# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-25-014997
**Filing Date:** 2025-12
**Character Count:** 351138
**Document Hash:** e6a598703de04a25ced749402b437b73
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-014997.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000940400-25-014997

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**PERIOD START**: 20260731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Putnam ETF Trust
- **CENTRAL INDEX KEY:** 0001845809

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 251608902

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Schedule of Investments (unaudited)

October 31, 2025

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 94.0%** | **Municipal Bonds — 94.0%** | **Municipal Bonds — 94.0%** | **Municipal Bonds — 94.0%** | **Municipal Bonds — 94.0%** |
| *Alabama — 0.2%* | *Alabama — 0.2%* | *Alabama — 0.2%* | *Alabama — 0.2%* | *Alabama — 0.2%* |
| &nbsp;&nbsp;&nbsp; Baldwin County, AL, IDA Revenue, Solid Waste Disposal Bonds, Novelis <br> Corporation Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; $1250000 | &nbsp;&nbsp;&nbsp; $*1287693*<br> <sup>(a)(b)(c)(d)</sup><br>|
| *Arizona — 2.6%* | *Arizona — 2.6%* | *Arizona — 2.6%* | *Arizona — 2.6%* | *Arizona — 2.6%* |
| &nbsp;&nbsp;&nbsp; Arizona State IDA, Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education Facility Revenue Bonds, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 719864<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Charter Schools, Jerome Facility Project, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1673997<br>|
| &nbsp;&nbsp;&nbsp; County of Pima, AZ, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La Posada At Pusch Ridge Project, Senior Living, Series A | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/15/35 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp; 1166174<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La Posada At Pusch Ridge Project, Senior Living, Series A | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1087364<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La Posada At Pusch Ridge Project, Senior Living, Series A | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 536754<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La Posada At Pusch Ridge Project, Senior Living, Series A | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 11/15/57 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; 1775585<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; County of Yavapai, AX, IDA Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ariona Agribusiness and Equine Center Inc. Project, Series 2012 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1195000 | &nbsp;&nbsp;&nbsp; 1195395<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ariona Agribusiness and Equine Center Inc. Project, Series 2015, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/34 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp; 460101<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Maricopa County, AZ, IDA Education Revenue, Horizon Community Learning <br> Center Project, Series 2016, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1505580<br>|
| &nbsp;&nbsp;&nbsp; Maricopa County, AZ, IDA Revenue, Grand Canyon University Project T  | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp; 3885383<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sierra Vista, AZ, IDA Revenue, American Leadership Academy Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 625648<br> <sup>(a)</sup><br>|
| *Total Arizona* | *Total Arizona* | *Total Arizona* | *Total Arizona* | &nbsp;&nbsp; *14631845* |
| *Arkansas — 0.2%* | *Arkansas — 0.2%* | *Arkansas — 0.2%* | *Arkansas — 0.2%* | *Arkansas — 0.2%* |
| &nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority Hospital Revenue, Washington <br> Regional Medical Center, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; *856254*<br>|
| *California — 8.0%* | *California — 8.0%* | *California — 8.0%* | *California — 8.0%* | *California — 8.0%* |
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Tobacco Settlement <br> Revenue, Gold Country Settlement Funding Corporation, Series B-2, CAB, <br> Refunding  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 7355000 | &nbsp;&nbsp;&nbsp; 1494938<br>|
| &nbsp;&nbsp;&nbsp; California State Community Housing Agency Essential Housing Revenue, <br> Senior Bonds, Series A-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 3275000 | &nbsp;&nbsp;&nbsp; 2743891<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Infrastructure & Economic Development Bank Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, WFCS Portfolio Project, Series 2021 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/61 | &nbsp;&nbsp; 7250000 | &nbsp;&nbsp;&nbsp; 636191<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Subordinated Secured Revenue, Brightline West Passenger Rail <br> Project, Refunding | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 1680000<br> <sup>(a)(b)(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA Educational Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westside Neighborhood School Project, Series 2024 | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 630453<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westside Neighborhood School Project, Series 2024 | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1161153<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catalyst Impact Fund Housing, Series I | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/1/39 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1767022<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Certificates, Series A-2 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/20/41 | &nbsp;&nbsp; 2986957 | &nbsp;&nbsp;&nbsp; 2653358<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Certificates, Series B | &nbsp;&nbsp; 3.439% | &nbsp;&nbsp; 6/20/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 634466<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State Public Finance Authority, Senior Living Revenue, Enso Village <br> Project, Green Bond: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 753128<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/46 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 458968<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 894151<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State School Finance Authority Revenue, Vista Charter Public <br> School, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/61 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 373383<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp; California Statewide CDA, Community Improvement Authority Revenue, Senior <br> Bonds, Pasadena  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/56 | &nbsp;&nbsp; $5400000 | &nbsp;&nbsp;&nbsp; $3851272<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CMFA Special Finance Agency Essential Housing Revenue, Mix At CTR City, <br> Social Bonds, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 2681530<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CMFA Special Finance Agency VII, Essential Housing Revenue, Series 2021 <br> A-1  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/56 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1384473<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSCDA, CA, Improvement Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Housing, Dublin Social Bonds, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/1/57 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 3809044<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Housing, Dublin Social Bonds, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/57 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1122533<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Housing, Jefferson-Anaheim Social Bonds | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 1405000 | &nbsp;&nbsp;&nbsp; 1297240<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Housing, Jefferson-Anaheim Social Bonds | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 8/1/56 | &nbsp;&nbsp; 9400000 | &nbsp;&nbsp;&nbsp; 7090316<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Housing, Senior Lien Social Bonds, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/1/57 | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; 1914434<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sunnyvale, CA, Special Tax Revenue, Refunding  | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 2745000 | &nbsp;&nbsp;&nbsp; 2754498<br>|
| &nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California Revenue, Asset <br> Backed Refunding, San Diego County Tobacco Asset Securitization <br> Corporation, Class 2, Series B, CAB, Refunding  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 14660000 | &nbsp;&nbsp;&nbsp; 3007777<br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *44794219* |
| *Colorado — 3.4%* | *Colorado — 3.4%* | *Colorado — 3.4%* | *Colorado — 3.4%* | *Colorado — 3.4%* |
| &nbsp;&nbsp;&nbsp; Canyons Metropolitan District No 5, GO, City Of Castle Pines, Douglas County, <br> Series B, Refunding  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 12/15/54 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 704457<br>|
| &nbsp;&nbsp;&nbsp; CCP Metropolitan District No 3, GO, Series 2024, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp; 1170982<br>|
| &nbsp;&nbsp;&nbsp; Colorado State Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bethesda Project, Second Tier, Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/15/59 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 652077<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenant Living Communities and Services, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1419886<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement and Refunding Revenue, Christian Living Neighborhoods, <br> Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 521100<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement and Refunding Revenue, Christian Living Neighborhoods, <br> Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 890404<br>|
| &nbsp;&nbsp;&nbsp; Copperleaf Metropolitan District No 5, GO, Arapahoe County, Series A, <br> Refunding  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 504776<br>|
| &nbsp;&nbsp;&nbsp; E-470 Public Highway Authority Revenue, CO, Capital Appreciation, Series A, <br> Refunding  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 521845<br>|
| &nbsp;&nbsp;&nbsp; Prairie Center Metropolitan District No 3, GO, Series A, Refunding  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/15/46 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 2214675<br>|
| &nbsp;&nbsp;&nbsp; Raindance, CO, Metropolitan District No 1, Non-Potable Water System <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Activity Enterprise, Series 2020 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 624000 | &nbsp;&nbsp;&nbsp; 620759<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Activity Enterprise, Series 2020 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp; 1340743<br>|
| &nbsp;&nbsp;&nbsp; Rampart Range, CO, Metropolitan District No 5, Revenue, Douglas County  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1668770<br>|
| &nbsp;&nbsp;&nbsp; Sky Dance Metropolitan District No 2, GO, Series A  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp; 805795<br>|
| &nbsp;&nbsp;&nbsp; Southlands Metropolitan District No 1, CO, GO, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 502645<br>|
| &nbsp;&nbsp;&nbsp; Southlands Metropolitan District No 1, GO, Series A-1, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 1745000 | &nbsp;&nbsp;&nbsp; 1701975<br>|
| &nbsp;&nbsp;&nbsp; STC Metropolitan District No 2, GO, Series A-2, Refunding  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 508665<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sterling Ranch Community Authority Board, CO, Special Assessment Revenue, <br> Board Douglas County Colorado Special Improvement District No 1  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 623000 | &nbsp;&nbsp;&nbsp; 639794<br>|
| &nbsp;&nbsp;&nbsp; Sunset Parks Metropolitan District, GO, Series A  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp; 1379204<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Trails at Crowfoot Metropolitan District No 3, GO, Series B, Refunding  | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 12/15/52 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 707339<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Colorado — continued* | *Colorado — continued* | *Colorado — continued* | *Colorado — continued* | *Colorado — continued* |
| &nbsp;&nbsp;&nbsp; Windler, CO, Public Improvement Authority Revenue, Series A-1  | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $783765<br>|
| *Total Colorado* | *Total Colorado* | *Total Colorado* | *Total Colorado* | &nbsp;&nbsp; *19259656* |
| *Connecticut — 0.5%* | *Connecticut — 0.5%* | *Connecticut — 0.5%* | *Connecticut — 0.5%* | *Connecticut — 0.5%* |
| &nbsp;&nbsp;&nbsp; Connecticut State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Facility Expansion Issue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 961044<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masonicare Issue, Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1509572<br>|
| &nbsp;&nbsp;&nbsp; Stamford, CT, Housing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mozaic Concierge Living Project, Series A, Refunding | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; 190338<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mozaic Concierge Living Project, Series A, Refunding | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp; 239906<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mozaic Concierge Living Project, Series A, Refunding | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/1/60 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 170201<br>|
| *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | *Total Connecticut* | &nbsp;&nbsp; *3071061* |
| *Delaware — 1.3%* | *Delaware — 1.3%* | *Delaware — 1.3%* | *Delaware — 1.3%* | *Delaware — 1.3%* |
| &nbsp;&nbsp;&nbsp; Delaware State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Schools Revenue, Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 701129<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Schools Revenue, Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp;&nbsp; 1671918<br>|
| &nbsp;&nbsp;&nbsp; Town of Bridgeville, DE, Special Tax Revenue, Heritage Shores Special <br> Development District  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp; 1553665<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Town of Millsboro, DE, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plantation Lakes Special Development District, Series 2018, Refunding | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 1492000 | &nbsp;&nbsp;&nbsp; 1500351<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plantation Lakes Special Development District, Series 2018, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 1996000 | &nbsp;&nbsp;&nbsp; 1956060<br> <sup>(a)</sup><br>|
| *Total Delaware* | *Total Delaware* | *Total Delaware* | *Total Delaware* | &nbsp;&nbsp; *7383123* |
| *District of Columbia — 2.1%* | *District of Columbia — 2.1%* | *District of Columbia — 2.1%* | *District of Columbia — 2.1%* | *District of Columbia — 2.1%* |
| &nbsp;&nbsp;&nbsp; District of Columbia Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DC Project, Smart Street Lighting Project Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/34 | &nbsp;&nbsp; 3755000 | &nbsp;&nbsp;&nbsp; 4299295<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingleside Rock Creek Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 3170000 | &nbsp;&nbsp;&nbsp; 2941748<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Issue, Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 223440<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP DC Issue, Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 853788<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latin American Montessori Bilingual Public Charter School Issue, <br> Series 2020, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2706938<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocketship DC Obligated Group, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/61 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 612135<br> <sup>(a)</sup><br>|
| *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | *Total District of Columbia* | &nbsp;&nbsp; *11637344* |
| *Florida — 12.8%* | *Florida — 12.8%* | *Florida — 12.8%* | *Florida — 12.8%* | *Florida — 12.8%* |
| &nbsp;&nbsp;&nbsp; Bella Collina, FL, Community Development District District, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp; 681388<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp; 915833<br>|
| &nbsp;&nbsp;&nbsp; Bella Tara, FL, Community Development District District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 207621<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Master Infrastructure, Series 2025 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 518532<br>|
| &nbsp;&nbsp;&nbsp; Bridle Creek, FL, Community Development District District, Special <br> Assessment Revenue, Assessment Area, Series 2025  | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 492219<br>|
| &nbsp;&nbsp;&nbsp; Capital Trust, FL, Agency Inc. Revenue, Liza Jackson Preparatory School Inc.  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 303819<br>|
| &nbsp;&nbsp;&nbsp; Capital Trust, FL, Agency Inc. Educational Facilities Revenue, Liza Jackson <br> Preparatory School Inc. Project, Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 963743<br>|
| &nbsp;&nbsp;&nbsp; Capital Trust, FL, Agency Inc. Revenue, Wonderful Foundations Charter School <br> Portfolio Project, Series B  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/60 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 536990<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Capital Trust, FL, Authority Educational Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academir Charter Schools Inc. Project, Series A | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; $1720000 | &nbsp;&nbsp;&nbsp; $1739777<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Tech Student Housing I LLC, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; 379224<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cedar Crossings, FL, Community Development District District, Special <br> Assessment Revenue, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; 365397<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charlotte County, FL, IDA Revenue, Town & Country Utilities Project, <br> Series 2025  | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 442641<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cypress Bluff, FL, Community Development District District, Special <br> Assessment Revenue, Assessment Area One Project, Series 2025  | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1508072<br>|
| &nbsp;&nbsp;&nbsp; Cypress Creek Reserve, FL, Community Development District District, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 103887<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 155341<br>|
| &nbsp;&nbsp;&nbsp; Cypress Reserve, FL, Community Development District District, Special <br> Assessment Revenue, Capital Improvement Bonds, Series 2025  | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; 217086<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deering Park Stewardship District, FL, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 416616<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp; 317258<br>|
| &nbsp;&nbsp;&nbsp; Del Webb Oak Creek, FL, Community Development District District, Special <br> Assessment Revenue, Project Area, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp; 571390<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; East Nassau Stewardship District, FL, Special Assessment Revenue, <br> Series 2025  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 988507<br>|
| &nbsp;&nbsp;&nbsp; Feed Mill, FL, Community Development District District, Special Assessment <br> Revenue, Assessment Area One Project, Series 2025  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 607114<br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Educational Facilities Revenue, Drs. <br> Kiran & Pallavi Patel 2017 Foundation For Global Understanding Inc. Project, <br> Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 1813873<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Florida State Development Finance Corp., Healthcare Facilities Revenue, <br> Health Jacksonville Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/52 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3399282<br>|
| &nbsp;&nbsp;&nbsp; Florida State HEFA Revenue, Saint Leo University Project, Series 2019, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/49 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1473654<br>|
| &nbsp;&nbsp;&nbsp; Florida State Local Government Finance Commission: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities Revenue, Bridgeprep Academy Projects, Series A | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/65 | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp; 3129379<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Living , Fleet Landing At Nocatee Project, Series A | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 364173<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fox Branch Ranch, FL, Community Development District District, Special <br> Assessment Revenue, Assessment Area One Project, Series 2025  | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; 490124<br>|
| &nbsp;&nbsp;&nbsp; Gardens at Hammock Beach, FL, Community Development District District, <br> Special Assessment Revenue, Assessment Area One Project, Series 2024  | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; 532181<br>|
| &nbsp;&nbsp;&nbsp; Gardens at Hammock Beach, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area One, Series 2024  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp; 310298<br>|
| &nbsp;&nbsp;&nbsp; Gas Worx, FL, Community Development District District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/36 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 104301<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 102868<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/57 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; 271776<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GIR East, FL, Community Development District District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 697869<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; $1325000 | &nbsp;&nbsp;&nbsp; $1308518<br>|
| &nbsp;&nbsp;&nbsp; Governors Park South, FL, Community Development District District, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 605086<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; 880328<br>|
| &nbsp;&nbsp;&nbsp; Hammock Oaks, FL, Community Development District District, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Three Project, Series 2025 | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 152710<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Three Project, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 202825<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hobe-St. Lucie Conservancy District, FL, Special Assessment Revenue, <br> Series 2024  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1025412<br>|
| &nbsp;&nbsp;&nbsp; K-Bar Ranch III, FL, Community Development District District, Special <br> Assessment Revenue, Series 2025  | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; 272030<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kings Creek I, FL, Community Development District District, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 102790<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 230666<br>|
| &nbsp;&nbsp;&nbsp; Kingston One, FL, Community Development District District, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 361131<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/57 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 824148<br>|
| &nbsp;&nbsp;&nbsp; Kissimmee Park, FL, Community Development District District, Special <br> Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Improvement, Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp; 804530<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Improvement, Assessment Area One Project, Series 2025 | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 829652<br>|
| &nbsp;&nbsp;&nbsp; Lake County, FL, Retirement Facility Revenue, Lakeside At Waterman Village <br> Project, Tax-Exempt Bonds, Series A, Refunding  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1673246<br>|
| &nbsp;&nbsp;&nbsp; Lakeside at Satilla, FL, Community Development District District, Special <br> Assessment Revenue, Capital Improvemet, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 202415<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, FL, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Sector Project, Series 2018 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/39 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1276445<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Sector Project, Series 2020, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 417173<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; 188878<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp; 494962<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp; 538726<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 766331<br>|
| &nbsp;&nbsp;&nbsp; Landings, FL, Community Development District District, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 860992<br>|
| &nbsp;&nbsp;&nbsp; Lee County, FL, Healthcare Facilities Revenue, Shell Point Obligated Group <br> Project, Series C  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 483495<br>|
| &nbsp;&nbsp;&nbsp; Lowery Hills, FL, Community Development District District, Special <br> Assessment Revenue, Assessment Area One Project, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 729752<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Manatee County, FL, Northlake Stewardship District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rye Ranch Pod C1 – Assessment Area One | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 129900<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rye Ranch Pod C1 – Assessment Area One | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 363154<br>|
| &nbsp;&nbsp;&nbsp; Miami-Dade County, FL, IDA Revenue, Pinecrest Academy Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 1980000 | &nbsp;&nbsp;&nbsp; 1980788<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Middleton, FL, Community Development District, Special Assessment <br> Revenue, Series A  | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 5/1/53 | &nbsp;&nbsp; $1345000 | &nbsp;&nbsp;&nbsp; $1409102<br>|
| &nbsp;&nbsp;&nbsp; Northridge, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 282460<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 282135<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Okaloosa County, FL, IDR, Air Force Enlisted Village Inc. Project  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 5/15/55 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; 894377<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palermo, FL, Community Development District, Special Assessment Revenue, <br> Assessment Area Two  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/55 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 617212<br>|
| &nbsp;&nbsp;&nbsp; Palm Beach County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lynn University Housing Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/57 | &nbsp;&nbsp; 1045000 | &nbsp;&nbsp;&nbsp; 908094<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Beach Atlantic University Housing Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/39 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 502675<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Palm Coast Park, FL, Community Development District, Special Assessment <br> Revenue, Series 2025  | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/57 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 311893<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Peace Creek Village, FL, Community Development District, Special Assessment <br> Revenue, Series 2025  | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp; 717534<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pinellas County, FL, IDA Revenue, Drs. Kiran & Pallavi Patel 2017 Foundation <br> For Global Understanding Inc., Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 2770000 | &nbsp;&nbsp;&nbsp; 2776410<br>|
| &nbsp;&nbsp;&nbsp; Radiance, FL, Community Development District, Special Assessment Revenue, <br> Assessment Area One  | &nbsp;&nbsp; 6.400% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 413979<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ranches at Lake Mcleod, FL, Community Development District, Special <br> Assessment Revenue, Assessment Area Two  | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 6/15/55 | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; 595284<br>|
| &nbsp;&nbsp;&nbsp; River Landing, FL, Community Development District, Special Assessment <br> Revenue, Capital Improvement  | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp; 561788<br>|
| &nbsp;&nbsp;&nbsp; Sarasota County, FL, Health Facilities Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Village On The Isle Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 756411<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Village On The Isle Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 1285000 | &nbsp;&nbsp;&nbsp; 1295989<br>|
| &nbsp;&nbsp;&nbsp; Seminole County, FL, IDA Revenue, Galileo Schools For Gifted Learning <br> Project, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/51 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp; 651005<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Solaeris, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Two, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 180772<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment Area Two, Series 2025 | &nbsp;&nbsp; 6.300% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp; 330745<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; St. Johns County, FL, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vicars Landing Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/36 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 374663<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vicars Landing Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/41 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 654068<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vicars Landing Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/15/50 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 573908<br>|
| &nbsp;&nbsp;&nbsp; Sunrise, FL, Community Development District, Special Assessment Revenue, <br> Capital Improvement Bonds, Series 2025  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 247184<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tampa, FL, Hospital Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H. Lee Moffitt Cancer Center Project, CAB, Series A | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 447374<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H. Lee Moffitt Cancer Center Project, CAB, Series A | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 493537<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H. Lee Moffitt Cancer Center Project, CAB, Series A | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 763344<br>|
| &nbsp;&nbsp;&nbsp; Terra Lago, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 254409<br>|
| &nbsp;&nbsp;&nbsp; Tolomato, FL, Community Development District, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seabrook Village Phases One and Two, Series 2024 | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 5/1/44 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; 863061<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seabrook Village Phases One and Two, Series 2024 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; 351479<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* | *Florida — continued* |
| &nbsp;&nbsp;&nbsp; Tranquility, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area, Series 2025  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; $600000 | &nbsp;&nbsp;&nbsp; $599855<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venice, FL, Retirement Community Revenue, Tax-Exempt, Isle Project, Series A  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/1/60 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 618724<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Verano No 4, FL, Community Development District, Special Assessment <br> Revenue, Astor Creek Phase, Assessment Area Two, Series 2025  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 389078<br>|
| &nbsp;&nbsp;&nbsp; Village, FL, Community Development District No 13, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 5/1/51 | &nbsp;&nbsp; 3820000 | &nbsp;&nbsp;&nbsp; 2994097<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 5/1/52 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 1075040<br>|
| &nbsp;&nbsp;&nbsp; Waterford, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Three  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp; 620181<br>|
| &nbsp;&nbsp;&nbsp; Waterset South, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area, Series 2025  | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp; 469019<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; West Port East, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One, Series 2025  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 566811<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Westview South, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One, Series 2025  | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 651630<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wildwood, FL, Village Community Development District No 15, Special <br> Assessment Revenue, Series 2024  | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 764004<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Willowbrook, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two, Series 2025  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 152190<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Woodcreek, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area Two, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 490944<br>|
| &nbsp;&nbsp;&nbsp; Woodland Crossing, FL, Community Development District, Special Assessment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp; 118454<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 5/1/56 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 247019<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Woodland Preserve, FL, Community Development District, Special Assessment <br> Revenue, Assessment Area One, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 501593<br> <sup>(a)</sup><br>|
| *Total Florida* | *Total Florida* | *Total Florida* | *Total Florida* | &nbsp;&nbsp; *71597847* |
| *Georgia — 0.7%* | *Georgia — 0.7%* | *Georgia — 0.7%* | *Georgia — 0.7%* | *Georgia — 0.7%* |
| &nbsp;&nbsp;&nbsp; Atlanta, GA, Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 129911<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 103411<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cobb County, GA, Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State University Foundation Inc., Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp; 1175699<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State University Foundation Inc., Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/38 | &nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp; 1204985<br>|
| &nbsp;&nbsp;&nbsp; DeKalb County, GA, Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 386129<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/63 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 754650<br>|
| *Total Georgia* | *Total Georgia* | *Total Georgia* | *Total Georgia* | &nbsp;&nbsp; *3754785* |
| *Illinois — 4.7%* | *Illinois — 4.7%* | *Illinois — 4.7%* | *Illinois — 4.7%* | *Illinois — 4.7%* |
| &nbsp;&nbsp;&nbsp; Chicago, IL, Board of Education, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1558298<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dedicated, Series A | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 3725000 | &nbsp;&nbsp;&nbsp; 3745335<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/44 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1902472<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* | *Illinois — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; $3150000 | &nbsp;&nbsp;&nbsp; $3024101<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding, BAM-TCRS | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5000032<br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Midway International Airport, Senior Lien, Series A, Refunding, <br> BAM  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/1/48 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2148667<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chicago, IL, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeshore East Project, Series 2022, Refunding | &nbsp;&nbsp; 2.870% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 228000 | &nbsp;&nbsp;&nbsp; 222303<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeshore East Project, Series 2022, Refunding | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 290064<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeshore East Project, Series 2022, Refunding | &nbsp;&nbsp; 3.290% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 313923<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakeshore East Project, Series 2022, Refunding | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 264029<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Du Page County, IL, Special Tax Revenue, Monarch Landing Inc., Series 2006  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 596000 | &nbsp;&nbsp;&nbsp; 596481<br>|
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navy Pier Inc., Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 972067<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navy Pier, Inc., Series 2024, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 742338<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority, Student Housing & Academic Facilities <br> Revenue, CHF Chicago LLC, University of Illinois Chicago Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/47 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 5347688<br>|
| *Total Illinois* | *Total Illinois* | *Total Illinois* | *Total Illinois* | &nbsp;&nbsp; *26127798* |
| *Indiana — 0.4%* | *Indiana — 0.4%* | *Indiana — 0.4%* | *Indiana — 0.4%* | *Indiana — 0.4%* |
| &nbsp;&nbsp;&nbsp; Indiana State Finance Authority Revenue, Student Housing Revenue Bonds, <br> Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/1/58 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; *2505116*<br>|
| *Iowa — 1.0%* | *Iowa — 1.0%* | *Iowa — 1.0%* | *Iowa — 1.0%* | *Iowa — 1.0%* |
| &nbsp;&nbsp;&nbsp; Iowa State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series 2023, Refunding | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/15/53 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1554147<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lifespace Communities Inc., Series 2024, Refunding | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 5/15/59 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3284023<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Living Facility, Presbyterian Homes Mill Pond Project, Series 2025, <br> Refunding | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/1/55 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 660803<br>|
| *Total Iowa* | *Total Iowa* | *Total Iowa* | *Total Iowa* | &nbsp;&nbsp; *5498973* |
| *Kentucky — 0.4%* | *Kentucky — 0.4%* | *Kentucky — 0.4%* | *Kentucky — 0.4%* | *Kentucky — 0.4%* |
| &nbsp;&nbsp;&nbsp; Kentucky State Economic Development Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owensboro Health, Inc., Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/41 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 378532<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Meadow Project and Grove Pointe Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/36 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1909858<br>|
| *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | *Total Kentucky* | &nbsp;&nbsp; *2288390* |
| *Louisiana — 1.0%* | *Louisiana — 1.0%* | *Louisiana — 1.0%* | *Louisiana — 1.0%* | *Louisiana — 1.0%* |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community <br> Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Christwood Project, Series 2024, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp; 730994<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Christwood Project, Series 2024, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/59 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1064268<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Louisiana State PFA, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadiana Renaissance Charter Academy Project, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/59 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 326679<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calcasieu River Bridge Public-Private Partnership Project, Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/59 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; 2448318<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calcasieu River Bridge Public-Private Partnership Project, Series 2024 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/64 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1141403<br> <sup>(b)</sup><br>|
| *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | *Total Louisiana* | &nbsp;&nbsp; *5711662* |
| *Maryland — 1.6%* | *Maryland — 1.6%* | *Maryland — 1.6%* | *Maryland — 1.6%* | *Maryland — 1.6%* |
| &nbsp;&nbsp;&nbsp; County of Frederick, MD, Educational Facilities Revenue, Mount St. Mary's <br> University Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 478964<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; County of Prince George's, MD, Tax Increment Revenue, Westphalia Town <br> Center Project, Series 2018  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 301733<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Maryland — continued* | *Maryland — continued* | *Maryland — continued* | *Maryland — continued* | *Maryland — continued* |
| &nbsp;&nbsp;&nbsp; Maryland State EDC, Student Housing Revenue, Morgan State University <br> Project, Series A  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/58 | &nbsp;&nbsp; $5025000 | &nbsp;&nbsp;&nbsp; $5340981<br>|
| &nbsp;&nbsp;&nbsp; Maryland State EDC, Tax Increment Revenue, Port Covington Project, <br> Series 2020  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/50 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1066091<br>|
| &nbsp;&nbsp;&nbsp; Mayor And Council Of Brunswick, MD, Special Tax Revenue, Brunswick <br> Crossing, Series 2019, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 998000 | &nbsp;&nbsp;&nbsp; 1016662<br>|
| &nbsp;&nbsp;&nbsp; Westminster, MD, Mayor And Common Council Revenue, Lutheran Village At <br> Millers Grant, Inc., Series A  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp; 695541<br>|
| *Total Maryland* | *Total Maryland* | *Total Maryland* | *Total Maryland* | &nbsp;&nbsp; *8899972* |
| *Massachusetts — 0.9%* | *Massachusetts — 0.9%* | *Massachusetts — 0.9%* | *Massachusetts — 0.9%* | *Massachusetts — 0.9%* |
| &nbsp;&nbsp;&nbsp; Collegiate Charter School of Lowell Revenue, Series 2019  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/49 | &nbsp;&nbsp; 2290000 | &nbsp;&nbsp;&nbsp; 2186686<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Health Facilities Authority Revenue, <br> Adventcare Inc., Series A  | &nbsp;&nbsp; 6.650% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp; 20<br> \*<sup>(a)(f)(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lasell University Issue, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 618477<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lasell University Issue, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 2615000 | &nbsp;&nbsp;&nbsp; 2076874<br>|
| *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | &nbsp;&nbsp; *4882057* |
| *Michigan — 1.6%* | *Michigan — 1.6%* | *Michigan — 1.6%* | *Michigan — 1.6%* | *Michigan — 1.6%* |
| &nbsp;&nbsp;&nbsp; Detroit, MI, GO, Financial Recovery, Series B-1  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/44 | &nbsp;&nbsp; 4549005 | &nbsp;&nbsp;&nbsp; 3630277<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Detroit, MI, GO, Unlimited Tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 359940<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp; 1100369<br>|
| &nbsp;&nbsp;&nbsp; Michigan State Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aquinas College Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 754864<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lawrance Technological University Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/37 | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp; 1085321<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lawrance Technological University Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/47 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 566479<br>|
| &nbsp;&nbsp;&nbsp; Michigan State HDA Revenue, Series A  | &nbsp;&nbsp; 2.730% | &nbsp;&nbsp; 10/1/59 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 1619575<br>|
| *Total Michigan* | *Total Michigan* | *Total Michigan* | *Total Michigan* | &nbsp;&nbsp; *9116825* |
| *Minnesota — 1.5%* | *Minnesota — 1.5%* | *Minnesota — 1.5%* | *Minnesota — 1.5%* | *Minnesota — 1.5%* |
| &nbsp;&nbsp;&nbsp; Baytown Township, MN, Charter School Lease Revenue, St. Croix Preparatory <br> Academy Project, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 373048<br>|
| &nbsp;&nbsp;&nbsp; Eagan, MN, Charter School Lease Revenue, Great Oaks Academy, Series A  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/1/65 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 685193<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Forest Lake, FL, Charter School Lease Revenue, Lakes International Language <br> Academy Project, Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/43 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp; 615688<br>|
| &nbsp;&nbsp;&nbsp; Ham Lake, MN, Charter School Lease Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davinci Academy Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 864909<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1504986<br>|
| &nbsp;&nbsp;&nbsp; Minnesota State HEFA Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 687211<br>|
| &nbsp;&nbsp;&nbsp; Ramsey, MN, Charter School Lease Revenue, Pact Charter School Project, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1352850<br>|
| &nbsp;&nbsp;&nbsp; St. Paul Minnesota Housing & Redevelopment Authority Revenue, Hmong <br> College Prep Academy Project, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2519377<br>|
| *Total Minnesota* | *Total Minnesota* | *Total Minnesota* | *Total Minnesota* | &nbsp;&nbsp; *8603262* |
| *Missouri — 2.7%* | *Missouri — 2.7%* | *Missouri — 2.7%* | *Missouri — 2.7%* | *Missouri — 2.7%* |
| &nbsp;&nbsp;&nbsp; Missouri State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Health Sciences and Pharmacy in St. Louis Educational <br> Facilities, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/38 | &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp; 794840<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Missouri — continued* | *Missouri — continued* | *Missouri — continued* | *Missouri — continued* | *Missouri — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Health Sciences and Pharmacy in St. Louis Educational <br> Facilities, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; $3965000 | &nbsp;&nbsp;&nbsp; $3116404<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Health Sciences and Pharmacy in St. Louis Educational <br> Facilities, Series B, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 2647080<br>|
| &nbsp;&nbsp;&nbsp; Missouri State IDA, Development Financing Revenue, Ballpark Village <br> Development Project, Series A, Refunding  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/15/47 | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp; 1410612<br>|
| &nbsp;&nbsp;&nbsp; Plaza at Noah's Ark, MO, Community Improvement District Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 692694<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 450537<br>|
| &nbsp;&nbsp;&nbsp; St. Louis County, MO, IDA Revenue, Vicars Landing Project, Series A  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 5930238<br>|
| *Total Missouri* | *Total Missouri* | *Total Missouri* | *Total Missouri* | &nbsp;&nbsp; *15042405* |
| *Nevada — 0.6%* | *Nevada — 0.6%* | *Nevada — 0.6%* | *Nevada — 0.6%* | *Nevada — 0.6%* |
| &nbsp;&nbsp;&nbsp; City of North Las Vegas, NV, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Improvement Bonds, Series 2025 | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 659218<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp; 609578<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas, NV, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp; 795560<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 6/1/51 | &nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp; 995055<br>|
| &nbsp;&nbsp;&nbsp; Sparks, NV, Special Assessment Revenue, Local Improvement Bonds, <br> Series 2024  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 496087<br>|
| *Total Nevada* | *Total Nevada* | *Total Nevada* | *Total Nevada* | &nbsp;&nbsp; *3555498* |
| *New Hampshire — 1.9%* | *New Hampshire — 1.9%* | *New Hampshire — 1.9%* | *New Hampshire — 1.9%* | *New Hampshire — 1.9%* |
| &nbsp;&nbsp;&nbsp; National Finance Authority, NH, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caritas Oregon Project, Series A | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/40 | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp; 1336889<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caritas Oregon Project, Series A | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 8/15/46 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; 1420508<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caritas Oregon Project, Series A | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/15/55 | &nbsp;&nbsp; 3495000 | &nbsp;&nbsp;&nbsp; 2918969<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grace Christian School Project | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/65 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1512887<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social Certificates | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 8/20/39 | &nbsp;&nbsp; 3765827 | &nbsp;&nbsp;&nbsp; 3605702<br>|
| *Total New Hampshire* | *Total New Hampshire* | *Total New Hampshire* | *Total New Hampshire* | &nbsp;&nbsp; *10794955* |
| *New Jersey — 1.3%* | *New Jersey — 1.3%* | *New Jersey — 1.3%* | *New Jersey — 1.3%* | *New Jersey — 1.3%* |
| &nbsp;&nbsp;&nbsp; Camden County, NJ, Improvement Authority Revenue, Cooper Norcross <br> Academy, Series 2022  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/62 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3121229<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue, Consolidated Series 221  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000234<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State EDA, Special Facility Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Continental Airlines Inc. Project | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000014<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2000047<br> <sup>(b)</sup><br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *7121524* |
| *New Mexico — 0.2%* | *New Mexico — 0.2%* | *New Mexico — 0.2%* | *New Mexico — 0.2%* | *New Mexico — 0.2%* |
| &nbsp;&nbsp;&nbsp; Santa Fe, NM, Retirement Facilities Revenue, EL Castillo Retirement <br> Residences Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/49 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; *1120448*<br>|
| *New York — 5.7%* | *New York — 5.7%* | *New York — 5.7%* | *New York — 5.7%* | *New York — 5.7%* |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., NY, Revenue, New World Preparatory Charter <br> School Project, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/51 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 389901<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Monroe County, NY, Industrial Development Corp. Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/59 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp; 512144<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York State Liberty Development Corp., Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 World Trade Center Project, Refunding | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1250240<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Bonds, 4 World Trade Center Project, Green Bonds, Refunding | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 11/15/46 | &nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp; 1958835<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* | *New York — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Bonds, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/15/43 | &nbsp;&nbsp; $5450000 | &nbsp;&nbsp;&nbsp; $4489487<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax-Exempt Bonds, Refunding | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 9/15/50 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 322755<br>|
| &nbsp;&nbsp;&nbsp; New York State Transportation Development Corp., Special Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Inc., John F. Kennedy International Airport Project, <br> Series 2021, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1088947<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project, Series 2018 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 4405000 | &nbsp;&nbsp;&nbsp; 4285547<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines Inc., LaGuardia Airport Terminals C and D Redevelopment <br> Project, Series 2023 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 4/1/40 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2311279<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/54 | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp; 4594031<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John F. Kennedy International Airport New Terminal One Project, Green <br> Bonds | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/55 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 5877719<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oneida Indian Nation of New York, Series A  | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2298965<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Suffolk Regional Off-Track Betting Corp., NY, Revenue, Tax Exempt General <br> Obligations  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; 2730000 | &nbsp;&nbsp;&nbsp; 2770764<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *32150614* |
| *North Carolina — 1.2%* | *North Carolina — 1.2%* | *North Carolina — 1.2%* | *North Carolina — 1.2%* | *North Carolina — 1.2%* |
| &nbsp;&nbsp;&nbsp; North Carolina State Medical Care Commission, First Mortgage Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lutheran Services For The Aging, Refunding, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2280642<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennybyrn At Maryfield Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/50 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1372624<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twin Lakes Community, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 2970000 | &nbsp;&nbsp;&nbsp; 2919251<br>|
| *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | *Total North Carolina* | &nbsp;&nbsp; *6572517* |
| *North Dakota — 0.3%* | *North Dakota — 0.3%* | *North Dakota — 0.3%* | *North Dakota — 0.3%* | *North Dakota — 0.3%* |
| &nbsp;&nbsp;&nbsp; Horace, ND, GO, Improvement Bonds, Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; *1502392*<br>|
| *Ohio — 3.3%* | *Ohio — 3.3%* | *Ohio — 3.3%* | *Ohio — 3.3%* | *Ohio — 3.3%* |
| &nbsp;&nbsp;&nbsp; Buckeye, OH, Tobacco Settlement Financing Authority Revenue, Senior Bonds, <br> Series A-2, Refunding  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/1/48 | &nbsp;&nbsp; 4870000 | &nbsp;&nbsp;&nbsp; 3455962<br>|
| &nbsp;&nbsp;&nbsp; Centerville, OH, Health Care Improvement Revenue, Graceworks Lutheran <br> Services, Series 2017, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1903253<br>|
| &nbsp;&nbsp;&nbsp; Cleveland Cuyahoga County, OH, Port Authority Revenue, Playhouse Square <br> Foundation Project, Series 2018, Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 505948<br>|
| &nbsp;&nbsp;&nbsp; Hamilton County, OH, Revenue, Life Enriching Communities Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/52 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp; 740868<br>|
| &nbsp;&nbsp;&nbsp; Hickory Chase Community Authority Revenue, Infrastructure Improvement, <br> Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp; 1356126<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital University 2022 Project, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/52 | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp; 1497550<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Cleveland Institute Of Music 2018 Project | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/48 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 665282<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Cleveland Institute Of Music 2022 Project | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 3490000 | &nbsp;&nbsp;&nbsp; 3583664<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Cleveland Institute Of Music 2022 Project | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/1/52 | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp;&nbsp; 3360725<br>|
| &nbsp;&nbsp;&nbsp; Washington County, OH, Hospital Facilities Revenue, Memorial Health System <br> Obligated Group, Refunding  | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/1/52 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 777563<br>|
| &nbsp;&nbsp;&nbsp; West Central Ohio State Port Authority Revenue, Reserve At Honey Creek <br> Phase I Project, CAB Step bond (0.000% to 12/1/32 then 6.750%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/58 | &nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp; 507683<br>|
| *Total Ohio* | *Total Ohio* | *Total Ohio* | *Total Ohio* | &nbsp;&nbsp; *18354624* |

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Oklahoma — 0.0%††* | *Oklahoma — 0.0%††* | *Oklahoma — 0.0%††* | *Oklahoma — 0.0%††* | *Oklahoma — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Tulsa, OK, Municipal Airport Trust Revenue, American Airlines Inc. Project, <br> Refunding | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; $110000 | &nbsp;&nbsp;&nbsp; $*126959*<br> <sup>(b)</sup><br>|
| *Oregon — 0.4%* | *Oregon — 0.4%* | *Oregon — 0.4%* | *Oregon — 0.4%* | *Oregon — 0.4%* |
| &nbsp;&nbsp;&nbsp; Clackamas County, OR, Hospital Facility Authority Revenue, Senior Living, <br> Rose Villa Project, Series A, Refunding  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 982942<br>|
| &nbsp;&nbsp;&nbsp; Warm Springs, OR, Reservation Confederated Tribe Hydroelectric Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Exempt, Pelton-Round Butte Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; 387211<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Exempt, Pelton-Round Butte Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 737076<br> <sup>(a)</sup><br>|
| *Total Oregon* | *Total Oregon* | *Total Oregon* | *Total Oregon* | &nbsp;&nbsp; *2107229* |
| *Pennsylvania — 3.4%* | *Pennsylvania — 3.4%* | *Pennsylvania — 3.4%* | *Pennsylvania — 3.4%* | *Pennsylvania — 3.4%* |
| &nbsp;&nbsp;&nbsp; Chester County, PA, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colleguim Charter School Project, Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/15/37 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1176068<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Student Housing LLC Project, West Chester University Of <br> Pennsylvania, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/45 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2035547<br>|
| &nbsp;&nbsp;&nbsp; Cumberland County, PA, Municipal Authority Revenue, Asbury Pennsylvania <br> Obligated Group, Series 2019, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 937357<br>|
| &nbsp;&nbsp;&nbsp; Dallas Area, PA, Municipal Authority Revenue, Misericordia University Project, <br> Series 2019, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/48 | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp; 3248128<br>|
| &nbsp;&nbsp;&nbsp; Lancaster County, PA, Hospital Authority Revenue, Moravian Manors Inc., <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/49 | &nbsp;&nbsp; 4705000 | &nbsp;&nbsp;&nbsp; 4105064<br>|
| &nbsp;&nbsp;&nbsp; Lancaster, PA, IDA Revenue, Willow Valley Communities Project, Series 2019  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 1002822<br>|
| &nbsp;&nbsp;&nbsp; Lehigh County, PA, IDA Revenue, Charter School Project, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/51 | &nbsp;&nbsp; 2385000 | &nbsp;&nbsp;&nbsp; 1835107<br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Economic Development Financing Authority Revenue, <br> Tax-Exempt Private Activity, The Penndot Major Bridges Package One Project  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/30/61 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2645390<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pennsylvania State Higher EFA Revenue, University Properties Inc. Student <br> Housing Project, Refunding, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1001578<br>|
| &nbsp;&nbsp;&nbsp; Philadelphia, PA, IDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 79096<br> <sup>(a)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 1387984 | &nbsp;&nbsp;&nbsp; 277,597<br> \*<sup>(a)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wilkes-Barre, PA, Finance Authority Revenue, Wilkes University Project, <br> Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp; 987783<br>|
| *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | *Total Pennsylvania* | &nbsp;&nbsp; *19331537* |
| *Puerto Rico — 2.5%* | *Puerto Rico — 2.5%* | *Puerto Rico — 2.5%* | *Puerto Rico — 2.5%* | *Puerto Rico — 2.5%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2873684<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 5700000 | &nbsp;&nbsp;&nbsp; 5237020<br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority Revenue, Series TT  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 5290000 | &nbsp;&nbsp;&nbsp; 3,504,625<br> \*<sup>(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 75707<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 109000 | &nbsp;&nbsp;&nbsp; 96464<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp; 115501<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 159000 | &nbsp;&nbsp;&nbsp; 120663<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Restructured, Series A-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 2518000 | &nbsp;&nbsp;&nbsp; 880885<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp; 116032<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp; 58596<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | &nbsp;&nbsp; 4.329% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 582506<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | &nbsp;&nbsp; 4.536% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp; 15426<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Puerto Rico — continued* | *Puerto Rico — continued* | *Puerto Rico — continued* | *Puerto Rico — continued* | *Puerto Rico — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-2 | &nbsp;&nbsp; 4.784% | &nbsp;&nbsp; 7/1/58 | &nbsp;&nbsp; $240000 | &nbsp;&nbsp;&nbsp; $226117<br>|
| *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | &nbsp;&nbsp; *13903226* |
| *Rhode Island — 0.5%* | *Rhode Island — 0.5%* | *Rhode Island — 0.5%* | *Rhode Island — 0.5%* | *Rhode Island — 0.5%* |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., RI, Revenue, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; *2971742*<br>|
| *South Carolina — 1.5%* | *South Carolina — 1.5%* | *South Carolina — 1.5%* | *South Carolina — 1.5%* | *South Carolina — 1.5%* |
| &nbsp;&nbsp;&nbsp; Berkeley County, SC, Special Assessment Revenue, Series 2019  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 939003<br>|
| &nbsp;&nbsp;&nbsp; Lancaster County, SC, Special Assessment Revenue, Series 2025  | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 309799<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA Hospital Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beaufort Memorial Hospital & South of Broad Healthcare Project, <br> Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 766425<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beaufort Memorial Hospital & South of Broad Healthcare Project, <br> Series 2024 | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1037654<br>|
| &nbsp;&nbsp;&nbsp; South Carolina State Jobs-EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Charter Schools Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 870133<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Charter Schools Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/56 | &nbsp;&nbsp; 1530000 | &nbsp;&nbsp;&nbsp; 1034999<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; High Point Academy Project, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1882356<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodlands at Furman Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp; 580981<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodlands at Furman Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/54 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1011438<br>|
| *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | *Total South Carolina* | &nbsp;&nbsp; *8432788* |
| *Tennessee — 1.2%* | *Tennessee — 1.2%* | *Tennessee — 1.2%* | *Tennessee — 1.2%* | *Tennessee — 1.2%* |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County, TN, Sports <br> Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Blakeford at Green Hills Corp., Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/55 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2371524<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trevecca Nazarene University Project, Series 2019, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; 503066<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trevecca Nazarene University Project, Series 2019, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1739856<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trevecca Nazarene University Project, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/51 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 802123<br>|
| &nbsp;&nbsp;&nbsp; Nashville Metropolitan Development & Housing Agency, TN, Tax Increment <br> Development Revenue, Fifth and Broadway Development Project  | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1270381<br> <sup>(a)</sup><br>|
| *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | *Total Tennessee* | &nbsp;&nbsp; *6686950* |
| *Texas — 8.0%* | *Texas — 8.0%* | *Texas — 8.0%* | *Texas — 8.0%* | *Texas — 8.0%* |
| &nbsp;&nbsp;&nbsp; Arlington, TX, Higher Education Finance Corp., Education Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis Texas Charter Schools Inc., Series 2024 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/15/49 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp; 560603<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis Texas Charter Schools Inc., Series 2024 | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 953371<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basis Texas Charter Schools Inc., Series 2024 | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/15/59 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 900224<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magellan International School, Series 2022 | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 6/1/62 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; 2427227<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayside Schools, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/36 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp; 310085<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayside Schools, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/46 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 687016<br>|
| &nbsp;&nbsp;&nbsp; Aubrey, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duck Point Public Improvement, Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/31/45 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 149019<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duck Point Public Improvement, Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 12/31/55 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; 260249<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Beaumont, TX, Housing Authority Revenue, Residential Development Senior <br> Lien, Series A  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1343136<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Celina, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sutton Fields East Public Improvement District Phase 2 Project, Series 2025 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 358000 | &nbsp;&nbsp;&nbsp; 358195<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sutton Fields East Public Improvement District Phase 2 Project, Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp; 630661<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crandall, TX, Special Assessment Revenue, River Ridge Public Improvement <br> District Improvement Area 2 Project, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp; 920963<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp; Denton County, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Meadows Public Improvement District Major Improvement Area One <br> Project, Series 2025 | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 12/31/55 | &nbsp;&nbsp; $300000 | &nbsp;&nbsp;&nbsp; $310145<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Meadows Public Improvement District Major Improvement Area <br> Project, Series 2025 | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 12/31/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 309864<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Meadows Public Improvement District Major Improvement Area <br> Project, Series 2025 | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 12/31/55 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 621679<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; East Waller County Management District, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sofi Lakes Sections One and Two Project, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp; 118002<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sofi Lakes Sections One and Two Project, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; 267000<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sofi Lakes Sections One and Two Project, Series 2025 | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp; 313556<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Elmendorf, TX, Special Assessment Revenue, Hickory Ridge Public <br> Improvement District Improvement Area Two Project, Series 2025  | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 302285<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ennis, TX, Special Assessment Revenue, Prairieview Public Improvement <br> District Improvement Area One and Two Project, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 619496<br> <sup>(a)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gunter, TX, Special Assessment Revenue, Bridges Phase 2A Public <br> Improvement District Project, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 771000 | &nbsp;&nbsp;&nbsp; 779757<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Harris County, TX, Cultural Education Facilities Finance Corp., Brazos <br> Presbyterian Homes, Inc. Project, Series 2016, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1008754<br>|
| &nbsp;&nbsp;&nbsp; Houston, TX, Airport System Revenue, Special Facilities, United Airlines Inc., <br> Airport Terminal E Project, Series A  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp; 3445460<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Justin, TX, Special Assessment Revenue, Timberbrook Public Improvement <br> District No 1, Improvement Area Three Project, Series 2025  | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 207050<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lowry Crossing, TX, Special Assessment Revenue, Simpson Road Public <br> Improvement District Project, Series 2025  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 1507000 | &nbsp;&nbsp;&nbsp; 1549614<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Manor, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entradaglen Public Improvement District, Assessment Area One Project, <br> Series 2025 | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 364000 | &nbsp;&nbsp;&nbsp; 375721<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newhaven Public Improvement District, Series 2025 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 278649<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mansfield, TX, Special Assessment Revenue, Staybolt Public Improvement <br> District, Assessment Area One Project, Series 2025  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 878990<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Matagorda County, TX, Navigation District No. 1, Revenue, AEP Texas Central <br> Co., Refunding, Series A, AMBAC  | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3132259<br>|
| &nbsp;&nbsp;&nbsp; Medina County, TX, Special Assessment Revenue, Talley Ho Public <br> Improvement District Improvement Area One Project  | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 9/1/54 | &nbsp;&nbsp; 1371000 | &nbsp;&nbsp;&nbsp; 1318363<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mission, TX, EDC, Permian Basin Water Resources Project, Green Bonds  | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1031339<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mustang Ridge, TX, Special Assessment Revenue, Durango Public <br> Improvement District Improvement Area 2 Project  | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 789000 | &nbsp;&nbsp;&nbsp; 813890<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRC Senior Living, Langford Project | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 480922<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRC Senior Living, Langford Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/46 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 611443<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MRC Senior Living, Langford Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 210251<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westminster Manor Project, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/55 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 1188757<br>|
| &nbsp;&nbsp;&nbsp; Pilot Point, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bryson Ranch Public Improvement District | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/15/35 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 104289<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bryson Ranch Public Improvement District | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 103628<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bryson Ranch Public Improvement District | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 113000 | &nbsp;&nbsp;&nbsp; 116874<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* | *Texas — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bryson Ranch Public Improvement District Zone A Improvement Area 1 <br> Project | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 9/15/45 | &nbsp;&nbsp; $175000 | &nbsp;&nbsp;&nbsp; $181349<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bryson Ranch Public Improvement District Zone A Improvement Area 1 <br> Project | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 258571<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bryson Ranch Public Improvement District Zone A Remainder Area Project | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp; 191261<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bryson Ranch Public Improvement District Zone B Remainder Area Project | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; 186091<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royse City, TX, Special Assessment Revenue, Clearview Ranch Public <br> Improvement District North Zone Improvement Area 1 Project  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 673000 | &nbsp;&nbsp;&nbsp; 689017<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement <br> Facility Revenue, Buckner Retirement Services Inc. Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp; 1640177<br>|
| &nbsp;&nbsp;&nbsp; Terrell, TX, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arboretum Estates Public Improvement District No 6, Series 2025 | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 387221<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 384066<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Texas State Community Housing & EDC Revenue, Senior Lien, Agape Helotes, <br> Series A-1  | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/1/65 | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp; 1289230<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Texas State Technical College System Revenue, Series A, AG  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/54 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4383968<br>|
| &nbsp;&nbsp;&nbsp; Texas State Transportation Commission, Highway 249 System Toll Revenue, <br> CAB, First Tier Toll Revenue, Series A  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 803110<br>|
| &nbsp;&nbsp;&nbsp; Tomball, TX, Special Assessment Revenue, Winfrey Estates Public <br> Improvement District, Series 2025  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/53 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 467655<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Town of Providence Village, TX, Special Assessment Revenue, Foree Ranch <br> Public Improvement District, Series 2025  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp; 908624<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Uptown Development Authority, TX, Tax Increment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 570492<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 557580<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 623921<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 446352<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp; 477927<br>|
| &nbsp;&nbsp;&nbsp; Wharton, TX, Special Assessment Revenue, Wharton Public Improvement <br> District No 2, Series 2025  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/15/55 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 153857<br> <sup>(a)</sup><br>|
| *Total Texas* | *Total Texas* | *Total Texas* | *Total Texas* | &nbsp;&nbsp; *44599255* |
| *Utah — 2.1%* | *Utah — 2.1%* | *Utah — 2.1%* | *Utah — 2.1%* | *Utah — 2.1%* |
| &nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, UT, Special Assessment Revenue, <br> Assessment Area One Project, Series 2024  | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3033075<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mida Cormont, UT, Public Infrastructure District, GO, CAB, Series A-2 Step <br> bond (0.000% to 6/1/29 then 6.750%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 634681<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mida Mountain Village, UT, Public Infrastructure District, Special Assessment <br> Revenue, Mountain Village Assessment Area 2  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp; 1308487<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mida Mountain Village, UT, Public Infrastructure District, Tax Allocation <br> Revenue, Series 2024  | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1030242<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Point Phase 1, UT, Public Infrastructure District No 1, Tax Assessment <br> Revenue, Series A-1  | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/1/55 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 1095657<br>|
| &nbsp;&nbsp;&nbsp; SkyRidge Pegasus Infrastructure Financing District, UT, Special Assessment <br> Revenue, Series 2024  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 692617<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Utah State Infrastructure Agency, Telecommunications Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/42 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1386683<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1076288<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/36 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp; 389000<br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Utah — continued* | *Utah — continued* | *Utah — continued* | *Utah — continued* | *Utah — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/39 | &nbsp;&nbsp; $405000 | &nbsp;&nbsp;&nbsp; $431627<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/44 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 467426<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/48 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 513090<br>|
| *Total Utah* | *Total Utah* | *Total Utah* | *Total Utah* | &nbsp;&nbsp; *12058873* |
| *Virginia — 1.1%* | *Virginia — 1.1%* | *Virginia — 1.1%* | *Virginia — 1.1%* | *Virginia — 1.1%* |
| &nbsp;&nbsp;&nbsp; Cherry Hill, VA, Community Development District Authority, Special <br> Assessment Revenue, Series 2015  | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500666<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Farms New Kent, VA, Community Development District Authority, Special <br> Assessment Revenue, Series A  | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp; 670431<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; James City County, VA, EDA Residential Care Facility Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williamsburg Landing, Series A | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 12/1/58 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1082851<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williamsburg Landing, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 1757145<br>|
| &nbsp;&nbsp;&nbsp; Lower Magnolia Green, VA, Community Development District Authority, <br> Special Assessment Revenue, Series 2015  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp; 785166<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Suffolk, VA, EDA Retirement Facilities Revenue, Lake Prince Center, Inc., <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1501916<br>|
| *Total Virginia* | *Total Virginia* | *Total Virginia* | *Total Virginia* | &nbsp;&nbsp; *6298175* |
| *Washington — 3.2%* | *Washington — 3.2%* | *Washington — 3.2%* | *Washington — 3.2%* | *Washington — 3.2%* |
| &nbsp;&nbsp;&nbsp; Grays Harbor County, WA, Public Hospital District No 1 Revenue, Summit <br> Pacific Medical Center, Series 2023, Refunding  | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 12/1/53 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5542334<br>|
| &nbsp;&nbsp;&nbsp; King County, WA, Public Hospital District No 4, Snoqualmie Valley Health, <br> Series A, Refunding  | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 12/1/60 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 664006<br>|
| &nbsp;&nbsp;&nbsp; Skagit County, WA, Public Hospital District No 1, Hospital Revenue, Skagit <br> Regional Health  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2061478<br>|
| &nbsp;&nbsp;&nbsp; Washington State HFC Revenue, Social Certificates, Series 2024  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 3/1/50 | &nbsp;&nbsp; 1241783 | &nbsp;&nbsp;&nbsp; 1215702<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Washington State HFC, Non-Profit Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blakeley and Laurel Villages Portfolio, Series B | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 7/1/64 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 647928<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presbyterian Retirement Communities North West Project, Series A, <br> Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/46 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2366681<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seattle Academy of Arts and Sciences Project, Series 2023, Refunding | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2692249<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spokane International Academy Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 2235000 | &nbsp;&nbsp;&nbsp; 1911738<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wesley Homes at Lea Hill Project, Series 2016, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; 574568<br> <sup>(a)</sup><br>|
| *Total Washington* | *Total Washington* | *Total Washington* | *Total Washington* | &nbsp;&nbsp; *17676684* |
| *West Virginia — 0.2%* | *West Virginia — 0.2%* | *West Virginia — 0.2%* | *West Virginia — 0.2%* | *West Virginia — 0.2%* |
| &nbsp;&nbsp;&nbsp; Monongalia County, WV, Senior Tax Increment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development District No. 4, Refunding, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 6/1/43 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; 464782<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Development District No. 4, Refunding, Series A | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/1/53 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; 927100<br> <sup>(a)</sup><br>|
| *Total West Virginia* | *Total West Virginia* | *Total West Virginia* | *Total West Virginia* | &nbsp;&nbsp; *1391882* |
| *Wisconsin — 7.8%* | *Wisconsin — 7.8%* | *Wisconsin — 7.8%* | *Wisconsin — 7.8%* | *Wisconsin — 7.8%* |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affordable Housing Multifamily Certificates | &nbsp;&nbsp; 6.810% | &nbsp;&nbsp; 4/28/36 | &nbsp;&nbsp; 2375000 | &nbsp;&nbsp;&nbsp; 2448002<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter School Certificates, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/62 | &nbsp;&nbsp; 2842700 | &nbsp;&nbsp;&nbsp; 2983646<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Church Home of Hartford Inc. Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1500418<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Charter Academy | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/64 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1933256<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Academy Charter School Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 909829<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Academy Charter School Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/60 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1119757<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia Sr 400 Express Lanes Project | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/31/65 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1243855<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Wisconsin — continued* | *Wisconsin — continued* | *Wisconsin — continued* | *Wisconsin — continued* | *Wisconsin — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia Sr 400 Express Lanes Project | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 12/31/65 | &nbsp;&nbsp; $1525000 | &nbsp;&nbsp;&nbsp; $1676160<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Hyatt San Antonio Hotel Acquisition Project, Series B | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/62 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2057212<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mater Academy Of Nevada - East Las Vegas Campus Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/39 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1404432<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mater Academy Of Nevada - East Las Vegas Campus Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/44 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; 654072<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multifamily Housing, The Promenade Apartments | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 2/1/39 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1733569<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Leadership Academy, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp; 404291<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Leadership Academy, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/49 | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp; 957736<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Leadership Academy, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp; 409817<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Nazarene University, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 3425000 | &nbsp;&nbsp;&nbsp; 3422070<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Community Charter School | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/53 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 971979<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement Facilities | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1436792<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roseman University Of Health Sciences | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp; 103797<br> <sup>(a)(i)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. James Place Project, Tax Exempt Bond, Series A | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/1/60 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1224383<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Foundation Of The University Of North Carolina At Charlotte Inc. Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/51 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 2650835<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wonderful Foundations Charter School Portfolio Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/55 | &nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp; 3227247<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Public Finance Authority, WI, Student Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beyond Boone LLC - Appalachian State University Project, Series A, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 895707<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chf-Manoa, L.L.C. Uh Residences For Graduate Students | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 7/1/63 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2005785<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University Of Hawai'I Foundation Project, Green Social Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/61 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1050306<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wisconsin State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dickson Hollow Phase II Project, Series 2024 | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 10/1/59 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 725891<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oakwood Lutheran Senior Ministries, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/57 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1049388<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint John's Communities Inc., Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp; 965736<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint John's Communities Inc., Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/36 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp; 763783<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Three Pillars Senior Living Communities, Series A | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/15/59 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1539210<br>|
| *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | *Total Wisconsin* | &nbsp;&nbsp; *43468961* |
| **Total Municipal Bonds (Cost — $537,065,277)** | **Total Municipal Bonds (Cost — $537,065,277)** | **Total Municipal Bonds (Cost — $537,065,277)** | **Total Municipal Bonds (Cost — $537,065,277)** | &nbsp;&nbsp; **527177120** |
| **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 10.4%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 10.4%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 10.4%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 10.4%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(j)</sup> **— 10.4%** |
| *Alaska — 1.5%* | *Alaska — 1.5%* | *Alaska — 1.5%* | *Alaska — 1.5%* | *Alaska — 1.5%* |
| &nbsp;&nbsp;&nbsp; Alaska Industrial Development and Export Authority Revenue, Tanana Chief <br> Conference Project, Series 2019A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 8750000 | &nbsp;&nbsp;&nbsp; *8120764*<br>|
| *Colorado — 1.1%* | *Colorado — 1.1%* | *Colorado — 1.1%* | *Colorado — 1.1%* | *Colorado — 1.1%* |
| &nbsp;&nbsp;&nbsp; City and County of Denver, CO, Department of Aviation Airport Revenue, <br> Series 2022D | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 5675000 | &nbsp;&nbsp;&nbsp; *6399508*<br>|
| *District of Columbia — 0.3%* | *District of Columbia — 0.3%* | *District of Columbia — 0.3%* | *District of Columbia — 0.3%* | *District of Columbia — 0.3%* |
| &nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Revenue, Dulles Metrorail and <br> Capital Improvement Projects | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp; *1690346*<br>|
| *Florida — 1.2%* | *Florida — 1.2%* | *Florida — 1.2%* | *Florida — 1.2%* | *Florida — 1.2%* |
| &nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority Revenue, Series 2022 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 7735000 | &nbsp;&nbsp;&nbsp; *6813193*<br>|
| *New York — 4.6%* | *New York — 4.6%* | *New York — 4.6%* | *New York — 4.6%* | *New York — 4.6%* |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Revenue, Tax Exempt <br> Subordinated Bonds, Series 2026 A, Subseries A-1  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 5/1/50 | &nbsp;&nbsp; 12500000 | &nbsp;&nbsp;&nbsp; 13654751<br>|
| &nbsp;&nbsp;&nbsp; New York State Personal Income Tax Revenue, Green Bonds, Series 2022C  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp; 7541296<br>|
| &nbsp;&nbsp;&nbsp; Port Authority of New York and New Jersey Consolidated Bonds, Series 2018  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/49 | &nbsp;&nbsp; 4485000 | &nbsp;&nbsp;&nbsp; 4574794<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *25770841* |

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

October 31, 2025

 **Franklin Municipal High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Oregon — 1.7%* | *Oregon — 1.7%* | *Oregon — 1.7%* | *Oregon — 1.7%* | *Oregon — 1.7%* |
| &nbsp;&nbsp;&nbsp; Port of Portland, OR, International Airport Revenue Bonds, Series 27A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; $10710000 | &nbsp;&nbsp;&nbsp; $*9559010*<br>|
| **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $57,151,088)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $57,151,088)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $57,151,088)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $57,151,088)** | &nbsp;&nbsp; **58353662** |
| **Total Investments before Short-Term Investments (Cost — $594,216,365)** | **Total Investments before Short-Term Investments (Cost — $594,216,365)** | **Total Investments before Short-Term Investments (Cost — $594,216,365)** | **Total Investments before Short-Term Investments (Cost — $594,216,365)** | &nbsp;&nbsp; **585530782** |
|  |  |  | Shares |  |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** |
| &nbsp;&nbsp;&nbsp; Putnam Government Money Market Fund, Class P Shares <br> (Cost — $4,089,306)  | &nbsp;&nbsp; 3.920% |  | &nbsp;&nbsp; 4089306<br>| &nbsp;&nbsp;&nbsp;&nbsp; **4089306**<br> <sup>(k)(l)</sup><br>|
|  |  | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **U.S. Treasury Bills — 0.3%** | **U.S. Treasury Bills — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | &nbsp;&nbsp; 1.949% | &nbsp;&nbsp; 11/6/25 | &nbsp;&nbsp; $599000 | &nbsp;&nbsp;&nbsp; 598810<br> <sup>(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | &nbsp;&nbsp; 3.646% | &nbsp;&nbsp; 12/4/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 99667<br> <sup>(m)</sup><br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | &nbsp;&nbsp; 3.715% | &nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 694357<br> <sup>(m)</sup><br>|
| **Total U.S. Treasury Bills (Cost — $1,383,986)** | **Total U.S. Treasury Bills (Cost — $1,383,986)** | **Total U.S. Treasury Bills (Cost — $1,383,986)** | **Total U.S. Treasury Bills (Cost — $1,383,986)** | &nbsp;&nbsp; **1392834** |
| **Total Short-Term Investments (Cost — $5,473,292)** | **Total Short-Term Investments (Cost — $5,473,292)** | **Total Short-Term Investments (Cost — $5,473,292)** | **Total Short-Term Investments (Cost — $5,473,292)** | &nbsp;&nbsp; **5482140** |
| **Total Investments — 105.4% (Cost — $599,689,657)** | **Total Investments — 105.4% (Cost — $599,689,657)** | **Total Investments — 105.4% (Cost — $599,689,657)** | **Total Investments — 105.4% (Cost — $599,689,657)** | &nbsp;&nbsp; **591012922** |
| &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (6.9)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (6.9)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (6.9)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (6.9)% | &nbsp;&nbsp;&nbsp; (38490000)<br>|
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.5% | &nbsp;&nbsp;&nbsp; 7963132 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$560486054** |

---

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

\* Non-income producing security.

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

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

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

<sup>(d)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published 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>(e)</sup> Securities traded on a when-issued or delayed delivery basis.

<sup>(f)</sup> The coupon payment on this security is currently in default as of October 31, 2025.

<sup>(g)</sup> Security is fair valued in accordance with procedures approved by the Board of Trustees (Note 1).

<sup>(h)</sup> Security is valued using significant unobservable inputs (Note 1).

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

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

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

<sup>(l)</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 October 31, 2025, the total market value of investments in Affiliated Companies was $4,089,306 and the cost was $4,089,306 (Note 2). 

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

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

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

 **Franklin Municipal High Yield ETF**

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AG |  | Assured Guaranty — Insured Bonds |
| AMBAC |  | American Municipal Bond Assurance Corporation - Insured Bonds |
| BAM |  | Build America Mutual — Insured Bonds |
| CAB |  | Capital Appreciation Bonds |
| CDA |  | Communities Development Authority |
| DFA |  | Development Finance Agency |
| EDA |  | Economic Development Authority |
| EDC |  | Economic Development Corporation |
| EFA |  | Educational Facilities Authority |
| GO |  | General Obligation |
| HEFA |  | Health & Educational Facilities Authority |
| HFC |  | Housing Finance Commission |
| IDA |  | Industrial Development Authority |
| IDR |  | Industrial Development Revenue |
| PFA |  | Public Facilities Authority |
| TCRS |  | Transferable Custodial Receipts |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp; 12/25 | &nbsp;&nbsp;&nbsp;&nbsp; $27495648 | &nbsp;&nbsp;&nbsp;&nbsp; $27167000 | &nbsp;&nbsp;&nbsp; **$328648** |

---

See Notes to Schedule of Investments.

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

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

The Fund adopted the performance of the Putnam Tax-Free High Yield Fund (the "predecessor mutual fund") as the result of a reorganization of the predecessor mutual fund into the Fund (the "Reorganization") that was effective after the market close on October 27, 2025. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ended on or prior to October 27, 2025 are those of the predecessor mutual fund.

Prior to the Fund's listing on October 27, 2025, the net asset value (NAV) performance of Class R6 of the predecessor mutual fund is used as a proxy for the Fund's market price returns. Had the predecessor mutual fund have been structured as an ETF, its performance may have differed.

The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies* ("ASC 946"). The following are significant accounting policies consistently followed by the Fund and are in conformity with U.S. generally accepted accounting principles ("GAAP"), including, but not limited to, ASC 946.

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

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

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

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets carried at fair value: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $527177100 | &nbsp;&nbsp; $20 | &nbsp;&nbsp; $527177120 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds Deposited in Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 58353662 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58353662 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 585530762 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 585530782 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $4089306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4089306 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | &nbsp;&nbsp; — | &nbsp;&nbsp; 1392834 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1392834 |
| Total Short-Term Investments | &nbsp;&nbsp; 4089306 | &nbsp;&nbsp; 1392834 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5482140 |
| **Total Investments** | &nbsp;&nbsp; **$4089306** | &nbsp;&nbsp; **$586923596** | &nbsp;&nbsp; **$20** | &nbsp;&nbsp; **$591012922** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $328648 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $328648 |
| **Total** | &nbsp;&nbsp; **$4417954** | &nbsp;&nbsp; **$586923596** | &nbsp;&nbsp; **$20** | &nbsp;&nbsp; **$591341570** |

---

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

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

**2. Transactions with affiliated company**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>July 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>July 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>|  | $4089306 | 4089306 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>October 31, <br>2025<br>|
| Putnam Government Money <br> Market Fund, Class P Shares<br>|  |  |  | $4089306 |

---

------

Franklin Municipal High Yield ETF 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

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

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-10-31

**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:** $601353400.05

**Total Liabilities:** $40867461.49

**Net Assets:** $560485938.56

**Delayed Delivery Securities:** $620412.50

**Cash Not Reported:** $1139951.68

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 152.59733000 | **1-Year:** 2493.41478000 | **5-Year:** 52517.03536000 | **10-Year:** 214983.01527000 | **30-Year:** 20306.15226000

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

- **3-Month:** 147.69217000 | **1-Year:** 1356.49914000 | **5-Year:** 18586.91448000 | **10-Year:** 53625.49167000 | **30-Year:** 1335.86613000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000263085 | 0.78%                | 3.42%                | 1.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-239205.76              | $2582724.77                                |
| Month 2  | $-1216079.85             | $19904432.83                               |
| Month 3  | $704499.16               | $8621111.59                                |

**Designated Index Information**

- **Index Name:** BTMNTR Index

- **Index Identifier:** BM10506

### Schedule of Portfolio Investments

| Name                                                                           | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                    | US ULTRA BOND CBT                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -224 | NC      | $328648.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GAS WORX CDD FL SPL ASSMNT                                                     | Gas Worx Community Development District                                          | CUSIP: 367200AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $271775.79    | 0.05%             | 2057-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GARDENS AT HAMMOCK BEACH CDD F                                                 | Gardens at Hammock Beach Community Development District                          | CUSIP: 36549DAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $310298.25    | 0.06%             | 2044-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                                                  | Arlington Higher Education Finance Corp                                          | CUSIP: 041806L73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $687015.82    | 0.12%             | 2046-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                                                  | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592029AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $503065.56    | 0.09%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                                                 | Public Finance Authority                                                         | CUSIP: 744396KH4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1119756.63   | 0.20%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUBLIC HIGHWAY AUTH                                                   | E-470 Public Highway Authority                                                   | CUSIP: 26822LLT9<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $521844.70    | 0.09%             | 2041-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH                                                  | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126KKE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $378531.34    | 0.07%             | 2041-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION                                                  | Texas Transportation Commission State Highway 249 System                         | CUSIP: 88283NAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $803109.75    | 0.14%             | 2039-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey (TOBS)                                 | Port Authority of New York & New Jersey                                          | CUSIP: 73358W4C5<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   4485000 | PA      | $4574794.50   | 0.82%             | 2049-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SIERRA VISTA AZ INDL DEV AUTH                                                  | Sierra Vista Industrial Development Authority                                    | CUSIP: 82652UAY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $625647.89    | 0.11%             | 2064-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CHRT SCH RE                                                 | Public Finance Authority                                                         | CUSIP: 744396KG6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $909828.70    | 0.16%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH REVE                                                 | Delaware State Economic Development Authority                                    | CUSIP: 246387RV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $701128.89    | 0.13%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                                                  | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KFR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $188877.86    | 0.03%             | 2031-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                                                 | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628C3B6<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1064268.19   | 0.19%             | 2059-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                                                     | City of Chicago IL                                                               | CUSIP: 167486E21<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1902471.60   | 0.34%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HORACE ND                                                                      | City of Horace ND                                                                | CUSIP: 440365JP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502392.05   | 0.27%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                                                 | Massachusetts Development Finance Agency                                         | CUSIP: 57584YN39<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2615000 | PA      | $2076874.32   | 0.37%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                                                 | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    109000 | PA      | $96464.13     | 0.02%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ED                                                 | California Municipal Finance Authority                                           | CUSIP: 130497AX8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $630452.88    | 0.11%             | 2054-06-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| MILLSBORO DE SPL OBLG                                                          | Town of Millsboro DE                                                             | CUSIP: 601266AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1492000 | PA      | $1500350.72   | 0.27%             | 2038-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| JUSTIN TX SPL ASSMNT REVENUE                                                   | City of Justin TX                                                                | CUSIP: 482184AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207050.26    | 0.04%             | 2045-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DEL WEBB OAK CREEK CDD FL SPL                                                  | Del Webb Oak Creek Community Development District                                | CUSIP: 245509AF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $571389.98    | 0.10%             | 2055-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CNTY PA MUNI AUTH                                                   | Cumberland County Municipal Authority                                            | CUSIP: 230614PN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $937357.00    | 0.17%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CCP MET DIST NO 3 CO                                                           | CCP Metropolitan District No 3                                                   | CUSIP: 12520DAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1170981.97   | 0.21%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CYPRESS CREEK RESERVE CDD FL S                                                 | Cypress Creek Reserve Community Development District                             | CUSIP: 23274FAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155340.53    | 0.03%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LOWRY CROSSING TX SPL ASSMNT R                                                 | City of Lowry Crossing TX                                                        | CUSIP: 54877WAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1507000 | PA      | $1549614.04   | 0.28%             | 2055-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                                                       | District of Columbia                                                             | CUSIP: 25483VYC2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    700000 | PA      | $612135.58    | 0.11%             | 2061-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Putnam Government Money Market Fund                                            | Putnam Government Money Market Fund                                              | CUSIP: 74680A869<br>LEI: 549300SEUI2XMME8T893 | Long             | STIV             | RF                | US        |   4089306 | NS      | $4089306.08   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| WOODCREEK CDD FL                                                               | Woodcreek Community Development District                                         | CUSIP: 97925TAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490944.45    | 0.09%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ED                                                 | California Municipal Finance Authority                                           | CUSIP: 130497AY6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1161153.29   | 0.21%             | 2064-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                                                 | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $75707.08     | 0.01%             | 2027-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                                                  | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UDA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $210250.65    | 0.04%             | 2052-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL INDL DEV AUTH                                                 | Seminole County Industrial Development Authority                                 | CUSIP: 816686AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $651005.44    | 0.12%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue (TOBS)                       | City & County of Denver CO Airport System Revenue                                | CUSIP: 249182TF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5675000 | PA      | $6399507.69   | 1.14%             | 2037-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| STERLING RANCH CMNTY AUTH BRD                                                  | Sterling Ranch Community Authority Board                                         | CUSIP: 85950TAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    623000 | PA      | $639793.84    | 0.11%             | 2043-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MILLSBORO DE SPL OBLG                                                          | Town of Millsboro DE                                                             | CUSIP: 601266AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1996000 | PA      | $1956059.44   | 0.35%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BRIDLE CREEK CDD FL CAPITAL IM                                                 | Bridle Creek Community Development District                                      | CUSIP: 108860AD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $492218.94    | 0.09%             | 2056-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                                                 | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JJF1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1539210.15   | 0.27%             | 2059-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG                                                 | Michigan Finance Authority                                                       | CUSIP: 594479GQ4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $754863.90    | 0.13%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| K-BAR RANCH III CDD FL SPL ASS                                                 | K-Bar Ranch III Community Development District                                   | CUSIP: 48243VAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $272029.99    | 0.05%             | 2055-05-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV                                                 | City of Ham Lake MN                                                              | CUSIP: 406511AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $864908.80    | 0.15%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                                                 | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3885382.95   | 0.69%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST ECON DEV FIN AUTH                                                  | Kentucky Economic Development Finance Authority                                  | CUSIP: 49126PFF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1909858.20   | 0.34%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WILLOWBROOK CDD FL SPL ASSMNT                                                  | Willowbrook Community Development District                                       | CUSIP: 971227AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152190.45    | 0.03%             | 2056-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                                                  | United States Treasury Bill                                                      | CUSIP: 912797SG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    700000 | PA      | $694356.48    | 0.12%             | 2026-01-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUFFOLK VA ECON DEV AUTH RETMN                                                 | Suffolk Economic Development Authority                                           | CUSIP: 86482NAJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501915.35   | 0.27%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NASHVILLE MET DEV & HSG AGY TN                                                 | Nashville Metropolitan Development & Housing Agency                              | CUSIP: 591874AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1270381.13   | 0.23%             | 2036-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                                                 | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    159000 | PA      | $120663.43    | 0.02%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH EN                                                 | New Jersey Economic Development Authority                                        | CUSIP: 64577QAF8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000233.60   | 0.18%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Thruway Authority (TOBS)                                        | New York State Thruway Authority                                                 | CUSIP: 650028ZP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7300000 | PA      | $7541295.66   | 1.35%             | 2054-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                                                 | Washington State Housing Finance Commission                                      | CUSIP: 93978LGP5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2692248.75   | 0.48%             | 2053-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                                     | Public Finance Authority                                                         | CUSIP: 74442PAV7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500417.75   | 0.27%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                                                 | New Jersey Economic Development Authority                                        | CUSIP: 64578CBW0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000014.50   | 0.18%             | 2030-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WEST CENTRL OHIO PORT AUTH OH                                                  | West Central Ohio Port Authority                                                 | CUSIP: 95184AAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    755000 | PA      | $507683.29    | 0.09%             | 2058-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SKYRIDGE PEGASUS INFRASTRUCTUR                                                 | SkyRidge Pegasus Infrastructure Financing District                               | CUSIP: 83089AAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $692616.61    | 0.12%             | 2044-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JAMES CITY CNTY VA ECON DEV AU                                                 | James City County Economic Development Authority                                 | CUSIP: 47029WEG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082850.90   | 0.19%             | 2058-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                                                 | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $582506.10    | 0.10%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN CORP EDUCTN                                                 | Florida Development Finance Corp                                                 | CUSIP: 34061UHZ4<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1813873.05   | 0.32%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                                     | Public Finance Authority                                                         | CUSIP: 74442PPU3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3227246.90   | 0.58%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARM SPRINGS OR RESERVATION CO                                                 | Warm Springs Reservation Confederated Tribe                                      | CUSIP: 934312AQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $737075.99    | 0.13%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY OH HOSP REVENU                                                 | County of Washington OH                                                          | CUSIP: 938154DX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $777562.43    | 0.14%             | 2052-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO INDL DEV AUTH F                                                 | Industrial Development Authority of the City of St Louis Missouri/The            | CUSIP: 85236BAC6<br>LEI: 549300WTUL8KX1FOUZ40 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1410612.61   | 0.25%             | 2047-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                                                 | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704MBT2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $870132.50    | 0.16%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R                                                 | Massachusetts Development Finance Agency                                         | CUSIP: 57584YN21<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $618476.55    | 0.11%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI MF AFFORDAB                                                 | Public Finance Authority                                                         | CUSIP: 74448FAA9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2448002.04   | 0.44%             | 2036-04-28      | Fixed         | 6.81%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                                                 | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    141000 | PA      | $115501.24    | 0.02%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG                                                 | Public Finance Authority                                                         | CUSIP: 74439YDS7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $895706.90    | 0.16%             | 2055-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                                                  | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20774YJ32<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961043.70    | 0.17%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTERVILLE OH HLTH CARE REVEN                                                 | City of Centerville OH                                                           | CUSIP: 152241AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1903253.00   | 0.34%             | 2047-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                                                       | Iowa Finance Authority                                                           | CUSIP: 46247SFF6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1554146.58   | 0.28%             | 2053-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CMFA SPL FIN AGY I CA ESSENTIA                                                 | CMFA Special Finance Agency I                                                    | CUSIP: 12574TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2681529.55   | 0.48%             | 2056-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                                                 | New York Transportation Development Corp                                         | CUSIP: 650116EZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1088946.96   | 0.19%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WOODLAND CROSSING CDD FL SPL A                                                 | Woodland Crossing Community Development District                                 | CUSIP: 979583AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $118453.91    | 0.02%             | 2045-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| POINT PHASE 1 PUB INFRASTRUCTU                                                 | Point Phase 1 Public Infrastructure District No 1                                | CUSIP: 73058EAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1095656.94   | 0.20%             | 2055-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| WARM SPRINGS OR RESERVATION CO                                                 | Warm Springs Reservation Confederated Tribe                                      | CUSIP: 934312AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $387211.43    | 0.07%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MANSFIELD TX SPL ASSMNT REVENU                                                 | City of Mansfield TX                                                             | CUSIP: 56439QAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $878990.27    | 0.16%             | 2055-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                                                 | North Carolina Medical Care Commission                                           | CUSIP: 65821DYT2<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2280641.75   | 0.41%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BEAUMONT TX HSG AUTH RSDL DEV                                                  | Beaumont Housing Authority                                                       | CUSIP: 07451AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1343136.33   | 0.24%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BALDWIN CNTY AL INDL DEV AUTH                                                  | Baldwin County Industrial Development Authority                                  | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1287692.88   | 0.23%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                                                 | Utah Infrastructure Agency                                                       | CUSIP: 917467CG5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076288.10   | 0.19%             | 2032-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA INDL DEV AUTH                                                     | Lancaster Industrial Development Authority                                       | CUSIP: 514349CX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1002821.85   | 0.18%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI POOLED CHRT                                                 | Public Finance Authority                                                         | CUSIP: 74448GAA7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2842700 | PA      | $2983645.84   | 0.53%             | 2062-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FEED MILL CDD FL CAPITAL IMPT                                                  | Feed Mill Community Development District                                         | CUSIP: 31434PAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $607113.66    | 0.11%             | 2056-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH SP                                                 | New Jersey Economic Development Authority                                        | CUSIP: 64578CBU4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000046.60   | 0.36%             | 2033-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA LOC GOVT FIN COMMISSIO                                                 | Florida Local Government Finance Commission                                      | CUSIP: 34077UAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $364173.18    | 0.06%             | 2055-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                                                       | District of Columbia                                                             | CUSIP: 25483VWC4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    250000 | PA      | $223439.85    | 0.04%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRANQUILITY CDD FL SPL ASSMNT                                                  | Tranquility Community Development District                                       | CUSIP: 89300NAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $599854.92    | 0.11%             | 2055-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI MF HSG REVE                                                 | Public Finance Authority                                                         | CUSIP: 74441XJJ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1224383.16   | 0.22%             | 2060-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DE KALB CNTY GA DEV AUTH REVEN                                                 | DeKalb County Development Authority                                              | CUSIP: 240463KE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $754650.08    | 0.13%             | 2063-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KISSIMMEE PARK CDD FL CAPITAL                                                  | Kissimmee Park Community Development District                                    | CUSIP: 497859AA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $829651.68    | 0.15%             | 2056-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TOLOMATO FL CDD                                                                | Tolomato Community Development District                                          | CUSIP: 889560FB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $351479.45    | 0.06%             | 2054-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FOX BRANCH RANCH CMNTY DEV DIS                                                 | Fox Branch Ranch Community Development District                                  | CUSIP: 351322AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $490124.17    | 0.09%             | 2055-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                                                 | New York Transportation Development Corp                                         | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4594030.76   | 0.82%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                                                 | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704MBV7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1034998.79   | 0.18%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY HSG AGY ESSEN                                                 | California Community Housing Agency                                              | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3275000 | PA      | $2743890.63   | 0.49%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVER LANDING CDD FL CAP IMPT                                                  | River Landing Community Development District                                     | CUSIP: 76828JAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $561788.30    | 0.10%             | 2055-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH                                                 | Housing & Redevelopment Authority of The City of St Paul Minnesota               | CUSIP: 852297DB3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2519376.48   | 0.45%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING                                                  | Pennsylvania Economic Development Financing Authority                            | CUSIP: 70868YAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2645390.25   | 0.47%             | 2061-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY H                                                 | Massachusetts Development Finance Agency                                         | CUSIP: 57585AAB6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $20.35        | 0.00%             | 2028-10-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TX SPL ASSMNT REVE                                                 | City of Pilot Point TX                                                           | CUSIP: 721614AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103628.09    | 0.02%             | 2045-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                                                 | Maricopa County Industrial Development Authority                                 | CUSIP: 56681NAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505580.45   | 0.27%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEDINA CNTY TX SPL ASSMNT REVE                                                 | County of Medina TX                                                              | CUSIP: 584735AN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1371000 | PA      | $1318362.79   | 0.24%             | 2054-09-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| VENICE FL                                                                      | City of Venice FL                                                                | CUSIP: 922687AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $618723.75    | 0.11%             | 2060-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                                          | Chicago Board of Education                                                       | CUSIP: 167505ZF6<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3745335.15   | 0.67%             | 2047-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TOLOMATO FL CDD                                                                | Tolomato Community Development District                                          | CUSIP: 889560FA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $863060.79    | 0.15%             | 2044-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                                                       | District of Columbia                                                             | CUSIP: 25483VWD2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $853787.60    | 0.15%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF                                                 | Florida Development Finance Corp                                                 | CUSIP: 34061QBU0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3399282.25   | 0.61%             | 2052-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                                                  | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KBS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1276445.38   | 0.23%             | 2039-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| JAMES CITY CNTY VA ECON DEV AU                                                 | James City County Economic Development Authority                                 | CUSIP: 47029WED5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $1757145.15   | 0.31%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                                                 | Colorado Health Facilities Authority                                             | CUSIP: 19648FLZ5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    550000 | PA      | $521099.87    | 0.09%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI RETMNT FAC                                                  | Public Finance Authority                                                         | CUSIP: 74444VAG5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1436791.80   | 0.26%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                                                  | Arlington Higher Education Finance Corp                                          | CUSIP: 041807JW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $900224.10    | 0.16%             | 2059-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU                                                 | Louisiana Public Facilities Authority                                            | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1141403.23   | 0.20%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOTEL REVEN                                                 | Public Finance Authority                                                         | CUSIP: 74447DAG2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2057211.80   | 0.37%             | 2062-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VERANO 4 CDD FL SP ASSMNT                                                      | Verano No 4 Community Development District                                       | CUSIP: 92337SAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $389078.10    | 0.07%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FARMS NEW KENT VA CMNTY DEV AU                                                 | Farms New Kent Community Development Authority                                   | CUSIP: 311551AD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $670431.28    | 0.12%             | 2036-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN                                                 | CSCDA Community Improvement Authority                                            | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $3851272.44   | 0.69%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LOWERY HILLS CDD FL SPL ASSMNT                                                 | Lowery Hills Community Development District                                      | CUSIP: 548652AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $729751.65    | 0.13%             | 2045-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DEERING PARK STEWARDSHIP DIST                                                  | Deering Park Stewardship District                                                | CUSIP: 24460GAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $317257.74    | 0.06%             | 2055-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PINELLAS CNTY FL INDL DEV AUTH                                                 | Pinellas County Industrial Development Authority                                 | CUSIP: 72316VAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2770000 | PA      | $2776409.78   | 0.50%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE CNTY FL INDL DEV AUT                                                 | Charlotte County Industrial Development Authority/FL                             | CUSIP: 16080TAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $442641.03    | 0.08%             | 2055-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                                                  | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KFZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $766330.50    | 0.14%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT                                                  | Buckeye Tobacco Settlement Financing Authority                                   | CUSIP: 118217CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4870000 | PA      | $3455962.38   | 0.62%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL                                                  | Capital Trust Authority                                                          | CUSIP: 14054WBW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $379224.07    | 0.07%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY PA HOSP AUTH HL                                                 | Lancaster County Hospital Authority/PA                                           | CUSIP: 51404PAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4705000 | PA      | $4105064.51   | 0.73%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                                                 | New York Transportation Development Corp                                         | CUSIP: 650116CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4405000 | PA      | $4285546.97   | 0.76%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU                                                 | Louisiana Public Facilities Authority                                            | CUSIP: 546399SY3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2448317.76   | 0.44%             | 2059-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                                     | City of Detroit MI                                                               | CUSIP: 2510933R9<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    350000 | PA      | $359939.62    | 0.06%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPARKS NV SPL IMPT DIST #1                                                     | City of Sparks NV Special Improvement District No 1                              | CUSIP: 846561AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496087.20    | 0.09%             | 2054-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| KISSIMMEE PARK CDD FL CAPITAL                                                  | Kissimmee Park Community Development District                                    | CUSIP: 497859AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $804529.75    | 0.14%             | 2056-05-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PALERMO CDD FL SPL ASSMNT                                                      | Palermo Community Development District                                           | CUSIP: 696280AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $617212.08    | 0.11%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL INDL DEV AUTH HLTH                                                 | Lee County Industrial Development Authority/FL                                   | CUSIP: 52349EEV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $483495.45    | 0.09%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                                     | Public Finance Authority                                                         | CUSIP: 74442PJR7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3425000 | PA      | $3422069.57   | 0.61%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG                                                 | Public Finance Authority                                                         | CUSIP: 74439YEU1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005785.40   | 0.36%             | 2063-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                                                  | Philadelphia Authority for Industrial Development                                | CUSIP: 71781XGR8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79096.28     | 0.01%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KINGS CREEK I CDD FL SPL ASSMN                                                 | Kings Creek I Community Development District                                     | CUSIP: 495879AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $230665.48    | 0.04%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #81                                                 | City of Las Vegas NV Special Improvement District No 816                         | CUSIP: 51779AAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $995054.48    | 0.18%             | 2051-06-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH SEN                                                 | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72178AAJ1<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1775584.64   | 0.32%             | 2057-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                                                 | Public Finance Authority                                                         | CUSIP: 74442EEH9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    455000 | PA      | $409816.59    | 0.07%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ INDL DEV AUTH EDU R                                                 | Industrial Development Authority of the City of Phoenix Arizona/The              | CUSIP: 71885FEB9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    750000 | PA      | $719863.73    | 0.13%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEV AUTH TX INCR CONTRA                                                 | Uptown Development Authority                                                     | CUSIP: 916856HQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $557579.88    | 0.10%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RAMSEY MN CHRT SCH LEASE REVEN                                                 | City of Ramsey MN                                                                | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1352849.99   | 0.24%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEHIGH CNTY PA INDL DEV AUTH C                                                 | Lehigh County Industrial Development Authority                                   | CUSIP: 52481MAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2385000 | PA      | $1835106.77   | 0.33%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH STUDENT H                                                 | Illinois Finance Authority                                                       | CUSIP: 45203KAP0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5347687.95   | 0.95%             | 2047-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST LOCAL GOVT FIN COMM                                                 | Florida Local Government Finance Commission                                      | CUSIP: 34077EAE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3129379.32   | 0.56%             | 2065-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GUNTER TX SPL ASSMNT REVENUE                                                   | City of Gunter TX                                                                | CUSIP: 40314PAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    771000 | PA      | $779757.40    | 0.14%             | 2045-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL REVENUE                                                   | Capital Trust Agency Inc                                                         | CUSIP: 14052WDH7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $536989.80    | 0.10%             | 2060-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG                                                 | Michigan Finance Authority                                                       | CUSIP: 594479DD6<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    600000 | PA      | $566478.66    | 0.10%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KINGS CREEK I CDD FL SPL ASSMN                                                 | Kings Creek I Community Development District                                     | CUSIP: 495879AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102790.33    | 0.02%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PRINCE GEORGES CNTY MD SPL OBL                                                 | County of Prince George's MD                                                     | CUSIP: 74172RBP1<br>LEI: 549300NSQ1W50I0VU811 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301732.83    | 0.05%             | 2039-07-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MIDDLETON CDD FL SPL ASMNT REV                                                 | Middleton Community Development District A                                       | CUSIP: 596681AE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1409101.76   | 0.25%             | 2053-05-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEV AUTH TX INCR CONTRA                                                 | Uptown Development Authority                                                     | CUSIP: 916856HP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $570491.68    | 0.10%             | 2036-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS CNTY MO INDL DEV A                                                 | St Louis County Industrial Development Authority                                 | CUSIP: 791524CP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5930238.00   | 1.06%             | 2053-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI MF HSG REVE                                                 | Public Finance Authority                                                         | CUSIP: 74441XHS1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1733569.22   | 0.31%             | 2039-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI REVENUE                                                     | Public Finance Authority                                                         | CUSIP: 74442PZR9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     95000 | PA      | $103797.10    | 0.02%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GAS WORX CDD FL SPL ASSMNT                                                     | Gas Worx Community Development District                                          | CUSIP: 367200AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102868.19    | 0.02%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance A                                                 | California Municipal Finance Authority                                           | CUSIP: 13050WAB7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | ABS-MBS          | MUN               | US        |   2986957 | PA      | $2653358.29   | 0.47%             | 2041-02-20      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| EAGAN MN CHRTR SCH LEASE REVEN                                                 | City of Eagan MN                                                                 | CUSIP: 26940AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $685192.83    | 0.12%             | 2065-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CYPRESS RESERVE CDD FL CAPITAL                                                 | Cypress Reserve Community Development District                                   | CUSIP: 23280AAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $217086.04    | 0.04%             | 2056-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH LTD OBLIG                                                 | Michigan Finance Authority                                                       | CUSIP: 594479DC8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1085320.84   | 0.19%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL FAC                                                 | Public Finance Authority                                                         | CUSIP: 74443DKZ3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1933256.20   | 0.34%             | 2064-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH SEN                                                 | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72178AAG7<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087364.00   | 0.19%             | 2042-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MIDA MOUNTAIN VLG PUBLIC INFRA                                                 | Mida Mountain Village Public Infrastructure District                             | CUSIP: 59561TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1308486.60   | 0.23%             | 2050-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL                                                  | Philadelphia Authority for Industrial Development                                | CUSIP: 71781XGT4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   1387984 | PA      | $277596.86    | 0.05%             | 2045-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                                                 | Public Finance Authority                                                         | CUSIP: 74442ELU2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    690000 | PA      | $654071.84    | 0.12%             | 2044-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                                                 | Public Finance Authority                                                         | CUSIP: 74442EEG1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $957736.31    | 0.17%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOVERNORS PK SOUTH CDD FL SPL                                                  | Governors Park South Community Development District                              | CUSIP: 383670AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $605085.48    | 0.11%             | 2045-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                                                 | Public Finance Authority                                                         | CUSIP: 74442EEF3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    410000 | PA      | $404290.96    | 0.07%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL INDL DEV A                                                 | St Johns County Industrial Development Authority                                 | CUSIP: 79041LAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $374663.00    | 0.07%             | 2036-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                                             | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5237019.78   | 0.93%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRAILS AT CROWFOOT MET DIST #3                                                 | Trails at Crowfoot Metropolitan District No 3                                    | CUSIP: 89286RAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $707339.43    | 0.13%             | 2052-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS                                                 | New Hampshire Business Finance Authority                                         | CUSIP: 63607WAU8<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |   3765827 | PA      | $3605702.29   | 0.64%             | 2039-08-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                                                  | United States Treasury Bill                                                      | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $99666.79     | 0.02%             | 2025-12-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TULSA OK MUNI ARPT TRUST TRUST                                                 | Tulsa Municipal Airport Trust Trustees/OK                                        | CUSIP: 899661EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $126958.73    | 0.02%             | 2035-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                                                 | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JEE9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1049388.48   | 0.19%             | 2057-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DU PAGE CNTY IL SPL SVC AREA #                                                 | Du Page County Special Service Area No 31                                        | CUSIP: 26350TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    596000 | PA      | $596480.91    | 0.11%             | 2036-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SKY DANCE MET DIST NO 2 CO                                                     | Sky Dance Metropolitan District No 2                                             | CUSIP: 83086VAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $805795.10    | 0.14%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CRANDALL TX SPL ASSMNT REVENUE                                                 | City of Crandall TX                                                              | CUSIP: 224384AS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $920963.15    | 0.16%             | 2055-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WATERFORD CDD FL CAPITAL IMPT                                                  | Waterford Community Development District                                         | CUSIP: 941376AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $620181.41    | 0.11%             | 2045-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH SEN                                                 | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72178AAH5<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    500000 | PA      | $536754.50    | 0.10%             | 2052-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                                                 | Washington State Housing Finance Commission                                      | CUSIP: 93978UAA4<br>LEI: 549300YL1HU59NREG764 | Long             | ABS-MBS          | MUN               | US        |   1241783 | PA      | $1215701.68   | 0.22%             | 2050-03-01      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL BRD OF EDU                                                          | Chicago Board of Education                                                       | CUSIP: 167505RM0<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1558297.95   | 0.28%             | 2046-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                                                             | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2873684.10   | 0.51%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                                                 | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837031ZK2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    585000 | PA      | $580981.23    | 0.10%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOBE ST LUCIE CONSERVANCY DIST                                                 | Hobe-St Lucie Conservancy District                                               | CUSIP: 434043AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025412.00   | 0.18%             | 2055-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL INDL DEV A                                                 | St Johns County Industrial Development Authority                                 | CUSIP: 79041LAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $654068.33    | 0.12%             | 2041-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHERRY HILL VA CMNTY DEV AUTHS                                                 | Cherry Hill Community Development Authority                                      | CUSIP: 164631AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500666.10    | 0.09%             | 2035-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MUSTANG RIDGE TX SPL ASSMNT RE                                                 | City of Mustang Ridge TX                                                         | CUSIP: 62822EAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    789000 | PA      | $813889.79    | 0.15%             | 2055-09-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                                                  | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KEN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $417172.55    | 0.07%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                                                   | New Hampshire Business Finance Authority                                         | CUSIP: 63607YAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3495000 | PA      | $2918968.78   | 0.52%             | 2055-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                                                 | North Carolina Medical Care Commission                                           | CUSIP: 65820YRS7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1372624.05   | 0.24%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENTON CNTY TX SPL ASSMNT REVE                                                 | County of Denton TX                                                              | CUSIP: 24880GAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $621678.78    | 0.11%             | 2055-12-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                                                 | New York Transportation Development Corp                                         | CUSIP: 650116GP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2311279.08   | 0.41%             | 2040-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC                                                 | California County Tobacco Securitization Agency                                  | CUSIP: 13016NJB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7355000 | PA      | $1494937.58   | 0.27%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FL HLTH FACS AUT                                                 | Sarasota County Health Facilities Authority                                      | CUSIP: 80329UAX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1295988.93   | 0.23%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAYTOWN TWP MN LEASE                                                           | Township of Baytown MN                                                           | CUSIP: 073225AW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $373047.48    | 0.07%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BELLA TARA CDD FL SPL ASSMNT                                                   | Bella Tara Community Development District                                        | CUSIP: 07820BAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518532.30    | 0.09%             | 2056-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL REVENUE                                                     | County of Palm Beach FL                                                          | CUSIP: 696547HN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $908093.82    | 0.16%             | 2057-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                                                 | Utah Infrastructure Agency                                                       | CUSIP: 917467BM3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1386683.55   | 0.25%             | 2042-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                                                 | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60636AWA7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    930000 | PA      | $794839.85    | 0.14%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EAST NASSAU STEWARDSHIP DIST F                                                 | East Nassau Stewardship District                                                 | CUSIP: 273794AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $988506.73    | 0.18%             | 2056-05-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WEST PORT EAST CDD FL SPL ASSM                                                 | West Port East Community Development District                                    | CUSIP: 95549KAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $566811.08    | 0.10%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                                                 | South Carolina Jobs-Economic Development Authority                               | CUSIP: 837031ZL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1011438.12   | 0.18%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                                                     | City of Chicago IL                                                               | CUSIP: 167486M55<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3024101.12   | 0.54%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP STUD                                                 | Maryland Economic Development Corp                                               | CUSIP: 57420VSP9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   5025000 | PA      | $5340980.54   | 0.95%             | 2058-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                                                   | New Hampshire Business Finance Authority                                         | CUSIP: 63607YAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1420508.27   | 0.25%             | 2046-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH STUDENTH                                                 | Development Authority of Cobb County/The                                         | CUSIP: 190778JU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1175699.01   | 0.21%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHLAKE STEWARDSHIP DIST FL                                                  | Northlake Stewardship District                                                   | CUSIP: 66649EAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $363154.47    | 0.06%             | 2056-05-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN                                                 | CSCDA Community Improvement Authority                                            | CUSIP: 126292AX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1122532.95   | 0.20%             | 2057-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                                                   | Illinois Finance Authority                                                       | CUSIP: 45204FYV1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972067.20    | 0.17%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEERING PARK STEWARDSHIP DIST                                                  | Deering Park Stewardship District                                                | CUSIP: 24460GAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $416615.72    | 0.07%             | 2045-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                                                 | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2518000 | PA      | $880884.78    | 0.16%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE                                                   | New Hampshire Business Finance Authority                                         | CUSIP: 63607YAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1336888.52   | 0.24%             | 2040-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY AZ INDL DEV AUTH SEN                                                 | Industrial Development Authority of the County of Pima/The                       | CUSIP: 72178AAF9<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1166174.16   | 0.21%             | 2035-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RADIANCE CDD FL SPL ASSMNT                                                     | Radiance Community Development District                                          | CUSIP: 75030AAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413978.84    | 0.07%             | 2056-05-01      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                                                 | Washington State Housing Finance Commission                                      | CUSIP: 939783TQ9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    575000 | PA      | $574568.29    | 0.10%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEV AUTH TX INCR CONTRA                                                 | Uptown Development Authority                                                     | CUSIP: 916856HT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $477926.59    | 0.09%             | 2040-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                                                 | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704MAL0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1882356.40   | 0.34%             | 2039-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDU REVENUE                                                 | Public Finance Authority                                                         | CUSIP: 74442ELT5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1404432.40   | 0.25%             | 2039-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUNRISE CDD FL CAPITAL IMPT RE                                                 | Sunrise Community Development District                                           | CUSIP: 86771UAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $247183.85    | 0.04%             | 2055-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST DEV FIN AUTH HOSP                                                  | Arkansas Development Finance Authority                                           | CUSIP: 04109FCM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $856254.14    | 0.15%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TX SPL ASSMNT REVE                                                 | City of Pilot Point TX                                                           | CUSIP: 721614AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    113000 | PA      | $116874.19    | 0.02%             | 2055-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HAMMOCK OAKS CDD FL ASSMNT                                                     | Hammock Oaks Community Development District                                      | CUSIP: 40834PAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152710.07    | 0.03%             | 2045-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM                                                 | North Carolina Medical Care Commission                                           | CUSIP: 65820YQK5<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   2970000 | PA      | $2919251.61   | 0.52%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN                                                 | CSCDA Community Improvement Authority                                            | CUSIP: 126292AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $3809043.70   | 0.68%             | 2057-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MANOR TX SPL ASSMNT REVENUE                                                    | City of Manor TX                                                                 | CUSIP: 564099AY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $278648.62    | 0.05%             | 2055-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NORTHLAKE STEWARDSHIP DIST FL                                                  | Northlake Stewardship District                                                   | CUSIP: 66649EAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129899.55    | 0.02%             | 2045-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HGR EDUCTNL FACS FI                                                 | Florida Higher Educational Facilities Financing Authority                        | CUSIP: 34073TLP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1473654.40   | 0.26%             | 2049-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FL HLTH FACS AUT                                                 | Sarasota County Health Facilities Authority                                      | CUSIP: 80329UAW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $756411.30    | 0.13%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TX SPL ASSMNT REVE                                                 | City of Pilot Point TX                                                           | CUSIP: 721614BE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $186091.27    | 0.03%             | 2055-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH STUDENT HS                                                 | Indiana Finance Authority                                                        | CUSIP: 45471FAG6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2505116.25   | 0.45%             | 2058-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY FLA RETMNT FAC REVEN                                                 | County of Lake FL                                                                | CUSIP: 50826FAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1673245.53   | 0.30%             | 2055-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                                                   | Illinois Finance Authority                                                       | CUSIP: 45204FYU3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    750000 | PA      | $742337.63    | 0.13%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKESIDE AT SATILLA CDD FL CAP                                                 | Lakeside at Satilla Community Development District                               | CUSIP: 51210AAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202415.44    | 0.04%             | 2055-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HGR EDUCTNL FA                                                 | Pennsylvania Higher Educational Facilities Authority                             | CUSIP: 709181BZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001577.70   | 0.18%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH                                                  | Chester County Industrial Development Authority                                  | CUSIP: 165588DK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1176067.56   | 0.21%             | 2037-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEV AUTH TX INCR CONTRA                                                 | Uptown Development Authority                                                     | CUSIP: 916856HS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $446352.45    | 0.08%             | 2039-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT                                                 | City of Tampa FL                                                                 | CUSIP: 875146AZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $493537.10    | 0.09%             | 2041-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI CONFERENCE                                                  | Public Finance Authority                                                         | CUSIP: 74445QDW7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2650835.25   | 0.47%             | 2051-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KINGSTON ONE CDD FL SPL ASSMNT                                                 | Kingston One Community Development District                                      | CUSIP: 496631AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $824148.24    | 0.15%             | 2057-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                                                 | Washington State Housing Finance Commission                                      | CUSIP: 93978LJR8<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    625000 | PA      | $647927.81    | 0.12%             | 2064-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                                                 | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60636AWS8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2647080.10   | 0.47%             | 2045-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                                                  | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592029AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $802123.20    | 0.14%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP C                                                 | Monroe County Industrial Development Corp/NY                                     | CUSIP: 61075YAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $512144.10    | 0.09%             | 2059-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRIDGEVILLE DE SPL OBLIG                                                       | Town of Bridgeville DE                                                           | CUSIP: 108588AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1553665.43   | 0.28%             | 2053-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BELLA TARA CDD FL SPL ASSMNT                                                   | Bella Tara Community Development District                                        | CUSIP: 07820BAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207620.58    | 0.04%             | 2056-05-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR                                                 | California School Finance Authority                                              | CUSIP: 13058TPF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $373382.70    | 0.07%             | 2061-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT                                                 | City of Tampa FL                                                                 | CUSIP: 875146AY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $447374.47    | 0.08%             | 2040-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MU                                                 | California Municipal Finance Authority                                           | CUSIP: 13050WAC5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | ABS-MBS          | MUN               | US        |   1000000 | PA      | $634466.30    | 0.11%             | 2049-06-20      | Variable      | 3.44%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                                                 | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $226116.77    | 0.04%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TX SPL ASSMNT REVE                                                 | City of Pilot Point TX                                                           | CUSIP: 721614BG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $191260.47    | 0.03%             | 2055-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MONONGALIA CNTY WV COMMISSION                                                  | County of Monongalia WV                                                          | CUSIP: 61022DAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $927100.24    | 0.17%             | 2053-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                                     | City of Detroit MI                                                               | CUSIP: 251093S84<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   4549005 | PA      | $3630277.03   | 0.65%             | 2044-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                                                  | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $611443.14    | 0.11%             | 2046-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENTON CNTY TX SPL ASSMNT REVE                                                 | County of Denton TX                                                              | CUSIP: 24880GAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $309864.45    | 0.06%             | 2045-12-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                                                  | Arlington Higher Education Finance Corp                                          | CUSIP: 041807JV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $953371.44    | 0.17%             | 2054-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| KINGSTON ONE CDD FL SPL ASSMNT                                                 | Kingston One Community Development District                                      | CUSIP: 496631AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $361131.23    | 0.06%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UPTOWN DEV AUTH TX INCR CONTRA                                                 | Uptown Development Authority                                                     | CUSIP: 916856HR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $623921.33    | 0.11%             | 2038-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                                                  | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $480921.90    | 0.09%             | 2036-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| WHARTON TX SPL ASSMNT REVENUE                                                  | City of Wharton TX                                                               | CUSIP: 962423AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153857.36    | 0.03%             | 2055-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                                                 | New York Liberty Development Corp                                                | CUSIP: 649519DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250239.63   | 0.22%             | 2040-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                                                 | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JRK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     17000 | PA      | $15425.90     | 0.00%             | 2053-07-01      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| CYPRESS CREEK RESERVE CDD FL S                                                 | Cypress Creek Reserve Community Development District                             | CUSIP: 23274FAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103886.97    | 0.02%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| EAST WALLER CNTY MGMT DIST TX                                                  | East Waller County Management District                                           | CUSIP: 275737AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $313555.89    | 0.06%             | 2055-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP R                                                 | Tobacco Settlement Financing Corp/RI                                             | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2971742.10   | 0.53%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH EDU REVEN                                                 | New Hampshire Business Finance Authority                                         | CUSIP: 63607EAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1512887.40   | 0.27%             | 2065-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PLAZA AT NOAHS ARK CMNTY IMPT                                                  | Plaza at Noah's Ark Community Improvement District                               | CUSIP: 72813LAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $692693.93    | 0.12%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MONONGALIA CNTY WV COMMISSION                                                  | County of Monongalia WV                                                          | CUSIP: 61022DAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $464781.64    | 0.08%             | 2043-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA PUBLIC HOSP DIST                                                  | King County Public Hospital District No 4                                        | CUSIP: 494796AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $664006.40    | 0.12%             | 2060-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL SPL ASSMNT                                                          | City of Chicago IL Lakeshore East Special Assessment Area                        | CUSIP: 167686AL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $290064.45    | 0.05%             | 2029-12-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                                                 | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756DE36<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3360725.28   | 0.60%             | 2052-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BRUNSWICK MD SPL OBLIG                                                         | City of Brunswick MD                                                             | CUSIP: 117250AE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    998000 | PA      | $1016661.80   | 0.18%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS CMNTY HSG & ECON DEV COR                                                 | Texas Community Housing & Economic Development Corp                              | CUSIP: 88231CAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1289229.84   | 0.23%             | 2065-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F                                                 | Capital Trust Agency Inc                                                         | CUSIP: 14054CDE6<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303819.30    | 0.05%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RAMPART RANGE CO MET DIST #5                                                   | Rampart Range Metropolitan District No 5                                         | CUSIP: 75157WAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1668769.80   | 0.30%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DALLAS PA AREA MUNI AUTH UNIVR                                                 | Dallas Area Municipal Authority                                                  | CUSIP: 235171AR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3248128.44   | 0.58%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                                                       | District of Columbia                                                             | CUSIP: 25483VSG0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   3170000 | PA      | $2941747.95   | 0.52%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN                                                 | California Public Finance Authority                                              | CUSIP: 13057GAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $458968.50    | 0.08%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue (TOBS)                                     | Port of Portland OR Airport Revenue                                              | CUSIP: 735240Y23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10710000 | PA      | $9559010.28   | 1.71%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN                                                 | City of Celina TX                                                                | CUSIP: 15114CKV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $630660.49    | 0.11%             | 2055-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TX SPL ASSMNT REVE                                                 | City of Pilot Point TX                                                           | CUSIP: 721614BB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $181349.16    | 0.03%             | 2045-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU                                                 | Public Finance Authority                                                         | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1243855.32   | 0.22%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT                                                  | City of North Las Vegas NV                                                       | CUSIP: 66041HGX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $609577.73    | 0.11%             | 2039-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                                                 | Colorado Health Facilities Authority                                             | CUSIP: 19648FRW6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1419886.07   | 0.25%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PEACE CREEK VLG CDD FL SPL ASS                                                 | Peace Creek Village Community Development District                               | CUSIP: 70459CAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $717534.17    | 0.13%             | 2045-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| MANOR TX SPL ASSMNT REVENUE                                                    | City of Manor TX                                                                 | CUSIP: 564099AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    364000 | PA      | $375721.38    | 0.07%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VILLAGE CDD NO 15 SPL ASSMNT R                                                 | Village Community Development District No 15                                     | CUSIP: 92708KAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $764004.16    | 0.14%             | 2055-05-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                                                  | Arlington Higher Education Finance Corp                                          | CUSIP: 041806L57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $310084.84    | 0.06%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SKAGIT CNTY WA PUBLIC HOSP DIS                                                 | Skagit County Public Hospital District No 1                                      | CUSIP: 830227EP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2061478.00   | 0.37%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EAST WALLER CNTY MGMT DIST TX                                                  | East Waller County Management District                                           | CUSIP: 275737AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $266999.69    | 0.05%             | 2045-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WILKES-BARRE PA FIN AUTH REVEN                                                 | Wilkes-Barre Finance Authority                                                   | CUSIP: 968254CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $987782.53    | 0.18%             | 2042-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO ELEC PWR AUTH PWRR                                                 | Puerto Rico Electric Power Authority                                             | CUSIP: 74526YDB8<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |   5290000 | PA      | $3504625.00   | 0.63%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELINA TX SPL ASSESSMENT REVEN                                                 | City of Celina TX                                                                | CUSIP: 15114CKU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    358000 | PA      | $358195.25    | 0.06%             | 2045-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY OR HOSP FAC AUT                                                 | Clackamas County Hospital Facility Authority                                     | CUSIP: 179027YN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982941.80    | 0.18%             | 2055-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU                                                 | Public Finance Authority                                                         | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1676160.44   | 0.30%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RANCHES AT LAKE MCLEOD CDD FL                                                  | Ranches at Lake Mcleod Community Development District                            | CUSIP: 752041AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $595284.34    | 0.11%             | 2055-06-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                                                 | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JJX2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    700000 | PA      | $725891.04    | 0.13%             | 2059-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PALM BEACH CNTY FL REVENUE                                                     | County of Palm Beach FL                                                          | CUSIP: 696547GJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502675.15    | 0.09%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHRIDGE CDD FL SPL ASSMNT                                                   | Northridge Community Development District                                        | CUSIP: 66668PAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $282459.51    | 0.05%             | 2045-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TERRELL TX SPL ASSMNT REVENUE                                                  | City of Terrell TX                                                               | CUSIP: 881435AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $384066.26    | 0.07%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH                                                 | Minnesota Health & Education Facilities Authority                                | CUSIP: 60416H2R4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $687211.40    | 0.12%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #13 SPL ASSMNT REVE                                                 | Village Community Development District No 13                                     | CUSIP: 92708HAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1075039.57   | 0.19%             | 2052-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL SPL ASSMNT                                                          | City of Chicago IL Lakeshore East Special Assessment Area                        | CUSIP: 167686AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    228000 | PA      | $222303.51    | 0.04%             | 2027-12-01      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSON                                                  | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592029AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1739856.06   | 0.31%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                                                 | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JCJ0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    970000 | PA      | $965735.49    | 0.17%             | 2031-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAINDANCE MET DIST NO 1 CO NON                                                 | Raindance Metropolitan District No 1 Non-Potable Water System Revenue            | CUSIP: 75087GAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    624000 | PA      | $620758.57    | 0.11%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE NM RETMNT FAC REVENUE                                                 | City of Santa Fe NM                                                              | CUSIP: 802170AQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1120447.68   | 0.20%             | 2049-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATAGORDA CNTY TX NAV DIST #1                                                  | Matagorda County Navigation District No 1                                        | CUSIP: 576528CY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3132258.60   | 0.56%             | 2030-05-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC                                                 | Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | CUSIP: 592041YV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2371524.30   | 0.42%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                                                           | Stamford Housing Authority                                                       | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $239905.65    | 0.04%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GOVERNORS PK SOUTH CDD FL SPL                                                  | Governors Park South Community Development District                              | CUSIP: 383670AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $880328.31    | 0.16%             | 2055-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| PRAIRIE CENTER CO MET DIST #3                                                  | Prairie Center Metropolitan District No 3                                        | CUSIP: 739476AG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2214674.70   | 0.40%             | 2046-12-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                                                                     | City of Detroit MI                                                               | CUSIP: 2510935B2<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1100369.31   | 0.20%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTVIEW SOUTH CDD FL SPL ASSM                                                 | Westview South Community Development District                                    | CUSIP: 961566AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $651629.94    | 0.12%             | 2055-05-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| PROVIDENCE VLG TX SPL ASSMNT R                                                 | Town of Providence Village TX                                                    | CUSIP: 743816AG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $908623.99    | 0.16%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TX SPL ASSMNT REVE                                                 | City of Pilot Point TX                                                           | CUSIP: 721614BC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258571.23    | 0.05%             | 2055-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH REVENUE                                                       | Iowa Finance Authority                                                           | CUSIP: 46247SFV1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3284022.70   | 0.59%             | 2059-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SUFFOLK REGL OFF-TRACK BETTING                                                 | Suffolk Regional Off-Track Betting Corp                                          | CUSIP: 86480TAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2770763.54   | 0.49%             | 2053-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NORTHRIDGE CDD FL SPL ASSMNT                                                   | Northridge Community Development District                                        | CUSIP: 66668PAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $282135.45    | 0.05%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA                                                 | Wisconsin Health & Educational Facilities Authority                              | CUSIP: 97712JCK7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    790000 | PA      | $763783.22    | 0.14%             | 2036-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                                                           | Stamford Housing Authority                                                       | CUSIP: 852640AJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $190338.03    | 0.03%             | 2045-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HICKORY CHASE OH CMNTY AUTH IN                                                 | Hickory Chase Community Authority                                                | CUSIP: 428861AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1356126.24   | 0.24%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY SC ASSMNT REVEN                                                 | County of Lancaster SC                                                           | CUSIP: 514088BN2<br>LEI: 5493004EFQNI7UOCFI47 | Long             | DBT              | MUN               | US        |    300000 | PA      | $309799.11    | 0.06%             | 2055-06-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                                                 | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756DE28<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3490000 | PA      | $3583664.27   | 0.64%             | 2042-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU                                                 | Miami-Dade County Industrial Development Authority                               | CUSIP: 59333ECQ4<br>LEI: 549300RM19LZY32DAU30 | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1980787.84   | 0.35%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COBB CNTY GA DEV AUTH STUDENTH                                                 | Development Authority of Cobb County/The                                         | CUSIP: 190778JV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1204984.46   | 0.21%             | 2038-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERKELEY CNTY SC ASSMNT REVENU                                                 | County of Berkeley SC                                                            | CUSIP: 084220AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $939002.80    | 0.17%             | 2040-11-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LANDINGS CDD FL SPL ASSMNT                                                     | Landings Community Development District                                          | CUSIP: 51502AAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $860991.61    | 0.15%             | 2055-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CYPRESS BLUFF CDD FL SPL ASSMN                                                 | Cypress Bluff Community Development District                                     | CUSIP: 23267AAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508072.25   | 0.27%             | 2055-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| MIDA MOUNTAIN VLG PUBLIC INFRA                                                 | Mida Mountain Village Public Infrastructure District                             | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030241.90   | 0.18%             | 2054-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DENTON CNTY TX SPL ASSMNT REVE                                                 | County of Denton TX                                                              | CUSIP: 24880GAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $310145.31    | 0.06%             | 2055-12-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                                                    | City of Houston TX Airport System Revenue                                        | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3445459.88   | 0.61%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DE KALB CNTY GA DEV AUTH REVEN                                                 | DeKalb County Development Authority                                              | CUSIP: 240463KD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $386129.16    | 0.07%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN                                                 | CSCDA Community Improvement Authority                                            | CUSIP: 126292AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9400000 | PA      | $7090315.66   | 1.27%             | 2056-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TECH CLG SYS FING SYS                                                 | Texas State Technical College                                                    | CUSIP: 88276RFL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4383968.40   | 0.78%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                                                 | Washington State Housing Finance Commission                                      | CUSIP: 93978LGF7<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2235000 | PA      | $1911737.87   | 0.34%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PALM COAST 145 CDD FL SPL ASSM                                                 | Palm Coast 145 Community Development District                                    | CUSIP: 69662AAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $311893.41    | 0.06%             | 2057-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue (TOBS)     | Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | CUSIP: 592643DJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1690345.48   | 0.30%             | 2053-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                                                       | District of Columbia                                                             | CUSIP: 25483VXU3<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2706938.58   | 0.48%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL SPL ASSMNT                                                          | City of Chicago IL Lakeshore East Special Assessment Area                        | CUSIP: 167686AP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $264028.82    | 0.05%             | 2032-12-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                                                 | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756DJ98<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1497550.10   | 0.27%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECON DEV CORP UTILI                                                 | Mission Economic Development Corp                                                | CUSIP: 605158AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031338.80   | 0.18%             | 2045-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI                                                 | Washington State Housing Finance Commission                                      | CUSIP: 939783TJ5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2366681.50   | 0.42%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONEIDA INDIAN NATION NY TAX RE                                                 | Oneida Indian Nation of New York                                                 | CUSIP: 682504AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2298964.73   | 0.41%             | 2040-09-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WESTMINSTER MD PROJ REVENUE                                                    | City of Westminster MD                                                           | CUSIP: 960735AQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    695000 | PA      | $695541.47    | 0.12%             | 2034-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH RENTA                                                 | Michigan State Housing Development Authority                                     | CUSIP: 59465PBA5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1619575.50   | 0.29%             | 2059-10-01      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| RAINDANCE MET DIST NO 1 CO NON                                                 | Raindance Metropolitan District No 1 Non-Potable Water System Revenue            | CUSIP: 75087GAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1340743.11   | 0.24%             | 2050-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROYSE CITY TX SPL ASSMNT REVEN                                                 | City of Royse City TX                                                            | CUSIP: 780870BZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    673000 | PA      | $689017.06    | 0.12%             | 2055-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CULTURAL EDU FA                                                 | Harris County Cultural Education Facilities Finance Corp                         | CUSIP: 414009LD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008754.40   | 0.18%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUNNYVALE CA                                                                   | City of Sunnyvale CA                                                             | CUSIP: 867587AC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2745000 | PA      | $2754498.52   | 0.49%             | 2032-08-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BELLA COLLINA CDD FL SPL ASSMN                                                 | Bella Collina Community Development District                                     | CUSIP: 07819AAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $915833.11    | 0.16%             | 2055-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| TOBACCO SECURITIZATION AUTH ST                                                 | Tobacco Securitization Authority of Southern California                          | CUSIP: 888804CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14660000 | PA      | $3007777.54   | 0.54%             | 2054-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority (TOBS)                               | Orange County Health Facilities Authority                                        | CUSIP: 68450LGQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7735000 | PA      | $6813193.40   | 1.22%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE                                                       | District of Columbia                                                             | CUSIP: 25483VZZ0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   3755000 | PA      | $4299294.76   | 0.77%             | 2034-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BELLA COLLINA CDD FL SPL ASSMN                                                 | Bella Collina Community Development District                                     | CUSIP: 07819AAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $681388.36    | 0.12%             | 2044-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GIR EAST CDD FL CAPITAL IMPT R                                                 | GIR East Community Development District                                          | CUSIP: 37611TAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $697868.64    | 0.12%             | 2045-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| WATERSET SOUTH CDD FL SPL ASSM                                                 | Waterset South Community Development District                                    | CUSIP: 94186HAL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $469019.13    | 0.08%             | 2056-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN                                                 | California Public Finance Authority                                              | CUSIP: 13057GAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $894150.90    | 0.16%             | 2051-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV SPL IMPT DIST #80                                                 | City of Las Vegas NV Special Improvement District Nos 808 & 810                  | CUSIP: 51778DBJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    795000 | PA      | $795560.40    | 0.14%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TAMPA FL CAPITAL IMPT CIGARETT                                                 | City of Tampa FL                                                                 | CUSIP: 875146BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $763343.60    | 0.14%             | 2045-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GRAYS HARBOR CNTY WA PUBLIC HO                                                 | Grays Harbor County Public Hospital District No 1                                | CUSIP: 389526AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5542334.00   | 0.99%             | 2053-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP SPL                                                  | Maryland Economic Development Corp                                               | CUSIP: 57422FAF3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1066091.38   | 0.19%             | 2050-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| YAVAPAI CNTY AZ INDL DEV AUTHE                                                 | Industrial Development Authority of the County of Yavapai/The                    | CUSIP: 98521VAG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $460101.29    | 0.08%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                                                  | United States Treasury Bill                                                      | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    599000 | PA      | $598810.24    | 0.11%             | 2025-11-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MIDA CORMONT PUBLIC INFRASTRUC                                                 | Mida Cormont Public Infrastructure District                                      | CUSIP: 59561JAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $634680.60    | 0.11%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                                                 | California Infrastructure & Economic Development Bank                            | CUSIP: 13034AR28<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   7250000 | PA      | $636191.13    | 0.11%             | 2061-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PUBLIC FIN AUTH SEN                                                 | California Public Finance Authority                                              | CUSIP: 13057GAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $753128.25    | 0.13%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP                                                 | New York Transportation Development Corp                                         | CUSIP: 650116JP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5877719.10   | 1.05%             | 2055-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| YAVAPAI CNTY AZ INDL DEV AUTH                                                  | Industrial Development Authority of the County of Yavapai/The                    | CUSIP: 98521VAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1195394.83   | 0.21%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV                                                 | City of Ham Lake MN                                                              | CUSIP: 406511AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1504986.45   | 0.27%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUBREY TX SPL ASSMNT                                                           | City of Aubrey TX                                                                | CUSIP: 050197BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $260248.48    | 0.05%             | 2055-12-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CUYAHOGA CNTY OH POR                                                 | Cleveland-Cuyahoga County Port Authority                                         | CUSIP: 18610PAV0<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505947.85    | 0.09%             | 2043-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTHLANDS CO MET DIST #1                                                      | Southlands Metropolitan District No 1                                            | CUSIP: 84454RAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1701975.11   | 0.30%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI STUDENT HSG                                                 | Public Finance Authority                                                         | CUSIP: 74439YDX6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1050305.48   | 0.19%             | 2061-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MIDWAY ARPT REVENUE                                                 | Chicago Midway International Airport                                             | CUSIP: 167562SG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2148666.60   | 0.38%             | 2048-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL INDL DEV A                                                 | St Johns County Industrial Development Authority                                 | CUSIP: 79041LAQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $573908.40    | 0.10%             | 2050-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CANYONS MET DIST #5 CO                                                         | Canyons Metropolitan District No 5                                               | CUSIP: 139071AZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $704457.39    | 0.13%             | 2054-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WINDLER PUB IMPT AUTH CO LTD T                                                 | Windler Public Improvement Authority                                             | CUSIP: 973405AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $783764.70    | 0.14%             | 2051-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| STC MET DIST #2 CO                                                             | STC Metropolitan District No 2                                                   | CUSIP: 85780TBD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508665.15    | 0.09%             | 2055-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST LOCAL GOVT ENVRNM                                                 | Louisiana Local Government Environmental Facilities & Community Development Auth | CUSIP: 54628C2Z4<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    765000 | PA      | $730994.45    | 0.13%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COPPERLEAF MET DIST #5 CO                                                      | Copperleaf Metropolitan District No 5                                            | CUSIP: 21765MAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504776.00    | 0.09%             | 2055-12-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AUBREY TX SPL ASSMNT                                                           | City of Aubrey TX                                                                | CUSIP: 050197BW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149018.88    | 0.03%             | 2045-12-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SUNSET PARKS MET DIST CO                                                       | Sunset Parks Metropolitan District                                               | CUSIP: 86777VAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1379204.47   | 0.25%             | 2054-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SOUTHLANDS CO MET DIST #1                                                      | Southlands Metropolitan District No 1                                            | CUSIP: 84454RAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502645.05    | 0.09%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL SPL ASSMNT                                                          | City of Chicago IL Lakeshore East Special Assessment Area                        | CUSIP: 167686AM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $313923.42    | 0.06%             | 2030-12-01      | Fixed         | 3.29%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AUTH FL EDUCTNL                                                  | Capital Trust Authority                                                          | CUSIP: 14054WCH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1739777.08   | 0.31%             | 2050-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN                                                 | CSCDA Community Improvement Authority                                            | CUSIP: 126292BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $1914433.92   | 0.34%             | 2057-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH REVE                                                 | Delaware State Economic Development Authority                                    | CUSIP: 246387RW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1820000 | PA      | $1671918.43   | 0.30%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOLAERIS CDD FL SPL ASSMNT                                                     | Solaeris Community Development District                                          | CUSIP: 83409XAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $180771.55    | 0.03%             | 2045-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL TRUST AGY FL EDUCTNL F                                                 | Capital Trust Agency Inc                                                         | CUSIP: 14054CDF3<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963742.60    | 0.17%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUILD NYC RESOURCE CORP NY REV                                                 | Build NYC Resource Corp                                                          | CUSIP: 12008ERS7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    500000 | PA      | $389901.10    | 0.07%             | 2051-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV AUTH EDU R                                                 | Arizona Industrial Development Authority                                         | CUSIP: 04052BQV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1673997.00   | 0.30%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREDERICK CNTY MD EDUCTNL FACS                                                 | County of Frederick MD                                                           | CUSIP: 355697CF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $478963.50    | 0.09%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                                                 | Utah Infrastructure Agency                                                       | CUSIP: 917467CZ3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    355000 | PA      | $389000.16    | 0.07%             | 2036-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                                                 | Colorado Health Facilities Authority                                             | CUSIP: 19648FSV7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $890403.50    | 0.16%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA                                                 | City of Forest Lake MN                                                           | CUSIP: 345856AU2<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    615000 | PA      | $615688.31    | 0.11%             | 2043-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PLAZA AT NOAHS ARK CMNTY IMPT                                                  | Plaza at Noah's Ark Community Improvement District                               | CUSIP: 72813LAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $450536.95    | 0.08%             | 2035-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| WOODLAND CROSSING CDD FL SPL A                                                 | Woodland Crossing Community Development District                                 | CUSIP: 979583AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $247018.87    | 0.04%             | 2056-05-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GIR EAST CDD FL CAPITAL IMPT R                                                 | GIR East Community Development District                                          | CUSIP: 37611TAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1308517.66   | 0.23%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLACK DESERT PUB INFRASTRUCTUR                                                 | Black Desert Public Infrastructure District                                      | CUSIP: 09204TAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3033075.30   | 0.54%             | 2053-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN                                                 | CSCDA Community Improvement Authority                                            | CUSIP: 126292AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1297240.43   | 0.23%             | 2041-08-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA DEV AUTH STUDENT HS                                                 | Atlanta Development Authority/The                                                | CUSIP: 04777LDV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $129911.46    | 0.02%             | 2050-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                                                  | Arlington Higher Education Finance Corp                                          | CUSIP: 041807JU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $560602.70    | 0.10%             | 2049-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU                                                 | Louisiana Public Facilities Authority                                            | CUSIP: 546399UY0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    325000 | PA      | $326678.66    | 0.06%             | 2059-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                                                 | New York Liberty Development Corp                                                | CUSIP: 649519EY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5450000 | PA      | $4489487.10   | 0.80%             | 2043-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAMMOCK OAKS CDD FL ASSMNT                                                     | Hammock Oaks Community Development District                                      | CUSIP: 40834PAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202824.72    | 0.04%             | 2055-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TOMBALL TX SPL ASSMNT REVENUE                                                  | City of Tomball TX                                                               | CUSIP: 889858AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $467654.67    | 0.08%             | 2053-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ELMENDORF TX SPL ASSMNT REVENU                                                 | City of Elmendorf TX                                                             | CUSIP: 28938TAG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302284.95    | 0.05%             | 2055-09-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SOLAERIS CDD FL SPL ASSMNT                                                     | Solaeris Community Development District                                          | CUSIP: 83409XAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $330745.47    | 0.06%             | 2056-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                                                 | New York Liberty Development Corp                                                | CUSIP: 649519EZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $322755.50    | 0.06%             | 2050-09-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| VLG FL CDD #13 SPL ASSMNT REVE                                                 | Village Community Development District No 13                                     | CUSIP: 92708HAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3820000 | PA      | $2994096.90   | 0.53%             | 2051-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CEDAR CROSSINGS CDD FL SPL ASS                                                 | Cedar Crossings Community Development District                                   | CUSIP: 15018WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $365397.39    | 0.07%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV                                                 | Colorado Health Facilities Authority                                             | CUSIP: 19648FZP2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    650000 | PA      | $652077.47    | 0.12%             | 2059-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TERRELL TX SPL ASSMNT REVENUE                                                  | City of Terrell TX                                                               | CUSIP: 881435AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $387220.69    | 0.07%             | 2055-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GARDENS AT HAMMOCK BEACH CDD F                                                 | Gardens at Hammock Beach Community Development District                          | CUSIP: 36549DAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $532181.11    | 0.09%             | 2054-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA DEV AUTH STUDENT HS                                                 | Atlanta Development Authority/The                                                | CUSIP: 04777LDW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103410.87    | 0.02%             | 2055-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE                                                 | California Municipal Finance Authority                                           | CUSIP: 13048VQ27<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1767021.65   | 0.32%             | 2039-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                                                 | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704HAL1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    750000 | PA      | $766424.93    | 0.14%             | 2044-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &                                                 | California Infrastructure & Economic Development Bank                            | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1680000.00   | 0.30%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP                                                  | Arlington Higher Education Finance Corp                                          | CUSIP: 041807CE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2427226.80   | 0.43%             | 2062-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                                                 | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     59000 | PA      | $58596.49     | 0.01%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED FACS FIN                                                  | New Hope Cultural Education Facilities Finance Corp                              | CUSIP: 64542UFN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1188757.27   | 0.21%             | 2055-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC                                                 | Health & Educational Facilities Authority of the State of Missouri               | CUSIP: 60636AWD1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   3965000 | PA      | $3116403.96   | 0.56%             | 2043-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue (TOBS) | New York City Transitional Finance Authority Future Tax Secured Revenue          | CUSIP: 64972JWL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12500000 | PA      | $13654750.94  | 2.44%             | 2050-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alaska Industrial Development & Export Authority (TOBS)                        | Alaska Industrial Development & Export Authority                                 | CUSIP: 011903GK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8750000 | PA      | $8120763.92   | 1.45%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTHS                                                 | Chester County Industrial Development Authority                                  | CUSIP: 16559PAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2035546.70   | 0.36%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL                                                                     | City of Chicago IL                                                               | CUSIP: 167486U49<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000032.00   | 0.89%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                                                  | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KFT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $538725.71    | 0.10%             | 2054-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| STAMFORD CT HSG AUTH                                                           | Stamford Housing Authority                                                       | CUSIP: 852640AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170201.54    | 0.03%             | 2060-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OKALOOSA CNTY FL INDL DEV REVE                                                 | County of Okaloosa FL                                                            | CUSIP: 678226AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $894376.65    | 0.16%             | 2055-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FING COR                                                 | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | CUSIP: 74529JPU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    116000 | PA      | $116031.62    | 0.02%             | 2034-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CMFA SPL FIN AGY VII CA ESSENT                                                 | CMFA Special Finance Agency VII                                                  | CUSIP: 12574UAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1384472.60   | 0.25%             | 2056-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST LIBERTY DEV CORP L                                                 | New York Liberty Development Corp                                                | CUSIP: 649519DV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $1958835.22   | 0.35%             | 2046-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                                                 | Utah Infrastructure Agency                                                       | CUSIP: 917467DA7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    405000 | PA      | $431627.29    | 0.08%             | 2039-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IOWA ST FIN AUTH SENIOR LIVING                                                 | Iowa Finance Authority                                                           | CUSIP: 46247CER6<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    650000 | PA      | $660803.39    | 0.12%             | 2055-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAMDEN CNTY NJ IMPT AUTH SCH R                                                 | Camden County Improvement Authority/The                                          | CUSIP: 13281PAD9<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3121229.10   | 0.56%             | 2062-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP                                                  | Lakewood Ranch Stewardship District                                              | CUSIP: 51265KFS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $494962.19    | 0.09%             | 2044-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| LOWER MAGNOLIA GREEN VA CMNTY                                                  | Lower Magnolia Green Community Development Authority                             | CUSIP: 548207AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $785165.87    | 0.14%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                                                 | Utah Infrastructure Agency                                                       | CUSIP: 917467DC3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513090.50    | 0.09%             | 2048-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENNIS TX SPL ASSMNT REVENUE                                                    | City of Ennis TX                                                                 | CUSIP: 293470AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $619496.31    | 0.11%             | 2055-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F                                                 | Tarrant County Cultural Education Facilities Finance Corp                        | CUSIP: 87638RKB2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1640176.94   | 0.29%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WOODLAND PRESERVE CDD FL SPL A                                                 | Woodland Preserve Community Development District                                 | CUSIP: 97966AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501593.10    | 0.09%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PILOT POINT TX SPL ASSMNT REVE                                                 | City of Pilot Point TX                                                           | CUSIP: 721614AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104288.53    | 0.02%             | 2035-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS                                                 | Ohio Higher Educational Facility Commission                                      | CUSIP: 67756DRV0<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    750000 | PA      | $665281.50    | 0.12%             | 2048-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EAST WALLER CNTY MGMT DIST TX                                                  | East Waller County Management District                                           | CUSIP: 275737AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $118001.80    | 0.02%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWELL MA COLLEGIATE CHRT SCH                                                  | Collegiate Charter School of Lowell                                              | CUSIP: 547649AC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2186685.96   | 0.39%             | 2049-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI EDUCTNL REV                                                 | Public Finance Authority                                                         | CUSIP: 74445GAR3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971978.80    | 0.17%             | 2053-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON CNTY OH HLTH CARE REV                                                 | County of Hamilton OH                                                            | CUSIP: 40727RCA4<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |    785000 | PA      | $740867.77    | 0.13%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH LAS VEGAS NV LOCAL IMPT                                                  | City of North Las Vegas NV                                                       | CUSIP: 66041HJE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $659218.30    | 0.12%             | 2055-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL                                                  | Connecticut State Health & Educational Facilities Authority                      | CUSIP: 20774YW29<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1509571.95   | 0.27%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TERRA LAGO CDD FL SPL ASSMMT                                                   | Terra Lago Community Development District                                        | CUSIP: 88104DAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254408.60    | 0.05%             | 2045-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST JOBS-ECON DE                                                 | South Carolina Jobs-Economic Development Authority                               | CUSIP: 83704HAM9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037653.80   | 0.19%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GAS WORX CDD FL SPL ASSMNT                                                     | Gas Worx Community Development District                                          | CUSIP: 367200AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104300.88    | 0.02%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO                                                 | Utah Infrastructure Agency                                                       | CUSIP: 917467DB5<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    450000 | PA      | $467425.76    | 0.08%             | 2044-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-29

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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