# EDGAR Filing Document

**Accession Number:** 0001551895
**File Stem:** 0000940400-26-008709
**Filing Date:** 2026-2
**Character Count:** 250760
**Document Hash:** 9e4b8de99b7388fb2e3873d206933572
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008709.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008709

**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**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin ETF Trust
- **CENTRAL INDEX KEY:** 0001551895

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22801
- **FILM NUMBER:** 26687545

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Franklin Templeton ETF Trust
- **DATE OF NAME CHANGE:** 20120608

## Series and Classes Contracts Data

### Franklin Short Duration U.S. Government ETF (Series ID: S000040579)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000125848 | Franklin Short Duration U.S. Government ETF | FTSD            |

## Nport-Ex

Schedule of Investments (unaudited)

December 31, 2025

 **Franklin Short Duration U.S. Government ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount<br>| Value |
| **U.S. Government & Agency Obligations — 35.8%** | **U.S. Government & Agency Obligations — 35.8%** | **U.S. Government & Agency Obligations — 35.8%** | **U.S. Government & Agency Obligations — 35.8%** | **U.S. Government & Agency Obligations — 35.8%** |
| *U.S. Government Agencies — 0.4%* | *U.S. Government Agencies — 0.4%* | *U.S. Government Agencies — 0.4%* | *U.S. Government Agencies — 0.4%* | *U.S. Government Agencies — 0.4%* |
| &nbsp;&nbsp;&nbsp; Export-Import Bank of the United States, Secured Notes | &nbsp;&nbsp; 2.628% | &nbsp;&nbsp; 11/12/26 | &nbsp;&nbsp; $286586 | &nbsp;&nbsp;&nbsp; $283623<br>|
| &nbsp;&nbsp;&nbsp; United States International Development Finance Corp., Senior Notes | &nbsp;&nbsp; 4.010% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp; 857970<br>|
| *Total U.S. Government Agencies* | *Total U.S. Government Agencies* | *Total U.S. Government Agencies* | *Total U.S. Government Agencies* | &nbsp;&nbsp; *1141593* |
| *U.S. Government Obligations — 35.4%* | *U.S. Government Obligations — 35.4%* | *U.S. Government Obligations — 35.4%* | *U.S. Government Obligations — 35.4%* | *U.S. Government Obligations — 35.4%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 17700000 | &nbsp;&nbsp;&nbsp; 17773291<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/30/26 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5031077<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 12/31/26 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 10070735<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 1/31/27 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 10063477<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/28/27 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 10068750<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 13000000 | &nbsp;&nbsp;&nbsp; 13161992<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 10133985<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/30/27 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 10108008<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 10098047<br>|
| *Total U.S. Government Obligations* | *Total U.S. Government Obligations* | *Total U.S. Government Obligations* | *Total U.S. Government Obligations* | &nbsp;&nbsp; *96509362* |
| **Total U.S. Government & Agency Obligations (Cost — $97,354,879)** | **Total U.S. Government & Agency Obligations (Cost — $97,354,879)** | **Total U.S. Government & Agency Obligations (Cost — $97,354,879)** | **Total U.S. Government & Agency Obligations (Cost — $97,354,879)** | &nbsp;&nbsp; **97650955** |
| **Mortgage-Backed Securities — 35.3%** | **Mortgage-Backed Securities — 35.3%** | **Mortgage-Backed Securities — 35.3%** | **Mortgage-Backed Securities — 35.3%** | **Mortgage-Backed Securities — 35.3%** |
| *FHLMC — 11.8%* | *FHLMC — 11.8%* | *FHLMC — 11.8%* | *FHLMC — 11.8%* | *FHLMC — 11.8%* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 8414<br>| &nbsp;&nbsp;&nbsp; 8383<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/49 | &nbsp;&nbsp; 641367<br>| &nbsp;&nbsp;&nbsp; 620291<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/54- <br>10/1/55<br>| &nbsp;&nbsp; 21218868 | &nbsp;&nbsp;&nbsp; 21527455<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/55- <br>10/1/55<br>| &nbsp;&nbsp; 6137248 | &nbsp;&nbsp;&nbsp; 6306898<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.347%) | &nbsp;&nbsp; 6.286% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 54350<br>| &nbsp;&nbsp;&nbsp; 55972<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.475%) | &nbsp;&nbsp; 6.244% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 51650<br>| &nbsp;&nbsp;&nbsp; 53175<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.520%) | &nbsp;&nbsp; 6.464% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 28251<br>| &nbsp;&nbsp;&nbsp; 29191<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.538%) | &nbsp;&nbsp; 6.420% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 14539<br>| &nbsp;&nbsp;&nbsp; 14867<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.605%) | &nbsp;&nbsp; 6.312% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 397<br>| &nbsp;&nbsp;&nbsp; 407<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.622%) | &nbsp;&nbsp; 6.343% | &nbsp;&nbsp; 6/1/37 | &nbsp;&nbsp; 22924<br>| &nbsp;&nbsp;&nbsp; 23589<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.625%) | &nbsp;&nbsp; 6.392% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 18660<br>| &nbsp;&nbsp;&nbsp; 19362<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.625%) | &nbsp;&nbsp; 6.405% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 2966<br>| &nbsp;&nbsp;&nbsp; 3074<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.656%) | &nbsp;&nbsp; 6.425% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 4236<br>| &nbsp;&nbsp;&nbsp; 4398<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.658%) | &nbsp;&nbsp; 6.513% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 48656<br>| &nbsp;&nbsp;&nbsp; 49869<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.660%) | &nbsp;&nbsp; 6.358% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 14019<br>| &nbsp;&nbsp;&nbsp; 14478<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.733%) | &nbsp;&nbsp; 6.358% | &nbsp;&nbsp; 10/1/36 | &nbsp;&nbsp; 2768<br>| &nbsp;&nbsp;&nbsp; 2849<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Short Duration U.S. Government ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Short Duration U.S. Government ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>|
| *FHLMC — continued* | *FHLMC — continued* | *FHLMC — continued* | *FHLMC — continued* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.738%) | &nbsp;&nbsp; 6.757% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; $11614<br>&nbsp;&nbsp;&nbsp; $11986<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.740%) | &nbsp;&nbsp; 6.398% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 1279<br>&nbsp;&nbsp;&nbsp; 1316<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.750%) | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/1/34 | &nbsp;&nbsp; 2231<br>&nbsp;&nbsp;&nbsp; 2281<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.750%) | &nbsp;&nbsp; 6.738% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 44689<br>&nbsp;&nbsp;&nbsp; 45887<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.751%) | &nbsp;&nbsp; 6.488% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 37049<br>&nbsp;&nbsp;&nbsp; 38612<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.761%) | &nbsp;&nbsp; 6.620% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 1034<br>&nbsp;&nbsp;&nbsp; 1062<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.763%) | &nbsp;&nbsp; 6.550% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 218915<br>&nbsp;&nbsp;&nbsp; 228889<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.777%) | &nbsp;&nbsp; 6.491% | &nbsp;&nbsp; 5/1/42 | &nbsp;&nbsp; 191583<br>&nbsp;&nbsp;&nbsp; 199499<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.778%) | &nbsp;&nbsp; 6.496% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 74190<br>&nbsp;&nbsp;&nbsp; 77368<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.796%) | &nbsp;&nbsp; 6.616% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 15417<br>&nbsp;&nbsp;&nbsp; 16040<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.805%) | &nbsp;&nbsp; 6.585% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 27428<br>&nbsp;&nbsp;&nbsp; 28102<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.820%) | &nbsp;&nbsp; 6.557% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 544003<br>&nbsp;&nbsp;&nbsp; 568555<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.840%) | &nbsp;&nbsp; 6.590% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 2558<br>&nbsp;&nbsp;&nbsp; 2640<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.844%) | &nbsp;&nbsp; 6.710% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 173046<br>&nbsp;&nbsp;&nbsp; 181216<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.849%) | &nbsp;&nbsp; 6.613% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 20546<br>&nbsp;&nbsp;&nbsp; 21308<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.861%) | &nbsp;&nbsp; 6.529% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 990<br>&nbsp;&nbsp;&nbsp; 1021<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.863%) | &nbsp;&nbsp; 6.618% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 1909<br>&nbsp;&nbsp;&nbsp; 1968<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.867%) | &nbsp;&nbsp; 6.598% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 7023<br>&nbsp;&nbsp;&nbsp; 7217<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.878%) | &nbsp;&nbsp; 6.624% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 102072<br>&nbsp;&nbsp;&nbsp; 106101<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.894%) | &nbsp;&nbsp; 6.596% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 1993<br>&nbsp;&nbsp;&nbsp; 2058<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.959%) | &nbsp;&nbsp; 6.841% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 8215<br>&nbsp;&nbsp;&nbsp; 8444<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.980%) | &nbsp;&nbsp; 6.891% | &nbsp;&nbsp; 6/1/37 | &nbsp;&nbsp; 513<br>&nbsp;&nbsp;&nbsp; 530<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 2.070%) | &nbsp;&nbsp; 7.070% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 1441<br>&nbsp;&nbsp;&nbsp; 1493<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 1.695%) | &nbsp;&nbsp; 5.473% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 8509<br>&nbsp;&nbsp;&nbsp; 8538<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Short Duration U.S. Government ETF 2025 Quarterly Report

------

 **Franklin Short Duration U.S. Government ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>|
| *FHLMC — continued* | *FHLMC — continued* | *FHLMC — continued* | *FHLMC — continued* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 1.975%) | &nbsp;&nbsp; 5.975% | &nbsp;&nbsp; 7/1/33- <br>8/1/33<br>| &nbsp;&nbsp; $14553<br> &nbsp;&nbsp;&nbsp; $14857<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.219%) | &nbsp;&nbsp; 6.281% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 41123<br>&nbsp;&nbsp;&nbsp; 42452<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.225%) | &nbsp;&nbsp; 6.298% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 5550<br>&nbsp;&nbsp;&nbsp; 5710<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.225%) | &nbsp;&nbsp; 6.118% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 47305<br>&nbsp;&nbsp;&nbsp; 48767<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.225%) | &nbsp;&nbsp; 6.234% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 3136<br>&nbsp;&nbsp;&nbsp; 3234<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.234%) | &nbsp;&nbsp; 6.327% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 14294<br>&nbsp;&nbsp;&nbsp; 14706<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.236%) | &nbsp;&nbsp; 6.347% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 237978<br>&nbsp;&nbsp;&nbsp; 247736<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.245%) | &nbsp;&nbsp; 6.286% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 30231<br>&nbsp;&nbsp;&nbsp; 31701<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.245%) | &nbsp;&nbsp; 6.306% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 4620<br>&nbsp;&nbsp;&nbsp; 4836<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.248%) | &nbsp;&nbsp; 6.426% | &nbsp;&nbsp; 6/1/37 | &nbsp;&nbsp; 42588<br>&nbsp;&nbsp;&nbsp; 43869<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.249%) | &nbsp;&nbsp; 6.432% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 5160<br>&nbsp;&nbsp;&nbsp; 5345<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.250%) | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 1463<br>&nbsp;&nbsp;&nbsp; 1504<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.250%) | &nbsp;&nbsp; 5.997% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 5827<br>&nbsp;&nbsp;&nbsp; 5989<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.250%) | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 6046<br>&nbsp;&nbsp;&nbsp; 6212<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.250%) | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/1/34- <br>7/1/36<br>| &nbsp;&nbsp; 64148<br> &nbsp;&nbsp;&nbsp; 66474<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.250%) | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 11568<br>&nbsp;&nbsp;&nbsp; 11933<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.250%) | &nbsp;&nbsp; 5.892% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 11188<br>&nbsp;&nbsp;&nbsp; 11568<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.250%) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 8620<br>&nbsp;&nbsp;&nbsp; 9008<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.250%) | &nbsp;&nbsp; 6.414% | &nbsp;&nbsp; 10/1/38 | &nbsp;&nbsp; 23501<br>&nbsp;&nbsp;&nbsp; 24100<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.251%) | &nbsp;&nbsp; 6.338% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 108383<br>&nbsp;&nbsp;&nbsp; 112945<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.251%) | &nbsp;&nbsp; 6.501% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 15268<br>&nbsp;&nbsp;&nbsp; 15994<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.264%) | &nbsp;&nbsp; 6.327% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 486989<br>&nbsp;&nbsp;&nbsp; 508405<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.276%) | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 8444<br>&nbsp;&nbsp;&nbsp; 8654<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.313%) | &nbsp;&nbsp; 6.376% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 432445<br>&nbsp;&nbsp;&nbsp; 453368<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Short Duration U.S. Government ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Short Duration U.S. Government ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *FHLMC — continued* | *FHLMC — continued* | *FHLMC — continued* | *FHLMC — continued* | *FHLMC — continued* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.315%) | &nbsp;&nbsp; 6.310% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; $3733<br>| &nbsp;&nbsp;&nbsp; $3901<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.329%) | &nbsp;&nbsp; 6.274% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 17598<br>| &nbsp;&nbsp;&nbsp; 17781<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.351%) | &nbsp;&nbsp; 6.414% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 7389<br>| &nbsp;&nbsp;&nbsp; 7606<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.357%) | &nbsp;&nbsp; 6.336% | &nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp; 98<br>| &nbsp;&nbsp;&nbsp; 99<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.409%) | &nbsp;&nbsp; 6.284% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 14081<br>| &nbsp;&nbsp;&nbsp; 14523<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.500%) | &nbsp;&nbsp; 6.477% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 72253<br>| &nbsp;&nbsp;&nbsp; 75732<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.787%) | &nbsp;&nbsp; 6.955% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 186<br>| &nbsp;&nbsp;&nbsp; 188<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (1 year Treasury Constant Maturity <br> Rate + 2.854%) | &nbsp;&nbsp; 6.933% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 1054<br>| &nbsp;&nbsp;&nbsp; 1068<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 2.290%) | &nbsp;&nbsp; 6.790% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 65<br>| &nbsp;&nbsp;&nbsp; 66<br> <sup>(a)</sup><br>|
| *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | &nbsp;&nbsp; *32116720* |
| *FNMA — 13.8%* | *FNMA — 13.8%* | *FNMA — 13.8%* | *FNMA — 13.8%* | *FNMA — 13.8%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/26- <br>5/1/31<br>| &nbsp;&nbsp; 45967 | &nbsp;&nbsp;&nbsp; 45742<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/1/53- <br>11/1/54<br>| &nbsp;&nbsp; 6953036 | &nbsp;&nbsp;&nbsp; 7075906<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/53- <br>8/1/55<br>| &nbsp;&nbsp; 14904300 | &nbsp;&nbsp;&nbsp; 15330441<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 4628696<br>| &nbsp;&nbsp;&nbsp; 4619736<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/1/56 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 5070694<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.320%) | &nbsp;&nbsp; 6.071% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 9851<br>| &nbsp;&nbsp;&nbsp; 10027<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.344%) | &nbsp;&nbsp; 5.994% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 26431<br>| &nbsp;&nbsp;&nbsp; 27008<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.365%) | &nbsp;&nbsp; 6.095% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 2593<br>| &nbsp;&nbsp;&nbsp; 2655<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.445%) | &nbsp;&nbsp; 5.980% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 24332<br>| &nbsp;&nbsp;&nbsp; 24842<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.460%) | &nbsp;&nbsp; 6.225% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 11222<br>| &nbsp;&nbsp;&nbsp; 11614<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.501%) | &nbsp;&nbsp; 6.248% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 298<br>| &nbsp;&nbsp;&nbsp; 303<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.515%) | &nbsp;&nbsp; 6.173% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 3498<br>| &nbsp;&nbsp;&nbsp; 3622<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.538%) | &nbsp;&nbsp; 6.522% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 11246<br>| &nbsp;&nbsp;&nbsp; 11618<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.555%) | &nbsp;&nbsp; 6.505% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 5606<br>| &nbsp;&nbsp;&nbsp; 5789<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.559%) | &nbsp;&nbsp; 6.435% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 37068<br>| &nbsp;&nbsp;&nbsp; 38137<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Short Duration U.S. Government ETF 2025 Quarterly Report

------

 **Franklin Short Duration U.S. Government ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>|
| *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.565%) | &nbsp;&nbsp; 6.440% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; $3925<br>&nbsp;&nbsp;&nbsp; $4001<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.595%) | &nbsp;&nbsp; 6.470% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 8709<br>&nbsp;&nbsp;&nbsp; 8879<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.607%) | &nbsp;&nbsp; 6.300% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 3796<br>&nbsp;&nbsp;&nbsp; 3892<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.617%) | &nbsp;&nbsp; 6.331% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 1541<br>&nbsp;&nbsp;&nbsp; 1591<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.620%) | &nbsp;&nbsp; 6.582% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 3805<br>&nbsp;&nbsp;&nbsp; 3939<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.625%) | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 2/1/35- <br>3/1/35<br>| &nbsp;&nbsp; 4855<br> &nbsp;&nbsp;&nbsp; 4956<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.625%) | &nbsp;&nbsp; 6.423% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 28698<br>&nbsp;&nbsp;&nbsp; 29780<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.627%) | &nbsp;&nbsp; 6.613% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 8647<br>&nbsp;&nbsp;&nbsp; 8984<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.627%) | &nbsp;&nbsp; 6.479% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 15401<br>&nbsp;&nbsp;&nbsp; 15830<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.629%) | &nbsp;&nbsp; 6.329% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 60515<br>&nbsp;&nbsp;&nbsp; 62549<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.630%) | &nbsp;&nbsp; 6.370% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 3763<br>&nbsp;&nbsp;&nbsp; 3860<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.640%) | &nbsp;&nbsp; 6.251% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 41073<br>&nbsp;&nbsp;&nbsp; 41999<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.642%) | &nbsp;&nbsp; 6.458% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 92176<br>&nbsp;&nbsp;&nbsp; 94769<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.643%) | &nbsp;&nbsp; 6.518% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 724<br>&nbsp;&nbsp;&nbsp; 742<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.643%) | &nbsp;&nbsp; 6.307% | &nbsp;&nbsp; 8/1/38 | &nbsp;&nbsp; 90302<br>&nbsp;&nbsp;&nbsp; 92990<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.650%) | &nbsp;&nbsp; 6.181% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 2905<br>&nbsp;&nbsp;&nbsp; 3004<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.660%) | &nbsp;&nbsp; 6.556% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 54658<br>&nbsp;&nbsp;&nbsp; 56782<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.664%) | &nbsp;&nbsp; 6.358% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 16126<br>&nbsp;&nbsp;&nbsp; 16566<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.667%) | &nbsp;&nbsp; 6.391% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 8656<br>&nbsp;&nbsp;&nbsp; 8978<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.670%) | &nbsp;&nbsp; 6.479% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 102456<br>&nbsp;&nbsp;&nbsp; 105720<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.680%) | &nbsp;&nbsp; 6.496% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 20369<br>&nbsp;&nbsp;&nbsp; 21025<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.681%) | &nbsp;&nbsp; 6.368% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; 27394<br>&nbsp;&nbsp;&nbsp; 28154<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.687%) | &nbsp;&nbsp; 6.626% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 1261<br>&nbsp;&nbsp;&nbsp; 1296<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.690%) | &nbsp;&nbsp; 6.429% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 11693<br>&nbsp;&nbsp;&nbsp; 12207<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Short Duration U.S. Government ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Short Duration U.S. Government ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>|
| *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.708%) | &nbsp;&nbsp; 6.451% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; $42804<br>&nbsp;&nbsp;&nbsp; $43974<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.709%) | &nbsp;&nbsp; 6.209% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 2382<br>&nbsp;&nbsp;&nbsp; 2452<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.721%) | &nbsp;&nbsp; 6.524% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 16505<br>&nbsp;&nbsp;&nbsp; 17031<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.723%) | &nbsp;&nbsp; 6.511% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 614385<br>&nbsp;&nbsp;&nbsp; 640197<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.726%) | &nbsp;&nbsp; 6.522% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 190875<br>&nbsp;&nbsp;&nbsp; 198171<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.728%) | &nbsp;&nbsp; 6.497% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 410613<br>&nbsp;&nbsp;&nbsp; 428414<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.730%) | &nbsp;&nbsp; 6.394% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 4692<br>&nbsp;&nbsp;&nbsp; 4833<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.745%) | &nbsp;&nbsp; 6.588% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 1939<br>&nbsp;&nbsp;&nbsp; 1981<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.750%) | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 14369<br>&nbsp;&nbsp;&nbsp; 14701<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.750%) | &nbsp;&nbsp; 6.659% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 9212<br>&nbsp;&nbsp;&nbsp; 9466<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.750%) | &nbsp;&nbsp; 6.522% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 39584<br>&nbsp;&nbsp;&nbsp; 40720<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.765%) | &nbsp;&nbsp; 6.890% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 34736<br>&nbsp;&nbsp;&nbsp; 35830<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.772%) | &nbsp;&nbsp; 6.418% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 773224<br>&nbsp;&nbsp;&nbsp; 814210<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.778%) | &nbsp;&nbsp; 6.313% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 4995<br>&nbsp;&nbsp;&nbsp; 5153<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.789%) | &nbsp;&nbsp; 6.719% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 46144<br>&nbsp;&nbsp;&nbsp; 47711<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.798%) | &nbsp;&nbsp; 6.572% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 336522<br>&nbsp;&nbsp;&nbsp; 351282<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.810%) | &nbsp;&nbsp; 6.528% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 176592<br>&nbsp;&nbsp;&nbsp; 184352<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.811%) | &nbsp;&nbsp; 6.540% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 90194<br>&nbsp;&nbsp;&nbsp; 94373<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.812%) | &nbsp;&nbsp; 6.541% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 27777<br>&nbsp;&nbsp;&nbsp; 29048<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.820%) | &nbsp;&nbsp; 6.695% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 10270<br>&nbsp;&nbsp;&nbsp; 10679<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.838%) | &nbsp;&nbsp; 6.804% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 25292<br>&nbsp;&nbsp;&nbsp; 26245<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.844%) | &nbsp;&nbsp; 6.594% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 241<br>&nbsp;&nbsp;&nbsp; 250<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.857%) | &nbsp;&nbsp; 6.453% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 23839<br>&nbsp;&nbsp;&nbsp; 24612<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.864%) | &nbsp;&nbsp; 6.686% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 6738<br>&nbsp;&nbsp;&nbsp; 6987<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Short Duration U.S. Government ETF 2025 Quarterly Report

------

 **Franklin Short Duration U.S. Government ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>|
| *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.934%) | &nbsp;&nbsp; 6.721% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; $14148<br>&nbsp;&nbsp;&nbsp; $14727<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year FTSE USD IBOR Consumer <br> Cash Fallbacks + 2.377%) | &nbsp;&nbsp; 7.134% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 7676<br>&nbsp;&nbsp;&nbsp; 8061<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 1.999%) | &nbsp;&nbsp; 6.020% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 2695<br>&nbsp;&nbsp;&nbsp; 2763<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.002%) | &nbsp;&nbsp; 6.127% | &nbsp;&nbsp; 9/1/34 | &nbsp;&nbsp; 3223<br>&nbsp;&nbsp;&nbsp; 3303<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.037%) | &nbsp;&nbsp; 6.184% | &nbsp;&nbsp; 2/1/37 | &nbsp;&nbsp; 9429<br>&nbsp;&nbsp;&nbsp; 9613<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.046%) | &nbsp;&nbsp; 6.075% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 29134<br>&nbsp;&nbsp;&nbsp; 29822<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.075%) | &nbsp;&nbsp; 5.828% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 15476<br>&nbsp;&nbsp;&nbsp; 15778<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.100%) | &nbsp;&nbsp; 6.177% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 13381<br>&nbsp;&nbsp;&nbsp; 13731<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.135%) | &nbsp;&nbsp; 6.178% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 13268<br>&nbsp;&nbsp;&nbsp; 13676<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.155%) | &nbsp;&nbsp; 6.405% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 5958<br>&nbsp;&nbsp;&nbsp; 6100<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.161%) | &nbsp;&nbsp; 6.235% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 11232<br>&nbsp;&nbsp;&nbsp; 11762<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.163%) | &nbsp;&nbsp; 6.264% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 34386<br>&nbsp;&nbsp;&nbsp; 35571<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.175%) | &nbsp;&nbsp; 6.175% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 14<br>&nbsp;&nbsp;&nbsp; 14<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.175%) | &nbsp;&nbsp; 6.243% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 956<br>&nbsp;&nbsp;&nbsp; 971<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.185%) | &nbsp;&nbsp; 6.307% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 5950<br>&nbsp;&nbsp;&nbsp; 6142<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.190%) | &nbsp;&nbsp; 6.249% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 29323<br>&nbsp;&nbsp;&nbsp; 30338<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.190%) | &nbsp;&nbsp; 6.219% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 18864<br>&nbsp;&nbsp;&nbsp; 19476<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.193%) | &nbsp;&nbsp; 6.443% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 12003<br>&nbsp;&nbsp;&nbsp; 12373<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.197%) | &nbsp;&nbsp; 6.417% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 116<br>&nbsp;&nbsp;&nbsp; 118<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.203%) | &nbsp;&nbsp; 6.284% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 18463<br>&nbsp;&nbsp;&nbsp; 18980<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.210%) | &nbsp;&nbsp; 6.287% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 23637<br>&nbsp;&nbsp;&nbsp; 24695<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.215%) | &nbsp;&nbsp; 6.215% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 1<br>&nbsp;&nbsp;&nbsp; 1<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.215%) | &nbsp;&nbsp; 6.340% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 24<br>&nbsp;&nbsp;&nbsp; 24<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.221%) | &nbsp;&nbsp; 6.277% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 271089<br>&nbsp;&nbsp;&nbsp; 280007<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Short Duration U.S. Government ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Short Duration U.S. Government ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>|
| *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.223%) | &nbsp;&nbsp; 6.223% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; $11163<br>&nbsp;&nbsp;&nbsp; $11530<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.230%) | &nbsp;&nbsp; 6.230% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 12938<br>&nbsp;&nbsp;&nbsp; 13286<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.237%) | &nbsp;&nbsp; 6.339% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 66627<br>&nbsp;&nbsp;&nbsp; 68534<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.242%) | &nbsp;&nbsp; 6.315% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 84594<br>&nbsp;&nbsp;&nbsp; 88300<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.244%) | &nbsp;&nbsp; 6.283% | &nbsp;&nbsp; 3/1/38 | &nbsp;&nbsp; 2077<br>&nbsp;&nbsp;&nbsp; 2131<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.253%) | &nbsp;&nbsp; 6.333% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 26922<br>&nbsp;&nbsp;&nbsp; 27706<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.256%) | &nbsp;&nbsp; 6.315% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 1206<br>&nbsp;&nbsp;&nbsp; 1238<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.260%) | &nbsp;&nbsp; 6.323% | &nbsp;&nbsp; 4/1/34 | &nbsp;&nbsp; 17890<br>&nbsp;&nbsp;&nbsp; 18396<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.273%) | &nbsp;&nbsp; 6.398% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 6765<br>&nbsp;&nbsp;&nbsp; 6981<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.277%) | &nbsp;&nbsp; 6.380% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 709<br>&nbsp;&nbsp;&nbsp; 741<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.290%) | &nbsp;&nbsp; 6.290% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 13341<br>&nbsp;&nbsp;&nbsp; 13778<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.292%) | &nbsp;&nbsp; 6.338% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 39671<br>&nbsp;&nbsp;&nbsp; 41446<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.303%) | &nbsp;&nbsp; 6.428% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 6323<br>&nbsp;&nbsp;&nbsp; 6564<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.320%) | &nbsp;&nbsp; 6.473% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 68<br>&nbsp;&nbsp;&nbsp; 69<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.324%) | &nbsp;&nbsp; 6.405% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 36<br>&nbsp;&nbsp;&nbsp; 36<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.372%) | &nbsp;&nbsp; 6.533% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 577<br>&nbsp;&nbsp;&nbsp; 584<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.431%) | &nbsp;&nbsp; 6.442% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 578<br>&nbsp;&nbsp;&nbsp; 585<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 2.442%) | &nbsp;&nbsp; 6.395% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 5201<br>&nbsp;&nbsp;&nbsp; 5398<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (1 year Treasury Constant <br> Maturity Rate + 3.258%) | &nbsp;&nbsp; 7.258% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 47<br>&nbsp;&nbsp;&nbsp; 48<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average <br> + 1.400%) | &nbsp;&nbsp; 5.477% | &nbsp;&nbsp; 6/1/40- <br>11/1/40<br>| &nbsp;&nbsp; 12929<br> &nbsp;&nbsp;&nbsp; 13110<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average <br> + 1.593%) | &nbsp;&nbsp; 5.659% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 5871<br>&nbsp;&nbsp;&nbsp; 5963<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average <br> + 1.665%) | &nbsp;&nbsp; 5.765% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 12959<br>&nbsp;&nbsp;&nbsp; 13160<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average <br> + 1.827%) | &nbsp;&nbsp; 5.908% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 8355<br>&nbsp;&nbsp;&nbsp; 8521<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average <br> + 1.837%) | &nbsp;&nbsp; 5.889% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 4648<br>&nbsp;&nbsp;&nbsp; 4717<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Short Duration U.S. Government ETF 2025 Quarterly Report

------

 **Franklin Short Duration U.S. Government ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>|
| *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average <br> + 1.841%) | &nbsp;&nbsp; 5.908% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; $51311<br>&nbsp;&nbsp;&nbsp; $51868<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average <br> + 1.856%) | &nbsp;&nbsp; 5.899% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 8836<br>&nbsp;&nbsp;&nbsp; 9008<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average <br> + 1.902%) | &nbsp;&nbsp; 5.985% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 8973<br>&nbsp;&nbsp;&nbsp; 9089<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average <br> + 1.908%) | &nbsp;&nbsp; 5.981% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 17734<br>&nbsp;&nbsp;&nbsp; 18038<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average <br> + 1.922%) | &nbsp;&nbsp; 5.993% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 35765<br>&nbsp;&nbsp;&nbsp; 36205<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average <br> + 1.996%) | &nbsp;&nbsp; 6.078% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 11654<br>&nbsp;&nbsp;&nbsp; 11853<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average <br> + 2.004%) | &nbsp;&nbsp; 6.090% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 63618<br>&nbsp;&nbsp;&nbsp; 65302<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average <br> + 2.094%) | &nbsp;&nbsp; 6.157% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 108467<br>&nbsp;&nbsp;&nbsp; 111372<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average <br> + 2.219%) | &nbsp;&nbsp; 6.296% | &nbsp;&nbsp; 10/1/36 | &nbsp;&nbsp; 17461<br>&nbsp;&nbsp;&nbsp; 17999<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average <br> + 2.243%) | &nbsp;&nbsp; 6.311% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 23556<br>&nbsp;&nbsp;&nbsp; 24308<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (12 mo. Moving Treasury Average <br> + 2.258%) | &nbsp;&nbsp; 6.301% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 12593<br>&nbsp;&nbsp;&nbsp; 13052<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 0.845%) | &nbsp;&nbsp; 5.220% | &nbsp;&nbsp; 11/1/33 | &nbsp;&nbsp; 147<br>&nbsp;&nbsp;&nbsp; 147<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.171%) | &nbsp;&nbsp; 5.522% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 239<br>&nbsp;&nbsp;&nbsp; 239<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.313%) | &nbsp;&nbsp; 5.988% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 204<br>&nbsp;&nbsp;&nbsp; 204<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.355%) | &nbsp;&nbsp; 6.105% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 331<br>&nbsp;&nbsp;&nbsp; 334<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.355%) | &nbsp;&nbsp; 5.980% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 42<br>&nbsp;&nbsp;&nbsp; 43<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.413%) | &nbsp;&nbsp; 6.116% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 1450<br>&nbsp;&nbsp;&nbsp; 1481<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.430%) | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 67508<br>&nbsp;&nbsp;&nbsp; 68772<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.475%) | &nbsp;&nbsp; 6.120% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 28733<br>&nbsp;&nbsp;&nbsp; 29372<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.494%) | &nbsp;&nbsp; 6.093% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 1263<br>&nbsp;&nbsp;&nbsp; 1286<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.497%) | &nbsp;&nbsp; 6.104% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 5495<br>&nbsp;&nbsp;&nbsp; 5641<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.498%) | &nbsp;&nbsp; 5.887% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 1941<br>&nbsp;&nbsp;&nbsp; 1982<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.510%) | &nbsp;&nbsp; 5.971% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 33659<br>&nbsp;&nbsp;&nbsp; 34196<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.519%) | &nbsp;&nbsp; 5.985% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 980<br>&nbsp;&nbsp;&nbsp; 1020<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Short Duration U.S. Government ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Short Duration U.S. Government ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.550%) | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/1/33- <br>5/1/35<br>| &nbsp;&nbsp; $2613 | &nbsp;&nbsp;&nbsp; $2659<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.550%) | &nbsp;&nbsp; 6.199% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 1665<br>| &nbsp;&nbsp;&nbsp; 1711<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.550%) | &nbsp;&nbsp; 6.175% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 1119<br>| &nbsp;&nbsp;&nbsp; 1164<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.550%) | &nbsp;&nbsp; 6.189% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 2467<br>| &nbsp;&nbsp;&nbsp; 2528<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.565%) | &nbsp;&nbsp; 5.939% | &nbsp;&nbsp; 6/1/35 | &nbsp;&nbsp; 4709<br>| &nbsp;&nbsp;&nbsp; 4860<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.565%) | &nbsp;&nbsp; 6.095% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 3015<br>| &nbsp;&nbsp;&nbsp; 3086<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.570%) | &nbsp;&nbsp; 6.070% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 1755<br>| &nbsp;&nbsp;&nbsp; 1789<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.570%) | &nbsp;&nbsp; 6.189% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 180570<br>| &nbsp;&nbsp;&nbsp; 187597<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.600%) | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 37745<br>| &nbsp;&nbsp;&nbsp; 38608<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.661%) | &nbsp;&nbsp; 6.171% | &nbsp;&nbsp; 4/1/36 | &nbsp;&nbsp; 1354<br>| &nbsp;&nbsp;&nbsp; 1408<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.745%) | &nbsp;&nbsp; 6.313% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 7657<br>| &nbsp;&nbsp;&nbsp; 7919<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (6 mo. FTSE USD IBOR Consumer <br> Cash Fallbacks + 1.770%) | &nbsp;&nbsp; 6.270% | &nbsp;&nbsp; 11/1/34 | &nbsp;&nbsp; 9604<br>| &nbsp;&nbsp;&nbsp; 9694<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (Enterprise 11th District COFI <br> Replacement Index + 1.254%) | &nbsp;&nbsp; 4.210% | &nbsp;&nbsp; 10/1/27 | &nbsp;&nbsp; 20<br>| &nbsp;&nbsp;&nbsp; 20<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (Enterprise 11th District COFI <br> Replacement Index + 1.254%) | &nbsp;&nbsp; 4.388% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 4321<br>| &nbsp;&nbsp;&nbsp; 4280<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) (Enterprise 11th District COFI <br> Replacement Index + 1.695%) | &nbsp;&nbsp; 4.616% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 658<br>| &nbsp;&nbsp;&nbsp; 656<br> <sup>(a)</sup><br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *37634957* |
| *GNMA — 9.7%* | *GNMA — 9.7%* | *GNMA — 9.7%* | *GNMA — 9.7%* | *GNMA — 9.7%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/20/54- <br>4/20/55<br>| &nbsp;&nbsp; 8722991 | &nbsp;&nbsp;&nbsp; 8712833<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/20/55 | &nbsp;&nbsp; 5762371<br>| &nbsp;&nbsp;&nbsp; 5963637<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/20/55- <br>8/20/55<br>| &nbsp;&nbsp; 11659321 | &nbsp;&nbsp;&nbsp; 11907274<br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *26583744* |
| **Total Mortgage-Backed Securities (Cost — $95,450,447)** | **Total Mortgage-Backed Securities (Cost — $95,450,447)** | **Total Mortgage-Backed Securities (Cost — $95,450,447)** | **Total Mortgage-Backed Securities (Cost — $95,450,447)** | &nbsp;&nbsp; **96335421** |
| **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 21.4%** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 21.4%** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 21.4%** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 21.4%** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— 21.4%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF30 A (30 Day Average SOFR + 0.484%) | &nbsp;&nbsp; 4.493% | &nbsp;&nbsp; 3/25/27 | &nbsp;&nbsp; 15351<br>| &nbsp;&nbsp;&nbsp; 15346<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF40 A (30 Day Average SOFR + 0.454%) | &nbsp;&nbsp; 4.463% | &nbsp;&nbsp; 11/25/27 | &nbsp;&nbsp; 72858<br>| &nbsp;&nbsp;&nbsp; 72745<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF43 A (30 Day Average SOFR + 0.354%) | &nbsp;&nbsp; 4.363% | &nbsp;&nbsp; 1/25/28 | &nbsp;&nbsp; 314731<br>| &nbsp;&nbsp;&nbsp; 313277<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF48 A (30 Day Average SOFR + 0.404%) | &nbsp;&nbsp; 4.413% | &nbsp;&nbsp; 6/25/28 | &nbsp;&nbsp; 213066<br>| &nbsp;&nbsp;&nbsp; 212244<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Short Duration U.S. Government ETF 2025 Quarterly Report

------

 **Franklin Short Duration U.S. Government ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>|
| **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF56 A (30 Day Average SOFR + 0.674%) | &nbsp;&nbsp; 4.683% | &nbsp;&nbsp; 11/25/28 | &nbsp;&nbsp; $488124<br>&nbsp;&nbsp;&nbsp; $488682<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF57 A (30 Day Average SOFR + 0.654%) | &nbsp;&nbsp; 4.663% | &nbsp;&nbsp; 12/25/28 | &nbsp;&nbsp; 710683<br>&nbsp;&nbsp;&nbsp; 710730<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF59 A (30 Day Average SOFR + 0.654%) | &nbsp;&nbsp; 4.663% | &nbsp;&nbsp; 2/25/29 | &nbsp;&nbsp; 497734<br>&nbsp;&nbsp;&nbsp; 498405<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF60 A (30 Day Average SOFR + 0.604%) | &nbsp;&nbsp; 4.613% | &nbsp;&nbsp; 2/25/26 | &nbsp;&nbsp; 186784<br>&nbsp;&nbsp;&nbsp; 186811<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF61 A (30 Day Average SOFR + 0.644%) | &nbsp;&nbsp; 4.653% | &nbsp;&nbsp; 3/25/29 | &nbsp;&nbsp; 1139233<br>&nbsp;&nbsp;&nbsp; 1139163<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF62 A (30 Day Average SOFR + 0.594%) | &nbsp;&nbsp; 4.603% | &nbsp;&nbsp; 4/25/26 | &nbsp;&nbsp; 244403<br>&nbsp;&nbsp;&nbsp; 244424<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF63 A (30 Day Average SOFR + 0.554%) | &nbsp;&nbsp; 4.563% | &nbsp;&nbsp; 5/25/29 | &nbsp;&nbsp; 960950<br>&nbsp;&nbsp;&nbsp; 960891<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF64 A (30 Day Average SOFR + 0.554%) | &nbsp;&nbsp; 4.563% | &nbsp;&nbsp; 6/25/26 | &nbsp;&nbsp; 461336<br>&nbsp;&nbsp;&nbsp; 461269<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF65 A (30 Day Average SOFR + 0.634%) | &nbsp;&nbsp; 4.643% | &nbsp;&nbsp; 7/25/29 | &nbsp;&nbsp; 460911<br>&nbsp;&nbsp;&nbsp; 461226<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF67 A (30 Day Average SOFR + 0.634%) | &nbsp;&nbsp; 4.643% | &nbsp;&nbsp; 8/25/29 | &nbsp;&nbsp; 591321<br>&nbsp;&nbsp;&nbsp; 592377<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF68 A (30 Day Average SOFR + 0.604%) | &nbsp;&nbsp; 4.613% | &nbsp;&nbsp; 7/25/26 | &nbsp;&nbsp; 429415<br>&nbsp;&nbsp;&nbsp; 429519<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF70 A (30 Day Average SOFR + 0.634%) | &nbsp;&nbsp; 4.643% | &nbsp;&nbsp; 9/25/29 | &nbsp;&nbsp; 220534<br>&nbsp;&nbsp;&nbsp; 220571<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF72 A (30 Day Average SOFR + 0.614%) | &nbsp;&nbsp; 4.623% | &nbsp;&nbsp; 10/25/26 | &nbsp;&nbsp; 78082<br>&nbsp;&nbsp;&nbsp; 78074<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF75 AL (30 Day Average SOFR + 0.624%) | &nbsp;&nbsp; 4.633% | &nbsp;&nbsp; 12/25/29 | &nbsp;&nbsp; 834203<br>&nbsp;&nbsp;&nbsp; 836346<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF77 AL (30 Day Average SOFR + 0.814%) | &nbsp;&nbsp; 4.823% | &nbsp;&nbsp; 2/25/27 | &nbsp;&nbsp; 585657<br>&nbsp;&nbsp;&nbsp; 586501<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF78 AL (30 Day Average SOFR + 0.914%) | &nbsp;&nbsp; 4.923% | &nbsp;&nbsp; 3/25/30 | &nbsp;&nbsp; 899834<br>&nbsp;&nbsp;&nbsp; 904593<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF79 AL (30 Day Average SOFR + 0.584%) | &nbsp;&nbsp; 4.593% | &nbsp;&nbsp; 5/25/30 | &nbsp;&nbsp; 943485<br>&nbsp;&nbsp;&nbsp; 943878<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF80 AL (30 Day Average SOFR + 0.554%) | &nbsp;&nbsp; 4.563% | &nbsp;&nbsp; 6/25/30 | &nbsp;&nbsp; 861966<br>&nbsp;&nbsp;&nbsp; 861657<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF81 AL (30 Day Average SOFR + 0.474%) | &nbsp;&nbsp; 4.483% | &nbsp;&nbsp; 6/25/27 | &nbsp;&nbsp; 221135<br>&nbsp;&nbsp;&nbsp; 221190<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF82 AL (30 Day Average SOFR + 0.484%) | &nbsp;&nbsp; 4.493% | &nbsp;&nbsp; 6/25/30 | &nbsp;&nbsp; 789908<br>&nbsp;&nbsp;&nbsp; 788967<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF83 AL (30 Day Average SOFR + 0.474%) | &nbsp;&nbsp; 4.483% | &nbsp;&nbsp; 6/25/30 | &nbsp;&nbsp; 407393<br>&nbsp;&nbsp;&nbsp; 407216<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF84 AL (30 Day Average SOFR + 0.414%) | &nbsp;&nbsp; 4.423% | &nbsp;&nbsp; 7/25/30 | &nbsp;&nbsp; 961222<br>&nbsp;&nbsp;&nbsp; 958700<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF85 AL (30 Day Average SOFR + 0.414%) | &nbsp;&nbsp; 4.423% | &nbsp;&nbsp; 8/25/30 | &nbsp;&nbsp; 53823<br>&nbsp;&nbsp;&nbsp; 53674<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF86 AL (30 Day Average SOFR + 0.404%) | &nbsp;&nbsp; 4.413% | &nbsp;&nbsp; 8/25/27 | &nbsp;&nbsp; 624935<br>&nbsp;&nbsp;&nbsp; 624297<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Short Duration U.S. Government ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Short Duration U.S. Government 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>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF87 AL (30 Day Average SOFR + 0.464%) | &nbsp;&nbsp; 4.473% | &nbsp;&nbsp; 8/25/30 | &nbsp;&nbsp; $598935<br>| &nbsp;&nbsp;&nbsp; $597929<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF88 AL (30 Day Average SOFR + 0.444%) | &nbsp;&nbsp; 4.453% | &nbsp;&nbsp; 9/25/30 | &nbsp;&nbsp; 604655<br>| &nbsp;&nbsp;&nbsp; 604380<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF89 AL (30 Day Average SOFR + 0.434%) | &nbsp;&nbsp; 4.443% | &nbsp;&nbsp; 9/25/30 | &nbsp;&nbsp; 1231420<br>| &nbsp;&nbsp;&nbsp; 1227297<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF94 AL (30 Day Average SOFR + 0.414%) | &nbsp;&nbsp; 4.423% | &nbsp;&nbsp; 11/25/30 | &nbsp;&nbsp; 445460<br>| &nbsp;&nbsp;&nbsp; 443332<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF96 AL (30 Day Average SOFR + 0.374%) | &nbsp;&nbsp; 4.383% | &nbsp;&nbsp; 12/25/30 | &nbsp;&nbsp; 602916<br>| &nbsp;&nbsp;&nbsp; 599719<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF98 AL (30 Day Average SOFR + 0.284%) | &nbsp;&nbsp; 4.293% | &nbsp;&nbsp; 12/25/30 | &nbsp;&nbsp; 608136<br>| &nbsp;&nbsp;&nbsp; 607570<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF99 AS (30 Day Average SOFR + 0.200%) | &nbsp;&nbsp; 4.209% | &nbsp;&nbsp; 12/25/30 | &nbsp;&nbsp; 987601<br>| &nbsp;&nbsp;&nbsp; 976469<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF129 AS (30 Day Average SOFR + 0.250%) | &nbsp;&nbsp; 4.259% | &nbsp;&nbsp; 1/25/29 | &nbsp;&nbsp; 421718<br>| &nbsp;&nbsp;&nbsp; 419089<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF130 AS (30 Day Average SOFR + 0.290%) | &nbsp;&nbsp; 4.299% | &nbsp;&nbsp; 1/25/29 | &nbsp;&nbsp; 2352498<br>| &nbsp;&nbsp;&nbsp; 2340836<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF132 AS (30 Day Average SOFR + 0.390%) | &nbsp;&nbsp; 4.399% | &nbsp;&nbsp; 2/25/32 | &nbsp;&nbsp; 1274012<br>| &nbsp;&nbsp;&nbsp; 1268314<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF135 AS (30 Day Average SOFR + 0.370%) | &nbsp;&nbsp; 4.379% | &nbsp;&nbsp; 5/25/29 | &nbsp;&nbsp; 2137924<br>| &nbsp;&nbsp;&nbsp; 2134305<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF137 AS (30 Day Average SOFR + 0.450%) | &nbsp;&nbsp; 4.459% | &nbsp;&nbsp; 4/25/32 | &nbsp;&nbsp; 1365649<br>| &nbsp;&nbsp;&nbsp; 1362320<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF138 AS (30 Day Average SOFR + 0.480%) | &nbsp;&nbsp; 4.489% | &nbsp;&nbsp; 6/25/32 | &nbsp;&nbsp; 1880025<br>| &nbsp;&nbsp;&nbsp; 1875417<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF139 AS (30 Day Average SOFR + 0.540%) | &nbsp;&nbsp; 4.549% | &nbsp;&nbsp; 6/25/32 | &nbsp;&nbsp; 1971855<br>| &nbsp;&nbsp;&nbsp; 1969239<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF160 AS (30 Day Average SOFR + 0.700%) | &nbsp;&nbsp; 4.709% | &nbsp;&nbsp; 10/25/30 | &nbsp;&nbsp; 1033667<br>| &nbsp;&nbsp;&nbsp; 1037336<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF163 AS (30 Day Average SOFR + 0.580%) | &nbsp;&nbsp; 4.589% | &nbsp;&nbsp; 4/25/34 | &nbsp;&nbsp; 991377<br>| &nbsp;&nbsp;&nbsp; 992024<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, KF164 AS (30 Day Average SOFR + 0.570%) | &nbsp;&nbsp; 4.579% | &nbsp;&nbsp; 10/25/34 | &nbsp;&nbsp; 1924563<br>| &nbsp;&nbsp;&nbsp; 1924113<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily Structured Pass-Through <br> Certificates, K-F112 AS (30 Day Average SOFR + 0.230%) | &nbsp;&nbsp; 4.239% | &nbsp;&nbsp; 4/25/31 | &nbsp;&nbsp; 565957<br>| &nbsp;&nbsp;&nbsp; 561337<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 3736 FN (30 Day Average <br> SOFR + 0.564%) | &nbsp;&nbsp; 4.548% | &nbsp;&nbsp; 10/15/40 | &nbsp;&nbsp; 816412<br>| &nbsp;&nbsp;&nbsp; 810204<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 4952 PD, PAC | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/25/50 | &nbsp;&nbsp; 748292<br>| &nbsp;&nbsp;&nbsp; 634193<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5009 BH | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 5/25/44 | &nbsp;&nbsp; 1258046<br>| &nbsp;&nbsp;&nbsp; 1014544<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5517 FH (30 Day Average <br> SOFR + 1.150%) | &nbsp;&nbsp; 5.024% | &nbsp;&nbsp; 3/25/55 | &nbsp;&nbsp; 969144<br>| &nbsp;&nbsp;&nbsp; 977221<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5537 FC (30 Day Average <br> SOFR + 1.150%) | &nbsp;&nbsp; 5.024% | &nbsp;&nbsp; 5/25/55 | &nbsp;&nbsp; 1140512<br>| &nbsp;&nbsp;&nbsp; 1145091<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) REMIC, 5568 FG (30 Day Average <br> SOFR + 1.100%) | &nbsp;&nbsp; 4.974% | &nbsp;&nbsp; 8/25/55 | &nbsp;&nbsp; 1128792<br>| &nbsp;&nbsp;&nbsp; 1133339<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) STRIPS, 413 F23 (30 Day Average <br> SOFR + 1.050%) | &nbsp;&nbsp; 4.924% | &nbsp;&nbsp; 5/25/54 | &nbsp;&nbsp; 608819<br>| &nbsp;&nbsp;&nbsp; 610626<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) ACES, 2020-M42 A1 | &nbsp;&nbsp; 0.785% | &nbsp;&nbsp; 7/25/30 | &nbsp;&nbsp; 1362674<br>| &nbsp;&nbsp;&nbsp; 1321552<br>|

---

See Notes to Schedule of Investments.

------

Franklin Short Duration U.S. Government ETF 2025 Quarterly Report

------

 **Franklin Short Duration U.S. Government 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>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(c)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2011-96 FA (30 Day <br> Average SOFR + 0.564%) | &nbsp;&nbsp; 4.439% | &nbsp;&nbsp; 10/25/41 | &nbsp;&nbsp; $899538<br>| &nbsp;&nbsp;&nbsp; $895431<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2013-3 BQ, PAC | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 1/25/43 | &nbsp;&nbsp; 765188<br>| &nbsp;&nbsp;&nbsp; 680809<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2016-62 FH (30 Day <br> Average SOFR + 0.514%) | &nbsp;&nbsp; 4.389% | &nbsp;&nbsp; 9/25/46 | &nbsp;&nbsp; 533749<br>| &nbsp;&nbsp;&nbsp; 529547<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2016-75 FC (30 Day <br> Average SOFR + 0.514%) | &nbsp;&nbsp; 4.389% | &nbsp;&nbsp; 10/25/46 | &nbsp;&nbsp; 464159<br>| &nbsp;&nbsp;&nbsp; 460674<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2017-20 JA, PAC | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/25/45 | &nbsp;&nbsp; 563306<br>| &nbsp;&nbsp;&nbsp; 554424<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2018-70 HF (30 Day <br> Average SOFR + 0.464%) | &nbsp;&nbsp; 4.339% | &nbsp;&nbsp; 10/25/58 | &nbsp;&nbsp; 1044100<br>| &nbsp;&nbsp;&nbsp; 1023506<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2019-38 CF (30 Day <br> Average SOFR + 0.564%) | &nbsp;&nbsp; 4.439% | &nbsp;&nbsp; 7/25/49 | &nbsp;&nbsp; 1300269<br>| &nbsp;&nbsp;&nbsp; 1277747<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2019-47 FB (30 Day <br> Average SOFR + 0.514%) | &nbsp;&nbsp; 4.389% | &nbsp;&nbsp; 5/25/40 | &nbsp;&nbsp; 295516<br>| &nbsp;&nbsp;&nbsp; 292606<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2024-8 FA (30 Day <br> Average SOFR + 1.050%) | &nbsp;&nbsp; 4.924% | &nbsp;&nbsp; 3/25/54 | &nbsp;&nbsp; 566939<br>| &nbsp;&nbsp;&nbsp; 569637<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2024-33 KF, PAC (30 Day <br> Average SOFR + 0.950%) | &nbsp;&nbsp; 4.824% | &nbsp;&nbsp; 1/25/54 | &nbsp;&nbsp; 533600<br>| &nbsp;&nbsp;&nbsp; 535976<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2024-54 FC (30 Day <br> Average SOFR + 0.970%) | &nbsp;&nbsp; 4.844% | &nbsp;&nbsp; 8/25/54 | &nbsp;&nbsp; 876613<br>| &nbsp;&nbsp;&nbsp; 880901<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2024-98 FA (30 Day <br> Average SOFR + 1.150%) | &nbsp;&nbsp; 5.024% | &nbsp;&nbsp; 12/25/53 | &nbsp;&nbsp; 366252<br>| &nbsp;&nbsp;&nbsp; 367521<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2024-103 FB (30 Day <br> Average SOFR + 0.950%) | &nbsp;&nbsp; 4.824% | &nbsp;&nbsp; 1/25/55 | &nbsp;&nbsp; 1053821<br>| &nbsp;&nbsp;&nbsp; 1056688<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2024-105 FC (30 Day <br> Average SOFR + 1.000%) | &nbsp;&nbsp; 4.874% | &nbsp;&nbsp; 1/25/55 | &nbsp;&nbsp; 1179873<br>| &nbsp;&nbsp;&nbsp; 1184195<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2025-55 FG (30 Day <br> Average SOFR + 1.100%) | &nbsp;&nbsp; 4.974% | &nbsp;&nbsp; 7/25/55 | &nbsp;&nbsp; 1137712<br>| &nbsp;&nbsp;&nbsp; 1142148<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) REMIC, 2025-59 FD (30 Day <br> Average SOFR + 1.100%) | &nbsp;&nbsp; 4.974% | &nbsp;&nbsp; 8/25/55 | &nbsp;&nbsp; 1188632<br>| &nbsp;&nbsp;&nbsp; 1193392<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2007-20 FM (1 mo. Term <br> SOFR + 0.414%) | &nbsp;&nbsp; 4.148% | &nbsp;&nbsp; 4/20/37 | &nbsp;&nbsp; 909569<br>| &nbsp;&nbsp;&nbsp; 898563<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2010-12 FD (1 mo. Term <br> SOFR + 0.714%) | &nbsp;&nbsp; 4.449% | &nbsp;&nbsp; 1/16/40 | &nbsp;&nbsp; 714835<br>| &nbsp;&nbsp;&nbsp; 714369<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA), 2011-80 FC (1 mo. Term <br> SOFR + 0.444%) | &nbsp;&nbsp; 4.178% | &nbsp;&nbsp; 6/20/41 | &nbsp;&nbsp; 1276042<br>| &nbsp;&nbsp;&nbsp; 1262923<br> <sup>(a)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $59,091,163)** | **Total Collateralized Mortgage Obligations (Cost — $59,091,163)** | **Total Collateralized Mortgage Obligations (Cost — $59,091,163)** | **Total Collateralized Mortgage Obligations (Cost — $59,091,163)** | &nbsp;&nbsp; **58381626** |
| **Corporate Bonds & Notes — 0.1%** | **Corporate Bonds & Notes — 0.1%** | **Corporate Bonds & Notes — 0.1%** | **Corporate Bonds & Notes — 0.1%** | **Corporate Bonds & Notes — 0.1%** |
| **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** | **Energy — 0.1%** |
| *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* | *Oil, Gas & Consumable Fuels — 0.1%* |
| &nbsp;&nbsp;&nbsp; Reliance Industries Ltd., Senior Notes | &nbsp;&nbsp; 2.060% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 125000<br>| &nbsp;&nbsp;&nbsp; 124881<br>|
| &nbsp;&nbsp;&nbsp; Reliance Industries Ltd., Senior Notes | &nbsp;&nbsp; 2.512% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 93750<br>| &nbsp;&nbsp;&nbsp; 93677<br>|
| **Total Corporate Bonds & Notes (Cost — $218,742)** | **Total Corporate Bonds & Notes (Cost — $218,742)** | **Total Corporate Bonds & Notes (Cost — $218,742)** | **Total Corporate Bonds & Notes (Cost — $218,742)** | &nbsp;&nbsp; **218558** |
| **Total Investments before Short-Term Investments (Cost — $252,115,231)** | **Total Investments before Short-Term Investments (Cost — $252,115,231)** | **Total Investments before Short-Term Investments (Cost — $252,115,231)** | **Total Investments before Short-Term Investments (Cost — $252,115,231)** | &nbsp;&nbsp; **252586560** |

---

See Notes to Schedule of Investments.

------

Franklin Short Duration U.S. Government ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin Short Duration U.S. Government ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Shares | Value |
| **Short-Term Investments — 8.6%** | **Short-Term Investments — 8.6%** | **Short-Term Investments — 8.6%** | **Short-Term Investments — 8.6%** |
| &nbsp;&nbsp;&nbsp; Franklin Institutional U.S. Government Money Market Fund, Class A Shares <br> (Cost — $23,319,758)  | &nbsp;&nbsp; 3.620% | &nbsp;&nbsp; 23319758<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$23319758**<br> <sup>(d)(e)(f)</sup><br>|
| **Total Investments — 101.2% (Cost — $275,434,989)** | **Total Investments — 101.2% (Cost — $275,434,989)** | **Total Investments — 101.2% (Cost — $275,434,989)** | &nbsp;&nbsp; **275906318** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (1.2)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (1.2)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (1.2)% | &nbsp;&nbsp;&nbsp; (3202174)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$272704144** |

---

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

<sup>(a)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published 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>(b)</sup> This security is traded on a to-be-announced ("TBA") basis. At December 31, 2025, the Fund held TBA securities with a total cost of $5,045,117.

<sup>(c)</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>(d)</sup> Rate shown is one-day yield as of the end of the reporting period. 

<sup>(e)</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 $23,319,758 and the cost was $23,319,758 (Note 2). 

<sup>(f)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| ACES |  | Alternative Credit Enhancement Securities |
| IBOR |  | Interbank Offered Rate |
| PAC |  | Planned Amortization Class |
| REMIC |  | Real Estate Mortgage Investment Conduit |
| SOFR |  | Secured Overnight Financing Rate |
| STRIPS |  | Separate Trading of Registered Interest and Principal Securities |
| USD |  | United States Dollar |

---

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>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| **Contracts to Buy:** |  |  |  |  |  |
| U.S. Treasury 2-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $53258941 | &nbsp;&nbsp;&nbsp;&nbsp; $53241211 | &nbsp;&nbsp;&nbsp;&nbsp; $(17730) |
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury 5-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1206291 | &nbsp;&nbsp;&nbsp;&nbsp; 1202352 | &nbsp;&nbsp;&nbsp;&nbsp; 3939 |
| U.S. Treasury Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5742115 | &nbsp;&nbsp;&nbsp;&nbsp; 5664094 | &nbsp;&nbsp;&nbsp;&nbsp; 78021 |
| U.S. Treasury Ultra 10-Year Notes | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; 5448261 | &nbsp;&nbsp;&nbsp;&nbsp; 5405734 | &nbsp;&nbsp;&nbsp;&nbsp; 42527 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 124487 |
| **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | **Net unrealized appreciation on open futures contracts** | &nbsp;&nbsp;&nbsp; **$106757** |

---

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

See Notes to Schedule of Investments.

------

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

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

Shares of the Fund are listed and traded at market prices on NASDAQ. 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 issued and redeemed generally in-kind for a basket of securities and/or cash.. Except when aggregated in Creation Units, shares of the Fund are not redeemable by the Fund. Shareholders who are not Authorized Participants may not redeem shares directly from the Fund at NAV.

The Fund seeks to provide a high level of current income as is consistent with prudent investing, while seeking 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. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (London Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

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

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from

------

Franklin Short Duration U.S. Government ETF 2025 Quarterly Report

------

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

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 and liabilities carried at fair value: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $97650955 | &nbsp;&nbsp; — | &nbsp;&nbsp; $97650955 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 96335421 | &nbsp;&nbsp; — | &nbsp;&nbsp; 96335421 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 58381626 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58381626 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 218558 | &nbsp;&nbsp; — | &nbsp;&nbsp; 218558 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 252586560 | &nbsp;&nbsp; — | &nbsp;&nbsp; 252586560 |
| Short-Term Investments† | &nbsp;&nbsp; $23319758 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23319758 |
| **Total Investments** | &nbsp;&nbsp; **$23319758** | &nbsp;&nbsp; **$252586560** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$275906318** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $124487 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $124487 |
| **Total** | &nbsp;&nbsp; **$23444245** | &nbsp;&nbsp; **$252586560** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$276030805** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $17730 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $17730 |

---

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

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

------

Franklin Short Duration U.S. Government ETF 2025 Quarterly Report

------

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

**2. Transactions with affiliated company**

As defined in the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the company's 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>March 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>March 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Franklin Institutional U.S. <br> Government Money <br> Market Fund, Class A <br> Shares<sup>(a)</sup> <br>| $8116963 | $170814951 | 170814951 | $155612156 | 155612156 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>December 31, <br>2025<br>|
| Franklin Institutional U.S. <br> Government Money Market <br> Fund, Class A Shares<sup>(a)</sup> <br>|  | $469446 |  | $23319758 |

---

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

<sup>(a)</sup> Prior to September 23, 2025, known as Institutional Fiduciary Trust — Money Market Portfolio.

------

Franklin Short Duration U.S. Government 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:** Franklin ETF Trust

- **b. Investment Company Act file number:** 811-22801

- **c. CIK number of Registrant:** 0001551895

- **d. LEI of Registrant:** 5493002I0ZV9SI9DX447

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

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

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Franklin Short Duration U.S. Government ETF

- **b. EDGAR series identifier (if any):** S000040579

- **c. LEI of Series:** 549300SJ8ZYS4H43HY44

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

- **a. Date of fiscal year-end:** 2026-03-31

- **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:** $277833116.80

**Total Liabilities:** $5129041.60

**Net Assets:** $272704075.20

**Stand-by Commitments:** $5055047.75

**Cash Not Reported:** $2853190.02

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 39.91550000 | **1-Year:** 15295.25406000 | **5-Year:** 41701.96524000 | **10-Year:** 1024.18807000 | **30-Year:** 0.00000000

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

- **3-Month:** 9.44664000 | **1-Year:** 4.33743000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000125848 | 0.39%                | 0.45%                | 0.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $70471.97                | $52551.88                                  |
| Month 2  | $-53549.81               | $273044.61                                 |
| Month 3  | $-33264.01               | $183522.76                                 |

**Designated Index Information**

- **Index Name:** Bloomberg US Aggregate Government (1-3 Y) Index

- **Index Identifier:** BM2542

### 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 10YR ULTRA                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -47 | NC      | $42527.01     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31407YRJ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8836 | PA      | $9007.55      | 0.00%             | 2035-11-01      | Floating      | 5.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S5ZW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    218915 | PA      | $228889.36    | 0.08%             | 2037-09-01      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31406WRX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     25292 | PA      | $26244.95     | 0.01%             | 2035-05-01      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31410GJV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       956 | PA      | $970.89       | 0.00%             | 2033-09-01      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3140J8YY3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4957 | PA      | $4920.04      | 0.00%             | 2031-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128NHWA7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1279 | PA      | $1315.98      | 0.00%             | 2037-01-01      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128QJT48<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2966 | PA      | $3074.31      | 0.00%             | 2037-01-01      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31410QY39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5201 | PA      | $5398.29      | 0.00%             | 2035-05-01      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138ETEJ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10608 | PA      | $10567.99     | 0.00%             | 2027-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31404NCS3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       247 | PA      | $252.32       | 0.00%             | 2035-03-01      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                        | United States Treasury Note/Bond                             | CUSIP: 91282CKZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10133984.40  | 3.72%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128QS3L8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2768 | PA      | $2848.55      | 0.00%             | 2036-10-01      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3140JA5H7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    773224 | PA      | $814209.77    | 0.30%             | 2044-08-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H8AR2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1971855 | PA      | $1969238.55   | 0.72%             | 2032-06-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31410GDY6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3763 | PA      | $3859.70      | 0.00%             | 2035-01-01      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128Q3L90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15268 | PA      | $15993.80     | 0.01%             | 2036-02-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31406YDW7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34736 | PA      | $35829.67     | 0.01%             | 2035-05-01      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31385XUU9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       147 | PA      | $146.84       | 0.00%             | 2033-11-01      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138EHR61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       547 | PA      | $544.69       | 0.00%             | 2027-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402RPJ2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12938 | PA      | $13285.61     | 0.00%             | 2035-07-01      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                         | Ginnie Mae II Pool                                           | CUSIP: 3618N5KV0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2153088 | PA      | $2150390.64   | 0.79%             | 2055-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31349SA45<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     41123 | PA      | $42451.56     | 0.02%             | 2033-10-01      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FL6K5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    497734 | PA      | $498405.21    | 0.18%             | 2029-02-25      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402RTR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26922 | PA      | $27706.38     | 0.01%             | 2035-09-01      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31288QBT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    544003 | PA      | $568555.52    | 0.21%             | 2043-07-01      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138EQJL7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    102456 | PA      | $105720.00    | 0.04%             | 2042-03-01      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31347A2Z6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    173046 | PA      | $181216.37    | 0.07%             | 2042-11-01      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31300MSE4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    486989 | PA      | $508405.28    | 0.19%             | 2036-09-01      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128QPMB5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       990 | PA      | $1021.28      | 0.00%             | 2036-08-01      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128JRNX0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2558 | PA      | $2639.67      | 0.00%             | 2036-09-01      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31403EDZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       709 | PA      | $740.74       | 0.00%             | 2033-10-01      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31417SA42<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11693 | PA      | $12207.23     | 0.00%             | 2039-12-01      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31404JUQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37068 | PA      | $38136.89     | 0.01%             | 2034-03-01      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                         | Ginnie Mae II Pool                                           | CUSIP: 3618N5PL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5762371 | PA      | $5963637.03   | 2.19%             | 2055-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31385XUH8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2077 | PA      | $2131.11      | 0.00%             | 2038-03-01      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S4MN4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       513 | PA      | $529.59       | 0.00%             | 2037-06-01      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                            | CUSIP: 3136ATVV3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    533749 | PA      | $529547.42    | 0.19%             | 2046-09-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402RHW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17890 | PA      | $18396.26     | 0.01%             | 2034-04-01      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                            | CUSIP: 3136BSSC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    876613 | PA      | $880900.75    | 0.32%             | 2054-08-25      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31407XPG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17734 | PA      | $18037.58     | 0.01%             | 2035-11-01      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31404NBP0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3805 | PA      | $3938.72      | 0.00%             | 2035-02-01      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FX4E5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    598935 | PA      | $597928.78    | 0.22%             | 2030-08-25      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31385WZU6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13381 | PA      | $13731.33     | 0.01%             | 2040-04-01      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FLYR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    244403 | PA      | $244423.92    | 0.09%             | 2026-04-25      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                        | United States Treasury Note/Bond                             | CUSIP: 91282CMB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10098046.90  | 3.70%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                         | Government National Mortgage Association                     | CUSIP: 38375JZS7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    909569 | PA      | $898563.11    | 0.33%             | 2037-04-20      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FWHP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     53823 | PA      | $53674.12     | 0.02%             | 2030-08-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128QLP39<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     30231 | PA      | $31700.93     | 0.01%             | 2035-10-01      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402DQR4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29323 | PA      | $30338.19     | 0.01%             | 2034-10-01      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31386G6N8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1336 | PA      | $1344.81      | 0.00%             | 2040-11-01      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31300LRW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     23501 | PA      | $24099.66     | 0.01%             | 2038-10-01      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31406L5A2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5950 | PA      | $6142.30      | 0.00%             | 2036-05-01      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31336CLE1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     10260 | PA      | $10484.84     | 0.00%             | 2033-07-01      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31418ET75<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1323342 | PA      | $1362194.60   | 0.50%             | 2053-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31362M2N7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4321 | PA      | $4279.96      | 0.00%             | 2028-08-01      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FXLS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    624935 | PA      | $624297.46    | 0.23%             | 2027-08-25      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S4NP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5160 | PA      | $5345.29      | 0.00%             | 2036-11-01      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                        | United States Treasury Note/Bond                             | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10068750.00  | 3.69%             | 2027-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H5XZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    421718 | PA      | $419089.22    | 0.15%             | 2029-01-25      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3140JA4Y1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    614385 | PA      | $640196.90    | 0.23%             | 2042-07-01      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31349SGC1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5827 | PA      | $5988.79      | 0.00%             | 2033-11-01      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31406P3R8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7657 | PA      | $7919.38      | 0.00%             | 2035-02-01      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31418AEG9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9245 | PA      | $9193.03      | 0.00%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FV2F8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    789908 | PA      | $788967.46    | 0.29%             | 2030-06-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31349TAD3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     48096 | PA      | $49718.36     | 0.02%             | 2034-07-01      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                             | CUSIP: 3131X6VK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8414 | PA      | $8382.98      | 0.00%             | 2026-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138ENEW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    410613 | PA      | $428414.14    | 0.16%             | 2038-05-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31406GW39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4608 | PA      | $4703.91      | 0.00%             | 2035-02-01      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H0H92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    565957 | PA      | $561337.07    | 0.21%             | 2031-04-25      | Floating      | 4.24%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                         | Ginnie Mae II Pool                                           | CUSIP: 3618N5A33<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   6569903 | PA      | $6562442.06   | 2.41%             | 2054-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31403DQW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15401 | PA      | $15829.82     | 0.01%             | 2036-07-01      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31419AL88<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27777 | PA      | $29048.15     | 0.01%             | 2040-09-01      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31407PWM6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     35765 | PA      | $36205.29     | 0.01%             | 2035-10-01      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402CQF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       116 | PA      | $118.23       | 0.00%             | 2039-09-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                        | United States Treasury Note/Bond                             | CUSIP: 91282CKK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17700000 | PA      | $17773291.28  | 6.52%             | 2026-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                            | CUSIP: 3136B3BB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1044100 | PA      | $1023505.81   | 0.38%             | 2058-10-25      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31410SHK6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2467 | PA      | $2528.00      | 0.00%             | 2036-04-01      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138EHZR6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11222 | PA      | $11613.85     | 0.00%             | 2036-02-01      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                        | United States Treasury Note/Bond                             | CUSIP: 91282CLY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5031077.40   | 1.84%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31404XJX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2695 | PA      | $2763.17      | 0.00%             | 2034-12-01      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138ELV59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       839 | PA      | $835.30       | 0.00%             | 2027-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31385XPP6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        42 | PA      | $42.66        | 0.00%             | 2033-09-01      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                            | CUSIP: 3136BSFC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    533600 | PA      | $535975.81    | 0.20%             | 2054-01-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FNAS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    460911 | PA      | $461226.35    | 0.17%             | 2029-07-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31407X3X7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12959 | PA      | $13160.25     | 0.00%             | 2035-11-01      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac REMICS                                           | CUSIP: 3137FWB90<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1258046 | PA      | $1014544.07   | 0.37%             | 2044-05-25      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31418EVA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1198484 | PA      | $1233578.13   | 0.45%             | 2053-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31384VJ60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        68 | PA      | $68.51        | 0.00%             | 2028-07-01      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H7Z89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1880025 | PA      | $1875416.51   | 0.69%             | 2032-06-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                                       | Freddie Mac Strips                                           | CUSIP: 3133Q3LF6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    608819 | PA      | $610626.27    | 0.22%             | 2054-05-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FREN7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    834203 | PA      | $836346.04    | 0.31%             | 2029-12-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31416CBG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     51311 | PA      | $51867.93     | 0.02%             | 2035-11-01      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31407DUF0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       475 | PA      | $484.95       | 0.00%             | 2035-05-01      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138AVRP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       170 | PA      | $169.36       | 0.00%             | 2026-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31385HJC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       658 | PA      | $655.63       | 0.00%             | 2029-08-01      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31349GS67<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8509 | PA      | $8538.43      | 0.00%             | 2029-07-01      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FWGC8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    961222 | PA      | $958699.66    | 0.35%             | 2030-07-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137F62K2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1231420 | PA      | $1227296.85   | 0.45%             | 2030-09-25      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402RBR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1261 | PA      | $1295.51      | 0.00%             | 2035-03-01      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FTZZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    943485 | PA      | $943878.41    | 0.35%             | 2030-05-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31410Q2C4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      7676 | PA      | $8061.26      | 0.00%             | 2036-03-01      | Floating      | 7.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31416CAU0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     54658 | PA      | $56781.53     | 0.02%             | 2037-09-01      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137HHUV1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1924563 | PA      | $1924112.74   | 0.71%             | 2034-10-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FEJN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    314731 | PA      | $313277.18    | 0.11%             | 2028-01-25      | Floating      | 4.36%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128NCCU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     54350 | PA      | $55972.33     | 0.02%             | 2035-03-01      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac REMICS                                           | CUSIP: 3137HMN89<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1128792 | PA      | $1133339.04   | 0.42%             | 2055-08-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                            | CUSIP: 3136AT2C7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    464159 | PA      | $460674.47    | 0.17%             | 2046-10-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31300LVU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7389 | PA      | $7606.23      | 0.00%             | 2037-01-01      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31409WCB5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     67508 | PA      | $68771.54     | 0.03%             | 2036-02-01      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138EQBQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39671 | PA      | $41445.83     | 0.02%             | 2036-08-01      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.            | US 5YR NOTE (CBT)                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -11 | NC      | $3939.15      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402QX71<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     41073 | PA      | $41999.25     | 0.02%             | 2034-12-01      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138ALMB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3079 | PA      | $3066.19      | 0.00%             | 2026-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S4B48<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1441 | PA      | $1493.28      | 0.00%             | 2036-03-01      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138EJHA9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     39584 | PA      | $40720.35     | 0.01%             | 2035-09-01      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31406BQQ6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11246 | PA      | $11617.58     | 0.00%             | 2035-01-01      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                            | CUSIP: 3136A1NS0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    899538 | PA      | $895431.13    | 0.33%             | 2041-10-25      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FRZ61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    899834 | PA      | $904593.29    | 0.33%             | 2030-03-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                            | CUSIP: 3136B5EY7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1300269 | PA      | $1277746.48   | 0.47%             | 2049-07-25      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                         | Ginnie Mae II Pool                                           | CUSIP: 3618N5RG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5882464 | PA      | $6007488.83   | 2.20%             | 2055-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FUN59<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    861966 | PA      | $861656.48    | 0.32%             | 2030-06-25      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31406H3D7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       980 | PA      | $1020.25      | 0.00%             | 2035-01-01      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31405AQ55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23637 | PA      | $24694.96     | 0.01%             | 2034-12-01      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402RLV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1939 | PA      | $1980.94      | 0.00%             | 2034-10-01      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                            | CUSIP: 3136B5RR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    295516 | PA      | $292606.16    | 0.11%             | 2040-05-25      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31406BEZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3796 | PA      | $3891.51      | 0.00%             | 2034-12-01      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31405FUE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6323 | PA      | $6563.54      | 0.00%             | 2034-10-01      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31349ULB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8620 | PA      | $9008.30      | 0.00%             | 2035-02-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128QJ2K1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11614 | PA      | $11986.27     | 0.00%             | 2037-04-01      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31385Y2D6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11593 | PA      | $11764.82     | 0.00%             | 2040-06-01      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                            | CUSIP: 3136BWSC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1137712 | PA      | $1142148.31   | 0.42%             | 2055-07-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31418MTD4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14148 | PA      | $14726.93     | 0.01%             | 2037-08-01      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31400QX81<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3925 | PA      | $4000.70      | 0.00%             | 2033-04-01      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31406P5X3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     24332 | PA      | $24842.43     | 0.01%             | 2035-01-01      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                                | Reliance Industries Ltd                                      | CUSIP: 759470AU1<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |    125000 | PA      | $124880.89    | 0.05%             | 2026-01-15      | Fixed         | 2.06%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31410GME0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       241 | PA      | $249.62       | 0.00%             | 2037-09-01      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402QWK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        36 | PA      | $36.28        | 0.00%             | 2033-07-01      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128JR3F1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     27428 | PA      | $28101.95     | 0.01%             | 2035-09-01      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31385XHB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       578 | PA      | $585.42       | 0.00%             | 2033-05-01      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31404AY73<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     29134 | PA      | $29822.33     | 0.01%             | 2033-12-01      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138EKDX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     42804 | PA      | $43973.52     | 0.02%             | 2036-11-01      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31349SFL2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     14081 | PA      | $14522.51     | 0.01%             | 2033-11-01      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31404RUM7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1665 | PA      | $1710.68      | 0.00%             | 2034-03-01      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31371L7F0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9212 | PA      | $9465.87      | 0.00%             | 2035-03-01      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137F9CM1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    608136 | PA      | $607569.86    | 0.22%             | 2030-12-25      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3140J57M5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    336522 | PA      | $351281.48    | 0.13%             | 2042-09-01      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128QSU46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     14019 | PA      | $14477.58     | 0.01%             | 2038-01-01      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                            | CUSIP: 3136BUBH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1179873 | PA      | $1184195.08   | 0.43%             | 2055-01-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31347ALP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    191583 | PA      | $199499.28    | 0.07%             | 2042-05-01      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FVNB4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    407393 | PA      | $407216.12    | 0.15%             | 2030-06-25      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31403LLH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14369 | PA      | $14701.33     | 0.01%             | 2033-10-01      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                            | CUSIP: 3136ABXB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    765188 | PA      | $680809.36    | 0.25%             | 2043-01-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31418FMK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2119623 | PA      | $2178092.69   | 0.80%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S4DY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     20546 | PA      | $21308.17     | 0.01%             | 2036-09-01      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128UHB53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     51650 | PA      | $53175.43     | 0.02%             | 2034-08-01      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31418EV98<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5993761 | PA      | $6169610.82   | 2.26%             | 2053-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S5JA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     42588 | PA      | $43868.88     | 0.02%             | 2037-06-01      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31349SEZ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      6046 | PA      | $6211.63      | 0.00%             | 2033-11-01      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31390S3K5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       331 | PA      | $334.20       | 0.00%             | 2032-05-01      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402RN62<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2382 | PA      | $2451.82      | 0.00%             | 2035-07-01      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                              | Fannie Mae or Freddie Mac                                    | CUSIP: 01F052615<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5000000 | PA      | $5070694.20   | 1.86%             | 2056-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31418EP38<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5568387 | PA      | $5670690.09   | 2.08%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RELIANCE INDUSTRIES LTD                                | Reliance Industries Ltd                                      | CUSIP: 759470AT4<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |     93750 | PA      | $93677.22     | 0.03%             | 2026-01-15      | Fixed         | 2.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128JRL61<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15416 | PA      | $16040.29     | 0.01%             | 2035-03-01      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FMCW0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    960950 | PA      | $960890.67    | 0.35%             | 2029-05-25      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31349SAC7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1463 | PA      | $1504.24      | 0.00%             | 2033-09-01      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31410MHB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1354 | PA      | $1408.20      | 0.00%             | 2036-04-01      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31400VP89<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       239 | PA      | $238.90       | 0.00%             | 2028-03-01      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31408DCZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10270 | PA      | $10679.21     | 0.00%             | 2035-12-01      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31407EM59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4691 | PA      | $4833.40      | 0.00%             | 2035-06-01      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137BXR53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     15351 | PA      | $15345.55     | 0.01%             | 2027-03-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138EG5G5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        98 | PA      | $97.79        | 0.00%             | 2026-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31418MN99<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     27394 | PA      | $28153.97     | 0.01%             | 2037-08-01      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31406VHE9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8647 | PA      | $8984.33      | 0.00%             | 2035-05-01      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31404YDV1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9604 | PA      | $9693.51      | 0.00%             | 2034-11-01      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31410FXM2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16505 | PA      | $17030.68     | 0.01%             | 2037-01-01      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137HDPJ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    991377 | PA      | $992023.59    | 0.36%             | 2034-04-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FL7L2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    186784 | PA      | $186810.83    | 0.07%             | 2026-02-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31416CAF3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8656 | PA      | $8978.21      | 0.00%             | 2036-11-01      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138A9BT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3261 | PA      | $3250.38      | 0.00%             | 2026-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31387UEK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        47 | PA      | $47.88        | 0.00%             | 2030-12-01      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S4AA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1993 | PA      | $2057.99      | 0.00%             | 2036-01-01      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31385XK63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1450 | PA      | $1481.04      | 0.00%             | 2033-08-01      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                        | United States Treasury Note/Bond                             | CUSIP: 91282CFM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10108007.80  | 3.71%             | 2027-09-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31419DB59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1620 | PA      | $1613.66      | 0.00%             | 2026-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138ENE21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     84594 | PA      | $88300.39     | 0.03%             | 2040-12-01      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                         | Ginnie Mae II Pool                                           | CUSIP: 3618N5TP4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5776857 | PA      | $5899785.58   | 2.16%             | 2055-08-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S4EH6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       396 | PA      | $407.37       | 0.00%             | 2036-09-01      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac REMICS                                           | CUSIP: 3137FR4D0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    748292 | PA      | $634192.89    | 0.23%             | 2050-02-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31385WVC0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       204 | PA      | $204.08       | 0.00%             | 2027-09-01      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                         | Fannie Mae-Aces                                              | CUSIP: 3136BBG30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1362674 | PA      | $1321552.46   | 0.48%             | 2030-07-25      | Fixed         | 0.79%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31362RD79<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        20 | PA      | $19.62        | 0.00%             | 2027-10-01      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31407XUW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8355 | PA      | $8521.36      | 0.00%             | 2035-11-01      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31409XQX0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1119 | PA      | $1163.89      | 0.00%             | 2036-03-01      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac REMICS                                           | CUSIP: 3137HKGL2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    969144 | PA      | $977220.97    | 0.36%             | 2055-03-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128JRDN3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8444 | PA      | $8653.92      | 0.00%             | 2034-06-01      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31300LWJ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     74190 | PA      | $77368.12     | 0.03%             | 2035-05-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138ELWL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18864 | PA      | $19475.96     | 0.01%             | 2039-09-01      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31407GYA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4709 | PA      | $4859.74      | 0.00%             | 2035-06-01      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                             | CUSIP: 3132DMBL8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    641367 | PA      | $620290.45    | 0.23%             | 2049-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31347A2S2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    237978 | PA      | $247736.40    | 0.09%             | 2038-01-01      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31336CLK7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      5550 | PA      | $5710.16      | 0.00%             | 2033-10-01      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31407PJH2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    108467 | PA      | $111372.12    | 0.04%             | 2035-10-01      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128QLRA1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4620 | PA      | $4835.76      | 0.00%             | 2036-01-01      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31403DLF4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13268 | PA      | $13676.13     | 0.01%             | 2036-05-01      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                         | Government National Mortgage Association                     | CUSIP: 38376LRG6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1276042 | PA      | $1262923.13   | 0.46%             | 2041-06-20      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FRYZ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    585657 | PA      | $586500.72    | 0.22%             | 2027-02-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138EMFG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     46144 | PA      | $47710.56     | 0.02%             | 2037-05-01      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31336CMM2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3136 | PA      | $3233.91      | 0.00%             | 2035-01-01      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                             | CUSIP: 3142J6BJ1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5708969 | PA      | $5791852.64   | 2.12%             | 2055-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31336CLF8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4293 | PA      | $4372.22      | 0.00%             | 2033-08-01      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128JMFP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     44689 | PA      | $45887.39     | 0.02%             | 2035-03-01      | Floating      | 6.74%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31407X4W8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5871 | PA      | $5962.89      | 0.00%             | 2035-11-01      | Floating      | 5.66%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S4NY9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      7023 | PA      | $7217.28      | 0.00%             | 2036-01-01      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                            | CUSIP: 3136BUCU2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    366252 | PA      | $367521.29    | 0.13%             | 2053-12-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                        | United States Treasury Note/Bond                             | CUSIP: 91282CME8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10070735.40  | 3.69%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31408C2U9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2593 | PA      | $2654.58      | 0.00%             | 2035-10-01      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31407MSU0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3015 | PA      | $3085.81      | 0.00%             | 2035-07-01      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137F9Z46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    987601 | PA      | $976469.41    | 0.36%             | 2030-12-25      | Floating      | 4.21%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128JLW39<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2231 | PA      | $2280.64      | 0.00%             | 2034-04-01      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31348S6S8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        98 | PA      | $98.82        | 0.00%             | 2028-01-01      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.            | US LONG BOND(CBT)                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -49 | NC      | $78020.74     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31409JKP4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6738 | PA      | $6987.39      | 0.00%             | 2036-06-01      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128Q2D42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3733 | PA      | $3900.60      | 0.00%             | 2035-03-01      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31368HYX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     15476 | PA      | $15777.76     | 0.01%             | 2033-03-01      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31406PEL9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11163 | PA      | $11529.52     | 0.00%             | 2035-06-01      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FUZR8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    221135 | PA      | $221190.45    | 0.08%             | 2027-06-25      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31406DBZ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12003 | PA      | $12373.22     | 0.00%             | 2035-02-01      | Floating      | 6.44%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FKWZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    710683 | PA      | $710729.67    | 0.26%             | 2028-12-25      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138EPR63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     92176 | PA      | $94769.02     | 0.03%             | 2040-04-01      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FGRL1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    213067 | PA      | $212243.66    | 0.08%             | 2028-06-25      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                             | CUSIP: 3132DWNJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2272366 | PA      | $2305886.95   | 0.85%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31405N7F6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9851 | PA      | $10026.50     | 0.00%             | 2034-10-01      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| EXP-IMP IMB                                            | Export-Import Bank of the United States                      | CUSIP: 302155BA3<br>LEI: 549300NMMHVYCBECJ059 | Long             | DBT              | USGA              | US        |    286586 | PA      | $283623.06    | 0.10%             | 2026-11-12      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128Q3RJ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     72253 | PA      | $75732.45     | 0.03%             | 2035-12-01      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31391UD69<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8709 | PA      | $8879.12      | 0.00%             | 2033-01-01      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31349UFS2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11568 | PA      | $11933.17     | 0.00%             | 2034-11-01      | Floating      | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31410EKC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     12593 | PA      | $13052.06     | 0.00%             | 2036-09-01      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                            | CUSIP: 3136BQU49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    566939 | PA      | $569636.69    | 0.21%             | 2054-03-25      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H7KA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2137924 | PA      | $2134304.98   | 0.78%             | 2029-05-25      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S4CR6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      4236 | PA      | $4397.68      | 0.00%             | 2036-01-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31406WQP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28733 | PA      | $29372.27     | 0.01%             | 2035-03-01      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FNXA3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    591321 | PA      | $592377.08    | 0.22%             | 2029-08-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31403DMV8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1263 | PA      | $1286.39      | 0.00%             | 2036-04-01      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402CR53<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       298 | PA      | $303.41       | 0.00%             | 2033-12-01      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31409UWN1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1755 | PA      | $1789.04      | 0.00%             | 2035-11-01      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                        | United States Treasury Note/Bond                             | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10063476.60  | 3.69%             | 2027-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S4YN1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     22924 | PA      | $23588.49     | 0.01%             | 2037-06-01      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138EKSY2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11232 | PA      | $11762.17     | 0.00%             | 2037-12-01      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31419AUA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    176592 | PA      | $184352.16    | 0.07%             | 2040-10-01      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H6LW3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1274012 | PA      | $1268313.94   | 0.47%             | 2032-02-25      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31403DQN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23839 | PA      | $24612.27     | 0.01%             | 2036-08-01      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31336CLM3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     47305 | PA      | $48766.75     | 0.02%             | 2033-11-01      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FKQL3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    488124 | PA      | $488681.96    | 0.18%             | 2028-11-25      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128JPH86<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1909 | PA      | $1967.51      | 0.00%             | 2035-07-01      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                            | CUSIP: 3136BWY59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1188632 | PA      | $1193392.47   | 0.44%             | 2055-08-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137HBBP8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1033667 | PA      | $1037336.05   | 0.38%             | 2030-10-25      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                             | CUSIP: 3142J6A52<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   6704774 | PA      | $6802113.20   | 2.49%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H5Y35<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2352498 | PA      | $2340835.64   | 0.86%             | 2029-01-25      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| Franklin Institutional US Government Money Market Fund | Franklin Institutional US Government Money Market Fund       | CUSIP: 457756500<br>LEI: 549300M4TP89K77LG374 | Long             | STIV             | RF                | US        |  20820482 | NS      | $20820482.42  | 7.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31409JBD1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     23556 | PA      | $24308.47     | 0.01%             | 2036-05-01      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138EJ5B0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18463 | PA      | $18980.36     | 0.01%             | 2040-12-01      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128HDW21<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |        65 | PA      | $65.55        | 0.00%             | 2030-09-01      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31349TAL5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      3742 | PA      | $3849.46      | 0.00%             | 2034-07-01      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31407XWM9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4648 | PA      | $4716.96      | 0.00%             | 2035-11-01      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31409UWM3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    180570 | PA      | $187597.19    | 0.07%             | 2035-11-01      | Floating      | 6.19%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31407XZM6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      8973 | PA      | $9088.98      | 0.00%             | 2035-11-01      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31403DDE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      4995 | PA      | $5153.12      | 0.00%             | 2036-03-01      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138EGR30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     60515 | PA      | $62549.47     | 0.02%             | 2035-11-01      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31410GJK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       577 | PA      | $583.49       | 0.00%             | 2032-01-01      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31385WZK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5958 | PA      | $6100.21      | 0.00%             | 2033-01-01      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128JRZE9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     17598 | PA      | $17780.55     | 0.01%             | 2029-09-01      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31406LM96<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2905 | PA      | $3004.22      | 0.00%             | 2034-11-01      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31349UEJ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     11188 | PA      | $11568.02     | 0.00%             | 2034-11-01      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138EJ5C8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     28698 | PA      | $29780.35     | 0.01%             | 2038-01-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138EMU90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    271089 | PA      | $280006.49    | 0.10%             | 2040-12-01      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S56S8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    432444 | PA      | $453367.85    | 0.17%             | 2036-05-01      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31300LL94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     14294 | PA      | $14706.37     | 0.01%             | 2037-07-01      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.            | US 2YR NOTE (CBT)                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       255 | NC      | $-17729.64    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31391FPC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        24 | PA      | $24.31        | 0.00%             | 2029-08-01      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31418NBY5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     16126 | PA      | $16566.41     | 0.01%             | 2035-07-01      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FMUT7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    461336 | PA      | $461269.04    | 0.17%             | 2026-06-25      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31418MVS8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     90302 | PA      | $92990.35     | 0.03%             | 2038-08-01      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138ERS68<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     66627 | PA      | $68533.65     | 0.03%             | 2038-07-01      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137F84A8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    445460 | PA      | $443331.60    | 0.16%             | 2030-11-25      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| INT DEVELOPMENT FIN CORP                               | United States International Development Finance Corp         | CUSIP: 690353TK3<br>LEI: 254900QI8QTIK0FY6E92 | Long             | DBT              | USGA              | US        |    860000 | PA      | $857969.63    | 0.31%             | 2030-05-15      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31406WDR2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     26431 | PA      | $27007.72     | 0.01%             | 2035-06-01      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128NHM42<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     28250 | PA      | $29190.73     | 0.01%             | 2036-04-01      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S4HH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     18660 | PA      | $19361.47     | 0.01%             | 2036-12-01      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31417ACL1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       553 | PA      | $550.39       | 0.00%             | 2026-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                             | CUSIP: 3142J6BU6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2323001 | PA      | $2387141.00   | 0.88%             | 2055-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FLYN8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1139233 | PA      | $1139163.08   | 0.42%             | 2029-03-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31300MPK3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     37049 | PA      | $38612.40     | 0.01%             | 2042-01-01      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31337A5S1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |       186 | PA      | $188.31       | 0.00%             | 2029-01-01      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31418FE29<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4628696 | PA      | $4619736.31   | 1.69%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31404NAJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1541 | PA      | $1591.47      | 0.00%             | 2034-12-01      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31400RDV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33659 | PA      | $34196.34     | 0.01%             | 2033-02-01      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31416BKV9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     17461 | PA      | $17998.94     | 0.01%             | 2036-10-01      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31403DMZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5495 | PA      | $5640.87      | 0.00%             | 2036-05-01      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128NCHJ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1034 | PA      | $1062.23      | 0.00%             | 2035-05-01      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S4GH4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     14539 | PA      | $14867.17     | 0.01%             | 2036-02-01      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31300MN74<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    108383 | PA      | $112944.77    | 0.04%             | 2035-07-01      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138EPX74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    190875 | PA      | $198171.08    | 0.07%             | 2037-09-01      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                             | CUSIP: 3142J6BT9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2412115 | PA      | $2447134.79   | 0.90%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                             | CUSIP: 3142J6B36<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3814247 | PA      | $3919757.40   | 1.44%             | 2055-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31403CYV7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1941 | PA      | $1982.19      | 0.00%             | 2035-11-01      | Floating      | 5.89%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402CXP2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |        14 | PA      | $14.08        | 0.00%             | 2032-06-01      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 31300LYQ2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    102072 | PA      | $106101.24    | 0.04%             | 2036-03-01      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402EM39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      2138 | PA      | $2174.22      | 0.00%             | 2033-05-01      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137F8MQ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    602916 | PA      | $599719.37    | 0.22%             | 2030-12-25      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31407FK66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     34386 | PA      | $35570.77     | 0.01%             | 2035-09-01      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128HDQL6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      1054 | PA      | $1068.04      | 0.00%             | 2029-10-01      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31407JNQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3498 | PA      | $3621.85      | 0.00%             | 2035-07-01      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S44P9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     48656 | PA      | $49868.62     | 0.02%             | 2035-12-01      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac REMICS                                           | CUSIP: 3137GAK55<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    816412 | PA      | $810204.25    | 0.30%             | 2040-10-15      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137F62A4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    604655 | PA      | $604380.35    | 0.22%             | 2030-09-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31404XEC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      3223 | PA      | $3303.02      | 0.00%             | 2034-09-01      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FQ3S0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     78082 | PA      | $78073.73     | 0.03%             | 2026-10-25      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31410VQH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     37745 | PA      | $38607.52     | 0.01%             | 2034-06-01      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31391TU55<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       724 | PA      | $741.69       | 0.00%             | 2032-12-01      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402CYR7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      1206 | PA      | $1237.65      | 0.00%             | 2039-08-01      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FQ2Q5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    220534 | PA      | $220571.19    | 0.08%             | 2029-09-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31408EJ94<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     11654 | PA      | $11853.31     | 0.00%             | 2035-11-01      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                            | CUSIP: 3136AV6K0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    563306 | PA      | $554423.58    | 0.20%             | 2045-10-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                             | CUSIP: 3142J6B28<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4120643 | PA      | $4180467.19   | 1.53%             | 2055-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402RBH1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      6765 | PA      | $6981.19      | 0.00%             | 2034-11-01      | Floating      | 6.40%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31418FED5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1384649 | PA      | $1405216.35   | 0.52%             | 2054-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31418FNK9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4269090 | PA      | $4386963.64   | 1.61%             | 2055-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31408GXK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     63617 | PA      | $65302.37     | 0.02%             | 2035-11-01      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H7MK6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1365649 | PA      | $1362320.02   | 0.50%             | 2032-04-25      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31419AZ59<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     90194 | PA      | $94373.30     | 0.03%             | 2041-01-01      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128QLSL6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     12310 | PA      | $12906.04     | 0.00%             | 2036-07-01      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac REMICS                                           | CUSIP: 3137HLBG6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1140512 | PA      | $1145090.54   | 0.42%             | 2055-05-25      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FCP81<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     72858 | PA      | $72745.42     | 0.03%             | 2027-11-25      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 3138XXGE0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     10990 | PA      | $10933.87     | 0.00%             | 2027-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae REMICS                                            | CUSIP: 3136BUQG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1053821 | PA      | $1056687.62   | 0.39%             | 2055-01-25      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31401EAM1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     13341 | PA      | $13777.87     | 0.01%             | 2033-05-01      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Non Gold Pool                                    | CUSIP: 3128S4XE2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      8215 | PA      | $8444.07      | 0.00%             | 2036-09-01      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                         | Government National Mortgage Association                     | CUSIP: 38376TAF9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    714835 | PA      | $714368.84    | 0.26%             | 2040-01-16      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402Q5W7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20369 | PA      | $21025.26     | 0.01%             | 2035-01-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31402DHS2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      9429 | PA      | $9612.99      | 0.00%             | 2037-02-01      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                              | CUSIP: 31406BJF8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5606 | PA      | $5789.20      | 0.00%             | 2035-01-01      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                        | United States Treasury Note/Bond                             | CUSIP: 91282CKJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $13161992.22  | 4.83%             | 2027-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                         | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FPHF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    429416 | PA      | $429518.92    | 0.16%             | 2026-07-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Franklin ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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