# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-25-002279
**Filing Date:** 2025-9
**Character Count:** 290541
**Document Hash:** 5e38a715ed42c564f696e20333992de0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002279.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0000940400-25-002279

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**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:** 251341314

**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 Ultra Short ETF (Series ID: S000077299)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237596 | -            |  |

## Nport-Ex

Schedule of Investments (unaudited)

July 31, 2025

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 74.8%** | **Corporate Bonds & Notes — 74.8%** | **Corporate Bonds & Notes — 74.8%** | **Corporate Bonds & Notes — 74.8%** | **Corporate Bonds & Notes — 74.8%** |
| **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** | **Communication Services — 0.4%** |
| *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* |
| &nbsp;&nbsp;&nbsp; Netflix Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; $55000<br>| &nbsp;&nbsp;&nbsp; $55151<br>|
| &nbsp;&nbsp;&nbsp; Netflix Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 321000<br>| &nbsp;&nbsp;&nbsp; 336725<br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *391876* |
| *Interactive Media & Services — 0.0%††* | *Interactive Media & Services — 0.0%††* | *Interactive Media & Services — 0.0%††* | *Interactive Media & Services — 0.0%††* | *Interactive Media & Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 78000<br>| &nbsp;&nbsp;&nbsp; *77035*<br>|
| *Wireless Telecommunication Services — 0.2%* | *Wireless Telecommunication Services — 0.2%* | *Wireless Telecommunication Services — 0.2%* | *Wireless Telecommunication Services — 0.2%* | *Wireless Telecommunication Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 159462<br>|
| &nbsp;&nbsp;&nbsp; Sprint LLC, Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 141066<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *300528* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **769439** |
| **Consumer Discretionary — 7.2%** | **Consumer Discretionary — 7.2%** | **Consumer Discretionary — 7.2%** | **Consumer Discretionary — 7.2%** | **Consumer Discretionary — 7.2%** |
| *Automobiles — 5.4%* | *Automobiles — 5.4%* | *Automobiles — 5.4%* | *Automobiles — 5.4%* | *Automobiles — 5.4%* |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.970% | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 210303<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., Senior Notes (SOFR + 0.650%) | &nbsp;&nbsp; 4.994% | &nbsp;&nbsp; 5/20/26 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp;&nbsp; 476084<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 5.064% | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 257000<br>| &nbsp;&nbsp;&nbsp; 256662<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., Senior Notes (SOFR + 0.820%) | &nbsp;&nbsp; 5.167% | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; 632000<br>| &nbsp;&nbsp;&nbsp; 633311<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 260931<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, Senior Notes (SOFR + 0.800%) | &nbsp;&nbsp; 5.140% | &nbsp;&nbsp; 8/13/26 | &nbsp;&nbsp; 145000<br>| &nbsp;&nbsp;&nbsp; 145391<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 5.260% | &nbsp;&nbsp; 8/13/27 | &nbsp;&nbsp; 972000<br>| &nbsp;&nbsp;&nbsp; 974543<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 5.271% | &nbsp;&nbsp; 3/21/28 | &nbsp;&nbsp; 415000<br>| &nbsp;&nbsp;&nbsp; 416304<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/6/26 | &nbsp;&nbsp; 426000<br>| &nbsp;&nbsp;&nbsp; 428043<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 6/10/26 | &nbsp;&nbsp; 347000<br>| &nbsp;&nbsp;&nbsp; 337895<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes (SOFR + 1.050%) | &nbsp;&nbsp; 5.394% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 349441<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 1.650% | &nbsp;&nbsp; 9/17/26 | &nbsp;&nbsp; 116000<br>| &nbsp;&nbsp;&nbsp; 112189<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 674000<br>| &nbsp;&nbsp;&nbsp; 680657<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes (SOFR + 1.030%) | &nbsp;&nbsp; 5.382% | &nbsp;&nbsp; 9/24/27 | &nbsp;&nbsp; 249000<br>| &nbsp;&nbsp;&nbsp; 249388<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes (SOFR + 1.040%) | &nbsp;&nbsp; 5.390% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 346000<br>| &nbsp;&nbsp;&nbsp; 346854<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes (SOFR + 1.040%) | &nbsp;&nbsp; 5.392% | &nbsp;&nbsp; 6/24/27 | &nbsp;&nbsp; 628000<br>| &nbsp;&nbsp;&nbsp; 629403<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 1/9/26 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 360394<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 11/13/26 | &nbsp;&nbsp; 408000<br>| &nbsp;&nbsp;&nbsp; 410071<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/31/28 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 262226<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes (SOFR + 0.780%) | &nbsp;&nbsp; 5.132% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 260192<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., Senior Notes (SOFR + 0.450%) | &nbsp;&nbsp; 4.794% | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300328<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 5.109% | &nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp; 397000<br>| &nbsp;&nbsp;&nbsp; 398925<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500225<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 5.181% | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 595000<br>| &nbsp;&nbsp;&nbsp; 595575<br> <sup>(a)(b)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *9595335* |
| *Hotels, Restaurants & Leisure — 1.3%* | *Hotels, Restaurants & Leisure — 1.3%* | *Hotels, Restaurants & Leisure — 1.3%* | *Hotels, Restaurants & Leisure — 1.3%* | *Hotels, Restaurants & Leisure — 1.3%* |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp; 353000<br>| &nbsp;&nbsp;&nbsp; 353113<br>|
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/30/27 | &nbsp;&nbsp; 436000<br>| &nbsp;&nbsp;&nbsp; 443318<br>|
| &nbsp;&nbsp;&nbsp; Marriott International Inc., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 255000<br>| &nbsp;&nbsp;&nbsp; 252001<br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/26 | &nbsp;&nbsp; 229000<br>| &nbsp;&nbsp;&nbsp; 229908<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Starbucks Corp., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 8/15/25 | &nbsp;&nbsp; 555000<br>| &nbsp;&nbsp;&nbsp; 554773<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; Starbucks Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp; $555000<br>| &nbsp;&nbsp;&nbsp; $555075<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *2388188* |
| *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 682000<br>| &nbsp;&nbsp;&nbsp; *682372*<br>|
| *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* | *Specialty Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes (SOFR + 0.330%) | &nbsp;&nbsp; 4.681% | &nbsp;&nbsp; 12/24/25 | &nbsp;&nbsp; 155000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *155123*<br> <sup>(a)</sup><br>|
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **12821018** |
| **Consumer Staples — 1.7%** | **Consumer Staples — 1.7%** | **Consumer Staples — 1.7%** | **Consumer Staples — 1.7%** | **Consumer Staples — 1.7%** |
| *Consumer Staples Distribution & Retail — 0.7%* | *Consumer Staples Distribution & Retail — 0.7%* | *Consumer Staples Distribution & Retail — 0.7%* | *Consumer Staples Distribution & Retail — 0.7%* | *Consumer Staples Distribution & Retail — 0.7%* |
| &nbsp;&nbsp;&nbsp; Kroger Co., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 198869<br>|
| &nbsp;&nbsp;&nbsp; Target Corp., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 283000<br>| &nbsp;&nbsp;&nbsp; 283903<br>|
| &nbsp;&nbsp;&nbsp; The Campbell's Company, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 321000<br>| &nbsp;&nbsp;&nbsp; 322342<br>|
| &nbsp;&nbsp;&nbsp; Walmart Inc., Senior Notes (SOFR + 0.430%) | &nbsp;&nbsp; 4.775% | &nbsp;&nbsp; 4/28/27 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 451947<br> <sup>(a)</sup><br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *1257061* |
| *Food Products — 0.7%* | *Food Products — 0.7%* | *Food Products — 0.7%* | *Food Products — 0.7%* | *Food Products — 0.7%* |
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 496000<br>| &nbsp;&nbsp;&nbsp; 496862<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mondelez International Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/6/28 | &nbsp;&nbsp; 645000<br>| &nbsp;&nbsp;&nbsp; 643045<br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *1139907* |
| *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Kenvue Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/22/26 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; *221010*<br>|
| *Tobacco — 0.2%* | *Tobacco — 0.2%* | *Tobacco — 0.2%* | *Tobacco — 0.2%* | *Tobacco — 0.2%* |
| &nbsp;&nbsp;&nbsp; Cargill Inc., Senior Notes (SOFR + 0.610%) | &nbsp;&nbsp; 4.949% | &nbsp;&nbsp; 2/11/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *370225*<br> <sup>(a)(b)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **2988203** |
| **Energy — 0.6%** | **Energy — 0.6%** | **Energy — 0.6%** | **Energy — 0.6%** | **Energy — 0.6%** |
| *Oil, Gas & Consumable Fuels — 0.6%* | *Oil, Gas & Consumable Fuels — 0.6%* | *Oil, Gas & Consumable Fuels — 0.6%* | *Oil, Gas & Consumable Fuels — 0.6%* | *Oil, Gas & Consumable Fuels — 0.6%* |
| &nbsp;&nbsp;&nbsp; Chevron USA Inc., Senior Notes (SOFR + 0.470%) | &nbsp;&nbsp; 4.814% | &nbsp;&nbsp; 2/26/28 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 211182<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Devon Energy Corp., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 350534<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 414000<br>| &nbsp;&nbsp;&nbsp; 418459<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 24000<br>| &nbsp;&nbsp;&nbsp; 24767<br>|
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/30/26 | &nbsp;&nbsp; 77000<br>| &nbsp;&nbsp;&nbsp; 77376<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1082318** |
| **Financials — 54.7%** | **Financials — 54.7%** | **Financials — 54.7%** | **Financials — 54.7%** | **Financials — 54.7%** |
| *Banks — 38.3%* | *Banks — 38.3%* | *Banks — 38.3%* | *Banks — 38.3%* | *Banks — 38.3%* |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, Senior Notes (4.988% to 12/3/27 then 1 year Treasury <br> Constant Maturity Rate + 0.780%) | &nbsp;&nbsp; 4.988% | &nbsp;&nbsp; 12/3/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 504503<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, Senior Notes (6.339% to 9/18/26 then 1 year Treasury <br> Constant Maturity Rate + 1.650%) | &nbsp;&nbsp; 6.339% | &nbsp;&nbsp; 9/18/27 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 814748<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, Senior Notes (6.575% to 10/13/25 then 1 year Treasury <br> Constant Maturity Rate + 1.550%) | &nbsp;&nbsp; 6.575% | &nbsp;&nbsp; 10/13/26 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp;&nbsp; 436519<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 5.097% | &nbsp;&nbsp; 7/7/28 | &nbsp;&nbsp; 335000<br>| &nbsp;&nbsp;&nbsp; 335882<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.970% | &nbsp;&nbsp; 6/18/28 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp;&nbsp; 446596<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.650%) | &nbsp;&nbsp; 5.003% | &nbsp;&nbsp; 9/30/27 | &nbsp;&nbsp; 655000<br>| &nbsp;&nbsp;&nbsp; 657736<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.680%) | &nbsp;&nbsp; 5.025% | &nbsp;&nbsp; 7/16/27 | &nbsp;&nbsp; 482000<br>| &nbsp;&nbsp;&nbsp; 484599<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, Senior Notes | &nbsp;&nbsp; 1.125% | &nbsp;&nbsp; 9/18/25 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199083<br>|
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, Senior Notes (5.862% to 9/14/25 then 1 year <br> Treasury Constant Maturity Rate + 2.300%) | &nbsp;&nbsp; 5.862% | &nbsp;&nbsp; 9/14/26 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 800952<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2025 Quarterly Report

------

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, Senior Notes (6.138% to 9/14/27 then 1 year <br> Treasury Constant Maturity Rate + 2.700%) | &nbsp;&nbsp; 6.138% | &nbsp;&nbsp; 9/14/28 | &nbsp;&nbsp; $200000<br>| &nbsp;&nbsp;&nbsp; $206301<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (5.552% to 3/14/27 then 1 year Treasury <br> Constant Maturity Rate + 1.250%) | &nbsp;&nbsp; 5.552% | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 202928<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (6.527% to 11/7/26 then 1 year Treasury <br> Constant Maturity Rate + 1.650%) | &nbsp;&nbsp; 6.527% | &nbsp;&nbsp; 11/7/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 613651<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (SOFR + 1.120%) | &nbsp;&nbsp; 5.464% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 605312<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (5.080% to 1/20/26 then SOFR + 1.290%) | &nbsp;&nbsp; 5.080% | &nbsp;&nbsp; 1/20/27 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 822497<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (5.933% to 9/15/26 then SOFR + 1.340%) | &nbsp;&nbsp; 5.933% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 753000<br>| &nbsp;&nbsp;&nbsp; 764464<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 5.175% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 539000<br>| &nbsp;&nbsp;&nbsp; 539974<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (SOFR + 1.050%) | &nbsp;&nbsp; 5.391% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 135000<br>| &nbsp;&nbsp;&nbsp; 136319<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group PLC, Senior Notes (6.253% to 9/16/25 then 1 year Treasury <br> Constant Maturity Rate + 2.650%) | &nbsp;&nbsp; 6.253% | &nbsp;&nbsp; 9/16/26 | &nbsp;&nbsp; 706000<br>| &nbsp;&nbsp;&nbsp; 707279<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Montreal, Senior Notes (SOFR + 0.860%) | &nbsp;&nbsp; 5.205% | &nbsp;&nbsp; 1/27/29 | &nbsp;&nbsp; 757000<br>| &nbsp;&nbsp;&nbsp; 758206<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Montreal, Senior Notes (SOFR + 0.880%) | &nbsp;&nbsp; 5.227% | &nbsp;&nbsp; 9/10/27 | &nbsp;&nbsp; 834000<br>| &nbsp;&nbsp;&nbsp; 836738<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 12/7/26 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 495783<br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes (SOFR + 0.780%) | &nbsp;&nbsp; 5.126% | &nbsp;&nbsp; 6/4/27 | &nbsp;&nbsp; 671000<br>| &nbsp;&nbsp;&nbsp; 674025<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes (SOFR + 0.890%) | &nbsp;&nbsp; 5.231% | &nbsp;&nbsp; 2/14/29 | &nbsp;&nbsp; 325000<br>| &nbsp;&nbsp;&nbsp; 325597<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes (SOFR + 1.000%) | &nbsp;&nbsp; 5.346% | &nbsp;&nbsp; 9/8/28 | &nbsp;&nbsp; 496000<br>| &nbsp;&nbsp;&nbsp; 499643<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Subordinated Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/16/25 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 229818<br>|
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, Senior Notes | &nbsp;&nbsp; 5.896% | &nbsp;&nbsp; 7/13/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 507139<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, Senior Notes | &nbsp;&nbsp; 4.591% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 330943<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, Senior Notes (SOFR + 0.990%) | &nbsp;&nbsp; 5.335% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 454000<br>| &nbsp;&nbsp;&nbsp; 455924<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, Senior Notes (SOFR + 1.070%) | &nbsp;&nbsp; 5.411% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 515000<br>| &nbsp;&nbsp;&nbsp; 519771<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 1/12/26 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 309796<br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (5.304% to 8/9/25 then 1 year Treasury Constant <br> Maturity Rate + 2.300%) | &nbsp;&nbsp; 5.304% | &nbsp;&nbsp; 8/9/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (5.829% to 5/9/26 then SOFR + 2.210%) | &nbsp;&nbsp; 5.829% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 554000<br>| &nbsp;&nbsp;&nbsp; 558545<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (6.496% to 9/13/26 then SOFR + 1.880%) | &nbsp;&nbsp; 6.496% | &nbsp;&nbsp; 9/13/27 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 703693<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (7.325% to 11/2/25 then 1 year Treasury Constant <br> Maturity Rate + 3.050%) | &nbsp;&nbsp; 7.325% | &nbsp;&nbsp; 11/2/26 | &nbsp;&nbsp; 384000<br>| &nbsp;&nbsp;&nbsp; 386309<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (SOFR + 1.490%) | &nbsp;&nbsp; 5.838% | &nbsp;&nbsp; 3/12/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201703<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/16/27 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 391037<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (SOFR + 1.430%) | &nbsp;&nbsp; 5.795% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 695000<br>| &nbsp;&nbsp;&nbsp; 703113<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Subordinated Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 9/28/25 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp;&nbsp; 314715<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPCE SA, Senior Notes (1.652% to 10/6/25 then SOFR + 1.520%) | &nbsp;&nbsp; 1.652% | &nbsp;&nbsp; 10/6/26 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 248497<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPCE SA, Senior Notes (5.975% to 1/18/26 then SOFR + 2.100%) | &nbsp;&nbsp; 5.975% | &nbsp;&nbsp; 1/18/27 | &nbsp;&nbsp; 819000<br>| &nbsp;&nbsp;&nbsp; 823485<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPCE SA, Senior Notes (6.612% to 10/19/26 then SOFR + 1.980%) | &nbsp;&nbsp; 6.612% | &nbsp;&nbsp; 10/19/27 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 449500<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPCE SA, Senior Notes (SOFR + 0.960%) | &nbsp;&nbsp; 5.311% | &nbsp;&nbsp; 9/25/25 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250293<br> <sup>(a)(b)</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; 407000<br>| &nbsp;&nbsp;&nbsp; 406470<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA, Senior Notes (6.684% to 9/13/26 then SOFR + 2.080%) | &nbsp;&nbsp; 6.684% | &nbsp;&nbsp; 9/13/27 | &nbsp;&nbsp; 968000<br>| &nbsp;&nbsp;&nbsp; 988125<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Senior Notes | &nbsp;&nbsp; 5.926% | &nbsp;&nbsp; 10/2/26 | &nbsp;&nbsp; 553000<br>| &nbsp;&nbsp;&nbsp; 562331<br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 0.930%) | &nbsp;&nbsp; 5.277% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 402000<br>| &nbsp;&nbsp;&nbsp; 404013<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 0.940%) | &nbsp;&nbsp; 5.292% | &nbsp;&nbsp; 6/28/27 | &nbsp;&nbsp; 511000<br>| &nbsp;&nbsp;&nbsp; 515003<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 1.030%) | &nbsp;&nbsp; 5.383% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 412058<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 1.220%) | &nbsp;&nbsp; 5.569% | &nbsp;&nbsp; 10/2/26 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 232155<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, Senior Notes (SOFR + 0.460%) | &nbsp;&nbsp; 4.805% | &nbsp;&nbsp; 11/27/26 | &nbsp;&nbsp; 418000<br>| &nbsp;&nbsp;&nbsp; 418926<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, Senior Notes (SOFR + 0.640%) | &nbsp;&nbsp; 4.988% | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; $265000<br>| &nbsp;&nbsp;&nbsp; $266352<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, Subordinated Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 12/9/25 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 619227<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 8/4/25 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 409989<br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 1/9/26 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 380498<br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes | &nbsp;&nbsp; 4.883% | &nbsp;&nbsp; 1/21/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 254141<br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes (3.649% to 4/6/27 then 1 year Treasury <br> Constant Maturity Rate + 1.220%) | &nbsp;&nbsp; 3.649% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 295685<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes (SOFR + 0.590%) | &nbsp;&nbsp; 4.935% | &nbsp;&nbsp; 5/27/27 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp;&nbsp; 265721<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.965% | &nbsp;&nbsp; 8/28/26 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 662544<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes | &nbsp;&nbsp; 5.589% | &nbsp;&nbsp; 7/5/26 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp;&nbsp; 439777<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes | &nbsp;&nbsp; 5.134% | &nbsp;&nbsp; 3/11/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 253027<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes (4.631% to 9/11/27 then SOFR + 1.210%) | &nbsp;&nbsp; 4.631% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp;&nbsp; 464880<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes (SOFR + 0.870%) | &nbsp;&nbsp; 5.217% | &nbsp;&nbsp; 3/11/27 | &nbsp;&nbsp; 294000<br>| &nbsp;&nbsp;&nbsp; 294875<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes (SOFR + 1.210%) | &nbsp;&nbsp; 5.557% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 292123<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Danske Bank A/S, Senior Notes (1.621% to 9/11/25 then 1 year Treasury Constant <br> Maturity Rate + 1.350%) | &nbsp;&nbsp; 1.621% | &nbsp;&nbsp; 9/11/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199287<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; DNB Bank ASA, Senior Notes (5.896% to 10/9/25 then SOFR + 1.950%) | &nbsp;&nbsp; 5.896% | &nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp; 1273000<br>| &nbsp;&nbsp;&nbsp; 1275996<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bank NA, Senior Notes (4.967% to 1/28/27 then SOFR + 0.810%) | &nbsp;&nbsp; 4.967% | &nbsp;&nbsp; 1/28/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 503167<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bank NA, Senior Notes (SOFR + 0.810%) | &nbsp;&nbsp; 5.155% | &nbsp;&nbsp; 1/28/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500306<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 5.092% | &nbsp;&nbsp; 5/21/27 | &nbsp;&nbsp; 543000<br>| &nbsp;&nbsp;&nbsp; 544520<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 5.120% | &nbsp;&nbsp; 3/18/27 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150337<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Huntington National Bank, Senior Notes (4.871% to 4/12/27 then SOFR + 0.720%) | &nbsp;&nbsp; 4.871% | &nbsp;&nbsp; 4/12/28 | &nbsp;&nbsp; 275000<br>| &nbsp;&nbsp;&nbsp; 276501<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Huntington National Bank, Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 5.064% | &nbsp;&nbsp; 4/12/28 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 830094<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV, Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 3/29/27 | &nbsp;&nbsp; 515000<br>| &nbsp;&nbsp;&nbsp; 511010<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; 200000<br>| &nbsp;&nbsp;&nbsp; 203101<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV, Senior Notes (SOFR + 1.010%) | &nbsp;&nbsp; 5.363% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200655<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV, Senior Notes (SOFR + 1.010%) | &nbsp;&nbsp; 5.362% | &nbsp;&nbsp; 3/25/29 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 703381<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV, Senior Notes (SOFR + 1.560%) | &nbsp;&nbsp; 5.907% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 505029<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (SOFR + 0.940%) | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 8/18/25 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250087<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp; 322000<br>| &nbsp;&nbsp;&nbsp; 324013<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.505% to 10/22/27 then SOFR + 0.860%) | &nbsp;&nbsp; 4.505% | &nbsp;&nbsp; 10/22/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 370490<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.571% to 4/22/27 then SOFR + 0.930%) | &nbsp;&nbsp; 5.571% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 285024<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (SOFR + 0.800%) | &nbsp;&nbsp; 5.145% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 633000<br>| &nbsp;&nbsp;&nbsp; 634294<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (SOFR + 0.860%) | &nbsp;&nbsp; 5.204% | &nbsp;&nbsp; 10/22/28 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 582806<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 5.264% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 537000<br>| &nbsp;&nbsp;&nbsp; 539637<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; KeyBank NA/Cleveland OH, Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 8/8/25 | &nbsp;&nbsp; 542000<br>| &nbsp;&nbsp;&nbsp; 541876<br>|
| &nbsp;&nbsp;&nbsp; KeyCorp, Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/29/25 | &nbsp;&nbsp; 635000<br>| &nbsp;&nbsp;&nbsp; 634115<br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (4.716% to 8/11/25 then 1 year Treasury <br> Constant Maturity Rate + 1.750%) | &nbsp;&nbsp; 4.716% | &nbsp;&nbsp; 8/11/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199969<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (4.818% to 6/13/28 then 1 year Treasury <br> Constant Maturity Rate + 0.830%) | &nbsp;&nbsp; 4.818% | &nbsp;&nbsp; 6/13/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201211<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (5.087% to 11/26/27 then 1 year Treasury <br> Constant Maturity Rate + 0.850%) | &nbsp;&nbsp; 5.087% | &nbsp;&nbsp; 11/26/28 | &nbsp;&nbsp; 345000<br>| &nbsp;&nbsp;&nbsp; 348824<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (5.462% to 1/5/27 then 1 year Treasury <br> Constant Maturity Rate + 1.375%) | &nbsp;&nbsp; 5.462% | &nbsp;&nbsp; 1/5/28 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 535942<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (5.985% to 8/7/26 then 1 year Treasury <br> Constant Maturity Rate + 1.480%) | &nbsp;&nbsp; 5.985% | &nbsp;&nbsp; 8/7/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 202596<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2025 Quarterly Report

------

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (SOFR + 1.060%) | &nbsp;&nbsp; 5.407% | &nbsp;&nbsp; 6/13/29 | &nbsp;&nbsp; $270000<br>| &nbsp;&nbsp;&nbsp; $270981<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (SOFR + 1.560%) | &nbsp;&nbsp; 5.902% | &nbsp;&nbsp; 8/7/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201907<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Subordinated Notes | &nbsp;&nbsp; 4.582% | &nbsp;&nbsp; 12/10/25 | &nbsp;&nbsp; 285000<br>| &nbsp;&nbsp;&nbsp; 284860<br>|
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd., Senior Notes | &nbsp;&nbsp; 5.391% | &nbsp;&nbsp; 12/7/26 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp;&nbsp; 472020<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd., Senior Notes (SOFR + 0.740%) | &nbsp;&nbsp; 5.088% | &nbsp;&nbsp; 6/12/28 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 541671<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group Inc., Senior Notes (5.017% to 7/20/27 then 1 year <br> Treasury Constant Maturity Rate + 1.950%) | &nbsp;&nbsp; 5.017% | &nbsp;&nbsp; 7/20/28 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 636109<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group Inc., Subordinated Notes | &nbsp;&nbsp; 4.353% | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 299559<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd., Senior Notes (SOFR + 0.600%) | &nbsp;&nbsp; 4.945% | &nbsp;&nbsp; 10/26/27 | &nbsp;&nbsp; 559000<br>| &nbsp;&nbsp;&nbsp; 560735<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd., Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.967% | &nbsp;&nbsp; 6/11/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250863<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd., Senior Notes (SOFR + 0.650%) | &nbsp;&nbsp; 4.998% | &nbsp;&nbsp; 6/13/28 | &nbsp;&nbsp; 405000<br>| &nbsp;&nbsp;&nbsp; 406589<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Bank of Canada, Senior Notes (4.702% to 3/5/26 then SOFR + 0.557%) | &nbsp;&nbsp; 4.702% | &nbsp;&nbsp; 3/5/27 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp;&nbsp; 314648<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Bank of Canada, Senior Notes (5.600% to 7/2/26 then SOFR + 1.036%) | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/2/27 | &nbsp;&nbsp; 775000<br>| &nbsp;&nbsp;&nbsp; 781608<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Bank of Canada, Senior Notes (SOFR + 1.030%) | &nbsp;&nbsp; 5.379% | &nbsp;&nbsp; 7/2/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 251012<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Notes (5.583% to 3/1/27 then 1 year Treasury Constant <br> Maturity Rate + 1.100%) | &nbsp;&nbsp; 5.583% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 324000<br>| &nbsp;&nbsp;&nbsp; 329003<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Notes (5.847% to 3/2/26 then 1 year Treasury Constant <br> Maturity Rate + 1.350%) | &nbsp;&nbsp; 5.847% | &nbsp;&nbsp; 3/2/27 | &nbsp;&nbsp; 892000<br>| &nbsp;&nbsp;&nbsp; 897967<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Notes (7.472% to 11/10/25 then 1 year Treasury <br> Constant Maturity Rate + 2.850%) | &nbsp;&nbsp; 7.472% | &nbsp;&nbsp; 11/10/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201434<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Notes (SOFR + 1.100%) | &nbsp;&nbsp; 5.443% | &nbsp;&nbsp; 5/23/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200610<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Notes (SOFR + 1.250%) | &nbsp;&nbsp; 5.595% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 473095<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp, Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 3/17/28 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 260938<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp, Senior Notes (SOFR + 0.740%) | &nbsp;&nbsp; 5.090% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201045<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Bank NA, Senior Notes (4.429% to 7/21/27 then SOFR + 0.727%) | &nbsp;&nbsp; 4.429% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250032<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Bank NA, Senior Notes (4.775% to 1/15/26 then SOFR + 0.504%) | &nbsp;&nbsp; 4.775% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 275000<br>| &nbsp;&nbsp;&nbsp; 275138<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Bank NA, Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.844% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250231<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Bank NA, Senior Notes (SOFR + 0.730%) | &nbsp;&nbsp; 5.074% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250734<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (4.758% to 1/26/26 then SOFR + <br> 1.085%) | &nbsp;&nbsp; 4.758% | &nbsp;&nbsp; 1/26/27 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 820174<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 5.064% | &nbsp;&nbsp; 10/18/27 | &nbsp;&nbsp; 552000<br>| &nbsp;&nbsp;&nbsp; 553770<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes (SOFR + 0.790%) | &nbsp;&nbsp; 5.134% | &nbsp;&nbsp; 7/23/27 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 892691<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 5.175% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 434000<br>| &nbsp;&nbsp;&nbsp; 434834<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes (SOFR + 1.080%) | &nbsp;&nbsp; 5.423% | &nbsp;&nbsp; 7/20/26 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 282127<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, Senior Notes (3.823% to 11/3/27 then 3 mo. <br> USD LIBOR + 1.400%) | &nbsp;&nbsp; 3.823% | &nbsp;&nbsp; 11/3/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 489671<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, Senior Notes (6.833% to 11/21/25 then SOFR + <br> 2.749%) | &nbsp;&nbsp; 6.833% | &nbsp;&nbsp; 11/21/26 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 301764<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 3/5/27 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 405060<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 5.097% | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 543517<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Societe Generale SA, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/12/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 198225<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Societe Generale SA, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/19/27 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 806404<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Societe Generale SA, Senior Notes (6.447% to 1/12/26 then 1 year Treasury <br> Constant Maturity Rate + 2.300%) | &nbsp;&nbsp; 6.447% | &nbsp;&nbsp; 1/12/27 | &nbsp;&nbsp; 605000<br>| &nbsp;&nbsp;&nbsp; 609094<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Societe Generale SA, Senior Notes (SOFR + 1.100%) | &nbsp;&nbsp; 5.442% | &nbsp;&nbsp; 2/19/27 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 350726<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group Inc., Senior Notes | &nbsp;&nbsp; 5.520% | &nbsp;&nbsp; 1/13/28 | &nbsp;&nbsp; 377000<br>| &nbsp;&nbsp;&nbsp; 387633<br>|
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Senior Notes (SOFR + 0.660%) | &nbsp;&nbsp; 5.005% | &nbsp;&nbsp; 5/28/27 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 371260<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Senior Notes (SOFR + 0.740%) | &nbsp;&nbsp; 5.083% | &nbsp;&nbsp; 5/23/28 | &nbsp;&nbsp; $465000<br>| &nbsp;&nbsp;&nbsp; $468144<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 5.103% | &nbsp;&nbsp; 1/9/26 | &nbsp;&nbsp; 59000<br>| &nbsp;&nbsp;&nbsp; 59140<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes (SOFR + 0.480%) | &nbsp;&nbsp; 4.827% | &nbsp;&nbsp; 8/29/25 | &nbsp;&nbsp; 395000<br>| &nbsp;&nbsp;&nbsp; 395128<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.970% | &nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 371288<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes (SOFR + 0.820%) | &nbsp;&nbsp; 5.164% | &nbsp;&nbsp; 1/31/28 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 692245<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes (SOFR + 1.080%) | &nbsp;&nbsp; 5.424% | &nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp; 715000<br>| &nbsp;&nbsp;&nbsp; 720011<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Bank, Senior Notes (4.420% to 7/24/27 then SOFR + 0.770%) | &nbsp;&nbsp; 4.420% | &nbsp;&nbsp; 7/24/28 | &nbsp;&nbsp; 296000<br>| &nbsp;&nbsp;&nbsp; 295620<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Bank, Senior Notes (4.671% to 5/20/26 then SOFR + 0.590%) | &nbsp;&nbsp; 4.671% | &nbsp;&nbsp; 5/20/27 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 670048<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Bank, Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 5.115% | &nbsp;&nbsp; 7/24/28 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 511079<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (5.900% to 10/28/25 then SOFR + 1.626%) | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 10/28/26 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 571516<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; 493000<br>| &nbsp;&nbsp;&nbsp; 498201<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UniCredit SpA, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/12/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 209556<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Senior Notes (5.727% to 10/21/25 then SOFR + 1.430%) | &nbsp;&nbsp; 5.727% | &nbsp;&nbsp; 10/21/26 | &nbsp;&nbsp; 372000<br>| &nbsp;&nbsp;&nbsp; 372816<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bank NA/Cincinnati OH, Senior Notes (4.507% to 10/22/26 then SOFR + <br> 0.690%) | &nbsp;&nbsp; 4.507% | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 819842<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bank NA/Cincinnati OH, Senior Notes (4.730% to 5/15/27 then SOFR + 0.910%) | &nbsp;&nbsp; 4.730% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 281281<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bank NA/Cincinnati OH, Senior Notes (SOFR + 0.910%) | &nbsp;&nbsp; 5.251% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 351960<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.707% to 4/22/27 then SOFR + 1.070%) | &nbsp;&nbsp; 5.707% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 764819<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (SOFR + 1.370%) | &nbsp;&nbsp; 5.714% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 629025<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp., Senior Notes (SOFR + 0.460%) | &nbsp;&nbsp; 4.803% | &nbsp;&nbsp; 10/20/26 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; 1021643<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp., Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 5.061% | &nbsp;&nbsp; 11/17/25 | &nbsp;&nbsp; 206000<br>| &nbsp;&nbsp;&nbsp; 206322<br> <sup>(a)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *67865227* |
| *Capital Markets — 7.0%* | *Capital Markets — 7.0%* | *Capital Markets — 7.0%* | *Capital Markets — 7.0%* | *Capital Markets — 7.0%* |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (4.441% to 6/9/27 then SOFR + <br> 0.680%) | &nbsp;&nbsp; 4.441% | &nbsp;&nbsp; 6/9/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200453<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (4.587% to 4/20/26 then SOFR + <br> 0.693%) | &nbsp;&nbsp; 4.587% | &nbsp;&nbsp; 4/20/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250341<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (SOFR + 0.680%) | &nbsp;&nbsp; 5.026% | &nbsp;&nbsp; 6/9/28 | &nbsp;&nbsp; 335000<br>| &nbsp;&nbsp;&nbsp; 336657<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 5.174% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 293000<br>| &nbsp;&nbsp;&nbsp; 293970<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 8/8/25 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150025<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 417000<br>| &nbsp;&nbsp;&nbsp; 420100<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes (SOFR + 0.840%) | &nbsp;&nbsp; 5.184% | &nbsp;&nbsp; 1/13/28 | &nbsp;&nbsp; 355000<br>| &nbsp;&nbsp;&nbsp; 355460<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes (SOFR + 0.960%) | &nbsp;&nbsp; 5.311% | &nbsp;&nbsp; 9/25/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300918<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, Senior Notes (2.129% to 11/24/25 then SOFR + 1.870%) | &nbsp;&nbsp; 2.129% | &nbsp;&nbsp; 11/24/26 | &nbsp;&nbsp; 724000<br>| &nbsp;&nbsp;&nbsp; 717899<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, Senior Notes (2.552% to 1/7/27 then SOFR + 1.318%) | &nbsp;&nbsp; 2.552% | &nbsp;&nbsp; 1/7/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 358996<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, Senior Notes (7.146% to 7/13/26 then SOFR + 2.520%) | &nbsp;&nbsp; 7.146% | &nbsp;&nbsp; 7/13/27 | &nbsp;&nbsp; 744000<br>| &nbsp;&nbsp;&nbsp; 760622<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 1/26/27 | &nbsp;&nbsp; 161000<br>| &nbsp;&nbsp;&nbsp; 159677<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (3 mo. Term SOFR + 2.012%) | &nbsp;&nbsp; 6.325% | &nbsp;&nbsp; 10/28/27 | &nbsp;&nbsp; 11000<br>| &nbsp;&nbsp;&nbsp; 11201<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (5.798% to 8/10/25 then SOFR + 1.075%) | &nbsp;&nbsp; 5.798% | &nbsp;&nbsp; 8/10/26 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 820165<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (SOFR + 1.065%) | &nbsp;&nbsp; 5.404% | &nbsp;&nbsp; 8/10/26 | &nbsp;&nbsp; 195000<br>| &nbsp;&nbsp;&nbsp; 195154<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (SOFR + 1.290%) | &nbsp;&nbsp; 5.634% | &nbsp;&nbsp; 4/23/28 | &nbsp;&nbsp; 345000<br>| &nbsp;&nbsp;&nbsp; 348134<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/10/26 | &nbsp;&nbsp; 845000<br>| &nbsp;&nbsp;&nbsp; 844679<br>|
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group Inc., Senior Notes | &nbsp;&nbsp; 5.030% | &nbsp;&nbsp; 3/16/26 | &nbsp;&nbsp; 548000<br>| &nbsp;&nbsp;&nbsp; 548499<br>|
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd., Senior Notes (5.108% to 8/9/25 then SOFR + 2.208%) | &nbsp;&nbsp; 5.108% | &nbsp;&nbsp; 8/9/26 | &nbsp;&nbsp; 436000<br>| &nbsp;&nbsp;&nbsp; 436067<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 49000<br>| &nbsp;&nbsp;&nbsp; 48396<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.050% to 1/28/26 then SOFR + 1.295%) | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 1/28/27 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 520990<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2025 Quarterly Report

------

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| 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, Senior Notes (5.652% to 4/13/27 then SOFR + 1.010%) | &nbsp;&nbsp; 5.652% | &nbsp;&nbsp; 4/13/28 | &nbsp;&nbsp; $950000<br>| &nbsp;&nbsp;&nbsp; $968011<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (6.138% to 10/16/25 then SOFR + 1.770%) | &nbsp;&nbsp; 6.138% | &nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp; 117000<br>| &nbsp;&nbsp;&nbsp; 117312<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (SOFR + 1.020%) | &nbsp;&nbsp; 5.365% | &nbsp;&nbsp; 4/13/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150820<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA, Senior Notes (SOFR + 0.940%) | &nbsp;&nbsp; 5.285% | &nbsp;&nbsp; 7/14/28 | &nbsp;&nbsp; 384000<br>| &nbsp;&nbsp;&nbsp; 386337<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; State Street Bank & Trust Co., Senior Notes (SOFR + 0.460%) | &nbsp;&nbsp; 4.803% | &nbsp;&nbsp; 11/25/26 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250212<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; State Street Corp., Senior Notes (SOFR + 0.640%) | &nbsp;&nbsp; 4.984% | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 172000<br>| &nbsp;&nbsp;&nbsp; 172326<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; State Street Corp., Senior Notes (SOFR + 0.845%) | &nbsp;&nbsp; 5.183% | &nbsp;&nbsp; 8/3/26 | &nbsp;&nbsp; 97000<br>| &nbsp;&nbsp;&nbsp; 97442<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; State Street Corp., Senior Notes (SOFR + 0.950%) | &nbsp;&nbsp; 5.295% | &nbsp;&nbsp; 4/24/28 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 211097<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes | &nbsp;&nbsp; 4.282% | &nbsp;&nbsp; 1/9/28 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 815608<br> <sup>(b)</sup><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; 245902<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (3.869% to 1/12/28 then 3 mo. USD LIBOR + 1.410%) | &nbsp;&nbsp; 3.869% | &nbsp;&nbsp; 1/12/29 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 452686<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (6.327% to 12/22/26 then 1 year Treasury Constant <br> Maturity Rate + 1.600%) | &nbsp;&nbsp; 6.327% | &nbsp;&nbsp; 12/22/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 204749<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (6.442% to 8/11/27 then SOFR + 3.700%) | &nbsp;&nbsp; 6.442% | &nbsp;&nbsp; 8/11/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 258776<br> <sup>(a)(b)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *12409681* |
| *Consumer Finance — 2.4%* | *Consumer Finance — 2.4%* | *Consumer Finance — 2.4%* | *Consumer Finance — 2.4%* | *Consumer Finance — 2.4%* |
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 2/13/26 | &nbsp;&nbsp; 43000<br>| &nbsp;&nbsp;&nbsp; 43059<br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (6.338% to 10/30/25 then SOFR + 1.330%) | &nbsp;&nbsp; 6.338% | &nbsp;&nbsp; 10/30/26 | &nbsp;&nbsp; 556000<br>| &nbsp;&nbsp;&nbsp; 558219<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (SOFR + 0.760%) | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 2/13/26 | &nbsp;&nbsp; 19000<br>| &nbsp;&nbsp;&nbsp; 19037<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (SOFR + 0.930%) | &nbsp;&nbsp; 5.275% | &nbsp;&nbsp; 7/26/28 | &nbsp;&nbsp; 228000<br>| &nbsp;&nbsp;&nbsp; 229645<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (SOFR + 0.970%) | &nbsp;&nbsp; 5.315% | &nbsp;&nbsp; 7/28/27 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 281156<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (SOFR + 1.000%) | &nbsp;&nbsp; 5.341% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp;&nbsp; 467862<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (SOFR + 1.260%) | &nbsp;&nbsp; 5.605% | &nbsp;&nbsp; 4/25/29 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 558250<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (SOFR + 1.350%) | &nbsp;&nbsp; 5.694% | &nbsp;&nbsp; 10/30/26 | &nbsp;&nbsp; 8000<br>| &nbsp;&nbsp;&nbsp; 8031<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 3/9/27 | &nbsp;&nbsp; 343000<br>| &nbsp;&nbsp;&nbsp; 339631<br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Notes (4.927% to 5/10/27 then SOFR + 2.057%) | &nbsp;&nbsp; 4.927% | &nbsp;&nbsp; 5/10/28 | &nbsp;&nbsp; 735000<br>| &nbsp;&nbsp;&nbsp; 739266<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Subordinated Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 10/29/25 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 848473<br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 263000<br>| &nbsp;&nbsp;&nbsp; 264364<br> <sup>(b)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *4356993* |
| *Financial Services — 2.3%* | *Financial Services — 2.3%* | *Financial Services — 2.3%* | *Financial Services — 2.3%* | *Financial Services — 2.3%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 1/30/26 | &nbsp;&nbsp; 309000<br>| &nbsp;&nbsp;&nbsp; 304849<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; 705000<br>| &nbsp;&nbsp;&nbsp; 686469<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 695417<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/29/28 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 361751<br>|
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., Senior Notes (SOFR + 0.560%) | &nbsp;&nbsp; 4.901% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 643000<br>| &nbsp;&nbsp;&nbsp; 643668<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., Senior Notes (SOFR + 0.690%) | &nbsp;&nbsp; 5.035% | &nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp; 145000<br>| &nbsp;&nbsp;&nbsp; 145788<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP, Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.847% | &nbsp;&nbsp; 9/23/25 | &nbsp;&nbsp; 293000<br>| &nbsp;&nbsp;&nbsp; 293092<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP, Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.848% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 310251<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP, Senior Notes (SOFR + 0.600%) | &nbsp;&nbsp; 4.947% | &nbsp;&nbsp; 10/6/25 | &nbsp;&nbsp; 301000<br>| &nbsp;&nbsp;&nbsp; 301189<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PayPal Holdings Inc., Senior Notes (SOFR + 0.670%) | &nbsp;&nbsp; 5.016% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp;&nbsp; 266243<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *4008717* |
| *Insurance — 4.7%* | *Insurance — 4.7%* | *Insurance — 4.7%* | *Insurance — 4.7%* | *Insurance — 4.7%* |
| &nbsp;&nbsp;&nbsp; AEGON Funding Co. LLC, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/16/27 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 363727<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 279000<br>| &nbsp;&nbsp;&nbsp; 280076<br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Secured Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/7/27 | &nbsp;&nbsp; 871000<br>| &nbsp;&nbsp;&nbsp; 875312<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Secured Notes | &nbsp;&nbsp; 5.349% | &nbsp;&nbsp; 7/9/27 | &nbsp;&nbsp; 397000<br>| &nbsp;&nbsp;&nbsp; 402408<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Secured Notes (SOFR + 0.950%) | &nbsp;&nbsp; 5.296% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; $419000<br>| &nbsp;&nbsp;&nbsp; $421111<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Senior Secured Notes | &nbsp;&nbsp; 4.860% | &nbsp;&nbsp; 8/27/26 | &nbsp;&nbsp; 292000<br>| &nbsp;&nbsp;&nbsp; 293096<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 12/23/26 | &nbsp;&nbsp; 205000<br>| &nbsp;&nbsp;&nbsp; 205424<br>|
| &nbsp;&nbsp;&nbsp; CNO Global Funding, Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 12/10/27 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 90567<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Corebridge Global Funding, Secured Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 6/24/26 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp;&nbsp; 478481<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Corebridge Global Funding, Senior Secured Notes (SOFR + 1.300%) | &nbsp;&nbsp; 5.652% | &nbsp;&nbsp; 9/25/26 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 513596<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc., Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 5.039% | &nbsp;&nbsp; 11/8/27 | &nbsp;&nbsp; 235000<br>| &nbsp;&nbsp;&nbsp; 236251<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MassMutual Global Funding II, Secured Notes (SOFR + 0.740%) | &nbsp;&nbsp; 5.084% | &nbsp;&nbsp; 4/9/27 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 402076<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/6/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150286<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, Secured Notes (SOFR + 0.700%) | &nbsp;&nbsp; 5.047% | &nbsp;&nbsp; 6/11/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300552<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mutual of Omaha Cos. Global Funding, Secured Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 253355<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Global Funding, Secured Notes (SOFR + 0.660%) | &nbsp;&nbsp; 5.005% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp;&nbsp; 436053<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Global Funding, Senior Secured Notes (SOFR + 0.670%) | &nbsp;&nbsp; 5.019% | &nbsp;&nbsp; 4/2/27 | &nbsp;&nbsp; 955000<br>| &nbsp;&nbsp;&nbsp; 959113<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Global Funding, Senior Secured Notes (SOFR + 0.880%) | &nbsp;&nbsp; 5.225% | &nbsp;&nbsp; 4/25/28 | &nbsp;&nbsp; 345000<br>| &nbsp;&nbsp;&nbsp; 348450<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Global Funding, Secured Notes | &nbsp;&nbsp; 5.070% | &nbsp;&nbsp; 3/25/27 | &nbsp;&nbsp; 164000<br>| &nbsp;&nbsp;&nbsp; 165906<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pacific Life Global Funding II, Secured Notes (SOFR + 0.850%) | &nbsp;&nbsp; 5.191% | &nbsp;&nbsp; 2/5/27 | &nbsp;&nbsp; 31000<br>| &nbsp;&nbsp;&nbsp; 31203<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pacific Life Global Funding II, Secured Notes (SOFR + 1.050%) | &nbsp;&nbsp; 5.395% | &nbsp;&nbsp; 7/28/26 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 402856<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Principal Life Global Funding II, Secured Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 8/19/27 | &nbsp;&nbsp; 97000<br>| &nbsp;&nbsp;&nbsp; 97224<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding, Secured Notes | &nbsp;&nbsp; 4.335% | &nbsp;&nbsp; 9/13/27 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 450352<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding, Secured Notes (SOFR + 0.700%) | &nbsp;&nbsp; 5.044% | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 233000<br>| &nbsp;&nbsp;&nbsp; 233431<br> <sup>(a)(b)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *8390906* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **97031524** |
| **Health Care — 1.2%** | **Health Care — 1.2%** | **Health Care — 1.2%** | **Health Care — 1.2%** | **Health Care — 1.2%** |
| *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 11/15/25 | &nbsp;&nbsp; 431000<br>| &nbsp;&nbsp;&nbsp; *431780*<br>|
| *Health Care Providers & Services — 0.3%* | *Health Care Providers & Services — 0.3%* | *Health Care Providers & Services — 0.3%* | *Health Care Providers & Services — 0.3%* | *Health Care Providers & Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/20/26 | &nbsp;&nbsp; 124000<br>| &nbsp;&nbsp;&nbsp; 124117<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.844% | &nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp; 411000<br>| &nbsp;&nbsp;&nbsp; 411996<br> <sup>(a)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *536113* |
| *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Illumina Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 9/9/26 | &nbsp;&nbsp; 322000<br>| &nbsp;&nbsp;&nbsp; *321919*<br>|
| *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* | *Pharmaceuticals — 0.5%* |
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte Ltd., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 5/19/26 | &nbsp;&nbsp; 872000<br>| &nbsp;&nbsp;&nbsp; *872572*<br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **2162384** |
| **Industrials — 2.1%** | **Industrials — 2.1%** | **Industrials — 2.1%** | **Industrials — 2.1%** | **Industrials — 2.1%** |
| *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* |
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 244858<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 164000<br>| &nbsp;&nbsp;&nbsp; 167419<br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/27/26 | &nbsp;&nbsp; 121000<br>| &nbsp;&nbsp;&nbsp; 121240<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *533517* |
| *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* | *Building Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Owens Corning, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 145000<br>| &nbsp;&nbsp;&nbsp; *147528*<br>|
| *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* | *Ground Transportation — 0.1%* |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Notes | &nbsp;&nbsp; 1.200% | &nbsp;&nbsp; 11/15/25 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *262285*<br> <sup>(b)</sup><br>|
| *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* |
| &nbsp;&nbsp;&nbsp; Siemens Funding BV, Senior Notes (SOFR + 0.640%) | &nbsp;&nbsp; 4.984% | &nbsp;&nbsp; 5/26/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *200558*<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2025 Quarterly Report

------

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Machinery — 0.9%* | *Machinery — 0.9%* | *Machinery — 0.9%* | *Machinery — 0.9%* | *Machinery — 0.9%* |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp., Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.847% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; $425000<br>| &nbsp;&nbsp;&nbsp; $426101<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp., Senior Notes (SOFR + 0.600%) | &nbsp;&nbsp; 4.946% | &nbsp;&nbsp; 6/11/27 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 492074<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., Senior Notes (SOFR + 0.980%) | &nbsp;&nbsp; 5.326% | &nbsp;&nbsp; 9/10/27 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 586046<br> <sup>(a)(b)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *1504221* |
| *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* | *Trading Companies & Distributors — 0.6%* |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 719000<br>| &nbsp;&nbsp;&nbsp; 712828<br>|
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/25/26 | &nbsp;&nbsp; 307000<br>| &nbsp;&nbsp;&nbsp; 308505<br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *1021333* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **3669442** |
| **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** | **Information Technology — 1.6%** |
| *Electronic Equipment, Instruments & Components — 0.3%* | *Electronic Equipment, Instruments & Components — 0.3%* | *Electronic Equipment, Instruments & Components — 0.3%* | *Electronic Equipment, Instruments & Components — 0.3%* | *Electronic Equipment, Instruments & Components — 0.3%* |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/12/28 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; *471232*<br>|
| *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* | *Semiconductors & Semiconductor Equipment — 0.5%* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/12/27 | &nbsp;&nbsp; 506000<br>| &nbsp;&nbsp;&nbsp; 512166<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 157000<br>| &nbsp;&nbsp;&nbsp; 158830<br>|
| &nbsp;&nbsp;&nbsp; Microchip Technology Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 219852<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *890848* |
| *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* |
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 1.650% | &nbsp;&nbsp; 3/25/26 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp;&nbsp; 259833<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes (SOFR + 0.760%) | &nbsp;&nbsp; 5.101% | &nbsp;&nbsp; 8/3/28 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp;&nbsp; 447980<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 75000<br>| &nbsp;&nbsp;&nbsp; 75144<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *782957* |
| *Technology Hardware, Storage & Peripherals — 0.4%* | *Technology Hardware, Storage & Peripherals — 0.4%* | *Technology Hardware, Storage & Peripherals — 0.4%* | *Technology Hardware, Storage & Peripherals — 0.4%* | *Technology Hardware, Storage & Peripherals — 0.4%* |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/15/25 | &nbsp;&nbsp; 749000<br>| &nbsp;&nbsp;&nbsp; *749034*<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2894071** |
| **Materials — 0.5%** | **Materials — 0.5%** | **Materials — 0.5%** | **Materials — 0.5%** | **Materials — 0.5%** |
| *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* | *Chemicals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co., Senior Notes | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp; 237000<br>| &nbsp;&nbsp;&nbsp; 237000<br>|
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/8/25 | &nbsp;&nbsp; 143000<br>| &nbsp;&nbsp;&nbsp; 142986<br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *379986* |
| *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* |
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA PLC, Senior Notes (SOFR + 0.840%) | &nbsp;&nbsp; 5.188% | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *312430*<br> <sup>(a)</sup><br>|
| *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; 4.400% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 115000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *115241*<br> <sup>(b)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **807657** |
| **Real Estate — 3.0%** | **Real Estate — 3.0%** | **Real Estate — 3.0%** | **Real Estate — 3.0%** | **Real Estate — 3.0%** |
| *Diversified REITs — 0.7%* | *Diversified REITs — 0.7%* | *Diversified REITs — 0.7%* | *Diversified REITs — 0.7%* | *Diversified REITs — 0.7%* |
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 148659<br>|
| &nbsp;&nbsp;&nbsp; Realty Income Corp., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp; 84000<br>| &nbsp;&nbsp;&nbsp; 83966<br>|
| &nbsp;&nbsp;&nbsp; Realty Income Corp., Senior Notes | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 390394<br>|
| &nbsp;&nbsp;&nbsp; Realty Income Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 619000<br>| &nbsp;&nbsp;&nbsp; 619763<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *1242782* |
| *Office REITs — 0.4%* | *Office REITs — 0.4%* | *Office REITs — 0.4%* | *Office REITs — 0.4%* | *Office REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; Boston Properties LP, Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; 724000<br>| &nbsp;&nbsp;&nbsp; *720206*<br>|
| *Residential REITs — 0.5%* | *Residential REITs — 0.5%* | *Residential REITs — 0.5%* | *Residential REITs — 0.5%* | *Residential REITs — 0.5%* |
| &nbsp;&nbsp;&nbsp; Camden Property Trust, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 11/3/26 | &nbsp;&nbsp; 811000<br>| &nbsp;&nbsp;&nbsp; *823272*<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Retail REITs — 1.1%* | *Retail REITs — 1.1%* | *Retail REITs — 1.1%* | *Retail REITs — 1.1%* | *Retail REITs — 1.1%* |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society, Senior Notes (6.557% to 10/18/26 then SOFR + <br> 1.910%) | &nbsp;&nbsp; 6.557% | &nbsp;&nbsp; 10/18/27 | &nbsp;&nbsp; $1049000<br>| &nbsp;&nbsp;&nbsp; $1071669<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nationwide Building Society, Senior Notes (SOFR + 1.070%) | &nbsp;&nbsp; 5.414% | &nbsp;&nbsp; 7/14/29 | &nbsp;&nbsp; 294000<br>| &nbsp;&nbsp;&nbsp; 294694<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nationwide Building Society, Senior Notes (SOFR + 1.290%) | &nbsp;&nbsp; 5.631% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 423490<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Simon Property Group LP, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp; 195000<br>| &nbsp;&nbsp;&nbsp; 194811<br>|
| *Total Retail REITs* | *Total Retail REITs* | *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *1984664* |
| *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* | *Specialized REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 55000<br>| &nbsp;&nbsp;&nbsp; 54757<br>|
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 77000<br>| &nbsp;&nbsp;&nbsp; 75985<br>|
| &nbsp;&nbsp;&nbsp; Public Storage Operating Co., Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 5.045% | &nbsp;&nbsp; 4/16/27 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 380808<br> <sup>(a)</sup><br>|
| *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *511550* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **5282474** |
| **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** |
| *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., Senior Notes | &nbsp;&nbsp; 0.900% | &nbsp;&nbsp; 9/15/25 | &nbsp;&nbsp; 235000<br>| &nbsp;&nbsp;&nbsp; 233878<br>|
| &nbsp;&nbsp;&nbsp; Electricite de France SA, Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 10/13/25 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 89762<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Eversource Energy, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 162000<br>| &nbsp;&nbsp;&nbsp; 162060<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes (SOFR + 0.280%) | &nbsp;&nbsp; 4.628% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 160010<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.749% | &nbsp;&nbsp; 9/1/25 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 370237<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 462872<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.685% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100520<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 75000<br>| &nbsp;&nbsp;&nbsp; 75811<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes (SOFR + 0.800%) | &nbsp;&nbsp; 5.141% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 215000<br>| &nbsp;&nbsp;&nbsp; 216858<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds (SOFR + 0.950%) | &nbsp;&nbsp; 5.296% | &nbsp;&nbsp; 9/4/25 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200041<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *2072049* |
| *Multi-Utilities — 0.6%* | *Multi-Utilities — 0.6%* | *Multi-Utilities — 0.6%* | *Multi-Utilities — 0.6%* | *Multi-Utilities — 0.6%* |
| &nbsp;&nbsp;&nbsp; Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 10/1/25 | &nbsp;&nbsp; 121000<br>| &nbsp;&nbsp;&nbsp; 120850<br>|
| &nbsp;&nbsp;&nbsp; Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 175000<br>| &nbsp;&nbsp;&nbsp; 175760<br>|
| &nbsp;&nbsp;&nbsp; DTE Energy Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 60559<br>|
| &nbsp;&nbsp;&nbsp; NiSource Inc., Senior Notes | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 8/15/25 | &nbsp;&nbsp; 482000<br>| &nbsp;&nbsp;&nbsp; 481373<br>|
| &nbsp;&nbsp;&nbsp; WEC Energy Group Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 9/12/26 | &nbsp;&nbsp; 214000<br>| &nbsp;&nbsp;&nbsp; 216272<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *1054814* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **3126863** |
| **Total Corporate Bonds & Notes (Cost — $132,195,715)** | **Total Corporate Bonds & Notes (Cost — $132,195,715)** | **Total Corporate Bonds & Notes (Cost — $132,195,715)** | **Total Corporate Bonds & Notes (Cost — $132,195,715)** | &nbsp;&nbsp; **132635393** |
| **Asset-Backed Securities — 3.0%** | **Asset-Backed Securities — 3.0%** | **Asset-Backed Securities — 3.0%** | **Asset-Backed Securities — 3.0%** | **Asset-Backed Securities — 3.0%** |
| &nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust, 2023-1 A3 | &nbsp;&nbsp; 4.870% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 348643<br>| &nbsp;&nbsp;&nbsp; 349331<br>|
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, 2022-2 A3 | &nbsp;&nbsp; 3.490% | &nbsp;&nbsp; 2/16/27 | &nbsp;&nbsp; 32033<br>| &nbsp;&nbsp;&nbsp; 31969<br>|
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, 2024-2 A3 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/16/29 | &nbsp;&nbsp; 408000<br>| &nbsp;&nbsp;&nbsp; 412819<br>|
| &nbsp;&nbsp;&nbsp; Chase Auto Owner Trust, 2024-3A A2 | &nbsp;&nbsp; 5.530% | &nbsp;&nbsp; 9/27/27 | &nbsp;&nbsp; 171247<br>| &nbsp;&nbsp;&nbsp; 171644<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citizens Auto Receivables Trust, 2024-2 A2B (30 Day Average SOFR + 0.540%) | &nbsp;&nbsp; 4.880% | &nbsp;&nbsp; 11/16/26 | &nbsp;&nbsp; 37934<br>| &nbsp;&nbsp;&nbsp; 37941<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, 2022-2 A3 | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 2/16/27 | &nbsp;&nbsp; 42678<br>| &nbsp;&nbsp;&nbsp; 42566<br>|
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, 2023-1 A3 | &nbsp;&nbsp; 4.660% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 168407<br>| &nbsp;&nbsp;&nbsp; 168530<br>|
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, 2024-1 A3 | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 12/18/28 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 291242<br>|
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, 2024-2 A3 | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/16/29 | &nbsp;&nbsp; 353000<br>| &nbsp;&nbsp;&nbsp; 355711<br>|
| &nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, 2023-B A3 | &nbsp;&nbsp; 5.690% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 108920<br>| &nbsp;&nbsp;&nbsp; 109669<br>|
| &nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, 2024-A A2 | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 2/16/27 | &nbsp;&nbsp; 77693<br>| &nbsp;&nbsp;&nbsp; 77773<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2025 Quarterly Report

------

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| 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; Honda Auto Receivables Owner Trust, 2023-1 A3 | &nbsp;&nbsp; 5.040% | &nbsp;&nbsp; 4/21/27 | &nbsp;&nbsp; $366734<br>| &nbsp;&nbsp;&nbsp; $367473<br>|
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, 2023-4 A2 | &nbsp;&nbsp; 5.870% | &nbsp;&nbsp; 6/22/26 | &nbsp;&nbsp; 286<br>| &nbsp;&nbsp;&nbsp; 286<br>|
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, 2023-4 A3 | &nbsp;&nbsp; 5.670% | &nbsp;&nbsp; 6/21/28 | &nbsp;&nbsp; 629000<br>| &nbsp;&nbsp;&nbsp; 634840<br>|
| &nbsp;&nbsp;&nbsp; Huntington Auto Trust, 2024-1A A2 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 18457<br>| &nbsp;&nbsp;&nbsp; 18469<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, 2023-A A3 | &nbsp;&nbsp; 4.580% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 214389<br>| &nbsp;&nbsp;&nbsp; 214425<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, 2023-B A3 | &nbsp;&nbsp; 5.480% | &nbsp;&nbsp; 4/17/28 | &nbsp;&nbsp; 459713<br>| &nbsp;&nbsp;&nbsp; 462600<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, 2023-C A2A | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 19739<br>| &nbsp;&nbsp;&nbsp; 19751<br>|
| &nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust, 2025-A A2B (30 Day Average SOFR + <br> 0.450%) | &nbsp;&nbsp; 4.790% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 214000<br>| &nbsp;&nbsp;&nbsp; 214323<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, 2022-C A3 | &nbsp;&nbsp; 3.760% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 89579<br>| &nbsp;&nbsp;&nbsp; 89331<br>|
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, 2024-D A2B (30 Day Average SOFR + <br> 0.390%) | &nbsp;&nbsp; 4.730% | &nbsp;&nbsp; 8/16/27 | &nbsp;&nbsp; 135281<br>| &nbsp;&nbsp;&nbsp; 135335<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; USB Auto Owner Trust, 2025-1A A2 | &nbsp;&nbsp; 4.510% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 206000<br>| &nbsp;&nbsp;&nbsp; 206122<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, 2023-2 A2A | &nbsp;&nbsp; 5.720% | &nbsp;&nbsp; 3/22/27 | &nbsp;&nbsp; 108052<br>| &nbsp;&nbsp;&nbsp; 108233<br>|
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, 2024-A A3 | &nbsp;&nbsp; 4.860% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 795000<br>| &nbsp;&nbsp;&nbsp; 797933<br>|
| **Total Asset-Backed Securities (Cost — $5,306,743)** | **Total Asset-Backed Securities (Cost — $5,306,743)** | **Total Asset-Backed Securities (Cost — $5,306,743)** | **Total Asset-Backed Securities (Cost — $5,306,743)** | &nbsp;&nbsp; **5318316** |
| **U.S. Government & Agency Obligations — 1.5%** | **U.S. Government & Agency Obligations — 1.5%** | **U.S. Government & Agency Obligations — 1.5%** | **U.S. Government & Agency Obligations — 1.5%** | **U.S. Government & Agency Obligations — 1.5%** |
| *U.S. Government Obligations — 1.5%* | *U.S. Government Obligations — 1.5%* | *U.S. Government Obligations — 1.5%* | *U.S. Government Obligations — 1.5%* | *U.S. Government Obligations — 1.5%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/30/25 | &nbsp;&nbsp; 583000 | &nbsp;&nbsp;&nbsp; 583539<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 2105000 | &nbsp;&nbsp;&nbsp; 2114446<br>|
| **Total U.S. Government & Agency Obligations (Cost — $2,682,919)** | **Total U.S. Government & Agency Obligations (Cost — $2,682,919)** | **Total U.S. Government & Agency Obligations (Cost — $2,682,919)** | **Total U.S. Government & Agency Obligations (Cost — $2,682,919)** | &nbsp;&nbsp; **2697985** |
| **Total Investments before Short-Term Investments (Cost — $140,185,377)** | **Total Investments before Short-Term Investments (Cost — $140,185,377)** | **Total Investments before Short-Term Investments (Cost — $140,185,377)** | **Total Investments before Short-Term Investments (Cost — $140,185,377)** | &nbsp;&nbsp; **140651694** |
| **Short-Term Investments — 20.8%** | **Short-Term Investments — 20.8%** | **Short-Term Investments — 20.8%** | **Short-Term Investments — 20.8%** | **Short-Term Investments — 20.8%** |
| **Commercial Paper — 19.8%** | **Commercial Paper — 19.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp; AES Corp. | &nbsp;&nbsp; 4.959% | &nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp; 1144848<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Agree LP | &nbsp;&nbsp; 4.963% | &nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp; 1042000 | &nbsp;&nbsp;&nbsp; 1041862<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Air Lease Corp. | &nbsp;&nbsp; 4.884% | &nbsp;&nbsp; 8/5/25 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 249837<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Air Lease Corp. | &nbsp;&nbsp; 4.997% | &nbsp;&nbsp; 8/20/25 | &nbsp;&nbsp; 573000 | &nbsp;&nbsp;&nbsp; 571471<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 4.860% | &nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp; 776000 | &nbsp;&nbsp;&nbsp; 775899<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities Inc. | &nbsp;&nbsp; 4.718% | &nbsp;&nbsp; 8/8/25 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp; 629364<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 4.779% | &nbsp;&nbsp; 8/4/25 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp; 409790<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 4.801% | &nbsp;&nbsp; 8/8/25 | &nbsp;&nbsp; 519000 | &nbsp;&nbsp;&nbsp; 518467<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 4.823% | &nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp; 329000 | &nbsp;&nbsp;&nbsp; 328406<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 4.845% | &nbsp;&nbsp; 8/19/25 | &nbsp;&nbsp; 346000 | &nbsp;&nbsp;&nbsp; 345149<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; AvalonBay Communities Inc. | &nbsp;&nbsp; 4.717% | &nbsp;&nbsp; 8/5/25 | &nbsp;&nbsp; 1144000 | &nbsp;&nbsp;&nbsp; 1143278<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; AvalonBay Communities Inc. | &nbsp;&nbsp; 4.723% | &nbsp;&nbsp; 8/7/25 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp; 409637<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayer AG | &nbsp;&nbsp; 4.784% | &nbsp;&nbsp; 7/20/26 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; 841010<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bell Canada | &nbsp;&nbsp; 4.634% | &nbsp;&nbsp; 8/21/25 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp; 483738<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bell Canada | &nbsp;&nbsp; 4.643% | &nbsp;&nbsp; 8/28/25 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp; 418540<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boston Properties LP | &nbsp;&nbsp; 4.770% | &nbsp;&nbsp; 8/11/25 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; 529256<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boston Properties LP | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/25/25 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 289070<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boston Properties LP | &nbsp;&nbsp; 4.797% | &nbsp;&nbsp; 9/3/25 | &nbsp;&nbsp; 251000 | &nbsp;&nbsp;&nbsp; 249907<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | &nbsp;&nbsp; 4.544% | &nbsp;&nbsp; 11/14/25 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp; 389935<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CRH America Finance Inc. | &nbsp;&nbsp; 4.763% | &nbsp;&nbsp; 8/29/25 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp; 513100<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CRH America Finance Inc. | &nbsp;&nbsp; 4.764% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 248950<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CRH America Finance Inc. | &nbsp;&nbsp; 4.811% | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp; 638638<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** |  |  |
| &nbsp;&nbsp;&nbsp; Crown Castle Inc. | &nbsp;&nbsp; 5.167% | &nbsp;&nbsp; 8/5/25 | &nbsp;&nbsp; $250000<br> &nbsp;&nbsp;&nbsp; $249828<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp; 5.006% | &nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp; 562000<br> &nbsp;&nbsp;&nbsp; 561925<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp; 5.024% | &nbsp;&nbsp; 8/4/25 | &nbsp;&nbsp; 646000<br> &nbsp;&nbsp;&nbsp; 645653<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp; 5.278% | &nbsp;&nbsp; 9/25/25 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 248035<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dominion Energy Inc. | &nbsp;&nbsp; 4.699% | &nbsp;&nbsp; 8/6/25 | &nbsp;&nbsp; 917000<br> &nbsp;&nbsp;&nbsp; 916308<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | &nbsp;&nbsp; 4.649% | &nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp; 500000<br> &nbsp;&nbsp;&nbsp; 499938<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | &nbsp;&nbsp; 4.736% | &nbsp;&nbsp; 9/26/25 | &nbsp;&nbsp; 500000<br> &nbsp;&nbsp;&nbsp; 496400<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enbridge US Inc. | &nbsp;&nbsp; 4.758% | &nbsp;&nbsp; 8/15/25 | &nbsp;&nbsp; 488000<br> &nbsp;&nbsp;&nbsp; 487069<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP | &nbsp;&nbsp; 4.703% | &nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp; 830000<br> &nbsp;&nbsp;&nbsp; 829895<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP | &nbsp;&nbsp; 4.790% | &nbsp;&nbsp; 8/7/25 | &nbsp;&nbsp; 525000<br> &nbsp;&nbsp;&nbsp; 524529<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services Inc. | &nbsp;&nbsp; 4.727% | &nbsp;&nbsp; 8/8/25 | &nbsp;&nbsp; 694000<br> &nbsp;&nbsp;&nbsp; 693298<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services Inc. | &nbsp;&nbsp; 4.748% | &nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp; 439000<br> &nbsp;&nbsp;&nbsp; 438220<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; General Motors Co. | &nbsp;&nbsp; 4.726% | &nbsp;&nbsp; 9/8/25 | &nbsp;&nbsp; 263000<br> &nbsp;&nbsp;&nbsp; 261706<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc. | &nbsp;&nbsp; 4.679% | &nbsp;&nbsp; 8/11/25 | &nbsp;&nbsp; 330000<br> &nbsp;&nbsp;&nbsp; 329546<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc. | &nbsp;&nbsp; 4.785% | &nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp; 488000<br> &nbsp;&nbsp;&nbsp; 487126<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | &nbsp;&nbsp; 4.975% | &nbsp;&nbsp; 11/12/25 | &nbsp;&nbsp; 600000<br> &nbsp;&nbsp;&nbsp; 591757<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marriott International Inc. | &nbsp;&nbsp; 4.802% | &nbsp;&nbsp; 8/5/25 | &nbsp;&nbsp; 385000<br> &nbsp;&nbsp;&nbsp; 384753<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marriott International Inc. | &nbsp;&nbsp; 4.864% | &nbsp;&nbsp; 8/15/25 | &nbsp;&nbsp; 305000<br> &nbsp;&nbsp;&nbsp; 304405<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marriott International Inc. | &nbsp;&nbsp; 4.825% | &nbsp;&nbsp; 8/25/25 | &nbsp;&nbsp; 550000<br> &nbsp;&nbsp;&nbsp; 548228<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marriott International Inc. | &nbsp;&nbsp; 4.769% | &nbsp;&nbsp; 9/9/25 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 248727<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP | &nbsp;&nbsp; 4.703% | &nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp; 353000<br> &nbsp;&nbsp;&nbsp; 352956<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP | &nbsp;&nbsp; 4.713% | &nbsp;&nbsp; 8/4/25 | &nbsp;&nbsp; 371000<br> &nbsp;&nbsp;&nbsp; 370813<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP | &nbsp;&nbsp; 4.717% | &nbsp;&nbsp; 8/5/25 | &nbsp;&nbsp; 448000<br> &nbsp;&nbsp;&nbsp; 447717<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP | &nbsp;&nbsp; 4.720% | &nbsp;&nbsp; 8/6/25 | &nbsp;&nbsp; 273000<br> &nbsp;&nbsp;&nbsp; 272793<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP | &nbsp;&nbsp; 4.741% | &nbsp;&nbsp; 8/12/25 | &nbsp;&nbsp; 445000<br> &nbsp;&nbsp;&nbsp; 444323<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. | &nbsp;&nbsp; 4.805% | &nbsp;&nbsp; 8/18/25 | &nbsp;&nbsp; 565000<br> &nbsp;&nbsp;&nbsp; 563694<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. | &nbsp;&nbsp; 4.808% | &nbsp;&nbsp; 9/3/25 | &nbsp;&nbsp; 430000<br> &nbsp;&nbsp;&nbsp; 428123<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. | &nbsp;&nbsp; 4.814% | &nbsp;&nbsp; 9/12/25 | &nbsp;&nbsp; 546000<br> &nbsp;&nbsp;&nbsp; 542984<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc. | &nbsp;&nbsp; 4.858% | &nbsp;&nbsp; 8/5/25 | &nbsp;&nbsp; 280000<br> &nbsp;&nbsp;&nbsp; 279818<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc. | &nbsp;&nbsp; 4.849% | &nbsp;&nbsp; 8/6/25 | &nbsp;&nbsp; 353000<br> &nbsp;&nbsp;&nbsp; 352725<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 4.740% | &nbsp;&nbsp; 8/22/25 | &nbsp;&nbsp; 405000<br> &nbsp;&nbsp;&nbsp; 403871<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp; 4.733% | &nbsp;&nbsp; 8/28/25 | &nbsp;&nbsp; 420000<br> &nbsp;&nbsp;&nbsp; 418513<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive Inc. | &nbsp;&nbsp; 4.768% | &nbsp;&nbsp; 8/8/25 | &nbsp;&nbsp; 523000<br> &nbsp;&nbsp;&nbsp; 522466<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. | &nbsp;&nbsp; 4.787% | &nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp; 654000<br> &nbsp;&nbsp;&nbsp; 653916<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. | &nbsp;&nbsp; 4.805% | &nbsp;&nbsp; 8/6/25 | &nbsp;&nbsp; 505000<br> &nbsp;&nbsp;&nbsp; 504611<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. | &nbsp;&nbsp; 4.901% | &nbsp;&nbsp; 8/25/25 | &nbsp;&nbsp; 381000<br> &nbsp;&nbsp;&nbsp; 379753<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Phillips | &nbsp;&nbsp; 4.796% | &nbsp;&nbsp; 9/2/25 | &nbsp;&nbsp; 490000<br> &nbsp;&nbsp;&nbsp; 487929<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Protective Life Corp. | &nbsp;&nbsp; 4.764% | &nbsp;&nbsp; 8/14/25 | &nbsp;&nbsp; 308000<br> &nbsp;&nbsp;&nbsp; 307451<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; RTX Corp. | &nbsp;&nbsp; 4.752% | &nbsp;&nbsp; 8/6/25 | &nbsp;&nbsp; 499000<br> &nbsp;&nbsp;&nbsp; 498619<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sempra | &nbsp;&nbsp; 4.752% | &nbsp;&nbsp; 8/12/25 | &nbsp;&nbsp; 500000<br> &nbsp;&nbsp;&nbsp; 499237<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | &nbsp;&nbsp; 5.059% | &nbsp;&nbsp; 8/1/25 | &nbsp;&nbsp; 840000<br> &nbsp;&nbsp;&nbsp; 839886<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UDR Inc. | &nbsp;&nbsp; 4.717% | &nbsp;&nbsp; 8/5/25 | &nbsp;&nbsp; 425000<br> &nbsp;&nbsp;&nbsp; 424732<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UDR Inc. | &nbsp;&nbsp; 4.765% | &nbsp;&nbsp; 8/19/25 | &nbsp;&nbsp; 343000<br> &nbsp;&nbsp;&nbsp; 342170<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UDR Inc. | &nbsp;&nbsp; 4.768% | &nbsp;&nbsp; 8/21/25 | &nbsp;&nbsp; 680000<br> &nbsp;&nbsp;&nbsp; 678180<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen Financial Services | &nbsp;&nbsp; 4.824% | &nbsp;&nbsp; 8/13/25 | &nbsp;&nbsp; 451000<br> &nbsp;&nbsp;&nbsp; 450244<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen Financial Services | &nbsp;&nbsp; 4.769% | &nbsp;&nbsp; 9/9/25 | &nbsp;&nbsp; 500000<br> &nbsp;&nbsp;&nbsp; 497454<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

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Putnam ESG Ultra Short ETF 2025 Quarterly Report

------

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Commercial Paper — continued** | **Commercial Paper — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | &nbsp;&nbsp; 4.741% | &nbsp;&nbsp; 8/6/25 | &nbsp;&nbsp; $1128000 | &nbsp;&nbsp;&nbsp; $1127141<br> <sup>(d)</sup><br>|
| **Total Commercial Paper (Cost — $35,010,402)** | **Total Commercial Paper (Cost — $35,010,402)** | **Total Commercial Paper (Cost — $35,010,402)** | **Total Commercial Paper (Cost — $35,010,402)** | &nbsp;&nbsp; **35009617** |
|  |  |  | Shares |  |
| **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** |
| &nbsp;&nbsp;&nbsp; Putnam Government Money Market Fund, Class P Shares (Cost — $1,273,161)  | &nbsp;&nbsp; 4.080% |  | &nbsp;&nbsp; 1273161<br>| &nbsp;&nbsp;&nbsp;&nbsp; **1273161**<br> <sup>(e)(f)</sup><br>|
|  |  | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Certificates of Deposit — 0.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA (Cost — $538,000) | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 1/13/26 | &nbsp;&nbsp; $538000<br>| &nbsp;&nbsp;&nbsp; **538660**<br>|
| **Total Short-Term Investments (Cost — $36,821,563)** | **Total Short-Term Investments (Cost — $36,821,563)** | **Total Short-Term Investments (Cost — $36,821,563)** | **Total Short-Term Investments (Cost — $36,821,563)** | &nbsp;&nbsp; **36821438** |
| **Total Investments — 100.1% (Cost — $177,006,940)** | **Total Investments — 100.1% (Cost — $177,006,940)** | **Total Investments — 100.1% (Cost — $177,006,940)** | **Total Investments — 100.1% (Cost — $177,006,940)** | &nbsp;&nbsp; **177473132** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; (117194)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$177355938** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</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>(b)</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. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(c)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(d)</sup> | Rate shown represents yield-to-maturity. |
| <sup>(e)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(f)</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 July 31, 2025, the total market value of <br> investments in Affiliated Companies was $1,273,161 and the cost was $1,273,161 (Note 2).<br>|

---

&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:** |
| DAC |  | Designated Activity Company |
| LIBOR |  | London Interbank Offered Rate |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

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 Ultra Short ETF 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Putnam ESG Ultra Short 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 as high a rate of current income as the Fund's investment manager believes is consistent with preservation of capital and maintenance of liquidity.

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

------

Putnam ESG Ultra Short ETF 2025 Quarterly Report

------

financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger 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 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; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $132635393 | &nbsp;&nbsp; — | &nbsp;&nbsp; $132635393 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 5318316 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5318316 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2697985 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2697985 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 140651694 | &nbsp;&nbsp; — | &nbsp;&nbsp; 140651694 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 35009617 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35009617 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $1273161 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1273161 |
| &nbsp;&nbsp;&nbsp; Certificates of Deposit | &nbsp;&nbsp; — | &nbsp;&nbsp; 538660 | &nbsp;&nbsp; — | &nbsp;&nbsp; 538660 |
| Total Short-Term Investments | &nbsp;&nbsp; 1273161 | &nbsp;&nbsp; 35548277 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36821438 |
| **Total Investments** | &nbsp;&nbsp; **$1273161** | &nbsp;&nbsp; **$176199971** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$177473132** |

---

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

† See Schedule of Investments for additional detailed categorizations.

**2. Transactions with affiliated company**

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 July 31, 2025. The following transactions were effected in such company for the period ended July 31, 2025. <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 |
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>| $945191 | $28176835 | 28176835 | $27848865 | 27848865 |

---

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Putnam ESG Ultra Short ETF 2025 Quarterly Report

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

&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>July 31, <br>2025<br>|
| Putnam Government Money <br> Market Fund, Class P Shares<br>|  | $23572 |  | $1273161 |

---

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Putnam ESG Ultra Short ETF 2025 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 Ultra Short ETF

- **b. EDGAR series identifier (if any):** S000077299

- **c. LEI of Series:** 549300NQ9F4P4U3AVO48

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

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

- **b. Date as of which information is reported:** 2025-07-31

**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:** $179061537.41

**Total Liabilities:** $1705580.08

**Net Assets:** $177355957.33

**Cash Not Reported:** $249450.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1168.28382000 | **1-Year:** 13916.66255000 | **5-Year:** 5415.59298000 | **10-Year:** 259.27577000 | **30-Year:** 669.86157000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237596 | 0.41%                | 0.31%                | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1867.14                 | $-10047.92                                 |
| Month 2  | $417.43                  | $182185.04                                 |
| Month 3  | $-1863.03                | $-37249.69                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALIMENTATION COUCHE-TARD            | ALIMENTATION COUCHE-TARD                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    410000 | PA      | $409790.29    | 0.23%             | 2025-08-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BPCE SA                             | BPCE SA                                                   | CUSIP: 05571AAQ8<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    440000 | PA      | $449499.95    | 0.25%             | 2027-10-19      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                  | CUSIP: 53944YAT0<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $199968.97    | 0.11%             | 2026-08-11      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                            | CUSIP: 61761J3R8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     49000 | PA      | $48395.83     | 0.03%             | 2026-07-27      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                  | BMW US Capital LLC                                        | CUSIP: 05565ECT0<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    972000 | PA      | $974542.85    | 0.55%             | 2027-08-13      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| UDR INC                             | UDR INC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    425000 | PA      | $424731.74    | 0.24%             | 2025-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Putnam Government Money Market Fund | Putnam Government Money Market Fund                       | CUSIP: 74680A869<br>LEI: 549300SEUI2XMME8T893 | Long             | STIV             | RF                | US        |   1273161 | NS      | $1273161.04   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NOVA SCOTIA                 | Bank of Nova Scotia/The                                   | CUSIP: 06418GAM9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    496000 | PA      | $499642.91    | 0.28%             | 2028-09-08      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK               | Toronto-Dominion Bank/The                                 | CUSIP: 89115GH77<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    395000 | PA      | $395127.77    | 0.22%             | 2025-08-29      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                   | Hyatt Hotels Corp                                         | CUSIP: 448579AQ5<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    436000 | PA      | $443318.36    | 0.25%             | 2027-01-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                 | American Tower Corp                                       | CUSIP: 03027XBB5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54757.43     | 0.03%             | 2025-09-15      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING             | Corebridge Global Funding                                 | CUSIP: 00138CAY4<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |    475000 | PA      | $478481.33    | 0.27%             | 2026-06-24      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                        | Illumina Inc                                              | CUSIP: 452327AQ2<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    322000 | PA      | $321918.73    | 0.18%             | 2026-09-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobi      | GM Financial Consumer Automobile Receivables Trust 2024-1 | CUSIP: 36268GAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    290000 | PA      | $291242.01    | 0.16%             | 2028-12-18      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                            | CUSIP: 61747YFP5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    950000 | PA      | $968011.09    | 0.55%             | 2028-04-13      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON NATIONAL BANK            | Huntington National Bank/The                              | CUSIP: 44644MAK7<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |    275000 | PA      | $276501.04    | 0.16%             | 2028-04-12      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                            | CUSIP: 61747YEZ4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    520000 | PA      | $520990.26    | 0.29%             | 2027-01-28      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA             | National Bank of Canada                                   | CUSIP: 63307A2Z7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $251011.73    | 0.14%             | 2027-07-02      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP              | Bank of New York Mellon Corp/The                          | CUSIP: 06406RCH8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200453.35    | 0.11%             | 2028-06-09      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD                         | NUTRIEN LTD                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    430000 | PA      | $428123.22    | 0.24%             | 2025-09-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO              | General Motors Financial Co Inc                           | CUSIP: 37045XDK9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    347000 | PA      | $337895.01    | 0.19%             | 2026-06-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| MARS INC                            | Mars Inc                                                  | CUSIP: 571676AW5<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    496000 | PA      | $496861.73    | 0.28%             | 2027-03-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK              | Canadian Imperial Bank of Commerce                        | CUSIP: 13607LWU3<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    230000 | PA      | $232154.95    | 0.13%             | 2026-10-02      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                         | Oracle Corp                                               | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    265000 | PA      | $259832.96    | 0.15%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE US INC 0%,                 | ENBRIDGE US INC 0%,                                       | CUSIP: 29251UVF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    488000 | PA      | $487068.75    | 0.27%             | 2025-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                  | CUSIP: 539439BC2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    270000 | PA      | $270980.93    | 0.15%             | 2029-06-13      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Alexandria Real 0 8/25              | Alexandria Real 0 8/25                                    | CUSIP: 01527LV10<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    776000 | PA      | $775899.12    | 0.44%             | 2025-08-01      | None          | 0.00%                 | 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        |    690000 | PA      | $695416.72    | 0.39%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| INTESA                              | INTESA SANPAOLO FUNDING L                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $591757.44    | 0.33%             | 2025-11-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                        | UBS Group AG                                              | CUSIP: 225401AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $245902.00    | 0.14%             | 2027-02-02      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATIONAL INFORMA           | FIDELITY NATIONAL INFORMA                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    439000 | PA      | $438219.59    | 0.25%             | 2025-08-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SPRINT LLC                          | Sprint LLC                                                | CUSIP: 85207UAK1<br>LEI: 549300ZTTY7CXOLJ6539 | Long             | DBT              | CORP              | US        |    140000 | PA      | $141066.35    | 0.08%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                  | Credit Agricole SA                                        | CUSIP: 22534PAH6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $253026.90    | 0.14%             | 2027-03-11      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC             | Jefferies Financial Group Inc                             | CUSIP: 47233WJG5<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    548000 | PA      | $548499.11    | 0.31%             | 2026-03-16      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN               | Mizuho Markets Cayman LP                                  | CUSIP: 60700JDE2<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |    310000 | PA      | $310250.67    | 0.17%             | 2026-05-01      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA              | Goldman Sachs Bank USA/New York NY                        | CUSIP: 38151LAE0<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150337.31    | 0.08%             | 2027-03-18      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                    | Bank of Montreal                                          | CUSIP: 06368MJH8<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    757000 | PA      | $758205.82    | 0.43%             | 2029-01-27      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA              | Goldman Sachs Bank USA/New York NY                        | CUSIP: 38151LAH3<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    543000 | PA      | $544519.73    | 0.31%             | 2027-05-21      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| US BANCORP                          | US Bancorp                                                | CUSIP: 91159HJH4<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    372000 | PA      | $372815.81    | 0.21%             | 2026-10-21      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                        | CaixaBank SA                                              | CUSIP: 12803RAK0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    407000 | PA      | $406469.96    | 0.23%             | 2029-07-03      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                        | ING Groep NV                                              | CUSIP: 456837AX1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $200655.50    | 0.11%             | 2027-04-01      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Receivables Owner       | Nissan Auto Receivables 2025-A Owner Trust                | CUSIP: 65481GAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    214000 | PA      | $214322.75    | 0.12%             | 2028-02-15      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                         | Oracle Corp                                               | CUSIP: 68389XCX1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    445000 | PA      | $447979.77    | 0.25%             | 2028-08-03      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                   | NatWest Group PLC                                         | CUSIP: 639057AU2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200609.53    | 0.11%             | 2029-05-23      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                        | Synopsys Inc                                              | CUSIP: 871607AA5<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75143.88     | 0.04%             | 2027-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                         | PNC Bank NA                                               | CUSIP: 69353RGA0<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250733.59    | 0.14%             | 2028-07-21      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA              | Daimler Truck Finance North America LLC                   | CUSIP: 233853AV2<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    417000 | PA      | $420099.77    | 0.24%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I             | Metropolitan Life Global Funding I                        | CUSIP: 592179KD6<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150285.57    | 0.08%             | 2026-01-06      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust      | Hyundai Auto Receivables Trust 2023-C                     | CUSIP: 44918CAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     19739 | PA      | $19751.32     | 0.01%             | 2027-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                        | ING Groep NV                                              | CUSIP: 456837AH6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    515000 | PA      | $511010.05    | 0.29%             | 2027-03-29      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC                | Howmet Aerospace Inc                                      | CUSIP: 013817AJ0<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    164000 | PA      | $167418.74    | 0.09%             | 2027-02-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                   | CUSIP: 44891ADE4<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    628000 | PA      | $629402.86    | 0.35%             | 2027-06-24      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK               | Toronto-Dominion Bank/The                                 | CUSIP: 89115A2K7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     59000 | PA      | $59140.10     | 0.03%             | 2026-01-09      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                         | PNC Bank NA                                               | CUSIP: 69353RFW3<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250231.26    | 0.14%             | 2027-01-15      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL              | Banque Federative du Credit Mutuel SA                     | CUSIP: 06675DCL4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    515000 | PA      | $519770.73    | 0.29%             | 2028-02-16      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL              | Banque Federative du Credit Mutuel SA                     | CUSIP: 06675FBA4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $507139.36    | 0.29%             | 2026-07-13      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY             | Nationwide Building Society                               | CUSIP: 63861VAG2<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    420000 | PA      | $423489.64    | 0.24%             | 2028-02-16      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receiva      | Capital One Prime Auto Receivables Trust 2023-1           | CUSIP: 14043KAH8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    348643 | PA      | $349330.76    | 0.20%             | 2028-02-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                | Royal Bank of Canada                                      | CUSIP: 78017FZR7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    552000 | PA      | $553769.98    | 0.31%             | 2027-10-18      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                   | NatWest Group PLC                                         | CUSIP: 639057AM0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    470000 | PA      | $473095.49    | 0.27%             | 2028-03-01      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE GF II                  | Pacific Life Global Funding II                            | CUSIP: 6944PL2V0<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |    400000 | PA      | $402856.04    | 0.23%             | 2026-07-28      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD            | ALIMENTATION COUCHE-TARD                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    519000 | PA      | $518466.83    | 0.29%             | 2025-08-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO              | General Motors Financial Co Inc                           | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    426000 | PA      | $428042.74    | 0.24%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST              | Commonwealth Bank of Australia                            | CUSIP: 2027A0KW8<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    265000 | PA      | $266352.45    | 0.15%             | 2028-03-14      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                        | Barclays PLC                                              | CUSIP: 06738ECQ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201703.04    | 0.11%             | 2028-03-12      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY               | Wells Fargo & Co                                          | CUSIP: 95000U3U5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    620000 | PA      | $629024.96    | 0.35%             | 2029-04-23      | Floating      | 5.69%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP               | Truist Financial Corp                                     | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    493000 | PA      | $498201.33    | 0.28%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                  | Credit Agricole SA                                        | CUSIP: 22534PAJ2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    294000 | PA      | $294875.09    | 0.17%             | 2027-03-11      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                         | Truist Bank                                               | CUSIP: 89788JAG4<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    510000 | PA      | $511079.09    | 0.29%             | 2028-07-24      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN               | Mizuho Markets Cayman LP                                  | CUSIP: 60700JCV5<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |    293000 | PA      | $293091.93    | 0.17%             | 2025-09-23      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                          | CUSIP: 91282CJB8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    583000 | PA      | $583538.82    | 0.33%             | 2025-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP             | Australia & New Zealand Banking Group Ltd                 | CUSIP: 05252ADL2<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    482000 | PA      | $484598.67    | 0.27%             | 2027-07-16      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                        | AES CORP/THE                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1145000 | PA      | $1144848.17   | 0.65%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA              | Daimler Truck Finance North America LLC                   | CUSIP: 233853AS9<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150024.70    | 0.08%             | 2025-08-08      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                            | CUSIP: 61747YEX9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    117000 | PA      | $117311.67    | 0.07%             | 2026-10-16      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                   | State Street Corp                                         | CUSIP: 857477CE1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     97000 | PA      | $97442.25     | 0.05%             | 2026-08-03      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner       | Toyota Auto Receivables 2024-D Owner Trust                | CUSIP: 89239TAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135281 | PA      | $135334.84    | 0.08%             | 2027-08-16      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                 | Bank of Nova Scotia/The                                   | CUSIP: 06418JAA9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    490000 | PA      | $495783.32    | 0.28%             | 2026-12-07      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                      | Air Lease Corp                                            | CUSIP: 00914AAW2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    307000 | PA      | $308504.85    | 0.17%             | 2026-06-25      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                   | CUSIP: 44891ABZ9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    116000 | PA      | $112188.76    | 0.06%             | 2026-09-17      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK               | Toronto-Dominion Bank/The                                 | CUSIP: 89115A3F7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    690000 | PA      | $692244.75    | 0.39%             | 2028-01-31      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING               | Athene Global Funding                                     | CUSIP: 04685A3X7<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    397000 | PA      | $402407.87    | 0.23%             | 2027-07-09      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORPORATION               | AIR LEASE CORPORATION                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    573000 | PA      | $571471.01    | 0.32%             | 2025-08-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS LP           | MID-AMERICA APARTMENTS LP                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    353000 | PA      | $352955.56    | 0.20%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE           | INTERCONTINENTAL EXCHANGE                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $329545.54    | 0.19%             | 2025-08-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO                 | Sherwin-Williams Co/The                                   | CUSIP: 824348BR6<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    143000 | PA      | $142986.20    | 0.08%             | 2025-08-08      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobi      | GM Financial Consumer Automobile Receivables Trust 2024-2 | CUSIP: 379931AD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    353000 | PA      | $355710.76    | 0.20%             | 2029-03-16      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                   | State Street Corp                                         | CUSIP: 857477CQ4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    172000 | PA      | $172325.89    | 0.10%             | 2027-10-22      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST              | Commonwealth Bank of Australia                            | CUSIP: 2027A0KV0<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    418000 | PA      | $418926.37    | 0.24%             | 2026-11-27      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD                         | NUTRIEN LTD                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    546000 | PA      | $542984.17    | 0.31%             | 2025-09-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PAYPAL HOLDINGS INC                 | PayPal Holdings Inc                                       | CUSIP: 70450YAR4<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |    265000 | PA      | $266242.97    | 0.15%             | 2028-03-06      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK             | National Australia Bank Ltd                               | CUSIP: 632525BW0<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |    559000 | PA      | $560735.00    | 0.32%             | 2027-10-26      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                | Mercedes-Benz Finance North America LLC                   | CUSIP: 58769JBD8<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    260000 | PA      | $260191.67    | 0.15%             | 2027-04-01      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION CO 0 8/25              | ALIMENTATION CO 0 8/25                                    | CUSIP: 01626UVK8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    346000 | PA      | $345148.84    | 0.19%             | 2025-08-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                     | CVS Health Corp                                           | CUSIP: 126650DS6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    124000 | PA      | $124117.19    | 0.07%             | 2026-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                         | Netflix Inc                                               | CUSIP: 64110LAT3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    321000 | PA      | $336725.41    | 0.19%             | 2028-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG            | Banco Bilbao Vizcaya Argentaria SA                        | CUSIP: 05946KAK7<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    800000 | PA      | $800951.55    | 0.45%             | 2026-09-14      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE CORP                | PROTECTIVE LIFE CORP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    308000 | PA      | $307450.68    | 0.17%             | 2025-08-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                    | ABN AMRO Bank NV                                          | CUSIP: 00084DBD1<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $504503.00    | 0.28%             | 2028-12-03      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                      | CUSIP: 06051GLE7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    820000 | PA      | $822496.82    | 0.46%             | 2027-01-20      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                       | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    280000 | PA      | $285023.80    | 0.16%             | 2028-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                         | Truist Bank                                               | CUSIP: 89788JAE9<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    670000 | PA      | $670048.11    | 0.38%             | 2027-05-20      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA            | Electricite de France SA                                  | CUSIP: 268317AS3<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     90000 | PA      | $89762.00     | 0.05%             | 2025-10-13      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                 | American Express Co                                       | CUSIP: 025816DQ9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    465000 | PA      | $467861.74    | 0.26%             | 2028-02-16      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL IN           | MARRIOTT INTERNATIONAL IN                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $548227.79    | 0.31%             | 2025-08-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                 | Intesa Sanpaolo SpA                                       | CUSIP: 46115HBU0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    322000 | PA      | $324013.39    | 0.18%             | 2025-11-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                        | Barclays PLC                                              | CUSIP: 06738EAN5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    310000 | PA      | $309795.56    | 0.17%             | 2026-01-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER L P DIS 0.0 01AUG25 | ENERGY TRANSFER L P DIS 0.0 01AUG25                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    830000 | PA      | $829895.50    | 0.47%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                 | Bank of Nova Scotia/The                                   | CUSIP: 06418GAR8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    325000 | PA      | $325596.59    | 0.18%             | 2029-02-14      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE              | American Honda Finance Corp                               | CUSIP: 02665WFW6<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    632000 | PA      | $633310.98    | 0.36%             | 2028-03-03      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                  | CNO Global Funding                                        | CUSIP: 18977W2G4<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90567.11     | 0.05%             | 2027-12-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                         | Netflix Inc                                               | CUSIP: 64110LAN6<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55151.31     | 0.03%             | 2026-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATIONAL INFORMA           | FIDELITY NATIONAL INFORMA                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    694000 | PA      | $693297.81    | 0.39%             | 2025-08-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DNB BANK ASA                        | DNB Bank ASA                                              | CUSIP: 23341CAC7<br>LEI: 549300GKFG0RYRRQ1414 | Long             | DBT              | CORP              | NO        |   1273000 | PA      | $1275995.76   | 0.72%             | 2026-10-09      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                  | Credit Agricole SA                                        | CUSIP: 22535WAM9<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    290000 | PA      | $292123.21    | 0.16%             | 2028-09-11      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP                     | Nordea Bank Abp                                           | CUSIP: 65558RAM1<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    260000 | PA      | $260938.35    | 0.15%             | 2028-03-17      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES             | Royal Caribbean Cruises Ltd                               | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    229000 | PA      | $229907.99    | 0.13%             | 2026-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                        | Barclays PLC                                              | CUSIP: 06738ECJ2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    690000 | PA      | $703693.24    | 0.40%             | 2027-09-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                         | BNP Paribas SA                                            | CUSIP: 09659W2C7<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $391036.85    | 0.22%             | 2027-11-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING CO L           | PENSKE TRUCK LEASING CO L                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    381000 | PA      | $379753.44    | 0.21%             | 2025-08-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                | BOSTON PROPERTIES LP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $529256.30    | 0.30%             | 2025-08-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL              | NextEra Energy Capital Holdings Inc                       | CUSIP: 65339KBS8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    370000 | PA      | $370237.02    | 0.21%             | 2025-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA            | Cooperatieve Rabobank UA                                  | CUSIP: 74977RDN1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $295685.37    | 0.17%             | 2028-04-06      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                   | NatWest Group PLC                                         | CUSIP: 639057AG3<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201433.58    | 0.11%             | 2026-11-10      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                   | CUSIP: 44891ACZ8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    346000 | PA      | $346854.23    | 0.20%             | 2027-03-19      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY             | Cooperatieve Rabobank UA/NY                               | CUSIP: 21688ABN1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | US        |    265000 | PA      | $265721.16    | 0.15%             | 2027-05-27      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                    | Deutsche Bank AG/New York NY                              | CUSIP: 251526CE7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    724000 | PA      | $717899.08    | 0.40%             | 2026-11-24      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                         | BNP Paribas SA                                            | CUSIP: 05581KAA9<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    315000 | PA      | $314715.15    | 0.18%             | 2025-09-28      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP DISC C 0.0 01AUG25 | DUKE ENERGY CORP DISC C 0.0 01AUG25                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $499937.75    | 0.28%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                  | Meta Platforms Inc                                        | CUSIP: 30303M8G0<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     78000 | PA      | $77034.76     | 0.04%             | 2027-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STATE STREET BANK & TR              | State Street Bank & Trust Co                              | CUSIP: 857449AD4<br>LEI: 571474TGEMMWANRLN572 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250211.78    | 0.14%             | 2026-11-25      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS LP           | MID-AMERICA APARTMENTS LP                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    445000 | PA      | $444322.84    | 0.25%             | 2025-08-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK             | National Australia Bank Ltd                               | CUSIP: 632525CL3<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |    405000 | PA      | $406588.56    | 0.23%             | 2028-06-13      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO                 | Sherwin-Williams Co/The                                   | CUSIP: 824348AR7<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    237000 | PA      | $237000.00    | 0.13%             | 2025-08-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS LP           | MID-AMERICA APARTMENTS LP                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    448000 | PA      | $447717.22    | 0.25%             | 2025-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                            | CUSIP: 61747YFN0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150819.73    | 0.09%             | 2028-04-13      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                   | Eversource Energy                                         | CUSIP: 30040WAV0<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    162000 | PA      | $162059.93    | 0.09%             | 2026-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                  | BMW US Capital LLC                                        | CUSIP: 05565ECN3<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    145000 | PA      | $145390.64    | 0.08%             | 2026-08-13      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| KEY BANK NA                         | KeyBank NA/Cleveland OH                                   | CUSIP: 49327M3E2<br>LEI: HUX2X73FUCYHUVH1BK78 | Long             | DBT              | CORP              | US        |    542000 | PA      | $541875.94    | 0.31%             | 2025-08-08      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE GF II                  | Pacific Life Global Funding II                            | CUSIP: 6944PL3A5<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31202.61     | 0.02%             | 2027-02-05      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| WALMART INC                         | Walmart Inc                                               | CUSIP: 931142FM0<br>LEI: Y87794H0US1R65VBXU25 | Long             | DBT              | CORP              | US        |    450000 | PA      | $451946.88    | 0.25%             | 2027-04-28      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP                     | Nordea Bank Abp                                           | CUSIP: 65558RAF6<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    200000 | PA      | $201044.56    | 0.11%             | 2027-03-19      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| MASSMUTUAL GLOBAL FUNDIN            | MassMutual Global Funding II                              | CUSIP: 57629TBS5<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |    400000 | PA      | $402076.24    | 0.23%             | 2027-04-09      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP            | Sumitomo Mitsui Financial Group Inc                       | CUSIP: 86562MCR9<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    377000 | PA      | $387633.42    | 0.22%             | 2028-01-13      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP             | Australia & New Zealand Banking Group Ltd                 | CUSIP: 05252ADS7<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    445000 | PA      | $446595.95    | 0.25%             | 2028-06-18      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO            | Capital One Financial Corp                                | CUSIP: 14040HCS2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    735000 | PA      | $739266.31    | 0.42%             | 2028-05-10      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                    | Bank of Montreal                                          | CUSIP: 06368L8M1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    834000 | PA      | $836738.07    | 0.47%             | 2027-09-10      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobi      | GM Financial Consumer Automobile Receivables Trust 2023-1 | CUSIP: 38013JAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    168406 | PA      | $168530.25    | 0.10%             | 2028-02-16      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                   | State Street Corp                                         | CUSIP: 857477CZ4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    210000 | PA      | $211097.15    | 0.12%             | 2028-04-24      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| CHEVRON USA INC                     | Chevron USA Inc                                           | CUSIP: 166756BC9<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    210000 | PA      | $211181.68    | 0.12%             | 2028-02-26      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                 | Dominion Energy Inc                                       | CUSIP: 25746UCE7<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    121000 | PA      | $120849.62    | 0.07%             | 2025-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                        | Broadcom Inc                                              | CUSIP: 11135FBZ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    506000 | PA      | $512166.10    | 0.29%             | 2027-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING               | Athene Global Funding                                     | CUSIP: 04685A4M0<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    419000 | PA      | $421111.40    | 0.24%             | 2028-03-06      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                           | ONEOK Inc                                                 | CUSIP: 682680BJ1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24766.77     | 0.01%             | 2028-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG            | Banco Bilbao Vizcaya Argentaria SA                        | CUSIP: 05946KAL5<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $206301.25    | 0.12%             | 2028-09-14      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP              | Bank of New York Mellon Corp/The                          | CUSIP: 06406RBY2<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    293000 | PA      | $293970.39    | 0.17%             | 2028-07-21      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                               | CUSIP: 38141GWB6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    161000 | PA      | $159677.44    | 0.09%             | 2027-01-26      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| RTX CORP                            | RTX Corp                                                  | CUSIP: 75513ECQ2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    121000 | PA      | $121239.82    | 0.07%             | 2026-02-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY               | Wells Fargo & Co                                          | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    750000 | PA      | $764818.73    | 0.43%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO NEW YORK            | Intesa Sanpaolo SpA/New York NY                           | CUSIP: 46115LVP0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250086.68    | 0.14%             | 2025-08-18      | Floating      | 5.26%                 | 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        |    214389 | PA      | $214425.15    | 0.12%             | 2027-04-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                        | Barclays PLC                                              | CUSIP: 06738ECF0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    554000 | PA      | $558545.02    | 0.31%             | 2027-05-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION            | Devon Energy Corp                                         | CUSIP: 25179MAV5<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |    350000 | PA      | $350534.57    | 0.20%             | 2025-12-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY             | Cooperatieve Rabobank UA/NY                               | CUSIP: 21688ABK7<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $254141.19    | 0.14%             | 2028-01-21      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP                  | Essex Portfolio LP                                        | CUSIP: 29717PAQ0<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148659.59    | 0.08%             | 2026-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced       | Volkswagen Auto Loan Enhanced Trust 2023-2                | CUSIP: 92867YAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    108052 | PA      | $108233.63    | 0.06%             | 2027-03-22      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE              | American Honda Finance Corp                               | CUSIP: 02665WFS5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    257000 | PA      | $256662.28    | 0.14%             | 2027-10-22      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER             | Pfizer Investment Enterprises Pte Ltd                     | CUSIP: 716973AB8<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    872000 | PA      | $872571.81    | 0.49%             | 2026-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL              | Marriott International Inc/MD                             | CUSIP: 571903AS2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    255000 | PA      | $252000.97    | 0.14%             | 2026-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP              | Bank of New York Mellon Corp/The                          | CUSIP: 06406RCD7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    335000 | PA      | $336656.51    | 0.19%             | 2028-06-09      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOL 01/13/2026           | INTESA SANPAOL 01/13/2026                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    538000 | PA      | $538659.53    | 0.30%             | 2026-01-13      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| UDR INC CP 08/ 08/19/2025           | UDR INC CP 08/ 08/19/2025                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    343000 | PA      | $342169.94    | 0.19%             | 2025-08-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY             | Nationwide Building Society                               | CUSIP: 63861VAJ6<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |   1049000 | PA      | $1071669.24   | 0.60%             | 2027-10-18      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                  | Banco Santander SA                                        | CUSIP: 05964HAX3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    600000 | PA      | $613650.58    | 0.35%             | 2027-11-07      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC            | Marsh & McLennan Cos Inc                                  | CUSIP: 571748BZ4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    235000 | PA      | $236251.40    | 0.13%             | 2027-11-08      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| CRH AMERICA FINANCE INC             | CRH AMERICA FINANCE INC                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    645000 | PA      | $638638.30    | 0.36%             | 2025-10-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                    | ABN AMRO Bank NV                                          | CUSIP: 00084DBA7<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    800000 | PA      | $814747.59    | 0.46%             | 2027-09-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE GLOBAL              | Protective Life Global Funding                            | CUSIP: 743672AE7<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |    233000 | PA      | $233431.24    | 0.13%             | 2026-04-10      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INTL CORP              | CROWN CASTLE INTL CORP                                    | CUSIP: 22823PV59<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $249827.53    | 0.14%             | 2025-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC              | Pacific Gas and Electric Co                               | CUSIP: 694308KS5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200041.05    | 0.11%             | 2025-09-04      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD                         | NUTRIEN LTD                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    565000 | PA      | $563693.89    | 0.32%             | 2025-08-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BAYER CORPORATION 0 7/26            | BAYER CORPORATION 0 7/26                                  | CUSIP: 07273MGL4<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    880000 | PA      | $841009.93    | 0.47%             | 2026-07-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                           | ONEOK INC                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    353000 | PA      | $352725.33    | 0.20%             | 2025-08-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                 | American Express Co                                       | CUSIP: 025816DM8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8031.33      | 0.00%             | 2026-10-30      | Floating      | 5.71%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO            | Capital One Financial Corp                                | CUSIP: 14040HBJ3<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    850000 | PA      | $848472.94    | 0.48%             | 2025-10-29      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CRH AMERICA FINANCE INC 0           | CRH AMERICA FINANCE INC 0                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $248950.20    | 0.14%             | 2025-09-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC               | Rio Tinto Finance USA PLC                                 | CUSIP: 76720AAY2<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    310000 | PA      | $312430.21    | 0.18%             | 2028-03-14      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK               | Toronto-Dominion Bank/The                                 | CUSIP: 89115A2T8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    715000 | PA      | $720010.83    | 0.41%             | 2026-07-17      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                        | NiSource Inc                                              | CUSIP: 65473PAK1<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    482000 | PA      | $481373.20    | 0.27%             | 2025-08-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL IN           | MARRIOTT INTERNATIONAL IN                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    305000 | PA      | $304405.25    | 0.17%             | 2025-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY GROUP LP             | Simon Property Group LP                                   | CUSIP: 828807CV7<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    195000 | PA      | $194811.12    | 0.11%             | 2025-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                | Royal Bank of Canada                                      | CUSIP: 78017DAB4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    434000 | PA      | $434834.28    | 0.25%             | 2029-01-24      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| SKANDINAVISKA ENSKILDA              | Skandinaviska Enskilda Banken AB                          | CUSIP: 830505AZ6<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |    400000 | PA      | $405060.24    | 0.23%             | 2027-03-05      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| US BANK NA CINCINNATI               | US Bank NA/Cincinnati OH                                  | CUSIP: 90331HPS6<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |    280000 | PA      | $281280.67    | 0.16%             | 2028-05-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                   | NatWest Group PLC                                         | CUSIP: 639057AL2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    324000 | PA      | $329002.76    | 0.19%             | 2028-03-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK              | Canadian Imperial Bank of Commerce                        | CUSIP: 13607L8D8<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    511000 | PA      | $515003.36    | 0.29%             | 2027-06-28      | Floating      | 5.29%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                           | ONEOK INC                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $279818.11    | 0.16%             | 2025-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BPCE SA                             | BPCE SA                                                   | CUSIP: 05583JAH5<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $248496.95    | 0.14%             | 2026-10-06      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                    | Duke Energy Corp                                          | CUSIP: 26441CBJ3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    235000 | PA      | $233878.51    | 0.13%             | 2025-09-15      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| US BANK NA CINCINNATI               | US Bank NA/Cincinnati OH                                  | CUSIP: 90331HPT4<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |    350000 | PA      | $351960.01    | 0.20%             | 2028-05-15      | Floating      | 5.25%                 | 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        |    629000 | PA      | $634840.27    | 0.36%             | 2028-06-21      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| VW CREDIT INC                       | VW CREDIT INC                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    451000 | PA      | $450243.90    | 0.25%             | 2025-08-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES INC           | AVALONBAY COMMUNITIES INC                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    410000 | PA      | $409637.27    | 0.23%             | 2025-08-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                  | Realty Income Corp                                        | CUSIP: 756109BQ6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |     84000 | PA      | $83965.67     | 0.05%             | 2026-01-13      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY             | Cooperatieve Rabobank UA/NY                               | CUSIP: 21688ABG6<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    660000 | PA      | $662543.67    | 0.37%             | 2026-08-28      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                        | ING Groep NV                                              | CUSIP: 456837BJ1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $505028.86    | 0.28%             | 2027-09-11      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC                 | Georgia-Pacific LLC                                       | CUSIP: 37331NAR2<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |    115000 | PA      | $115240.96    | 0.06%             | 2028-06-30      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES INC           | AVALONBAY COMMUNITIES INC                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1144000 | PA      | $1143277.91   | 0.64%             | 2025-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN AB            | Svenska Handelsbanken AB                                  | CUSIP: 86959LAT0<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |    465000 | PA      | $468144.02    | 0.26%             | 2028-05-23      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA             | National Bank of Canada                                   | CUSIP: 63307A3G8<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    315000 | PA      | $314647.70    | 0.18%             | 2027-03-05      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust             | CarMax Auto Owner Trust 2024-2                            | CUSIP: 14319EAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    408000 | PA      | $412818.81    | 0.23%             | 2029-01-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Harley-Davidson Motorcycle Tru      | Harley-Davidson Motorcycle Trust 2023-B                   | CUSIP: 41285YAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    108920 | PA      | $109668.64    | 0.06%             | 2028-08-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP            | Toyota Motor Credit Corp                                  | CUSIP: 89236TML6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    397000 | PA      | $398925.49    | 0.22%             | 2026-08-07      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                    | Hewlett Packard Enterprise Co                             | CUSIP: 42824CAW9<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    749000 | PA      | $749034.24    | 0.42%             | 2025-10-15      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T      | Honda Auto Receivables 2023-4 Owner Trust                 | CUSIP: 438123AB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       286 | PA      | $285.88       | 0.00%             | 2026-06-22      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                 | American Express Co                                       | CUSIP: 025816EE5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    550000 | PA      | $558249.49    | 0.31%             | 2029-04-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| CVS CORP                            | CVS HEALTH CORP                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    646000 | PA      | $645653.10    | 0.36%             | 2025-08-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CAMDEN PROPERTY TRUST               | Camden Property Trust                                     | CUSIP: 133131BA9<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |    811000 | PA      | $823271.81    | 0.46%             | 2026-11-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK              | Canadian Imperial Bank of Commerce                        | CUSIP: 13607LWT6<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    553000 | PA      | $562331.00    | 0.32%             | 2026-10-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| BPCE SA                             | BPCE SA                                                   | CUSIP: 05583JAN2<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    819000 | PA      | $823485.25    | 0.46%             | 2027-01-18      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                               | CUSIP: 38145GAM2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    820000 | PA      | $820165.25    | 0.46%             | 2026-08-10      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN AB            | Svenska Handelsbanken AB                                  | CUSIP: 86959LAR4<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |    370000 | PA      | $371260.08    | 0.21%             | 2027-05-28      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                 | American Express Co                                       | CUSIP: 025816DX4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    228000 | PA      | $229645.27    | 0.13%             | 2028-07-26      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| THE CAMPBELLS COMPANY               | The Campbell's Company                                    | CUSIP: 134429BL2<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |    321000 | PA      | $322341.74    | 0.18%             | 2026-03-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                       | CUSIP: 46647PEN2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    580000 | PA      | $582806.23    | 0.33%             | 2028-10-22      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                   | Brown & Brown Inc                                         | CUSIP: 115236AH4<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    205000 | PA      | $205424.11    | 0.12%             | 2026-12-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT            | Sumitomo Mitsui Trust Bank Ltd                            | CUSIP: 86563VBW8<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    580000 | PA      | $586046.52    | 0.33%             | 2027-09-10      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| GNRL MTRS FINC 06/25/2025           | GNRL MTRS FINC 06/25/2025                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    263000 | PA      | $261705.62    | 0.15%             | 2025-09-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK               | Toronto-Dominion Bank/The                                 | CUSIP: 89115A3B6<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    370000 | PA      | $371288.51    | 0.21%             | 2026-12-17      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| AEGON FUNDING CO LLC                | AEGON Funding Co LLC                                      | CUSIP: 00775VAA2<br>LEI: KEIOKM01PSK5VZ5CCI74 | Long             | DBT              | CORP              | US        |    360000 | PA      | $363727.32    | 0.21%             | 2027-04-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                 | American Express Co                                       | CUSIP: 025816DC0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     43000 | PA      | $43058.55     | 0.02%             | 2026-02-13      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                | Mercedes-Benz Finance North America LLC                   | CUSIP: 58769JAU1<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    263000 | PA      | $264364.34    | 0.15%             | 2027-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                               | CUSIP: 38141GVX9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11201.46     | 0.01%             | 2027-10-28      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Citizens Auto Receivables Trus      | Citizens Auto Receivables Trust 2024-2                    | CUSIP: 17331XAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37934 | PA      | $37941.57     | 0.02%             | 2026-11-16      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                 | Dominion Energy Inc                                       | CUSIP: 25746UDY2<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    175000 | PA      | $175760.33    | 0.10%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| US BANK NA CINCINNATI               | US Bank NA/Cincinnati OH                                  | CUSIP: 90331HPP2<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |    820000 | PA      | $819841.76    | 0.46%             | 2027-10-22      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    380000 | PA      | $361750.65    | 0.20%             | 2028-10-29      | Fixed         | 3.00%                 | 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        |    459713 | PA      | $462599.78    | 0.26%             | 2028-04-17      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| SCHWAB CHARLES 06/05/2025           | SCHWAB CHARLES 06/05/2025                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    395000 | PA      | $389935.27    | 0.22%             | 2025-06-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL              | Banque Federative du Credit Mutuel SA                     | CUSIP: 06675DCQ3<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    454000 | PA      | $455924.07    | 0.26%             | 2028-10-16      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO            | Capital One Financial Corp                                | CUSIP: 14040HBN4<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    343000 | PA      | $339631.31    | 0.19%             | 2027-03-09      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL              | NextEra Energy Capital Holdings Inc                       | CUSIP: 65339KDH0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    215000 | PA      | $216857.51    | 0.12%             | 2028-02-04      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP            | Toyota Motor Credit Corp                                  | CUSIP: 89236TMR3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300327.95    | 0.17%             | 2026-04-10      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    705000 | PA      | $686469.25    | 0.39%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                    | ABN AMRO Bank NV                                          | CUSIP: 00084DBC3<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    435000 | PA      | $436519.15    | 0.25%             | 2026-10-13      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| SEMPRA                              | SEMPRA                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $499237.50    | 0.28%             | 2025-08-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                  | BMW US Capital LLC                                        | CUSIP: 05565ECX1<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    415000 | PA      | $416304.03    | 0.23%             | 2028-03-21      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                    | Societe Generale SA                                       | CUSIP: 83368RCA8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    350000 | PA      | $350725.99    | 0.20%             | 2027-02-19      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS LP           | MID-AMERICA APARTMENTS LP                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    371000 | PA      | $370812.79    | 0.21%             | 2025-08-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                        | UBS Group AG                                              | CUSIP: 225401AC2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    820000 | PA      | $815608.17    | 0.46%             | 2028-01-09      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                  | CUSIP: 53944YAZ6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    530000 | PA      | $535942.20    | 0.30%             | 2028-01-05      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                        | Barclays PLC                                              | CUSIP: 06738ECC7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    384000 | PA      | $386308.60    | 0.22%             | 2026-11-02      | Fixed         | 7.33%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                        | ING Groep NV                                              | CUSIP: 456837BP7<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    700000 | PA      | $703381.11    | 0.40%             | 2029-03-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN MUTUAL GLBL            | Northwestern Mutual Global Funding                        | CUSIP: 66815L2R9<br>LEI: 635400LZXFVELZDVP257 | Long             | DBT              | CORP              | US        |    164000 | PA      | $165906.32    | 0.09%             | 2027-03-25      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANK NA                 | Fifth Third Bank NA                                       | CUSIP: 31677QBV0<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500306.00    | 0.28%             | 2028-01-28      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                  | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $202596.17    | 0.11%             | 2027-08-07      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA             | National Bank of Canada                                   | CUSIP: 63307A3A1<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    775000 | PA      | $781608.04    | 0.44%             | 2027-07-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                | Mercedes-Benz Finance North America LLC                   | CUSIP: 58769JAP2<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    360000 | PA      | $360394.46    | 0.20%             | 2026-01-09      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                         | ORACLE CORP                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $403871.10    | 0.23%             | 2025-08-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP              | Mitsubishi UFJ Financial Group Inc                        | CUSIP: 606822CL6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    630000 | PA      | $636108.90    | 0.36%             | 2028-07-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                | BOSTON PROPERTIES LP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    251000 | PA      | $249906.87    | 0.14%             | 2025-09-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA            | Volkswagen Group of America Finance LLC                   | CUSIP: 928668CK6<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500224.73    | 0.28%             | 2026-08-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS            | Santander UK Group Holdings PLC                           | CUSIP: 80281LAG0<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $489671.47    | 0.28%             | 2028-11-03      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO             | Arthur J Gallagher & Co                                   | CUSIP: 04316JAK5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    279000 | PA      | $280075.83    | 0.16%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| VW CREDIT INC                       | VW CREDIT INC                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $497453.70    | 0.28%             | 2025-09-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG            | New York Life Global Funding                              | CUSIP: 64953BCA4<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    435000 | PA      | $436052.56    | 0.25%             | 2028-07-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| LENNAR CORP                         | Lennar Corp                                               | CUSIP: 526057CT9<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |    682000 | PA      | $682371.92    | 0.38%             | 2026-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY             | Cooperatieve Rabobank UA/NY                               | CUSIP: 21688ABA9<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    380000 | PA      | $380497.71    | 0.21%             | 2026-01-09      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP             | Australia & New Zealand Banking Group Ltd                 | CUSIP: 05252ADM0<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    655000 | PA      | $657736.10    | 0.37%             | 2027-09-30      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP             | John Deere Capital Corp                                   | CUSIP: 24422EXS3<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    490000 | PA      | $492074.25    | 0.28%             | 2027-06-11      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                         | Truist Bank                                               | CUSIP: 89788JAF6<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    296000 | PA      | $295619.85    | 0.17%             | 2028-07-24      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                 | American Express Co                                       | CUSIP: 025816DJ5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    280000 | PA      | $281156.37    | 0.16%             | 2027-07-28      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE           | INTERCONTINENTAL EXCHANGE                                 | CUSIP: 45856WVE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    488000 | PA      | $487125.99    | 0.27%             | 2025-08-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL              | NextEra Energy Capital Holdings Inc                       | CUSIP: 65339KDG2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75810.70     | 0.04%             | 2028-02-04      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE              | American Honda Finance Corp                               | CUSIP: 02665WGB1<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    475000 | PA      | $476084.22    | 0.27%             | 2026-05-20      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                       | Amphenol Corp                                             | CUSIP: 032095AT8<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    470000 | PA      | $471231.95    | 0.27%             | 2028-06-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN               | Mizuho Markets Cayman LP                                  | CUSIP: 60700JCW3<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |    301000 | PA      | $301188.89    | 0.17%             | 2025-10-06      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK              | Canadian Imperial Bank of Commerce                        | CUSIP: 13607PJ21<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    410000 | PA      | $412058.37    | 0.23%             | 2029-03-30      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                | Mercedes-Benz Finance North America LLC                   | CUSIP: 58769JBB2<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    408000 | PA      | $410071.49    | 0.23%             | 2026-11-13      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| TARGA RES CORP DIS 0.0 01AUG25 144A | TARGA RES CORP DIS 0.0 01AUG25 144A                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    840000 | PA      | $839886.43    | 0.47%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASI 0.0 01AUG25 144A | PENSKE TRUCK LEASI 0.0 01AUG25 144A                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    654000 | PA      | $653916.22    | 0.37%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL            | Penske Truck Leasing Co Lp / PTL Finance Corp             | CUSIP: 709599BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $262285.37    | 0.15%             | 2025-11-15      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 0 9/25                     | PHILLIPS 0 9/25                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    490000 | PA      | $487928.92    | 0.28%             | 2025-09-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                   | CUSIP: 44891ACX3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    674000 | PA      | $680657.07    | 0.38%             | 2027-03-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                        | UBS Group AG                                              | CUSIP: 225401AV0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $258776.25    | 0.15%             | 2028-08-11      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                    | Societe Generale SA                                       | CUSIP: 83368RBZ4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    800000 | PA      | $806403.66    | 0.45%             | 2027-02-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                       | CUSIP: 46647PET9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    633000 | PA      | $634294.23    | 0.36%             | 2029-01-24      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                | Westpac Banking Corp                                      | CUSIP: 961214FM0<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    206000 | PA      | $206322.36    | 0.12%             | 2025-11-17      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING               | Athene Global Funding                                     | CUSIP: 04685A4A6<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    292000 | PA      | $293095.68    | 0.17%             | 2026-08-27      | Fixed         | 4.86%                 | 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        |    366734 | PA      | $367472.69    | 0.21%             | 2027-04-21      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                    | Societe Generale SA                                       | CUSIP: 83368RBQ4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    605000 | PA      | $609094.36    | 0.34%             | 2027-01-12      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY             | Nationwide Building Society                               | CUSIP: 63861VAL1<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    294000 | PA      | $294693.98    | 0.17%             | 2029-07-14      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                     | Danske Bank A/S                                           | CUSIP: 23636AAZ4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    200000 | PA      | $199287.12    | 0.11%             | 2026-09-11      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                  | Macquarie Bank Ltd                                        | CUSIP: 55608PBY9<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    540000 | PA      | $541671.00    | 0.31%             | 2028-06-12      | Floating      | 5.08%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL              | Banque Federative du Credit Mutuel SA                     | CUSIP: 06675DCR1<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    330000 | PA      | $330942.86    | 0.19%             | 2028-10-16      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                 | American Tower Corp                                       | CUSIP: 03027XAK6<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     77000 | PA      | $75985.09     | 0.04%             | 2026-10-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MUTUAL OF OMAHA GLOBAL              | Mutual of Omaha Cos Global Funding                        | CUSIP: 62829D2A7<br>LEI: 635400AL5J3F1ZPTAN95 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253355.43    | 0.14%             | 2026-07-27      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC            | Microchip Technology Inc                                  | CUSIP: 595017BA1<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |    220000 | PA      | $219852.38    | 0.12%             | 2025-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                    | Societe Generale SA                                       | CUSIP: 83368RAK8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $198225.14    | 0.11%             | 2027-01-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP              | Mizuho Financial Group Inc                                | CUSIP: 60687YAA7<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    300000 | PA      | $299558.82    | 0.17%             | 2025-10-20      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS LP           | MID-AMERICA APARTMENTS LP                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    273000 | PA      | $272793.09    | 0.15%             | 2025-08-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CVS CORP                            | CVS HEALTH CORP                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $248035.08    | 0.14%             | 2025-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                               | CUSIP: 38141GC85<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    345000 | PA      | $348134.42    | 0.20%             | 2028-04-23      | Floating      | 5.62%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                | WEC Energy Group Inc                                      | CUSIP: 92939UAM8<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    214000 | PA      | $216271.38    | 0.12%             | 2026-09-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                      | CUSIP: 06051GLV9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    753000 | PA      | $764463.54    | 0.43%             | 2027-09-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                | Royal Bank of Canada                                      | CUSIP: 78016HZR4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    280000 | PA      | $282126.59    | 0.16%             | 2026-07-20      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA            | Volkswagen Group of America Finance LLC                   | CUSIP: 928668CD2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    595000 | PA      | $595574.91    | 0.34%             | 2026-03-20      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL              | NextEra Energy Capital Holdings Inc                       | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100519.81    | 0.06%             | 2027-09-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON NATIONAL BANK            | Huntington National Bank/The                              | CUSIP: 44644MAL5<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |    830000 | PA      | $830094.53    | 0.47%             | 2028-04-12      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                         | BNP Paribas SA                                            | CUSIP: 09659W3B8<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    695000 | PA      | $703113.44    | 0.40%             | 2029-05-09      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING               | Athene Global Funding                                     | CUSIP: 04685A4E8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    871000 | PA      | $875311.90    | 0.49%             | 2027-01-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| KEYCORP                             | KeyCorp                                                   | CUSIP: 49326EEH2<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |    635000 | PA      | $634114.77    | 0.36%             | 2025-10-29      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                               | CUSIP: 38145GAN0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    195000 | PA      | $195154.49    | 0.11%             | 2026-08-10      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                  | Realty Income Corp                                        | CUSIP: 756109BF0<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    619000 | PA      | $619762.79    | 0.35%             | 2026-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                   | CUSIP: 44891ADJ3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    249000 | PA      | $249388.37    | 0.14%             | 2027-09-24      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST              | Commonwealth Bank of Australia                            | CUSIP: 2027A0HR3<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    620000 | PA      | $619226.61    | 0.35%             | 2025-12-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC             | Jefferies Financial Group Inc                             | CUSIP: 47233WHZ5<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    845000 | PA      | $844678.55    | 0.48%             | 2026-02-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                        | Barclays PLC                                              | CUSIP: 06738EBZ7<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $499999.97    | 0.28%             | 2026-08-09      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| O'REILLY AUTOMOTIVE INC             | O'REILLY AUTOMOTIVE INC                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    523000 | PA      | $522466.33    | 0.29%             | 2025-08-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                  | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    285000 | PA      | $284859.88    | 0.16%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| SIEMENS FUNDING BV                  | Siemens Funding BV                                        | CUSIP: 82622RAB2<br>LEI: 213800CCRGH2TO338X64 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $200558.00    | 0.11%             | 2028-05-26      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                | Mercedes-Benz Finance North America LLC                   | CUSIP: 58769JBE6<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    260000 | PA      | $262225.88    | 0.15%             | 2028-03-31      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                  | CUSIP: 53944YBC6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    345000 | PA      | $348823.66    | 0.20%             | 2028-11-26      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                    | Deutsche Bank AG/New York NY                              | CUSIP: 25160PAN7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    744000 | PA      | $760621.54    | 0.43%             | 2027-07-13      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| BPCE SA                             | BPCE SA                                                   | CUSIP: 05571AAN5<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $250292.98    | 0.14%             | 2025-09-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW YORK MELLON             | Bank of New York Mellon/The                               | CUSIP: 06405LAF8<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250340.52    | 0.14%             | 2027-04-20      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA              | Daimler Truck Finance North America LLC                   | CUSIP: 233853BB5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    355000 | PA      | $355459.81    | 0.20%             | 2028-01-13      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Chase Auto Owner Trust              | Chase Auto Owner Trust 2024-3                             | CUSIP: 16144LAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    171247 | PA      | $171644.59    | 0.10%             | 2027-09-27      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I             | Metropolitan Life Global Funding I                        | CUSIP: 592179KM6<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300552.15    | 0.17%             | 2027-06-11      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                       | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    370000 | PA      | $370490.02    | 0.21%             | 2028-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                      | Starbucks Corp                                            | CUSIP: 855244BE8<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    555000 | PA      | $555074.62    | 0.31%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG            | Banco Bilbao Vizcaya Argentaria SA                        | CUSIP: 05946KAJ0<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $199083.22    | 0.11%             | 2025-09-18      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                  | CUSIP: 539439BD0<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201210.74    | 0.11%             | 2029-06-13      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING             | Corebridge Global Funding                                 | CUSIP: 00138CAW8<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |    510000 | PA      | $513595.88    | 0.29%             | 2026-09-25      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                      | Air Lease Corp                                            | CUSIP: 00914AAJ1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    719000 | PA      | $712827.67    | 0.40%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                  | Banco Santander SA                                        | CUSIP: 05964HBE4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    600000 | PA      | $605312.40    | 0.34%             | 2028-07-15      | Floating      | 5.44%                 | No            |                  2 | On Loan: No      |
| Harley-Davidson Motorcycle Tru      | Harley-Davidson Motorcycle Trust 2024-A                   | CUSIP: 412922AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     77693 | PA      | $77773.04     | 0.04%             | 2027-02-16      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BELL CANADA INTERNATIONAL           | BELL CANADA INTERNATIONAL                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $418540.37    | 0.24%             | 2025-08-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA              | Daimler Truck Finance North America LLC                   | CUSIP: 233853AX8<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300917.82    | 0.17%             | 2027-09-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                         | PNC Bank NA                                               | CUSIP: 69353RFX1<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    275000 | PA      | $275137.66    | 0.16%             | 2027-01-15      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                       | CUSIP: 46647PEF9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    537000 | PA      | $539636.93    | 0.30%             | 2028-04-22      | Floating      | 5.24%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP 8/5/25               | AIR LEASE CORP 8/5/25                                     | CUSIP: 00913WV51<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $249836.75    | 0.14%             | 2025-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK             | National Australia Bank Ltd                               | CUSIP: 632525BQ3<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $250863.50    | 0.14%             | 2027-06-11      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO              | General Motors Financial Co Inc                           | CUSIP: 37045XEW2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    350000 | PA      | $349441.25    | 0.20%             | 2027-07-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                 | Bank of Nova Scotia/The                                   | CUSIP: 064159HB5<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    230000 | PA      | $229818.11    | 0.13%             | 2025-12-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                      | CUSIP: 06051GKH1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    135000 | PA      | $136318.60    | 0.08%             | 2028-02-04      | Floating      | 5.39%                 | No            |                  2 | On Loan: No      |
| Huntington Auto Trust               | Huntington Auto Trust 2024-1                              | CUSIP: 446144AC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     18457 | PA      | $18469.32     | 0.01%             | 2027-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobi      | GM Financial Consumer Automobile Receivables Trust 2022-2 | CUSIP: 362585AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42678 | PA      | $42565.75     | 0.02%             | 2027-02-16      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| CRH AMERICA FINANCE INC             | CRH AMERICA FINANCE INC                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    515000 | PA      | $513099.55    | 0.29%             | 2025-08-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                    | Deutsche Bank AG/New York NY                              | CUSIP: 25160PAH0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    370000 | PA      | $358995.80    | 0.20%             | 2028-01-07      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                       | DTE Energy Co                                             | CUSIP: 233331BM8<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60559.32     | 0.03%             | 2027-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                      | Home Depot Inc/The                                        | CUSIP: 437076CY6<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    155000 | PA      | $155123.16    | 0.09%             | 2025-12-24      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| BELL CANADA                         | BELL CANADA                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    485000 | PA      | $483737.59    | 0.27%             | 2025-08-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                   | NatWest Group PLC                                         | CUSIP: 639057AJ7<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    892000 | PA      | $897966.87    | 0.51%             | 2027-03-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                  | Credit Agricole SA                                        | CUSIP: 22534PAE3<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    435000 | PA      | $439777.07    | 0.25%             | 2026-07-05      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                    | Georgia Power Co                                          | CUSIP: 373334KZ3<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    160000 | PA      | $160010.15    | 0.09%             | 2026-09-15      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTER 08/05/2025           | MARRIOTT INTER 08/05/2025                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    385000 | PA      | $384752.71    | 0.22%             | 2025-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KROGER CO                           | Kroger Co/The                                             | CUSIP: 501044DC2<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198869.30    | 0.11%             | 2026-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CO 09/26/2025           | DUKE ENERGY CO 09/26/2025                                 | CUSIP: 26244HWS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $496400.30    | 0.28%             | 2025-09-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                      | Starbucks Corp                                            | CUSIP: 855244AQ2<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    555000 | PA      | $554772.58    | 0.31%             | 2025-08-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                | Boston Properties LP                                      | CUSIP: 10112RAX2<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    724000 | PA      | $720205.93    | 0.41%             | 2026-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust             | Carmax Auto Owner Trust 2022-2                            | CUSIP: 14317HAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     32033 | PA      | $31969.32     | 0.02%             | 2027-02-16      | Fixed         | 3.49%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE 0.00 08AUG25 | ALEXANDRIA REAL ESTATE 0.00 08AUG25                       | CUSIP: 01527LV85<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    630000 | PA      | $629363.70    | 0.35%             | 2025-08-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CARGILL INC                         | Cargill Inc                                               | CUSIP: 141781CC6<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |    370000 | PA      | $370225.39    | 0.21%             | 2028-02-11      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                       | UniCredit SpA                                             | CUSIP: 904678AB5<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    210000 | PA      | $209556.12    | 0.12%             | 2027-04-12      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                          | Kenvue Inc                                                | CUSIP: 49177JAD4<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    220000 | PA      | $221009.76    | 0.12%             | 2026-03-22      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| VULCAN MATERIALS CO                 | VULCAN MATERIALS CO                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1128000 | PA      | $1127141.37   | 0.64%             | 2025-08-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SKANDINAVISKA ENSKILDA              | Skandinaviska Enskilda Banken AB                          | CUSIP: 830505BC6<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |    540000 | PA      | $543517.23    | 0.31%             | 2028-06-02      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG            | New York Life Global Funding                              | CUSIP: 64953BBL1<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    955000 | PA      | $959112.81    | 0.54%             | 2027-04-02      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                   | Hyatt Hotels Corp                                         | CUSIP: 448579AF9<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    353000 | PA      | $353113.30    | 0.20%             | 2026-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE              | American Honda Finance Corp                               | CUSIP: 02665WGA3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    210000 | PA      | $210302.96    | 0.12%             | 2026-12-11      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                    | ABN AMRO Bank NV                                          | CUSIP: 00084DBJ8<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    335000 | PA      | $335882.12    | 0.19%             | 2028-07-07      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                | Royal Bank of Canada                                      | CUSIP: 78016HZY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    890000 | PA      | $892690.99    | 0.50%             | 2027-07-23      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                      | CUSIP: 06051GMN6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    539000 | PA      | $539973.99    | 0.30%             | 2029-01-24      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                 | Bank of Nova Scotia/The                                   | CUSIP: 06418GAG2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    671000 | PA      | $674024.70    | 0.38%             | 2027-06-04      | Floating      | 5.12%                 | 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        |     89579 | PA      | $89330.84     | 0.05%             | 2027-04-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                  | Macquarie Bank Ltd                                        | CUSIP: 55608PBQ6<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    465000 | PA      | $472020.04    | 0.27%             | 2026-12-07      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                  | CUSIP: 53944YAW3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201906.82    | 0.11%             | 2027-08-07      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| UDR INC                             | UDR INC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    680000 | PA      | $678180.12    | 0.38%             | 2025-08-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                  | Banco Santander SA                                        | CUSIP: 05964HBA2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $202927.69    | 0.11%             | 2028-03-14      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                 | Macquarie Group Ltd                                       | CUSIP: 55608JBF4<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    436000 | PA      | $436066.60    | 0.25%             | 2026-08-09      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG            | New York Life Global Funding                              | CUSIP: 64953BBV9<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    345000 | PA      | $348449.71    | 0.20%             | 2028-04-25      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                             | CUSIP: 097023BR5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244858.39    | 0.14%             | 2026-06-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP 0%, due                 | ORACLE CORP 0%, due                                       | CUSIP: 6840C2VU6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $418512.74    | 0.24%             | 2025-08-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                 | American Express Co                                       | CUSIP: 025816DL0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    556000 | PA      | $558218.68    | 0.31%             | 2026-10-30      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | CUSIP: 00774MAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    309000 | PA      | $304849.26    | 0.17%             | 2026-01-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                | Westpac Banking Corp                                      | CUSIP: 961214FX6<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   1020000 | PA      | $1021643.24   | 0.58%             | 2026-10-20      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL LFE GLB FND II            | Principal Life Global Funding II                          | CUSIP: 74256LFA2<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |     97000 | PA      | $97224.11     | 0.05%             | 2027-08-19      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC              | GE HealthCare Technologies Inc                            | CUSIP: 36267VAD5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    431000 | PA      | $431779.77    | 0.24%             | 2025-11-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE OP CO                | Public Storage Operating Co                               | CUSIP: 74464AAA9<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |    380000 | PA      | $380807.49    | 0.21%             | 2027-04-16      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE            | Caterpillar Financial Services Corp                       | CUSIP: 14913UAP5<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    145000 | PA      | $145788.39    | 0.08%             | 2026-10-16      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| CVS CORP                            | CVS HEALTH CORP                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    562000 | PA      | $561924.80    | 0.32%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK              | Canadian Imperial Bank of Commerce                        | CUSIP: 13607PHU1<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    402000 | PA      | $404012.98    | 0.23%             | 2027-09-11      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATION                | MARRIOTT INTERNATION                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $248726.85    | 0.14%             | 2025-09-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                  | Credit Agricole SA                                        | CUSIP: 22535WAL1<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    465000 | PA      | $464880.36    | 0.26%             | 2028-09-11      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE GLOBAL              | Protective Life Global Funding                            | CUSIP: 74368CBZ6<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |    450000 | PA      | $450351.70    | 0.25%             | 2027-09-13      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                        | UBS Group AG                                              | CUSIP: 225401AF5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    460000 | PA      | $452686.24    | 0.26%             | 2029-01-12      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                | BOSTON PROPERTIES LP                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $289070.17    | 0.16%             | 2025-08-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Tr      | World Omni Auto Receivables Trust 2024-A                  | CUSIP: 98164RAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    795000 | PA      | $797932.68    | 0.45%             | 2029-03-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| BANK OF IRELAND GROUP               | Bank of Ireland Group PLC                                 | CUSIP: 06279JAC3<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |    706000 | PA      | $707279.31    | 0.40%             | 2026-09-16      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING CO L           | PENSKE TRUCK LEASING CO L                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    505000 | PA      | $504610.54    | 0.28%             | 2025-08-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DOMINION 3/27/2008 3.20%            | DOMINION RES I 08/06/2025                                 | CUSIP: 2574P0V68<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    917000 | PA      | $916308.12    | 0.52%             | 2025-08-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                        | Broadcom Inc                                              | CUSIP: 11135FCE9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    157000 | PA      | $158829.67    | 0.09%             | 2028-04-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-                | ALIMENTATION COUCHE-                                      | CUSIP: 01626UVE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    329000 | PA      | $328406.16    | 0.19%             | 2025-08-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                        | UBS Group AG                                              | CUSIP: 225401BC1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $204749.02    | 0.12%             | 2027-12-22      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC              | UnitedHealth Group Inc                                    | CUSIP: 91324PFE7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    411000 | PA      | $411996.37    | 0.23%             | 2026-07-15      | Floating      | 4.83%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP                  | ESSEX PORTFOLIO LP                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $524529.08    | 0.30%             | 2025-08-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                        | CaixaBank SA                                              | CUSIP: 12803RAB0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    968000 | PA      | $988125.26    | 0.56%             | 2027-09-13      | Fixed         | 6.68%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                 | American Express Co                                       | CUSIP: 025816DD8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     19000 | PA      | $19037.06     | 0.01%             | 2026-02-13      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANK NA                 | Fifth Third Bank NA                                       | CUSIP: 31677QBU2<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503166.97    | 0.28%             | 2028-01-28      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS            | Santander UK Group Holdings PLC                           | CUSIP: 80281LAS4<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $301764.03    | 0.17%             | 2026-11-21      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                          | CUSIP: 91282CKK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2105000 | PA      | $2114445.72   | 1.19%             | 2026-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN            | Rogers Communications Inc                                 | CUSIP: 775109BE0<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    160000 | PA      | $159461.46    | 0.09%             | 2025-12-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MONDELEZ INTERNATIONAL              | Mondelez International Inc                                | CUSIP: 609207BF1<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |    645000 | PA      | $643044.93    | 0.36%             | 2028-05-06      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                  | BMW US Capital LLC                                        | CUSIP: 05565ECU7<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    260000 | PA      | $260930.79    | 0.15%             | 2027-03-19      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| RTX CORP                            | RTX CORP                                                  | CUSIP: 78109FV66<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    499000 | PA      | $498619.31    | 0.28%             | 2025-08-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION            | Sabine Pass Liquefaction LLC                              | CUSIP: 785592AV8<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     77000 | PA      | $77375.57     | 0.04%             | 2026-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA              | Morgan Stanley Bank NA                                    | CUSIP: 61690U8D5<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    384000 | PA      | $386336.71    | 0.22%             | 2028-07-14      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP             | John Deere Capital Corp                                   | CUSIP: 24422EYA1<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    425000 | PA      | $426100.66    | 0.24%             | 2028-03-06      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE            | Caterpillar Financial Services Corp                       | CUSIP: 14913UAT7<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    643000 | PA      | $643667.97    | 0.36%             | 2027-11-15      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES              | PNC Financial Services Group Inc/The                      | CUSIP: 693475BL8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    820000 | PA      | $820173.72    | 0.46%             | 2027-01-26      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL              | NextEra Energy Capital Holdings Inc                       | CUSIP: 65339KAT7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    470000 | PA      | $462872.28    | 0.26%             | 2027-05-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                         | PNC Bank NA                                               | CUSIP: 69353RFZ6<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250032.19    | 0.14%             | 2028-07-21      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                        | ING Groep NV                                              | CUSIP: 456837BF9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $203100.93    | 0.11%             | 2027-09-11      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                  | Realty Income Corp                                        | CUSIP: 756109AZ7<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    400000 | PA      | $390394.42    | 0.22%             | 2026-03-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| TARGET CORP                         | Target Corp                                               | CUSIP: 87612EBU9<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |    283000 | PA      | $283902.90    | 0.16%             | 2028-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| USB Auto Owner Trust                | USB Auto Owner Trust 2025-1                               | CUSIP: 90367VAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    206000 | PA      | $206121.87    | 0.12%             | 2028-06-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP               | Truist Financial Corp                                     | CUSIP: 89788MAJ1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    570000 | PA      | $571516.30    | 0.32%             | 2026-10-28      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| AGREE LP 0 8/25                     | AGREE LP 0 8/25                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1042000 | PA      | $1041861.73   | 0.59%             | 2025-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                           | ONEOK Inc                                                 | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    414000 | PA      | $418459.44    | 0.24%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA            | Cooperatieve Rabobank UA                                  | CUSIP: 21684AAC0<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    410000 | PA      | $409988.53    | 0.23%             | 2025-08-04      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OWENS CORNING                       | Owens Corning                                             | CUSIP: 690742AN1<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |    145000 | PA      | $147527.91    | 0.08%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-24

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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