# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-26-014749
**Filing Date:** 2026-4
**Character Count:** 170177
**Document Hash:** d7e4ba1d976606ac7b9087b4a7c702f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-014749.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000940400-26-014749

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260227

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**PERIOD START**: 20261130

**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:** 26893176

**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 Short-Term Municipal Income ETF (Series ID: S000094554)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000263087 | Franklin Short-Term Municipal Income ETF |  |

## Nport-Ex

Schedule of Investments (unaudited)

February 28, 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 Short-Term Municipal Income ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount<br>| Value |
| **Municipal Bonds — 94.6%** | **Municipal Bonds — 94.6%** | **Municipal Bonds — 94.6%** | **Municipal Bonds — 94.6%** | **Municipal Bonds — 94.6%** |
| *Alabama — 4.3%* | *Alabama — 4.3%* | *Alabama — 4.3%* | *Alabama — 4.3%* | *Alabama — 4.3%* |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority, AL, Cooperative District, Commodity Supply <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp; $544236<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2092922<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1875329<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 101522<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 82840<br>|
| &nbsp;&nbsp;&nbsp; Water Works Board of the City of Birmingham, AL, Revenue, Series 2024  | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2500238<br> <sup>(c)</sup><br>|
| *Total Alabama* | *Total Alabama* | *Total Alabama* | *Total Alabama* | &nbsp;&nbsp; *7197087* |
| *Alaska — 1.0%* | *Alaska — 1.0%* | *Alaska — 1.0%* | *Alaska — 1.0%* | *Alaska — 1.0%* |
| &nbsp;&nbsp;&nbsp; Alaska Industrial Development & Export Authority Revenue, Tanana Chiefs <br> Conference Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 1530000 | &nbsp;&nbsp;&nbsp; *1615354*<br>|
| *Arizona — 0.6%* | *Arizona — 0.6%* | *Arizona — 0.6%* | *Arizona — 0.6%* | *Arizona — 0.6%* |
| &nbsp;&nbsp;&nbsp; Arizona State IDA, Education Revenue, Unity at West Glendale Project, <br> Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200799<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Coconino County, AZ, Pollution Control Corp. Revenue, Nevada Power <br> Company Project, Series B, Refunding  | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 3/31/26 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 750494<br> <sup>(a)(b)</sup><br>|
| *Total Arizona* | *Total Arizona* | *Total Arizona* | *Total Arizona* | &nbsp;&nbsp; *951293* |
| *California — 12.1%* | *California — 12.1%* | *California — 12.1%* | *California — 12.1%* | *California — 12.1%* |
| &nbsp;&nbsp;&nbsp; California State Community Choice Financing Authority Revenue, Clean Energy <br> Project, Green Bonds, Series G  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2109385<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Enterprise Development Authority Revenue, First Tier, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100830<br>|
| &nbsp;&nbsp;&nbsp; California State Health Facilities Financing Authority Revenue, Episcopal <br> Communities & Services, Initial Entrance Fees  | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1500667<br>|
| &nbsp;&nbsp;&nbsp; California State HFA Revenue, Green Bonds, Series A-2, FHA  | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2501295<br> <sup>(a)(b)</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 C | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/2/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000345<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Museum of Art, Series B, Refunding (SIFMA Municipal <br> Swap Index Yield + 0.700%) | &nbsp;&nbsp; 2.580% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 199752<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Lutheran University, Series 2018, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp; 576963<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humangood California Obligated Group, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; 165983<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palomar Health, COP, Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 102908<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palomar Health, COP, Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp; 120437<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic Services Inc. Project, Series A, Refunding | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500140<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State University Revenue, Series B-2, Refunding  | &nbsp;&nbsp; 0.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2170263<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; East County, CA, Advanced Water Purification, Joint Powers Authority <br> Revenue, Green Bonds, Series A  | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500683<br>|
| &nbsp;&nbsp;&nbsp; Fontana, CA, Community Facilities District No. 109, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp; 254431<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp; 268130<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; 287530<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/34 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 442033<br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Water & Power, Power System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp; 1292880<br>|

---

See Notes to Schedule of Investments.

------

Franklin Short-Term Municipal Income ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $1049092<br>|
| &nbsp;&nbsp;&nbsp; Oro Grande, CA, Elementary School District Revenue, COP, Series 2020, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 2095000 | &nbsp;&nbsp;&nbsp; 2139848<br>|
| &nbsp;&nbsp;&nbsp; San Bernardino County, CA, School Facilities Improvement District No. 2, GO, <br> CAB, BAN  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 892383<br>|
| &nbsp;&nbsp;&nbsp; San Jose, CA, Multifamily Housing Revenue, Parkmoor, Series F-2, HUD <br> Section 8  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2012394<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tulare County, CA, Sierra View Local Health District Revenue, Series 2020, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 60237<br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *20248609* |
| *Colorado — 0.9%* | *Colorado — 0.9%* | *Colorado — 0.9%* | *Colorado — 0.9%* | *Colorado — 0.9%* |
| &nbsp;&nbsp;&nbsp; Colorado State Health Facilities Authority Revenue, Commonspirit Health <br> Initiatives, Series B-2  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1001084<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe Reservation, CO, GO, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; 588576<br> <sup>(c)</sup><br>|
| *Total Colorado* | *Total Colorado* | *Total Colorado* | *Total Colorado* | &nbsp;&nbsp; *1589660* |
| *Connecticut — 0.1%* | *Connecticut — 0.1%* | *Connecticut — 0.1%* | *Connecticut — 0.1%* | *Connecticut — 0.1%* |
| &nbsp;&nbsp;&nbsp; Connecticut State HEFA Revenue, Yale University Issue, Series A-2, Refunding | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; *209827*<br> <sup>(a)(b)</sup><br>|
| *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; Georgetown University, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/3/35 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 867684<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International School Issue, Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 307795<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Washington, DC, Airports Authority Aviation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 228494<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 526998<br> <sup>(d)</sup><br>|
| *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | &nbsp;&nbsp; *1930971* |
| *Florida — 5.0%* | *Florida — 5.0%* | *Florida — 5.0%* | *Florida — 5.0%* | *Florida — 5.0%* |
| &nbsp;&nbsp;&nbsp; Alachua County, FL, Health Facilities Authority Revenue, Oak Hammock, <br> University of Florida, Inc. Project, Series B-3  | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250928<br>|
| &nbsp;&nbsp;&nbsp; Broward County, FL, HFA Revenue, St. Joseph Manor II, Series 2023, HUD <br> Section 8  | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000292<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; East Nassau, FL, Stewardship District, Special Assessment Revenue, <br> Series 2025  | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 1605000 | &nbsp;&nbsp;&nbsp; 1626386<br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp. Revenue, Tampa General Hospital <br> Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; 269670<br>|
| &nbsp;&nbsp;&nbsp; Florida, FL, HFC Revenue, Homeowner Mortgage Revenue, Series 2022, GNMA <br> / FNMA / FHLMC  | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 1395000 | &nbsp;&nbsp;&nbsp; 1402797<br>|
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, FL, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakewood Ranch Southeast Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp; 301313<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taylor Ranch Project | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; 148227<br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, Aviation Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1377944<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Parkside Trails Community Development District Revenue, FL, Special <br> Assessment Bonds, Series 2025  | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp; 291106<br>|
| &nbsp;&nbsp;&nbsp; Pinellas County, FL, IDA Revenue, Drs. Kiran & Pallavi Patel 2017 Foundation <br> For Global Understanding Inc., Project, Series 2019  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp; 364336<br>|
| &nbsp;&nbsp;&nbsp; St. Johns County, FL, IDA Revenue, Senior Living Revenue Bonds, Vicars <br> Landing Project, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 201596<br>|

---

See Notes to Schedule of Investments.

------

Franklin Short-Term Municipal Income ETF 2026 Quarterly Report

------

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Volusia County, FL, Educational Facilities Authority Educational Facilities <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embry-Riddle Aeronautical University, Inc. Project, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; $125000 | &nbsp;&nbsp;&nbsp; $133381<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embry-Riddle Aeronautical University, Inc. Project, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 218275<br>|
| &nbsp;&nbsp;&nbsp; Westview, FL, South Community Development District, Special Assessment <br> Revenue, Assessment Area One Project, Series 2025  | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 505556<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Windsor Cay, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two Project, Series 2025  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 245301<br> <sup>(c)</sup><br>|
| *Total Florida* | *Total Florida* | *Total Florida* | *Total Florida* | &nbsp;&nbsp; *8337108* |
| *Georgia — 3.5%* | *Georgia — 3.5%* | *Georgia — 3.5%* | *Georgia — 3.5%* | *Georgia — 3.5%* |
| &nbsp;&nbsp;&nbsp; Burke County, GA, Development Authority, PCR, Georgia Power Co. Plant <br> Vogtle Project, Series 2013, Refunding  | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 3/12/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 503945<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cobb-Marietta Counties, GA, Coliseum & Exhibit Hall Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobb Galleria Centre Project, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 104421<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobb Galleria Centre Project, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 107154<br>|
| &nbsp;&nbsp;&nbsp; DeKalb County, GA, Housing Authority Revenue, Series 2024  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp; 797926<br>|
| &nbsp;&nbsp;&nbsp; Development Authority of Monroe County, GA, Revenue, Georgia Power <br> Company Plant Scherer Project  | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500067<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas Inc., GA, GAS Project Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2244228<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1029895<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 544806<br> <sup>(a)(b)</sup><br>|
| *Total Georgia* | *Total Georgia* | *Total Georgia* | *Total Georgia* | &nbsp;&nbsp; *5832442* |
| *Guam — 0.3%* | *Guam — 0.3%* | *Guam — 0.3%* | *Guam — 0.3%* | *Guam — 0.3%* |
| &nbsp;&nbsp;&nbsp; Guam Government, Waterworks Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water and Wastewater System, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; 299400<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water and Wastewater System, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 151138<br>|
| *Total Guam* | *Total Guam* | *Total Guam* | *Total Guam* | &nbsp;&nbsp; *450538* |
| *Hawaii — 0.3%* | *Hawaii — 0.3%* | *Hawaii — 0.3%* | *Hawaii — 0.3%* | *Hawaii — 0.3%* |
| &nbsp;&nbsp;&nbsp; Honolulu County, HI, Revenue, Maunakea Tower Apartments, Series 2023, <br> HUD Section 8 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; *538316*<br> <sup>(a)(b)</sup><br>|
| *Idaho — 0.2%* | *Idaho — 0.2%* | *Idaho — 0.2%* | *Idaho — 0.2%* | *Idaho — 0.2%* |
| &nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association Revenue, ID, Idaho Housing & Finance <br> Association Revenue, Series H, GNMA - Collateralized | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/21/46 | &nbsp;&nbsp; 351718 | &nbsp;&nbsp;&nbsp; *319054*<br>|
| *Illinois — 2.9%* | *Illinois — 2.9%* | *Illinois — 2.9%* | *Illinois — 2.9%* | *Illinois — 2.9%* |
| &nbsp;&nbsp;&nbsp; Cook & Du Page County, IL, Combined School District No. 113A, GO, Lemont <br> Bromberek, Series 2021  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 726415<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue, Series 2019, Refunding (SOFR x 0.700 <br> + 1.150%) | &nbsp;&nbsp; 3.719% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp; 481571<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Illinois State, GO, Series A  | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1802162<br>|
| &nbsp;&nbsp;&nbsp; Lake County, IL, Consolidated High School District No 120, GO, Mundelein High <br> School, Series 2026  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1783931<br> <sup>(e)</sup><br>|
| *Total Illinois* | *Total Illinois* | *Total Illinois* | *Total Illinois* | &nbsp;&nbsp; *4794079* |
| *Indiana — 3.2%* | *Indiana — 3.2%* | *Indiana — 3.2%* | *Indiana — 3.2%* | *Indiana — 3.2%* |
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascension Senior Credit Group, Series A-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1251945<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp; 781153<br>|

---

See Notes to Schedule of Investments.

------

Franklin Short-Term Municipal Income ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Indiana — continued* | *Indiana — continued* | *Indiana — continued* | *Indiana — continued* | *Indiana — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; $795000 | &nbsp;&nbsp;&nbsp; $834856<br>|
| &nbsp;&nbsp;&nbsp; Whiting, IN, Environmental Facilities Revenue, BP Products North America Inc. <br> Project, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/5/26 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2515918<br> <sup>(a)(b)(d)</sup><br>|
| *Total Indiana* | *Total Indiana* | *Total Indiana* | *Total Indiana* | &nbsp;&nbsp; *5383872* |
| *Kentucky — 6.0%* | *Kentucky — 6.0%* | *Kentucky — 6.0%* | *Kentucky — 6.0%* | *Kentucky — 6.0%* |
| &nbsp;&nbsp;&nbsp; Kentucky State PEA, Gas Supply Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/2/26 | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp; 1046594<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; 538850<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1044978<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1081142<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2132628<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 818002<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Owen County, KY Water Facilities Revenue, Kentucky-American Water <br> Company Project, Series 2020, Refunding  | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2313138<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trimble County, KY, Environmental Facilities Revenue, Louisville Gas and <br> Electric Company Project, Series A  | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1017051<br> <sup>(a)(b)(d)</sup><br>|
| *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | &nbsp;&nbsp; *9992383* |
| *Louisiana — 2.8%* | *Louisiana — 2.8%* | *Louisiana — 2.8%* | *Louisiana — 2.8%* | *Louisiana — 2.8%* |
| &nbsp;&nbsp;&nbsp; Louisiana State Offshore Terminal Authority Revenue, Deep Water Port Bonds, <br> Series A, Refunding  | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1542641<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Louisiana State PFA, Hospital Revenue, Ochsner Clinic Foundation Project, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1095095<br>|
| &nbsp;&nbsp;&nbsp; St. John the Baptist Parish, LA, State Revenue, Marathon Oil Corp. Project, <br> Series C, Refunding  | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 7/3/28 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2035272<br> <sup>(a)(b)</sup><br>|
| *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | &nbsp;&nbsp; *4673008* |
| *Maine — 0.3%* | *Maine — 0.3%* | *Maine — 0.3%* | *Maine — 0.3%* | *Maine — 0.3%* |
| &nbsp;&nbsp;&nbsp; Maine State, ME, Housing Authority Revenue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; *534861*<br>|
| *Maryland — 0.1%* | *Maryland — 0.1%* | *Maryland — 0.1%* | *Maryland — 0.1%* | *Maryland — 0.1%* |
| &nbsp;&nbsp;&nbsp; Maryland State Health & Higher EFA Revenue, Stevenson University Project, <br> Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; *211348*<br>|
| *Massachusetts — 2.1%* | *Massachusetts — 2.1%* | *Massachusetts — 2.1%* | *Massachusetts — 2.1%* | *Massachusetts — 2.1%* |
| &nbsp;&nbsp;&nbsp; Massachusetts State Department of Transportation, Metropolitan Highway <br> System Revenue, Series A, Refunding, NATL  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp; 780387<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF Merrimack Inc., Merrimack College Student Housing Project | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 469302<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerson College Issue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp; 1025585<br>|
| &nbsp;&nbsp;&nbsp; Quincy, MA, GO, BAN, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/24/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1010306<br>|
| &nbsp;&nbsp;&nbsp; Worcester, MA, GO, BAN  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/19/26 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 275222<br>|
| *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | &nbsp;&nbsp; *3560802* |
| *Michigan — 0.9%* | *Michigan — 0.9%* | *Michigan — 0.9%* | *Michigan — 0.9%* | *Michigan — 0.9%* |
| &nbsp;&nbsp;&nbsp; Detroit, MI, Downtown Development Tax Increment Revenue, Series 2024, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp; 929617<br>|
| &nbsp;&nbsp;&nbsp; Detroit, MI, GO, Unlimited Tax, Series B  | &nbsp;&nbsp; 6.844% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp; 300895<br>|
| &nbsp;&nbsp;&nbsp; Flint Hospital Building Authority Revenue, MI, Hurley Medical Centre, Series B, <br> Unrefunded  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp; 320071<br>|
| *Total Michigan* | *Total Michigan* | *Total Michigan* | *Total Michigan* | &nbsp;&nbsp; *1550583* |

---

See Notes to Schedule of Investments.

------

Franklin Short-Term Municipal Income ETF 2026 Quarterly Report

------

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Minnesota — 0.9%* | *Minnesota — 0.9%* | *Minnesota — 0.9%* | *Minnesota — 0.9%* | *Minnesota — 0.9%* |
| &nbsp;&nbsp;&nbsp; Minneapolis, MN, Health Care System Revenue, Fairview Health Services, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; $825000 | &nbsp;&nbsp;&nbsp; $855733<br>|
| &nbsp;&nbsp;&nbsp; Wadena, MN, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancer Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp; 198357<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancer Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 412611<br>|
| *Total Minnesota* | *Total Minnesota* | *Total Minnesota* | *Total Minnesota* | &nbsp;&nbsp; *1466701* |
| *Missouri — 1.4%* | *Missouri — 1.4%* | *Missouri — 1.4%* | *Missouri — 1.4%* | *Missouri — 1.4%* |
| &nbsp;&nbsp;&nbsp; Kansas City, MO, IDA, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City International Airport Terminal Modernization Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500000<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City International Airport Terminal Modernization Project, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1062950<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Missouri State HEFA Revenue, University of Health Sciences and Pharmacy in <br> St. Louis Educational Facilities, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 514576<br>|
| &nbsp;&nbsp;&nbsp; Poplar Bluff Regional Transportation Development District Revenue, MO, <br> Transportation Sales Tax Refunding and Improvement Revenue Bonds, Series <br> B, Refunding  | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 241936<br>|
| *Total Missouri* | *Total Missouri* | *Total Missouri* | *Total Missouri* | &nbsp;&nbsp; *2319462* |
| *Montana — 1.0%* | *Montana — 1.0%* | *Montana — 1.0%* | *Montana — 1.0%* | *Montana — 1.0%* |
| &nbsp;&nbsp;&nbsp; Forsyth, MT, Revenue, Northwestern Corporation Colstrip Project, Series 2023, <br> Refunding  | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1330993<br>|
| &nbsp;&nbsp;&nbsp; Montana State Board of Housing Revenue, Aspen Village Apartments Project  | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 400477<br> <sup>(a)(b)</sup><br>|
| *Total Montana* | *Total Montana* | *Total Montana* | *Total Montana* | &nbsp;&nbsp; *1731470* |
| *Nebraska — 0.6%* | *Nebraska — 0.6%* | *Nebraska — 0.6%* | *Nebraska — 0.6%* | *Nebraska — 0.6%* |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, NE, Gas Project Revenue, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; *1089270*<br>|
| *Nevada — 0.9%* | *Nevada — 0.9%* | *Nevada — 0.9%* | *Nevada — 0.9%* | *Nevada — 0.9%* |
| &nbsp;&nbsp;&nbsp; Clark County, NV, Department of Aviation Revenue, Airport System Revenues, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 504175<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Humboldt County, NV, Revenue, Sierra Pacific Power Company Projects, Series <br> B, Refunding  | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1021943<br>|
| *Total Nevada* | *Total Nevada* | *Total Nevada* | *Total Nevada* | &nbsp;&nbsp; *1526118* |
| *New Hampshire — 0.3%* | *New Hampshire — 0.3%* | *New Hampshire — 0.3%* | *New Hampshire — 0.3%* | *New Hampshire — 0.3%* |
| &nbsp;&nbsp;&nbsp; New Hampshire Municipal Bond Bank Revenue, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; *520858*<br>|
| *New Jersey — 3.0%* | *New Jersey — 3.0%* | *New Jersey — 3.0%* | *New Jersey — 3.0%* | *New Jersey — 3.0%* |
| &nbsp;&nbsp;&nbsp; Camden County, NJ, Improvement Authority Revenue, Northgate I Apartments <br> Project, Series 2024, HUD Section 8  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/2/26 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 800000<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue, New Jersey American Water Company Inc. <br> Project, Refunding  | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 12/3/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 479813<br> <sup>(a)(b)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Higher Education, Student Assistance Authority Revenue, <br> Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp; 1031867<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 586342<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1162207<br>|
| &nbsp;&nbsp;&nbsp; Newark, NJ, The County of Essex New Jersey Anticipation Notes, GO, Series <br> B, BAN, Refunding  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/7/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1002943<br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *5063172* |
| *New Mexico — 0.6%* | *New Mexico — 0.6%* | *New Mexico — 0.6%* | *New Mexico — 0.6%* | *New Mexico — 0.6%* |
| &nbsp;&nbsp;&nbsp; Farmington, NM, Revenue, Public Service Company of New Mexico San Juan <br> Project, Series B, Refunding | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; *1028829*<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Short-Term Municipal Income ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *New York — 4.1%* | *New York — 4.1%* | *New York — 4.1%* | *New York — 4.1%* | *New York — 4.1%* |
| &nbsp;&nbsp;&nbsp; Cortland Enlarged City School District, NY, GO, RAN, Series 2026, State Aid <br> Withholding  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp;&nbsp; $250513<br>|
| &nbsp;&nbsp;&nbsp; Long Island, NY, Power Authority Electric System Revenue, Series B, Refunding  | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 198722<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Monroe County, NY, Industrial Development Corp. Revenue, Eugenio Maria De <br> Hostos Charter School Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; 875721<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; MTA, NY, Transportation Revenue, Green Bonds, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 509890<br>|
| &nbsp;&nbsp;&nbsp; New York City, NY, TFA, Future Tax Secured Revenue, Subordinated, Series D, <br> Subseries D-1, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 549907<br>|
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York University | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 77073<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pace York University, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 180112<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pace York University, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 314951<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pace York University, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 240967<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joseph's College, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200444<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joseph's College, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 76276<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joseph's College, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 76777<br>|
| &nbsp;&nbsp;&nbsp; New York State Energy Finance Development Corp. Revenue, Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1879087<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., Special Facilities Revenue, <br> John F. Kennedy International Airport New Terminal One Project, Green Bonds, <br> Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/30/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1142301<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Troy, NY, Capital Resource Corp., Rensselaer Polytechnic Institute Project, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 371533<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *6944274* |
| *North Carolina — 1.1%* | *North Carolina — 1.1%* | *North Carolina — 1.1%* | *North Carolina — 1.1%* | *North Carolina — 1.1%* |
| &nbsp;&nbsp;&nbsp; Durham, NC, Housing Authority Revenue, Page Corners Apartments, <br> Series 2025  | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1008909<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; North Carolina State Medical Care Commission, Retirement Facilities First <br> Mortgage Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMRH Project, Series B-2 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500330<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Methodist Retirement Homes Project, Series B-1 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250201<br>|
| *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | &nbsp;&nbsp; *1759440* |
| *North Dakota — 0.9%* | *North Dakota — 0.9%* | *North Dakota — 0.9%* | *North Dakota — 0.9%* | *North Dakota — 0.9%* |
| &nbsp;&nbsp;&nbsp; Cass County, ND, Joint Water Resource District Revenue, Series A, Refunding, <br> County GTD  | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000393<br>|
| &nbsp;&nbsp;&nbsp; Horace, ND, GO, Temporary Improvement Bonds, Series B, Refunding  | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500278<br>|
| *Total North Dakota* | *Total North Dakota* | *Total North Dakota* | *Total North Dakota* | &nbsp;&nbsp; *1500671* |
| *Ohio — 4.5%* | *Ohio — 4.5%* | *Ohio — 4.5%* | *Ohio — 4.5%* | *Ohio — 4.5%* |
| &nbsp;&nbsp;&nbsp; Akron Bath & Copley Joint Township Hospital District Revenue, Ohio Hospital <br> Facilities, Summa Health Obligated Group, Series 2020, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; 188407<br> <sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Municipal Power Inc., OH, Revenue, Wapakoneta Project, <br> Series 2025, BAN, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/17/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1003736<br>|
| &nbsp;&nbsp;&nbsp; Cleveland, OH, Department of Public Utilities Division of Public Power <br> Revenue, Series A, Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 731498<br>|
| &nbsp;&nbsp;&nbsp; Columbus-Franklin County, OH, Finance Authority Revenue, Landmark on <br> Scioto, Series 2025  | &nbsp;&nbsp; 3.190% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1011337<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dayton-Montgomery County, OH, Port Authority Revenue, Regional Stem <br> Schools Inc. Project, Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 404655<br>|
| &nbsp;&nbsp;&nbsp; Lancaster, OH, Port Authority, Gas Supply Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1350990<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Short-Term Municipal Income ETF 2026 Quarterly Report

------

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Ohio — continued* | *Ohio — continued* | *Ohio — continued* | *Ohio — continued* | *Ohio — continued* |
| &nbsp;&nbsp;&nbsp; Ohio HFA, Multi-Family Housing Revenue, Series 2025  | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp; $506525<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission Revenue, The Cleveland Institute <br> of Music 2022 Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp; 300879<br>|
| &nbsp;&nbsp;&nbsp; Ohio State Air Quality Development Authority Revenue, Duke Energy Corp. <br> Project, Series B, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 508270<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Youngstown State, OH, University Revenue, General Receipts Bonds, <br> Series 2016, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 1535000 | &nbsp;&nbsp;&nbsp; 1564946<br>|
| *Total Ohio* | *Total Ohio* | *Total Ohio* | *Total Ohio* | &nbsp;&nbsp; *7571243* |
| *Pennsylvania — 2.4%* | *Pennsylvania — 2.4%* | *Pennsylvania — 2.4%* | *Pennsylvania — 2.4%* | *Pennsylvania — 2.4%* |
| &nbsp;&nbsp;&nbsp; Chester County, PA, IDA Revenue, Avon Grove Charter School, Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 806290<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Economic Development Financing Authority Revenue, <br> Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project, <br> Series 2022  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/31/29 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; 291781<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State HFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Single Family Mortgage Revenue Bonds, Series 135A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/51 | &nbsp;&nbsp; 1005000 | &nbsp;&nbsp;&nbsp; 1001990<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Single Family Mortgage Revenue Bonds, Series 149A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/26 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; 270561<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Single Family Mortgage Revenue Bonds, Series 149A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 253780<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Revenue, Subordinated, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1015567<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Authority for IDR, Charter School Revenue, West Project, <br> Series 2019  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp; 304844<br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *3944813* |
| *Puerto Rico — 0.6%* | *Puerto Rico — 0.6%* | *Puerto Rico — 0.6%* | *Puerto Rico — 0.6%* | *Puerto Rico — 0.6%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1023437<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subseries CW | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 11/1/51 | &nbsp;&nbsp; 11731 | &nbsp;&nbsp;&nbsp; 7258<br> <sup>(b)</sup><br>|
| *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | &nbsp;&nbsp; *1030695* |
| *Rhode Island — 0.1%* | *Rhode Island — 0.1%* | *Rhode Island — 0.1%* | *Rhode Island — 0.1%* | *Rhode Island — 0.1%* |
| &nbsp;&nbsp;&nbsp; Rhode Island State Health & Educational Building Corp. Revenue, Hospital <br> Financing, Lifespan Obligated Group, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp; *115640*<br>|
| *South Carolina — 0.2%* | *South Carolina — 0.2%* | *South Carolina — 0.2%* | *South Carolina — 0.2%* | *South Carolina — 0.2%* |
| &nbsp;&nbsp;&nbsp; Lancaster County, SC, Special Assessment Revenue, Series 2025 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; *404434*<br> <sup>(c)</sup><br>|
| *South Dakota — 0.9%* | *South Dakota — 0.9%* | *South Dakota — 0.9%* | *South Dakota — 0.9%* | *South Dakota — 0.9%* |
| &nbsp;&nbsp;&nbsp; South Dakota HEFA Revenue, Westhills Village Retirement Community Issue, <br> Series B-2 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; *1502016*<br>|
| *Tennessee — 3.8%* | *Tennessee — 3.8%* | *Tennessee — 3.8%* | *Tennessee — 3.8%* | *Tennessee — 3.8%* |
| &nbsp;&nbsp;&nbsp; Knoxville's Community Development Corp., TN, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grosvenor Square Project, Series 2022, HUD Section 8 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3007011<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willow Place Project, Series 2022, HUD Section 8 | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1754067<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Nashville, TN, Airport Authority Revenue, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; 50403<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tennergy Corp., TN, Gas Supply Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1546777<br> <sup>(a)(b)</sup><br>|
| *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | &nbsp;&nbsp; *6358258* |
| *Texas — 8.4%* | *Texas — 8.4%* | *Texas — 8.4%* | *Texas — 8.4%* | *Texas — 8.4%* |
| &nbsp;&nbsp;&nbsp; Austin Housing Finance Corp. Revenue, TX, Sage at Franklin Park, Series 2024  | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 507207<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Forney, TX, Independent School District, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Building Bonds, Series 2025, Refunding, PSF - GTD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 151896<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Building Bonds, Series 2025, Refunding, PSF - GTD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 519615<br>|

---

See Notes to Schedule of Investments.

------

Franklin Short-Term Municipal Income ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; Fort Bend, TX, Independent School District, GO, Unlimited Tax, School Building <br> Bonds, Series A, Refunding, PSF - GTD  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $1013004<br>|
| &nbsp;&nbsp;&nbsp; FW Ramble, TX, Public Facility Corp. Revenue, Ramble and Rose Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; 572343<br>|
| &nbsp;&nbsp;&nbsp; Galveston, TX, Wharves & Terminal Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 521970<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 371510<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 539197<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1092234<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hidalgo County, TX, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Tax Bonds, Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 303587<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Tax Bonds, Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 103777<br>|
| &nbsp;&nbsp;&nbsp; Houston, TX, Airport System Revenue, Series A, Refunding, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1008584<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Houston, TX, HFC Revenue, Summerdale Apartments, Series 2023  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 602716<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lavon, TX, Special Assessment Revenue, Trails of Lavon Public Improvement <br> District Project  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 142000 | &nbsp;&nbsp;&nbsp; 145434<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pflugerville, TX, GO, Travis Williamson and Hays Counties, Combination Tax <br> And Ltd. Revenue Certificates of Obligation, Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1011162<br>|
| &nbsp;&nbsp;&nbsp; Prosper ISD, TX, GO, Collin and Denton Counties, Adjustable Rate Unlimited <br> Tax School Building Bonds, Series B, PSF - GTD  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1410665<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; San Antonio ISD, TX, GO, Unlimited Tax School Building, Series 2025, <br> Refunding, PSF - GTD  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 759787<br>|
| &nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital <br> Revenue, Baylor Scott & White Health Project, Series E  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 653415<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Texas Health <br> Resources System Revenue, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1731721<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Texas State Affordable Housing Corp. Revenue, Single Family Mortgage <br> Revenue Bonds, Series A, GNMA - Collateralized  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 20349<br>|
| &nbsp;&nbsp;&nbsp; Trophy Club Public Improvement District No. 1, TX, Special Assessment <br> Revenue, Town of Trophy Club, Series 2025, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp; 112993<br>|
| &nbsp;&nbsp;&nbsp; University of North Texas System Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp; 829974<br>|
| *Total Texas* | *Total Texas* | *Total Texas* | *Total Texas* | &nbsp;&nbsp; *13983140* |
| *U.S. Virgin Islands — 0.8%* | *U.S. Virgin Islands — 0.8%* | *U.S. Virgin Islands — 0.8%* | *U.S. Virgin Islands — 0.8%* | *U.S. Virgin Islands — 0.8%* |
| &nbsp;&nbsp;&nbsp; U.S. Virgin Islands Matching Fund Special Purpose Securitization Corp. <br> Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1056265<br>|
| &nbsp;&nbsp;&nbsp; Virgin Islands Transportation & Infrastructure Corp. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant Anticipation Revenue Bonds, Federal Highway Grant Anticipation <br> Revenue Loan Note, Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 202243<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant Anticipation Revenue Bonds, Federal Highway Grant Anticipation <br> Revenue Loan Note, Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 165151<br>|
| *Total U.S. Virgin Islands* | *Total U.S. Virgin Islands* | *Total U.S. Virgin Islands* | *Total U.S. Virgin Islands* | &nbsp;&nbsp; *1423659* |
| *Utah — 2.2%* | *Utah — 2.2%* | *Utah — 2.2%* | *Utah — 2.2%* | *Utah — 2.2%* |
| &nbsp;&nbsp;&nbsp; Davis School District, UT, GO, Series 2016, School Bond Guaranty  | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 749232<br>|
| &nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District Revenue, UT: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Sales Tax, Seg Redevelopment Project, Series A, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100647<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Sales Tax, Seg Redevelopment Project, Series A, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; 232749<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien Sales Tax, Seg Redevelopment Project, Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp; 256593<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien Sales Tax, Seg Redevelopment Project, Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 103184<br>|

---

See Notes to Schedule of Investments.

------

Franklin Short-Term Municipal Income ETF 2026 Quarterly Report

------

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Utah — continued* | *Utah — continued* | *Utah — continued* | *Utah — continued* | *Utah — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien Sales Tax, Seg Redevelopment Project, Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; $100000 | &nbsp;&nbsp;&nbsp; $105682<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Lien Sales Tax, Seg Redevelopment Project, Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 108116<br>|
| &nbsp;&nbsp;&nbsp; Salt Lake City, UT, Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City International Airport, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 196096<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City International Airport, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 515659<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Utah Infrastructure Agency Tax-Exempt Telecommunications Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp; 468969<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 532466<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 249831<br>|
| &nbsp;&nbsp;&nbsp; Utah State Infrastructure Agency, Telecommunications Revenue, Series 2022  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 77363<br>|
| *Total Utah* | *Total Utah* | *Total Utah* | *Total Utah* | &nbsp;&nbsp; *3696587* |
| *Virginia — 1.3%* | *Virginia — 1.3%* | *Virginia — 1.3%* | *Virginia — 1.3%* | *Virginia — 1.3%* |
| &nbsp;&nbsp;&nbsp; Virginia Public School Authority School Financing Revenue, Series B, <br> Unrefunded, State Intercept Program  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 1585000 | &nbsp;&nbsp;&nbsp; 1585616<br>|
| &nbsp;&nbsp;&nbsp; Virginia State Commonwealth Transportation Board Revenue, Series 2026, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 544881<br> <sup>(e)</sup><br>|
| *Total Virginia* | *Total Virginia* | *Total Virginia* | *Total Virginia* | &nbsp;&nbsp; *2130497* |
| *Washington — 4.5%* | *Washington — 4.5%* | *Washington — 4.5%* | *Washington — 4.5%* | *Washington — 4.5%* |
| &nbsp;&nbsp;&nbsp; Grays Harbor County, WA, Public Hospital District No. 1 Revenue, Summit <br> Pacific Medical Center, Series 2023, Refunding  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp; 670561<br>|
| &nbsp;&nbsp;&nbsp; King County, WA, Housing Authority Revenue, Birch Creek Apartments Project, <br> County GTD  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2505386<br>|
| &nbsp;&nbsp;&nbsp; Port of Seattle, WA, Intermediate Lien Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp; 1254293<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1588328<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Washington State Health Care Facilities Authority Revenue, Virginia Mason <br> Medical Center, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 505775<br>|
| &nbsp;&nbsp;&nbsp; Washington State HFC, Non-Profit Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blakeley and Laurel Villages Portfolio, Series A, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp; 673809<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blakeley and Laurel Villages Portfolio, Series A, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 326067<br> <sup>(c)</sup><br>|
| *Total Washington* | *Total Washington* | *Total Washington* | *Total Washington* | &nbsp;&nbsp; *7524219* |
| *Wisconsin — 2.3%* | *Wisconsin — 2.3%* | *Wisconsin — 2.3%* | *Wisconsin — 2.3%* | *Wisconsin — 2.3%* |
| &nbsp;&nbsp;&nbsp; Dane County, WI, GO, Series A  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1500631<br>|
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Educational Facilities Revenue, Lindenwood <br> Education System, Series 2026, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1172743<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Revenue, Maniilaq Association Employee <br> Housing Project, Series 2026  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 827718<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wisconsin State HEFA Revenue, Hospital Sisters Credit Group, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 265111<br>|
| *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | &nbsp;&nbsp; *3766203* |
| **Total Municipal Bonds (Cost — $155,769,492)** | **Total Municipal Bonds (Cost — $155,769,492)** | **Total Municipal Bonds (Cost — $155,769,492)** | **Total Municipal Bonds (Cost — $155,769,492)** | &nbsp;&nbsp; **158322864** |
| **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 0.8%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 0.8%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 0.8%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 0.8%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 0.8%** |
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Certificates Revenue, Series 2019 | &nbsp;&nbsp; 2.543% | &nbsp;&nbsp; 6/25/37 | &nbsp;&nbsp; 916726<br>| &nbsp;&nbsp;&nbsp; 831892<br>|
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Certificates Revenue, Series A | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 11/25/33 | &nbsp;&nbsp; 448582<br>| &nbsp;&nbsp;&nbsp; 448422<br>|
| **Total Collateralized Mortgage Obligations (Cost — $1,181,069)** | **Total Collateralized Mortgage Obligations (Cost — $1,181,069)** | **Total Collateralized Mortgage Obligations (Cost — $1,181,069)** | **Total Collateralized Mortgage Obligations (Cost — $1,181,069)** | &nbsp;&nbsp; **1280314** |
| **Total Investments before Short-Term Investments (Cost — $156,950,561)** | **Total Investments before Short-Term Investments (Cost — $156,950,561)** | **Total Investments before Short-Term Investments (Cost — $156,950,561)** | **Total Investments before Short-Term Investments (Cost — $156,950,561)** | &nbsp;&nbsp; **159603178** |

---

See Notes to Schedule of Investments.

------

Franklin Short-Term Municipal Income ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Franklin Short-Term Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 4.6%** | **Short-Term Investments — 4.6%** | **Short-Term Investments — 4.6%** | **Short-Term Investments — 4.6%** |
| &nbsp;&nbsp;&nbsp; Putnam Government Money Market Fund, Class P Shares <br> (Cost — $7,704,200)  | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 7704200<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$7704200**<br> <sup>(h)(i)</sup><br>|
| **Total Investments — 100.0% (Cost — $164,654,761)** | **Total Investments — 100.0% (Cost — $164,654,761)** | **Total Investments — 100.0% (Cost — $164,654,761)** | &nbsp;&nbsp; **167307378** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.0)%†† | &nbsp;&nbsp;&nbsp; (26209)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$167281169** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Maturity date shown represents the mandatory tender date. |
| <sup>(b)</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>(c)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. <br>|
| <sup>(d)</sup> | Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax ("AMT"). |
| <sup>(e)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(f)</sup> | Bonds are generally escrowed to maturity by government securities and/or U.S. government agency securities.  |
| <sup>(g)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(h)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(i)</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 February 28, 2026, the total market value of <br> investments in Affiliated Companies was $7,704,200 and the cost was $7,704,200 (Note 2).<br>|

---

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

See Notes to Schedule of Investments.

------

Franklin Short-Term Municipal Income ETF 2026 Quarterly Report

------

 **Franklin Short-Term Municipal Income ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AG |  | Assured Guaranty — Insured Bonds |
| BAM |  | Build America Mutual — Insured Bonds |
| BAN |  | Bond Anticipation Notes |
| CAB |  | Capital Appreciation Bonds |
| COP |  | Certificates of Participation |
| DFA |  | Development Finance Agency |
| EDA |  | Economic Development Authority |
| EFA |  | Educational Facilities Authority |
| FHA |  | Federal Housing Administration — Insured Bonds |
| FHLMC |  | Federal Home Loan Mortgage Corporation |
| FNMA |  | Federal National Mortgage Association |
| GNMA |  | Government National Mortgage Association |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| HEFA |  | Health & Educational Facilities Authority |
| HFA |  | Housing Finance Agency |
| HFC |  | Housing Finance Commission |
| HUD |  | Housing & Urban Development |
| IDA |  | Industrial Development Authority |
| IDR |  | Industrial Development Revenue |
| ISD |  | Independent School District |
| MFA |  | Municipal Finance Authority |
| MTA |  | Metropolitan Transportation Authority |
| NATL |  | National Public Finance Guarantee Corporation — Insured Bonds |
| PCR |  | Pollution Control Revenue |
| PEA |  | Public Energy Authority |
| PFA |  | Public Facilities Authority |
| PSF |  | Permanent School Fund |
| RAN |  | Revenue Anticipation Notes |
| SIFMA |  | Securities Industry and Financial Markets Association |
| SOFR |  | Secured Overnight Financing Rate |
| TFA |  | Transitional Finance Authority |

---

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

See Notes to Schedule of Investments.

------

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

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

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

The Fund seeks as high a level of current income exempt from federal income tax as is consistent with preservation of capital.

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. 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 Short-Term Municipal Income ETF 2026 Quarterly Report

------

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; $158322864 | &nbsp;&nbsp; — | &nbsp;&nbsp; $158322864 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 1280314 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1280314 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 159603178 | &nbsp;&nbsp; — | &nbsp;&nbsp; 159603178 |
| Short-Term Investments† | &nbsp;&nbsp; $7704200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7704200 |
| **Total Investments** | &nbsp;&nbsp; **$7704200** | &nbsp;&nbsp; **$159603178** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$167307378** |

---

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

† See Schedule of Investments for additional detailed categorizations.

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended February 28, 2026. The following transactions were effected in such company for the period ended February 28, 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>November 30, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>November 30, <br>2025 | Cost | Shares | Proceeds | Shares |
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>| $11312253 | $19870954 | 19870954 | $23479007 | 23479007 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>February 28, <br>2026<br>|
| Putnam Government Money <br> Market Fund, Class P Shares<br>|  | $72605 |  | $7704200 |

---

------

Franklin Short-Term Municipal Income 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 Short-Term Municipal Income ETF

- **b. EDGAR series identifier (if any):** S000094554

- **c. LEI of Series:** 254900AZCU6YVDGDES57

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

- **a. Date of fiscal year-end:** 2026-11-30

- **b. Date as of which information is reported:** 2026-02-27

**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:** $169172884.23

**Total Liabilities:** $4397563.80

**Net Assets:** $164775320.43

**Delayed Delivery Securities:** $3499881.50

**Cash Not Reported:** $122.96

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1396.00952000 | **1-Year:** 10458.79732000 | **5-Year:** 17888.61899000 | **10-Year:** 6761.04369000 | **30-Year:** 218.68328000

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

- **3-Month:** 22.97398000 | **1-Year:** 174.22727000 | **5-Year:** 748.80209000 | **10-Year:** 108.64138000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000263087 | 0.27%                | 0.60%                | 0.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-550.40                 | $-24324.25                                 |
| Month 2  | $4796.62                 | $514897.20                                 |
| Month 3  | $-17607.03               | $594318.22                                 |

**Designated Index Information**

- **Index Name:** Bloomberg Municipal Bond 3 Year (2-4 Y) Index

- **Index Identifier:** BM6656

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| METROPOLITAN WASH D C ARPTS AUTH                                         | DC METAPT 5 10/01/2026              | CUSIP: 592647NH0<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |    225000 | PA      | $228493.60    | 0.14%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                      | WI PUBFIN 5 06/01/2027              | CUSIP: 74443DMQ1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1172743.44   | 0.71%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SIERRA VIEW LOC HEALTH CARE DIST CALIF                                   | CA SIEMED 4 07/01/2026              | CUSIP: 82650PDG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60237.47     | 0.04%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HIGHER EDL FAC COMMN                                             | OH OHSEDU 5 12/01/2027              | CUSIP: 67756DD45<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    295000 | PA      | $300879.47    | 0.18%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                                    | NY NYSHGR 5.25 05/01/2029           | CUSIP: 65000B4G0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    225000 | PA      | $240967.17    | 0.15%             | 2029-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA HSG FIN CORP                                                     | FL FLSHSG 3.5 07/01/2052            | CUSIP: 34074MZA2<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1402796.79   | 0.85%             | 2052-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY ILL CONS HIGH SCH DIST NO 120 MUNDELEIN                        | IL LAKSCD 5 12/01/2026              | CUSIP: 509156JB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1783930.93   | 1.08%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HEALTH FACS FING AUTH                                         | CA CASMED 3.85 11/15/2027           | CUSIP: 13032UJ82<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500667.35   | 0.91%             | 2027-11-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| DETROIT MICH DOWNTOWN DEV AUTH                                           | MI DETDEV 5 07/01/2048              | CUSIP: 251135HU6<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |    890000 | PA      | $929617.64    | 0.56%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK N J                                                               | NJ NWK 4.5 05/07/2026               | CUSIP: 650367TD7<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002942.90   | 0.61%             | 2026-05-07      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EAST CNTY ADVANCED WTR PURIFICATION JT PWRS AUTH CALIF                   | CA EAWWTR 3.12 09/01/2026           | CUSIP: 271843AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500682.85    | 0.30%             | 2026-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WASH                                                        | WA PTSGEN 5 05/01/2027              | CUSIP: 735389F52<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1254292.49   | 0.76%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP                               | TX TAREDU 11/15/2064                | CUSIP: 87638TJT1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1731720.96   | 1.05%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTVIEW SOUTH CMNTY DEV DIST FLA                                        | FL WVSDEV 4.05 05/01/2030           | CUSIP: 961566AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505556.55    | 0.31%             | 2030-05-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY                                                   | CA CASHSG 08/01/2063                | CUSIP: 13032WBB9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2501295.25   | 1.52%             | 2063-08-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA                                                      | FL MIATRN 5 10/01/2030              | CUSIP: 59333P7G7<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1377943.63   | 0.84%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK                              | CA CASDEV 12/01/2050                | CUSIP: 13034AN48<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    200000 | PA      | $199752.26    | 0.12%             | 2050-12-01      | Floating      | 2.58%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                                    | NY NYSHGR 5.25 05/01/2028           | CUSIP: 65000B4F2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    300000 | PA      | $314951.37    | 0.19%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORNEY TEX INDPT SCH DIST                                                | TX FNYSCD 5 08/15/2026              | CUSIP: 346425LP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151896.00    | 0.09%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN RETIREMENT FACS                            | NC NCSMED 4.25 10/01/2028           | CUSIP: 65820YSZ0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250201.48    | 0.15%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GALVESTON TEX                                                            | TX GALTRN 5 08/01/2031              | CUSIP: 364568JS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092233.60   | 0.66%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH                                                     | PA PHIDEV 4 06/15/2029              | CUSIP: 71781XFY4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    305000 | PA      | $304843.66    | 0.19%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH                                             | MO KANDEV 5 03/01/2030              | CUSIP: 48504NAS8<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062950.00   | 0.65%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CALIF                                                            | CA FONGEN 5 09/01/2030              | CUSIP: 344630M21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $254430.69    | 0.15%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                                 | PA PASSFH 5 04/01/2026              | CUSIP: 70879QS61<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    270000 | PA      | $270561.03    | 0.16%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO HSG FIN AGY                                                         | OH OHSMFH 11/01/2047                | CUSIP: 676900XP3<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506525.35    | 0.31%             | 2047-11-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Putnam Investment Fund.                                                  | Putnam Investment Fund. GOVT MMKT P | CUSIP: 74680A869<br>LEI: 549300SRAF55EHI5J317 | Long             | STIV             | RF                | US        |   7704200 | PA      | $7704199.72   | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW JERSEY ST HIGHER ED ASSISTANCE AUTH                                  | NJ NJSHGR 5 12/01/2026              | CUSIP: 646080TT8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1031866.97   | 0.63%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUB INFRASTRUCTURE DIST UTAH                     | UT DTRFAC 5 06/01/2028              | CUSIP: 26118TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $232749.20    | 0.14%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLINT MICH HOSP BLDG AUTH                                                | MI FLIMED 4.75 07/01/2028           | CUSIP: 339511FB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $320071.01    | 0.19%             | 2028-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CLARK (NV), COUNTY OF                                                    | NV CLAAPT 5 07/01/2026              | CUSIP: 18085PSZ8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504175.20    | 0.31%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON TEX                                                            | TX GALTRN 5 08/01/2030              | CUSIP: 364568JR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $539197.10    | 0.33%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP                               | TX TAREDU 11/15/2052                | CUSIP: 87638QSF7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    650000 | PA      | $653415.10    | 0.40%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV                                                       | CA CASHGR 11/01/2049                | CUSIP: 13077C4K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2170262.60   | 1.32%             | 2049-11-01      | Variable      | 0.55%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                          | NJ NJSTRN 5 06/15/2034              | CUSIP: 64613CDH8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1162207.50   | 0.71%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARATHON OIL CORP                                                        | LA SJBCTF 06/01/2037                | CUSIP: 79020FBB1<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2035272.00   | 1.24%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| FORNEY TEX INDPT SCH DIST                                                | TX FNYSCD 5 08/15/2027              | CUSIP: 346425LQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519614.70    | 0.32%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                                 | PA PASSFH 3 10/01/2051              | CUSIP: 70879QLX9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1001990.43   | 0.61%             | 2051-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HEALTH CARE FACS AUTH                                      | WA WASMED 5 08/15/2026              | CUSIP: 93978HSE6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505774.50    | 0.31%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY S C                                                       | SC LANGEN 4.25 06/01/2030           | CUSIP: 514088BL6<br>LEI: 5493004EFQNI7UOCFI47 | Long             | DBT              | MUN               | US        |    400000 | PA      | $404433.92    | 0.25%             | 2030-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                                    | NY NYSHGR 5.25 05/01/2027           | CUSIP: 65000B4E5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    175000 | PA      | $180111.51    | 0.11%             | 2027-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                                                         | GA BURPOL 11/01/2053                | CUSIP: 121342QL6<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503945.05    | 0.31%             | 2053-11-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH                                      | WI WISMED 5 08/15/2028              | CUSIP: 97712JNN9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265111.03    | 0.16%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TENN CMNTY DEV CORP                                            | TN KXVMFH 12/01/2027                | CUSIP: 499743CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3007011.00   | 1.82%             | 2027-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH                                                  | GA MONPOL 10/01/2048                | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500066.60    | 0.30%             | 2048-10-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN WASHINGTON AIRPORTS AUTHORITY (DC)                          | DC METAPT 5 10/01/2033              | CUSIP: 592647FG1<br>LEI: 7HERAVJJLN8J1DZ6AZ19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526998.15    | 0.32%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                                    | NY NYSHGR 5 07/01/2026              | CUSIP: 64990G4R0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200443.80    | 0.12%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON TEX                                                            | TX GALTRN 5 08/01/2029              | CUSIP: 364568JQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $371509.95    | 0.23%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FLA HSG FIN AUTH                                            | FL BROMFH 04/01/2041                | CUSIP: 115027QZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000291.60   | 0.61%             | 2041-04-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| COBB-MARIETTA GA COLISEUM & EXHIBIT HALL AUTH                            | GA COBFAC 5 10/01/2028              | CUSIP: 190760HV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107154.46    | 0.07%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA                                                  | GA MAIUTL 05/01/2052                | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029895.20   | 0.63%             | 2052-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH                                                      | IN INSFIN 5 05/01/2029              | CUSIP: 45506EMY6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    795000 | PA      | $834856.61    | 0.51%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUMBOLDT CNTY NEV                                                        | NV HUMPOL 3.55 10/01/2029           | CUSIP: 445199AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021942.40   | 0.62%             | 2029-10-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUB INFRASTRUCTURE DIST UTAH                     | UT DTRFAC 5 06/01/2026              | CUSIP: 26118TAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100647.27    | 0.06%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH                                                      | IN INSFIN 5 05/01/2028              | CUSIP: 45506EMX8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    755000 | PA      | $781153.05    | 0.47%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH                                          | KY KYSPWR 06/01/2055                | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081141.90   | 0.66%             | 2055-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| WADENA MINN                                                              | MN WCCGEN 5 12/01/2026              | CUSIP: 930256AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $198356.96    | 0.12%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARKSIDE TRAILS CMNTY DEV DIST FLA                                       | FL PTRGEN 4.3 05/01/2035            | CUSIP: 70147QAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $291106.55    | 0.18%             | 2035-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| DETROIT MICH                                                             | MI DET 6.84 05/01/2028              | CUSIP: 2510936D7<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    295000 | PA      | $300894.84    | 0.18%             | 2028-05-01      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| COCONINO CNTY ARIZ POLLUTN CTL CORP                                      | AZ CCOPOL 03/01/2039                | CUSIP: 191855BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750494.03    | 0.46%             | 2039-03-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN NASHVILLE ARPT AUTH TENN                                    | TN MNVAPT 5 07/01/2026              | CUSIP: 592190QF2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50402.52     | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA                                                        | DC DISREV 5 07/01/2027              | CUSIP: 25483VVK7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    300000 | PA      | $307795.56    | 0.19%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH                                                  | LA LASFAC 5 05/15/2030              | CUSIP: 546399UQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095094.50   | 0.66%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH                                             | OH OHSDEV 09/01/2030                | CUSIP: 677525WU7<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    500000 | PA      | $508269.60    | 0.31%             | 2030-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO COMWLTH                                                      | PR PRC 11/01/2051                   | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     11730 | PA      | $7258.20      | 0.00%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| FORT BEND TEX INDPT SCH DIST                                             | TX FORSCD 5 08/15/2026              | CUSIP: 346843WT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013004.20   | 0.61%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                              | TX HOUAPT 5 07/01/2026              | CUSIP: 442349GB6<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008583.80   | 0.61%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRETE 2019-ML06 TRUST                                                    | FRETE 2019-ML06 AUS                 | CUSIP: 30312CAF0<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |    916726 | PA      | $831891.81    | 0.50%             | 2037-06-25      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| GALVESTON TEX                                                            | TX GALTRN 5 08/01/2028              | CUSIP: 364568JP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $521970.00    | 0.32%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUN PWR OHIO INC                                                | OH AMEPWR 4 06/17/2026              | CUSIP: 027651ZR2<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003736.40   | 0.61%             | 2026-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DIST FLA                                      | FL LKRGEN 5.4 05/01/2028            | CUSIP: 51265KFF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $148226.99    | 0.09%             | 2028-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ALASKA INDL DEV & EXPT AUTH                                              | AK AKSDEV 5 10/01/2028              | CUSIP: 011903FX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1615353.80   | 0.98%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH                                                 | AZ AZSMFH 03/01/2045                | CUSIP: 04062PCA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200798.48    | 0.12%             | 2045-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PROSPER TEX INDPT SCH DIST                                               | TX PSPSCD 02/15/2050                | CUSIP: 7436002V9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1410664.92   | 0.86%             | 2050-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TENN CMNTY DEV CORP                                            | TN KXVMFH 12/01/2027                | CUSIP: 499743CS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1754067.00   | 1.06%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| EAST NASSAU STEWARDSHIP DIST FLA                                         | FL ENADEV 4.1 05/01/2030            | CUSIP: 273794AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1626385.66   | 0.99%             | 2030-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| GRAYS HARBOR COUNTY PUBLIC UTILITY DISTRICT N.1 (WA)                     | WA GRHMED 5.75 12/01/2026           | CUSIP: 389526AD6<br>LEI: TBI9VVSY0W0HBJJJJM65 | Long             | DBT              | MUN               | US        |    660000 | PA      | $670561.06    | 0.41%             | 2026-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FW RAMBLE PUB FAC CORP TEX                                               | TX FWBHSG 5 10/01/2032              | CUSIP: 302708AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $572343.03    | 0.35%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| QUINCY MASS                                                              | MA QUI 5 07/24/2026                 | CUSIP: 748508Y93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010306.50   | 0.61%             | 2026-07-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HEALTH & EDL FACS AUTH                                   | SD SDSMED 3.25 09/01/2030           | CUSIP: 83755VZ23<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502015.70   | 0.91%             | 2030-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FORSYTH MONT                                                             | MT FORPOL 3.88 07/01/2028           | CUSIP: 346668DN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1330993.17   | 0.81%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUB INFRASTRUCTURE DIST UTAH                     | UT DTRFAC 5 06/01/2028              | CUSIP: 26118TBA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105682.34    | 0.06%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST AFFORDABLE HSG CORP                                             | TX TXSSFH 5.25 09/01/2028           | CUSIP: 88271HEJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20348.79     | 0.01%             | 2028-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN                                              | WA WASHSG 5 07/01/2029              | CUSIP: 93978LHY5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    630000 | PA      | $673809.26    | 0.41%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARMINGTON N MEX                                                         | NM FARPOL 06/01/2040                | CUSIP: 311450GD6<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028828.90   | 0.62%             | 2040-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| WHITING IND                                                              | IN WHGFAC 12/01/2044                | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2515917.75   | 1.53%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DANE CNTY WIS                                                            | WI DAN 3 06/01/2026                 | CUSIP: 236092BZ4<br>LEI: 5493000I57K3U1SCHU17 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500631.20   | 0.91%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FRETE 2019-ML05 TR                                                       | FRETE 2019-ML05 ACA                 | CUSIP: 30309HAA5<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |    448582 | PA      | $448422.41    | 0.27%             | 2033-11-25      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| WADENA MINN                                                              | MN WCCGEN 5 12/01/2030              | CUSIP: 930256AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $412610.96    | 0.25%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK VONTOBEL AG                                                         | FL WSRDEV 4.25 05/01/2035           | CUSIP: 97352AAE7<br>LEI: 549300L7V4MGECYRM576 | Long             | DBT              | MUN               | CH        |    240000 | PA      | $245300.78    | 0.15%             | 2035-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LANCASTER PORT AUTH OHIO GAS                                             | OH LANUTL 02/01/2055                | CUSIP: 514401BN7<br>LEI: 5493007EGWLFDZJFF129 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1350990.13   | 0.82%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| YOUNGSTOWN ST UNIV OHIO                                                  | OH YOUHGR 5 12/15/2030              | CUSIP: 987720EP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1564946.16   | 0.95%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                             | MA MASDEV 5 01/01/2027              | CUSIP: 57585BDF2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1025585.11   | 0.62%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV AUTH                                        | CA CASHSG 5 08/01/2026              | CUSIP: 13069BAF3<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100829.74    | 0.06%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAMDEN CNTY N J IMPT AUTH                                                | NJ CAMMFH 03/01/2027                | CUSIP: 13281RAF0<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.49%             | 2027-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGIN IS TRANSN & INFRASTRUCTURE CORP                                   | VI VIITRN 5 09/01/2026              | CUSIP: 927686AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202243.38    | 0.12%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSN DEV CORP                                                 | NY NYTTRN 5.5 06/30/2037            | CUSIP: 650116HZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1142300.80   | 0.69%             | 2037-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                             | MA MASDEV 4.25 07/01/2034           | CUSIP: 57585BBR8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $469302.08    | 0.28%             | 2034-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DAYTON-MONTGOMERY CNTY OHIO PORT AUTH                                    | OH DAYTRN 5 12/01/2032              | CUSIP: 23981MBD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $404654.63    | 0.25%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUB INFRASTRUCTURE DIST UTAH                     | UT DTRFAC 5 06/01/2029              | CUSIP: 26118TBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108115.73    | 0.07%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY                                                  | UT UTSFAC 3 10/15/2026              | CUSIP: 917467BR2<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249830.68    | 0.15%             | 2026-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                                    | NY NYSHGR 5 07/01/2030              | CUSIP: 64990G4V1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77073.14     | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH                                        | CA CCEDEV 11/01/2055                | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2109385.40   | 1.28%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PINELLAS CNTY FLA INDL DEV AUTH                                          | FL PINDEV 5 07/01/2029              | CUSIP: 72316VAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $364336.25    | 0.22%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                                 | PA PASSFH 5 10/01/2026              | CUSIP: 70879QS79<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253779.85    | 0.15%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TROY N Y CAP RESOURCE CORP                                               | NY TRYGEN 5 09/01/2028              | CUSIP: 897579BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $371533.02    | 0.23%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HEALTH & EDL BLDG CORP                                   | RI RISMED 5 05/15/2026              | CUSIP: 762244FD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115639.73    | 0.07%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH                                                      | IN INSFIN 5 11/15/2027              | CUSIP: 45506EQD8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1251945.00   | 0.76%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU HAWAII                                                          | HI HONMFH 06/01/2027                | CUSIP: 438697BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $538315.50    | 0.33%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CORTLAND N Y ENLARGED CITY SCH DIST                                      | NY CRDSCD 4.12 04/30/2026           | CUSIP: 220660DV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250513.18    | 0.15%             | 2026-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA                                                  | GA MAIUTL 07/01/2052                | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2244227.70   | 1.36%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO HSG & FIN ASSN                                                     | ID IDSHSG 3 09/21/2046              | CUSIP: 45129WND8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    351718 | PA      | $319054.14    | 0.19%             | 2046-09-21      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH                                          | KY KYSPWR 01/01/2055                | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    750000 | PA      | $818002.50    | 0.50%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH                                                  | CA CASFIN 4 10/01/2030              | CUSIP: 13048VKQ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165983.02    | 0.10%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DE KALB CNTY GA HSG AUTH                                                 | GA DEKMFH 4 03/01/2034              | CUSIP: 240471PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $797925.73    | 0.48%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGIN IS TRANSN & INFRASTRUCTURE CORP                                   | VI VIITRN 5 09/01/2027              | CUSIP: 927686AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $165151.28    | 0.10%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                                    | NY NYSHGR 5 07/01/2029              | CUSIP: 64990G4U3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76776.43     | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASS CNTY N D JT WTR RES DIST                                            | ND CASWTR 3.45 04/01/2027           | CUSIP: 14805PBA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000393.50   | 0.61%             | 2027-04-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| KING CNTY WASH HSG AUTH                                                  | WA KINHSG 5.5 05/01/2038            | CUSIP: 494762KG1<br>LEI: 549300TZU8KSWALVD392 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2505386.25   | 1.52%             | 2038-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DURHAM N C HSG AUTH                                                      | NC DURMFH 07/01/2059                | CUSIP: 266785AV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008908.80   | 0.61%             | 2059-07-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH                                          | KY KYSPWR 5 07/01/2028              | CUSIP: 74440DEH3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044978.00   | 0.63%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE MUN BD BK                                                  | NH NHMBBK 5 08/15/2027              | CUSIP: 64465QTD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520857.60    | 0.32%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH                                             | MO KANDEV 5 03/01/2026              | CUSIP: 48504NBR9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.30%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POPLAR BLUFF MO REGL TRANSN DEV DIST                                     | MO POPTRN 3.38 12/01/2031           | CUSIP: 733060AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $241935.65    | 0.15%             | 2031-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH                                          | KY KYSPWR 5 07/01/2027              | CUSIP: 74440DEG5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    525000 | PA      | $538850.18    | 0.33%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                                    | NY NYSHGR 5 07/01/2028              | CUSIP: 64990G4T6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76275.99     | 0.05%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH                                                  | CA CASPOL 07/01/2041                | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500139.70    | 0.30%             | 2041-07-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP                                                     | FL FLSMED 5 08/01/2027              | CUSIP: 34061QCY1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    260000 | PA      | $269669.61    | 0.16%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CALIF SCH DIST SCH FACS IMPT DIST NO 2 SAN BERNARDINO CNTY | CA MOUSCD 0 07/01/2029              | CUSIP: 62440CAY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $892382.60    | 0.54%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX INDPT SCH DIST                                           | TX SANSCD 5 08/15/2026              | CUSIP: 796269N38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $759787.28    | 0.46%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE GOVERNMENTAL FACS AUTH                                             | ME MESGEN 5 10/01/2028              | CUSIP: 56041MXY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534860.85    | 0.32%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HEALTH & HIGHER EDL FACS AUTH                                | MD MDSMED 5 06/01/2029              | CUSIP: 57421CBV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211348.18    | 0.13%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA                                                        | DC DISHGR 04/01/2060                | CUSIP: 25484JDJ6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    750000 | PA      | $867684.15    | 0.53%             | 2060-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD HSG                                                       | MT MTSHSG 12/01/2028                | CUSIP: 61212VAZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400476.88    | 0.24%             | 2028-12-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH                                                  | CA CASMED 5 11/01/2027              | CUSIP: 130493CA5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102908.39    | 0.06%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL PLAINS ENERGY PROJ NEB                                           | NE CENPWR 5 09/01/2030              | CUSIP: 154871CF2<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089270.40   | 0.66%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT WTR & PWR                                         | CA LOSUTL 5 07/01/2028              | CUSIP: 544532PA6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049091.60   | 0.64%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HIDALGO CNTY TEX                                                         | TX HID 5 08/15/2026                 | CUSIP: 429326W49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303587.34    | 0.18%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN UTE INDIAN TRIBE OF SOUTHN UTE INDIAN RESERVATION COLO          | CO STH 5 04/01/2035                 | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |    525000 | PA      | $588575.56    | 0.36%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOP DIST ALA                                      | AL SEEPWR 5 11/01/2026              | CUSIP: 84136HAA1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101521.87    | 0.06%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS-FRANKLIN CNTY OHIO FIN AUTH                                     | OH COLMFH 06/01/2044                | CUSIP: 19910XAQ9<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011336.70   | 0.61%             | 2044-06-01      | Variable      | 3.19%                 | No            |                  2 | On Loan: No      |
| PFLUGERVILLE TEX                                                         | TX PFL 5 08/01/2026                 | CUSIP: 717088CP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011162.30   | 0.61%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUB INFRASTRUCTURE DIST UTAH                     | UT DTRFAC 5 06/01/2027              | CUSIP: 26118TAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103184.10    | 0.06%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FLA EDL FAC AUTH                                            | FL VOLEDU 5 10/15/2028              | CUSIP: 928836PM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $133381.33    | 0.08%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND (OH), CITY OF                                                  | OH CLEPWR 5 11/15/2027              | CUSIP: 186398LS0<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | MUN               | US        |    700000 | PA      | $731497.69    | 0.44%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST OFFSHORE TERM AUTH                                          | LA LASTRN 09/01/2034                | CUSIP: 546510FU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1542641.40   | 0.94%             | 2034-09-01      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY                                                  | UT UTSFAC 5 10/15/2027              | CUSIP: 917467BB7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    455000 | PA      | $468969.05    | 0.28%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST TPK AUTH                                                | MA MASTRN 0 01/01/2029              | CUSIP: 576018AL9<br>LEI: 549300CGDCL8XZK3KN03 | Long             | DBT              | MUN               | US        |    835000 | PA      | $780386.57    | 0.47%             | 2029-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HIDALGO CNTY TEX                                                         | TX HID 5 08/15/2027                 | CUSIP: 429326W56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103777.09    | 0.06%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MINN                                                         | MN MINMED 5 11/15/2036              | CUSIP: 60374VEB5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    825000 | PA      | $855733.40    | 0.52%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAVON TEX                                                                | TX LVNGEN 4.25 09/15/2032           | CUSIP: 51946PCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    142000 | PA      | $145434.41    | 0.09%             | 2032-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOP DIST ALA                                      | AL SEEPWR 03/01/2055                | CUSIP: 84136HBT9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1875329.05   | 1.14%             | 2055-03-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY                                                  | UT UTSFAC 5 10/15/2029              | CUSIP: 917467BD3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $532465.65    | 0.32%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORO GRANDE ELEMENTARY SCHOOL DISTRICT (CA)                               | CA ORGSCD 4 09/15/2028              | CUSIP: 686865AR7<br>LEI: 549300C5E570MP6EW139 | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2139847.87   | 1.30%             | 2028-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY                                                          | KY TRMENV 06/01/2054                | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017050.70   | 0.62%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH                                                    | GU GMSUTL 5 07/01/2026              | CUSIP: 40065FDL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151137.62    | 0.09%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY                                                  | UT UTSFAC 5 10/15/2027              | CUSIP: 917467CF7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |     75000 | PA      | $77362.68     | 0.05%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH                                                  | CA CASMED 5 11/01/2028              | CUSIP: 130493CB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    115000 | PA      | $120436.58    | 0.07%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BIRMINGHAM ALA WTRWKS BRD                                                | AL BIRWTR 3.75 09/01/2026           | CUSIP: 091097AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2500237.75   | 1.52%             | 2026-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY (UT), CITY OF                                             | UT SALAPT 5 07/01/2027              | CUSIP: 795576LJ4<br>LEI: 549300CRGKV67DRSGT85 | Long             | DBT              | MUN               | US        |    190000 | PA      | $196095.39    | 0.12%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WORCESTER MASS                                                           | MA WOR 4 03/19/2026                 | CUSIP: 981306R96<br>LEI: 5493006DO0NOILRNNH68 | Long             | DBT              | MUN               | US        |    275000 | PA      | $275222.20    | 0.17%             | 2026-03-19      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WASH                                                        | WA PTSGEN 5 07/01/2028              | CUSIP: 735389Z92<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1588328.10   | 0.96%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV CORP                                            | NY MONDEV 5 07/01/2034              | CUSIP: 61075TXT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $875720.75    | 0.53%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FLA EDL FAC AUTH                                            | FL VOLEDU 5 10/15/2029              | CUSIP: 928836PN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218274.78    | 0.13%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TEX HSG FIN CORP                                                  | TX AUSMFH 11/01/2042                | CUSIP: 052425HY4<br>LEI: 549300UBTYKESVNBXV64 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507206.85    | 0.31%             | 2042-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY (UT), CITY OF                                             | UT SALAPT 5 07/01/2029              | CUSIP: 795576FN2<br>LEI: 549300CRGKV67DRSGT85 | Long             | DBT              | MUN               | US        |    500000 | PA      | $515659.00    | 0.31%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMN                                              | WA WASHSG 5 07/01/2030              | CUSIP: 93978LHZ2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    300000 | PA      | $326066.85    | 0.20%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CALIF                                                            | CA FONGEN 5 09/01/2032              | CUSIP: 344630M47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $287529.48    | 0.17%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH                                          | KY KYSPWR 5 12/01/2033              | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2132627.80   | 1.29%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                                             | NJ NJSWTR 10/01/2039                | CUSIP: 645780FL6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $479812.60    | 0.29%             | 2039-10-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| COOK & DU PAGE CNTYS ILL COMB SCH DIST NO 113A LEMONT                    | IL COOSCD 3 01/01/2035              | CUSIP: 213035CR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $726414.77    | 0.44%             | 2035-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CALIF                                                            | CA FONGEN 5 09/01/2031              | CUSIP: 344630M39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $268130.28    | 0.16%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH ALA                                                | AL SEEPWR 12/01/2051                | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2092921.80   | 1.27%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                                                | PA PASTRN 5 12/01/2036              | CUSIP: 709224RH4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015566.60   | 0.62%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA                                                  | GA MAIUTL 04/01/2054                | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $544806.25    | 0.33%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ENERGY FIN DEV CORP                                             | NY NYEFAC 07/01/2056                | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1879087.35   | 1.14%             | 2056-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA COMWLTH TRANSN BRD                                              | VA VASTRN 5 05/15/2029              | CUSIP: 927793Z85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $544881.20    | 0.33%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAVIS CNTY UTAH SCH DIST                                                 | UT DAVSCD 2.5 06/01/2028            | CUSIP: 239019R87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $749232.38    | 0.45%             | 2028-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                                        | IL ILSGEN 11/01/2034                | CUSIP: 45204E2L1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    480000 | PA      | $481570.61    | 0.29%             | 2034-11-01      | Floating      | 3.72%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH                                            | PA CHEDEV 5 03/01/2027              | CUSIP: 165588FP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $806289.68    | 0.49%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CALIF                                                            | CA FONGEN 5 09/01/2034              | CUSIP: 344630M62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $442033.12    | 0.27%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                      | WI PUBGEN 5 12/01/2031              | CUSIP: 74442PV69<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    750000 | PA      | $827717.48    | 0.50%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH ALA                                                | AL SEEPWR 01/01/2053                | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $544236.45    | 0.33%             | 2053-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST PUB SCH AUTH                                                 | VA VASSCD 3 08/01/2026              | CUSIP: 92818HL90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1585616.09   | 0.96%             | 2026-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OWEN CNTY KY                                                             | KY OWNWTR 06/01/2040                | CUSIP: 69068WAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2313138.15   | 1.40%             | 2040-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                          | NJ NJSTRN 5 06/15/2036              | CUSIP: 64613CEN4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $586342.25    | 0.36%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH                                    | CT CTSMED 07/01/2042                | CUSIP: 20774YJ99<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    210000 | PA      | $209827.38    | 0.13%             | 2042-07-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                                  | NY NYCGEN 5 11/01/2029              | CUSIP: 64972JYV4<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    500000 | PA      | $549907.25    | 0.33%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH                                                    | GU GMSUTL 5 07/01/2031              | CUSIP: 40065FET7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $299400.19    | 0.18%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COBB-MARIETTA GA COLISEUM & EXHIBIT HALL AUTH                            | GA COBFAC 5 10/01/2027              | CUSIP: 190760HU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104421.31    | 0.06%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AKRON BATH COPLEY OHIO JT TWP HOSP DIST                                  | OH AKRMED 5 11/15/2027              | CUSIP: 009730PJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $188407.17    | 0.11%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEV FING AUTH                                      | PA PASDEV 5 12/31/2029              | CUSIP: 70868YAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $291781.39    | 0.18%             | 2029-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALACHUA CNTY FLA HEALTH FACS AUTH                                        | FL ALAMED 3.62 10/01/2030           | CUSIP: 010684BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250928.58    | 0.15%             | 2030-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                              | IL ILS 4.1 09/01/2026               | CUSIP: 452153NA3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1802162.34   | 1.09%             | 2026-09-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO COMWLTH                                                      | PR PRC 5.62 07/01/2027              | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023437.30   | 0.62%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH                                                  | CA CASFIN 5 10/01/2026              | CUSIP: 13048VDJ4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    570000 | PA      | $576963.29    | 0.35%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TROPHY CLUB TEX PUB IMPT DIST NO 1                                       | TX TCBGEN 5 09/01/2028              | CUSIP: 89706PAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $112993.09    | 0.07%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HORACE N D                                                               | ND HOR 4.85 08/01/2026              | CUSIP: 440365JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500277.55    | 0.30%             | 2026-08-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUB INFRASTRUCTURE DIST UTAH                     | UT DTRFAC 5 06/01/2026              | CUSIP: 26118TAY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $256593.06    | 0.16%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY NORTH TEX                                                     | TX UNNHGR 5 04/15/2028              | CUSIP: 914729XD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $829973.67    | 0.50%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH                                          | KY KYSPWR 12/01/2050                | CUSIP: 74440DCZ5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1046593.60   | 0.64%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LONG IS PWR AUTH N Y                                                     | NY LSLPWR 09/01/2051                | CUSIP: 542691EX4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    200000 | PA      | $198721.66    | 0.12%             | 2051-09-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| ST JOHNS CNTY FLA INDL DEV AUTH                                          | FL STJMED 4 12/15/2028              | CUSIP: 79041LAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201595.80    | 0.12%             | 2028-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT WTR & PWR                                         | CA LOSUTL 5 07/01/2033              | CUSIP: 5444954M3<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1292880.05   | 0.78%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOP DIST ALA                                      | AL SEEPWR 5 11/01/2027              | CUSIP: 84136HAB9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |     80000 | PA      | $82840.58     | 0.05%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOSE CALIF                                                           | CA SJSMFH 06/01/2027                | CUSIP: 798165LF1<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2012394.40   | 1.22%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                                | CO COSMED 08/01/2049                | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001084.30   | 0.61%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HEALTH & EDL FACS AUTH                                       | MO MOSMED 5 05/01/2028              | CUSIP: 60636AVQ3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514576.15    | 0.31%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                                             | NY MTATRN 5 11/15/2026              | CUSIP: 59261A5R4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509890.30    | 0.31%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATCHING FD SPL PURP SECURITIZATION CORP VIRGIN IS                       | VI MFCFAC 5 10/01/2030              | CUSIP: 57665NAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056264.80   | 0.64%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX HSG FIN CORP                                                 | TX HOUMFH 08/01/2041                | CUSIP: 442396EL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $602715.42    | 0.37%             | 2041-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA MED CARE COMMN RETIREMENT FACS                            | NC NCSMED 3.75 10/01/2028           | CUSIP: 65820YTA4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500329.85    | 0.30%             | 2028-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH STEWARDSHIP DIST FLA                                      | FL LKRGEN 5 05/01/2030              | CUSIP: 51265KGE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $301313.46    | 0.18%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK                              | CA CASDEV 01/01/2065                | CUSIP: 13034A7F1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000345.00   | 0.61%             | 2065-01-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP TENN                                                       | TN TGYPWR 12/01/2051                | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1546777.35   | 0.94%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-24

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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