;&nbsp; 9/15/56 | &nbsp;&nbsp; 797000<br>| &nbsp;&nbsp;&nbsp; 848089<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2019-B13 A2 | &nbsp;&nbsp; 2.889% | &nbsp;&nbsp; 8/15/57 | &nbsp;&nbsp; 2368768<br>| &nbsp;&nbsp;&nbsp; 2291722<br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2020-B20 XA, IO | &nbsp;&nbsp; 1.523% | &nbsp;&nbsp; 10/15/53 | &nbsp;&nbsp; 9173543<br>| &nbsp;&nbsp;&nbsp; 439611<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2020-B21 XA, IO | &nbsp;&nbsp; 1.414% | &nbsp;&nbsp; 12/17/53 | &nbsp;&nbsp; 19489202<br>| &nbsp;&nbsp;&nbsp; 1027081<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2025-V18 XA, IO | &nbsp;&nbsp; 1.258% | &nbsp;&nbsp; 10/15/58 | &nbsp;&nbsp; 6890870<br>| &nbsp;&nbsp;&nbsp; 357325<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; BX Trust, 2025-VOLT A (1 mo. Term SOFR + 1.700%) | &nbsp;&nbsp; 5.380% | &nbsp;&nbsp; 12/15/44 | &nbsp;&nbsp; 543000<br>| &nbsp;&nbsp;&nbsp; 545886<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust, 2017-CD4 B | &nbsp;&nbsp; 3.947% | &nbsp;&nbsp; 5/10/50 | &nbsp;&nbsp; 844000<br>| &nbsp;&nbsp;&nbsp; 810253<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust, 2018-CD7 A4 | &nbsp;&nbsp; 4.279% | &nbsp;&nbsp; 8/15/51 | &nbsp;&nbsp; 672000<br>| &nbsp;&nbsp;&nbsp; 668047<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2016-C3 A4 | &nbsp;&nbsp; 3.154% | &nbsp;&nbsp; 11/15/49 | &nbsp;&nbsp; 1366000<br>| &nbsp;&nbsp;&nbsp; 1354320<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2016-P4 AS | &nbsp;&nbsp; 3.075% | &nbsp;&nbsp; 7/10/49 | &nbsp;&nbsp; 2394000<br>| &nbsp;&nbsp;&nbsp; 2354078<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2016-P6 A5 | &nbsp;&nbsp; 3.720% | &nbsp;&nbsp; 12/10/49 | &nbsp;&nbsp; 501000<br>| &nbsp;&nbsp;&nbsp; 493293<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2016-P6 B | &nbsp;&nbsp; 4.148% | &nbsp;&nbsp; 12/10/49 | &nbsp;&nbsp; 1216000<br>| &nbsp;&nbsp;&nbsp; 1141046<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CGMS Commercial Mortgage Trust, 2017-B1 AS | &nbsp;&nbsp; 3.711% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 547000<br>| &nbsp;&nbsp;&nbsp; 537555<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2020-GC46 A2 | &nbsp;&nbsp; 2.708% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 668700<br>| &nbsp;&nbsp;&nbsp; 642617<br>|
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, 2014-CR15 B | &nbsp;&nbsp; 3.884% | &nbsp;&nbsp; 2/10/47 | &nbsp;&nbsp; 236077<br>| &nbsp;&nbsp;&nbsp; 232602<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, 2015-CR26 B | &nbsp;&nbsp; 4.613% | &nbsp;&nbsp; 10/10/48 | &nbsp;&nbsp; $903697<br>| &nbsp;&nbsp;&nbsp; $892731<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, 2017-COR2 C | &nbsp;&nbsp; 4.587% | &nbsp;&nbsp; 9/10/50 | &nbsp;&nbsp; 578000<br>| &nbsp;&nbsp;&nbsp; 553994<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, 2018-COR3 AM | &nbsp;&nbsp; 4.367% | &nbsp;&nbsp; 5/10/51 | &nbsp;&nbsp; 42000<br>| &nbsp;&nbsp;&nbsp; 39232<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, 2016-C6 AS | &nbsp;&nbsp; 3.346% | &nbsp;&nbsp; 1/15/49 | &nbsp;&nbsp; 534000<br>| &nbsp;&nbsp;&nbsp; 530775<br>|
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, 2017-CX10 A3 | &nbsp;&nbsp; 3.398% | &nbsp;&nbsp; 11/15/50 | &nbsp;&nbsp; 387971<br>| &nbsp;&nbsp;&nbsp; 387359<br>|
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, 2019-C15 XA, IO | &nbsp;&nbsp; 0.987% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 13838494<br>| &nbsp;&nbsp;&nbsp; 322758<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, 2019-C18 A2 | &nbsp;&nbsp; 2.845% | &nbsp;&nbsp; 12/15/52 | &nbsp;&nbsp; 814882<br>| &nbsp;&nbsp;&nbsp; 796919<br>|
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, 2020-C19 XA, IO | &nbsp;&nbsp; 1.085% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 962863<br>| &nbsp;&nbsp;&nbsp; 32325<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2016-NXSR AS | &nbsp;&nbsp; 4.049% | &nbsp;&nbsp; 12/15/49 | &nbsp;&nbsp; 708000<br>| &nbsp;&nbsp;&nbsp; 697153<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, 2019-GC42 A2 | &nbsp;&nbsp; 2.933% | &nbsp;&nbsp; 9/10/52 | &nbsp;&nbsp; 910052<br>| &nbsp;&nbsp;&nbsp; 888458<br>|
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, 2014-C23 B | &nbsp;&nbsp; 4.536% | &nbsp;&nbsp; 9/15/47 | &nbsp;&nbsp; 1628645<br>| &nbsp;&nbsp;&nbsp; 1602387<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2013-C10 C | &nbsp;&nbsp; 4.205% | &nbsp;&nbsp; 12/15/47 | &nbsp;&nbsp; 85243<br>| &nbsp;&nbsp;&nbsp; 82753<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2019-COR5 A2 | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 6/13/52 | &nbsp;&nbsp; 296298<br>| &nbsp;&nbsp;&nbsp; 293922<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, 2013-C9 B | &nbsp;&nbsp; 3.708% | &nbsp;&nbsp; 5/15/46 | &nbsp;&nbsp; 870518<br>| &nbsp;&nbsp;&nbsp; 847934<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, 2015-C22 B | &nbsp;&nbsp; 3.883% | &nbsp;&nbsp; 4/15/48 | &nbsp;&nbsp; 823000<br>| &nbsp;&nbsp;&nbsp; 776992<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, 2016-C32 AS | &nbsp;&nbsp; 3.994% | &nbsp;&nbsp; 12/15/49 | &nbsp;&nbsp; 1504000<br>| &nbsp;&nbsp;&nbsp; 1490761<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2016-UB12 AS | &nbsp;&nbsp; 3.778% | &nbsp;&nbsp; 12/15/49 | &nbsp;&nbsp; 1227000<br>| &nbsp;&nbsp;&nbsp; 1184560<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2018-L1 C | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 10/15/51 | &nbsp;&nbsp; 1265000<br>| &nbsp;&nbsp;&nbsp; 1172535<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Station Place Securitization Trust, 2025-1 A (1 mo. Term SOFR + 0.900%) | &nbsp;&nbsp; 4.851% | &nbsp;&nbsp; 7/23/26 | &nbsp;&nbsp; 2562000<br>| &nbsp;&nbsp;&nbsp; 2593274<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Station Place Securitization Trust, 2025-3 A (1 mo. Term SOFR + 0.900%) | &nbsp;&nbsp; 4.573% | &nbsp;&nbsp; 9/23/26 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp;&nbsp; 2745215<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Station Place Securitization Trust, 2025-7 A (1 mo. Term SOFR + 0.900%) | &nbsp;&nbsp; 4.573% | &nbsp;&nbsp; 11/24/26 | &nbsp;&nbsp; 3016000<br>| &nbsp;&nbsp;&nbsp; 3023443<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, 2017-C1 A4 | &nbsp;&nbsp; 3.460% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 852000<br>| &nbsp;&nbsp;&nbsp; 843812<br>|
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, 2018-C14 A4 | &nbsp;&nbsp; 4.448% | &nbsp;&nbsp; 12/15/51 | &nbsp;&nbsp; 756000<br>| &nbsp;&nbsp;&nbsp; 759150<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2015-LC20 C | &nbsp;&nbsp; 4.056% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; 278295<br>| &nbsp;&nbsp;&nbsp; 275629<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2017-C39 B | &nbsp;&nbsp; 4.025% | &nbsp;&nbsp; 9/15/50 | &nbsp;&nbsp; 1870000<br>| &nbsp;&nbsp;&nbsp; 1780775<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2019-C49 B | &nbsp;&nbsp; 4.546% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 2118000<br>| &nbsp;&nbsp;&nbsp; 2069252<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2020-C56 B | &nbsp;&nbsp; 3.610% | &nbsp;&nbsp; 6/15/53 | &nbsp;&nbsp; 1304000<br>| &nbsp;&nbsp;&nbsp; 1184877<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2020-C57 C | &nbsp;&nbsp; 4.023% | &nbsp;&nbsp; 8/15/53 | &nbsp;&nbsp; 29000<br>| &nbsp;&nbsp;&nbsp; 26488<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2025-5C3 XA, IO | &nbsp;&nbsp; 0.814% | &nbsp;&nbsp; 1/15/58 | &nbsp;&nbsp; 10535035<br>| &nbsp;&nbsp;&nbsp; 310193<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2025-5C4 XA, IO | &nbsp;&nbsp; 1.121% | &nbsp;&nbsp; 5/15/58 | &nbsp;&nbsp; 16224997<br>| &nbsp;&nbsp;&nbsp; 686163<br> <sup>(d)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $46,431,911)** | **Total Collateralized Mortgage Obligations (Cost — $46,431,911)** | **Total Collateralized Mortgage Obligations (Cost — $46,431,911)** | **Total Collateralized Mortgage Obligations (Cost — $46,431,911)** | &nbsp;&nbsp; **48716907** |
| **Asset-Backed Securities — 3.9%** | **Asset-Backed Securities — 3.9%** | **Asset-Backed Securities — 3.9%** | **Asset-Backed Securities — 3.9%** | **Asset-Backed Securities — 3.9%** |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, 2024-3 A3 | &nbsp;&nbsp; 4.890% | &nbsp;&nbsp; 7/16/29 | &nbsp;&nbsp; 1320000<br>| &nbsp;&nbsp;&nbsp; 1335752<br>|
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, 2025-2 A2A | &nbsp;&nbsp; 4.590% | &nbsp;&nbsp; 7/17/28 | &nbsp;&nbsp; 1377899<br>| &nbsp;&nbsp;&nbsp; 1382337<br>|
| &nbsp;&nbsp;&nbsp; Chase Auto Owner Trust, 2024-3A A3 | &nbsp;&nbsp; 5.220% | &nbsp;&nbsp; 7/25/29 | &nbsp;&nbsp; 4207035<br>| &nbsp;&nbsp;&nbsp; 4255567<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, 2024-B A3 | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 4311000<br>| &nbsp;&nbsp;&nbsp; 4363819<br>|
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, 2023-1 A3 | &nbsp;&nbsp; 4.660% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 1045002<br>| &nbsp;&nbsp;&nbsp; 1047765<br>|
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, 2024-1 A3 | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 12/18/28 | &nbsp;&nbsp; 957140<br>| &nbsp;&nbsp;&nbsp; 963534<br>|
| &nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, 2024-B A3 | &nbsp;&nbsp; 4.310% | &nbsp;&nbsp; 7/16/29 | &nbsp;&nbsp; 2298000<br>| &nbsp;&nbsp;&nbsp; 2306901<br>|
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, 2023-1 A3 | &nbsp;&nbsp; 5.040% | &nbsp;&nbsp; 4/21/27 | &nbsp;&nbsp; 485050<br>| &nbsp;&nbsp;&nbsp; 486035<br>|
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, 2023-2 A3 | &nbsp;&nbsp; 4.930% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 483239<br>| &nbsp;&nbsp;&nbsp; 485362<br>|
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, 2023-4 A3 | &nbsp;&nbsp; 5.670% | &nbsp;&nbsp; 6/21/28 | &nbsp;&nbsp; 532439<br>| &nbsp;&nbsp;&nbsp; 538186<br>|
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, 2025-4 A2A | &nbsp;&nbsp; 4.040% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 1101000<br>| &nbsp;&nbsp;&nbsp; 1103990<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, 2023-A A3 | &nbsp;&nbsp; 4.580% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 525577<br>| &nbsp;&nbsp;&nbsp; 525914<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, 2023-B A3 | &nbsp;&nbsp; 5.480% | &nbsp;&nbsp; 4/17/28 | &nbsp;&nbsp; 2014584<br>| &nbsp;&nbsp;&nbsp; 2028204<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, 2025-C A2B (30 Day Average SOFR + 0.350%) | &nbsp;&nbsp; 4.057% | &nbsp;&nbsp; 7/17/28 | &nbsp;&nbsp; 3355000<br>| &nbsp;&nbsp;&nbsp; 3358165<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust, 2025-A A3 | &nbsp;&nbsp; 4.490% | &nbsp;&nbsp; 12/17/29 | &nbsp;&nbsp; $1600000<br>| &nbsp;&nbsp;&nbsp; $1619878<br>|
| &nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust, 2025-B A2A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/17/28 | &nbsp;&nbsp; 615000<br>| &nbsp;&nbsp;&nbsp; 615858<br>|
| &nbsp;&nbsp;&nbsp; OCCU Auto Receivables Trust, 2025-1A A3 | &nbsp;&nbsp; 4.810% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1953000<br>| &nbsp;&nbsp;&nbsp; 1970212<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, 2022-C A3 | &nbsp;&nbsp; 3.760% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 478909<br>| &nbsp;&nbsp;&nbsp; 478590<br>|
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, 2024-A A3 | &nbsp;&nbsp; 4.830% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 3131638<br>| &nbsp;&nbsp;&nbsp; 3152426<br>|
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, 2026-A A3 | &nbsp;&nbsp; 3.860% | &nbsp;&nbsp; 9/16/30 | &nbsp;&nbsp; 1195000<br>| &nbsp;&nbsp;&nbsp; 1197236<br>|
| &nbsp;&nbsp;&nbsp; USB Auto Owner Trust, 2025-1A A3 | &nbsp;&nbsp; 4.490% | &nbsp;&nbsp; 6/17/30 | &nbsp;&nbsp; 1216000<br>| &nbsp;&nbsp;&nbsp; 1225795<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, 2025-C A3 | &nbsp;&nbsp; 4.080% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1263000<br>| &nbsp;&nbsp;&nbsp; 1269022<br>|
| **Total Asset-Backed Securities (Cost — $35,483,842)** | **Total Asset-Backed Securities (Cost — $35,483,842)** | **Total Asset-Backed Securities (Cost — $35,483,842)** | **Total Asset-Backed Securities (Cost — $35,483,842)** | &nbsp;&nbsp; **35710548** |
|  |  |  | Shares |  |
| **Investments in Underlying Funds — 2.0%** | **Investments in Underlying Funds — 2.0%** | **Investments in Underlying Funds — 2.0%** | **Investments in Underlying Funds — 2.0%** | **Investments in Underlying Funds — 2.0%** |
| &nbsp;&nbsp;&nbsp; Franklin Templeton ETF Trust — Franklin Ultra Short Bond ETF <br> (Cost — $18,212,877) |  |  | &nbsp;&nbsp; 731980<br>| &nbsp;&nbsp;&nbsp;&nbsp; **18369038**<br> <sup>(g)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $1,012,601,198)** | **Total Investments before Short-Term Investments (Cost — $1,012,601,198)** | **Total Investments before Short-Term Investments (Cost — $1,012,601,198)** | **Total Investments before Short-Term Investments (Cost — $1,012,601,198)** | &nbsp;&nbsp; **1016953621** |
|  | Rate |  |  |  |
| **Short-Term Investments — 3.5%** | **Short-Term Investments — 3.5%** | **Short-Term Investments — 3.5%** | **Short-Term Investments — 3.5%** | **Short-Term Investments — 3.5%** |
| &nbsp;&nbsp;&nbsp; Putnam Government Money Market Fund, Class P Shares <br> (Cost — $32,026,631)  | &nbsp;&nbsp; 3.430% |  | &nbsp;&nbsp; 32026631<br>| &nbsp;&nbsp;&nbsp;&nbsp; **32026631**<br> <sup>(g)(h)</sup><br>|
| **Total Investments — 115.4% (Cost — $1,044,627,829)** | **Total Investments — 115.4% (Cost — $1,044,627,829)** | **Total Investments — 115.4% (Cost — $1,044,627,829)** | **Total Investments — 115.4% (Cost — $1,044,627,829)** | &nbsp;&nbsp; **1048980252** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (15.4)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (15.4)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (15.4)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (15.4)% | &nbsp;&nbsp;&nbsp; (140333773)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$908646479** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | This security is traded on a to-be-announced ("TBA") basis. At January 31, 2026, the Fund held TBA securities with a total cost of $147,536,297. |
| <sup>(b)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(c)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. <br>|
| <sup>(d)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(e)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(f)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(g)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At January 31, 2026, the total market value of <br> investments in Affiliated Companies was $50,395,669 and the cost was $50,239,508 (Note 2).<br>|
| <sup>(h)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| CD |  | Certificate of Deposit |
| DAC |  | Designated Activity Company |
| ETF |  | Exchange-Traded Fund |
| IO |  | Interest Only |
| SOFR |  | Secured Overnight Financing Rate |

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Securities Sold Short — (2.6)%** |  |  |  |  |
| **Mortgage-Backed Securities — (2.6)%** | **Mortgage-Backed Securities — (2.6)%** | **Mortgage-Backed Securities — (2.6)%** | **Mortgage-Backed Securities — (2.6)%** |  |
| *FNMA — (0.6)%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/1/41 | &nbsp;&nbsp; $(600000)<br>| &nbsp;&nbsp;&nbsp; $(576298) <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; (5000000)<br>| &nbsp;&nbsp;&nbsp; (4899255) <sup>(a)</sup><br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *(5475553*<br> *)*<br>|
| *GNMA — (2.0)%* |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; (3600000)<br>| &nbsp;&nbsp;&nbsp; (3118784) <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; (15000000)<br>| &nbsp;&nbsp;&nbsp; (15345423) <sup>(a)</sup><br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *(18464207*<br> *)*<br>|
| **Total Securities Sold Short (Proceeds — $(23904680))** | **Total Securities Sold Short (Proceeds — $(23904680))** | **Total Securities Sold Short (Proceeds — $(23904680))** | **Total Securities Sold Short (Proceeds — $(23904680))** | &nbsp;&nbsp; **$(23939760)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> This security is traded on a to-be-announced ("TBA") basis and is part of a mortgage dollar roll agreement.

This Schedule of Investments is unaudited and is intended to provide information about the Fund's investments as of the date of the schedule. Other information regarding the Fund is available in the Fund's most recent annual or semi-annual shareholder report.

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization and significant accounting policies** 

Putnam ESG Core Bond ETF (the "Fund") is a separate diversified investment series of Putnam ETF Trust (the "Trust"). The Trust, a Delaware statutory trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The Fund is an actively managed exchange-traded fund ("ETF"). ETFs are funds that trade like other publicly-traded securities. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value ("NAV"), shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund's distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

Shares of the Fund are listed and traded at market prices on NYSE Arca, Inc. The market price for the Fund's shares may be different from the Fund's NAV. The Fund issues and redeems shares at NAV only in blocks of a specified number of shares or multiples thereof ("Creation Units"). Only Authorized Participants may purchase or redeem Creation Units directly with the Fund at NAV. Creation Units are created and redeemed principally in-kind (although under some circumstances its shares are created and redeemed partially for cash). Except when aggregated in Creation Units, shares of the Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund seeks high current income consistent with what Franklin Advisers, Inc. believes to be prudent risk.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946.

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

Pursuant to policies adopted by the Board, the Fund's manager has been designated as the valuation designee and is responsible for the oversight of the daily valuation process. The Fund's manager is assisted by the Global Fund Valuation Committee (the "Valuation Committee"). The Valuation Committee is responsible for making fair value determinations, evaluating the effectiveness of the Fund's pricing policies, and reporting to the Fund's manager and the Board. When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

Notes to Schedule of Investments (unaudited) (cont'd)

proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board quarterly.

The Fund uses valuation techniques to measure fair value that are consistent with the market approach and/or income approach, depending on the type of security and the particular circumstance. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical investments

• Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund's assets and liabilities carried at fair value: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $385743165 | &nbsp;&nbsp; — | &nbsp;&nbsp; $385743165 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 265310865 | &nbsp;&nbsp; — | &nbsp;&nbsp; 265310865 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 263103098 | &nbsp;&nbsp; — | &nbsp;&nbsp; 263103098 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 48716907 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48716907 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 35710548 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35710548 |
| &nbsp;&nbsp;&nbsp; Investments in Underlying Funds | &nbsp;&nbsp; $18369038 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18369038 |
| Total Long-Term Investments | &nbsp;&nbsp; 18369038 | &nbsp;&nbsp; 998584583 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1016953621 |
| Short-Term Investments† | &nbsp;&nbsp; 32026631 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 32026631 |
| **Total Investments** | &nbsp;&nbsp; **$50395669** | &nbsp;&nbsp; **$998584583** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$1048980252** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Securities Sold Short† |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; $23939760 | &nbsp;&nbsp; — | &nbsp;&nbsp; $23939760 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

† See Schedule of Investments for additional detailed categorizations.

**2. Transactions with affiliated companies**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended January 31, 2026. The following transactions were

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

effected in such company for the period ended January 31, 2026. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>April 30, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>April 30, <br>2025 | Cost | Shares | Proceeds | Shares |
| Franklin Templeton ETF <br> Trust — Franklin Ultra <br> Short Bond ETF<br>| $11257741 | $7006860 | 281400 |  |  |
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>| 40880678 | 234580244 | 234580244 | $243434291 | 243434291 |
|  | **$52138419** | **$241587104** |  | **$243434291** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>January 31, <br>2026<br>|
| Franklin Templeton ETF Trust <br> — Franklin Ultra Short Bond <br> ETF<br>|  | $607848 | $104437 | $18369038 |
| Putnam Government Money <br> Market Fund, Class P Shares<br>|  | 1076625 |  | 32026631 |
|  | **—** | **$1684473** | **$104437** | **$50395669** |

---

------

Putnam ESG Core Bond ETF 2026 Quarterly Report

------

## 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:** One Franklin Parkway

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94403-1906

  - **Telephone number:** 650-312-2000

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

- **a. Name of Series:** Putnam ESG Core Bond ETF

- **b. EDGAR series identifier (if any):** S000077297

- **c. LEI of Series:** 549300WPUCAJ9XFIRU61

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2026-01-30

**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:** $1103244164.86

**Total Liabilities:** $194596523.35

**Net Assets:** $908647641.51

**Stand-by Commitments:** $166048254.32

**Cash Not Reported:** $56897.74

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 1403.86631000 | **1-Year:** 33119.53194000 | **5-Year:** 162791.54616000 | **10-Year:** 63276.26796000 | **30-Year:** 4246.60720000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 1.18520000 | **1-Year:** 785.68427000 | **5-Year:** 1396.09445000 | **10-Year:** 240.57930000 | **30-Year:** 11.79893000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237594 | 0.66%                | -0.27%               | 0.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1032400.50              | $1792184.84                                |
| Month 2  | $851036.13               | $-6202883.14                               |
| Month 3  | $632810.64               | $-1676600.74                               |

**Designated Index Information**

- **Index Name:** LBUSTRUU Index

- **Index Identifier:** BM0838

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DTE ELECTRIC CO                     | DTE Electric Co                                                                 | CUSIP: 23338VAY2<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    680000 | PA      | $697209.24    | 0.08%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F042426<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $300297.48    | 0.03%             | 2041-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618HNHA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    916626 | PA      | $947769.76    | 0.10%             | 2054-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                    | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824CBU2<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    530000 | PA      | $534663.55    | 0.06%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618AVGQ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     97620 | PA      | $101231.64    | 0.01%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING               | Athene Global Funding                                                           | CUSIP: 04685A4D0<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    635000 | PA      | $646336.66    | 0.07%             | 2031-11-13      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| NASDAQ INC                          | Nasdaq Inc                                                                      | CUSIP: 63111XAJ0<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |    116000 | PA      | $121291.38    | 0.01%             | 2034-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                 | Sprint Capital Corp                                                             | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |   3802000 | PA      | $4079750.02   | 0.45%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO             | Arthur J Gallagher & Co                                                         | CUSIP: 04316JAL3<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    455000 | PA      | $465690.43    | 0.05%             | 2029-12-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F030421<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -600000 | PA      | $-576297.34   | -0.06%            | 2041-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                 | American Tower Corp                                                             | CUSIP: 03027XBM1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    661000 | PA      | $607983.23    | 0.07%             | 2031-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                                   | CUSIP: 097023CE3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $857441.37    | 0.09%             | 2039-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE             | Teva Pharmaceutical Finance Netherlands III BV                                  | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     95000 | PA      | $72910.60     | 0.01%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust      | Hyundai Auto Receivables Trust 2025-C                                           | CUSIP: 44935JAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3355000 | PA      | $3358165.44   | 0.37%             | 2028-07-17      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae                                                                      | CUSIP: 21H040624<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1750000 | PA      | $1655138.59   | 0.18%             | 2056-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NOVARTIS CAPITAL CORP               | Novartis Capital Corp                                                           | CUSIP: 66989HAY4<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |   1775000 | PA      | $1775507.03   | 0.20%             | 2030-11-05      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3510000 | PA      | $3481618.35   | 0.38%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                   | Ares Capital Corp                                                               | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    720000 | PA      | $739440.80    | 0.08%             | 2027-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                          | Kenvue Inc                                                                      | CUSIP: 49177JAK8<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |   1268000 | PA      | $1291460.33   | 0.14%             | 2033-03-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XNTQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    418372 | PA      | $413553.91    | 0.05%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust        | GS Mortgage Securities Trust 2019-GC42                                          | CUSIP: 36257UAJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    910052 | PA      | $888457.82    | 0.10%             | 2052-09-10      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                         | Gartner Inc                                                                     | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    110000 | PA      | $106235.84    | 0.01%             | 2029-06-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| TOLL BROS FINANCE CORP              | Toll Brothers Finance Corp                                                      | CUSIP: 88947EAU4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    635000 | PA      | $626674.02    | 0.07%             | 2029-11-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133KLZV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    424779 | PA      | $346531.74    | 0.04%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XGXN4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1082254 | PA      | $886190.62    | 0.10%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust             | Carmax Auto Owner Trust 2024-3                                                  | CUSIP: 14319GAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1320000 | PA      | $1335752.22   | 0.15%             | 2029-07-16      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD            | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401ABA8<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1005000 | PA      | $1011353.58   | 0.11%             | 2030-10-10      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| D.R. HORTON INC                     | DR Horton Inc                                                                   | CUSIP: 23331ABS7<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |    845000 | PA      | $852405.14    | 0.09%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYETH LLC                           | Wyeth LLC                                                                       | CUSIP: 983024AN0<br>LEI: 549300Q9GR3WRH4N4836 | Long             | DBT              | CORP              | US        |    170000 | PA      | $182868.09    | 0.02%             | 2037-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                  | VICI Properties LP                                                              | CUSIP: 925650AF0<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    225000 | PA      | $232230.18    | 0.03%             | 2034-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179XS72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3427534 | PA      | $2980221.63   | 0.33%             | 2053-02-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MSCI INC                            | MSCI Inc                                                                        | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |   1591000 | PA      | $1521746.32   | 0.17%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XK5T3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    912977 | PA      | $962497.10    | 0.11%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY OHIO INC                | Duke Energy Ohio Inc                                                            | CUSIP: 26442EAF7<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |    417000 | PA      | $413488.36    | 0.05%             | 2029-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618FFSL1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1294784 | PA      | $1341669.95   | 0.15%             | 2053-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                        | Synopsys Inc                                                                    | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    860000 | PA      | $872120.22    | 0.10%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                                            | CUSIP: 06051GHZ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    727000 | PA      | $677863.54    | 0.07%             | 2031-02-13      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                        | Broadcom Inc                                                                    | CUSIP: 11135FDD0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65547.89     | 0.01%             | 2056-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                                                  | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    194000 | PA      | $202980.79    | 0.02%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust           | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22                     | CUSIP: 61690FAQ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    823000 | PA      | $776992.24    | 0.09%             | 2048-04-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC              | Philip Morris International Inc                                                 | CUSIP: 718172DP1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1935000 | PA      | $1971957.98   | 0.22%             | 2031-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618HHKG4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    863861 | PA      | $882593.24    | 0.10%             | 2054-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                                   | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1530000 | PA      | $1564036.75   | 0.17%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DM4H5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    320054 | PA      | $278020.80    | 0.03%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Putnam Government Money Market Fund | Putnam Government Money Market Fund                                             | CUSIP: 74680A869<br>LEI: 549300SEUI2XMME8T893 | Long             | STIV             | RF                | US        |  32026631 | NS      | $32026630.76  | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BX Trust                            | BX Trust 2025-VOLT                                                              | CUSIP: 05619PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    543000 | PA      | $545885.77    | 0.06%             | 2044-12-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179TSH9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1567144 | PA      | $1510903.38   | 0.17%             | 2048-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CNL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6480000 | PA      | $6499743.78   | 0.72%             | 2027-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MARS INC                            | Mars Inc                                                                        | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    120000 | PA      | $123346.99    | 0.01%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140NGYJ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    101380 | PA      | $105314.66    | 0.01%             | 2053-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618BQLU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    100239 | PA      | $102412.34    | 0.01%             | 2053-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                         | BNP Paribas SA                                                                  | CUSIP: 05565AAR4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1105000 | PA      | $1104770.10   | 0.12%             | 2026-05-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC            | F&G Annuities & Life Inc                                                        | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    585000 | PA      | $608202.77    | 0.07%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810QE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15140000 | PA      | $15241130.51  | 1.68%             | 2040-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179WFG8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    149560 | PA      | $129775.67    | 0.01%             | 2051-05-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC            | Vistra Operations Co LLC                                                        | CUSIP: 92840VAG7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   2495000 | PA      | $2487564.90   | 0.27%             | 2027-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC              | Pacific Gas and Electric Co                                                     | CUSIP: 694308KG1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    500000 | PA      | $526374.11    | 0.06%             | 2032-06-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN            | Northern States Power Co/MN                                                     | CUSIP: 665772CZ0<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    415000 | PA      | $421946.44    | 0.05%             | 2035-05-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO            | Capital One Financial Corp                                                      | CUSIP: 14040HDM4<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    915000 | PA      | $909200.88    | 0.10%             | 2031-09-11      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                    | LPL Holdings Inc                                                                | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   1490000 | PA      | $1469806.24   | 0.16%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                             | HCA Inc                                                                         | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    455000 | PA      | $472775.89    | 0.05%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179XFD3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2409814 | PA      | $2092070.78   | 0.23%             | 2052-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC              | Pacific Gas and Electric Co                                                     | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    500000 | PA      | $424281.72    | 0.05%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140X73K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    336409 | PA      | $280645.30    | 0.03%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                        | UBS Group AG                                                                    | CUSIP: 225401AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $250000.00    | 0.03%             | 2027-02-02      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2017-C39                                  | CUSIP: 95000XAK3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1870000 | PA      | $1780774.63   | 0.20%             | 2050-09-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  27500000 | PA      | $23748828.13  | 2.61%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC            | Icon Investments Six DAC                                                        | CUSIP: 45115AAA2<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    425000 | PA      | $433099.05    | 0.05%             | 2027-05-08      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC              | Pacific Gas and Electric Co                                                     | CUSIP: 694308KP1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    145000 | PA      | $160777.56    | 0.02%             | 2034-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA            | Electricite de France SA                                                        | CUSIP: 268317AY0<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    700000 | PA      | $730774.14    | 0.08%             | 2029-04-22      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133C3TV8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    208233 | PA      | $215143.92    | 0.02%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                       | DTE Energy Co                                                                   | CUSIP: 233331BL0<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    618000 | PA      | $657374.71    | 0.07%             | 2034-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage       | Citigroup Commercial Mortgage Trust 2020-GC46                                   | CUSIP: 17328RAX7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    668700 | PA      | $642617.11    | 0.07%             | 2053-02-15      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1420000 | PA      | $1144486.72   | 0.13%             | 2053-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                                   | CUSIP: 097023CJ2<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    321000 | PA      | $292306.70    | 0.03%             | 2034-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Station Place Securitization T      | Station Place Securitization Trust Series 2025-3                                | CUSIP: 85779TAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2750000 | PA      | $2745215.00   | 0.30%             | 2026-09-23      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418D7F3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10714372 | PA      | $9169040.85   | 1.01%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner       | Toyota Auto Receivables 2024-A Owner Trust                                      | CUSIP: 89238DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3131639 | PA      | $3152425.70   | 0.35%             | 2028-10-16      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| TOLL BROS FINANCE CORP              | Toll Brothers Finance Corp                                                      | CUSIP: 88947EAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    112000 | PA      | $112614.21    | 0.01%             | 2028-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA              | Daimler Truck Finance North America LLC                                         | CUSIP: 233853AY6<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1454837.13   | 0.16%             | 2027-09-25      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC              | Pacific Gas and Electric Co                                                     | CUSIP: 694308KQ9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    340000 | PA      | $351311.73    | 0.04%             | 2029-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC               | Foundry JV Holdco LLC                                                           | CUSIP: 350930AC7<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    334000 | PA      | $355881.45    | 0.04%             | 2032-01-25      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                                            | CUSIP: 06051GMB2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1183590.95   | 0.13%             | 2035-08-15      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Tr      | World Omni Auto Receivables Trust 2025-C                                        | CUSIP: 981936AC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1263000 | PA      | $1269022.55   | 0.14%             | 2030-11-15      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DNYL1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1602803 | PA      | $1647768.28   | 0.18%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBT1<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    245000 | PA      | $244200.17    | 0.03%             | 2029-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAH1<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    285000 | PA      | $263628.16    | 0.03%             | 2032-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor      | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10                   | CUSIP: 46639JAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     85243 | PA      | $82752.87     | 0.01%             | 2047-12-15      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                    | T-Mobile USA Inc                                                                | CUSIP: 87264ABV6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    590000 | PA      | $576063.91    | 0.06%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F032625<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $925066.52    | 0.10%             | 2056-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO              | General Motors Financial Co Inc                                                 | CUSIP: 37045XEN2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    570000 | PA      | $594479.61    | 0.07%             | 2029-01-07      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140N3AU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    240086 | PA      | $243075.85    | 0.03%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140M4MG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2320144 | PA      | $1976389.09   | 0.22%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| KKR GRP FIN CO VI LLC               | KKR Group Finance Co VI LLC                                                     | CUSIP: 48252AAA9<br>LEI: 549300TUJWGHJM3FSJ07 | Long             | DBT              | CORP              | US        |    861000 | PA      | $845590.18    | 0.09%             | 2029-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2025-5C3                                  | CUSIP: 95004JAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10535035 | PA      | $310192.51    | 0.03%             | 2058-01-15      | Variable      | 0.81%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132CW3C6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1777305 | PA      | $1647575.05   | 0.18%             | 2036-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                           | Amgen Inc                                                                       | CUSIP: 031162DU1<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    565000 | PA      | $552813.04    | 0.06%             | 2063-03-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140QKBR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    889984 | PA      | $790011.86    | 0.09%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                        | Broadcom Inc                                                                    | CUSIP: 11135FDB4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    425000 | PA      | $424743.68    | 0.05%             | 2036-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S      | BBCMS Mortgage Trust 2023-C20                                                   | CUSIP: 07336DAZ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  47686000 | PA      | $1596775.25   | 0.18%             | 2056-07-15      | Variable      | 0.59%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                         | Oracle Corp                                                                     | CUSIP: 68389XDH5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    500000 | PA      | $488248.31    | 0.05%             | 2030-09-26      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                      | S&P Global Inc                                                                  | CUSIP: 78409VAP9<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    478000 | PA      | $452233.31    | 0.05%             | 2029-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                    | T-Mobile USA Inc                                                                | CUSIP: 87264ADZ5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    860000 | PA      | $851587.51    | 0.09%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810UP1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2260000 | PA      | $2166421.88   | 0.24%             | 2055-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus      | CSAIL 2019-C15 Commercial Mortgage Trust                                        | CUSIP: 22945DAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13838494 | PA      | $322757.97    | 0.04%             | 2052-03-15      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133KNMZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    372039 | PA      | $303094.68    | 0.03%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC            | Constellation Energy Generation LLC                                             | CUSIP: 210385AF7<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    700000 | PA      | $691001.63    | 0.08%             | 2054-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CBQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  24780000 | PA      | $24722552.28  | 2.72%             | 2026-02-28      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                        | Broadcom Inc                                                                    | CUSIP: 11135FBD2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1093000 | PA      | $1126203.29   | 0.12%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F022626<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10250000 | PA      | $8702098.61   | 0.96%             | 2056-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER             | American Electric Power Co Inc                                                  | CUSIP: 02557TAE9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1130467.82   | 0.12%             | 2056-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC            | Constellation Energy Generation LLC                                             | CUSIP: 210385AB6<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |   1365000 | PA      | $1407701.21   | 0.15%             | 2028-03-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                      | Microsoft Corp                                                                  | CUSIP: 594918BC7<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    610000 | PA      | $571481.95    | 0.06%             | 2035-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140QNEP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3346783 | PA      | $2761043.71   | 0.30%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618B0L92<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     48712 | PA      | $50367.36     | 0.01%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810FM5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10640000 | PA      | $11685296.90  | 1.29%             | 2030-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust           | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32                     | CUSIP: 61691GAV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1504000 | PA      | $1490761.49   | 0.16%             | 2049-12-15      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1795000 | PA      | $1661174.94   | 0.18%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XGUA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    151869 | PA      | $135013.48    | 0.01%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                                   | CUSIP: 097023CK9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   2083000 | PA      | $1557747.01   | 0.17%             | 2049-05-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC               | Bath & Body Works Inc                                                           | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96172.59     | 0.01%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CEV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  39750000 | PA      | $39241479.44  | 4.32%             | 2029-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                                        | CUSIP: 53944YAQ6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    895000 | PA      | $666878.27    | 0.07%             | 2046-12-14      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust        | Ford Credit Auto Owner Trust 2024-B                                             | CUSIP: 34531QAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4311000 | PA      | $4363819.23   | 0.48%             | 2029-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20690000 | PA      | $14401371.54  | 1.58%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| US BANCORP                          | US Bancorp                                                                      | CUSIP: 91159HJB7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    722000 | PA      | $632258.97    | 0.07%             | 2036-11-03      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE ENTRMN            | Time Warner Cable Enterprises LLC                                               | CUSIP: 88731EAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2076000 | PA      | $2388125.94   | 0.26%             | 2033-07-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor      | JPMCC Commercial Mortgage Securities Trust 2019-COR5                            | CUSIP: 46591EAR8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    296298 | PA      | $293922.28    | 0.03%             | 2052-06-13      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DVL94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    842551 | PA      | $728605.07    | 0.08%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER             | American Electric Power Co Inc                                                  | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    375000 | PA      | $372515.48    | 0.04%             | 2056-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810SE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  18670000 | PA      | $14720857.38  | 1.62%             | 2048-11-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DN6E8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1071516 | PA      | $924905.27    | 0.10%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD            | Macquarie Airfinance Holdings Ltd                                               | CUSIP: 55609NAE8<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    488000 | PA      | $494593.26    | 0.05%             | 2030-03-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                     | CVS Health Corp                                                                 | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    520000 | PA      | $544487.32    | 0.06%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage       | Citigroup Commercial Mortgage Trust 2016-C3                                     | CUSIP: 17325GAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1366000 | PA      | $1354320.02   | 0.15%             | 2049-11-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179XFH4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2517444 | PA      | $2478734.77   | 0.27%             | 2052-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                    | Ryder System Inc                                                                | CUSIP: 78355HLC1<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    860000 | PA      | $879698.88    | 0.10%             | 2029-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST              | Commonwealth Bank of Australia                                                  | CUSIP: 202712BN4<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    535000 | PA      | $487577.23    | 0.05%             | 2031-03-11      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618B9GT5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    254556 | PA      | $264569.74    | 0.03%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                                                     | CUSIP: 38144GAG6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    183000 | PA      | $182076.98    | 0.02%             | N/A             | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| MARS INC                            | Mars Inc                                                                        | CUSIP: 571676AU9<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     72000 | PA      | $73492.54     | 0.01%             | 2031-04-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8130000 | PA      | $5799611.76   | 0.64%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                        | NiSource Inc                                                                    | CUSIP: 65473PAS4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    925000 | PA      | $954311.30    | 0.11%             | 2029-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810QD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $196515.62    | 0.02%             | 2039-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179WXL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1168535 | PA      | $1081356.30   | 0.12%             | 2052-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE              | Blackstone Private Credit Fund                                                  | CUSIP: 09261HAK3<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    513000 | PA      | $505309.96    | 0.06%             | 2027-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae                                                                      | CUSIP: 21H060622<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        | -15000000 | PA      | $-15345423.15 | -1.69%            | 2056-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL              | Banque Federative du Credit Mutuel SA                                           | CUSIP: 06675DCU4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    715000 | PA      | $713538.58    | 0.08%             | 2031-01-15      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                                   | CUSIP: 097023CN3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    797000 | PA      | $756899.40    | 0.08%             | 2030-02-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                 | Ashtead Capital Inc                                                             | CUSIP: 045054AR4<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    570000 | PA      | $601218.93    | 0.07%             | 2033-10-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                       | Carnival Corp                                                                   | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   2205000 | PA      | $2267344.17   | 0.25%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                        | Synopsys Inc                                                                    | CUSIP: 871607AG2<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64168.40     | 0.01%             | 2055-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16410000 | PA      | $16071864.24  | 1.77%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                 | COMM 2017-COR2 Mortgage Trust                                                   | CUSIP: 12595EAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    578000 | PA      | $553993.64    | 0.06%             | 2050-09-10      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XJNJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1109396 | PA      | $960151.08    | 0.11%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE              | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    122000 | PA      | $121328.89    | 0.01%             | 2027-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                | Westpac Banking Corp                                                            | CUSIP: 961214EQ2<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    239000 | PA      | $182792.89    | 0.02%             | 2040-11-16      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3622AB7A4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    259498 | PA      | $265187.15    | 0.03%             | 2052-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO            | Virginia Electric and Power Co                                                  | CUSIP: 927804GV0<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |   1095000 | PA      | $1088851.83   | 0.12%             | 2035-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner       | Toyota Auto Receivables 2026-A Owner Trust                                      | CUSIP: 89240KAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1195000 | PA      | $1197235.85   | 0.13%             | 2030-09-16      | Fixed         | 3.86%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO              | General Motors Financial Co Inc                                                 | CUSIP: 37045XFL5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    280000 | PA      | $280776.68    | 0.03%             | 2028-10-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MARVELL TECHNOLOGY INC              | Marvell Technology Inc                                                          | CUSIP: 573874AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    583000 | PA      | $607774.28    | 0.07%             | 2029-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS              | Verizon Communications Inc                                                      | CUSIP: 92343VHJ6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    315000 | PA      | $311169.73    | 0.03%             | 2055-11-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS            | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    830000 | PA      | $831092.10    | 0.09%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING               | Athene Global Funding                                                           | CUSIP: 04685A3Z2<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1026963.58   | 0.11%             | 2031-07-11      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618B6KC3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     91490 | PA      | $95566.93     | 0.01%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S      | Barclays Commercial Mortgage Trust 2019-C5                                      | CUSIP: 05492JAZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1344000 | PA      | $1215394.25   | 0.13%             | 2052-11-15      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC              | Pacific Gas and Electric Co                                                     | CUSIP: 694308KH9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    710000 | PA      | $757122.79    | 0.08%             | 2053-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    361000 | PA      | $381046.64    | 0.04%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| CARLISLE COS INC                    | Carlisle Cos Inc                                                                | CUSIP: 142339AN0<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | DBT              | CORP              | US        |    390000 | PA      | $397330.79    | 0.04%             | 2035-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                                   | CUSIP: 097023CM5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    944000 | PA      | $932876.52    | 0.10%             | 2027-02-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| HCA INC                             | HCA Inc                                                                         | CUSIP: 404119CV9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    600000 | PA      | $595743.21    | 0.07%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus      | CSAIL 2020-C19 Commercial Mortgage Trust                                        | CUSIP: 12597NAU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    962863 | PA      | $32325.43     | 0.00%             | 2053-03-15      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust           | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9                      | CUSIP: 61762DAZ4<br>LEI: 549300PFVBG5704L7K74 | Long             | ABS-MBS          | CORP              | US        |    870518 | PA      | $847934.40    | 0.09%             | 2046-05-15      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179YKM5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1902686 | PA      | $1726818.73   | 0.19%             | 2053-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                       | Carnival Corp                                                                   | CUSIP: 143658CB6<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1160000 | PA      | $1174140.92   | 0.13%             | 2029-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CNA FINANCIAL CORP                  | CNA Financial Corp                                                              | CUSIP: 126117AY6<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |    465000 | PA      | $467924.85    | 0.05%             | 2034-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HCA INC                             | HCA Inc                                                                         | CUSIP: 404119BU2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    488000 | PA      | $489095.31    | 0.05%             | 2027-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                    | LPL Holdings Inc                                                                | CUSIP: 50212YAL8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    784000 | PA      | $802134.46    | 0.09%             | 2030-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S      | Barclays Commercial Mortgage Trust 2019-C3                                      | CUSIP: 05550MAR5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    380565 | PA      | $375989.62    | 0.04%             | 2052-05-15      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XJE74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    246319 | PA      | $253854.17    | 0.03%             | 2050-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC            | Constellation Energy Generation LLC                                             | CUSIP: 210385AE0<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    854000 | PA      | $924961.01    | 0.10%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD            | Alimentation Couche-Tard Inc                                                    | CUSIP: 01626PAM8<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |    750000 | PA      | $712631.32    | 0.08%             | 2030-01-25      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| MARVELL TECHNOLOGY INC              | Marvell Technology Inc                                                          | CUSIP: 573874AQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    582000 | PA      | $620197.53    | 0.07%             | 2033-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140NBYT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    567282 | PA      | $592040.76    | 0.07%             | 2053-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179WJQ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    331343 | PA      | $275996.56    | 0.03%             | 2051-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                          | Kenvue Inc                                                                      | CUSIP: 49177JAS1<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    360000 | PA      | $367648.51    | 0.04%             | 2032-05-22      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                                         | CUSIP: 44891ABL0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    521000 | PA      | $556941.21    | 0.06%             | 2030-04-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                     | BAE Systems PLC                                                                 | CUSIP: 05523RAL1<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |   1270000 | PA      | $1314258.56   | 0.14%             | 2034-03-26      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                         | Southern Co/The                                                                 | CUSIP: 842587DT1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    695000 | PA      | $730610.83    | 0.08%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T      | Honda Auto Receivables 2023-1 Owner Trust                                       | CUSIP: 43815JAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    485050 | PA      | $486035.13    | 0.05%             | 2027-04-21      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae                                                                      | CUSIP: 21H020626<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3000000 | PA      | $2495806.17   | 0.27%             | 2056-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                | Las Vegas Sands Corp                                                            | CUSIP: 517834AE7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    343000 | PA      | $341515.77    | 0.04%             | 2026-08-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 9128286F2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2530000 | PA      | $2527701.37   | 0.28%             | 2026-02-28      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                             | HCA Inc                                                                         | CUSIP: 404119CK3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    210000 | PA      | $198216.46    | 0.02%             | 2032-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                                   | CUSIP: 097023CP8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1658000 | PA      | $1451847.96   | 0.16%             | 2035-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WESTROCK MWV LLC                    | WestRock MWV LLC                                                                | CUSIP: 961548AV6<br>LEI: 4DL8C98Z5G5IXZLH3578 | Long             | DBT              | CORP              | US        |    920000 | PA      | $1045920.44   | 0.12%             | 2030-01-15      | Fixed         | 8.20%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                     | CVS Health Corp                                                                 | CUSIP: 126650DQ0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    345000 | PA      | $303911.84    | 0.03%             | 2031-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                    | BAT Capital Corp                                                                | CUSIP: 05526DBD6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    566000 | PA      | $519855.42    | 0.06%             | 2037-08-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                    | Duke Energy Corp                                                                | CUSIP: 26441CCC7<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102156.25    | 0.01%             | 2029-01-05      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| KELLANOVA                           | Kellanova                                                                       | CUSIP: 487836BQ0<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |    109000 | PA      | $96220.52     | 0.01%             | 2046-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBN4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    485000 | PA      | $492938.90    | 0.05%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MARS INC                            | Mars Inc                                                                        | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    905000 | PA      | $902628.87    | 0.10%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage       | Citigroup Commercial Mortgage Trust 2016-P6                                     | CUSIP: 17291EAZ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1216000 | PA      | $1141046.12   | 0.13%             | 2049-12-10      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XHLB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2391187 | PA      | $2329944.52   | 0.26%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARVELL TECHNOLOGY INC              | Marvell Technology Inc                                                          | CUSIP: 573874AR5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $55716.43     | 0.01%             | 2030-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                        | Broadcom Inc                                                                    | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    755000 | PA      | $777978.18    | 0.09%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CEB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14710000 | PA      | $13971052.27  | 1.54%             | 2029-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XGFZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    331351 | PA      | $286773.36    | 0.03%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                         | Exelon Corp                                                                     | CUSIP: 30161NAC5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    685000 | PA      | $714988.41    | 0.08%             | 2035-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6200000 | PA      | $6206296.84   | 0.68%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                        | Barclays PLC                                                                    | CUSIP: 06738ECY9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    840000 | PA      | $867426.55    | 0.10%             | 2031-02-25      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL              | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDK3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1275000 | PA      | $1324792.64   | 0.15%             | 2032-03-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| TAPESTRY INC                        | Tapestry Inc                                                                    | CUSIP: 876030AL1<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |    541000 | PA      | $552074.25    | 0.06%             | 2035-03-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust       | UBS Commercial Mortgage Trust 2017-C1                                           | CUSIP: 90276EAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    852000 | PA      | $843811.94    | 0.09%             | 2050-06-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                  | Royalty Pharma PLC                                                              | CUSIP: 78081BAU7<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   1450000 | PA      | $1458086.04   | 0.16%             | 2035-09-25      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179M5L0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    294292 | PA      | $272755.14    | 0.03%             | 2043-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARS INC                            | Mars Inc                                                                        | CUSIP: 571676BB0<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |   2170000 | PA      | $2190154.79   | 0.24%             | 2045-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618B5MP4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     24269 | PA      | $24795.08     | 0.00%             | 2053-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae                                                                      | CUSIP: 21H032621<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1400000 | PA      | $1282765.69   | 0.14%             | 2056-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC                | Howmet Aerospace Inc                                                            | CUSIP: 013817AK7<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    413000 | PA      | $447500.33    | 0.05%             | 2037-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                    | Paramount Global                                                                | CUSIP: 92556HAB3<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1292001.50   | 0.14%             | 2031-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810TD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6910000 | PA      | $4177445.89   | 0.46%             | 2052-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                  | Banco Santander SA                                                              | CUSIP: 05964HAV7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $441161.18    | 0.05%             | 2033-08-08      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                    | Georgia Power Co                                                                | CUSIP: 373334KW0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    530000 | PA      | $546682.85    | 0.06%             | 2034-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY             | Oncor Electric Delivery Co LLC                                                  | CUSIP: 68233JCM4<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $943627.86    | 0.10%             | 2052-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                    | T-Mobile USA Inc                                                                | CUSIP: 87264ACA1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    655000 | PA      | $630315.98    | 0.07%             | 2028-02-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                 | COMM 2014-CCRE15 Mortgage Trust                                                 | CUSIP: 12591RBD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    236077 | PA      | $232602.03    | 0.03%             | 2047-02-10      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                  | CNO Global Funding                                                              | CUSIP: 18977W2C3<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |    773000 | PA      | $739507.16    | 0.08%             | 2029-01-06      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC              | Motorola Solutions Inc                                                          | CUSIP: 620076BT5<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $1053173.04   | 0.12%             | 2030-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618GCNA6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1896384 | PA      | $1937505.81   | 0.21%             | 2054-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust        | CD 2018-CD7 Mortgage Trust                                                      | CUSIP: 12512JAW4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    672000 | PA      | $668046.83    | 0.07%             | 2051-08-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F050627<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4500000 | PA      | $4499814.96   | 0.50%             | 2056-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust      | Morgan Stanley Capital I Trust 2018-L1                                          | CUSIP: 61691QAK4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1265000 | PA      | $1172534.57   | 0.13%             | 2051-10-15      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179V7D6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4920592 | PA      | $4098759.08   | 0.45%             | 2051-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP            | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BZ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    435000 | PA      | $311536.15    | 0.03%             | 2041-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD            | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   2319000 | PA      | $2410343.53   | 0.27%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC               | Waste Connections Inc                                                           | CUSIP: 94106BAG6<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |   1349000 | PA      | $1373121.83   | 0.15%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  23520000 | PA      | $23905415.65  | 2.63%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DSAV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1051658 | PA      | $975721.63    | 0.11%             | 2052-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                                                  | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1445000 | PA      | $1471716.26   | 0.16%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                 | Ashtead Capital Inc                                                             | CUSIP: 045054AF0<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    675000 | PA      | $674104.92    | 0.07%             | 2027-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ZOETIS INC                          | Zoetis Inc                                                                      | CUSIP: 98978VAX1<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |   1980000 | PA      | $1994441.05   | 0.22%             | 2035-08-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBL8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $151596.16    | 0.02%             | 2029-09-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS               | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AF9<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    680000 | PA      | $627200.88    | 0.07%             | 2032-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418DY30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1832214 | PA      | $1694997.34   | 0.19%             | 2036-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                                   | CUSIP: 097023CR4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    535000 | PA      | $379227.59    | 0.04%             | 2059-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MARS INC                            | Mars Inc                                                                        | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    700000 | PA      | $716945.19    | 0.08%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418ECR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4963474 | PA      | $4415513.38   | 0.49%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618N5C49<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1902884 | PA      | $1861353.41   | 0.20%             | 2054-12-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                  | CNO Global Funding                                                              | CUSIP: 18977W2F6<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |    956000 | PA      | $972400.35    | 0.11%             | 2029-09-09      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC               | Republic Services Inc                                                           | CUSIP: 760759BJ8<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |   1335000 | PA      | $1379331.79   | 0.15%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                    | Duke Energy Corp                                                                | CUSIP: 26441CCF0<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    708000 | PA      | $700770.85    | 0.08%             | 2054-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XJJ61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    494827 | PA      | $467776.71    | 0.05%             | 2037-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618FTV78<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    273516 | PA      | $284710.75    | 0.03%             | 2053-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CKP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20650000 | PA      | $21270306.59  | 2.34%             | 2029-04-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418DZ21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    133816 | PA      | $123792.55    | 0.01%             | 2036-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                        | Broadcom Inc                                                                    | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1008000 | PA      | $993175.00    | 0.11%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CNV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13380000 | PA      | $13398815.63  | 1.47%             | 2027-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618G7SL8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    365016 | PA      | $380897.02    | 0.04%             | 2053-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL              | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDM9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    385000 | PA      | $387551.27    | 0.04%             | 2055-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                          | Humana Inc                                                                      | CUSIP: 444859BU5<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    605000 | PA      | $622905.17    | 0.07%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                    | Georgia Power Co                                                                | CUSIP: 373334KT7<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    715000 | PA      | $730202.19    | 0.08%             | 2033-05-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| EASTERN ENERGY GAS                  | Eastern Energy Gas Holdings LLC                                                 | CUSIP: 27636AAB8<br>LEI: 549300BFOD6TDMVV4O24 | Long             | DBT              | CORP              | US        |    744000 | PA      | $786347.08    | 0.09%             | 2035-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS               | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    645000 | PA      | $472010.76    | 0.05%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 48123UAB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    361000 | PA      | $325410.87    | 0.04%             | 2047-05-15      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL            | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1285000 | PA      | $1289790.89   | 0.14%             | 2027-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Receivables Owner       | Nissan Auto Receivables 2025-B Owner Trust                                      | CUSIP: 65490DAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    615000 | PA      | $615858.45    | 0.07%             | 2028-07-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                                                  | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   3467000 | PA      | $3476967.10   | 0.38%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140N1WN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    782478 | PA      | $786209.55    | 0.09%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                         | Equinix Inc                                                                     | CUSIP: 29444UBE5<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    600000 | PA      | $577777.27    | 0.06%             | 2029-11-18      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XH6T9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    283287 | PA      | $266702.60    | 0.03%             | 2050-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC            | Constellation Energy Generation LLC                                             | CUSIP: 210385AQ3<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    385000 | PA      | $384204.08    | 0.04%             | 2031-01-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD            | Macquarie Airfinance Holdings Ltd                                               | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    608000 | PA      | $650918.30    | 0.07%             | 2031-03-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO            | Florida Power & Light Co                                                        | CUSIP: 341081FQ5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    854000 | PA      | $680631.38    | 0.07%             | 2048-03-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| OCCU Auto Receivables Trust         | OCCU Auto Receivables Trust 2025-1                                              | CUSIP: 67098SAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1953000 | PA      | $1970212.08   | 0.22%             | 2029-11-15      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XMZL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    204571 | PA      | $197506.64    | 0.02%             | 2053-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140FXES7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    886195 | PA      | $816984.78    | 0.09%             | 2056-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                                   | CUSIP: 172967QF1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3705000 | PA      | $3709183.72   | 0.41%             | 2031-09-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                   | Brown & Brown Inc                                                               | CUSIP: 115236AK7<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    863000 | PA      | $876482.80    | 0.10%             | 2030-06-23      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust        | CD 2017-CD4 Mortgage Trust                                                      | CUSIP: 12515DAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    844000 | PA      | $810252.91    | 0.09%             | 2050-05-10      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618B9GV0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     39440 | PA      | $40553.92     | 0.00%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU            | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1732778.97   | 0.19%             | 2030-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                                         | CUSIP: 44891ACR6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    635000 | PA      | $673642.88    | 0.07%             | 2029-01-16      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RESOURCES             | Canadian Natural Resources Ltd                                                  | CUSIP: 136385AC5<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |    840000 | PA      | $941287.64    | 0.10%             | 2032-01-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| ALEXANDER FUND TRUST II             | Alexander Funding Trust II                                                      | CUSIP: 014916AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $559200.65    | 0.06%             | 2028-07-31      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                  | Ally Financial Inc                                                              | CUSIP: 36186CBY8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    244000 | PA      | $276753.89    | 0.03%             | 2031-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS            | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |   1073000 | PA      | $990533.98    | 0.11%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust      | Hyundai Auto Receivables Trust 2023-B                                           | CUSIP: 44933XAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2014584 | PA      | $2028204.50   | 0.22%             | 2028-04-17      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F020422<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1300000 | PA      | $1201267.70   | 0.13%             | 2041-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC               | Foundry JV Holdco LLC                                                           | CUSIP: 350930AE3<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    455000 | PA      | $487667.48    | 0.05%             | 2038-01-25      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                         | Oracle Corp                                                                     | CUSIP: 68389XBZ7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    363000 | PA      | $265100.45    | 0.03%             | 2041-03-25      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD            | Alimentation Couche-Tard Inc                                                    | CUSIP: 01626PAH9<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |    445000 | PA      | $442068.93    | 0.05%             | 2027-07-26      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                    | T-Mobile USA Inc                                                                | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    605000 | PA      | $603578.13    | 0.07%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                           | Amgen Inc                                                                       | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    504000 | PA      | $496435.24    | 0.05%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| OSHKOSH CORP                        | Oshkosh Corp                                                                    | CUSIP: 688239AF9<br>LEI: 549300FEKNPCFSA2B506 | Long             | DBT              | CORP              | US        |    740000 | PA      | $746992.93    | 0.08%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                   | Brown & Brown Inc                                                               | CUSIP: 115236AL5<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    311000 | PA      | $317371.64    | 0.03%             | 2032-06-23      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XJBM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1569647 | PA      | $1492533.74   | 0.16%             | 2036-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust        | CSMC Trust 2016-NXSR                                                            | CUSIP: 12594PAZ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    708000 | PA      | $697152.87    | 0.08%             | 2049-12-15      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                    | Crown Castle Inc                                                                | CUSIP: 22822VAK7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    610000 | PA      | $606228.55    | 0.07%             | 2028-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO            | Virginia Electric and Power Co                                                  | CUSIP: 927804GR9<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    725000 | PA      | $735446.19    | 0.08%             | 2034-08-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| MOODY'S CORPORATION                 | Moody's Corp                                                                    | CUSIP: 615369AM7<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |    478000 | PA      | $472011.32    | 0.05%             | 2028-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION            | Vertiv Group Corp                                                               | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |   1623000 | PA      | $1599345.42   | 0.18%             | 2028-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CIPHER COMPUTE LLC                  | Cipher Compute LLC                                                              | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1935000 | PA      | $1996264.04   | 0.22%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE              | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    810000 | PA      | $812666.70    | 0.09%             | 2028-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810UQ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2240000 | PA      | $2178925.01   | 0.24%             | 2045-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC              | Pacific Gas and Electric Co                                                     | CUSIP: 694308HW0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493232.37    | 0.05%             | 2027-12-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RESOURCES             | Canadian Natural Resources Ltd                                                  | CUSIP: 136385BD2<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |    271000 | PA      | $278471.35    | 0.03%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F060626<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  16100000 | PA      | $16488584.45  | 1.81%             | 2056-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                                                     | CUSIP: 38145GAS9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    355000 | PA      | $353614.85    | 0.04%             | 2037-01-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                   | Brown & Brown Inc                                                               | CUSIP: 115236AM3<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    415000 | PA      | $424836.32    | 0.05%             | 2035-06-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC              | Williams Cos Inc/The                                                            | CUSIP: 969457CP3<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    664000 | PA      | $690062.64    | 0.08%             | 2035-03-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418D6B3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  12363755 | PA      | $10082404.59  | 1.11%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage       | Citigroup Commercial Mortgage Trust 2016-P6                                     | CUSIP: 17291EAW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    501000 | PA      | $493293.12    | 0.05%             | 2049-12-10      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust       | UBS Commercial Mortgage Trust 2018-C14                                          | CUSIP: 90278KBA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    756000 | PA      | $759150.40    | 0.08%             | 2051-12-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC               | Foundry JV Holdco LLC                                                           | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1145068.11   | 0.13%             | 2031-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132D9LX0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2117595 | PA      | $1852244.36   | 0.20%             | 2042-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER             | Pfizer Investment Enterprises Pte Ltd                                           | CUSIP: 716973AG7<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    550000 | PA      | $522005.28    | 0.06%             | 2053-05-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F012429<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1805682.28   | 0.20%             | 2041-02-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CMM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  19360000 | PA      | $19973318.80  | 2.20%             | 2035-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TAPESTRY INC                        | Tapestry Inc                                                                    | CUSIP: 876030AK3<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |    444000 | PA      | $455509.46    | 0.05%             | 2030-03-11      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                  | Royalty Pharma PLC                                                              | CUSIP: 78081BAR4<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    430000 | PA      | $440548.57    | 0.05%             | 2034-09-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST              | Commonwealth Bank of Australia                                                  | CUSIP: 202712BV6<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    875000 | PA      | $920506.58    | 0.10%             | 2034-03-13      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Chase Auto Owner Trust              | Chase Auto Owner Trust 2024-3                                                   | CUSIP: 16144LAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4207035 | PA      | $4255566.61   | 0.47%             | 2029-07-25      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140NKNK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36075 | PA      | $37505.83     | 0.00%             | 2053-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132D55S7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    510342 | PA      | $473092.51    | 0.05%             | 2035-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust             | Carmax Auto Owner Trust 2025-2                                                  | CUSIP: 14320AAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1377899 | PA      | $1382336.62   | 0.15%             | 2028-07-17      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                           | ONEOK Inc                                                                       | CUSIP: 682680CD3<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    825000 | PA      | $828948.90    | 0.09%             | 2031-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140QPVE4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    997676 | PA      | $982771.52    | 0.11%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                          | Intel Corp                                                                      | CUSIP: 458140CA6<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |   1440000 | PA      | $1396907.99   | 0.15%             | 2032-08-05      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| AT&T INC                            | AT&T Inc                                                                        | CUSIP: 00206RNH1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    455000 | PA      | $453307.87    | 0.05%             | 2036-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2025-5C4                                  | CUSIP: 949931AD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  16224997 | PA      | $686163.22    | 0.08%             | 2058-05-15      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE            | Intercontinental Exchange Inc                                                   | CUSIP: 45866FAV6<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    132000 | PA      | $133380.07    | 0.01%             | 2029-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                        | Illumina Inc                                                                    | CUSIP: 452327AQ2<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    469000 | PA      | $470248.19    | 0.05%             | 2026-09-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS              | Verizon Communications Inc                                                      | CUSIP: 92343VHF4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    700000 | PA      | $700404.33    | 0.08%             | 2033-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ZOETIS INC                          | Zoetis Inc                                                                      | CUSIP: 98978VAS2<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |    966000 | PA      | $884786.19    | 0.10%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE              | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    785000 | PA      | $772065.02    | 0.08%             | 2029-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PUGET SOUND ENERGY INC              | Puget Sound Energy Inc                                                          | CUSIP: 745332CL8<br>LEI: 8MNFJR7KOMBQ7X62LK44 | Long             | DBT              | CORP              | US        |    445000 | PA      | $429666.83    | 0.05%             | 2053-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC               | Foundry JV Holdco LLC                                                           | CUSIP: 350930AG8<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    390000 | PA      | $409394.53    | 0.05%             | 2033-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                         | Netflix Inc                                                                     | CUSIP: 64110LAU0<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |   1502000 | PA      | $1565729.66   | 0.17%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                        | ING Groep NV                                                                    | CUSIP: 456837BF9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    730000 | PA      | $739006.25    | 0.08%             | 2027-09-11      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133KPUH9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    427889 | PA      | $421937.05    | 0.05%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage       | CGMS Commercial Mortgage Trust 2017-B1                                          | CUSIP: 17326CBB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    547000 | PA      | $537554.73    | 0.06%             | 2050-08-15      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                       | Carnival Corp                                                                   | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1181000 | PA      | $1216694.54   | 0.13%             | 2030-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP               | Truist Financial Corp                                                           | CUSIP: 89788MAS1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    765000 | PA      | $801486.19    | 0.09%             | 2035-01-24      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP              | Aviation Capital Group LLC                                                      | CUSIP: 05369AAS0<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    990000 | PA      | $1006452.76   | 0.11%             | 2030-04-10      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER             | Pfizer Investment Enterprises Pte Ltd                                           | CUSIP: 716973AE2<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    538000 | PA      | $543581.67    | 0.06%             | 2033-05-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                           | Amgen Inc                                                                       | CUSIP: 031162DQ0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    949000 | PA      | $984890.68    | 0.11%             | 2030-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING               | Athene Global Funding                                                           | CUSIP: 04685A4S7<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    610000 | PA      | $611970.64    | 0.07%             | 2035-08-22      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                 | COMM 2015-CCRE26 Mortgage Trust                                                 | CUSIP: 12593QBH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    903697 | PA      | $892730.75    | 0.10%             | 2048-10-10      | Variable      | 4.61%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DVMA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    308539 | PA      | $277998.46    | 0.03%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                    | Crown Castle Inc                                                                | CUSIP: 22822VAH4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    605000 | PA      | $600945.54    | 0.07%             | 2027-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                         | Exelon Corp                                                                     | CUSIP: 30161NBM2<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |   1345000 | PA      | $1384342.54   | 0.15%             | 2029-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| SEMPRA                              | Sempra                                                                          | CUSIP: 816851BR9<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    380000 | PA      | $395707.93    | 0.04%             | 2033-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XMPS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2338250 | PA      | $2434333.68   | 0.27%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XNRT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    853079 | PA      | $761553.63    | 0.08%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae                                                                      | CUSIP: 21H050623<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4940000 | PA      | $4939982.86   | 0.54%             | 2056-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                   | Kinder Morgan Inc                                                               | CUSIP: 28368EAE6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    910000 | PA      | $1058034.68   | 0.12%             | 2032-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                                         | CUSIP: 44891ACV7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    186000 | PA      | $192939.63    | 0.02%             | 2031-01-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                    | Duke Energy Corp                                                                | CUSIP: 26441CBZ7<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    992000 | PA      | $1051250.39   | 0.12%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2019-C49                                  | CUSIP: 95001WBF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2118000 | PA      | $2069252.32   | 0.23%             | 2052-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618AWHF4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     63530 | PA      | $66227.79     | 0.01%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140AML58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    579145 | PA      | $601848.26    | 0.07%             | 2054-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2020-C57                                  | CUSIP: 95002XBG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     29000 | PA      | $26487.74     | 0.00%             | 2053-08-15      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179WNF1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1383567 | PA      | $1251377.36   | 0.14%             | 2051-09-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD              | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BB7<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    390000 | PA      | $395685.73    | 0.04%             | 2028-04-17      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BRUNSWICK CORP                      | Brunswick Corp/DE                                                               | CUSIP: 117043AW9<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1321544.52   | 0.15%             | 2029-03-18      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                  | Athene Holding Ltd                                                              | CUSIP: 04686JAH4<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    295000 | PA      | $287415.44    | 0.03%             | 2054-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE / IRELAND DAC             | Aircastle Ltd / Aircastle Ireland DAC                                           | CUSIP: 00929JAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    490000 | PA      | $501486.92    | 0.06%             | 2030-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Harley-Davidson Motorcycle Tru      | Harley-Davidson Motorcycle Trust 2024-B                                         | CUSIP: 41284PAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2298000 | PA      | $2306901.53   | 0.25%             | 2029-07-16      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                      | Merck & Co Inc                                                                  | CUSIP: 58933YBZ7<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    395000 | PA      | $391773.08    | 0.04%             | 2035-12-04      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust      | Hyundai Auto Receivables Trust 2023-A                                           | CUSIP: 448979AD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525577 | PA      | $525913.75    | 0.06%             | 2027-04-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3622ACN55<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    389947 | PA      | $399902.10    | 0.04%             | 2053-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC            | Vistra Operations Co LLC                                                        | CUSIP: 92840VAV4<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    625000 | PA      | $623351.25    | 0.07%             | 2030-10-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                                         | CUSIP: 44891ADX2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    790000 | PA      | $821195.38    | 0.09%             | 2032-06-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179WDR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5296316 | PA      | $4593878.00   | 0.51%             | 2051-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                             | HCA Inc                                                                         | CUSIP: 404119DE6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    465000 | PA      | $460805.63    | 0.05%             | 2032-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XN4Z4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    876834 | PA      | $719184.31    | 0.08%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XHXF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2111981 | PA      | $1828988.75   | 0.20%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae                                                                      | CUSIP: 21H052629<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5000000 | PA      | $5055395.85   | 0.56%             | 2056-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC                  | Analog Devices Inc                                                              | CUSIP: 032654BB0<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |    700000 | PA      | $722200.25    | 0.08%             | 2034-04-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618BTAF7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      9827 | PA      | $10040.58     | 0.00%             | 2053-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                             | BPCE SA                                                                         | CUSIP: 05578QAH6<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    790000 | PA      | $727494.14    | 0.08%             | 2037-01-14      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3147000 | PA      | $3160011.30   | 0.35%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN            | Rogers Communications Inc                                                       | CUSIP: 775109DE8<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    800000 | PA      | $816515.67    | 0.09%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                         | Truist Bank                                                                     | CUSIP: 07330MAC1<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    475000 | PA      | $478135.22    | 0.05%             | 2029-09-17      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F040636<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5750000 | PA      | $5486134.23   | 0.60%             | 2056-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                         | Gartner Inc                                                                     | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $972081.82    | 0.11%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO              | General Motors Financial Co Inc                                                 | CUSIP: 37045XFA9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    420000 | PA      | $426711.60    | 0.05%             | 2034-09-06      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                     | Xcel Energy Inc                                                                 | CUSIP: 98389BBE9<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1194024.59   | 0.13%             | 2035-04-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T      | Honda Auto Receivables 2023-4 Owner Trust                                       | CUSIP: 438123AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    532439 | PA      | $538185.98    | 0.06%             | 2028-06-21      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                   | Hyatt Hotels Corp                                                               | CUSIP: 448579AR3<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    585000 | PA      | $603327.51    | 0.07%             | 2029-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179WVW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2024213 | PA      | $1878517.41   | 0.21%             | 2052-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                 | Dominion Energy Inc                                                             | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    550000 | PA      | $552144.25    | 0.06%             | 2056-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618BTAG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     52186 | PA      | $53380.35     | 0.01%             | 2053-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                      | Merck & Co Inc                                                                  | CUSIP: 58933YBY0<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    245000 | PA      | $245676.14    | 0.03%             | 2032-12-04      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER             | Pfizer Investment Enterprises Pte Ltd                                           | CUSIP: 716973AC6<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    857000 | PA      | $866141.63    | 0.10%             | 2028-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC            | Vistra Operations Co LLC                                                        | CUSIP: 92840VAW2<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    345000 | PA      | $341798.19    | 0.04%             | 2035-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133C32D7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18204 | PA      | $18847.77     | 0.00%             | 2053-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OMNICOM GROUP INC                   | Omnicom Group Inc                                                               | CUSIP: 681919BR6<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | DBT              | CORP              | US        |    361000 | PA      | $325099.75    | 0.04%             | 2031-03-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION            | FirstEnergy Transmission LLC                                                    | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |    460000 | PA      | $462842.12    | 0.05%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179YPB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1998853 | PA      | $1814924.84   | 0.20%             | 2054-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC              | GE HealthCare Technologies Inc                                                  | CUSIP: 36266GAA5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    960000 | PA      | $979775.68    | 0.11%             | 2029-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F030629<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   6100000 | PA      | $5407647.44   | 0.60%             | 2056-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus      | CSAIL 2017-CX10 Commercial Mortgage Trust                                       | CUSIP: 12595JAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    387970 | PA      | $387359.03    | 0.04%             | 2050-11-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                 | American Tower Corp                                                             | CUSIP: 03027XBA7<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   2751000 | PA      | $2614114.78   | 0.29%             | 2030-01-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618BQKD7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     28249 | PA      | $28861.87     | 0.00%             | 2053-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618G7ST1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    151208 | PA      | $158004.83    | 0.02%             | 2053-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140KLLG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    868774 | PA      | $713161.98    | 0.08%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                       | Amphenol Corp                                                                   | CUSIP: 032095AZ4<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    950000 | PA      | $939378.98    | 0.10%             | 2033-02-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133AUDY1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    842903 | PA      | $760615.74    | 0.08%             | 2051-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                    | T-Mobile USA Inc                                                                | CUSIP: 87264ABN4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1947000 | PA      | $1297754.16   | 0.14%             | 2051-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Bank                                | BANK 2020-BNK28                                                                 | CUSIP: 06540YAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10145586 | PA      | $656682.17    | 0.07%             | 2063-03-15      | Variable      | 1.76%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae                                                                      | CUSIP: 21H022622<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |  -3600000 | PA      | $-3118784.33  | -0.34%            | 2056-02-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP            | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $477925.93    | 0.05%             | 2035-12-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                | Enel Finance International NV                                                   | CUSIP: 29278GBG2<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    955000 | PA      | $953106.17    | 0.10%             | 2030-09-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XBYB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1807696 | PA      | $1640080.43   | 0.18%             | 2036-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                        | CaixaBank SA                                                                    | CUSIP: 12803RAK0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |   1400000 | PA      | $1415051.47   | 0.16%             | 2029-07-03      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    345000 | PA      | $354569.41    | 0.04%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F052623<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  61150000 | PA      | $62010182.37  | 6.82%             | 2056-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                    | Crown Castle Inc                                                                | CUSIP: 22822VBF7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    435000 | PA      | $442758.65    | 0.05%             | 2029-09-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                    | T-Mobile USA Inc                                                                | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   3122000 | PA      | $3069441.60   | 0.34%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CET4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15130000 | PA      | $14952695.31  | 1.65%             | 2027-05-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140QQDT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1003431 | PA      | $987047.63    | 0.11%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XGYT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    127264 | PA      | $104139.35    | 0.01%             | 2051-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN            | Rogers Communications Inc                                                       | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   1080000 | PA      | $1120739.76   | 0.12%             | 2055-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810QX9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350300 | PA      | $269813.10    | 0.03%             | 2042-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810QX9<br>LEI: 254900HROIFWPRGM1V77 | Short            | DBT              | UST               | US        |   -350300 | PA      | $-269813.10   | -0.03%            | 2042-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                 | Fifth Third Bancorp                                                             | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    185000 | PA      | $188248.63    | 0.02%             | 2030-09-06      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                   | Hyatt Hotels Corp                                                               | CUSIP: 448579AT9<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    395000 | PA      | $407112.48    | 0.04%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618AUVD7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    352707 | PA      | $364372.42    | 0.04%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN             | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1380000 | PA      | $1436040.03   | 0.16%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                | Westpac Banking Corp                                                            | CUSIP: 961214EG4<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    239000 | PA      | $221044.17    | 0.02%             | 2039-07-24      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC            | Vistra Operations Co LLC                                                        | CUSIP: 92840VAQ5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    129000 | PA      | $143106.67    | 0.02%             | 2033-10-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC             | Jefferies Financial Group Inc                                                   | CUSIP: 47233WKS7<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1183423.39   | 0.13%             | 2026-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC                 | Georgia-Pacific LLC                                                             | CUSIP: 37331NAT8<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |    935000 | PA      | $962275.48    | 0.11%             | 2032-06-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust            | Benchmark 2020-B21 Mortgage Trust                                               | CUSIP: 08163LAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19489202 | PA      | $1027080.93   | 0.11%             | 2053-12-17      | Variable      | 1.41%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618AQUN5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    194141 | PA      | $202791.09    | 0.02%             | 2053-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                    | DT Midstream Inc                                                                | CUSIP: 23345MAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    970000 | PA      | $1007148.65   | 0.11%             | 2034-12-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                                         | CUSIP: 44891ACY1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    221000 | PA      | $227832.07    | 0.03%             | 2029-03-19      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust            | Benchmark 2020-B20 Mortgage Trust                                               | CUSIP: 08162XBJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9173543 | PA      | $439610.86    | 0.05%             | 2053-10-15      | Variable      | 1.52%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133KPAL2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    286051 | PA      | $275045.95    | 0.03%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES              | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BE4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   2212000 | PA      | $2193609.26   | 0.24%             | 2033-06-06      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage       | Citigroup Commercial Mortgage Trust 2016-P4                                     | CUSIP: 29429EAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2394000 | PA      | $2354077.66   | 0.26%             | 2049-07-10      | Fixed         | 3.08%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                         | Southern Co/The                                                                 | CUSIP: 842587DS3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    115000 | PA      | $119470.50    | 0.01%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418EGK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    143940 | PA      | $141686.12    | 0.02%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TAPESTRY INC                        | Tapestry Inc                                                                    | CUSIP: 876030AA5<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |    208000 | PA      | $189594.91    | 0.02%             | 2032-03-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Bank5                               | BANK5 2025-5YR18                                                                | CUSIP: 06604CAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  25929922 | PA      | $1160270.66   | 0.13%             | 2058-12-15      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| APTARGROUP INC                      | AptarGroup Inc                                                                  | CUSIP: 038336AB9<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | DBT              | CORP              | US        |   1825000 | PA      | $1836986.33   | 0.20%             | 2031-03-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EASTERN ENERGY GAS                  | Eastern Energy Gas Holdings LLC                                                 | CUSIP: 27636AAA0<br>LEI: 549300BFOD6TDMVV4O24 | Long             | DBT              | CORP              | US        |    286000 | PA      | $278582.31    | 0.03%             | 2054-10-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| SOUTHERN POWER CO                   | Southern Power Co                                                               | CUSIP: 843646AX8<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199571.86    | 0.02%             | 2030-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN POWER CO                   | Southern Power Co                                                               | CUSIP: 843646AY6<br>LEI: 5LADC78JBG2BMZD5XF57 | Long             | DBT              | CORP              | US        |    360000 | PA      | $353898.94    | 0.04%             | 2035-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN            | Rogers Communications Inc                                                       | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    540000 | PA      | $566502.80    | 0.06%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XJ3G6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2055505 | PA      | $1910672.89   | 0.21%             | 2052-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133KQW44<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    771046 | PA      | $781489.35    | 0.09%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                                            | CUSIP: 06051GKL2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2125000 | PA      | $1995479.27   | 0.22%             | 2037-03-08      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Banc of America Commercial Mor      | Banc of America Commercial Mortgage Trust 2015-UBS7                             | CUSIP: 06054ABB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    280539 | PA      | $279973.11    | 0.03%             | 2048-09-15      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus      | CSAIL 2019-C18 Commercial Mortgage Trust                                        | CUSIP: 12597DAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    814882 | PA      | $796918.72    | 0.09%             | 2052-12-15      | Fixed         | 2.84%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                    | Paramount Global                                                                | CUSIP: 124857AZ6<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    483000 | PA      | $470130.41    | 0.05%             | 2029-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                      | EPR Properties                                                                  | CUSIP: 26884UAD1<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |    188000 | PA      | $188347.45    | 0.02%             | 2027-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term       | GM Financial Consumer Automobile Receivables Trust 2023-1                       | CUSIP: 38013JAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1045002 | PA      | $1047764.78   | 0.12%             | 2028-02-16      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner       | Toyota Auto Receivables 2022-C Owner Trust                                      | CUSIP: 89231CAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    478909 | PA      | $478589.70    | 0.05%             | 2027-04-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                                                  | CUSIP: 61748UAT9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    545000 | PA      | $543098.05    | 0.06%             | 2037-01-30      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418EAN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    319527 | PA      | $273440.89    | 0.03%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BRUNSWICK CORP                      | Brunswick Corp/DE                                                               | CUSIP: 117043AT6<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | DBT              | CORP              | US        |   1003000 | PA      | $884646.87    | 0.10%             | 2031-08-18      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T      | Honda Auto Receivables 2023-2 Owner Trust                                       | CUSIP: 437927AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    483239 | PA      | $485361.73    | 0.05%             | 2027-11-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179WZB7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    136070 | PA      | $126402.54    | 0.01%             | 2052-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418EDE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5045536 | PA      | $4674626.58   | 0.51%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                | Kraft Heinz Foods Co                                                            | CUSIP: 50076QAE6<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $967404.93    | 0.11%             | 2042-06-04      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE            | Burlington Northern Santa Fe LLC                                                | CUSIP: 12189LBN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    455000 | PA      | $450430.13    | 0.05%             | 2056-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133AGJU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    355979 | PA      | $291627.26    | 0.03%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                         | Aker BP ASA                                                                     | CUSIP: 00973RAP8<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    547000 | PA      | $504484.68    | 0.06%             | 2054-10-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CEE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5690000 | PA      | $5478736.50   | 0.60%             | 2029-03-31      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| JBS NV/USA FOODS/FOOD CO            | JBS NV/JBS USA Foods Group Holdings Inc/JBS USA Food Co Holdings                | CUSIP: 472140AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |   2250000 | PA      | $2366640.00   | 0.26%             | 2035-04-20      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                                   | CUSIP: 097023AX3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    635000 | PA      | $717465.32    | 0.08%             | 2039-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F050429<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2200000 | PA      | $2225040.95   | 0.24%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XJM91<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    637009 | PA      | $614977.98    | 0.07%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust            | Benchmark 2019-B13 Mortgage Trust                                               | CUSIP: 08162DAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2368768 | PA      | $2291722.29   | 0.25%             | 2057-08-15      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC            | Icon Investments Six DAC                                                        | CUSIP: 45115AAB0<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $208635.53    | 0.02%             | 2029-05-08      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS            | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAG6<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    615000 | PA      | $617595.44    | 0.07%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Franklin Ultra Short Bond ETF       | Franklin Ultra Short Bond ETF                                                   | CUSIP: 35473P496<br>LEI: 549300C2WYDHE3Y9X469 | Long             | EC               | RF                | US        |    731980 | NS      | $18369038.10  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST-CITIZENS BANK/TRST            | First-Citizens Bank & Trust Co                                                  | CUSIP: 125581GX0<br>LEI: L9VVX1KT5TFTKS0MLF66 | Long             | DBT              | CORP              | US        |   3060000 | PA      | $3167741.77   | 0.35%             | 2028-03-09      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FMC CORP                            | FMC Corp                                                                        | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $891112.55    | 0.10%             | 2055-11-01      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179XHZ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1239100 | PA      | $1245107.03   | 0.14%             | 2052-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  73330000 | PA      | $73678030.78  | 8.11%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES              | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CE3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    235000 | PA      | $240702.64    | 0.03%             | 2036-07-21      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XHHT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2244098 | PA      | $1832110.14   | 0.20%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                                   | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    755000 | PA      | $769061.16    | 0.08%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP             | Australia & New Zealand Banking Group Ltd                                       | CUSIP: 052528AM8<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    765000 | PA      | $691195.84    | 0.08%             | 2035-11-25      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC              | Motorola Solutions Inc                                                          | CUSIP: 620076CA5<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    217000 | PA      | $221487.51    | 0.02%             | 2030-08-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GD27<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1006000 | PA      | $1005582.34   | 0.11%             | 2029-10-21      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I             | Metropolitan Life Global Funding I                                              | CUSIP: 59217GEG0<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    960000 | PA      | $913266.76    | 0.10%             | 2030-04-09      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                                                  | CUSIP: 61748UAS1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    535000 | PA      | $534764.78    | 0.06%             | 2032-01-16      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN            | Rogers Communications Inc                                                       | CUSIP: 775109CH2<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   1056000 | PA      | $1000933.43   | 0.11%             | 2032-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE            | Intercontinental Exchange Inc                                                   | CUSIP: 45866FAN4<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |   1683000 | PA      | $1435327.78   | 0.16%             | 2032-09-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL             | Southern Co Gas Capital Corp                                                    | CUSIP: 8426EPAH1<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |    520000 | PA      | $520977.85    | 0.06%             | 2034-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                                                  | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    580000 | PA      | $607153.25    | 0.07%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| USB Auto Owner Trust                | USB Auto Owner Trust 2025-1                                                     | CUSIP: 90367VAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1216000 | PA      | $1225795.12   | 0.13%             | 2030-06-17      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust            | Benchmark 2025-V18 Mortgage Trust                                               | CUSIP: 08164EAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6890870 | PA      | $357325.39    | 0.04%             | 2058-10-15      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                       | Carnival Corp                                                                   | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   2293000 | PA      | $2270420.83   | 0.25%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Station Place Securitization T      | Station Place Securitization Trust Series 2025-1                                | CUSIP: 85772UAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2562000 | PA      | $2593274.33   | 0.29%             | 2026-07-23      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                        | Broadcom Inc                                                                    | CUSIP: 11135FAQ4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    361000 | PA      | $359182.55    | 0.04%             | 2030-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO              | General Motors Financial Co Inc                                                 | CUSIP: 37045XEZ5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    412000 | PA      | $418733.19    | 0.05%             | 2029-10-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL            | Viper Energy Partners LLC                                                       | CUSIP: 92764MAB0<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    486000 | PA      | $495049.32    | 0.05%             | 2035-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140QFA33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    348837 | PA      | $286140.06    | 0.03%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MARS INC                            | Mars Inc                                                                        | CUSIP: 571676BD6<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    220000 | PA      | $220926.76    | 0.02%             | 2065-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618AWHG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25580 | PA      | $26448.97     | 0.00%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Receivables Owner       | Nissan Auto Receivables 2025-A Owner Trust                                      | CUSIP: 65481GAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1619877.76   | 0.18%             | 2029-12-17      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3622ABZ70<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    298161 | PA      | $258807.65    | 0.03%             | 2052-03-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810SX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7790000 | PA      | $4892789.47   | 0.54%             | 2051-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F062622<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10500000 | PA      | $10874882.97  | 1.20%             | 2056-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRANSCONT GAS PIPE LINE             | Transcontinental Gas Pipe Line Co LLC                                           | CUSIP: 893574AS2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    510000 | PA      | $512159.26    | 0.06%             | 2036-03-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL            | Viper Energy Partners LLC                                                       | CUSIP: 92764MAA2<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    500000 | PA      | $506587.50    | 0.06%             | 2030-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1343000 | PA      | $1346340.20   | 0.15%             | 2029-05-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618G7SQ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1186289 | PA      | $1240321.95   | 0.14%             | 2053-11-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP            | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    366000 | PA      | $277577.00    | 0.03%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                 | COMM 2018-COR3 Mortgage Trust                                                   | CUSIP: 12595VAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     42000 | PA      | $39231.86     | 0.00%             | 2051-05-10      | Variable      | 4.37%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                                            | CUSIP: 06051GGC7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4698000 | PA      | $4704651.24   | 0.52%             | 2027-11-25      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                    | Berry Global Inc                                                                | CUSIP: 085770AA3<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27015.60     | 0.00%             | 2026-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                  | VICI Properties LP                                                              | CUSIP: 925650AB9<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |   1098000 | PA      | $1109329.17   | 0.12%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133C3TT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    221412 | PA      | $227873.42    | 0.03%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term       | GM Financial Consumer Automobile Receivables Trust 2024-1                       | CUSIP: 36268GAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    957140 | PA      | $963533.83    | 0.11%             | 2028-12-18      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S      | BBCMS Mortgage Trust 2023-C21                                                   | CUSIP: 05553WAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    797000 | PA      | $848088.98    | 0.09%             | 2056-09-15      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2015-LC20                                 | CUSIP: 94989EAL1<br>LEI: 549300W6NRTMFPYUPG47 | Long             | ABS-MBS          | CORP              | US        |    278295 | PA      | $275629.26    | 0.03%             | 2050-04-15      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC            | Ford Motor Credit Co LLC                                                        | CUSIP: 345397A86<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995459.41    | 0.11%             | 2027-08-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F042624<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |  -5000000 | PA      | $-4899255.25  | -0.54%            | 2056-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS            | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    392000 | PA      | $395761.72    | 0.04%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC              | Philip Morris International Inc                                                 | CUSIP: 718172DT3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    580000 | PA      | $583622.40    | 0.06%             | 2030-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PEV4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1128000 | PA      | $1164093.60   | 0.13%             | 2031-01-24      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   6137000 | PA      | $5785436.55   | 0.64%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC                        | 7-Eleven Inc                                                                    | CUSIP: 817826AE0<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |    206000 | PA      | $181010.80    | 0.02%             | 2031-02-10      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC                | Howmet Aerospace Inc                                                            | CUSIP: 443201AB4<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    693000 | PA      | $674235.22    | 0.07%             | 2029-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912828X88<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     10000 | PA      | $9856.25      | 0.00%             | 2027-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T      | Honda Auto Receivables 2025-4 Owner Trust                                       | CUSIP: 43814XAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1101000 | PA      | $1103989.88   | 0.12%             | 2028-06-15      | Fixed         | 4.04%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC                        | 7-Eleven Inc                                                                    | CUSIP: 817826AD2<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |   1578000 | PA      | $1494074.10   | 0.16%             | 2028-02-10      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Bank                                | BANK 2019-BNK18                                                                 | CUSIP: 065402AZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    814000 | PA      | $796477.92    | 0.09%             | 2062-05-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC              | Motorola Solutions Inc                                                          | CUSIP: 620076CB3<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    738000 | PA      | $761821.49    | 0.08%             | 2032-08-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II             | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    845000 | PA      | $916161.68    | 0.10%             | 2033-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140AGEF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1163332 | PA      | $1210344.79   | 0.13%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                    | LPL Holdings Inc                                                                | CUSIP: 50212YAH7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    393000 | PA      | $418158.17    | 0.05%             | 2028-11-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                    | BAT Capital Corp                                                                | CUSIP: 054989AF5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   1055000 | PA      | $1045786.89   | 0.12%             | 2033-03-22      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                    | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824CBT5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    456000 | PA      | $459436.70    | 0.05%             | 2029-10-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO             | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $424214.36    | 0.05%             | 2030-08-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618FRPC8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    257299 | PA      | $269307.89    | 0.03%             | 2053-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust      | Morgan Stanley Capital I Trust 2016-UBS12                                       | CUSIP: 61691EBD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1227000 | PA      | $1184559.79   | 0.13%             | 2049-12-15      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132D55F5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    665666 | PA      | $643038.71    | 0.07%             | 2035-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                 | Fifth Third Bancorp                                                             | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    590000 | PA      | $620563.92    | 0.07%             | 2029-07-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PEW2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    442000 | PA      | $459868.67    | 0.05%             | 2036-01-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                 | American Tower Corp                                                             | CUSIP: 03027XCR9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    305000 | PA      | $305361.73    | 0.03%             | 2032-12-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                  | Athene Holding Ltd                                                              | CUSIP: 04686JAG6<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    342000 | PA      | $355213.13    | 0.04%             | 2034-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418DYX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    345659 | PA      | $282742.40    | 0.03%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu      | JPMBB Commercial Mortgage Securities Trust 2014-C23                             | CUSIP: 46643ABK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1628645 | PA      | $1602387.50   | 0.18%             | 2047-09-15      | Variable      | 4.54%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                         | Oracle Corp                                                                     | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    670000 | PA      | $648903.61    | 0.07%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                                                  | CUSIP: 61748UAK8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    600000 | PA      | $599653.72    | 0.07%             | 2029-10-18      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP              | Aviation Capital Group LLC                                                      | CUSIP: 05369AAQ4<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    845000 | PA      | $868637.35    | 0.10%             | 2029-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140Q72L0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    204306 | PA      | $198346.64    | 0.02%             | 2032-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC                | Howmet Aerospace Inc                                                            | CUSIP: 443201AD0<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    235000 | PA      | $236201.20    | 0.03%             | 2032-11-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XKP20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    740551 | PA      | $748396.41    | 0.08%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC            | Corebridge Financial Inc                                                        | CUSIP: 21871XAF6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    483000 | PA      | $478209.48    | 0.05%             | 2029-04-05      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2020-C56                                  | CUSIP: 95002RAZ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1304000 | PA      | $1184876.73   | 0.13%             | 2053-06-15      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                     | CVS Health Corp                                                                 | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1133000 | PA      | $1063924.31   | 0.12%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F020620<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  15000000 | PA      | $12172585.50  | 1.34%             | 2056-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KELLANOVA                           | Kellanova                                                                       | CUSIP: 487836AT5<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |    139000 | PA      | $159518.43    | 0.02%             | 2031-04-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Station Place Securitization T      | Station Place Securitization Trust Series 2025-7                                | CUSIP: 85779XAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3016000 | PA      | $3023443.49   | 0.33%             | 2026-11-24      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus      | CSAIL 2016-C6 Commercial Mortgage Trust                                         | CUSIP: 12636MAJ7<br>LEI: 549300C2HE5FJAWYZL57 | Long             | ABS-MBS          | CORP              | US        |    534000 | PA      | $530774.80    | 0.06%             | 2049-01-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-30

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer Controller, US Fund Administration and Oversight