# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-26-008669
**Filing Date:** 2026-2
**Character Count:** 213101
**Document Hash:** 554198fd03e6c2767528befed1a2f03b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008669.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008669

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**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:** 26687472

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111
- **BUSINESS PHONE:** 6177601060

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111

## Series and Classes Contracts Data

### Franklin Municipal Income ETF (Series ID: S000094551)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000263084 | Franklin Municipal Income ETF |  |

## Nport-Ex

Schedule of Investments (unaudited)

December 31, 2025

 **Franklin 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 |
| **Municipal Bonds — 91.3%** | **Municipal Bonds — 91.3%** | **Municipal Bonds — 91.3%** | **Municipal Bonds — 91.3%** | **Municipal Bonds — 91.3%** |
| *Alabama — 0.2%* | *Alabama — 0.2%* | *Alabama — 0.2%* | *Alabama — 0.2%* | *Alabama — 0.2%* |
| &nbsp;&nbsp;&nbsp; Southeast Energy Authority, AL, Cooperative District, Energy Supply Revenue, <br> Series H | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $*1073623*<br>|
| *Arizona — 2.1%* | *Arizona — 2.1%* | *Arizona — 2.1%* | *Arizona — 2.1%* | *Arizona — 2.1%* |
| &nbsp;&nbsp;&nbsp; Arizona State IDA, Education Revenue, Aliante and Skye Canyon Campus Project  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/51 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 544049<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; County of Yavapai, AZ, IDA Education Revenue, Ariona Agribusiness and Equine <br> Center Inc. Project, Series 2012  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200072<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Glendale, AZ, IDA Revenue, Series 2016, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/39 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3460794<br>|
| &nbsp;&nbsp;&nbsp; Maricopa County, AZ, IDA Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Community Learning Center Project, Series 2016, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 351085<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reid Traditional Schools Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250329<br>|
| &nbsp;&nbsp;&nbsp; Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Series B, NATL  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1185344<br>|
| &nbsp;&nbsp;&nbsp; Phoenix, AZ, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis School Inc., Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100035<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Great Hearts Academies, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000024<br>|
| &nbsp;&nbsp;&nbsp; Salt Verde, AZ, Financial Corp., Natural Gas Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 2044855<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 542929<br>|
| *Total Arizona* | *Total Arizona* | *Total Arizona* | *Total Arizona* | &nbsp;&nbsp; *9679516* |
| *California — 7.0%* | *California — 7.0%* | *California — 7.0%* | *California — 7.0%* | *California — 7.0%* |
| &nbsp;&nbsp;&nbsp; California State Community Housing Agency Essential Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aster, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 707302<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fountains at Emerald Park, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/56 | &nbsp;&nbsp; 5975000 | &nbsp;&nbsp;&nbsp; 4072292<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA Revenue, Terry Manor Apartments, Series A, FNMA - <br> Collateralized HUD Section 8  | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 3565000 | &nbsp;&nbsp;&nbsp; 3647715<br>|
| &nbsp;&nbsp;&nbsp; California State PCFA Water Furnishing Revenue, Poseidon Resources <br> Desalination Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/21/45 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3501636<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; California Statewide CDA Community Improvement Authority Essential Housing <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anaheim Social Bond, Series A-2 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 4/1/57 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1154247<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Orange, Social Bond, Series A-2 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/1/57 | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp; 1595658<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dublin, Social Bonds, Series A-2 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/1/57 | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp; 2957330<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pasadena Portfolio Social Bond, Series A-2 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/56 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 2281185<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; City & County of San Francisco, CA, Community Facilities District No 1, Special <br> Tax Revenue, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1879032<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Community Facilities District, Special Tax Revenue, <br> Series 2021  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/46 | &nbsp;&nbsp; 1460000 | &nbsp;&nbsp;&nbsp; 1318527<br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Airports Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/46 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 5519<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Los Angeles International Airport, Series C, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1539511<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Water & Power, Power System Revenue, <br> Series 2022  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1031960<br>|
| &nbsp;&nbsp;&nbsp; Menifee Union School District, CA, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area Five, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 777078<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area Five, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp; 787047<br>|
| &nbsp;&nbsp;&nbsp; M-S-R Energy Authority, CA, Natural Gas Revenue, Series A  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2769986<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal Income ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin 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; San Francisco, CA, City & County Airport Commission, International Airport <br> Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; $3000000 | &nbsp;&nbsp;&nbsp; $3250384<br> <sup>(b)</sup><br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *33276409* |
| *Colorado — 3.0%* | *Colorado — 3.0%* | *Colorado — 3.0%* | *Colorado — 3.0%* | *Colorado — 3.0%* |
| &nbsp;&nbsp;&nbsp; Aurora, CO, Crossroads Metropolitan District No 2, GO, Limited Tax Convertible <br> Capital Appreciation, CAB, Series A, Refunding Step bond (0.000% to 12/1/37 <br> then 6.250%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 847546<br>|
| &nbsp;&nbsp;&nbsp; City & County of Denver, CO, Airport System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2262305<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 1574569<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 2344383<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Colorado State Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Second Tier Bonds, Bethesda Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/54 | &nbsp;&nbsp; 1255000 | &nbsp;&nbsp;&nbsp; 1245250<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valley View Hospital Association Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000348<br>|
| &nbsp;&nbsp;&nbsp; Denver, CO, Health & Hospital Authority Revenue, Series 2025  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 269155<br>|
| &nbsp;&nbsp;&nbsp; District of Vauxmont Metropolitan, CO, GO, Series 2019, Refunding, AG  | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 12/15/50 | &nbsp;&nbsp; 938000 | &nbsp;&nbsp;&nbsp; 803628<br>|
| &nbsp;&nbsp;&nbsp; E-470 Public Highway Authority Revenue, CO, Series A, Refunding, NATL  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/1/34 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 3784731<br>|
| *Total Colorado* | *Total Colorado* | *Total Colorado* | *Total Colorado* | &nbsp;&nbsp; *14131915* |
| *Connecticut — 0.8%* | *Connecticut — 0.8%* | *Connecticut — 0.8%* | *Connecticut — 0.8%* | *Connecticut — 0.8%* |
| &nbsp;&nbsp;&nbsp; Connecticut State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masonicare Issue, Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1507436<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stamford Hospital Issue, Series M, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 653439<br>|
| &nbsp;&nbsp;&nbsp; Connecticut State Housing Finance Authority Revenue, Housing Mortgage <br> Finance, Series B  | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; 1685000 | &nbsp;&nbsp;&nbsp; 1684283<br>|
| *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | &nbsp;&nbsp; *3845158* |
| *Delaware — 0.1%* | *Delaware — 0.1%* | *Delaware — 0.1%* | *Delaware — 0.1%* | *Delaware — 0.1%* |
| &nbsp;&nbsp;&nbsp; Delaware State EDA Revenue, Charter Schools Revenue, Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/42 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp; *623322*<br>|
| *District of Columbia — 4.7%* | *District of Columbia — 4.7%* | *District of Columbia — 4.7%* | *District of Columbia — 4.7%* | *District of Columbia — 4.7%* |
| &nbsp;&nbsp;&nbsp; District of Columbia Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5250748<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Issue, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2554041<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1250044<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Washington, DC, Airports Authority Aviation Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp; 6475053<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/36 | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp;&nbsp; 1509175<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 3140000 | &nbsp;&nbsp;&nbsp; 3167784<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 2055000 | &nbsp;&nbsp;&nbsp; 1911863<br>|
| *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | &nbsp;&nbsp; *22118708* |
| *Florida — 2.7%* | *Florida — 2.7%* | *Florida — 2.7%* | *Florida — 2.7%* | *Florida — 2.7%* |
| &nbsp;&nbsp;&nbsp; Capital Trust, FL, Authority Educational Facilities Revenue, Florida Tech Student <br> Housing I LLC, Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp; 320878<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charlotte County, FL, IDA Revenue, Town & Country Utilities Project, Series 2025  | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1556970<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Double Branch, FL, Community Development District, Special Assessment <br> Revenue, Senior Lien, Series A, Refunding  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp; 890126<br>|
| &nbsp;&nbsp;&nbsp; East Nassau Stewardship District, FL, Special Assessment Revenue, Series 2025  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 828681<br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Educational Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 502471<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal Income ETF 2025 Quarterly Report

------

 **Franklin 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;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; $750000 | &nbsp;&nbsp;&nbsp; $586111<br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Healthcare Facilities Revenue, Health <br> Jacksonville Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/52 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 961008<br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Senior Living Revenue, Series 2021, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/51 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1184361<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, FL, Special Assessment Revenue, <br> Southeast Sector Project, Series 2025  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; 542487<br>|
| &nbsp;&nbsp;&nbsp; Orange County, FL, Health Facilities Authority Revenue, Orlando Health <br> Obligated Group, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/42 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1332669<br>|
| &nbsp;&nbsp;&nbsp; Seminole County, FL, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galileo Schools for Gifted Learning Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp; 297736<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galileo Schools for Gifted Learning Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/41 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 371148<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galileo Schools for Gifted Learning Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/56 | &nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp; 599245<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galileo Schools For Gifted Learning Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/51 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp; 637499<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tampa, FL, Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H. Lee Moffitt Cancer Center Project, CAB, Series A | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp; 374691<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H. Lee Moffitt Cancer Center Project, CAB, Series A | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 671860<br>|
| &nbsp;&nbsp;&nbsp; Volusia County, FL, EFA Revenue, Educational Facilities Embry-Riddle <br> Aeronautical University Inc. Project, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 504051<br>|
| &nbsp;&nbsp;&nbsp; Wildwood, FL, Village Community Development District No 15, Special <br> Assessment Revenue, Series 2024  | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp; 668507<br> <sup>(a)</sup><br>|
| *Total Florida* | *Total Florida* | *Total Florida* | *Total Florida* | &nbsp;&nbsp; *12830499* |
| *Georgia — 2.2%* | *Georgia — 2.2%* | *Georgia — 2.2%* | *Georgia — 2.2%* | *Georgia — 2.2%* |
| &nbsp;&nbsp;&nbsp; Atlanta, GA, Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 103665<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 103125<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DeKalb County, GA, Housing Authority Revenue, Series 2024  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5049488<br>|
| &nbsp;&nbsp;&nbsp; Georgia State Municipal Electric Authority, Power Revenue, Georgia Project 1, <br> Subordinated, Series B, Refunding, BAM  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/54 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1829364<br>|
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas Inc., GA, Gas Project Revenue, Series E  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; 3533012<br> <sup>(d)(e)</sup><br>|
| *Total Georgia* | *Total Georgia* | *Total Georgia* | *Total Georgia* | &nbsp;&nbsp; *10618654* |
| *Idaho — 0.3%* | *Idaho — 0.3%* | *Idaho — 0.3%* | *Idaho — 0.3%* | *Idaho — 0.3%* |
| &nbsp;&nbsp;&nbsp; Idaho State Health Facilities Authority Revenue, Series A, Refunding | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/1/53 | &nbsp;&nbsp; 1515000 | &nbsp;&nbsp;&nbsp; *1440559*<br>|
| *Illinois — 7.3%* | *Illinois — 7.3%* | *Illinois — 7.3%* | *Illinois — 7.3%* | *Illinois — 7.3%* |
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series C | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1497415<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 1910000 | &nbsp;&nbsp;&nbsp; 1914871<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1765325<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1551590<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 3850000 | &nbsp;&nbsp;&nbsp; 3659793<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, O'Hare International Airport Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/55 | &nbsp;&nbsp; 3825000 | &nbsp;&nbsp;&nbsp; 3947655<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series E, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/60 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 998864<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bondana-Champaign, Learning Facility | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2617282<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Learn Charter, School Project, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 685648<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal Income ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin 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 |
| *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Learn Charter, School Project, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/51 | &nbsp;&nbsp; $1500000 | &nbsp;&nbsp;&nbsp; $1278563<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - UIC Surgery Center LLC - University of Illinois Health <br> Services Facility Project, Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2588843<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Housing & Academic Facilities, CHF Chicago LLC, University of <br> Illinois Chicago Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/47 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 480934<br>|
| &nbsp;&nbsp;&nbsp; Illinois State, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 2870000 | &nbsp;&nbsp;&nbsp; 2970818<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp; 2850037<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/41 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1335428<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, IL, Revenue, McCormick Place <br> Expansion Project, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/52 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; 2497341<br>|
| &nbsp;&nbsp;&nbsp; St. Clair County, IL, USD: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Improvement District No 187, GO, Series A, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1017585<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Improvement District No 187, GO, Series A, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/54 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1012047<br>|
| *Total Illinois* | *Total Illinois* | *Total Illinois* | *Total Illinois* | &nbsp;&nbsp; *34670039* |
| *Indiana — 2.2%* | *Indiana — 2.2%* | *Indiana — 2.2%* | *Indiana — 2.2%* | *Indiana — 2.2%* |
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greenwood Village South Project, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/15/60 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1009523<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wastewater Utility, CWA Authority Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; 1658022<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wastewater Utility, First Lien, CWA Authority Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1054005<br>|
| &nbsp;&nbsp;&nbsp; Indianapolis, IN, Local Public Improvement Bond Bank: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/54 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3576851<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/1/52 | &nbsp;&nbsp; 3185000 | &nbsp;&nbsp;&nbsp; 3004268<br>|
| *Total Indiana* | *Total Indiana* | *Total Indiana* | *Total Indiana* | &nbsp;&nbsp; *10302669* |
| *Iowa — 1.0%* | *Iowa — 1.0%* | *Iowa — 1.0%* | *Iowa — 1.0%* | *Iowa — 1.0%* |
| &nbsp;&nbsp;&nbsp; Iowa State Finance Authority Revenue, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/15/46 | &nbsp;&nbsp; 3850000 | &nbsp;&nbsp;&nbsp; 3158897<br>|
| &nbsp;&nbsp;&nbsp; Iowa State Higher Education Loan Authority Revenue, University of Dubuque <br> Project  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp;&nbsp; 1557283<br>|
| *Total Iowa* | *Total Iowa* | *Total Iowa* | *Total Iowa* | &nbsp;&nbsp; *4716180* |
| *Kentucky — 2.0%* | *Kentucky — 2.0%* | *Kentucky — 2.0%* | *Kentucky — 2.0%* | *Kentucky — 2.0%* |
| &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; 5000000 | &nbsp;&nbsp;&nbsp; 5042526<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp; 1327902<br>|
| &nbsp;&nbsp;&nbsp; Louisville/Jefferson County, KY, Metropolitan Government Health System <br> Revenue, Norton Healthcare Inc., Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp; 1150742<br>|
| &nbsp;&nbsp;&nbsp; University of Kentucky, Healthcare Cancer Center Parking Project, Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1818475<br>|
| *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | &nbsp;&nbsp; *9339645* |
| *Louisiana — 2.1%* | *Louisiana — 2.1%* | *Louisiana — 2.1%* | *Louisiana — 2.1%* | *Louisiana — 2.1%* |
| &nbsp;&nbsp;&nbsp; Louisiana State PFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calcasieu River Bridge Public-Private Partnership Project, Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/59 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3283901<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ochsner Clinic Foundation Project, Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2607561<br>|
| &nbsp;&nbsp;&nbsp; St. John the Baptist Parish, LA, State Revenue, Marathon Oil Corp. Project, <br> Series A-3, Refunding  | &nbsp;&nbsp; 2.200% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 3987649<br> <sup>(d)(e)</sup><br>|
| *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | &nbsp;&nbsp; *9879111* |
| *Maryland — 0.2%* | *Maryland — 0.2%* | *Maryland — 0.2%* | *Maryland — 0.2%* | *Maryland — 0.2%* |
| &nbsp;&nbsp;&nbsp; Gaithersburg, MD, Economic Development Revenue, Asbury Maryland Obligated <br> Group, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; *761674*<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal Income ETF 2025 Quarterly Report

------

 **Franklin 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 |
| *Massachusetts — 0.8%* | *Massachusetts — 0.8%* | *Massachusetts — 0.8%* | *Massachusetts — 0.8%* | *Massachusetts — 0.8%* |
| &nbsp;&nbsp;&nbsp; Massachusetts State HFA Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; $590000 | &nbsp;&nbsp;&nbsp; $590606<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State Port Authority Revenue, Series B, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3192692<br> <sup>(b)</sup><br>|
| *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | &nbsp;&nbsp; *3783298* |
| *Michigan — 1.4%* | *Michigan — 1.4%* | *Michigan — 1.4%* | *Michigan — 1.4%* | *Michigan — 1.4%* |
| &nbsp;&nbsp;&nbsp; Detroit, MI, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Recovery, Series B-1 Step bond (0.000% to 4/1/34 then 6.000%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 2137784 | &nbsp;&nbsp;&nbsp; 1676198<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited Tax, Series C | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 551311<br>|
| &nbsp;&nbsp;&nbsp; Kentwood, MI, EDC Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/45 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp; 956285<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 429150<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp; 612916<br>|
| &nbsp;&nbsp;&nbsp; Michigan State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 231744<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 1855000 | &nbsp;&nbsp;&nbsp; 1868727<br>|
| &nbsp;&nbsp;&nbsp; Michigan State HDA Revenue, Rental Housing, Series A  | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100042<br>|
| *Total Michigan* | *Total Michigan* | *Total Michigan* | *Total Michigan* | &nbsp;&nbsp; *6426373* |
| *Minnesota — 0.7%* | *Minnesota — 0.7%* | *Minnesota — 0.7%* | *Minnesota — 0.7%* | *Minnesota — 0.7%* |
| &nbsp;&nbsp;&nbsp; Duluth, MN, EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benedictine Health System, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 968437<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benedictine Health System, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1152360<br>|
| &nbsp;&nbsp;&nbsp; Ramsey, MN, Charter School Lease Revenue, Pact Charter School Project, Series <br> A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1164107<br>|
| *Total Minnesota* | *Total Minnesota* | *Total Minnesota* | *Total Minnesota* | &nbsp;&nbsp; *3284904* |
| *Mississippi — 0.4%* | *Mississippi — 0.4%* | *Mississippi — 0.4%* | *Mississippi — 0.4%* | *Mississippi — 0.4%* |
| &nbsp;&nbsp;&nbsp; Gulfport, MS, Hospital Revenue, Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp; *1948524*<br>|
| *Missouri — 3.4%* | *Missouri — 3.4%* | *Missouri — 3.4%* | *Missouri — 3.4%* | *Missouri — 3.4%* |
| &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; 4.000% | &nbsp;&nbsp; 3/1/39 | &nbsp;&nbsp; 5215000 | &nbsp;&nbsp;&nbsp; 5161542<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City International Airport Terminal Modernization Project, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/46 | &nbsp;&nbsp; 2700000 | &nbsp;&nbsp;&nbsp; 2712337<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Missouri State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Health Sciences and Pharmacy in St. Louis Educational <br> Facilities, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1737191<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Health Sciences and Pharmacy in St. Louis Educational <br> Facilities, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/40 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp; 1796123<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Health Sciences and Pharmacy in St. Louis Educational <br> Facilities, Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1272455<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Health Sciences and Pharmacy in St. Louis, Educational <br> Facilities, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1054855<br>|
| &nbsp;&nbsp;&nbsp; St. Louis Municipal Finance Corp., MO, Series 2020, AG  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2304527<br>|
| *Total Missouri* | *Total Missouri* | *Total Missouri* | *Total Missouri* | &nbsp;&nbsp; *16039030* |
| *Nebraska — 0.6%* | *Nebraska — 0.6%* | *Nebraska — 0.6%* | *Nebraska — 0.6%* | *Nebraska — 0.6%* |
| &nbsp;&nbsp;&nbsp; Omaha, NE, Public Power District, Electric System Revenue, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/1/48 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; *2652327*<br>|
| *Nevada — 0.2%* | *Nevada — 0.2%* | *Nevada — 0.2%* | *Nevada — 0.2%* | *Nevada — 0.2%* |
| &nbsp;&nbsp;&nbsp; Las Vegas, NV, Special Improvement District No 818, Special Assessment <br> Revenue, Local Improvement Bonds, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; *1166722*<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal Income ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin 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 Hampshire — 1.9%* | *New Hampshire — 1.9%* | *New Hampshire — 1.9%* | *New Hampshire — 1.9%* | *New Hampshire — 1.9%* |
| &nbsp;&nbsp;&nbsp; National Finance Authority Revenue, NH: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grace Christian School Project, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/65 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $1003058<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Certificates, Series 2024-2 | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/20/39 | &nbsp;&nbsp; 3361788 | &nbsp;&nbsp;&nbsp; 3230558<br>|
| &nbsp;&nbsp;&nbsp; New Hampshire State Health & Education Facilities Authority Act Revenue, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; 4527129<br>|
| *Total New Hampshire* | *Total New Hampshire* | *Total New Hampshire* | *Total New Hampshire* | &nbsp;&nbsp; *8760745* |
| *New Jersey — 2.1%* | *New Jersey — 2.1%* | *New Jersey — 2.1%* | *New Jersey — 2.1%* | *New Jersey — 2.1%* |
| &nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Jersey College Prep Charter School Project, Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/60 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 426105<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group-Montclair Properties LLC, Montclair State University Student <br> Housing Project, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/37 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1277077<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facility, Port Newark Container Terminal LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3050928<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Passaic County, NJ, Improvement Authority Revenue, Paterson Arts and Science <br> Charter School Project, Series 2023  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1016544<br>|
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., NJ, Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4105867<br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *9876521* |
| *New Mexico — 0.8%* | *New Mexico — 0.8%* | *New Mexico — 0.8%* | *New Mexico — 0.8%* | *New Mexico — 0.8%* |
| &nbsp;&nbsp;&nbsp; Farmington, NM, Revenue, Public Service Company of New Mexico San Juan <br> Project, Series B, Refunding  | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1748325<br>|
| &nbsp;&nbsp;&nbsp; Santa Fe, NM, Retirement Facilities Revenue, EL Castillo Retirement Residences <br> Project, Series 2012, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 2155000 | &nbsp;&nbsp;&nbsp; 2156474<br>|
| *Total New Mexico* | *Total New Mexico* | *Total New Mexico* | *Total New Mexico* | &nbsp;&nbsp; *3904799* |
| *New York — 8.6%* | *New York — 8.6%* | *New York — 8.6%* | *New York — 8.6%* | *New York — 8.6%* |
| &nbsp;&nbsp;&nbsp; New York City, NY, HDC, MFH Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Development, Green Bonds, Series D-1B, Refunding, FHA | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 11/1/50 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 2556458<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Development, Green Bonds, Series I-1 | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 3075000 | &nbsp;&nbsp;&nbsp; 2219037<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Development, Green Bonds, Series J | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 11/1/65 | &nbsp;&nbsp; 5670000 | &nbsp;&nbsp;&nbsp; 4186464<br>|
| &nbsp;&nbsp;&nbsp; New York State Liberty Development Corp., Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 World Trade Center Project, Series 2021, Refunding | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 2/15/44 | &nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp; 3994156<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 World Trade Center Project, Green Bonds, Refunding, BAM-TCRS | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 11/15/51 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 2562888<br>|
| &nbsp;&nbsp;&nbsp; New York State Transportation Development Corp. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LaGuardia Airport Terminal B Redevelopment Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1999925<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Service Area Project, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/31/46 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1780928<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp. Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/44 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 10561279<br>|
| &nbsp;&nbsp;&nbsp; Oneida Indian Nation of New York, NY: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; 584616<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Exempt Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; 890101<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey Revenue, Consolidated Series 207, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 3525000 | &nbsp;&nbsp;&nbsp; 3654424<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, NY, Revenue, Sales Tax-MTA Bridges & <br> Tunnels, Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/57 | &nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp; 5829795<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *40820071* |
| *North Carolina — 0.8%* | *North Carolina — 0.8%* | *North Carolina — 0.8%* | *North Carolina — 0.8%* | *North Carolina — 0.8%* |
| &nbsp;&nbsp;&nbsp; North Carolina State Medical Care Commission, Health Care Facilities First <br> Mortgage Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 899148<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/41 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 991023<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal Income ETF 2025 Quarterly Report

------

 **Franklin 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 |
| *North Carolina — continued* | *North Carolina — continued* | *North Carolina — continued* | *North Carolina — continued* | *North Carolina — continued* |
| &nbsp;&nbsp;&nbsp; North Carolina State Medical Care Commission, Retirement Facilities First <br> Mortgage Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp;&nbsp; $261552<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1499936<br>|
| *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | &nbsp;&nbsp; *3651659* |
| *North Dakota — 0.4%* | *North Dakota — 0.4%* | *North Dakota — 0.4%* | *North Dakota — 0.4%* | *North Dakota — 0.4%* |
| &nbsp;&nbsp;&nbsp; Grand Forks, ND, Health Care System Revenue, Altru Health System, Refunding, <br> AG  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1523618<br>|
| &nbsp;&nbsp;&nbsp; North Dakota State HFA Revenue, Housing Mortgage Finance, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 505312<br>|
| *Total North Dakota* | *Total North Dakota* | *Total North Dakota* | *Total North Dakota* | &nbsp;&nbsp; *2028930* |
| *Ohio — 1.6%* | *Ohio — 1.6%* | *Ohio — 1.6%* | *Ohio — 1.6%* | *Ohio — 1.6%* |
| &nbsp;&nbsp;&nbsp; Cleveland Cuyahoga County, OH, Port Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland Museum of Natural History Project, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 854577<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Playhouse Square Foundation Project, Series 2018, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2490690<br>|
| &nbsp;&nbsp;&nbsp; Hamilton County, OH, Revenue, Life Enriching Communities Project, Series 2012, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp; 745706<br>|
| &nbsp;&nbsp;&nbsp; Ohio State Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland Clinic Health System Obligated Group, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp; 15410<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premier Health Partners Obligated Group, Series 2020, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/41 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp; 421464<br>|
| &nbsp;&nbsp;&nbsp; Port of Greater Cincinnati, OH, Development Authority Revenue, Duke Energy <br> Convention Center Project , Senior Development Revenue Bonds, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/58 | &nbsp;&nbsp; 2740000 | &nbsp;&nbsp;&nbsp; 2806647<br>|
| *Total Ohio* | *Total Ohio* | *Total Ohio* | *Total Ohio* | &nbsp;&nbsp; *7334494* |
| *Pennsylvania — 3.8%* | *Pennsylvania — 3.8%* | *Pennsylvania — 3.8%* | *Pennsylvania — 3.8%* | *Pennsylvania — 3.8%* |
| &nbsp;&nbsp;&nbsp; Allegheny County, PA, Airport Authority Revenue, Series A, AG  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/46 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3146667<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chester County, PA, IDA Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp; 720333<br>|
| &nbsp;&nbsp;&nbsp; Indiana County, PA, IDA Revenue, Foundation For Indiana University Of <br> Pennsylvania Project, Refunding, BAM  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 916336<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, AG  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/31/62 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2351695<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Turnpike Commission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series A | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5044014<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 2160000 | &nbsp;&nbsp;&nbsp; 2017372<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, Authority for IDR: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Revenue, West Project, Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 171968<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Revenue, West Project, Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 486830<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Of The Sciences Revenue Bonds, Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp;&nbsp; 2282411<br>|
| &nbsp;&nbsp;&nbsp; Pittsburgh School District & Allegheny County, PA, GO, Series 2021, State Aid <br> Withholding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 918355<br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *18055981* |
| *Puerto Rico — 0.9%* | *Puerto Rico — 0.9%* | *Puerto Rico — 0.9%* | *Puerto Rico — 0.9%* | *Puerto Rico — 0.9%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth, GO, Restructured, Series A-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; 1504068<br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured, Series <br> A-1  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; 2737831<br>|
| *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | &nbsp;&nbsp; *4241899* |

---

See Notes to Schedule of Investments.

------

Franklin Municipal Income ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin 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 |
| *Rhode Island — 0.9%* | *Rhode Island — 0.9%* | *Rhode Island — 0.9%* | *Rhode Island — 0.9%* | *Rhode Island — 0.9%* |
| &nbsp;&nbsp;&nbsp; Rhode Island State Student Loan Authority Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; $985000 | &nbsp;&nbsp;&nbsp; $992810<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., RI, Revenue, Series B, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3222696<br>|
| *Total Rhode Island* | *Total Rhode Island* | *Total Rhode Island* | *Total Rhode Island* | &nbsp;&nbsp; *4215506* |
| *South Carolina — 2.8%* | *South Carolina — 2.8%* | *South Carolina — 2.8%* | *South Carolina — 2.8%* | *South Carolina — 2.8%* |
| &nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA Hospital Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bon Secours Mercy Health Inc., Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1194608<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/1/54 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5278034<br>|
| &nbsp;&nbsp;&nbsp; South Carolina State Public Service Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santee Cooper, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2606626<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4028226<br>|
| *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | &nbsp;&nbsp; *13107494* |
| *South Dakota — 0.4%* | *South Dakota — 0.4%* | *South Dakota — 0.4%* | *South Dakota — 0.4%* | *South Dakota — 0.4%* |
| &nbsp;&nbsp;&nbsp; Lincoln County, PA, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Augustana College Association Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1273458<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Augustana College Association Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/56 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 794444<br>|
| *Total South Dakota* | *Total South Dakota* | *Total South Dakota* | *Total South Dakota* | &nbsp;&nbsp; *2067902* |
| *Tennessee — 3.0%* | *Tennessee — 3.0%* | *Tennessee — 3.0%* | *Tennessee — 3.0%* | *Tennessee — 3.0%* |
| &nbsp;&nbsp;&nbsp; Johnson City, TN, Health & Educational Facilities Board Revenue, Tapestry at <br> Roan Hill Project, HUD Section 8  | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 12/1/26 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3017117<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Knox County, TN, Health, Educational & Housing Facility Board Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Health System Inc., Series A-1, BAM | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1296754<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Health System Inc., Series A-1, BAM | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1048985<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Health System Inc., Series A-1, BAM | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/59 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1834582<br>|
| &nbsp;&nbsp;&nbsp; Williamson County, TN, Industrial Development Board Revenue, Series 2023, <br> HUD Section 8  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 6625000 | &nbsp;&nbsp;&nbsp; 6733984<br> <sup>(d)(e)</sup><br>|
| *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | &nbsp;&nbsp; *13931422* |
| *Texas — 8.0%* | *Texas — 8.0%* | *Texas — 8.0%* | *Texas — 8.0%* | *Texas — 8.0%* |
| &nbsp;&nbsp;&nbsp; Anna, TX, Special Assessment Revenue, Sherley Tract Public Improvement <br> District No 2, Series 2025  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/15/51 | &nbsp;&nbsp; 679000 | &nbsp;&nbsp;&nbsp; 697925<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arlington, TX, Higher Education Finance Corp., Education Revenue, Riverwalk <br> Education Foundation Inc., PSF - GTD  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/15/60 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 993554<br>|
| &nbsp;&nbsp;&nbsp; Beaumont, TX, Housing Authority Revenue, Residential Development Senior <br> Lien, Series A  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp; 1113088<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System Revenue, First Tier, Series A, Refunding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp; 3074108<br>|
| &nbsp;&nbsp;&nbsp; Clifton, TX, Higher Education Finance Corp., Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idea Public Schools, Series A, PSF - GTD | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/47 | &nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp; 1309449<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, PSF - GTD | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 2280000 | &nbsp;&nbsp;&nbsp; 2244990<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes Prep Public Schools Inc., PSF - GTD | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 4/1/48 | &nbsp;&nbsp; 2525000 | &nbsp;&nbsp;&nbsp; 2417543<br>|
| &nbsp;&nbsp;&nbsp; FW Texas Street PFC Residential Development Revenue, River District Project, <br> Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1591458<br>|
| &nbsp;&nbsp;&nbsp; Galveston, TX, Wharves & Terminal Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/42 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 534438<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/43 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 423980<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 578981<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp; 821814<br>|
| &nbsp;&nbsp;&nbsp; Houston, TX, HFC Revenue, Series 2025  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1207344<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal Income ETF 2025 Quarterly Report

------

 **Franklin 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; Irving, TX, Hotel Occupancy Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; $240000 | &nbsp;&nbsp;&nbsp; $247388<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 309359<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/36 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 440555<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/39 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 607206<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 103657<br>|
| &nbsp;&nbsp;&nbsp; Lake Houston, TX , Redevelopment Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/34 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 137857<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; 191321<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 170634<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 209015<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 182968<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 370764<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/47 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 424551<br>|
| &nbsp;&nbsp;&nbsp; Lower Colorado River, TX, Authority Revenue, Series A, Refunding  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3519677<br>|
| &nbsp;&nbsp;&nbsp; Matagorda County, TX, Navigation District No. 1, Revenue, AEP Texas Central <br> Co., Refunding, Series A, AMBAC  | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2348213<br>|
| &nbsp;&nbsp;&nbsp; New Hope, TX, Cultural Education Facilities Finance Corp., Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Educational Facility, Texas A&M University, Cain Hall Redevelopment Project, <br> Series 2018, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 1705000 | &nbsp;&nbsp;&nbsp; 1508001<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Facility, Westminster Manor Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/55 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 202338<br>|
| &nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County, TX, Series 2023  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; 5745000 | &nbsp;&nbsp;&nbsp; 5958122<br>|
| &nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement <br> Facility Revenue, Buckner Retirement Services Inc. Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2784203<br>|
| &nbsp;&nbsp;&nbsp; Texas State Community Housing & EDC Revenue, Senior Lien, Agape Helotes, <br> Series A-1  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/1/65 | &nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp; 1094978<br> <sup>(a)</sup><br>|
| *Total Texas* | *Total Texas* | *Total Texas* | *Total Texas* | &nbsp;&nbsp; *37819479* |
| *Utah — 1.2%* | *Utah — 1.2%* | *Utah — 1.2%* | *Utah — 1.2%* | *Utah — 1.2%* |
| &nbsp;&nbsp;&nbsp; Utah State Building Ownership Authority, Lease Revenue, Series 2022  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/41 | &nbsp;&nbsp; 2960000 | &nbsp;&nbsp;&nbsp; 3201673<br>|
| &nbsp;&nbsp;&nbsp; Utah State Infrastructure Agency, Tax-Exempt Telecommunications Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp; 1221623<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 465079<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 732787<br>|
| *Total Utah* | *Total Utah* | *Total Utah* | *Total Utah* | &nbsp;&nbsp; *5621162* |
| *Virginia — 0.8%* | *Virginia — 0.8%* | *Virginia — 0.8%* | *Virginia — 0.8%* | *Virginia — 0.8%* |
| &nbsp;&nbsp;&nbsp; Henrico County, VA, EDA Revenue, Refunding, AG | &nbsp;&nbsp; 5.929% | &nbsp;&nbsp; 8/23/27 | &nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp; *3675475*<br>|
| *Washington — 2.9%* | *Washington — 2.9%* | *Washington — 2.9%* | *Washington — 2.9%* | *Washington — 2.9%* |
| &nbsp;&nbsp;&nbsp; Grays Harbor County, WA, Public Hospital District No 1 Revenue, Summit Pacific <br> Medical Center, Series 2023, Refunding  | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 12/1/49 | &nbsp;&nbsp; 3325000 | &nbsp;&nbsp;&nbsp; 3686173<br>|
| &nbsp;&nbsp;&nbsp; Port of Seattle, WA, Intermediate Lien Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2107792<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1627493<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/38 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3238629<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1019015<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Washington State HFC Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Profit Housing, Blakeley and Laurel Villages Portfolio, Series A, BAM | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/64 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1002458<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal Income ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin 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 |
| *Washington — continued* | *Washington — continued* | *Washington — continued* | *Washington — continued* | *Washington — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social Certificates, Series 2024 | &nbsp;&nbsp; 4.084% | &nbsp;&nbsp; 3/1/50 | &nbsp;&nbsp; $1091160 | &nbsp;&nbsp;&nbsp; $1070888<br> <sup>(e)</sup><br>|
| *Total Washington* | *Total Washington* | *Total Washington* | *Total Washington* | &nbsp;&nbsp; *13752448* |
| *West Virginia — 0.2%* | *West Virginia — 0.2%* | *West Virginia — 0.2%* | *West Virginia — 0.2%* | *West Virginia — 0.2%* |
| &nbsp;&nbsp;&nbsp; Ohio County, WV, Tax Increment Revenue, The Highlands Project, Series 2024, <br> Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/53 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; *744921*<br>|
| *Wisconsin — 4.8%* | *Wisconsin — 4.8%* | *Wisconsin — 4.8%* | *Wisconsin — 4.8%* | *Wisconsin — 4.8%* |
| &nbsp;&nbsp;&nbsp; Public Finance Authority Revenue, WI: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Housing Multifamily Certificates, Series 2024-1 | &nbsp;&nbsp; 6.810% | &nbsp;&nbsp; 4/28/36 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1650822<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Certificates, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/62 | &nbsp;&nbsp; 1421350 | &nbsp;&nbsp;&nbsp; 1487401<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conference Center Facilities Revenue, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/56 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1492012<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia Sr 400 Express Lanes Project | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/31/65 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1030461<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia Sr 400 Express Lanes Project | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 12/31/65 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 547560<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Hyatt San Antonio Hotel Acquisition Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/62 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1945588<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roseman University Of Health Sciences, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/42 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 21390<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roseman University Of Health Sciences, Unrefunded | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/42 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp; 738192<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Airport Facilities, Trips Obligated Group, Series B, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp; 340299<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/65 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 236255<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. James Place Project, Tax Exempt Bond, Series A | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/1/60 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 916396<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Housing, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2008838<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wisconsin State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/15/54 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2313493<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 7825000 | &nbsp;&nbsp;&nbsp; 8051279<br>|
| *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | &nbsp;&nbsp; *22779986* |
| **Total Municipal Bonds (Cost — $432,119,127)** | **Total Municipal Bonds (Cost — $432,119,127)** | **Total Municipal Bonds (Cost — $432,119,127)** | **Total Municipal Bonds (Cost — $432,119,127)** | &nbsp;&nbsp; **430999753** |
| **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(f)</sup> **— 8.9%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(f)</sup> **— 8.9%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(f)</sup> **— 8.9%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(f)</sup> **— 8.9%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(f)</sup> **— 8.9%** |
| *Alaska — 1.4%* | *Alaska — 1.4%* | *Alaska — 1.4%* | *Alaska — 1.4%* | *Alaska — 1.4%* |
| &nbsp;&nbsp;&nbsp; Alaska State Industrial Development and Export Authority Revenue, Tanana <br> Chief Conference Project, Series 2019A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 6930000 | &nbsp;&nbsp;&nbsp; *6437245*<br>|
| *Colorado — 1.4%* | *Colorado — 1.4%* | *Colorado — 1.4%* | *Colorado — 1.4%* | *Colorado — 1.4%* |
| &nbsp;&nbsp;&nbsp; City and County of Denver, CO, Department of Aviation Airport Revenue, <br> Series 2022D | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 5675000 | &nbsp;&nbsp;&nbsp; *6396878*<br>|
| *District of Columbia — 0.4%* | *District of Columbia — 0.4%* | *District of Columbia — 0.4%* | *District of Columbia — 0.4%* | *District of Columbia — 0.4%* |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Revenue, Dulles Metrorail and <br> Capital Improvement Projects | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp; *1775319*<br>|
| *Florida — 1.3%* | *Florida — 1.3%* | *Florida — 1.3%* | *Florida — 1.3%* | *Florida — 1.3%* |
| &nbsp;&nbsp;&nbsp; Orange County, FL, Health Facilities Authority Revenue, Series 2022 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 7265000 | &nbsp;&nbsp;&nbsp; *6331458*<br>|
| *Nevada — 0.8%* | *Nevada — 0.8%* | *Nevada — 0.8%* | *Nevada — 0.8%* | *Nevada — 0.8%* |
| &nbsp;&nbsp;&nbsp; Las Vegas, NV, Convention Center Authority Revenue, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp; *3990129*<br>|
| *New York — 2.6%* | *New York — 2.6%* | *New York — 2.6%* | *New York — 2.6%* | *New York — 2.6%* |
| &nbsp;&nbsp;&nbsp; New York State Personal Income Tax Revenue, Green Bonds, Series 2022C  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 7200000 | &nbsp;&nbsp;&nbsp; 7386255<br>|
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey Consolidated Bonds, Series 2018  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/49 | &nbsp;&nbsp; 4745000 | &nbsp;&nbsp;&nbsp; 4824139<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *12210394* |
| *Texas — 1.0%* | *Texas — 1.0%* | *Texas — 1.0%* | *Texas — 1.0%* | *Texas — 1.0%* |
| &nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., TX, System Toll Revenue, Subordinated Tier <br> Toll Revenue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp; *4581796*<br>|
| **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $41,426,317)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $41,426,317)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $41,426,317)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $41,426,317)** | &nbsp;&nbsp; **41723219** |

---

See Notes to Schedule of Investments.

------

Franklin Municipal Income ETF 2025 Quarterly Report

------

 **Franklin 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 |
| **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 3.8%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 3.8%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 3.8%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 3.8%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 3.8%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily ML Certificates, <br> 2019-ML05 AUS | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 1/25/36 | &nbsp;&nbsp; $2945674<br>| &nbsp;&nbsp;&nbsp; $2803862<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily ML Certificates, <br> 2024-ML22 AUS | &nbsp;&nbsp; 4.547% | &nbsp;&nbsp; 10/25/40 | &nbsp;&nbsp; 2716100<br>| &nbsp;&nbsp;&nbsp; 2777474<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily VRD Certificates, <br> M053 A | &nbsp;&nbsp; 2.550% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 6545000<br>| &nbsp;&nbsp;&nbsp; 5790010<br>|
| &nbsp;&nbsp;&nbsp; National Finance Authority Affordable Housing Certificates, 2024-1 A | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 10/20/40 | &nbsp;&nbsp; 1498424<br>| &nbsp;&nbsp;&nbsp; 1499865<br>|
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, 2024-1 A | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 1958710<br>| &nbsp;&nbsp;&nbsp; 1970959<br>|
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, 2023-1 A | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 3229467<br>| &nbsp;&nbsp;&nbsp; 3058062<br>|
| **Total Collateralized Mortgage Obligations (Cost — $18,369,197)** | **Total Collateralized Mortgage Obligations (Cost — $18,369,197)** | **Total Collateralized Mortgage Obligations (Cost — $18,369,197)** | **Total Collateralized Mortgage Obligations (Cost — $18,369,197)** | &nbsp;&nbsp; **17900232** |
| **Total Investments before Short-Term Investments (Cost — $491,914,641)** | **Total Investments before Short-Term Investments (Cost — $491,914,641)** | **Total Investments before Short-Term Investments (Cost — $491,914,641)** | **Total Investments before Short-Term Investments (Cost — $491,914,641)** | &nbsp;&nbsp; **490623204** |
|  |  |  | Shares |  |
| **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** | **Short-Term Investments — 0.9%** |
| **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |
| &nbsp;&nbsp;&nbsp; Putnam Government Money Market Fund, Class P Shares (Cost — $3,856,302)  | &nbsp;&nbsp; 3.520% |  | &nbsp;&nbsp; 3856302<br>| &nbsp;&nbsp;&nbsp;&nbsp; **3856302**<br> <sup>(h)(i)</sup><br>|
|  |  | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount<br>|  |
| **U.S. Treasury Bills — 0.1%** | **U.S. Treasury Bills — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills (Cost — $494,112) | &nbsp;&nbsp; 3.275% | &nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp; $500000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **499118**<br> <sup>(j)</sup><br>|
| **Total Short-Term Investments (Cost — $4,350,414)** | **Total Short-Term Investments (Cost — $4,350,414)** | **Total Short-Term Investments (Cost — $4,350,414)** | **Total Short-Term Investments (Cost — $4,350,414)** | &nbsp;&nbsp; **4355420** |
| **Total Investments — 104.9% (Cost — $496,265,055)** | **Total Investments — 104.9% (Cost — $496,265,055)** | **Total Investments — 104.9% (Cost — $496,265,055)** | **Total Investments — 104.9% (Cost — $496,265,055)** | &nbsp;&nbsp; **494978624** |
| &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (6.1)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (6.1)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (6.1)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (6.1)% | &nbsp;&nbsp;&nbsp; (28795000)<br>|
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.2% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.2% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.2% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.2% | &nbsp;&nbsp;&nbsp; 5790268 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$471973892** |

---

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

<sup>(a)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

<sup>(b)</sup> Income from this issue is considered a preference item for purposes of calculating the alternative minimum tax ("AMT").

<sup>(c)</sup> Pre-Refunded bonds are generally escrowed with U.S. government obligations and/or U.S. government agency securities.

<sup>(d)</sup> Maturity date shown represents the mandatory tender date.

<sup>(e)</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 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 reference rate and spread in their description above. 

<sup>(f)</sup> Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond ("TOB") trust..

<sup>(g)</sup> Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct 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 more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit. 

<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 voting securities of an issuer, or a company which is under common ownership or control with the Fund. At December 31, 2025, the total market value of investments in Affiliated Companies was $3,856,302 and the cost was $3,856,302 (Note 2). 

<sup>(j)</sup> Rate shown represents yield-to-maturity.

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

See Notes to Schedule of Investments.

------

Franklin Municipal Income ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin 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 |
| AMBAC |  | American Municipal Bond Assurance Corporation — Insured Bonds |
| BAM |  | Build America Mutual — Insured Bonds |
| CAB |  | Capital Appreciation Bonds |
| CDA |  | Communities Development Authority |
| CWA |  | Clean Water Act |
| EDA |  | Economic Development Authority |
| EDC |  | Economic Development Corporation |
| EFA |  | Educational Facilities Authority |
| FHA |  | Federal Housing Administration — Insured Bonds |
| FHLMC |  | Federal Home Loan Mortgage Corporation |
| FNMA |  | Federal National Mortgage Association |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| HDA |  | Housing Development Authority |
| HDC |  | Housing Development Corporation |
| 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 |
| MFA |  | Municipal Finance Authority |
| MFH |  | Multi-Family Housing |
| MTA |  | Metropolitan Transportation Authority |
| NATL |  | National Public Finance Guarantee Corporation — Insured Bonds |
| PCFA |  | Pollution Control Financing Authority |
| PEA |  | Public Energy Authority |
| PFA |  | Public Facilities Authority |
| PFC |  | Public Facilities Corporation |
| PSF |  | Permanent School Fund |
| TCRS |  | Transferable Custodial Receipts |
| USD |  | Unified School District |

---

At December 31, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $6997518 | &nbsp;&nbsp;&nbsp;&nbsp; $6844000 | &nbsp;&nbsp;&nbsp; **$153518** |

---

See Notes to Schedule of Investments.

------

Franklin Municipal Income ETF 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Franklin 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 adopted the performance of the Putnam Tax Exempt Income Fund (the "predecessor mutual fund") as the result of a reorganization of the predecessor mutual fund into the Fund (the "Reorganization") that was effective after the market close on October 24, 2025. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ended on or prior to October 24, 2025 are those of the predecessor mutual fund. The predecessor mutual fund's performance is represented by the performance of the predecessor mutual fund's Class R6 Shares. <br>Prior to the Fund's listing on October 27, 2025, the net asset value ("NAV") performance of Class R6 of the predecessor mutual fund is used as a proxy for the Fund's market price returns. Had the predecessor mutual fund have been structured as an ETF, its performance may have differed.

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

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

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

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

------

Franklin Municipal Income ETF 2025 Quarterly Report

------

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

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 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; $430999753 | &nbsp;&nbsp; — | &nbsp;&nbsp; $430999753 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds Deposited in Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 41723219 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41723219 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 17900232 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17900232 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 490623204 | &nbsp;&nbsp; — | &nbsp;&nbsp; 490623204 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $3856302 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3856302 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | &nbsp;&nbsp; — | &nbsp;&nbsp; 499118 | &nbsp;&nbsp; — | &nbsp;&nbsp; 499118 |
| Total Short-Term Investments | &nbsp;&nbsp; 3856302 | &nbsp;&nbsp; 499118 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4355420 |
| **Total Investments** | &nbsp;&nbsp; **$3856302** | &nbsp;&nbsp; **$491122322** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$494978624** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $153518 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $153518 |
| **Total** | &nbsp;&nbsp; **$4009820** | &nbsp;&nbsp; **$491122322** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$495132142** |

---

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

† See Schedule of Investments for additional detailed categorizations. <br> †† Reflects the unrealized appreciation (depreciation) of the instruments.

------

Franklin Municipal Income ETF 2025 Quarterly Report

------

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

**2. Transactions with affiliated companies**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended December 31, 2025. The following transactions were effected in such company for the period ended December 31, 2025. <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>September 30, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
|  | 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>September 30, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Putnam Government Money <br> Market Fund, Class P <br> Shares<br>| $— | $21301774 | 21301774 | $17445472 | 17445472 |  | $26306 |  | $3856302 |
| Putnam Short Term <br> Investment Fund, Class P <br> Shares<br>| 6471505 | 13433687 | 13433687 | 19905192 | 19905192 |  | 11912 |  |  |
|  | **$6471505** | **$34735461** |  | **$37350664** |  | **—** | **$38218** | **—** | **$3856302** |

---

------

Franklin Municipal Income ETF 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Franklin Municipal Income ETF

- **b. EDGAR series identifier (if any):** S000094551

- **c. LEI of Series:** 254900FL0S9OMY2ZPJ51

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $500682125.17

**Total Liabilities:** $29098832.02

**Net Assets:** $471583293.15

**Cash Not Reported:** $174181.66

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 446.32533000 | **1-Year:** 8877.63761000 | **5-Year:** 57925.45993000 | **10-Year:** 254605.72449000 | **30-Year:** 14542.69114000

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

- **3-Month:** 66.56023000 | **1-Year:** 938.46835000 | **5-Year:** 5506.86598000 | **10-Year:** 12772.99951000 | **30-Year:** 360.41335000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000263084 | 1.57%                | 0.38%                | 0.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2640651.19             | $10522090.72                               |
| Month 2  | $-744.03                 | $176348.59                                 |
| Month 3  | $-2576546.61             | $911668.99                                 |

**Designated Index Information**

- **Index Name:** BTMNTR Index

- **Index Identifier:** BM10506

### Schedule of Portfolio Investments

| Name                                                                | Title                                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                         | US ULTRA BOND CBT                                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -58 | NC      | $153518.34    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                                          | Port of Seattle WA                                                           | CUSIP: 735389V39<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1627492.80   | 0.35%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| National Finance Authority                                          | New Hampshire Business Finance Authority                                     | CUSIP: 63607WAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |   1958710 | PA      | $1970959.09   | 0.42%             | 2051-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                                      | Tarrant County Cultural Education Facilities Finance Corp                    | CUSIP: 87638RKB2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2784202.58   | 0.59%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                         | State of Illinois                                                            | CUSIP: 452153FH7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1335428.25   | 0.28%             | 2041-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH REVENU                                      | Duluth Economic Development Authority                                        | CUSIP: 26444VAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1152360.38   | 0.24%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                                      | Health & Educational Facilities Authority of the State of Missouri           | CUSIP: 60636AWS8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1272455.10   | 0.27%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HENRICO CNTY VA INDL DEV AUTH                                       | Henrico County Economic Development Authority                                | CUSIP: 426063JU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3675474.75   | 0.78%             | 2027-08-23      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTHS                                      | Chester County Industrial Development Authority                              | CUSIP: 16559PAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $720333.07    | 0.15%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                                      | Wisconsin Health & Educational Facilities Authority                          | CUSIP: 97712JKM4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2313493.16   | 0.49%             | 2054-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                                            | District of Columbia                                                         | CUSIP: 25483VTC8<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2554040.75   | 0.54%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R                                      | Industrial Development Authority of the City of Phoenix Arizona/The          | CUSIP: 71885FDK0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000024.20   | 0.21%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                                      | Washington State Housing Finance Commission                                  | CUSIP: 93978LJQ0<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002457.90   | 0.21%             | 2064-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                                      | Chicago O'Hare International Airport                                         | CUSIP: 167593Y48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3825000 | PA      | $3947655.13   | 0.84%             | 2055-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                          | City of Detroit MI                                                           | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   2137784 | PA      | $1676198.17   | 0.36%             | 2044-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCE                                       | Public Finance Authority                                                     | CUSIP: 74445QDX5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1492012.20   | 0.32%             | 2056-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA CNTY OH POR                                      | Cleveland-Cuyahoga County Port Authority                                     | CUSIP: 18610PBQ0<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    950000 | PA      | $854577.16    | 0.18%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH REVENU                                      | Duluth Economic Development Authority                                        | CUSIP: 26444VAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968436.60    | 0.21%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH D                                      | Metropolitan Washington Airports Authority Dulles Toll Road Revenue          | CUSIP: 592643DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3140000 | PA      | $3167784.29   | 0.67%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                                      | Public Finance Authority                                                     | CUSIP: 74442EMS6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $236255.33    | 0.05%             | 2065-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                                      | Health & Educational Facilities Authority of the State of Missouri           | CUSIP: 60636AWC3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $1796122.67   | 0.38%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                                      | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                       | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2737831.13   | 0.58%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                             | Port Authority of New York & New Jersey (TOBs)                               | CUSIP: 73358W4C5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   4745000 | PA      | $4824139.47   | 1.02%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN                                      | California Pollution Control Financing Authority                             | CUSIP: 13054WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3501636.25   | 0.74%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVING TX HOTEL OCCUPANCY TAXR                                      | City of Irving TX                                                            | CUSIP: 463805DC2<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |    240000 | PA      | $247388.11    | 0.05%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE                                      | New Jersey Economic Development Authority                                    | CUSIP: 64577B4K7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1277077.38   | 0.27%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP R                                      | Tobacco Settlement Financing Corp/RI                                         | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3222695.78   | 0.68%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                                      | Indianapolis Local Public Improvement Bond Bank                              | CUSIP: 45528U6T3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3185000 | PA      | $3004268.45   | 0.64%             | 2052-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GLENDALE AZ INDL DEV AUTH SENI                                      | Glendale Industrial Development Authority                                    | CUSIP: 378287AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3460793.70   | 0.73%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                                      | Maricopa County Industrial Development Authority                             | CUSIP: 56681NAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250328.70    | 0.05%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH EDU REVEN                                      | New Hampshire Business Finance Authority                                     | CUSIP: 63607EAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003057.80   | 0.21%             | 2065-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                                       | Connecticut State Health & Educational Facilities Authority                  | CUSIP: 20775DPE6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    600000 | PA      | $653439.12    | 0.14%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA C                                      | City & County of San Francisco CA Community Facilities District No 2016-1    | CUSIP: 79773LAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1879031.60   | 0.40%             | 2042-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                                      | City & County of Denver CO Airport System Revenue                            | CUSIP: 249182QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2344382.88   | 0.50%             | 2038-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IRVING TX HOTEL OCCUPANCY TAXR                                      | City of Irving TX                                                            | CUSIP: 463805DD0<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309358.68    | 0.07%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND FORKS ND HLTH CARE SYS R                                      | City of Grand Forks ND                                                       | CUSIP: 38546WDP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1523618.00   | 0.32%             | 2046-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEXAS CMNTY HSG & ECON DEV COR                                      | Texas Community Housing & Economic Development Corp                          | CUSIP: 88231CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1094977.57   | 0.23%             | 2065-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DOUBLE BRANCH FL CDD SPL ASSMN                                      | Double Branch Community Development District                                 | CUSIP: 25856MAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $890126.29    | 0.19%             | 2034-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                                       | Philadelphia Authority for Industrial Development                            | CUSIP: 71781XFY4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    175000 | PA      | $171967.95    | 0.04%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA UNION SCH DIST SPL                                       | Menifee Union School District                                                | CUSIP: 5868104A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $777077.76    | 0.16%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI ARPT FACS R                                      | Public Finance Authority                                                     | CUSIP: 74443CAB9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    340000 | PA      | $340298.93    | 0.07%             | 2028-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                                      | Utah Infrastructure Agency                                                   | CUSIP: 917467BY7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1221623.17   | 0.26%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL INDL DEV AUTH                                      | Seminole County Industrial Development Authority                             | CUSIP: 816686AM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $599244.66    | 0.13%             | 2056-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Putnam Government Money Market Fund                                 | Putnam Government Money Market Fund                                          | CUSIP: 74680A869<br>LEI: 549300SEUI2XMME8T893 | Long             | STIV             | RF                | US        |   3856302 | NS      | $3856302.04   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                               | Chicago Board of Education                                                   | CUSIP: 167505QR0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1497415.05   | 0.32%             | 2039-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RAMSEY MN CHRT SCH LEASE REVEN                                      | City of Ramsey MN                                                            | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1164106.71   | 0.25%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                                      | Health & Educational Facilities Authority of the State of Missouri           | CUSIP: 60636AVW0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1737190.80   | 0.37%             | 2034-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA                                      | City of Galveston TX Wharves & Terminal Revenue                              | CUSIP: 364568KE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $423980.32    | 0.09%             | 2043-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU                                      | Public Finance Authority                                                     | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030460.70   | 0.22%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX HGR EDU FIN CORP UN                                      | Houston Higher Education Finance Corp                                        | CUSIP: 44237QAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1207344.38   | 0.26%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP SAL                                      | Empire State Development Corp                                                | CUSIP: 64985TEL1<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10561279.00  | 2.24%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON TX REDEV AUTH TAX                                      | Lake Houston Redevelopment Authority                                         | CUSIP: 51001QAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $137857.40    | 0.03%             | 2034-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NM POLL CONTROL REV                                      | City of Farmington NM                                                        | CUSIP: 311450FW5<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1748324.60   | 0.37%             | 2033-04-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA CMNTY FACS DIST                                      | City of Los Angeles CA Community Facilities District                         | CUSIP: 544386DX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1318526.58   | 0.28%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA                                      | Main Street Natural Gas Inc                                                  | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3533012.01   | 0.75%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURGH PA SCH DIST                                              | Pittsburgh School District                                                   | CUSIP: 725277RF6<br>LEI: 549300DCE2NGMJO6P377 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $918354.80    | 0.19%             | 2038-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON TX REDEV AUTH TAX                                      | Lake Houston Redevelopment Authority                                         | CUSIP: 51001QAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $370764.35    | 0.08%             | 2044-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL INDL DEV AUTH                                      | Seminole County Industrial Development Authority                             | CUSIP: 816686AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $637498.76    | 0.14%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R                                      | Village Community Development District No 15                                 | CUSIP: 92708KAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $668506.53    | 0.14%             | 2055-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HLTH CARE REV                                      | County of Hamilton OH                                                        | CUSIP: 40727RBC1<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    745000 | PA      | $745705.81    | 0.16%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO HLTH & HOSP AUTH HLT                                      | Denver Health & Hospital Authority                                           | CUSIP: 24918EEP1<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269154.88    | 0.06%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU                                      | Idaho Health Facilities Authority                                            | CUSIP: 451295H44<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1440559.41   | 0.31%             | 2053-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA UNION SCH DIST SPL                                       | Menifee Union School District                                                | CUSIP: 5868104B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $787047.32    | 0.17%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PASSAIC CNTY NJ IMPT AUTH CHRT                                      | Passaic County Improvement Authority/The                                     | CUSIP: 70275QAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016544.30   | 0.22%             | 2053-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P                                      | Los Angeles Department of Water & Power                                      | CUSIP: 544532EC4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031959.60   | 0.22%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81                                      | City of Las Vegas NV Special Improvement District No 818                     | CUSIP: 51779DAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1166721.72   | 0.25%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T                                      | Lower Colorado River Authority                                               | CUSIP: 54811BZT1<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3519676.88   | 0.75%             | 2052-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MTGE CORP MF                                      | FHLMC Multifamily VRD Certificates                                           | CUSIP: 31350ACS5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6545000 | PA      | $5790009.38   | 1.23%             | 2035-06-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU                                      | Public Finance Authority                                                     | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $547560.00    | 0.12%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA                                      | City of Galveston TX Wharves & Terminal Revenue                              | CUSIP: 364568KD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534438.50    | 0.11%             | 2042-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO MUNI FIN CORP                                        | St Louis Municipal Finance Corp                                              | CUSIP: 79165TUC3<br>LEI: 549300CR13DAYKUKQN03 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2304527.18   | 0.49%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO CNTY WV COMMISSION TAX IN                                      | County of Ohio WV                                                            | CUSIP: 677321BU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $744921.23    | 0.16%             | 2053-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL INDL DEV AUTH                                      | Seminole County Industrial Development Authority                             | CUSIP: 816686AK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $371148.46    | 0.08%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                                      | New York Transportation Development Corp                                     | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999925.20   | 0.42%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH OF GA                                                | Municipal Electric Authority of Georgia                                      | CUSIP: 62620HJZ6<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1829363.73   | 0.39%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                          | Public Finance Authority                                                     | CUSIP: 74442PZX6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     20000 | PA      | $21390.52     | 0.00%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                                            | Iowa Finance Authority                                                       | CUSIP: 46247SBM5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3158897.28   | 0.67%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority                                    | New York State Thruway Authority (TOBs)                                      | CUSIP: 650028ZP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7200000 | PA      | $7386254.64   | 1.57%             | 2054-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finan                                      | Washington State Housing Finance Commission                                  | CUSIP: 93978T4M8<br>LEI: 549300YL1HU59NREG764 | Long             | ABS-MBS          | MUN               | US        |   3229467 | PA      | $3058062.27   | 0.65%             | 2037-04-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                               | Chicago Board of Education                                                   | CUSIP: 167505XR2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1765324.62   | 0.37%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATAGORDA CNTY TX NAV DIST #1                                       | Matagorda County Navigation District No 1                                    | CUSIP: 576528CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2348213.40   | 0.50%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| GULFPORT MS HOSP FAC REVENUE                                        | City of Gulfport MS                                                          | CUSIP: 402682DH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1948524.38   | 0.41%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I                                      | Indianapolis Local Public Improvement Bond Bank                              | CUSIP: 45528UZL8<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3576850.90   | 0.76%             | 2054-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FRETE 2019-ML05 TRUST                                               | Freddie Mac Multifamily ML Certificates                                      | CUSIP: 30309HAC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2945674 | PA      | $2803862.18   | 0.59%             | 2036-01-25      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| OMAHA NE PUBLIC PWR DIST ELEC                                       | Omaha Public Power District                                                  | CUSIP: 682001JU7<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2652327.00   | 0.56%             | 2048-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                                      | Pennsylvania Turnpike Commission                                             | CUSIP: 709224P78<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2017371.74   | 0.43%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI MF AFFORDAB                                      | Public Finance Authority                                                     | CUSIP: 74448FAA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1650822.08   | 0.35%             | 2036-04-28      | Fixed         | 6.81%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                                          | Port of Seattle WA                                                           | CUSIP: 735389V96<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019015.00   | 0.22%             | 2047-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA                                      | Chicago O'Hare International Airport                                         | CUSIP: 167591AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998863.60    | 0.21%             | 2060-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H                                      | Illinois Finance Authority                                                   | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    500000 | PA      | $480934.40    | 0.10%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST STUDENT LOAN A                                      | Rhode Island Student Loan Authority                                          | CUSIP: 762323DT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $992810.26    | 0.21%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL                                       | Triborough Bridge & Tunnel Authority Sales Tax Revenue                       | CUSIP: 896035BE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5600000 | PA      | $5829794.88   | 1.24%             | 2057-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL INDL DEV AUTH                                      | Seminole County Industrial Development Authority                             | CUSIP: 816686AJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $297735.67    | 0.06%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                                      | New York Transportation Development Corp                                     | CUSIP: 650110AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1780928.20   | 0.38%             | 2046-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                                      | City of Los Angeles Department of Airports                                   | CUSIP: 544445XY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539511.20   | 0.33%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                                       | Lakewood Ranch Stewardship District                                          | CUSIP: 51265KGH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $542486.60    | 0.12%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                                       | Philadelphia Authority for Industrial Development                            | CUSIP: 71781XFZ1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $486830.25    | 0.10%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S                                      | Salt Verde Financial Corp                                                    | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    500000 | PA      | $542928.65    | 0.12%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IOWA ST HGR EDU LOAN AUTH REVE                                      | Iowa Higher Education Loan Authority                                         | CUSIP: 46247DBK2<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1557283.04   | 0.33%             | 2055-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PORT HOUSTON TX AUTH                                                | Port Authority of Houston of Harris County Texas                             | CUSIP: 734262GV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5745000 | PA      | $5958122.27   | 1.26%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                   | City & County of Denver CO Airport System Revenue (TOBs)                     | CUSIP: 249182TF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5675000 | PA      | $6396877.67   | 1.36%             | 2037-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOTEL REVEN                                      | Public Finance Authority                                                     | CUSIP: 74447DAD9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1945587.60   | 0.41%             | 2062-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH IN WSTWTR UTI                                      | Indiana Finance Authority                                                    | CUSIP: 45505MPR1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1658021.52   | 0.35%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR                                      | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DTP4<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3250384.20   | 0.69%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT                                      | City of Tampa FL                                                             | CUSIP: 875146BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $374691.13    | 0.08%             | 2042-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI POOLED CHRT                                      | Public Finance Authority                                                     | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1421350 | PA      | $1487400.81   | 0.32%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                                       | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70868YAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2351695.05   | 0.50%             | 2062-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SC                                      | New Jersey Economic Development Authority                                    | CUSIP: 645912GC4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    430000 | PA      | $426105.23    | 0.09%             | 2060-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ONEIDA INDIAN NATION NY TAX RE                                      | Oneida Indian Nation of New York                                             | CUSIP: 682504AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $584615.90    | 0.12%             | 2040-09-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA CNTY OH POR                                      | Cleveland-Cuyahoga County Port Authority                                     | CUSIP: 18610PAW8<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2490690.50   | 0.53%             | 2053-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG                                      | Michigan Finance Authority                                                   | CUSIP: 594479CW5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $231744.03    | 0.05%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG                                      | Public Finance Authority                                                     | CUSIP: 74439YET4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008838.60   | 0.43%             | 2053-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                                       | United States Treasury Bill                                                  | CUSIP: 912797SG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $499117.68    | 0.11%             | 2026-01-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL EDU FACS FIN                                      | New Hope Cultural Education Facilities Finance Corp                          | CUSIP: 64542YBF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1705000 | PA      | $1508000.55   | 0.32%             | 2048-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JOHNSON CITY TN HLTH & EDUCTNL                                      | Johnson City Health & Educational Facilities Board                           | CUSIP: 47827TAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3017116.80   | 0.64%             | 2027-12-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                                      | Florida Development Finance Corp                                             | CUSIP: 34061UGR3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    600000 | PA      | $502471.44    | 0.11%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI MF HSG REVE                                      | Public Finance Authority                                                     | CUSIP: 74441XJJ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    900000 | PA      | $916395.66    | 0.19%             | 2060-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON TX REDEV AUTH TAX                                      | Lake Houston Redevelopment Authority                                         | CUSIP: 51001QAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $170633.80    | 0.04%             | 2038-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTWOOD MI ECON DEV CORP                                           | Kentwood Economic Development Corp                                           | CUSIP: 491740FB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $612915.84    | 0.13%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                                      | North Carolina Medical Care Commission                                       | CUSIP: 65820YSV9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $261552.63    | 0.06%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                           | Orange County Health Facilities Authority (TOBs)                             | CUSIP: 68450LGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7265000 | PA      | $6331458.38   | 1.34%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                                       | New York City Housing Development Corp                                       | CUSIP: 64972ETS8<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   3075000 | PA      | $2219037.16   | 0.47%             | 2045-11-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC HIGHWAY AUTH                                        | E-470 Public Highway Authority                                               | CUSIP: 26822LEP5<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3784731.00   | 0.80%             | 2034-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE                                         | Indiana Finance Authority                                                    | CUSIP: 45506EPC1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009523.20   | 0.21%             | 2060-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HLTH & EDU FA                                      | New Hampshire Health and Education Facilities Authority Act                  | CUSIP: 6446147E3<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4527128.70   | 0.96%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY HSG AGY ESSEN                                      | California Community Housing Agency                                          | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $707302.09    | 0.15%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| National Finance Authority                                          | National Finance Authority Affordable Housing Certificates Series 2024-1     | CUSIP: 63607DAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1498424 | PA      | $1499865.00   | 0.32%             | 2040-10-20      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNI FIN AUTH MF                                         | California Municipal Finance Authority                                       | CUSIP: 130489AB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | ABS-MBS          | MUN               | US        |   3565000 | PA      | $3647715.49   | 0.77%             | 2040-08-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU                                      | Volusia County Educational Facility Authority                                | CUSIP: 928836NC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504051.15    | 0.11%             | 2039-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI                                      | Pennsylvania Turnpike Commission                                             | CUSIP: 709224DV8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5044014.00   | 1.07%             | 2044-12-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                                      | New Jersey Economic Development Authority                                    | CUSIP: 64578CCE9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3050927.70   | 0.65%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP FAC REVENUE                                            | State of Ohio                                                                | CUSIP: 677561LF7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15410.13     | 0.00%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Grand Parkway Transportation Corp                                   | Grand Parkway Transportation Corp (TOBs)                                     | CUSIP: 38611TBR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4581796.05   | 0.97%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                                      | Maricopa County Industrial Development Authority                             | CUSIP: 56681NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $351085.39    | 0.07%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                                      | Wisconsin Health & Educational Facilities Authority                          | CUSIP: 97712D8M1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   7825000 | PA      | $8051278.66   | 1.71%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP DIS                                      | City of Phoenix Civic Improvement Corp                                       | CUSIP: 71884WBH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1185344.50   | 0.25%             | 2043-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                                      | Florida Development Finance Corp                                             | CUSIP: 34061UGS1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    750000 | PA      | $586111.43    | 0.12%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C                                      | Southeast Energy Authority A Cooperative District                            | CUSIP: 84136HDM2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073622.70   | 0.23%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH D                                      | Metropolitan Washington Airports Authority Dulles Toll Road Revenue          | CUSIP: 592643CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1509175.11   | 0.32%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONEIDA INDIAN NATION NY TAX RE                                      | Oneida Indian Nation of New York                                             | CUSIP: 682504AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $890100.92    | 0.19%             | 2043-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH IN WSTWTR UTI                                      | Indiana Finance Authority                                                    | CUSIP: 45505MPT7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054004.90   | 0.22%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                          | City of Detroit MI                                                           | CUSIP: 2510936E5<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    500000 | PA      | $551310.75    | 0.12%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KENTWOOD MI ECON DEV CORP                                           | Kentwood Economic Development Corp                                           | CUSIP: 491740FA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $429150.04    | 0.09%             | 2031-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF                                      | Florida Development Finance Corp                                             | CUSIP: 34061QBU0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961008.50    | 0.20%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                                      | North Carolina Medical Care Commission                                       | CUSIP: 65821DYU9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    900000 | PA      | $899147.97    | 0.19%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                                       | New York City Housing Development Corp                                       | CUSIP: 64972ELG2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   5670000 | PA      | $4186464.35   | 0.89%             | 2065-11-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON TX REDEV AUTH TAX                                      | Lake Houston Redevelopment Authority                                         | CUSIP: 51001QAP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $191321.13    | 0.04%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A                                      | Kansas City Industrial Development Authority                                 | CUSIP: 48504NCE7<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   5215000 | PA      | $5161541.56   | 1.09%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT                                      | City of Tampa FL                                                             | CUSIP: 875146BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $671859.90    | 0.14%             | 2049-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU                                      | Louisiana Public Facilities Authority                                        | CUSIP: 546399UN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2607560.75   | 0.55%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY HSG AGY ESSEN                                      | California Community Housing Agency                                          | CUSIP: 13013FAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5975000 | PA      | $4072291.72   | 0.86%             | 2056-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A                                      | Kansas City Industrial Development Authority                                 | CUSIP: 48504NBC2<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2712337.38   | 0.58%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Convention & Visitors Authority                           | Las Vegas Convention & Visitors Authority (TOBs)                             | CUSIP: 51771FAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3990128.61   | 0.85%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YAVAPAI CNTY AZ INDL DEV AUTH                                       | Industrial Development Authority of the County of Yavapai/The                | CUSIP: 98521VAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200071.54    | 0.04%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH CHRT                                      | Delaware State Economic Development Authority                                | CUSIP: 246372BB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $623321.67    | 0.13%             | 2042-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                                      | New York Liberty Development Corp                                            | CUSIP: 649519EN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $3994155.38   | 0.85%             | 2044-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                                      | Utah Infrastructure Agency                                                   | CUSIP: 917467CD2<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $465079.45    | 0.10%             | 2041-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue | Metropolitan Washington Airports Authority Dulles Toll Road Revenue (TOBs)   | CUSIP: 592643DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1775318.86   | 0.38%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA                                                    | District of Columbia                                                         | CUSIP: 25476FA40<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5250747.50   | 1.11%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVING TX HOTEL OCCUPANCY TAXR                                      | City of Irving TX                                                            | CUSIP: 463805DJ7<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |    600000 | PA      | $607205.70    | 0.13%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON TX REDEV AUTH TAX                                      | Lake Houston Redevelopment Authority                                         | CUSIP: 51001QAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $182967.59    | 0.04%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                                      | North Carolina Medical Care Commission                                       | CUSIP: 65821DYF2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $991022.97    | 0.21%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN                                      | CSCDA Community Improvement Authority                                        | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $2281184.75   | 0.48%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                                      | North Carolina Medical Care Commission                                       | CUSIP: 65820YSY3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499935.65   | 0.32%             | 2054-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE CNTY FL INDL DEV AUT                                      | Charlotte County Industrial Development Authority/FL                         | CUSIP: 16080TAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1556969.55   | 0.33%             | 2055-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL                                       | Capital Trust Authority                                                      | CUSIP: 14054WBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $320878.38    | 0.07%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FW TEXAS STREET PUBLIC FAC COR                                      | FW Texas Street Public Facility Corp                                         | CUSIP: 30322SAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1591458.30   | 0.34%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEAUMONT TX HSG AUTH RSDL DEV                                       | Beaumont Housing Authority                                                   | CUSIP: 07451AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1113088.05   | 0.24%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                                      | South Carolina Jobs-Economic Development Authority                           | CUSIP: 83703EMQ5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1194608.09   | 0.25%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU                                      | Louisiana Public Facilities Authority                                        | CUSIP: 546399SY3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3283901.73   | 0.70%             | 2059-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GAITHERSBURG MD ECON DEV REVEN                                      | City of Gaithersburg MD                                                      | CUSIP: 363128CU1<br>LEI: 549300UFHDHDCHDE0F65 | Long             | DBT              | MUN               | US        |    750000 | PA      | $761673.83    | 0.16%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                                      | Port Authority of New York & New Jersey                                      | CUSIP: 73358WR97<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3525000 | PA      | $3654423.90   | 0.77%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN                                      | CSCDA Community Improvement Authority                                        | CUSIP: 126292BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $1595657.76   | 0.34%             | 2057-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                          | Public Finance Authority                                                     | CUSIP: 74442PA21<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    830000 | PA      | $738191.96    | 0.16%             | 2042-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                                       | Philadelphia Authority for Industrial Development                            | CUSIP: 71781XDA8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2282410.71   | 0.48%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON TX REDEV AUTH TAX                                      | Lake Houston Redevelopment Authority                                         | CUSIP: 51001QAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $209014.93    | 0.04%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                                      | South Carolina Jobs-Economic Development Authority                           | CUSIP: 837032CF6<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5278033.50   | 1.12%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ANNA TX SPL ASSMNT REVENUE                                          | City of Anna TX                                                              | CUSIP: 035713AZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    679000 | PA      | $697924.88    | 0.15%             | 2051-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STRUCTURED PASS TH                                      | Freddie Mac Multifamily ML Certificates                                      | CUSIP: 3137HCXR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2716100 | PA      | $2777473.44   | 0.59%             | 2040-10-25      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| GRAYS HARBOR CNTY WA PUBLIC HO                                      | Grays Harbor County Public Hospital District No 1                            | CUSIP: 389526AH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3686173.14   | 0.78%             | 2049-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA                                      | City of Galveston TX Wharves & Terminal Revenue                              | CUSIP: 364568KF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $578981.32    | 0.12%             | 2044-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DEKALB CNTY GA HSG AUTH MF HSG                                      | DeKalb County Housing Authority                                              | CUSIP: 240471PF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5049488.50   | 1.07%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REVENUE                                                | State of Ohio                                                                | CUSIP: 67756CFC7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    455000 | PA      | $421463.86    | 0.09%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HS                                      | Knox County Health Educational & Housing Facility Board                      | CUSIP: 499526AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048985.50   | 0.22%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N                                      | Tobacco Settlement Financing Corp                                            | CUSIP: 888808HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4105866.80   | 0.87%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                                      | Colorado Health Facilities Authority                                         | CUSIP: 19648FZN7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1245249.91   | 0.26%             | 2054-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                                      | New York Liberty Development Corp                                            | CUSIP: 649519EH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2562887.60   | 0.54%             | 2051-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                                          | Massachusetts Port Authority                                                 | CUSIP: 575896RS6<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3192691.95   | 0.68%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                                       | Arlington Higher Education Finance Corp                                      | CUSIP: 041807ML9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993554.30    | 0.21%             | 2060-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNIV OF KENTUCKY LEASE PURCHAS                                      | University of Kentucky                                                       | CUSIP: 914383AU8<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1818475.21   | 0.39%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                         | State of Illinois                                                            | CUSIP: 452152T27<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2870000 | PA      | $2970818.22   | 0.63%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION                                       | Central Texas Turnpike System                                                | CUSIP: 88283KBJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3550000 | PA      | $3074107.59   | 0.65%             | 2040-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG                                      | Michigan Finance Authority                                                   | CUSIP: 594479DB0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1868727.37   | 0.40%             | 2032-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                                      | Utah Infrastructure Agency                                                   | CUSIP: 917467CE0<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $732787.40    | 0.16%             | 2045-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                                      | Colorado Health Facilities Authority                                         | CUSIP: 19648A5G6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000348.40   | 0.21%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN                                      | M-S-R Energy Authority                                                       | CUSIP: 55374SAC4<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2769986.48   | 0.59%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                                          | City of Chicago IL                                                           | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1551589.65   | 0.33%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY                                        | Massachusetts Housing Finance Agency                                         | CUSIP: 57586NGX3<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    590000 | PA      | $590605.87    | 0.13%             | 2030-12-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                                        | Illinois Finance Authority                                                   | CUSIP: 45204FLG8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1278563.55   | 0.27%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLAIR CNTY IL CMNTY UNIT                                      | St Clair County Community Unit School District No 187 Cahokia                | CUSIP: 788550MP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017585.20   | 0.22%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVING TX HOTEL OCCUPANCY TAXR                                      | City of Irving TX                                                            | CUSIP: 463805DF5<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |    430000 | PA      | $440554.57    | 0.09%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| National Finance Authority                                          | New Hampshire Business Finance Authority                                     | CUSIP: 63607WAU8<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |   3361788 | PA      | $3230558.28   | 0.69%             | 2039-08-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH                                       | Parish of St John the Baptist LA                                             | CUSIP: 79020FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3987648.80   | 0.85%             | 2037-06-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| INDIANA CNTY PA INDL DEV AUTH                                       | Indiana County Industrial Development Authority                              | CUSIP: 45469NEZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $916336.30    | 0.19%             | 2054-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH LEASE REVENU                                      | Illinois Finance Authority                                                   | CUSIP: 45203NAU3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2588842.75   | 0.55%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED                                      | Clifton Higher Education Finance Corp                                        | CUSIP: 187145TN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2244989.69   | 0.48%             | 2054-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED                                      | Clifton Higher Education Finance Corp                                        | CUSIP: 187145QF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1309448.95   | 0.28%             | 2047-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA DEV AUTH STUDENT HS                                      | Atlanta Development Authority/The                                            | CUSIP: 04777LDV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103665.04    | 0.02%             | 2050-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                                       | New Hope Cultural Education Facilities Finance Corp                          | CUSIP: 64542UFN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $202338.53    | 0.04%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                                        | Illinois Finance Authority                                                   | CUSIP: 45204FLF0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    725000 | PA      | $685647.80    | 0.15%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN                                      | CSCDA Community Improvement Authority                                        | CUSIP: 126292BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1154246.56   | 0.24%             | 2057-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finan                                      | Washington State Housing Finance Commission                                  | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | ABS-MBS          | MUN               | US        |   1091160 | PA      | $1070887.44   | 0.23%             | 2050-03-01      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| KENTWOOD MI ECON DEV CORP                                           | Kentwood Economic Development Corp                                           | CUSIP: 491740EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $956284.88    | 0.20%             | 2045-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLAIR CNTY IL CMNTY UNIT                                      | St Clair County Community Unit School District No 187 Cahokia                | CUSIP: 788550MQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012047.30   | 0.21%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH RENTA                                      | Michigan State Housing Development Authority                                 | CUSIP: 59465MM28<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100041.80    | 0.02%             | 2034-10-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                                  | Commonwealth of Puerto Rico                                                  | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1504067.92   | 0.32%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKE HOUSTON TX REDEV AUTH TAX                                      | Lake Houston Redevelopment Authority                                         | CUSIP: 51001QAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $424550.70    | 0.09%             | 2047-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HS                                      | Knox County Health Educational & Housing Facility Board                      | CUSIP: 499526AT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1834581.88   | 0.39%             | 2059-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG DEV CORP                                       | New York City Housing Development Corp                                       | CUSIP: 64972ESG5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2556458.00   | 0.54%             | 2050-11-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TN HLTH EDUCTNL & HS                                      | Knox County Health Educational & Housing Facility Board                      | CUSIP: 499526AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1296753.63   | 0.27%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH LEASE REVENU                                      | Illinois Finance Authority                                                   | CUSIP: 45203NAV1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2617281.75   | 0.55%             | 2053-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SANTA FE NM RETMNT FAC REVENUE                                      | City of Santa Fe NM                                                          | CUSIP: 802170AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2155000 | PA      | $2156474.24   | 0.46%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST BLDG OWNERSHIP AUTH LE                                      | Utah State Building Ownership Authority                                      | CUSIP: 917547F97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2960000 | PA      | $3201672.46   | 0.68%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TX HGR EDU FIN CORP ED                                      | Clifton Higher Education Finance Corp                                        | CUSIP: 187145SA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2525000 | PA      | $2417543.07   | 0.51%             | 2048-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                                      | Kentucky Public Energy Authority                                             | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1280000 | PA      | $1327902.21   | 0.28%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMSON CNTY TN INDL DEV BR                                      | Williamson County Industrial Development Board                               | CUSIP: 969878AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6625000 | PA      | $6733984.56   | 1.43%             | 2042-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                               | Chicago Board of Education                                                   | CUSIP: 167505XL5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1914870.69   | 0.41%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISVILLE & JEFFERSON CNTY KY                                      | Louisville/Jefferson County Metropolitan Government                          | CUSIP: 54659LBP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1150741.77   | 0.24%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA DEV AUTH STUDENT HS                                      | Atlanta Development Authority/The                                            | CUSIP: 04777LDW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103124.90    | 0.02%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS                                      | Connecticut Housing Finance Authority                                        | CUSIP: 20775B2D7<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1684283.20   | 0.36%             | 2039-11-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                                      | Harris County Cultural Education Facilities Finance Corp                     | CUSIP: 414009EZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $821814.13    | 0.17%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                                      | City & County of Denver CO Airport System Revenue                            | CUSIP: 249182QL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2262305.20   | 0.48%             | 2035-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EAST NASSAU STEWARDSHIP DIST F                                      | East Nassau Stewardship District                                             | CUSIP: 273794AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $828681.44    | 0.18%             | 2056-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF ARPTS A                                      | City of Los Angeles Department of Airports                                   | CUSIP: 544445Q77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5519.44      | 0.00%             | 2046-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH D                                      | Metropolitan Washington Airports Authority Dulles Toll Road Revenue          | CUSIP: 592643DD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2055000 | PA      | $1911863.29   | 0.41%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A                                      | South Carolina Public Service Authority                                      | CUSIP: 837151PS2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4028226.40   | 0.85%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY                                         | North Dakota Housing Finance Agency                                          | CUSIP: 65889BCE2<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505311.85    | 0.11%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                                      | Health & Educational Facilities Authority of the State of Missouri           | CUSIP: 60636AWD1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1054855.34   | 0.22%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                                          | City of Chicago IL                                                           | CUSIP: 167486M55<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3659793.45   | 0.78%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                                       | Connecticut State Health & Educational Facilities Authority                  | CUSIP: 20774YW45<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507436.10   | 0.32%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority                    | Alaska Industrial Development & Export Authority (TOBs)                      | CUSIP: 011903GK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6930000 | PA      | $6437245.58   | 1.37%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA ARPT AUTH AR                                      | Allegheny County Airport Authority                                           | CUSIP: 01728LFH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3146666.95   | 0.67%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY SD ECON DEV REVEN                                      | County of Lincoln SD                                                         | CUSIP: 53340EAC1<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $794443.50    | 0.17%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                                            | District of Columbia                                                         | CUSIP: 25483VTE4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250043.63   | 0.27%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP SENIOR                                      | Florida Development Finance Corp                                             | CUSIP: 34061WAY0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1184360.58   | 0.25%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A                                      | South Carolina Public Service Authority                                      | CUSIP: 8371516N4<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2606626.00   | 0.55%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN CNTY SD ECON DEV REVEN                                      | County of Lincoln SD                                                         | CUSIP: 53340EAA5<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1273458.48   | 0.27%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                                          | Port of Seattle WA                                                           | CUSIP: 735389V70<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2107792.20   | 0.45%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                         | State of Illinois                                                            | CUSIP: 452153FG9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2850036.84   | 0.60%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S                                      | Salt Verde Financial Corp                                                    | CUSIP: 79575EAQ1<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2044855.24   | 0.43%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PORT OF GTR CINCINNATI DEV AUT                                      | Port of Greater Cincinnati Development Authority                             | CUSIP: 734195DE7<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   2740000 | PA      | $2806646.94   | 0.60%             | 2058-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN                                      | CSCDA Community Improvement Authority                                        | CUSIP: 126292AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $2957329.73   | 0.63%             | 2057-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE                                          | Port of Seattle WA                                                           | CUSIP: 735389V47<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3238629.30   | 0.69%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                                      | Arizona Industrial Development Authority                                     | CUSIP: 04052BMT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $544049.17    | 0.12%             | 2051-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VAUXMONT MET DIST CO                                                | Vauxmont Metropolitan District                                               | CUSIP: 92242SAN3<br>LEI: 549300M7XL6MB0OW8D56 | Long             | DBT              | MUN               | US        |    938000 | PA      | $803627.75    | 0.17%             | 2050-12-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH                                      | Kentucky Public Energy Authority                                             | CUSIP: 74440DCZ5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5042525.50   | 1.07%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| AURORA CROSSROADS MET DIST NO                                       | Aurora Crossroads Metropolitan District No 2                                 | CUSIP: 05162QAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $847545.92    | 0.18%             | 2055-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R                                      | Industrial Development Authority of the City of Phoenix Arizona/The          | CUSIP: 71885FDN4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100035.18    | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET PIER & EXPOSITION AUTH IL                                       | Metropolitan Pier & Exposition Authority                                     | CUSIP: 592250EY6<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2497340.80   | 0.53%             | 2052-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH                                       | Orange County Health Facilities Authority                                    | CUSIP: 68450LHK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1332669.00   | 0.28%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVING TX HOTEL OCCUPANCY TAXR                                      | City of Irving TX                                                            | CUSIP: 463805DA6<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103656.54    | 0.02%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH D                                      | Metropolitan Washington Airports Authority Dulles Toll Road Revenue          | CUSIP: 592643BP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $6475053.20   | 1.37%             | 2037-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV                                      | City & County of Denver CO Airport System Revenue                            | CUSIP: 249182QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1574568.78   | 0.33%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-25

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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