# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-26-026043
**Filing Date:** 2026-6
**Character Count:** 357723
**Document Hash:** ff70ea031810f062f042efbbae1a8e66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-026043.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0000940400-26-026043

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**PERIOD START**: 20260731

**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:** 261127335

**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

### Franklin Municipal High Yield ETF (Series ID: S000094552)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000263085 | Franklin Municipal High Yield ETF |  |

## Nport-Ex

Schedule of Investments (unaudited)

April 30, 2026

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

 **Franklin Municipal High Yield ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 91.8%** | **Municipal Bonds — 91.8%** | **Municipal Bonds — 91.8%** | **Municipal Bonds — 91.8%** | **Municipal Bonds — 91.8%** |
| *Alabama — 0.4%* | *Alabama — 0.4%* | *Alabama — 0.4%* | *Alabama — 0.4%* | *Alabama — 0.4%* |
| &nbsp;&nbsp;&nbsp; Baldwin County, AL, IDA Revenue, Solid Waste Disposal Bonds, Novelis <br> Corp., Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; $1250000 | &nbsp;&nbsp;&nbsp; $1277802<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority, AL, Cooperative District Energy Supply Revenue, <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp; 881278<br> <sup>(c)(d)</sup><br>|
| *Total Alabama* | *Total Alabama* | *Total Alabama* | *Total Alabama* | &nbsp;&nbsp; *2159080* |
| *Arizona — 2.6%* | *Arizona — 2.6%* | *Arizona — 2.6%* | *Arizona — 2.6%* | *Arizona — 2.6%* |
| &nbsp;&nbsp;&nbsp; Arizona State IDA Education Revenue, Public Charter Schools, Jerome Facility <br> Project, Series B  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1644231<br>|
| &nbsp;&nbsp;&nbsp; Maricopa County, AZ, IDA Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon University Project | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp; 3890361<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Community Learning Center Project, Series 2016, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1501287<br>|
| &nbsp;&nbsp;&nbsp; Phoenix, AZ, IDA Education Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 716248<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pima County, AZ, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La Posada at Pusch Ridge Project, Senior Living, Series A | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp; 1133141<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La Posada at Pusch Ridge Project, Senior Living, Series A | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1079486<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La Posada at Pusch Ridge Project, Senior Living, Series A | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 528981<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La Posada at Pusch Ridge Project, Senior Living, Series A | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 11/15/57 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; 1752239<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sierra Vista, AZ, IDA Revenue, American Leadership Academy Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 585407<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Yavapai County, AZ, IDA Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ariona Agribusiness & Equine Center Inc., Project, Series 2012 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp; 1045319<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ariona Agribusiness & Equine Center Inc., Project, Series 2015, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/34 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp; 460096<br> <sup>(a)</sup><br>|
| *Total Arizona* | *Total Arizona* | *Total Arizona* | *Total Arizona* | &nbsp;&nbsp; *14336796* |
| *Arkansas — 0.1%* | *Arkansas — 0.1%* | *Arkansas — 0.1%* | *Arkansas — 0.1%* | *Arkansas — 0.1%* |
| &nbsp;&nbsp;&nbsp; Arkansas State Development Finance Authority Hospital Revenue, <br> Washington Regional Medical Center, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; *843678*<br>|
| *California — 7.2%* | *California — 7.2%* | *California — 7.2%* | *California — 7.2%* | *California — 7.2%* |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Finance Agency I, Essential Housing Revenue, Mix at CTR City, <br> Social Bonds, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 2699327<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Finance Agency VII, Essential Housing Revenue, Breakwater <br> Apartments, Senior Bonds, Series 2021 A-1 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/56 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1381366<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Community Housing Agency Essential Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aster, Senior Bonds, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 3275000 | &nbsp;&nbsp;&nbsp; 2726718<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Arbors, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 905000 | &nbsp;&nbsp;&nbsp; 848553<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Infrastructure & Economic Development Bank Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightline West Passenger Rail Project, Series B, Refunding | &nbsp;&nbsp; 12.000% | &nbsp;&nbsp; 5/31/26 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp; 66700<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WFCS Portfolio Project, CAB, Series 2021 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/61 | &nbsp;&nbsp; 7250000 | &nbsp;&nbsp;&nbsp; 621756<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA Educational Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westside Neighborhood School Project, Series 2024 | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 626963<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westside Neighborhood School Project, Series 2024 | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1153877<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catalyst Impact Fund Housing, Series B | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/1/39 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1779627<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Certificates, Series A-2 | &nbsp;&nbsp; 3.537% | &nbsp;&nbsp; 2/20/41 | &nbsp;&nbsp; 2969123 | &nbsp;&nbsp;&nbsp; 2570503<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Certificates, Series B | &nbsp;&nbsp; 3.537% | &nbsp;&nbsp; 6/20/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 627472<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Public Finance Authority: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Living Revenue, Enso Village Project, Green Bond, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/46 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 469427<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2026

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Living Revenue, Enso Village Project, Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; $750000 | &nbsp;&nbsp;&nbsp; $757471<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Public Finance Authority, Senior Living Revenue, Enso Village <br> Project, Green Bond, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 898473<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State School Finance Authority Revenue, Vista Charter Public <br> School, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/61 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 372688<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; California Statewide CDA Community Improvement Authority Essential <br> Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Orange, Social Bond, Series A-2 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/1/57 | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; 1923434<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dublin, Social Bonds, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/1/57 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 3860478<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dublin, Social Bonds, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/57 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1135108<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson-Anaheim, Social Bonds | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 1305000 | &nbsp;&nbsp;&nbsp; 1212245<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson-Anaheim, Social Bonds | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 8/1/56 | &nbsp;&nbsp; 9400000 | &nbsp;&nbsp;&nbsp; 6958325<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pasadena, Social Bonds | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/56 | &nbsp;&nbsp; 4900000 | &nbsp;&nbsp;&nbsp; 3394994<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Golden State, CA, Connect Telecommunications Authority Revenue, <br> Broadband Project, Series 2025  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 12/1/60 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp; 909654<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunnyvale, CA, Community Facilities District No 1, Special Tax Revenue, <br> Refunding  | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 2745000 | &nbsp;&nbsp;&nbsp; 2754399<br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *39749558* |
| *Colorado — 2.3%* | *Colorado — 2.3%* | *Colorado — 2.3%* | *Colorado — 2.3%* | *Colorado — 2.3%* |
| &nbsp;&nbsp;&nbsp; Aurora, CO, Crossroads Metropolitan District No 2, GO, Convertible CAB, <br> Series A-1, Refunding, Step bond (0.000% to 12/1/27 then 6.250%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp; 505336<br>|
| &nbsp;&nbsp;&nbsp; Colorado State Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bethesda Project, Second Tier, Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/59 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 653845<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Christian Living Neighborhoods, Improvement & Refunding Revenue, <br> Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 550407<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenant Living Communities & Services, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1431842<br>|
| &nbsp;&nbsp;&nbsp; Colorado State Health Facilities Authority, Improvement & Refunding <br> Revenue, Christian Living Neighborhoods, Series 2021, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 962055<br>|
| &nbsp;&nbsp;&nbsp; Copperleaf,CO, Metropolitan District No 5, GO, Series A, Refunding  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 509356<br>|
| &nbsp;&nbsp;&nbsp; Douglas County, CO, Canyons Metropolitan District No 5, GO, City of Castle <br> Pines, Series B, Refunding  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 12/15/54 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 701294<br>|
| &nbsp;&nbsp;&nbsp; E-470 Public Highway Authority Revenue, CO, CAB, Series A, Refunding  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 555496<br>|
| &nbsp;&nbsp;&nbsp; Prairie Center, CO, Metropolitan District No 3, GO, Series A, Refunding  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/15/46 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 2216536<br>|
| &nbsp;&nbsp;&nbsp; Raindance, CO, Metropolitan District No 1, Non-Potable Water System <br> Revenue, Series 2020  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp; 1345265<br>|
| &nbsp;&nbsp;&nbsp; Sky Dance, CO, Metropolitan District No 2, GO, Series A  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp; 797434<br>|
| &nbsp;&nbsp;&nbsp; STC, CO, Metropolitan District No 2, GO, Series A-2, Refunding  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 504602<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sterling Ranch, CO, Community Authority Board, Sterling Ranch Metropolitan <br> District No 1, Special Assessment Revenue  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 424000 | &nbsp;&nbsp;&nbsp; 439274<br>|
| &nbsp;&nbsp;&nbsp; Trails at Crowfoot, CO, Metropolitan District No 31, GO, Series B, Refunding  | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 12/15/52 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 702355<br>|
| &nbsp;&nbsp;&nbsp; Windler, CO, Public Improvement Authority Revenue, Series A-1  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 766486<br>|
| *Total Colorado* | *Total Colorado* | *Total Colorado* | *Total Colorado* | &nbsp;&nbsp; *12641583* |
| *Connecticut — 0.3%* | *Connecticut — 0.3%* | *Connecticut — 0.3%* | *Connecticut — 0.3%* | *Connecticut — 0.3%* |
| &nbsp;&nbsp;&nbsp; Connecticut State HEFA Revenue, Healthcare Facility Expansion Issue, Church <br> Home of Hartford Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 991552<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Stamford, CT, Housing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mozaic Concierge Living Project, Series A, Refunding | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; 195542<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Connecticut — continued* | *Connecticut — continued* | *Connecticut — continued* | *Connecticut — continued* | *Connecticut — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mozaic Concierge Living Project, Series A, Refunding | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; $235000 | &nbsp;&nbsp;&nbsp; $243055<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mozaic Concierge Living Project, Series A, Refunding | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/1/60 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 171958<br>|
| *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | &nbsp;&nbsp; *1602107* |
| *Delaware — 1.3%* | *Delaware — 1.3%* | *Delaware — 1.3%* | *Delaware — 1.3%* | *Delaware — 1.3%* |
| &nbsp;&nbsp;&nbsp; Delaware State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Schools Revenue, Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 700125<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Schools Revenue, Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp;&nbsp; 1704254<br>|
| &nbsp;&nbsp;&nbsp; Town of Bridgeville, DE, Special Tax Revenue, Heritage Shores Special <br> Development District  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp; 1529511<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Town of Millsboro, DE, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plantation Lakes Special Development District, Series 2018, Refunding | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp;&nbsp; 1499935<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plantation Lakes Special Development District, Series 2018, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 1995000 | &nbsp;&nbsp;&nbsp; 1964947<br> <sup>(a)</sup><br>|
| *Total Delaware* | *Total Delaware* | *Total Delaware* | *Total Delaware* | &nbsp;&nbsp; *7398772* |
| *District of Columbia — 1.2%* | *District of Columbia — 1.2%* | *District of Columbia — 1.2%* | *District of Columbia — 1.2%* | *District of Columbia — 1.2%* |
| &nbsp;&nbsp;&nbsp; District of Columbia Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingleside Rock Creek Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 3170000 | &nbsp;&nbsp;&nbsp; 2909525<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Project, Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 225118<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latin American Montessori Bilingual Public Charter School Issue, <br> Series 2020, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1996861<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latin American Montessori Bilingual Public Charter School Issue, <br> Series 2020, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 685294<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocketship DC Obligated Group, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/61 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 572562<br> <sup>(a)</sup><br>|
| *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | &nbsp;&nbsp; *6389360* |
| *Florida — 14.9%* | *Florida — 14.9%* | *Florida — 14.9%* | *Florida — 14.9%* | *Florida — 14.9%* |
| &nbsp;&nbsp;&nbsp; Acacia Fields, FL, Community Development District, Special Assessment <br> Revenue, Series 2026  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 6/15/56 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 398132<br>|
| &nbsp;&nbsp;&nbsp; Bella Collina, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp; 688095<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp; 901730<br>|
| &nbsp;&nbsp;&nbsp; Bella Tara, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 205546<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Master Infrastructure Project, Series 2025 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 513455<br>|
| &nbsp;&nbsp;&nbsp; Bridle Creek, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area, Series 2025  | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 487508<br>|
| &nbsp;&nbsp;&nbsp; Brightshore, FL, Community Development District, Special Assessment <br> Revenue, Series 2026  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/57 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp; 329155<br>|
| &nbsp;&nbsp;&nbsp; Capital Trust Agency, AL Educational Facilities Revenue, Liza Jackson <br> Preparatory School Inc., Project, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 924938<br>|
| &nbsp;&nbsp;&nbsp; Capital Trust Authority, AL Educational Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academir Charter Schools Inc., Project, Series A | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 1720000 | &nbsp;&nbsp;&nbsp; 1745093<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Classical Academy of Sarasota Project, Series 2025 | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 7/1/60 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; 819394<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Institute of Technology Project, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; 373611<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caymas, FL, Community Development District, Special Assessment Revenue, <br> Assessment Area Two, Series 2026  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 295841<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2026

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Cedar Crossings, FL, Community Development District, Special Assessment <br> Revenue, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; $370000 | &nbsp;&nbsp;&nbsp; $359585<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charlotte County, FL, IDA Revenue, Town & Country Utilities Project, <br> Series 2025  | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 439021<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Connerton, FL, East Community Development District, Special Assessment <br> Revenue, Assessment Area Three  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/55 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 349414<br>|
| &nbsp;&nbsp;&nbsp; Curiosity Creek, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 288492<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cypress Bluff, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project, Series 2025  | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1491534<br>|
| &nbsp;&nbsp;&nbsp; Cypress Reserve, FL, Community Development District, Special Assessment <br> Revenue, Capital Improvement Bonds, Series 2025  | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; 215121<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deering Park, FL, Stewardship District, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 419511<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp; 314254<br>|
| &nbsp;&nbsp;&nbsp; Del Webb Oak Creek, FL, Community Development District, Special <br> Assessment Revenue, Project Area, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp; 566461<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; EA McKinnon Groves, FL, Community Development District, Special <br> Assessment Revenue, Project Area, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp; 667053<br>|
| &nbsp;&nbsp;&nbsp; East Nassau, FL, Stewardship District, Special Assessment Revenue, <br> Series 2025  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 978828<br>|
| &nbsp;&nbsp;&nbsp; East Palm Drive, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two, Series 2026  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 6/15/56 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp; 319423<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Feed Mill, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project, Series 2025  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 601778<br>|
| &nbsp;&nbsp;&nbsp; Firethorn, FL, Community Development District, Special Assessment Revenue, <br> Series 2025  | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 543045<br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Educational Facilities Revenue, Drs. <br> Kiran & Pallavi Patel 2017 Foundation for Global Understanding Inc., Project, <br> Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 1864601<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Healthcare Facilities Revenue, UF <br> Health Jacksonville Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/52 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3301892<br>|
| &nbsp;&nbsp;&nbsp; Florida State HEFA Revenue, Saint Leo University Project, Series 2019, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/49 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1449449<br>|
| &nbsp;&nbsp;&nbsp; Florida State Local Government Finance Commission: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities Revenue, Bridgeprep Academy Projects, Series A | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/65 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp; 3129875<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Living, Fleet Landing at Nocatee Project, Series A | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 365578<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fox Branch, FL, Ranch Community Development District, Special Assessment <br> Revenue, Assessment Area One Project, Series 2025  | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; 482272<br>|
| &nbsp;&nbsp;&nbsp; Gardens at Hammock Beach, FL, Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2024 | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; 528084<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One, Series 2024 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp; 313095<br>|
| &nbsp;&nbsp;&nbsp; Gas Worx, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 103467<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 103486<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/57 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; 269949<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; GIR East, FL, Community Development District, Special Assessment Revenue, <br> Assessment Area One Project, Series 2025  | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; $700000 | &nbsp;&nbsp;&nbsp; $704545<br>|
| &nbsp;&nbsp;&nbsp; Governors Park South, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area One Project, Series 2025  | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; 851950<br>|
| &nbsp;&nbsp;&nbsp; Groves at Lake Marion, FL, Community Development District, Special <br> Assessment Revenue  | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 12/15/55 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp; 468788<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Harvest Hills South, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area One  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 172485<br>|
| &nbsp;&nbsp;&nbsp; Highland Park, FL, Community Development District, Special Assessment <br> Revenue, Series 2026  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; 383084<br>|
| &nbsp;&nbsp;&nbsp; Highland Trails, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two  | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; 163795<br>|
| &nbsp;&nbsp;&nbsp; Hills of Minneola, FL, Community Development District, Special Assessment <br> Revenue, North Parcel Assessment Area Two  | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp; 345204<br>|
| &nbsp;&nbsp;&nbsp; Hobe-St. Lucie, FL, Conservancy District, Special Assessment Revenue, <br> Series 2024  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1020150<br>|
| &nbsp;&nbsp;&nbsp; Hunt Club Grove, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two  | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 12/15/55 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp; 311465<br>|
| &nbsp;&nbsp;&nbsp; Hyde Park No 1, FL, Community Development District, Special Assessment <br> Revenue, Series 2026  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp; 493035<br>|
| &nbsp;&nbsp;&nbsp; Kings Creek I, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 103561<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 228587<br>|
| &nbsp;&nbsp;&nbsp; Kingston One, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 363790<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/57 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 816113<br>|
| &nbsp;&nbsp;&nbsp; Kissimmee Park, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Improvement, Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp; 796491<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Improvement, Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 821529<br>|
| &nbsp;&nbsp;&nbsp; Lake Flores, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area, Series 2026  | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1210281<br>|
| &nbsp;&nbsp;&nbsp; Lakeside at Satilla, FL, Community Development District, Special Assessment <br> Revenue, Capital Improvement, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200663<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, FL, Special Assessment Revenue, <br> Northeast Sector Project - Phase 1A, Series 2018  | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 2530000 | &nbsp;&nbsp;&nbsp; 2530515<br>|
| &nbsp;&nbsp;&nbsp; Lakewood Ranch, FL, Stewardship District, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Sector Project, Series 2018 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/39 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1284536<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Sector Project, Series 2020, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 416653<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Grove Project, Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 767364<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Farms at Lakewood Ranch Project, Series 2024 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; 189494<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Farms at Lakewood Ranch Project, Series 2024 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp; 503600<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Star Farms at Lakewood Ranch Project, Series 2024 | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; 537237<br>|
| &nbsp;&nbsp;&nbsp; Landings, FL, Community Development District, Special Assessment Revenue, <br> Series 2024  | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 854342<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2026

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Lee County, FL, IDA, Healthcare Facilities Revenue, Shell Point Obligated <br> Group Project, Series C  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp; $484171<br>|
| &nbsp;&nbsp;&nbsp; Lowery Hills, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One Project, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 735543<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; LT Ranch South, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two, Series 2026  | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 226143<br>|
| &nbsp;&nbsp;&nbsp; Metropica, FL, Community Development District, Special Assessment <br> Revenue, BAN, Assessment Area One - Master Infrastructure Project, <br> Series 2026  | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp; 404970<br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, IDA Revenue, Pinecrest Academy Inc.  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 1980000 | &nbsp;&nbsp;&nbsp; 1981012<br>|
| &nbsp;&nbsp;&nbsp; Middleton, FL, Community Development District, Special Assessment <br> Revenue, Series A  | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 5/1/53 | &nbsp;&nbsp; 1345000 | &nbsp;&nbsp;&nbsp; 1397646<br>|
| &nbsp;&nbsp;&nbsp; Northlake, FL, Stewardship District, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rye Ranch Pod C1 – Assessment Area One | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 130813<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rye Ranch Pod C1 – Assessment Area One | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 359545<br>|
| &nbsp;&nbsp;&nbsp; Northridge, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 284586<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 279586<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Okaloosa County, FL, IDR, Air Force Enlisted Village Inc. Project  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; 891102<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palermo, FL, Community Development District, Special Assessment Revenue, <br> Assessment Area Two  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/55 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 611546<br>|
| &nbsp;&nbsp;&nbsp; Palm Beach County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lynn University Housing Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/57 | &nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp; 922162<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach Atlantic University Housing Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/39 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 503740<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palm Coast, FL, 145 Community Development District, Special Assessment <br> Revenue, Series A  | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/57 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 308914<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Parkside Trails, FL, Community Development District Revenue, Project Area, <br> Series 2025  | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 712735<br>|
| &nbsp;&nbsp;&nbsp; Peace Creek Village, FL, Community Development District, Special <br> Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp; 723122<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pinellas County, FL, IDA Revenue, Drs. Kiran & Pallavi Patel 2017 Foundation <br> for Global Understanding Inc., Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 2770000 | &nbsp;&nbsp;&nbsp; 2799567<br>|
| &nbsp;&nbsp;&nbsp; Radiance, FL, Community Development District, Special Assessment Revenue, <br> Assessment Area One  | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 409940<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ranches at Lake Mcleod, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area Two  | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 6/15/55 | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; 596192<br>|
| &nbsp;&nbsp;&nbsp; River Landing, FL, Community Development District, Special Assessment <br> Revenue, Capital Improvement  | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp; 547868<br>|
| &nbsp;&nbsp;&nbsp; Riverwalk, FL, Community Development District, Special Assessment <br> Revenue, Project Area, Series A  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 449071<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Saltleaf, FL, Community Development District, Special Assessment Revenue, <br> Series 2026  | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 5/1/57 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 254271<br>|
| &nbsp;&nbsp;&nbsp; Sarasota County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Village on the Isle Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 753936<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Village on the Isle Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 1285000 | &nbsp;&nbsp;&nbsp; 1291136<br>|
| &nbsp;&nbsp;&nbsp; Seminole County, FL, IDA Revenue, Galileo Schools for Gifted Learning <br> Project, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/51 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp; 643639<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Solaeris, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Two, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; $175000 | &nbsp;&nbsp;&nbsp; $182081<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Two, Series 2025 | &nbsp;&nbsp; 6.300% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp; 327521<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Somerset Bay, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two, Series 2026  | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp; 635371<br>|
| &nbsp;&nbsp;&nbsp; Southpointe of Manatee County, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area One  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; 327296<br>|
| &nbsp;&nbsp;&nbsp; St. Johns County, FL, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vicars Landing Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 380940<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vicars Landing Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/41 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 675279<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vicars Landing Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/50 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 586379<br>|
| &nbsp;&nbsp;&nbsp; Sugarloaf, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 12/15/55 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; 326573<br>|
| &nbsp;&nbsp;&nbsp; Sunrise, FL, Community Development District, Special Assessment Revenue, <br> Capital Improvement Bonds, Series 2025  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 243402<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tampa, FL, Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H. Lee Moffitt Cancer Center Project, CAB, Series A | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 451983<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H. Lee Moffitt Cancer Center Project, CAB, Series A | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 503077<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H. Lee Moffitt Cancer Center Project, CAB, Series A | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 783216<br>|
| &nbsp;&nbsp;&nbsp; Terra Lago, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One, Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 256319<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Two | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 715590<br>|
| &nbsp;&nbsp;&nbsp; Tolomato, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seabrook Village Phases One & Two, Series 2024 | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; 873828<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seabrook Village Phases One & Two, Series 2024 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; 351475<br>|
| &nbsp;&nbsp;&nbsp; Tranquility, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 590347<br>|
| &nbsp;&nbsp;&nbsp; Twisted Oaks Pointe, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area Four Project, Series 2026  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; 270866<br>|
| &nbsp;&nbsp;&nbsp; Venice, FL, Retirement Community Revenue, Village on the Isle Project, Series <br> A  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/1/60 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 620534<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verano No 4, FL, Community Development District, Special Assessment <br> Revenue, Astor Creek Phase Two, Assessment Area, Series 2025  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 384283<br>|
| &nbsp;&nbsp;&nbsp; Village, FL, Community Development District No 13, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phase Three, Series 2021 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/1/52 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 1062786<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phase Two, Series 2020 | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 5/1/51 | &nbsp;&nbsp; 3805000 | &nbsp;&nbsp;&nbsp; 2970080<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vivid Shores, FL, Community Development District, Special Assessment <br> Revenue, Project Area, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 174316<br>|
| &nbsp;&nbsp;&nbsp; Waterford, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Three  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp; 624475<br>|
| &nbsp;&nbsp;&nbsp; Waterset South, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area, Series 2025 | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp; 469816<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area, Series 2026 | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp; 523862<br>|
| &nbsp;&nbsp;&nbsp; West Port East, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One, Series 2025  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 561590<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2026

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Westview South, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One, Series 2025  | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; $625000 | &nbsp;&nbsp;&nbsp; $645389<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Willowbrook, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project, Series 2025  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 150789<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Windsor Cay, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp; 510426<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Woodcreek, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 483176<br>|
| &nbsp;&nbsp;&nbsp; Woodland Crossing, FL, Community Development District, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp; 119279<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 244698<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Woodland Preserve, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area One, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 495026<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Woodlands Section 9, FL, Community Development District, Special <br> Assessment Revenue, Series 2026  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1002393<br>|
| *Total Florida* | *Total Florida* | *Total Florida* | *Total Florida* | &nbsp;&nbsp; *81914440* |
| *Georgia — 0.7%* | *Georgia — 0.7%* | *Georgia — 0.7%* | *Georgia — 0.7%* | *Georgia — 0.7%* |
| &nbsp;&nbsp;&nbsp; Atlanta, GA, Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRG-CAU Properties LLC Project, Series A | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 129047<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRG-CAU Properties LLC Project, Series A | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 102384<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cobb County, GA, Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State University Foundation Inc., Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp; 1176246<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State University Foundation Inc., Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp; 1205437<br>|
| &nbsp;&nbsp;&nbsp; DeKalb County, GA, Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Globe Academy Inc., Project Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 373895<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Globe Academy Inc., Project Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/63 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 728511<br>|
| *Total Georgia* | *Total Georgia* | *Total Georgia* | *Total Georgia* | &nbsp;&nbsp; *3715520* |
| *Illinois — 4.0%* | *Illinois — 4.0%* | *Illinois — 4.0%* | *Illinois — 4.0%* | *Illinois — 4.0%* |
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 3725000 | &nbsp;&nbsp;&nbsp; 3755010<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4470624<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series B, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1058274<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 978019<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 3150000 | &nbsp;&nbsp;&nbsp; 3012552<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeshore East Project, Series 2022, Refunding | &nbsp;&nbsp; 2.870% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 228000 | &nbsp;&nbsp;&nbsp; 224305<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeshore East Project, Series 2022, Refunding | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 292486<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeshore East Project, Series 2022, Refunding | &nbsp;&nbsp; 3.290% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 315965<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeshore East Project, Series 2022, Refunding | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 264632<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Du Page County, IL, Special Service Area No 31, Monarch Landing Inc., <br> Series 2006  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 498000 | &nbsp;&nbsp;&nbsp; 498448<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navy Pier Inc., Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 952108<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navy Pier, Inc., Series 2024, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 756181<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* |
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority, Student Housing & Academic Facilities <br> Revenue, CHF Chicago LLC, University of Illinois Chicago Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/47 | &nbsp;&nbsp; $5500000 | &nbsp;&nbsp;&nbsp; $5185743<br>|
| *Total Illinois* | *Total Illinois* | *Total Illinois* | *Total Illinois* | &nbsp;&nbsp; *21764347* |
| *Indiana — 0.4%* | *Indiana — 0.4%* | *Indiana — 0.4%* | *Indiana — 0.4%* | *Indiana — 0.4%* |
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority, Student Housing Revenue Bonds, Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/1/58 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; *2409536*<br>|
| *Iowa — 1.0%* | *Iowa — 1.0%* | *Iowa — 1.0%* | *Iowa — 1.0%* | *Iowa — 1.0%* |
| &nbsp;&nbsp;&nbsp; Iowa State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series 2023, Refunding | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/15/53 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1546598<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series 2024, Refunding | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/15/59 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3289781<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Living Facility, Presbyterian Homes Mill Pond Project, Series 2025, <br> Refunding | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 661460<br>|
| *Total Iowa* | *Total Iowa* | *Total Iowa* | *Total Iowa* | &nbsp;&nbsp; *5497839* |
| *Kentucky — 1.1%* | *Kentucky — 1.1%* | *Kentucky — 1.1%* | *Kentucky — 1.1%* | *Kentucky — 1.1%* |
| &nbsp;&nbsp;&nbsp; Kentucky State Economic Development Finance Authority Revenue, The <br> Meadow Project & Grove Pointe Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1924630<br>|
| &nbsp;&nbsp;&nbsp; Kentucky State PEA, Gas Supply Revenue, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4081165<br>|
| *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | &nbsp;&nbsp; *6005795* |
| *Louisiana — 0.6%* | *Louisiana — 0.6%* | *Louisiana — 0.6%* | *Louisiana — 0.6%* | *Louisiana — 0.6%* |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community <br> Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Christwood Project, Series 2024, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp; 756440<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Christwood Project, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/59 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1075854<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Louisiana State PFA, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadiana Renaissance Charter Academy Project, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/59 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 327418<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calcasieu River Bridge, Public-Private Partnership Project, Series 2024 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/64 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1131250<br> <sup>(b)</sup><br>|
| *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | &nbsp;&nbsp; *3290962* |
| *Maryland — 1.6%* | *Maryland — 1.6%* | *Maryland — 1.6%* | *Maryland — 1.6%* | *Maryland — 1.6%* |
| &nbsp;&nbsp;&nbsp; Brunswick, MD, Special Tax Revenue, Series 2019, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 998000 | &nbsp;&nbsp;&nbsp; 1014723<br>|
| &nbsp;&nbsp;&nbsp; Frederick County, MD, Educational Facilities Revenue, Mount St. Mary's <br> University Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 481599<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Maryland State EDC, Special Obligation Bond, Port Covington Project, <br> Series 2020  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/50 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1041164<br>|
| &nbsp;&nbsp;&nbsp; Maryland State EDC, Student Housing Revenue, Morgan State University <br> Project, Series A  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/58 | &nbsp;&nbsp; 5025000 | &nbsp;&nbsp;&nbsp; 5320605<br>|
| &nbsp;&nbsp;&nbsp; Prince George's County, MD, Tax Increment Revenue, Westphalia Town Center <br> Project, Series 2018  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 301954<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Westminster, MD, Project Revenue, Lutheran Village at Millers Grant Inc., <br> Series A  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp; 695518<br>|
| *Total Maryland* | *Total Maryland* | *Total Maryland* | *Total Maryland* | &nbsp;&nbsp; *8855563* |
| *Massachusetts — 1.2%* | *Massachusetts — 1.2%* | *Massachusetts — 1.2%* | *Massachusetts — 1.2%* | *Massachusetts — 1.2%* |
| &nbsp;&nbsp;&nbsp; Lowell, MA, Collegiate Charter School Revenue, Series 2019  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/49 | &nbsp;&nbsp; 2290000 | &nbsp;&nbsp;&nbsp; 2199435<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Health Facilities Authority Revenue, <br> Adventcare Inc., Series A  | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp; 21<br> \*<sup>(a)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lasell University Issue, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 652415<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lasell University Issue, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 2615000 | &nbsp;&nbsp;&nbsp; 2125927<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2026

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Massachusetts — continued* | *Massachusetts — continued* | *Massachusetts — continued* | *Massachusetts — continued* | *Massachusetts — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middlesex Sustainable Energy Partners, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; $1500000 | &nbsp;&nbsp;&nbsp; $1616528<br>|
| *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | &nbsp;&nbsp; *6594326* |
| *Michigan — 1.4%* | *Michigan — 1.4%* | *Michigan — 1.4%* | *Michigan — 1.4%* | *Michigan — 1.4%* |
| &nbsp;&nbsp;&nbsp; Detroit, MI, GO, Financial Recovery, Series B-1 Step bond (4.000% to 4/1/34 <br> then 6.000%) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 4524671 | &nbsp;&nbsp;&nbsp; 3620330<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Grand Rapids, MI, EDC, Beacon Hill at Eastgate Project, Series A  | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/60 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000911<br>|
| &nbsp;&nbsp;&nbsp; Michigan State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aquinas College Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 790222<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lawrance Technological University Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/47 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 553159<br>|
| &nbsp;&nbsp;&nbsp; Michigan State HDA Revenue, Series A  | &nbsp;&nbsp; 2.730% | &nbsp;&nbsp; 10/1/59 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 1539580<br>|
| *Total Michigan* | *Total Michigan* | *Total Michigan* | *Total Michigan* | &nbsp;&nbsp; *7504202* |
| *Minnesota — 1.6%* | *Minnesota — 1.6%* | *Minnesota — 1.6%* | *Minnesota — 1.6%* | *Minnesota — 1.6%* |
| &nbsp;&nbsp;&nbsp; Baytown Township, MN, Charter School Lease Revenue, St. Croix Preparatory <br> Academy Project, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 374808<br>|
| &nbsp;&nbsp;&nbsp; Eagan, MN, Charter School Lease Revenue, Great Oaks Academy, Series A  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/65 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 697723<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Forest Lake, MN, Charter School Lease Revenue, Lakes International <br> Language Academy Project, Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/43 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp; 620546<br>|
| &nbsp;&nbsp;&nbsp; Ham Lake, MN, Charter School Lease Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davinci Academy Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 833294<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1502870<br>|
| &nbsp;&nbsp;&nbsp; Minnesota State HEFA Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 691089<br>|
| &nbsp;&nbsp;&nbsp; Ramsey, MN, Charter School Lease Revenue, Pact Charter School Project, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1360415<br>|
| &nbsp;&nbsp;&nbsp; St. Paul, MN, Housing & Redevelopment Authority Revenue, Hmong College <br> Prep Academy Project, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2519437<br>|
| *Total Minnesota* | *Total Minnesota* | *Total Minnesota* | *Total Minnesota* | &nbsp;&nbsp; *8600182* |
| *Missouri — 1.9%* | *Missouri — 1.9%* | *Missouri — 1.9%* | *Missouri — 1.9%* | *Missouri — 1.9%* |
| &nbsp;&nbsp;&nbsp; Missouri State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Health Sciences & Pharmacy in St. Louis Educational <br> Facilities, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp; 882348<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Health Sciences & Pharmacy in St. Louis Educational <br> Facilities, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 3965000 | &nbsp;&nbsp;&nbsp; 3688713<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Health Sciences & Pharmacy in St. Louis Educational <br> Facilities, Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3228055<br>|
| &nbsp;&nbsp;&nbsp; Missouri State IDA, Development Financing Revenue, Ballpark Village <br> Development Project, Series A, Refunding  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/15/47 | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp; 1455248<br>|
| &nbsp;&nbsp;&nbsp; Plaza at Noah's Ark, MO, Community Improvement District Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 698437<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 453053<br>|
| *Total Missouri* | *Total Missouri* | *Total Missouri* | *Total Missouri* | &nbsp;&nbsp; *10405854* |
| *Nevada — 0.6%* | *Nevada — 0.6%* | *Nevada — 0.6%* | *Nevada — 0.6%* | *Nevada — 0.6%* |
| &nbsp;&nbsp;&nbsp; Las Vegas, NV, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Improvement Bonds, Series 2014, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp; 780651<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Improvement Bonds, Series 2021 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 6/1/51 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 987936<br>|
| &nbsp;&nbsp;&nbsp; North Las Vegas, NV, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Improvement Bonds, Series 2019 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp; 616392<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Nevada — continued* | *Nevada — continued* | *Nevada — continued* | *Nevada — continued* | *Nevada — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Improvement Bonds, Series 2025 | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; $650000 | &nbsp;&nbsp;&nbsp; $663620<br> <sup>(a)</sup><br>|
| *Total Nevada* | *Total Nevada* | *Total Nevada* | *Total Nevada* | &nbsp;&nbsp; *3048599* |
| *New Hampshire — 2.1%* | *New Hampshire — 2.1%* | *New Hampshire — 2.1%* | *New Hampshire — 2.1%* | *New Hampshire — 2.1%* |
| &nbsp;&nbsp;&nbsp; National Finance Authority, NH, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caritas Oregon Project, Series A | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp; 1363488<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caritas Oregon Project, Series A | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/46 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; 1443264<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caritas Oregon Project, Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 3495000 | &nbsp;&nbsp;&nbsp; 2912376<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grace Christian School Project | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/65 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1499334<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social Certificates, Series 2 | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/20/39 | &nbsp;&nbsp; 3742184 | &nbsp;&nbsp;&nbsp; 3557755<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinate, Series 2026 | &nbsp;&nbsp; 9.465% | &nbsp;&nbsp; 7/20/41 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 983374<br> <sup>(a)(d)</sup><br>|
| *Total New Hampshire* | *Total New Hampshire* | *Total New Hampshire* | *Total New Hampshire* | &nbsp;&nbsp; *11759591* |
| *New Jersey — 1.3%* | *New Jersey — 1.3%* | *New Jersey — 1.3%* | *New Jersey — 1.3%* | *New Jersey — 1.3%* |
| &nbsp;&nbsp;&nbsp; Camden County, NJ, Improvement Authority Revenue, Cooper Norcross <br> Academy, Series 2022  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/62 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3078434<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facility Revenue, Continental Airlines Inc., Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1001478<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facility Revenue, United Airlines Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2003677<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMM Energy Partners LLC Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000179<br> <sup>(b)</sup><br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *7083768* |
| *New Mexico — 0.2%* | *New Mexico — 0.2%* | *New Mexico — 0.2%* | *New Mexico — 0.2%* | *New Mexico — 0.2%* |
| &nbsp;&nbsp;&nbsp; Santa Fe, NM, Retirement Facilities Revenue, EL Castillo Retirement <br> Residences Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; *1112615*<br>|
| *New York — 6.5%* | *New York — 6.5%* | *New York — 6.5%* | *New York — 6.5%* | *New York — 6.5%* |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., NY, Revenue, New World Preparatory Charter <br> School Project, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/51 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 392780<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Monroe County, NY, Industrial Development Corp. Revenue, True North <br> Rochester Preparatory Charter School Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/59 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp; 515455<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York State Liberty Development Corp. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Bonds, 7 World Trade Center Project, Green Bonds, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/15/43 | &nbsp;&nbsp; 5450000 | &nbsp;&nbsp;&nbsp; 4545454<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Bonds, 7 World Trade Center Project, Green Bonds, Refunding | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 9/15/50 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 318526<br>|
| &nbsp;&nbsp;&nbsp; New York State Liberty Development Corp., Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 World Trade Center Project, Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1250824<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Bonds, 4 World Trade Center Project, Green Bonds, Refunding | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 11/15/46 | &nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp; 1997034<br>|
| &nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., Special Facilities <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Inc., John F. Kennedy International Airport Project, <br> Series 2021, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1103473<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment <br> Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2330741<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C & D Redevelopment <br> Project, Series 2018 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 4405000 | &nbsp;&nbsp;&nbsp; 4351240<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/54 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp; 4577842<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/55 | &nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp; 8999419<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oneida Indian Nation of New York, NY, Series A  | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2270086<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2026

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* |
| &nbsp;&nbsp;&nbsp; Suffolk Regional Off-Track Betting Corp., NY, Revenue, Tax-Exempt, GO  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; $2730000 | &nbsp;&nbsp;&nbsp; $2791981<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *35444855* |
| *North Carolina — 0.7%* | *North Carolina — 0.7%* | *North Carolina — 0.7%* | *North Carolina — 0.7%* | *North Carolina — 0.7%* |
| &nbsp;&nbsp;&nbsp; North Carolina State Medical Care Commission, First Mortgage Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lutheran Services for the Aging, Refunding, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2369076<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennybyrn at Maryfield Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/50 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1382208<br>|
| *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | &nbsp;&nbsp; *3751284* |
| *Ohio — 3.3%* | *Ohio — 3.3%* | *Ohio — 3.3%* | *Ohio — 3.3%* | *Ohio — 3.3%* |
| &nbsp;&nbsp;&nbsp; Centerville, OH, Health Care Improvement Revenue, Graceworks Lutheran <br> Services, Series 2017, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1928622<br>|
| &nbsp;&nbsp;&nbsp; Cleveland-Cuyahoga County, OH, Port Authority Revenue, Playhouse Square <br> Foundation Project, Series 2018, Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 510072<br>|
| &nbsp;&nbsp;&nbsp; Hamilton County, OH, Health Care Revenue, Life Enriching Communities <br> Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/52 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp; 750181<br>|
| &nbsp;&nbsp;&nbsp; Hickory, OH, Chase Community Authority Revenue, Infrastructure <br> Improvement, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 1285000 | &nbsp;&nbsp;&nbsp; 1321744<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ohio State Air Quality Development Authority Revenue, Pratt Paper LLC <br> Project, Series 2017  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/38 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1684068<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ohio State Higher Educational Facility Commission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital University 2022 Project, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/52 | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp; 1483821<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Cleveland Institute of Art 2018 Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/48 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 677062<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Cleveland Institute of Art 2018 Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1638405<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Cleveland Institute of Music 2022 Project | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 3490000 | &nbsp;&nbsp;&nbsp; 3570490<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Cleveland Institute of Music 2022 Project | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/1/52 | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; 3319038<br>|
| &nbsp;&nbsp;&nbsp; Washington County, OH, Hospital Facilities Revenue, Memorial Health <br> System Obligated Group, Refunding  | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/1/52 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 771183<br>|
| &nbsp;&nbsp;&nbsp; West Central Ohio State Port Authority Revenue, Reserve at Honey Creek <br> Phase One Project, CAB Step bond (0.000% to 12/1/32 then 6.750%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/58 | &nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp; 523267<br>|
| *Total Ohio* | *Total Ohio* | *Total Ohio* | *Total Ohio* | &nbsp;&nbsp; *18177953* |
| *Oklahoma — 0.0%††* | *Oklahoma — 0.0%††* | *Oklahoma — 0.0%††* | *Oklahoma — 0.0%††* | *Oklahoma — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Tulsa, OK, Municipal Airport Trust Revenue, American Airlines Inc. Project, <br> Refunding | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; *124051*<br> <sup>(b)</sup><br>|
| *Oregon — 0.2%* | *Oregon — 0.2%* | *Oregon — 0.2%* | *Oregon — 0.2%* | *Oregon — 0.2%* |
| &nbsp;&nbsp;&nbsp; Warm Springs, OR, Reservation Confederated Tribe Hydroelectric Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt, Pelton-Round Butte Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; 379694<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt, Pelton-Round Butte Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 727576<br> <sup>(a)</sup><br>|
| *Total Oregon* | *Total Oregon* | *Total Oregon* | *Total Oregon* | &nbsp;&nbsp; *1107270* |
| *Pennsylvania — 3.6%* | *Pennsylvania — 3.6%* | *Pennsylvania — 3.6%* | *Pennsylvania — 3.6%* | *Pennsylvania — 3.6%* |
| &nbsp;&nbsp;&nbsp; Chester County, PA, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colleguim Charter School Project, Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1168089<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Student Housing LLC Project, West Chester University of <br> Pennsylvania, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/45 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2110890<br>|
| &nbsp;&nbsp;&nbsp; Cumberland County, PA, Municipal Authority Revenue, Asbury Pennsylvania <br> Obligated Group, Series 2019, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 976363<br>|
| &nbsp;&nbsp;&nbsp; Dallas Area, PA, Municipal Authority Revenue, Misericordia University <br> Project, Series 2019, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp; 3265748<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* | *Pennsylvania — continued* |
| &nbsp;&nbsp;&nbsp; Lancaster County, PA, Hospital Authority Revenue, Moravian Manors Inc. <br> Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/49 | &nbsp;&nbsp; $4705000 | &nbsp;&nbsp;&nbsp; $4137337<br>|
| &nbsp;&nbsp;&nbsp; Lancaster, PA, IDA Revenue, Willow Valley Communities Project, Series 2019  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1022252<br>|
| &nbsp;&nbsp;&nbsp; Lehigh County, PA, IDA Revenue, Seven Generations Charter School Project, <br> Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/51 | &nbsp;&nbsp; 2385000 | &nbsp;&nbsp;&nbsp; 1854562<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Economic Development Financing Authority Revenue, <br> Private Activity-The Penndot Major Bridges Package One Project  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/61 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2636792<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Higher EFA Revenue, University Properties Inc., Student <br> Housing Project, Refunding, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 999994<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of the Arts, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 78197<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of the Arts, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 1387984 | &nbsp;&nbsp;&nbsp; 277,597<br> \*<sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wilkes-Barre, PA, Finance Authority Revenue, Wilkes University Project, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp; 986976<br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *19514797* |
| *Puerto Rico — 2.2%* | *Puerto Rico — 2.2%* | *Puerto Rico — 2.2%* | *Puerto Rico — 2.2%* | *Puerto Rico — 2.2%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2922477<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp; 5341098<br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority Revenue, Series TT  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 3310000 | &nbsp;&nbsp;&nbsp; 2,337,688<br> \*<sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 77118<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 109000 | &nbsp;&nbsp;&nbsp; 98294<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp; 118008<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 2518000 | &nbsp;&nbsp;&nbsp; 902043<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 116007<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp; 59089<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | &nbsp;&nbsp; 4.536% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp; 15749<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | &nbsp;&nbsp; 4.784% | &nbsp;&nbsp; 7/1/58 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 229435<br>|
| *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | &nbsp;&nbsp; *12217006* |
| *South Carolina — 1.4%* | *South Carolina — 1.4%* | *South Carolina — 1.4%* | *South Carolina — 1.4%* | *South Carolina — 1.4%* |
| &nbsp;&nbsp;&nbsp; Berkeley County, SC, Special Assessment Revenue, Series 2019  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 957704<br>|
| &nbsp;&nbsp;&nbsp; Lancaster County, SC, Special Assessment Revenue, Series 2025  | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 309586<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA Hospital Facilities Revenue, Beaufort <br> Memorial Hospital & South of Broad Healthcare Project, Series 2024  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 776917<br>|
| &nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Charter Schools Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 876033<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Charter Schools Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/56 | &nbsp;&nbsp; 1530000 | &nbsp;&nbsp;&nbsp; 1036022<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Point Academy Project, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1942819<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodlands at Furman Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp; 588221<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodlands at Furman Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1016141<br>|
| *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | &nbsp;&nbsp; *7503443* |
| *Tennessee — 1.4%* | *Tennessee — 1.4%* | *Tennessee — 1.4%* | *Tennessee — 1.4%* | *Tennessee — 1.4%* |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN, Sports <br> Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Blakeford at Green Hills Corp., Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/55 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2363046<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trevecca Nazarene University Project, Series 2019, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; 498171<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2026

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Tennessee — continued* | *Tennessee — continued* | *Tennessee — continued* | *Tennessee — continued* | *Tennessee — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trevecca Nazarene University Project, Series 2019, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; $2900000 | &nbsp;&nbsp;&nbsp; $2739658<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trevecca Nazarene University Project, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 778127<br>|
| &nbsp;&nbsp;&nbsp; Nashville Metropolitan Development & Housing Agency, TN, Tax Increment <br> Development Revenue, Fifth & Broadway Development Project  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1267375<br> <sup>(a)</sup><br>|
| *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | &nbsp;&nbsp; *7646377* |
| *Texas — 8.2%* | *Texas — 8.2%* | *Texas — 8.2%* | *Texas — 8.2%* | *Texas — 8.2%* |
| &nbsp;&nbsp;&nbsp; Anna, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crystal Park Public Improvement District Improvement Area One | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 410125<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woods at Lindsey Place Public Improvement District, Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 131000 | &nbsp;&nbsp;&nbsp; 132379<br>|
| &nbsp;&nbsp;&nbsp; Aransas Pass, TX, Special Assessment Revenue, Aransas Oaks Public <br> Improvement District Improvement Area One Project  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/56 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; 184411<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arlington, TX, Higher Education Finance Corp., Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis Texas Charter Schools Inc., Series 2024 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/15/49 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp; 561907<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis Texas Charter Schools Inc., Series 2024 | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 949695<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis Texas Charter Schools Inc., Series 2024 | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/15/59 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 893700<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magellan International School, Series 2022 | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 6/1/62 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; 2374014<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayside Schools, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/36 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp; 310386<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayside Schools, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/46 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 682606<br>|
| &nbsp;&nbsp;&nbsp; Aubrey, TX, Special Assessment Revenue, Duck Point Public Improvement, <br> Series 2025  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/31/45 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 150848<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Beaumont, TX, Housing Authority Revenue, Residential Development Senior <br> Lien, Series A  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1339086<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Celina, TX, Special Assessment Revenue, Sutton Fields East Public <br> Improvement District Phase Two Project, Series 2025  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 358000 | &nbsp;&nbsp;&nbsp; 358139<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crandall, TX, Special Assessment Revenue, River Ridge Public Improvement <br> District Improvement Area Two Project, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp; 921192<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dayton, TX, Special Assessment Revenue, Dayton Public Improvement District <br> Improvement Area One Project  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 646778<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Denton County, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Meadows Public Improvement District Major Improvement Area <br> Project, Series 2025 | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/31/45 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 413869<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Meadows Public Improvement District Major Improvement Area <br> Project, Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 12/31/55 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 307777<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Meadows Public Improvement District Major Improvement Area <br> Project, Series 2025 | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 12/31/55 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 619681<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; East Waller County, TX, Management District, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sofi Lakes Sections One & Two Project, Series 2025 | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp; 313364<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sofi Lakes Sections One &Two Project, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp; 117967<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sofi Lakes Sections One &Two Project, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; 270685<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elmendorf, TX, Special Assessment Revenue, Hickory Ridge Public <br> Improvement District Improvement Area Two Project, Series 2025  | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 302327<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ennis, TX, Special Assessment Revenue, Prairieview Public Improvement <br> District Improvement Area One & Two Project, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 620067<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gunter, TX, Special Assessment Revenue, Bridges Phase Two Public <br> Improvement District Project, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 771000 | &nbsp;&nbsp;&nbsp; 791183<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Houston, TX, Airport System Revenue, Special Facilities, United Airlines Inc., <br> Airport Terminal E Project, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp; 3478928<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; Justin, TX, Special Assessment Revenue, Timberbrook Public Improvement <br> District No 1, Improvement Area Three Project, Series 2025  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; $200000 | &nbsp;&nbsp;&nbsp; $209888<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kyle, TX, Municipal Corp., Special Assessment Revenue, Savannah Ranch <br> Public Improvement District Improvement Area One Project  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/56 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 148875<br>|
| &nbsp;&nbsp;&nbsp; Lavon, TX, Municipal Corp., Special Assessment Revenue, Elevon Public <br> Improvement District Improvement Area  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 190883<br>|
| &nbsp;&nbsp;&nbsp; Lowry Crossing, TX, Special Assessment Revenue, Simpson Road Public <br> Improvement District Project, Series 2025  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 1507000 | &nbsp;&nbsp;&nbsp; 1547981<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Manor, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entradaglen Public Improvement District, Assessment Area One Project, <br> Series 2025 | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 364000 | &nbsp;&nbsp;&nbsp; 383522<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newhaven Public Improvement District, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 283233<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mansfield, TX, Special Assessment Revenue, Staybolt Public Improvement <br> District, Assessment Area One Project, Series 2025  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 878259<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Matagorda County, TX, Navigation District No 1, Revenue, AEP Texas Central <br> Co., Refunding, Series A, AMBAC  | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3119255<br>|
| &nbsp;&nbsp;&nbsp; Medina County, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talley Ho Public Improvement District Improvement Area One Project | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 9/1/54 | &nbsp;&nbsp; 1371000 | &nbsp;&nbsp;&nbsp; 1320246<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viera Public Improvement District No 1, Improvement Area One Project, <br> Series 2026 | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 9/1/46 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 431094<br>|
| &nbsp;&nbsp;&nbsp; Mesquite, TX, Special Assessment Revenue, Solterra Public Improvement <br> District Improvement Area C-4, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 176987<br>|
| &nbsp;&nbsp;&nbsp; Mission, TX, EDC, Permian Basin Water Resources Project, Green Bonds  | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1038029<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mustang Ridge, TX, Special Assessment Revenue, Durango Public <br> Improvement District Improvement Area Two Project  | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 789000 | &nbsp;&nbsp;&nbsp; 812902<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRC Senior Living, Langford Project | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 495327<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRC Senior Living, Langford Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/46 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 634433<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRC Senior Living, Langford Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 220671<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westminster Manor Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/55 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 1185989<br>|
| &nbsp;&nbsp;&nbsp; Pilot Point, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bryson Ranch Public Improvement District Zone A Improvement Area One <br> Project | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 183782<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bryson Ranch Public Improvement District Zone A Improvement Area One <br> Project | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 258356<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bryson Ranch Public Improvement District Zone A Remainder Area Project | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; 191110<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bryson Ranch Public Improvement District Zone B Improvement Area One <br> Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 104260<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bryson Ranch Public Improvement District Zone B Improvement Area One <br> Project | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 105018<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bryson Ranch Public Improvement District Zone B Improvement Area One <br> Project | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 113000 | &nbsp;&nbsp;&nbsp; 116777<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bryson Ranch Public Improvement District Zone B Remainder Area Project | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; 185945<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maverick Farms Public Improvement District Improvement Area One <br> Project, Series 2026 | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/56 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp; 255127<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maverick Farms Public Improvement District, Series 2026 | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 9/15/56 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; 230104<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2026

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; Port Arthur, TX, Housing Authority Revenue, Willow Lakes Project, <br> Subordinate Bonds, Series A  | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 10/1/36 | &nbsp;&nbsp; $575000 | &nbsp;&nbsp;&nbsp; $561586<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Princeton, TX, Municipal Corp., Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eastridge Public Improvement District No 5, Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp; 447382<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southridge Public Improvement District Area Two, Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 477543<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windmore Public Improvement District No 3, Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp; 467489<br>|
| &nbsp;&nbsp;&nbsp; Royse City, TX, Special Assessment Revenue, Clearview Ranch Public <br> Improvement District North Zone Improvement Area One Project  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 673000 | &nbsp;&nbsp;&nbsp; 688442<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; San Antonio, TX, Education Facilities Corp. Revenue, University of The <br> Incarnate Word Project, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/51 | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp; 1892294<br>|
| &nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement <br> Facility Revenue, Buckner Retirement Services Inc. Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp; 1636638<br>|
| &nbsp;&nbsp;&nbsp; Terrell, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arboretum Estates Public Improvement District No 6, Series 2025 | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 386920<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arboretum Estates Public Improvement District No 6, Series 2025 | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 383892<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Texas State Community Housing & EDC Revenue, Senior Lien, Agape Helotes, <br> Series A-1  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/1/65 | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp; 1282188<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Texas State Transportation Commission, First Tier Toll Revenue, CAB, Series A  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 818653<br>|
| &nbsp;&nbsp;&nbsp; Tomball, TX, Special Assessment Revenue, Winfrey Estates Public <br> Improvement District, Series 2025  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/53 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 466801<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Town of Providence Village, TX, Special Assessment Revenue, Foree Ranch <br> Public Improvement District, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp; 905490<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Uptown Development Authority, TX, Tax Increment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 565269<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 553484<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 620755<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 445693<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp; 478196<br>|
| &nbsp;&nbsp;&nbsp; Wharton, TX, Special Assessment Revenue, Wharton Public Improvement <br> District No 2, Series 2025  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 153715<br> <sup>(a)</sup><br>|
| *Total Texas* | *Total Texas* | *Total Texas* | *Total Texas* | &nbsp;&nbsp; *45091597* |
| *Utah — 2.2%* | *Utah — 2.2%* | *Utah — 2.2%* | *Utah — 2.2%* | *Utah — 2.2%* |
| &nbsp;&nbsp;&nbsp; Black Desert, UT, Public Infrastructure District, Special Assessment Revenue, <br> Assessment Area One Project, Series 2024  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3052831<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Downtown Daybreak, UT, Public Infrastructure District No 1, Tax Increment <br> Revenue, Series 2026  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1118842<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mida Cormont, UT, Public Infrastructure District, GO, CAB, Series A-2 Step <br> bond (0.000% to 6/1/29 then 6.750%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 652802<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mida Mountain Village, UT, Public Infrastructure District, Special Assessment <br> Revenue, Mountain Village Assessment Area Two  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp; 1294861<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mida Mountain Village, UT, Public Infrastructure District, Tax Allocation <br> Revenue, Series 2024  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1029502<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Point Phase 1, UT, Public Infrastructure District No 1, Tax Assessment <br> Revenue, Series A-1  | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/1/55 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 1093609<br>|
| &nbsp;&nbsp;&nbsp; SkyRidge, UT Pegasus Infrastructure Financing District, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 705436<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Utah State Infrastructure Agency, Telecommunications Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1400999<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Utah — continued* | *Utah — continued* | *Utah — continued* | *Utah — continued* | *Utah — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; $355000 | &nbsp;&nbsp;&nbsp; $386184<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp; 431893<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/44 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 473470<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/48 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 513272<br>|
| *Total Utah* | *Total Utah* | *Total Utah* | *Total Utah* | &nbsp;&nbsp; *12153701* |
| *Virginia — 1.0%* | *Virginia — 1.0%* | *Virginia — 1.0%* | *Virginia — 1.0%* | *Virginia — 1.0%* |
| &nbsp;&nbsp;&nbsp; Cherry Hill, VA, Community Development Authority, Special Assessment <br> Revenue, Series 2015  | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500701<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; James City County, VA, EDA Residential Care Facility Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williamsburg Landing, Series A | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 12/1/58 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1089369<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williamsburg Landing, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 1821439<br>|
| &nbsp;&nbsp;&nbsp; Lower Magnolia Green, VA, Community Development Authority, Special <br> Assessment Revenue, Series 2015  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp; 740179<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Suffolk, VA, EDA Retirement Facilities Revenue, Lake Prince Center, Inc., <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1500340<br>|
| *Total Virginia* | *Total Virginia* | *Total Virginia* | *Total Virginia* | &nbsp;&nbsp; *5652028* |
| *Washington — 2.6%* | *Washington — 2.6%* | *Washington — 2.6%* | *Washington — 2.6%* | *Washington — 2.6%* |
| &nbsp;&nbsp;&nbsp; Grays Harbor County, WA, Public Hospital District No 1, Hospital Revenue, <br> Summit Pacific Medical Center, Series 2023, Refunding  | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5446229<br>|
| &nbsp;&nbsp;&nbsp; Skagit County, WA, Public Hospital District No 1, Hospital Revenue, Skagit <br> Regional Health  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2032349<br>|
| &nbsp;&nbsp;&nbsp; Washington State HFC Revenue, Social Certificates, Series 2024  | &nbsp;&nbsp; 4.221% | &nbsp;&nbsp; 3/1/50 | &nbsp;&nbsp; 1235002 | &nbsp;&nbsp;&nbsp; 1204893<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Washington State HFC, Non-Profit Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blakeley & Laurel Villages Portfolio, Series B | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/1/64 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 648775<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Academy of Arts & Sciences Project, Series 2023, Refunding | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2636228<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spokane International Academy Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 2235000 | &nbsp;&nbsp;&nbsp; 1992528<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wesley Homes at Lea Hill Project, Series 2016, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; 575254<br> <sup>(a)</sup><br>|
| *Total Washington* | *Total Washington* | *Total Washington* | *Total Washington* | &nbsp;&nbsp; *14536256* |
| *West Virginia — 0.3%* | *West Virginia — 0.3%* | *West Virginia — 0.3%* | *West Virginia — 0.3%* | *West Virginia — 0.3%* |
| &nbsp;&nbsp;&nbsp; Monongalia County, WV, Senior Tax Increment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development District No 4, Refunding, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/1/43 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; 470698<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development District No 4, Refunding, Series A | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/1/53 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; 925255<br> <sup>(a)</sup><br>|
| *Total West Virginia* | *Total West Virginia* | *Total West Virginia* | *Total West Virginia* | &nbsp;&nbsp; *1395953* |
| *Wisconsin — 8.2%* | *Wisconsin — 8.2%* | *Wisconsin — 8.2%* | *Wisconsin — 8.2%* | *Wisconsin — 8.2%* |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Certificates, Series 1 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/62 | &nbsp;&nbsp; 2776630 | &nbsp;&nbsp;&nbsp; 2876886<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Church Home of Hartford Inc., Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1500674<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Charter Academy Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/64 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1823155<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Academy Charter School Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 912621<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Academy Charter School Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/60 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1118513<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation of the University of North Carolina at Charlotte Inc., Project, <br> Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/51 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 2677511<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia SR 400 Express Lanes Project | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/31/65 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1228011<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia SR 400 Express Lanes Project | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 12/31/65 | &nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp; 1679353<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Hyatt San Antonio Hotel Acquisition Project, Series B | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/62 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2048305<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maniilaq Association Employee Housing Project, Series 2026 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp;&nbsp; 1898337<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maniilaq Association Employee Housing Project, Series 2026 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2052204<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2026

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Wisconsin — continued* | *Wisconsin — continued* | *Wisconsin — continued* | *Wisconsin — continued* | *Wisconsin — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mater Academy of Nevada-East Las Vegas Campus Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/39 | &nbsp;&nbsp; $1400000 | &nbsp;&nbsp;&nbsp; $1404017<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mater Academy of Nevada-East Las Vegas Campus Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/44 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; 669331<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Family Affordable Housing Certificates, Series 1 | &nbsp;&nbsp; 6.810% | &nbsp;&nbsp; 4/28/36 | &nbsp;&nbsp; 2375000 | &nbsp;&nbsp;&nbsp; 2463232<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NC A&T Real Estate Foundation LLC Project, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/44 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 173992<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Leadership Academy, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp; 409264<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Leadership Academy, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/49 | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp; 963612<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Leadership Academy, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp; 410040<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Nazarene University, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 3425000 | &nbsp;&nbsp;&nbsp; 3422970<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Community Charter School | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/53 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 942931<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Facilities, Southminster | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1426718<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roseman University of Health Sciences | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp; 102494<br> <sup>(a)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. James Place Project, Tax-Exempt Bond, Series A-1 | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/1/60 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1222584<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wonderful Foundations Charter School Portfolio Project, Series A-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/55 | &nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp; 3261597<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Student Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF-Manoa LLC, Uh Residences for Graduate Students, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/63 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1910829<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Hawai'i Foundation Project, Green Social Bonds, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/61 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 971307<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wisconsin State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benevolent Corporation Cedar Community, Series 2026, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/45 | &nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp; 1162299<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dickson Hollow Phase Two Project, Series 2024 | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/59 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 725201<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oakwood Lutheran Senior Ministries, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/57 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1054420<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint John's Communities Inc., Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp; 768616<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Three Pillars Senior Living Communities, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/59 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1542420<br>|
| *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | &nbsp;&nbsp; *44823444* |
| **Total Municipal Bonds (Cost — $514,479,068)** | **Total Municipal Bonds (Cost — $514,479,068)** | **Total Municipal Bonds (Cost — $514,479,068)** | **Total Municipal Bonds (Cost — $514,479,068)** | &nbsp;&nbsp; **503824088** |
| **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(i)</sup> **— 8.9%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(i)</sup> **— 8.9%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(i)</sup> **— 8.9%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(i)</sup> **— 8.9%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(i)</sup> **— 8.9%** |
| *Alaska — 1.5%* | *Alaska — 1.5%* | *Alaska — 1.5%* | *Alaska — 1.5%* | *Alaska — 1.5%* |
| &nbsp;&nbsp;&nbsp; Alaska Industrial Development & Export Authority Revenue, Tanana Chiefs <br> Conference Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 8750000 | &nbsp;&nbsp;&nbsp; *8199843*<br>|
| *Colorado — 1.2%* | *Colorado — 1.2%* | *Colorado — 1.2%* | *Colorado — 1.2%* | *Colorado — 1.2%* |
| &nbsp;&nbsp;&nbsp; City & County of Denver, CO, Department of Aviation Airport Revenue, Series <br> D | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 5675000 | &nbsp;&nbsp;&nbsp; *6369275*<br>|
| *District of Columbia — 0.3%* | *District of Columbia — 0.3%* | *District of Columbia — 0.3%* | *District of Columbia — 0.3%* | *District of Columbia — 0.3%* |
| &nbsp;&nbsp;&nbsp; Metropolitan, DC, Washington Airports Authority Revenue, Dulles Metrorail <br> & Capital Improvement Projects, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp; *1652985*<br>|
| *Florida — 1.2%* | *Florida — 1.2%* | *Florida — 1.2%* | *Florida — 1.2%* | *Florida — 1.2%* |
| &nbsp;&nbsp;&nbsp; Orange County, FL, Health Facilities Authority Revenue, Series 2022 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 7735000 | &nbsp;&nbsp;&nbsp; *6666904*<br>|
| *New York — 4.7%* | *New York — 4.7%* | *New York — 4.7%* | *New York — 4.7%* | *New York — 4.7%* |
| &nbsp;&nbsp;&nbsp; New York State Thruway Authority, Personal Income Tax Revenue, Green <br> Bonds, Series C  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp; 7501458<br>|
| &nbsp;&nbsp;&nbsp; New York State Transitional Finance Authority Revenue, Tax-Exempt <br> Subordinated Bonds, Series A, Subseries A-1  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 12500000 | &nbsp;&nbsp;&nbsp; 13534558<br>|
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey Consolidated Bonds, Series 2018  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/49 | &nbsp;&nbsp; 4485000 | &nbsp;&nbsp;&nbsp; 4561259<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *25597275* |
| **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $47,630,803)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $47,630,803)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $47,630,803)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $47,630,803)** | &nbsp;&nbsp; **48486282** |

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  | Expiration <br>Date<br>| Warrants | Value |
| **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** | **Warrants — 0.0%††** |
| **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** | **Industrials — 0.0%††** |
| *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* | *Ground Transportation — 0.0%††* |
| &nbsp;&nbsp;&nbsp; DesertXpress Enterprises LLC (Cost — $0) |  | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 12600<br>| &nbsp;&nbsp;&nbsp; **$0**<br> \*<sup>(g)(j)(k)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $562,109,871)** | **Total Investments before Short-Term Investments (Cost — $562,109,871)** | **Total Investments before Short-Term Investments (Cost — $562,109,871)** | **Total Investments before Short-Term Investments (Cost — $562,109,871)** | &nbsp;&nbsp; **552310370** |
|  | Rate |  | Shares |  |
| **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** | **Short-Term Investments — 2.8%** |
| &nbsp;&nbsp;&nbsp; Putnam Government Money Market Fund, Class P Shares <br> (Cost — $15,438,771)  | &nbsp;&nbsp; 3.420% |  | &nbsp;&nbsp; 15438771<br>| &nbsp;&nbsp;&nbsp;&nbsp; **15438771**<br> <sup>(l)(m)</sup><br>|
| **Total Investments — 103.5% (Cost — $577,548,642)** | **Total Investments — 103.5% (Cost — $577,548,642)** | **Total Investments — 103.5% (Cost — $577,548,642)** | **Total Investments — 103.5% (Cost — $577,548,642)** | &nbsp;&nbsp; **567749141** |
| &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (6.0)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (6.0)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (6.0)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (6.0)% | &nbsp;&nbsp;&nbsp; (33135000)<br>|
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 2.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 2.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 2.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 2.5% | &nbsp;&nbsp;&nbsp; 14196682 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$548810823** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| \* | Non-income producing security. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. <br>|
| <sup>(b)</sup> | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax ("AMT"). |
| <sup>(c)</sup> | Maturity date shown represents the mandatory tender date. |
| <sup>(d)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(e)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(f)</sup> | The coupon payment on this security is currently in default as of April 30, 2026. |
| <sup>(g)</sup> | Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1). |
| <sup>(h)</sup> | Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities. |
| <sup>(i)</sup> | Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond ("TOB") trust.. |
| <sup>(j)</sup> | Security is valued using significant unobservable inputs (Note 1). |
| <sup>(k)</sup> | Value is less than $1. |
| <sup>(l)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(m)</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 April 30, 2026, the total market value of <br> investments in Affiliated Companies was $15,438,771 and the cost was $15,438,771 (Note 2).<br>|

---

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

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

April 30, 2026

 **Franklin Municipal High Yield ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AMBAC |  | American Municipal Bond Assurance Corporation — Insured Bonds |
| BAN |  | Bond Anticipation Notes |
| CAB |  | Capital Appreciation Bonds |
| CDA |  | Communities Development Authority |
| DFA |  | Development Finance Agency |
| EDA |  | Economic Development Authority |
| EDC |  | Economic Development Corporation |
| EFA |  | Educational Facilities Authority |
| GO |  | General Obligation |
| HDA |  | Housing Development Authority |
| HEFA |  | Health & Educational Facilities Authority |
| HFC |  | Housing Finance Commission |
| IDA |  | Industrial Development Authority |
| IDR |  | Industrial Development Revenue |
| MFA |  | Municipal Finance Authority |
| PEA |  | Public Energy Authority |
| PFA |  | Public Facilities Authority |

---

At April 30, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; $16758094 | &nbsp;&nbsp;&nbsp;&nbsp; $15989344 | &nbsp;&nbsp;&nbsp; **$768750** |

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Franklin Municipal High Yield ETF (formerly Putnam Tax-Free High Yield Fund) (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 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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

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

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

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

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

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

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

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets 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; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $503824088 | &nbsp;&nbsp; — | &nbsp;&nbsp; $503824088 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds Deposited in Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 48486282 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48486282 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $0<br> \*<br>| &nbsp;&nbsp; 0\* |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 552310370 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 552310370 |
| Short-Term Investments† | &nbsp;&nbsp; $15438771 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15438771 |
| **Total Investments** | &nbsp;&nbsp; **$15438771** | &nbsp;&nbsp; **$552310370** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$567749141** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $768750 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $768750 |
| **Total** | &nbsp;&nbsp; **$16207521** | &nbsp;&nbsp; **$552310370** | &nbsp;&nbsp; **$0**<br> **\***<br>| &nbsp;&nbsp; **$568517891** |

---

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

---

| | |
|:---|:---|
| † | See Schedule of Investments for additional detailed categorizations. |
| \* | Amount represents less than $1. |
| †† | Reflects the unrealized appreciation (depreciation) of the instruments. |

---

**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 April 30, 2026. The following transactions were effected in such company for the period ended April 30, 2026. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>July 31, <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>July 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>|  | $113215064 | 113215064 | $97776293 | 97776293 |

---

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

&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>April 30, <br>2026<br>|
| Putnam Government Money <br> Market Fund, Class P Shares<br>|  | $210401 |  | $15438771 |

---

------

Franklin Municipal High Yield ETF 2026 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** One Franklin Parkway

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Franklin Municipal High Yield ETF

- **b. EDGAR series identifier (if any):** S000094552

- **c. LEI of Series:** 254900EWN0FQP3MFYF62

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

- **a. Date of fiscal year-end:** 2026-07-31

- **b. Date as of which information is reported:** 2026-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $587846338.27

**Total Liabilities:** $39015735.07

**Net Assets:** $548830603.20

**Delayed Delivery Securities:** $185000.00

**Cash Not Reported:** $60037.85

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 370.93478000 | **1-Year:** 4072.26349000 | **5-Year:** 58469.15787000 | **10-Year:** 271910.71153000 | **30-Year:** 18542.50479000

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

- **3-Month:** 198.24012000 | **1-Year:** 1199.89571000 | **5-Year:** 14155.48309000 | **10-Year:** 63559.59332000 | **30-Year:** 1634.96591000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000263085 | 2.02%                | -2.19%               | 1.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $148116.45               | $9567866.68                                |
| Month 2  | $-45650.61               | $-15127743.08                              |
| Month 3  | $-357396.70              | $7232741.99                                |

**Designated Index Information**

- **Index Name:** BTMNTR Index

- **Index Identifier:** BM10506

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHICAGO BOARD OF TRADE                                                                                  | Ultra U.S. Treasury Bond Futures, Jun-2026,ETH | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -139 | NC      | $768749.65    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW MEMPHIS ARENA PUBLIC BUILDING AUTHORITY OF MEMPHIS AND SHELBY COUNTY (TN)                           | TX NHPFAC 4 11/01/2055                         | CUSIP: 64542UFN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1185989.51   | 0.22%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GARDENS AT HAMMOCK BEACH CMNTY DEV DIST FLA                                                             | FL GHBDEV 5.38 05/01/2044                      | CUSIP: 36549DAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $313094.76    | 0.06%             | 2044-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP (TX)                                                            | TX ARLEDU 4 08/15/2046                         | CUSIP: 041806L73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $682606.44    | 0.12%             | 2046-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBEDU 5 07/01/2060                         | CUSIP: 744396KH4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1118512.75   | 0.20%             | 2060-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NASHVILLE AND DAVIDSON COUNTY HEALTH AND EDUCATION FACILITIES BOARD OF THE METROPOLITAN GOVERNMENT (TN) | TN METEDU 5 10/01/2029                         | CUSIP: 592029AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $498170.55    | 0.09%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E-470 PUBLIC HIGHWAY AUTHORITY (CO)                                                                     | CO EHYTRN 0 09/01/2041                         | CUSIP: 26822LLT9<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $555495.80    | 0.10%             | 2041-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSPORTATION COMMISSION (TX)                                                                    | TX TXSTRN 0 08/01/2039                         | CUSIP: 88283NAJ1<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $818653.20    | 0.15%             | 2039-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                                                                     | PORT AUTH N Y & N J (TOBs)                     | CUSIP: 73358W4C5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4485000 | PA      | $4561258.75   | 0.83%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE ECONOMIC DEVELOPMENT BANK (CA)                                                | CA CASDEV 01/01/2065                           | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    115000 | PA      | $66700.00     | 0.01%             | 2065-01-01      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBEDU 5 07/01/2055                         | CUSIP: 744396KG6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $912621.40    | 0.17%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SIERRA VISTA ARIZ INDL DEV AUTH                                                                         | AZ SIEDEV 5 06/15/2064                         | CUSIP: 82652UAY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $585406.78    | 0.11%             | 2064-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORP (NY)                                                                  | NY NYCDEV 2.88 11/15/2046                      | CUSIP: 649519DV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $1997033.91   | 0.36%             | 2046-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| SALTLEAF CMNTY DEV DIST FLA                                                                             | FL SLFDEV 6.05 05/01/2057                      | CUSIP: 79575MAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254271.10    | 0.05%             | 2057-05-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DIST FLA                                                                     | FL LKRGEN 4.62 05/01/2031                      | CUSIP: 51265KFR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $189494.22    | 0.03%             | 2031-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO (IL), CITY OF                                                                                   | IL CHI 5 01/01/2044                            | CUSIP: 167486E21<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978019.20    | 0.18%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV AUTH                                                  | LA LASFAC 5.25 11/15/2059                      | CUSIP: 54628C3B6<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1075853.75   | 0.20%             | 2059-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)                                                           | MA MASDEV 4 07/01/2050                         | CUSIP: 57584YN39<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2615000 | PA      | $2125926.75   | 0.39%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP                                                                    | PR PRCGEN 0 07/01/2029                         | CUSIP: 74529JQD0<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |    109000 | PA      | $98294.39     | 0.02%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY (CA)                                                             | CA CASEDU 6.2 06/15/2054                       | CUSIP: 130497AX8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $626962.56    | 0.11%             | 2054-06-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| TWISTED OAKS POINTE CMNTY DEV DIST FLA                                                                  | FL TWTDEV 5.88 05/01/2056                      | CUSIP: 90184FAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $270866.00    | 0.05%             | 2056-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MILLSBORO (DE), TOWN OF                                                                                 | DE MLBOBL 5.12 07/01/2038                      | CUSIP: 601266AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1499935.32   | 0.27%             | 2038-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JUSTIN TEX                                                                                              | TX JUSGEN 5.88 09/01/2045                      | CUSIP: 482184AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $209887.70    | 0.04%             | 2045-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MESQUITE TEX                                                                                            | TX MESGEN 5.62 09/01/2055                      | CUSIP: 590771BN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $176987.37    | 0.03%             | 2055-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DEL WEBB OAK CREEK CMNTY DEV DIST FLA                                                                   | FL DWODEV 5.62 05/01/2055                      | CUSIP: 245509AF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $566461.32    | 0.10%             | 2055-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DESERTXPRESS ENTERPRISES LLC                                                                            | DesertXpress Enterprises LLC                   | CUSIP: 05594N118<br>LEI: 549300505KLOET039L77 | Long             | EC               | CORP              | US        |     12600 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PUTNAM INVESTMENT FUNDS                                                                                 | PUTNAM INVESTMENT FUNDS GOVT MMKT P            | CUSIP: 74680A869<br>LEI: 549300SRAF55EHI5J317 | Long             | STIV             | RF                | US        |  15438771 | NS      | $15438770.69  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| DISTRICT COLUMBIA                                                                                       | DC DISREV 5 06/01/2061                         | CUSIP: 25483VYC2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    700000 | PA      | $572561.50    | 0.10%             | 2061-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWRY CROSSING TEX                                                                                      | TX LRCGEN 6 09/15/2055                         | CUSIP: 54877WAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1507000 | PA      | $1547980.76   | 0.28%             | 2055-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WOODCREEK CMNTY DEV DIST FLA                                                                            | FL WDCDEV 5.5 05/01/2055                       | CUSIP: 97925TAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483176.20    | 0.09%             | 2055-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EA MCKINNON GROVES CMNTY DEV DIST FLA                                                                   | FL EAMDEV 5.5 05/01/2056                       | CUSIP: 26832JAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $667053.14    | 0.12%             | 2056-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PARKSIDE TRAILS CMNTY DEV DIST FLA                                                                      | FL PTRGEN 5.55 05/01/2055                      | CUSIP: 70147QAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $712734.89    | 0.13%             | 2055-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DISTRICT (FL)                                                                | FL LKRGEN 5.1 05/01/2048                       | CUSIP: 51265KBP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2530514.86   | 0.46%             | 2048-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY (CA)                                                             | CA CASEDU 6.38 06/15/2064                      | CUSIP: 130497AY6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1153877.23   | 0.21%             | 2064-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OHIO STATE HIGHER EDUCATIONAL FACILITY COMMISSION (OH)                                                  | OH OHSEDU 5.25 12/01/2048                      | CUSIP: 67756DRV0<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    750000 | PA      | $677062.20    | 0.12%             | 2048-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP                                                                    | PR PRCGEN 0 07/01/2027                         | CUSIP: 74529JQC2<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |     80000 | PA      | $77117.84     | 0.01%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FLA INDL DEV AUTH                                                                         | FL SEMEDU 4 06/15/2051                         | CUSIP: 816686AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $643638.94    | 0.12%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP (TX)                                                | TX NHPFAC 5.5 11/15/2052                       | CUSIP: 64542UDA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $220670.60    | 0.04%             | 2052-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MILLSBORO (DE), TOWN OF                                                                                 | DE MLBOBL 5.25 07/01/2048                      | CUSIP: 601266AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1995000 | PA      | $1964946.72   | 0.36%             | 2048-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH COMMUNITY AUTHORITY BOARD (CO)                                                           | CO STRDEV 5.62 12/01/2043                      | CUSIP: 85950TAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    424000 | PA      | $439273.37    | 0.08%             | 2043-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BRIDLE CREEK CMNTY DEV DIST FLA                                                                         | FL BDLDEV 6.38 05/01/2056                      | CUSIP: 108860AD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $487507.61    | 0.09%             | 2056-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH AND EDUCATIONAL FACILITIES AUTHORITY (WI)                                              | WI WISMED 5.75 08/15/2059                      | CUSIP: 97712JJF1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1542419.70   | 0.28%             | 2059-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY (MI)                                                                         | MI MISFIN 5 05/01/2046                         | CUSIP: 594479GQ4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $790222.10    | 0.14%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAM LAKE (MN), CITY OF                                                                                  | MN HAMEDU 5 07/01/2047                         | CUSIP: 406511AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $833294.10    | 0.15%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND RAPIDS MICH ECONOMIC DEV CORP                                                                     | MI GRADEV 6.12 11/01/2060                      | CUSIP: 386246HK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000911.00   | 0.18%             | 2060-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GAS WORX CMNTY DEV DIST FLA                                                                             | FL GSWGEN 6 05/01/2057                         | CUSIP: 367200AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $269948.80    | 0.05%             | 2057-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (THE) (AZ)                                             | AZ MAREDU 7.38 10/01/2029                      | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3890361.30   | 0.71%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY (KY)                                                    | KY KYSDEV 5 05/15/2036                         | CUSIP: 49126PFF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1924630.20   | 0.35%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILLOWBROOK CMNTY DEV DIST FLA                                                                          | FL WBRDEV 5.88 05/01/2056                      | CUSIP: 971227AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150788.79    | 0.03%             | 2056-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SUFFOLK CITY INDUSTRIAL DEVELOPMENT AUTHORITY (VA)                                                      | VA SUFMED 5 09/01/2031                         | CUSIP: 86482NAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500340.35   | 0.27%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN DEVELOPMENT AND HOUSING AGENCY (TN)                                                        | TN NSHHSG 5.12 06/01/2036                      | CUSIP: 591874AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1267375.38   | 0.23%             | 2036-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ANNA (TX), CITY OF                                                                                      | TX ANNGEN 5.5 09/15/2055                       | CUSIP: 035713BF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    131000 | PA      | $132379.36    | 0.02%             | 2055-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY (NJ)                                                          | NJ NJSDEV 5 06/15/2037                         | CUSIP: 64577QAF8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000178.50   | 0.18%             | 2037-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MEDINA CNTY TEX                                                                                         | TX MDAGEN 5.45 09/01/2046                      | CUSIP: 584735AQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $431094.05    | 0.08%             | 2046-09-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NY NYSTRN 5 03/15/2054                                                                                  | NY NYSTRN 5 03/15/2054 (TOBs)                  | CUSIP: 650028ZP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7300000 | PA      | $7501458.10   | 1.37%             | 2054-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN                                                                             | WA WASHSG 6.12 07/01/2053                      | CUSIP: 93978LGP5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2636227.75   | 0.48%             | 2053-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ECONOMIC DEVELOPMENT AUTHORITY (DE)                                                            | DE DESDEV 5 06/01/2036                         | CUSIP: 246387RV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700124.95    | 0.13%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBGEN 5 09/01/2038                         | CUSIP: 74442PAV7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500674.25   | 0.27%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY (NJ)                                                          | NJ NJSDEV 5.62 11/15/2030                      | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001478.50   | 0.18%             | 2030-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WEST CENT OHIO PORT AUTH                                                                                | OH WCOTRN 0 12/01/2058                         | CUSIP: 95184AAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $523266.64    | 0.10%             | 2058-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SKYRIDGE PEGASUS INFRASTRUCTURE FING DIST UTAH                                                          | UT SKPDEV 5.25 12/01/2044                      | CUSIP: 83089AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $705435.50    | 0.13%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP                                                                                    | FL FLSDEV 4 07/01/2051                         | CUSIP: 34061UHZ4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1864601.10   | 0.34%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DAYTON TEX                                                                                              | TX DAYGEN 5.5 09/01/2055                       | CUSIP: 240094AM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $646778.47    | 0.12%             | 2055-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBGEN 5 01/01/2055                         | CUSIP: 74442PPU3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3261597.38   | 0.59%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARM SPRINGS RESERVATION (OR)                                                                           | OR WARFAC 5 11/01/2039                         | CUSIP: 934312AQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $727575.73    | 0.13%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON (OH), COUNTY OF                                                                              | OH WASMED 6.75 12/01/2052                      | CUSIP: 938154DX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $771183.23    | 0.14%             | 2052-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS CITY INDUSTRIAL DEVELOPMENT AUTHORITY (THE) (MO)                                            | MO STLGEN 4.75 11/15/2047                      | CUSIP: 85236BAC6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1455247.79   | 0.27%             | 2047-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TEX                                                                                           | TX PRIGEN 5.62 09/01/2055                      | CUSIP: 742400DQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $477542.58    | 0.09%             | 2055-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY (SC)                                                 | SC SCSEDU 4 06/01/2036                         | CUSIP: 83704MBT2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $876032.60    | 0.16%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                                     | WI PUBMFH 6.81 04/28/2036                      | CUSIP: 74448FAA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2463231.49   | 0.45%             | 2036-04-28      | Fixed         | 6.81%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)                                                           | MA MASDEV 4 07/01/2045                         | CUSIP: 57584YN21<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $652415.25    | 0.12%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP                                                                    | PR PRCGEN 0 07/01/2031                         | CUSIP: 74529JQE8<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |    141000 | PA      | $118007.86    | 0.02%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT STATE HEALTH AND EDUCATIONAL FACILITIES AUTHORITY (CT)                                      | CT CTSMED 5 09/01/2046                         | CUSIP: 20774YJ32<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991551.50    | 0.18%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTERVILLE (OH), CITY OF                                                                               | OH CTVMED 5.25 11/01/2047                      | CUSIP: 152241AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1928621.80   | 0.35%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IOWA FINANCE AUTHORITY (IA)                                                                             | IA IASGEN 7.5 05/15/2053                       | CUSIP: 46247SFF6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1546597.78   | 0.28%             | 2053-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CMFA SPECIAL FINANCE AGENCY I (CA)                                                                      | CA CMFHSG 4 04/01/2056                         | CUSIP: 12574TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2699327.05   | 0.49%             | 2056-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                                                                   | NY NYTTRN 3 08/01/2031                         | CUSIP: 650116EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1103472.61   | 0.20%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| POINT PHASE 1 PUB INFRASTRUCTURE DIST NO 1 UTAH                                                         | UT PTPGEN 6.12 03/01/2055                      | CUSIP: 73058EAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1093609.13   | 0.20%             | 2055-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND COUNTY MUNICIPAL AUTHORITY (PA)                                                              | PA CUMGEN 5 01/01/2045                         | CUSIP: 230614PN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976363.00    | 0.18%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WOODLAND CROSSING CMNTY DEV DIST FLA                                                                    | FL WCRDEV 5.88 05/01/2045                      | CUSIP: 979583AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $119279.04    | 0.02%             | 2045-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WARM SPRINGS RESERVATION (OR)                                                                           | OR WARFAC 5 11/01/2032                         | CUSIP: 934312AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $379694.05    | 0.07%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MANSFIELD TEX                                                                                           | TX MNFGEN 6.25 09/15/2055                      | CUSIP: 56439QAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $878259.19    | 0.16%             | 2055-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                                                            | MA MASDEV 5.5 10/01/2044                       | CUSIP: 57585BTD0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1616528.10   | 0.29%             | 2044-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION (NC)                                                             | NC NCSMED 4 03/01/2042                         | CUSIP: 65821DYT2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2369076.25   | 0.43%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALDWIN COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (THE) (AL)                                              | AL BLWPOL 06/01/2055                           | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1277802.00   | 0.23%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER INDUSTRIAL DEVELOPMENT AUTHORITY (PA)                                                         | PA LANDEV 4 12/01/2044                         | CUSIP: 514349CX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1022251.56   | 0.19%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBEDU 5.75 07/01/2062                      | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2776630 | PA      | $2876886.41   | 0.52%             | 2062-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FEED ML CMNTY DEV DIST FLA                                                                              | FL FEDDEV 5.88 05/01/2056                      | CUSIP: 31434PAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $601777.86    | 0.11%             | 2056-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY (NJ)                                                          | NJ NJSDEV 5.5 06/01/2033                       | CUSIP: 64578CBU4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003677.40   | 0.37%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENVER COLO CITY & CNTY                                                                                 | DENVER COLO CITY & CNTY (TOBs)                 | CUSIP: 249182TF3<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | DBT              | MUN               | US        |   5675000 | PA      | $6369275.15   | 1.16%             | 2037-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FLORIDA LOC GOVT FIN COMMN                                                                              | FL FLSFAC 6.75 11/15/2055                      | CUSIP: 34077UAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $365578.05    | 0.07%             | 2055-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TRANQUILITY CMNTY DEV DIST FLA                                                                          | FL TRQGEN 5.62 05/01/2055                      | CUSIP: 89300NAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $590346.48    | 0.11%             | 2055-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COLUMBIA (DC), DISTRICT OF                                                                              | DC DISREV 4 07/01/2044                         | CUSIP: 25483VWC4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $225118.35    | 0.04%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KISSIMMEE PK CMNTY DEV DIST FLA                                                                         | FL KPCDEV 6.5 05/01/2056                       | CUSIP: 497859AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $821528.56    | 0.15%             | 2056-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                                     | WI PUBMFH 6.75 12/01/2060                      | CUSIP: 74441XJJ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1222583.88   | 0.22%             | 2060-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TOLOMATO CMNTY DEV DIST FLA                                                                             | FL TOLDEV 5.12 05/01/2054                      | CUSIP: 889560FB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $351474.62    | 0.06%             | 2054-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FOX BRANCH RANCH CMNTY DEV DIST FLA                                                                     | FL FBRDEV 5.4 05/01/2055                       | CUSIP: 351322AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $482272.26    | 0.09%             | 2055-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                                                           | NY NYTTRN 6 06/30/2054                         | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4577842.28   | 0.83%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRINCETON TEX                                                                                           | TX PRIGEN 5.62 09/01/2055                      | CUSIP: 742400DW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $447382.00    | 0.08%             | 2055-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY (SC)                                                 | SC SCSEDU 4 06/01/2056                         | CUSIP: 83704MBV7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1036022.21   | 0.19%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JAMES CITY COUNTY VA ECON DEV RESID                                                                     | VA JAMDEV 6.88 12/01/2058                      | CUSIP: 47029WEG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089368.80   | 0.20%             | 2058-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| RIVER LANDING CMNTY DEV DIST FLA                                                                        | FL RILDEV 5.45 05/01/2055                      | CUSIP: 76828JAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $547868.36    | 0.10%             | 2055-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY HOUSING AGENCY                                                                     | CA CCHHSG 4 02/01/2056                         | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3275000 | PA      | $2726718.50   | 0.50%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL HOUSING AND REDEVELOPMENT AUTHORITY (MN)                                                     | MN STPHSG 5 09/01/2055                         | CUSIP: 852297DB3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2519437.53   | 0.46%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY (PA)                                              | PA PASDEV 6 06/30/2061                         | CUSIP: 70868YAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2636792.50   | 0.48%             | 2061-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)                                                           | MA MASMED 6.65 10/15/2028                      | CUSIP: 57585AAB6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $20.35        | 0.00%             | 2028-10-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (THE) (AZ)                                             | AZ MAREDU 5 07/01/2035                         | CUSIP: 56681NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501287.00   | 0.27%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEDINA CNTY TEX                                                                                         | TX MDAGEN 5.35 09/01/2054                      | CUSIP: 584735AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1371000 | PA      | $1320246.13   | 0.24%             | 2054-09-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TEX                                                                                         | TX PILGEN 6.25 09/15/2056                      | CUSIP: 721614BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $255126.66    | 0.05%             | 2056-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VENICE FLA                                                                                              | FL VEN 5.62 01/01/2060                         | CUSIP: 922687AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $620534.19    | 0.11%             | 2060-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO CITY BOARD OF EDUCATION (IL)                                                                    | IL CHIEDU 5.88 12/01/2047                      | CUSIP: 167505ZF6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3755010.09   | 0.68%             | 2047-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WOODLANDS SECT 9 CMNTY DEV DIST                                                                         | FL WOLGEN 5.7 05/01/2046                       | CUSIP: 97968MAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002393.20   | 0.18%             | 2046-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BEAUMONT CITY HOUSING AUTHORITY (TX)                                                                    | TX BEAHSG 6.5 07/01/2055                       | CUSIP: 07451AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1339086.47   | 0.24%             | 2055-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TOLOMATO CMNTY DEV DIST FLA                                                                             | FL TOLDEV 4.8 05/01/2044                       | CUSIP: 889560FA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $873827.86    | 0.16%             | 2044-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEVELOPMENT FINANCE CORP (FL)                                                                   | FL FLSMED 5 02/01/2052                         | CUSIP: 34061QBU0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3301891.60   | 0.60%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DISTRICT (FL)                                                                | FL LKRGEN 5.3 05/01/2039                       | CUSIP: 51265KBS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1284535.75   | 0.23%             | 2039-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| JAMES CITY COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY (VA)                                                | VA JAMDEV 4 12/01/2050                         | CUSIP: 47029WED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1821439.35   | 0.33%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKE FLORES CMNTY DEV DIST FLA                                                                          | FL LFLDEV 5.45 05/01/2046                      | CUSIP: 509682AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1210281.12   | 0.22%             | 2046-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| RIVERWALK CMNTY DEV DIST FLA                                                                            | FL RWKDEV 5.62 05/01/2055                      | CUSIP: 76951PAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $449071.07    | 0.08%             | 2055-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY (CO)                                                               | CO COSMED 4 01/01/2038                         | CUSIP: 19648FLZ5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    550000 | PA      | $550406.84    | 0.10%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUBLIC FACILITIES AUTHORITY (LA)                                                              | LA LASFAC 5.75 09/01/2064                      | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1131250.23   | 0.21%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBGEN 6 02/01/2062                         | CUSIP: 74447DAG2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2048305.40   | 0.37%             | 2062-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WINDSOR CAY CMNTY DEV DIST FLA                                                                          | FL WSRDEV 5.5 05/01/2055                       | CUSIP: 97352AAG2<br>LEI: 549300L7V4MGECYRM576 | Long             | DBT              | MUN               | US        |    520000 | PA      | $510426.12    | 0.09%             | 2055-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DEKALB COUNTY DEVELOPMENT AUTHORITY (GA)                                                                | GA DEKDEV 5 06/01/2063                         | CUSIP: 240463KE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $728511.52    | 0.13%             | 2063-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OHIO STATE HIGHER EDUCATIONAL FACILITY COMMISSION (OH)                                                  | OH OHSEDU 5.5 12/01/2053                       | CUSIP: 67756DRW8<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1638405.36   | 0.30%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VERANO 4 CMNTY DEV DIST FLA                                                                             | FL VERDEV 6 05/01/2055                         | CUSIP: 92337SAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $384283.09    | 0.07%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY (CA)                                                              | CA CDAHSG 3 12/01/2056                         | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4900000 | PA      | $3394994.40   | 0.62%             | 2056-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LOWERY HILLS CMNTY DEV DIST FLA                                                                         | FL LWRDEV 5.62 05/01/2045                      | CUSIP: 548652AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $735542.59    | 0.13%             | 2045-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DEERING PK STEWARDSHIP DIST FLA                                                                         | FL DPSDEV 6.25 05/01/2055                      | CUSIP: 24460GAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $314254.13    | 0.06%             | 2055-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PINELLAS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (FL)                                                   | FL PINDEV 5 07/01/2039                         | CUSIP: 72316VAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2770000 | PA      | $2799566.70   | 0.51%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DIST FLA                                                                     | FL LKRGEN 5.5 05/01/2055                       | CUSIP: 51265KFZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $767363.64    | 0.14%             | 2055-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (VA)                                                  | FL CHAUTL 6.12 10/01/2055                      | CUSIP: 16080TAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $439021.35    | 0.08%             | 2055-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CAPITAL TR AUTH FLA                                                                                     | FL CTSEDU 5.25 07/01/2055                      | CUSIP: 14054WBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $373610.76    | 0.07%             | 2055-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER COUNTY HOSPITAL AUTHORITY (PA)                                                                | PA LANMED 5 06/15/2049                         | CUSIP: 51404PAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4705000 | PA      | $4137337.52   | 0.75%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TEX                                                                                         | TX PILGEN 6.12 09/15/2045                      | CUSIP: 721614AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105018.10    | 0.02%             | 2045-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSN DEV CORP                                                                                | NY NYTTRN 4 01/01/2036                         | CUSIP: 650116CQ7<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | MUN               | US        |   4405000 | PA      | $4351240.50   | 0.79%             | 2036-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO CITY BOARD OF EDUCATION (IL)                                                                    | IL CHIEDU 6 12/01/2044                         | CUSIP: 167505A71<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058273.70   | 0.19%             | 2044-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PALERMO CMNTY DEV DIST FLA                                                                              | FL PCDDEV 5.5 06/15/2055                       | CUSIP: 696280AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $611545.56    | 0.11%             | 2055-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KISSIMMEE PK CMNTY DEV DIST FLA                                                                         | FL KPCDEV 6.12 05/01/2056                      | CUSIP: 497859AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $796490.75    | 0.15%             | 2056-05-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PRINCETON TEX                                                                                           | TX PRIGEN 5.62 09/01/2055                      | CUSIP: 742400DT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $467489.05    | 0.09%             | 2055-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (FL)                                                        | FL LEEMED 5 11/15/2054                         | CUSIP: 52349EEV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $484170.90    | 0.09%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBGEN 5 10/01/2043                         | CUSIP: 74442PJR7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3425000 | PA      | $3422970.35   | 0.62%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LT RANCH SOUTH CMNTY DEV DIST FLA                                                                       | FL LTSDEV 5.9 05/01/2056                       | CUSIP: 54912TAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $226143.36    | 0.04%             | 2056-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT (PA)                                                  | PA PHIDEV 5 03/15/2045                         | CUSIP: 71781XGR8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |     75000 | PA      | $78197.24     | 0.01%             | 2045-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KINGS CREEK I CMNTY DEV DIST FLA                                                                        | FL KGCDEV 6 05/01/2055                         | CUSIP: 495879AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $228587.47    | 0.04%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP (TX)                                                            | TX ARLEDU 4.88 06/15/2059                      | CUSIP: 041807JW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $893700.00    | 0.16%             | 2059-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NEV SPL IMPT DIST NO 816                                                                      | NV LASGEN 3.12 06/01/2051                      | CUSIP: 51779AAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $987935.48    | 0.18%             | 2051-06-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PIMA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (THE) (AZ)                                                 | AZ PIMFAC 7 11/15/2057                         | CUSIP: 72178AAJ1<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1752238.62   | 0.32%             | 2057-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBEDU 5 06/15/2054                         | CUSIP: 74442EEH9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    455000 | PA      | $410039.99    | 0.07%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX CITY INDUSTRIAL DEVELOPMENT AUTHORITY (THE) (AZ)                                                | AZ PHOEDU 5 07/01/2046                         | CUSIP: 71885FEB9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    750000 | PA      | $716248.28    | 0.13%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEVELOPMENT AUTHORITY TEX TAX INCREM                                                             | TX UTWDEV 3 09/01/2037                         | CUSIP: 916856HQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $553483.65    | 0.10%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RAMSEY (MN), CITY OF                                                                                    | MN RAMEDU 5 06/01/2032                         | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1360415.39   | 0.25%             | 2032-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TEX                                                                                         | TX PILGEN 7 09/15/2056                         | CUSIP: 721614BJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230104.28    | 0.04%             | 2056-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA INDL DEV AUTH                                                                            | PA LEHEDU 4 05/01/2051                         | CUSIP: 52481MAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2385000 | PA      | $1854561.69   | 0.34%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUNTER TEX                                                                                              | TX GUN 5.5 09/15/2045                          | CUSIP: 40314PAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    771000 | PA      | $791183.16    | 0.14%             | 2045-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY (IL)                                                                         | IL ILSHSG 5 02/15/2047                         | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5185743.20   | 0.94%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                                     | WI PUBFIN 5.75 07/01/2063                      | CUSIP: 74439YEU1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1910829.40   | 0.35%             | 2063-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN FINANCE AUTHORITY (MI)                                                                         | MI MISFIN 5 02/01/2047                         | CUSIP: 594479DD6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    600000 | PA      | $553158.84    | 0.10%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCE GEORGES (MD), COUNTY OF                                                                          | MD PRIOBL 5.12 07/01/2039                      | CUSIP: 74172RBP1<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301954.11    | 0.06%             | 2039-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KINGS CREEK I CMNTY DEV DIST FLA                                                                        | FL KGCDEV 5.75 05/01/2045                      | CUSIP: 495879AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103561.27    | 0.02%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAYMAS CMNTY DEV DIST FLA                                                                               | FL CYMDEV 5.62 05/01/2056                      | CUSIP: 14976TAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $295841.28    | 0.05%             | 2056-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MIDDLETON CMNTY DEV DIST A FLA                                                                          | FL MDDGEN 6.2 05/01/2053                       | CUSIP: 596681AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1397645.59   | 0.25%             | 2053-05-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEV AUTH TEX                                                                                     | TX UTWDEV 3 09/01/2036                         | CUSIP: 916856HP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $565268.60    | 0.10%             | 2036-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBGEN 5 04/01/2050                         | CUSIP: 74442PZR9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     95000 | PA      | $102493.89    | 0.02%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY (CA)                                                             | CA CASMFH 02/20/2041                           | CUSIP: 13050WAB7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2969122 | PA      | $2570503.45   | 0.47%             | 2041-02-20      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| EAGAN MINN                                                                                              | MN EGAEDU 6.5 02/01/2065                       | CUSIP: 26940AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $697722.69    | 0.13%             | 2065-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CYPRESS RESV CMNTY DEV DIST FLA                                                                         | FL CYCDEV 5.8 05/01/2056                       | CUSIP: 23280AAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $215120.96    | 0.04%             | 2056-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| FLORIDA LOCAL GOVERNMENT FINANCE AUTHORITY (FL)                                                         | FL FLSEDU 6.12 06/15/2065                      | CUSIP: 34077EAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3129874.70   | 0.57%             | 2065-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HIGHLAND TRAILS CMNTY DEV DIST FLA                                                                      | FL HTRDEV 5.85 05/01/2056                      | CUSIP: 430813AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $163795.19    | 0.03%             | 2056-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH                                                                            | AZ PIMFAC 6.75 11/15/2042                      | CUSIP: 72178AAG7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079486.10   | 0.20%             | 2042-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBFIN 5 02/01/2064                         | CUSIP: 74443DKZ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1823155.00   | 0.33%             | 2064-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDA MOUNTAIN VILLAGE PUBLIC INFRASTRUCTURE DISTRICT (UT)                                               | UT MMVDEV 4 08/01/2050                         | CUSIP: 59561TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1294861.49   | 0.24%             | 2050-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT (PA)                                                  | PA PHIDEV 5 03/15/2045                         | CUSIP: 71781XGT4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1387984 | PA      | $277596.86    | 0.05%             | 2045-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBEDU 5 12/15/2044                         | CUSIP: 74442ELU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    690000 | PA      | $669330.43    | 0.12%             | 2044-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                                     | WI PUBEDU 5 06/15/2049                         | CUSIP: 74442EEG1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $963612.42    | 0.18%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY (AL)                                                                         | AL SEEPWR 01/01/2056                           | CUSIP: 84136HBC6<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    860000 | PA      | $881277.95    | 0.16%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SOMERSET BAY CMNTY DEV DIST FLA                                                                         | FL SBADEV 5.8 05/01/2056                       | CUSIP: 83461CAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $635371.22    | 0.12%             | 2056-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBEDU 5 06/15/2039                         | CUSIP: 74442EEF3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    410000 | PA      | $409263.52    | 0.07%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GAS WORX CMNTY DEV DIST FLA                                                                             | FL GSWGEN 5.75 05/01/2045                      | CUSIP: 367200AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103485.71    | 0.02%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ST. JOHNS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (FL)                                                  | FL STJMED 4 12/15/2036                         | CUSIP: 79041LAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $380939.84    | 0.07%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO, COMMONWEALTH OF                                                                            | PR PRC 4 07/01/2041                            | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5341097.79   | 0.97%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H                                                                                   | NH NFADEV 9.46 07/20/2041                      | CUSIP: 63607WBW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $983374.41    | 0.18%             | 2041-07-20      | Variable      | 9.46%                 | No            |                  2 | On Loan: No      |
| HUNT CLUB GROVE CMNTY DEV DIST FLA                                                                      | FL HCGDEV 5.6 12/15/2055                       | CUSIP: 445583AF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $311464.87    | 0.06%             | 2055-12-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| NATIONAL FINANCE AUTHORITY (NH)                                                                         | NH NFADEV 3.62 08/20/2039                      | CUSIP: 63607WAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3742184 | PA      | $3557754.59   | 0.65%             | 2039-08-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TRAILS AT CROWFOOT MET DIST NO 3 COLO                                                                   | CO TRCFAC 6.88 12/15/2052                      | CUSIP: 89286RAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $702354.94    | 0.13%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                                                                                   | OK TULAPT 6.25 12/01/2035                      | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $124051.03    | 0.02%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH AND EDUCATIONAL FACILITIES AUTHORITY (WI)                                              | WI WISMED 4 01/01/2057                         | CUSIP: 97712JEE9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1054420.34   | 0.19%             | 2057-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUPAGE (IL), COUNTY OF                                                                                  | IL DUPFAC 5.62 03/01/2036                      | CUSIP: 26350TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    498000 | PA      | $498447.70    | 0.09%             | 2036-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SKY DANCE MET DIST NO 2 COLO                                                                            | CO SKYDEV 6 12/01/2054                         | CUSIP: 83086VAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $797434.22    | 0.15%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CRANDALL TEX                                                                                            | TX CRAGEN 5.5 09/15/2055                       | CUSIP: 224384AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $921192.41    | 0.17%             | 2055-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| METROPICA CMNTY DEV DIST FLA                                                                            | FL MPCGEN 7 11/01/2030                         | CUSIP: 59170TAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $404969.95    | 0.07%             | 2030-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WATERFORD CMNTY DEV DIST FLA                                                                            | FL WTFDEV 6 05/01/2045                         | CUSIP: 941376AH8<br>LEI: 549300NTFETNSK7HXG80 | Long             | DBT              | MUN               | US        |    595000 | PA      | $624474.99    | 0.11%             | 2045-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PIMA COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (THE) (AZ)                                                 | AZ PIMFAC 6.88 11/15/2052                      | CUSIP: 72178AAH5<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528981.40    | 0.10%             | 2052-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION (WA)                                                        | WA WASHSG 03/01/2050                           | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1235002 | PA      | $1204893.07   | 0.22%             | 2050-03-01      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| FIRETHORN CMNTY DEV DIST FLA                                                                            | FL FTNGEN 5.6 05/01/2055                       | CUSIP: 31832AAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $543045.42    | 0.10%             | 2055-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO, COMMONWEALTH OF                                                                            | PR PRC 4 07/01/2037                            | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2922477.30   | 0.53%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO AIR QUALITY DEVELOPMENT AUTHORITY (OH)                                                             | OH OHSDEV 4.25 01/15/2038                      | CUSIP: 67754AAD6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1684067.94   | 0.31%             | 2038-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY (SC)                                                 | SC SCSDEV 5 11/15/2042                         | CUSIP: 837031ZK2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    585000 | PA      | $588220.72    | 0.11%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOBE-ST LUCIE CONSERVANCY DIST FLA                                                                      | FL HOBGEN 5.88 05/01/2055                      | CUSIP: 434043AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020150.40   | 0.19%             | 2055-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ST. JOHNS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (FL)                                                  | FL STJMED 4 12/15/2041                         | CUSIP: 79041LAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $675278.63    | 0.12%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DISTRICT (FL)                                                                | FL LKRGEN 4 05/01/2050                         | CUSIP: 51265KEN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $416653.00    | 0.08%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHERRY HILL COMMUNITY DEVELOPMENT AUTHORITY (VA)                                                        | VA CHYDEV 5.15 03/01/2035                      | CUSIP: 164631AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500700.95    | 0.09%             | 2035-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H                                                                                   | NH NFADEV 4.5 08/15/2055                       | CUSIP: 63607YAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3495000 | PA      | $2912376.16   | 0.53%             | 2055-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MUSTANG RIDGE TEX                                                                                       | TX MGR 6.12 09/01/2055                         | CUSIP: 62822EAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    789000 | PA      | $812901.97    | 0.15%             | 2055-09-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MEDICAL CARE COMMISSION (NC)                                                             | NC NCSMED 5 10/01/2050                         | CUSIP: 65820YRS7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1382208.00   | 0.25%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENTON CNTY TEX                                                                                         | TX DNNDEV 6.12 12/31/2055                      | CUSIP: 24880GAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $619680.96    | 0.11%             | 2055-12-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                                                           | NY NYTTRN 5.62 04/01/2040                      | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2330740.72   | 0.42%             | 2040-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA COUNTY HEALTH FACILITIES AUTHORITY (FL)                                                        | FL SARMED 5 01/01/2031                         | CUSIP: 80329UAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1291135.62   | 0.24%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAYTOWN (MN), TOWNSHIP OF                                                                               | MN BYTGEN 4 08/01/2036                         | CUSIP: 073225AW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $374807.60    | 0.07%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BELLA TARA CMNTY DEV DIST FLA                                                                           | FL BTCDEV 6.5 05/01/2056                       | CUSIP: 07820BAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513455.35    | 0.09%             | 2056-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PALM BEACH (FL), COUNTY OF                                                                              | FL PALGEN 5 06/01/2057                         | CUSIP: 696547HN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $922162.44    | 0.17%             | 2057-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH                                                                      | MO MOSMED 4 05/01/2038                         | CUSIP: 60636AWA7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    930000 | PA      | $882348.20    | 0.16%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EAST NASSAU STEWARDSHIP DIST FLA                                                                        | FL ENADEV 6.25 05/01/2056                      | CUSIP: 273794AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $978828.42    | 0.18%             | 2056-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGENCY (UT)                                                                         | UT UTSFAC 4 10/15/2042                         | CUSIP: 917467BM3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1400999.40   | 0.26%             | 2042-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST PORT EAST CMNTY DEV DIST FLA                                                                       | FL WPEDEV 6 05/01/2055                         | CUSIP: 95549KAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $561589.82    | 0.10%             | 2055-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HYDE PK CMNTY DEV DIST 1 FLA                                                                            | FL HYDDEV 6 05/01/2055                         | CUSIP: 448642AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $493035.38    | 0.09%             | 2055-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY (SC)                                                 | SC SCSDEV 5 11/15/2054                         | CUSIP: 837031ZL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1016141.50   | 0.19%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO (IL), CITY OF                                                                                   | IL CHI 4 01/01/2036                            | CUSIP: 167486M55<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3012552.27   | 0.55%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ECONOMIC DEVELOPMENT CORP (MD)                                                                 | MD MDSDEV 6 07/01/2058                         | CUSIP: 57420VSP9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   5025000 | PA      | $5320604.67   | 0.97%             | 2058-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH                                                                                   | GA COBDEV 5 07/15/2030                         | CUSIP: 190778JU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1176245.62   | 0.21%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H                                                                                   | NH NFADEV 4.25 08/15/2046                      | CUSIP: 63607YAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1443263.42   | 0.26%             | 2046-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NORTHLAKE STEWARDSHIP DIST FLA                                                                          | FL NLSGEN 6.2 05/01/2056                       | CUSIP: 66649EAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $359544.75    | 0.07%             | 2056-05-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| MAJORCA ISLES COMMUNITY DEVELOPMENT DISTRICT (FL)                                                       | FL ACAGEN 5.7 06/15/2056                       | CUSIP: 00402FAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $398131.80    | 0.07%             | 2056-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| DEERING PK STEWARDSHIP DIST FLA                                                                         | FL DPSDEV 6 05/01/2045                         | CUSIP: 24460GAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $419511.16    | 0.08%             | 2045-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KYLE TEX                                                                                                | TX KYLGEN 5.75 09/01/2056                      | CUSIP: 50156CCD0<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    150000 | PA      | $148874.55    | 0.03%             | 2056-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY (CA)                                                              | CA CDAHSG 4 02/01/2057                         | CUSIP: 126292AX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1135107.75   | 0.21%             | 2057-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP                                                                    | PR PRCGEN 0 07/01/2046                         | CUSIP: 74529JQG3<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |   2518000 | PA      | $902042.53    | 0.16%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY (IL)                                                                         | IL ILSGEN 5 10/01/2049                         | CUSIP: 45204FYV1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $952108.40    | 0.17%             | 2049-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RADIANCE CMNTY DEV DIST FLA                                                                             | FL RCDGEN 6.4 05/01/2056                       | CUSIP: 75030AAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $409940.20    | 0.07%             | 2056-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H                                                                                   | NH NFADEV 4.12 08/15/2040                      | CUSIP: 63607YAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1363487.79   | 0.25%             | 2040-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ INDL DEV AUTH                                                                            | AZ PIMFAC 6.25 11/15/2035                      | CUSIP: 72178AAF9<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1133140.85   | 0.21%             | 2035-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEVELOPMENT AUTHORITY TEX TAX INCREM                                                             | TX UTWDEV 3 09/01/2040                         | CUSIP: 916856HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $478196.17    | 0.09%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION (WA)                                                        | WA WASHSG 5 07/01/2036                         | CUSIP: 939783TQ9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    575000 | PA      | $575253.75    | 0.10%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY (SC)                                                 | SC SCSEDU 5.75 06/15/2039                      | CUSIP: 83704MAL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1942819.40   | 0.35%             | 2039-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LAKESIDE AT SATILLA CMNTY DEV DIST FLA                                                                  | FL LSDDEV 5.62 05/01/2055                      | CUSIP: 51210AAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200663.44    | 0.04%             | 2055-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CONNERTON EAST CMNTY DEV DIST FLA                                                                       | FL CDEDEV 5.5 06/15/2055                       | CUSIP: 208185AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $349414.14    | 0.06%             | 2055-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBEDU 5 12/15/2039                         | CUSIP: 74442ELT5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1404017.16   | 0.26%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUNRISE CMNTY DEV DIST FLA                                                                              | FL SSEDEV 5.88 05/01/2055                      | CUSIP: 86771UAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $243401.95    | 0.04%             | 2055-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH                                                                                | AR ARSDEV 5 02/01/2036                         | CUSIP: 04109FCM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $843678.25    | 0.15%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY (CA)                                                              | CA CDAHSG 3 02/01/2057                         | CUSIP: 126292AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $3860478.05   | 0.70%             | 2057-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH                                                                     | WI WISMED 5 06/01/2045                         | CUSIP: 97712JRZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1162298.48   | 0.21%             | 2045-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MANOR TEX                                                                                               | TX MNRGEN 6 09/15/2055                         | CUSIP: 564099AY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $283232.62    | 0.05%             | 2055-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NORTHLAKE STEWARDSHIP DIST FLA                                                                          | FL NLSGEN 6 05/01/2045                         | CUSIP: 66649EAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $130812.81    | 0.02%             | 2045-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HIGHER EDUCATIONAL FACILITIES FINANCING AUTHORITY (FL)                                                  | FL FLSHGR 5 03/01/2049                         | CUSIP: 34073TLP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1449449.00   | 0.26%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA COUNTY HEALTH FACILITIES AUTHORITY (FL)                                                        | FL SARMED 5 01/01/2030                         | CUSIP: 80329UAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $753935.70    | 0.14%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRIDGEVILLE (DE), TOWN OF                                                                               | DE BRIGEN 5.62 07/01/2053                      | CUSIP: 108588AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1529510.80   | 0.28%             | 2053-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TEX                                                                                         | TX PILGEN 7.12 09/15/2055                      | CUSIP: 721614BE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $185945.15    | 0.03%             | 2055-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH                                                                                        | IN INDHSG 5.12 06/01/2058                      | CUSIP: 45471FAG6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2409536.00   | 0.44%             | 2058-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FINANCE AUTHORITY (IL)                                                                         | IL ILSGEN 5 10/01/2044                         | CUSIP: 45204FYU3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    750000 | PA      | $756181.20    | 0.14%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (PA)                                                    | PA CHEDEV 5.12 10/15/2037                      | CUSIP: 165588DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1168088.88   | 0.21%             | 2037-10-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORITY (PA)                                               | PA PASHGR 5 07/01/2031                         | CUSIP: 709181BZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999993.80    | 0.18%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEVELOPMENT AUTHORITY TEX TAX INCREM                                                             | TX UTWDEV 3 09/01/2039                         | CUSIP: 916856HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $445693.38    | 0.08%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TAMPA (FL), CITY OF                                                                                     | FL TAMGEN 0 09/01/2041                         | CUSIP: 875146AZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $503076.80    | 0.09%             | 2041-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBFIN 4 09/01/2051                         | CUSIP: 74445QDW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2677511.20   | 0.49%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KINGSTON ONE CMNTY DEV DIST FLA                                                                         | FL KGOGEN 6 05/01/2057                         | CUSIP: 496631AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $816113.12    | 0.15%             | 2057-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION (WA)                                                        | WA WASHSG 7 07/01/2064                         | CUSIP: 93978LJR8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    625000 | PA      | $648775.63    | 0.12%             | 2064-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TEX HIGHER ED FIN CORP                                                                        | TX ARLEDU 4.88 06/15/2054                      | CUSIP: 041807JV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $949694.97    | 0.17%             | 2054-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH                                                                      | MO MOSMED 4 05/01/2045                         | CUSIP: 60636AWS8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3228054.90   | 0.59%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVT NASHVILLE & DAVIDSON CNTY TENN HEALTH & EDL FACS BRD                                  | TN METEDU 4 10/01/2051                         | CUSIP: 592029AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $778127.10    | 0.14%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BELLA TARA CMNTY DEV DIST FLA                                                                           | FL BTCDEV 6.12 05/01/2056                      | CUSIP: 07820BAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $205546.00    | 0.04%             | 2056-05-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MONROE COUNTY INDUSTRIAL DEVELOPMENT CORP (NY)                                                          | NY MONDEV 5 06/01/2059                         | CUSIP: 61075YAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $515454.89    | 0.09%             | 2059-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCHOOL FINANCE AUTHORITY (CA)                                                                | CA CASSCD 4 06/01/2061                         | CUSIP: 13058TPF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $372687.50    | 0.07%             | 2061-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TAMPA (FL), CITY OF                                                                                     | FL TAMGEN 0 09/01/2040                         | CUSIP: 875146AY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $451982.49    | 0.08%             | 2040-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH                                                                                 | CA CASMFH 06/20/2049                           | CUSIP: 13050WAC5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $627472.50    | 0.11%             | 2049-06-20      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP                                                                    | PR PRCGEN 4.78 07/01/2058                      | CUSIP: 74529JRL1<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |    240000 | PA      | $229435.42    | 0.04%             | 2058-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TEX                                                                                         | TX PILGEN 7.12 09/15/2055                      | CUSIP: 721614BG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $191110.29    | 0.03%             | 2055-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MONONGALIA CNTY W VA                                                                                    | WV MONGEN 6 06/01/2053                         | CUSIP: 61022DAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $925255.50    | 0.17%             | 2053-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PLAZA AT NOAH'S ARK COMMUNITY IMPROVEMENT DISTRICT (MO)                                                 | MO NOADEV 3 05/01/2030                         | CUSIP: 72813LAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $698437.23    | 0.13%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DETROIT (MI), CITY OF                                                                                   | MI DET 04/01/2044                              | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   4524671 | PA      | $3620329.98   | 0.66%             | 2044-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP (TX)                                                | TX NHPFAC 5.5 11/15/2046                       | CUSIP: 64542UCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $634432.82    | 0.12%             | 2046-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENTON CNTY TEX                                                                                         | TX DNNDEV 5.88 12/31/2045                      | CUSIP: 24880GAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413868.52    | 0.08%             | 2045-12-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ANNA (TX), CITY OF                                                                                      | TX ANNGEN 5.88 09/15/2055                      | CUSIP: 035713BC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $410125.24    | 0.07%             | 2055-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KINGSTON ONE CMNTY DEV DIST FLA                                                                         | FL KGOGEN 5.75 05/01/2045                      | CUSIP: 496631AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $363790.28    | 0.07%             | 2045-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEVELOPMENT AUTHORITY TEX TAX INCREM                                                             | TX UTWDEV 3 09/01/2038                         | CUSIP: 916856HR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $620755.05    | 0.11%             | 2038-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WHARTON TEX                                                                                             | TX WHAGEN 6 09/15/2055                         | CUSIP: 962423AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153714.53    | 0.03%             | 2055-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORP (TX)                                                | TX NHPFAC 5.38 11/15/2036                      | CUSIP: 64542UCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $495326.90    | 0.09%             | 2036-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORP (NY)                                                                  | NY NYCDEV 5.38 11/15/2040                      | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250823.88   | 0.23%             | 2040-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP                                                                    | PR PRCGEN 4.54 07/01/2053                      | CUSIP: 74529JRK3<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |     17000 | PA      | $15749.41     | 0.00%             | 2053-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC HOSPITAL DISTRICT N.1 (WA)                                                                       | WA SKAMED 5.5 12/01/2054                       | CUSIP: 830227EP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2032349.00   | 0.37%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EAST WALLER CNTY MGMT DIST TEX                                                                          | TX EWLGEN 6.25 09/15/2055                      | CUSIP: 275737AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $313363.83    | 0.06%             | 2055-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FINANCING CORP (RI)                                                                  | RI TOBGEN 5 06/01/2050                         | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1495416.45   | 0.27%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H                                                                                   | NH NFAEDU 6 08/01/2065                         | CUSIP: 63607EAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499334.30   | 0.27%             | 2065-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WATERSET SOUTH CMNTY DEV DISTICT FLA                                                                    | FL WCDGEN 5.65 05/01/2056                      | CUSIP: 94186HAQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $523861.94    | 0.10%             | 2056-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| MONONGALIA CNTY W VA                                                                                    | WV MONGEN 5.75 06/01/2043                      | CUSIP: 61022DAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $470697.88    | 0.09%             | 2043-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL                                                                                             | IL CHIGEN 3.2 12/01/2029                       | CUSIP: 167686AL8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    300000 | PA      | $292486.20    | 0.05%             | 2029-12-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| MAYOR AND COUNCIL OF BRUNSWICK (MD)                                                                     | MD BRUGEN 5 07/01/2036                         | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    998000 | PA      | $1014722.89   | 0.18%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO STATE HIGHER EDUCATIONAL FACILITY COMMISSION (OH)                                                  | OH OHSEDU 5.38 12/01/2052                      | CUSIP: 67756DE36<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3319037.70   | 0.60%             | 2052-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TEXAS CMNTY HSG & ECONOMIC DEV CORP                                                                     | TX TXSMFH 6.25 01/01/2065                      | CUSIP: 88231CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1282188.33   | 0.23%             | 2065-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DALLAS AREA MUNICIPAL AUTHORITY (PA)                                                                    | PA DLSGEN 5 05/01/2048                         | CUSIP: 235171AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3265748.28   | 0.60%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FINANCE AUTHORITY (CA)                                                                | CA CASMED 5 11/15/2046                         | CUSIP: 13057GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $469427.05    | 0.09%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA (DC), DISTRICT OF                                                                              | DC DISREV 5 07/01/2052                         | CUSIP: 25483VSG0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   3170000 | PA      | $2909525.22   | 0.53%             | 2052-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PORT PORTLAND ORE                                                                                       | PORT PORTLAND ORE (TOBs)                       | CUSIP: 735240Y23<br>LEI: 549300BRH7XZ3ZK0DS46 | Long             | DBT              | MUN               | US        |  10710000 | PA      | $9288804.42   | 1.69%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TEX                                                                                         | TX PILGEN 6.12 09/15/2045                      | CUSIP: 721614BB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $183781.68    | 0.03%             | 2045-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBTRN 5.75 12/31/2065                      | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1228011.24   | 0.22%             | 2065-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS (NV), CITY OF                                                                           | NV NORGEN 4.5 06/01/2039                       | CUSIP: 66041HGX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $616391.62    | 0.11%             | 2039-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY (CO)                                                               | CO COSMED 4 12/01/2050                         | CUSIP: 19648FRW6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1431842.17   | 0.26%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PEACE CREEK VLG CMMTY DEV DIST FLA                                                                      | FL PCVDEV 5.6 05/01/2045                       | CUSIP: 70459CAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $723121.87    | 0.13%             | 2045-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| MANOR TEX                                                                                               | TX MNRGEN 7 09/15/2055                         | CUSIP: 564099AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    364000 | PA      | $383522.05    | 0.07%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP (TX)                                                            | TX ARLEDU 4 08/15/2036                         | CUSIP: 041806L57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $310385.71    | 0.06%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WILKES-BARRE FINANCE AUTHORITY (PA)                                                                     | PA WILGEN 4 03/01/2042                         | CUSIP: 968254CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $986976.12    | 0.18%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TERRELL TEX                                                                                             | TX TRRGEN 7 09/15/2055                         | CUSIP: 881435AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $383892.45    | 0.07%             | 2055-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EAST WALLER CNTY MGMT DIST TEX                                                                          | TX EWLGEN 6 09/15/2045                         | CUSIP: 275737AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $270685.14    | 0.05%             | 2045-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELECTRIC POWER AUTHORITY                                                                    | PR PRCPWR 5 07/01/2037                         | CUSIP: 74526YDB8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   3310000 | PA      | $2337687.50   | 0.43%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAVON TEX                                                                                               | TX LVNGEN 5.75 09/15/2055                      | CUSIP: 51946PCS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $190882.76    | 0.03%             | 2055-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                                     | WI PUBGEN 5.25 12/01/2046                      | CUSIP: 74442PX59<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2052203.60   | 0.37%             | 2046-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CURIOSITY CREEK CMNTY DEV DIST FLA                                                                      | FL CUCDEV 5.88 05/01/2056                      | CUSIP: 23128SAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $288492.38    | 0.05%             | 2056-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CELINA TEX                                                                                              | TX CELGEN 5.38 09/01/2045                      | CUSIP: 15114CKU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    358000 | PA      | $358138.73    | 0.07%             | 2045-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTHPOINTE OF MANATEE CNTY CMNTY DEV DIST FLA                                                          | FL SPMDEV 5.62 05/01/2056                      | CUSIP: 844654AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $327295.88    | 0.06%             | 2056-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBTRN 6.5 12/31/2065                       | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1679353.03   | 0.31%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA COMMUNITY HOUSING AGENCY                                                                     | CA CCHHSG 5 08/01/2050                         | CUSIP: 13013FAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $848552.62    | 0.15%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RANCHES AT LAKE MCLEOD CMNTY DEV DIST FLA                                                               | FL RANDEV 5.65 06/15/2055                      | CUSIP: 752041AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $596192.40    | 0.11%             | 2055-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GOVERNORS PK SOUTH CMNTY DEV DIST FLA                                                                   | FL GPSDEV 5.65 05/01/2055                      | CUSIP: 383670AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $851949.79    | 0.16%             | 2055-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH                                                                     | WI WISMED 6.12 10/01/2059                      | CUSIP: 97712JJX2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    700000 | PA      | $725201.33    | 0.13%             | 2059-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PALM BEACH (FL), COUNTY OF                                                                              | FL PALGEN 5 04/01/2039                         | CUSIP: 696547GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503740.10    | 0.09%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHRIDGE CMNTY DEV DIST FLA                                                                           | FL NRCGEN 5.75 05/01/2045                      | CUSIP: 66668PAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $284585.70    | 0.05%             | 2045-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE COMMUNITY DEVELOPMENT DISTRICT N.13 (FL)                                                        | FL VILDEV 3.25 05/01/2052                      | CUSIP: 92708HAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1062786.20   | 0.19%             | 2052-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY (MN)                                                    | MN MNSHGR 5 05/01/2046                         | CUSIP: 60416H2R4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $691088.90    | 0.13%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL                                                                                             | IL CHIGEN 2.87 12/01/2027                      | CUSIP: 167686AJ3<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    228000 | PA      | $224304.69    | 0.04%             | 2027-12-01      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN GOVERNMENT OF NASHVILLE & DAVIDSON COUNTY (TN)                                             | TN METEDU 5 10/01/2048                         | CUSIP: 592029AE2<br>LEI: 549300GW8FVQJ3DU6O10 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2739658.42   | 0.50%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE (NM), CITY OF                                                                                  | NM STEFAC 5 05/15/2049                         | CUSIP: 802170AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1112614.92   | 0.20%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATAGORDA COUNTY NAVIGATION DISTRICT N.1 (TX)                                                           | TX MATPOL 4.4 05/01/2030                       | CUSIP: 576528CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3119255.40   | 0.57%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| NASHVILLE AND DAVIDSON COUNTY HEALTH AND EDUCATION FACILITIES BOARD OF THE METROPOLITAN GOVERNMENT (TN) | TN METHGR 4 11/01/2055                         | CUSIP: 592041YV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2363045.70   | 0.43%             | 2055-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HICKORY CHASE COMMUNITY AUTHORITY (OH)                                                                  | OH HCKGEN 5 12/01/2040                         | CUSIP: 428861AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1321743.68   | 0.24%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARANSAS PASS TEX                                                                                        | TX APSGEN 6 09/01/2056                         | CUSIP: 038636AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $184410.78    | 0.03%             | 2056-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CENTER METROPOLITAN DISTRICT N.3 (CO)                                                           | CO PRAGEN 5.88 12/15/2046                      | CUSIP: 739476AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2216536.35   | 0.40%             | 2046-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| STAMFORD CONN HSG AUTH                                                                                  | CT STMHSG 6.5 10/01/2055                       | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $243055.47    | 0.04%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WESTVIEW SOUTH CMNTY DEV DIST FLA                                                                       | FL WVSDEV 6.2 05/01/2055                       | CUSIP: 961566AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $645388.81    | 0.12%             | 2055-05-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| PROVIDENCE VLG TEX                                                                                      | TX PRODEV 5.5 09/01/2055                       | CUSIP: 743816AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $905489.86    | 0.16%             | 2055-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TEX                                                                                         | TX PILGEN 6.38 09/15/2055                      | CUSIP: 721614BC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258355.88    | 0.05%             | 2055-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| IOWA FIN AUTH                                                                                           | IA IASGEN 5.12 05/15/2059                      | CUSIP: 46247SFV1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3289780.90   | 0.60%             | 2059-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING CORP N Y                                                                 | NY SOBGEN 6 12/01/2053                         | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2791981.37   | 0.51%             | 2053-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NORTHRIDGE CMNTY DEV DIST FLA                                                                           | FL NRCGEN 6 05/01/2055                         | CUSIP: 66668PAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $279585.60    | 0.05%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HEALTH AND EDUCATIONAL FACILITIES AUTHORITY (WI)                                              | WI WISMED 4 09/15/2036                         | CUSIP: 97712JCK7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    790000 | PA      | $768615.65    | 0.14%             | 2036-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBFIN 5 10/01/2048                         | CUSIP: 74444VAG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1426718.25   | 0.26%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY (CA)                                                              | CA CDAHSG 3.12 08/01/2056                      | CUSIP: 126292AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9400000 | PA      | $6958324.62   | 1.27%             | 2056-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                                     | WI PUBGEN 5.25 12/01/2045                      | CUSIP: 74442PX42<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1898336.62   | 0.35%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STAMFORD CONN HSG AUTH                                                                                  | CT STMHSG 6.38 10/01/2045                      | CUSIP: 852640AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $195542.21    | 0.04%             | 2045-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LANCASTER (SC), COUNTY OF                                                                               | SC LANGEN 6.2 06/01/2055                       | CUSIP: 514088BN2<br>LEI: 5493004EFQNI7UOCFI47 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309586.26    | 0.06%             | 2055-06-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| OHIO STATE HIGHER EDUCATIONAL FACILITY COMMISSION (OH)                                                  | OH OHSEDU 5.12 12/01/2042                      | CUSIP: 67756DE28<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3490000 | PA      | $3570490.57   | 0.65%             | 2042-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (FL)                                                 | FL MIADEV 5 09/15/2034                         | CUSIP: 59333ECQ4<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1981012.18   | 0.36%             | 2034-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH                                                                                   | GA COBDEV 5 07/15/2038                         | CUSIP: 190778JV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1205436.57   | 0.22%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERKELEY (SC), COUNTY OF                                                                                | SC BERGEN 4.25 11/01/2040                      | CUSIP: 084220AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957703.50    | 0.17%             | 2040-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LANDINGS CMNTY DEV DIST FLA                                                                             | FL LNCFAC 5.8 05/01/2055                       | CUSIP: 51502AAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $854341.72    | 0.16%             | 2055-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CYPRESS BLUFF CMNTY DEV DIST FLA                                                                        | FL CYBDEV 5.55 05/01/2055                      | CUSIP: 23267AAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1491534.15   | 0.27%             | 2055-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| MIDA MTN VLG PUB INFRASTRUCTURE DIST UTAH                                                               | UT MMVDEV 6 06/15/2054                         | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029501.60   | 0.19%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WESTMINSTER (MD), CITY OF                                                                               | MD WESGEN 6 07/01/2034                         | CUSIP: 960735AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $695517.91    | 0.13%             | 2034-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DENTON CNTY TEX                                                                                         | TX DNNDEV 5.62 12/31/2055                      | CUSIP: 24880GAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $307777.14    | 0.06%             | 2055-12-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HIGHLAND PK CMNTY DEV DIST FLA                                                                          | FL HGLGEN 5.62 05/01/2046                      | CUSIP: 430430AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $383083.81    | 0.07%             | 2046-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                                                             | TX HOUAPT 4 07/01/2041                         | CUSIP: 442349FZ4<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3478928.25   | 0.63%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM COAST 145 CMNTY DEV DIST FLA                                                                       | FL PCSDEV 6.75 05/01/2057                      | CUSIP: 69662AAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $308913.54    | 0.06%             | 2057-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE HOUSING FINANCE COMMISSION (WA)                                                        | WA WASHSG 4 07/01/2040                         | CUSIP: 93978LGF7<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2235000 | PA      | $1992527.76   | 0.36%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DC METAPT 4 10/01/2053                                                                                  | DC METAPT 4 10/01/2053 (TOBs)                  | CUSIP: 592643DJ6<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1652984.73   | 0.30%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA (DC), DISTRICT OF                                                                              | DC DISREV 5 06/01/2040                         | CUSIP: 25483VXU3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1996861.00   | 0.36%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL                                                                                             | IL CHIGEN 3.45 12/01/2032                      | CUSIP: 167686AP9<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    275000 | PA      | $264631.57    | 0.05%             | 2032-12-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| OHIO STATE HIGHER EDUCATIONAL FACILITY COMMISSION (OH)                                                  | OH OHSEDU 6 09/01/2052                         | CUSIP: 67756DJ98<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1483820.94   | 0.27%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MISSION TEX ECONOMIC DEV CORP                                                                           | TX MISUTL 6.75 08/15/2045                      | CUSIP: 605158AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038028.60   | 0.19%             | 2045-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GIR EAST CMNTY DEV DIST FLA                                                                             | FL GIRDEV 5.3 05/01/2045                       | CUSIP: 37611TAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $704545.45    | 0.13%             | 2045-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ONEIDA INDIAN NATION N Y                                                                                | NY ONEFAC 8 09/01/2040                         | CUSIP: 682504AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2270085.98   | 0.41%             | 2040-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY (MI)                                                       | MI MISHSG 2.73 10/01/2059                      | CUSIP: 59465PBA5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1539580.50   | 0.28%             | 2059-10-01      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| RAINDANCE METROPOLITAN DISTRICT N.1 (CO)                                                                | CO RNDFAC 5.25 12/01/2050                      | CUSIP: 75087GAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1345265.21   | 0.25%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROYSE CITY TEX                                                                                          | TX RYCGEN 6 09/15/2055                         | CUSIP: 780870BZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    673000 | PA      | $688442.32    | 0.13%             | 2055-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUNNYVALE (CA), CITY OF                                                                                 | CA SUN 7.75 08/01/2032                         | CUSIP: 867587AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2745000 | PA      | $2754398.61   | 0.50%             | 2032-08-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN DAYBREAK PUB INFRASTRUCTURE DIST NO 1 UTAH                                                     | UT DDPGEN 5.62 03/01/2046                      | CUSIP: 26114MAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1118841.68   | 0.20%             | 2046-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BELLA COLLINA CMNTY DEV DIST FLA                                                                        | FL BCODEV 5.3 05/01/2055                       | CUSIP: 07819AAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $901729.85    | 0.16%             | 2055-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| FL ORAMED 4 10/01/2052                                                                                  | FL ORAMED 4 10/01/2052 (TOBs)                  | CUSIP: 68450LGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7735000 | PA      | $6666903.99   | 1.21%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BELLA COLLINA CMNTY DEV DIST FLA                                                                        | FL BCODEV 5 05/01/2044                         | CUSIP: 07819AAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $688095.40    | 0.13%             | 2044-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUB FIN AUTH                                                                                 | CA CASMED 5 11/15/2051                         | CUSIP: 13057GAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $898472.60    | 0.16%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FINANCE AUTHORITY (CA)                                                                | CA CASMED 5 11/15/2036                         | CUSIP: 13057GAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $757470.75    | 0.14%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WATERSET SOUTH CMNTY DEV DISTICT FLA                                                                    | FL WCDGEN 5.7 05/01/2056                       | CUSIP: 94186HAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $469816.38    | 0.09%             | 2056-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS (NV), CITY OF                                                                                 | NV LASGEN 5 06/01/2030                         | CUSIP: 51778DBJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $780651.07    | 0.14%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILLS MINNEOLA CMNTY DEV DIST FLA                                                                       | FL HMNDEV 5.6 05/01/2056                       | CUSIP: 431688AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $345203.58    | 0.06%             | 2056-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| TAMPA (FL), CITY OF                                                                                     | FL TAMGEN 0 09/01/2045                         | CUSIP: 875146BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $783215.80    | 0.14%             | 2045-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA (DC), DISTRICT OF                                                                              | DC DISREV 5 06/01/2050                         | CUSIP: 25483VXV1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    750000 | PA      | $685293.83    | 0.12%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TERRA LAGO CMNTY DEV DIST FLA                                                                           | FL TLGDEV 5.75 05/01/2056                      | CUSIP: 88104DAG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $715590.08    | 0.13%             | 2056-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GRAYS HARBOR COUNTY PUBLIC UTILITY DISTRICT N.1 (WA)                                                    | WA GRHMED 6.88 12/01/2053                      | CUSIP: 389526AJ3<br>LEI: TBI9VVSY0W0HBJJJJM65 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5446229.50   | 0.99%             | 2053-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ECONOMIC DEVELOPMENT CORP (MD)                                                                 | MD MDSDEV 4 09/01/2050                         | CUSIP: 57422FAF3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1041163.63   | 0.19%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| YAVAPAI COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (AZ)                                                    | AZ YAVDEV 5 09/01/2034                         | CUSIP: 98521VAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $460095.73    | 0.08%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIDA CORMONT PUB INFRASTRUCTURE DIST UTAH                                                               | UT MCRDEV 0 06/01/2055                         | CUSIP: 59561JAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $652802.10    | 0.12%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WINDLER PUBLIC IMPROVEMENT AUTHORITY (CO)                                                               | CO WDLGEN 4.12 12/01/2051                      | CUSIP: 973405AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $766485.60    | 0.14%             | 2051-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE ECONOMIC DEVELOPMENT BANK (CA)                                                | CA CASDEV 0 01/01/2061                         | CUSIP: 13034AR28<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   7250000 | PA      | $621755.65    | 0.11%             | 2061-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                                                           | NY NYTTRN 6 06/30/2055                         | CUSIP: 650116JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8999419.20   | 1.64%             | 2055-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| YAVAPAI COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (AZ)                                                    | AZ YAVDEV 5 03/01/2032                         | CUSIP: 98521VAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1045319.04   | 0.19%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAM LAKE (MN), CITY OF                                                                                  | MN HAMEDU 5 11/01/2036                         | CUSIP: 406511AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502869.80   | 0.27%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH BAY COMMUNITY DEV DISTRICT (CA)                                                                   | FL HHSDEV 5.75 05/01/2056                      | CUSIP: 41757NAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $172485.04    | 0.03%             | 2056-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBFIN 5 06/01/2044                         | CUSIP: 74439YCV1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    175000 | PA      | $173992.25    | 0.03%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA COUNTY PORT AUTHORITY (OH)                                                           | OH CLETRN 5.5 12/01/2043                       | CUSIP: 18610PAV0<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510072.00    | 0.09%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBFIN 4 07/01/2061                         | CUSIP: 74439YDX6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $971307.12    | 0.18%             | 2061-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST. JOHNS COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (FL)                                                  | FL STJMED 4 12/15/2050                         | CUSIP: 79041LAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $586378.73    | 0.11%             | 2050-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CANYONS MET DIST NO 5 COLO                                                                              | CO CNYFAC 6.5 12/15/2054                       | CUSIP: 139071AZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $701294.23    | 0.13%             | 2054-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOLAERIS CMNTY DEV DIST FLA                                                                             | FL SOEDEV 6 05/01/2045                         | CUSIP: 83409XAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $182081.24    | 0.03%             | 2045-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STC MET DIST NO 2 COLO                                                                                  | CO STCFAC 6.25 12/01/2055                      | CUSIP: 85780TBD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504602.05    | 0.09%             | 2055-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV AUTH                                                  | LA LASFAC 5 11/15/2044                         | CUSIP: 54628C2Z4<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    765000 | PA      | $756440.34    | 0.14%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST CONNECT AUTH CALIF                                                                            | CA GDEGEN 6.5 12/01/2060                       | CUSIP: 38121BAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $909654.25    | 0.17%             | 2060-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VISTA COMMUNITY DEVELOPMENT DISTRICT (CA)                                                               | FL VIVDEV 5.62 05/01/2056                      | CUSIP: 92853QAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $174315.65    | 0.03%             | 2056-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COPPERLEAF MET DIST NO 5 COLO                                                                           | CO CLFDEV 6.5 12/01/2055                       | CUSIP: 21765MAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509356.15    | 0.09%             | 2055-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AUBREY (TX), CITY OF                                                                                    | TX AUBGEN 5.38 12/31/2045                      | CUSIP: 050197BW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150848.06    | 0.03%             | 2045-12-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BRIGHTSHORE CMNTY DEV DIST FLA                                                                          | FL BTEDEV 5.7 05/01/2057                       | CUSIP: 10948FAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $329154.85    | 0.06%             | 2057-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| GROVES AT LAKE MARION CMNTY DEV DIST FLA                                                                | FL GLMGEN 5.6 12/15/2055                       | CUSIP: 399735AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $468788.01    | 0.09%             | 2055-12-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL                                                                                             | IL CHIGEN 3.29 12/01/2030                      | CUSIP: 167686AM6<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    325000 | PA      | $315965.33    | 0.06%             | 2030-12-01      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| CAPITAL TR AUTH FLA                                                                                     | FL CTSEDU 6.38 07/01/2050                      | CUSIP: 14054WCH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1745092.74   | 0.32%             | 2050-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE (MN), CITY OF                                                                               | MN FLVEDU 5.25 08/01/2043                      | CUSIP: 345856AU2<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    615000 | PA      | $620546.01    | 0.11%             | 2043-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY (CA)                                                              | CA CDAHSG 3 03/01/2057                         | CUSIP: 126292BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $1923434.24   | 0.35%             | 2057-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ECONOMIC DEVELOPMENT AUTHORITY (DE)                                                            | DE DESDEV 5 06/01/2046                         | CUSIP: 246387RW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1704254.01   | 0.31%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGENCY (FL)                                                                               | FL CPTEDU 5 08/01/2055                         | CUSIP: 14054CDF3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924937.60    | 0.17%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP (NY)                                                                            | NY BUIGEN 4 06/15/2051                         | CUSIP: 12008ERS7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $392779.55    | 0.07%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA INDUSTRIAL DEVELOPMENT AUTHORITY (THE) (AZ)                                                     | AZ AZSEDU 4 07/01/2051                         | CUSIP: 04052BQV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1644230.80   | 0.30%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREDERICK (MD), COUNTY OF                                                                               | MD FREEDU 5 09/01/2037                         | CUSIP: 355697CF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $481599.30    | 0.09%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGENCY (UT)                                                                         | UT UTSFAC 5.25 10/15/2036                      | CUSIP: 917467CZ3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    355000 | PA      | $386183.80    | 0.07%             | 2036-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACILITIES AUTHORITY (CO)                                                               | CO COSMED 4 01/01/2042                         | CUSIP: 19648FSV7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $962054.60    | 0.18%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PLAZA AT NOAH'S ARK COMMUNITY IMPROVEMENT DISTRICT (MO)                                                 | MO NOADEV 3.12 05/01/2035                      | CUSIP: 72813LAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $453052.50    | 0.08%             | 2035-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| WOODLAND CROSSING CMNTY DEV DIST FLA                                                                    | FL WCRDEV 6.12 05/01/2056                      | CUSIP: 979583AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $244698.41    | 0.04%             | 2056-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CSCDA COMMUNITY IMPROVEMENT AUTHORITY (CA)                                                              | CA CDAHSG 2.88 08/01/2041                      | CUSIP: 126292AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1212244.78   | 0.22%             | 2041-08-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TEX                                                                                         | TX PILGEN 6.38 09/15/2055                      | CUSIP: 721614AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    113000 | PA      | $116776.86    | 0.02%             | 2055-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA DEV AUTH                                                                                     | GA ATLHSG 6 07/01/2050                         | CUSIP: 04777LDV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129046.98    | 0.02%             | 2050-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP (TX)                                                            | TX ARLEDU 4.75 06/15/2049                      | CUSIP: 041807JU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $561907.05    | 0.10%             | 2049-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO CITY BOARD OF EDUCATION (IL)                                                                    | IL CHIEDU 5.75 12/01/2050                      | CUSIP: 167505ZM1<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4470623.55   | 0.81%             | 2050-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUBLIC FACILITIES AUTHORITY (LA)                                                              | LA LASFAC 6 06/15/2059                         | CUSIP: 546399UY0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    325000 | PA      | $327417.77    | 0.06%             | 2059-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORP (NY)                                                                  | NY NYCDEV 3 09/15/2043                         | CUSIP: 649519EY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5450000 | PA      | $4545454.24   | 0.83%             | 2043-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TOMBALL TEX                                                                                             | TX TBLGEN 6 09/15/2053                         | CUSIP: 889858AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $466800.62    | 0.09%             | 2053-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ELMENDORF TEX                                                                                           | TX ELMGEN 6.12 09/01/2055                      | CUSIP: 28938TAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302326.68    | 0.06%             | 2055-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOLAERIS CMNTY DEV DIST FLA                                                                             | FL SOEDEV 6.3 05/01/2056                       | CUSIP: 83409XAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $327521.44    | 0.06%             | 2056-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIBERTY DEVELOPMENT CORP (NY)                                                                  | NY NYCDEV 3.12 09/15/2050                      | CUSIP: 649519EZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $318526.15    | 0.06%             | 2050-09-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CEDAR CROSSINGS CMNTY DEV DIST FLA                                                                      | FL CDRDEV 5.5 05/01/2055                       | CUSIP: 15018WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $359584.98    | 0.07%             | 2055-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DE KALB CNTY GA DEV AUTH                                                                                | GA DEKDEV 5 06/01/2055                         | CUSIP: 240463KD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $373894.84    | 0.07%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                                                               | CO COSMED 5.62 09/15/2059                      | CUSIP: 19648FZP2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    650000 | PA      | $653845.14    | 0.12%             | 2059-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX EDUCATION FACILITIES CORP                                                               | TX SANEDU 4 04/01/2051                         | CUSIP: 796247DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $1892294.50   | 0.34%             | 2051-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TERRELL TEX                                                                                             | TX TRRGEN 6.25 09/15/2055                      | CUSIP: 881435AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $386919.86    | 0.07%             | 2055-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GARDENS AT HAMMOCK BEACH CMNTY DEV DIST FLA                                                             | FL GHBDEV 5.65 05/01/2054                      | CUSIP: 36549DAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $528084.06    | 0.10%             | 2054-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| PUBLIC ENERGY AUTHORITY OF KENTUCKY (KY)                                                                | KY KYSPWR 5 12/01/2033                         | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4081164.40   | 0.74%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA DEV AUTH                                                                                     | GA ATLHSG 6 07/01/2055                         | CUSIP: 04777LDW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102384.49    | 0.02%             | 2055-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNICIPAL FINANCE AUTHORITY (CA)                                                             | CA CASFIN 6 01/01/2039                         | CUSIP: 13048VQ27<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1779627.49   | 0.32%             | 2039-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA JOBS-ECONOMIC DEVELOPMENT AUTHORITY (SC)                                                 | SC SCSMED 5.5 11/15/2044                       | CUSIP: 83704HAL1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    750000 | PA      | $776916.60    | 0.14%             | 2044-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP                                                                    | PR PRCGEN 4.55 07/01/2040                      | CUSIP: 74529JPV1<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |     59000 | PA      | $59089.44     | 0.01%             | 2040-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIGHER EDUCATION FINANCE CORP (TX)                                                            | TX ARLEDU 6.38 06/01/2062                      | CUSIP: 041807CE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2374013.52   | 0.43%             | 2062-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BLACK DESERT PUB INFRASTRUCTURE DIST UTAH                                                               | UT BLDFAC 5.62 12/01/2053                      | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3052831.20   | 0.56%             | 2053-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MISSOURI STATE HEALTH AND EDUCATIONAL FACILITIES AUTHORITY (MO)                                         | MO MOSMED 4 05/01/2043                         | CUSIP: 60636AWD1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   3965000 | PA      | $3688713.25   | 0.67%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NY NYCGEN 5.5 05/01/2050                                                                                | NY NYCGEN 5.5 05/01/2050 (TOBs)                | CUSIP: 64972JWL8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |  12500000 | PA      | $13534557.91  | 2.47%             | 2050-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALASKA INDL DEV & EXPT AUTH                                                                             | ALASKA INDL DEV & EXPT AUTH (TOBs)             | CUSIP: 011903GK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8750000 | PA      | $8199843.12   | 1.49%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHESTER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (PA)                                                    | PA CHEDEV 5 08/01/2045                         | CUSIP: 16559PAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2110889.66   | 0.38%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DIST FLA                                                                     | FL LKRGEN 5.55 05/01/2054                      | CUSIP: 51265KFT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $537237.42    | 0.10%             | 2054-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PORT ARTHUR TEX HSG AUTH                                                                                | TX PAHHSG 7.5 10/01/2036                       | CUSIP: 733501AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $561585.71    | 0.10%             | 2036-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STAMFORD CONN HSG AUTH                                                                                  | CT STMHSG 6.25 10/01/2060                      | CUSIP: 852640AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $171957.89    | 0.03%             | 2060-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OKALOOSA CNTY FLA                                                                                       | FL OKADEV 5.75 05/15/2055                      | CUSIP: 678226AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $891102.17    | 0.16%             | 2055-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP                                                                    | PR PRCGEN 4.5 07/01/2034                       | CUSIP: 74529JPU3<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |    116000 | PA      | $116006.64    | 0.02%             | 2034-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CMFA SPECIAL FINANCE AGENCY VII (CA)                                                                    | CA CMFHSG 3 08/01/2056                         | CUSIP: 12574UAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1381366.40   | 0.25%             | 2056-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SUGARLOAF CMNTY DEV DIST FLA                                                                            | FL SUGGEN 5.62 12/15/2055                      | CUSIP: 865037AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $326573.31    | 0.06%             | 2055-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AURORA CROSSROADS MET DIST NO 2 COLO                                                                    | CO AUCDEV 0 12/01/2055                         | CUSIP: 05162QAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $505336.27    | 0.09%             | 2055-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGENCY (UT)                                                                         | UT UTSFAC 5.25 10/15/2039                      | CUSIP: 917467DA7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    405000 | PA      | $431892.89    | 0.08%             | 2039-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IOWA FIN AUTH                                                                                           | IA IASMED 5.75 10/01/2055                      | CUSIP: 46247CER6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    650000 | PA      | $661460.61    | 0.12%             | 2055-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CAMDEN COUNTY IMPROVEMENT AUTHORITY (THE) (NJ)                                                          | NJ CAMEDU 6 06/15/2062                         | CUSIP: 13281PAD9<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3078433.80   | 0.56%             | 2062-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DIST FLA                                                                     | FL LKRGEN 5.3 05/01/2044                       | CUSIP: 51265KFS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $503599.51    | 0.09%             | 2044-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LOWER MAGNOLIA GREEN COMMUNITY DEVELOPMENT AUTHORITY (VA)                                               | VA LMGGEN 5 03/01/2035                         | CUSIP: 548207AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $740178.41    | 0.13%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGENCY (UT)                                                                         | UT UTSFAC 5.5 10/15/2048                       | CUSIP: 917467DC3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513272.15    | 0.09%             | 2048-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TARRANT COUNTY CULTURAL EDUCATION FACILITIES FINANCE CORP (TX)                                          | TX TAREDU 5 11/15/2037                         | CUSIP: 87638RKB2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1636637.89   | 0.30%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENNIS TEX                                                                                               | TX ENNGEN 5.5 09/15/2055                       | CUSIP: 293470AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $620066.94    | 0.11%             | 2055-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EAST WALLER CNTY MGMT DIST TEX                                                                          | TX EWLGEN 5 09/15/2035                         | CUSIP: 275737AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $117967.12    | 0.02%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE COMMUNITY DEVELOPMENT DISTRICT N.13 (FL)                                                        | FL VILDEV 3.5 05/01/2051                       | CUSIP: 92708HAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3805000 | PA      | $2970080.27   | 0.54%             | 2051-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WOODLAND PRESV CMNTY DEV DIST FLA                                                                       | FL WDLDEV 5.5 05/01/2055                       | CUSIP: 97966AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $495026.30    | 0.09%             | 2055-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TEX                                                                                         | TX PILGEN 5.25 09/15/2035                      | CUSIP: 721614AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104260.43    | 0.02%             | 2035-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY (WI)                                                                           | WI PUBFIN 5 06/15/2053                         | CUSIP: 74445GAR3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942930.50    | 0.17%             | 2053-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWELL COLLEGIATE CHARTER SCHOOL (MA)                                                                   | MA LOWEDU 5 06/15/2049                         | CUSIP: 547649AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2199435.31   | 0.40%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON (OH), COUNTY OF                                                                                | OH HAMMED 5 01/01/2052                         | CUSIP: 40727RCA4<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    785000 | PA      | $750181.09    | 0.14%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NEV                                                                                     | NV NORGEN 6.75 06/01/2055                      | CUSIP: 66041HJE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $663620.30    | 0.12%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TERRA LAGO CMNTY DEV DIST FLA                                                                           | FL TLGDEV 5.62 05/01/2045                      | CUSIP: 88104DAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256319.15    | 0.05%             | 2045-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CAPITAL TR AUTH FLA                                                                                     | FL CTSEDU 6.12 07/01/2060                      | CUSIP: 14054WDC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $819394.29    | 0.15%             | 2060-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GAS WORX CMNTY DEV DIST FLA                                                                             | FL GSWGEN 5 05/01/2036                         | CUSIP: 367200AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103467.11    | 0.02%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGENCY (UT)                                                                         | UT UTSFAC 5.5 10/15/2044                       | CUSIP: 917467DB5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    450000 | PA      | $473470.34    | 0.09%             | 2044-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-24

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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