# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-26-014745
**Filing Date:** 2026-4
**Character Count:** 108064
**Document Hash:** 94decbf73b6fc950b91aef0587081c35
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-014745.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000940400-26-014745

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**PERIOD START**: 20260531

**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:** 26893173

**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 New Jersey Municipal Income ETF (Series ID: S000094557)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000263090 | Franklin New Jersey Municipal Income ETF |  |

## Nport-Ex

Schedule of Investments (unaudited)

February 28, 2026

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

 **Franklin New Jersey Municipal Income ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 93.5%** | **Municipal Bonds — 93.5%** | **Municipal Bonds — 93.5%** | **Municipal Bonds — 93.5%** | **Municipal Bonds — 93.5%** |
| *American Samoa — 0.3%* | *American Samoa — 0.3%* | *American Samoa — 0.3%* | *American Samoa — 0.3%* | *American Samoa — 0.3%* |
| &nbsp;&nbsp;&nbsp; American Samoa EDA Revenue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp; $*518242*<br> <sup>(a)</sup><br>|
| *California — 0.9%* | *California — 0.9%* | *California — 0.9%* | *California — 0.9%* | *California — 0.9%* |
| &nbsp;&nbsp;&nbsp; Davis Joint, CA, USD, GO, Series 2020, BAM | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/38 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; *1339936*<br>|
| *Delaware — 2.4%* | *Delaware — 2.4%* | *Delaware — 2.4%* | *Delaware — 2.4%* | *Delaware — 2.4%* |
| &nbsp;&nbsp;&nbsp; Delaware River & Bay Authority, DE, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp; 456634<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 1865000 | &nbsp;&nbsp;&nbsp; 2066512<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1067146<br>|
| *Total Delaware* | *Total Delaware* | *Total Delaware* | *Total Delaware* | &nbsp;&nbsp; *3590292* |
| *Guam — 3.4%* | *Guam — 3.4%* | *Guam — 3.4%* | *Guam — 3.4%* | *Guam — 3.4%* |
| &nbsp;&nbsp;&nbsp; Antonio B Won Pat, GU, International Airport Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 111557<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 113115<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 195505<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/38 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 221871<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 218859<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; 296213<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Guam Government, Business Privilege Tax Revenue, Series F, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1394119<br>|
| &nbsp;&nbsp;&nbsp; Guam Government, Hotel Occupancy Tax Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 476731<br>|
| &nbsp;&nbsp;&nbsp; Guam Government, Waterworks Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water and Wastewater System, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 623389<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water and Wastewater System, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 946012<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water and Wastewater System, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/46 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp; 554162<br>|
| *Total Guam* | *Total Guam* | *Total Guam* | *Total Guam* | &nbsp;&nbsp; *5151533* |
| *Missouri — 1.0%* | *Missouri — 1.0%* | *Missouri — 1.0%* | *Missouri — 1.0%* | *Missouri — 1.0%* |
| &nbsp;&nbsp;&nbsp; Kansas City, MO, IDA, Airport System Revenue, Kansas City International Airport <br> Terminal Modernization Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/45 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp;&nbsp;&nbsp; *1437191*<br> <sup>(b)</sup><br>|
| *New Jersey — 73.8%* | *New Jersey — 73.8%* | *New Jersey — 73.8%* | *New Jersey — 73.8%* | *New Jersey — 73.8%* |
| &nbsp;&nbsp;&nbsp; Atlantic City, NJ, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, BAM, State Aid Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1012301<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AG, State Aid Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1019636<br>|
| &nbsp;&nbsp;&nbsp; Atlantic County, NJ, Improvement Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic City Campus Phase II Project, Series A, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 711397<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic City Campus Phase II Project, Series A, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 543494<br>|
| &nbsp;&nbsp;&nbsp; Camden County, NJ, Improvement Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden Prep High School Project, Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/42 | &nbsp;&nbsp; 1180000 | &nbsp;&nbsp;&nbsp; 1204507<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooper Norcross Academy, Series 2022 | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 6/15/62 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1034681<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County Capital Program, Series B, Refunding, County GTD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/38 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 549356<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County Capital Program, Series B, Refunding, County GTD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 287119<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County Capital Program, Series B, Refunding, County GTD | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/40 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 227420<br>|
| &nbsp;&nbsp;&nbsp; Casino Reinvestment Development Authority, NJ, Luxury Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1332164<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1208567<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp; 1455807<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/38 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 225815<br>|

---

See Notes to Schedule of Investments.

------

Franklin New Jersey Municipal Income ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Franklin New Jersey Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New Jersey — continued* | *New Jersey — continued* | *New Jersey — continued* | *New Jersey — continued* | *New Jersey — continued* |
| &nbsp;&nbsp;&nbsp; Essex County, NJ, Improvement Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Star Academy Charter School of Newark Inc., Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/40 | &nbsp;&nbsp; $825000 | &nbsp;&nbsp;&nbsp; $803502<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Star Academy Charter School of Newark Inc., Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/54 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 497354<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Star Academy Charter School of Newark Inc., Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/64 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp; 756791<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Friends of TEAM Charter Schools Inc., Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/56 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1287887<br>|
| &nbsp;&nbsp;&nbsp; Gloucester County, NJ, Improvement Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rowan University Projects, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3111895<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rowan University Projects, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 246954<br>|
| &nbsp;&nbsp;&nbsp; Hudson County, NJ, Improvement Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson County Courthouse Project, Series 2020 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3506632<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Refunding, County GTD | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 828054<br>|
| &nbsp;&nbsp;&nbsp; Jersey City Municipal Utilities Authority, NJ, Sewer Revenue, Series E, Refunding, <br> BAM, Municipal Government GTD  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 10/15/55 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 839401<br>|
| &nbsp;&nbsp;&nbsp; Monmouth County, NJ, Improvement Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 570634<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 559334<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Academy Charter School Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 303212<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Academy Charter School Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 947724<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middlesex Water Company Project | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/59 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 877967<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transit Corp. Project, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1018481<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Star Academy Charter School of Newark Inc. Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1001043<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portal North Bridge Project, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; 1491091<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group-Montclair Properties LLC, Montclair State University Student <br> Housing Project, Refunding, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/37 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1789115<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series AAA | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 562779<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series MMM, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1033533<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series MMM, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/36 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1543410<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction, Series SSS, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1447903<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facility, Port Newark Container Terminal LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1784915<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Facility, Port Newark Container Terminal LLC Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/47 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp; 1016672<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Seeing Eye Inc. Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1299771<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Team Academy Charter School Project | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp; 831655<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Umm Energy Partners LLC Project, Series A | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000718<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State EFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; College of New Jersey Issue, Series G, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 616000 | &nbsp;&nbsp;&nbsp; 617228<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Higher Education Capital Improvement Fund Issue, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1057601<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Princeton University, Series A-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/43 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1683392<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seton Hall University Issue, Series C, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 240911<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stevens Institute of Technology Issue, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1230329<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stevens Institute of Technology, Green Bonds, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2651357<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The William Paterson University of New Jersey Issue, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 195563<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The William Paterson University of New Jersey Issue, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 250396<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The William Paterson University of New Jersey Issue, AG | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 124677<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The William Paterson University of New Jersey Issue, AG | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 197730<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The William Paterson University of New Jersey Issue, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; 274450<br>|

---

See Notes to Schedule of Investments.

------

Franklin New Jersey Municipal Income ETF 2026 Quarterly Report

------

 **Franklin New Jersey Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New Jersey — continued* | *New Jersey — continued* | *New Jersey — continued* | *New Jersey — continued* | *New Jersey — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The William Paterson University of New Jersey Issue, AG | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; $275000 | &nbsp;&nbsp;&nbsp; $251690<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Environmental Infrastructure Revenue, Green Bonds, Series A-2  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/52 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 525276<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Health Care Facilities Financiang Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspira Health Obligated Group Issue | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1018527<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspira Health Obligated Group Issue, Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1064714<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Princeton Healthcare System Issue, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1006183<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWJ Barnabas Health Obligated Group Issue | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1344457<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWJ Barnabas Health Obligated Group Issue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1123861<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWJ Barnabas Health Obligated Group Issue, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp; 1208986<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWJ Barnabas Health Obligated Group Issue, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500222<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 5010<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Joseph's Healthcare System Obligated Group Issue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 2015000 | &nbsp;&nbsp;&nbsp; 2019002<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valley Health System Obligated Group | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1024825<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valley Health System Obligated Group | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1014985<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Higher Education, Student Assistance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1655344<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1C, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1563926<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Housing & Mortgage Finance Agency, Multi Family Housing <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, FNMA - Collateralized | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 5/1/41 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 801547<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, GNMA - Collateralized HUD Section 8 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/20/66 | &nbsp;&nbsp; 1875000 | &nbsp;&nbsp;&nbsp; 1927731<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Series D-1, GNMA / FNMA / FHLMC  | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 522255<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Housing & Mortgage Finance Agency, Single Family Housing <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; 335970<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Series M | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 518121<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Institute of Technology, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 550857<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, BAM | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 809482<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Transportation Trust Fund Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series A | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/15/33 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2004146<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1065535<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/41 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2002147<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1046771<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/55 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1298126<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series AA, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1017024<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4259434<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Program, Series CC | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 604393<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/48 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1025548<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/55 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1343774<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 1/1/54 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 977373<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1113812<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1625704<br>|
| &nbsp;&nbsp;&nbsp; New Jersey State, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COVID-19 Emergency Bonds, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2063008<br>|

---

See Notes to Schedule of Investments.

------

Franklin New Jersey Municipal Income ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Franklin New Jersey Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *New Jersey — continued* | *New Jersey — continued* | *New Jersey — continued* | *New Jersey — continued* | *New Jersey — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COVID-19 Emergency Bonds, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $1101272<br>|
| &nbsp;&nbsp;&nbsp; North Bergen Township Municipal Authority, NJ, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007, Refunding, NATL | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/15/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 979742<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007, Refunding, NATL | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 1005000 | &nbsp;&nbsp;&nbsp; 958194<br>|
| &nbsp;&nbsp;&nbsp; Passaic County, NJ, Improvement Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Charter School of Paterson Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/60 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; 201985<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paterson Arts and Science Charter School Project, Series 2023 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/43 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp; 903918<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paterson Charter School for Science and Technology Inc. Project | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp; 139504<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paterson Charter School for Science and Technology Inc. Project | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 205150<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paterson Charter School for Science and Technology Inc. Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 127922<br>|
| &nbsp;&nbsp;&nbsp; Salem County, NJ, Improvement Authority, City GTD Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finlaw State Office Building Project, Series 2021, Refunding, AG, Municipal <br> Government GTD | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/37 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; 536581<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finlaw State Office Building Project, Series 2021, Refunding, AG, Municipal <br> Government GTD | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 350151<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finlaw State Office Building Project, Series 2021, Refunding, AG, Municipal <br> Government GTD | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/15/48 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 369161<br>|
| &nbsp;&nbsp;&nbsp; South Jersey Port Corp., NJ, Subordinated Marine Terminal Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 180059<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 229036<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/48 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; 879026<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; South Jersey Transportation Authority, NJ, Transportation System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 988691<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/52 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2598810<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, BAM | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1767760<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1144739<br>|
| &nbsp;&nbsp;&nbsp; Sussex County Municipal Utilities Authority, NJ, Wastewater Facilities Revenue, <br> Series B, AG, County GTD  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1319323<br>|
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., NJ, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/36 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1558619<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/46 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp; 807522<br>|
| &nbsp;&nbsp;&nbsp; Township of Piscataway, NJ, GO, General Improvement Bonds, Refunding  | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 574924<br>|
| &nbsp;&nbsp;&nbsp; Township of Union County, NJ, GO, Series 2022, Refunding  | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp; 1048531<br>|
| *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | *Total New Jersey* | &nbsp;&nbsp; *111504711* |
| *New York — 6.6%* | *New York — 6.6%* | *New York — 6.6%* | *New York — 6.6%* | *New York — 6.6%* |
| &nbsp;&nbsp;&nbsp; Monroe County, NY, Industrial Development Corp. Revenue, Series A, FNMA - HUD <br> Section 8  | &nbsp;&nbsp; 4.720% | &nbsp;&nbsp; 1/1/44 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 629264<br>|
| &nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 207, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 575400<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 217 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/44 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2110015<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 248, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1050499<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 250, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/15/51 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 541987<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Series 93 | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/1/94 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5010164<br>|
| *Total New York* | *Total New York* | *Total New York* | *Total New York* | &nbsp;&nbsp; *9917329* |
| *Pennsylvania — 0.3%* | *Pennsylvania — 0.3%* | *Pennsylvania — 0.3%* | *Pennsylvania — 0.3%* | *Pennsylvania — 0.3%* |
| &nbsp;&nbsp;&nbsp; Delaware River Joint Toll Bridge Commission, PA & NJ, Bridge System Revenue, <br> Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; *522237*<br>|

---

See Notes to Schedule of Investments.

------

Franklin New Jersey Municipal Income ETF 2026 Quarterly Report

------

 **Franklin New Jersey Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Puerto Rico — 1.9%* | *Puerto Rico — 1.9%* | *Puerto Rico — 1.9%* | *Puerto Rico — 1.9%* | *Puerto Rico — 1.9%* |
| &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; $850000 | &nbsp;&nbsp;&nbsp; $851756<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 485287<br>|
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured, Series A-1  | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/1/53 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1462684<br>|
| *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | *Total Puerto Rico* | &nbsp;&nbsp; *2799727* |
| *Texas — 2.7%* | *Texas — 2.7%* | *Texas — 2.7%* | *Texas — 2.7%* | *Texas — 2.7%* |
| &nbsp;&nbsp;&nbsp; Bastrop, TX, ISD, GO, Unlimited Tax, School Building Bonds, Series 2023, PSF - GTD  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp; 2689165<br>|
| &nbsp;&nbsp;&nbsp; Beaumont, TX, Housing Authority Revenue, Residential Development Senior Lien, <br> Series A  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 301115<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Texas State Water Development Board, State Water Implementation Revenue Fund <br> for Texas Revenue, Series 2022  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/57 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1138098<br>|
| *Total Texas* | *Total Texas* | *Total Texas* | *Total Texas* | &nbsp;&nbsp; *4128378* |
| *U.S. Virgin Islands — 0.2%* | *U.S. Virgin Islands — 0.2%* | *U.S. Virgin Islands — 0.2%* | *U.S. Virgin Islands — 0.2%* | *U.S. Virgin Islands — 0.2%* |
| &nbsp;&nbsp;&nbsp; U.S. Virgin Islands Matching Fund Special Purpose Securitization Corp. Revenue, <br> Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; *348567*<br>|
| **Total Investments before Short-Term Investments (Cost — $139,873,728)** | **Total Investments before Short-Term Investments (Cost — $139,873,728)** | **Total Investments before Short-Term Investments (Cost — $139,873,728)** | **Total Investments before Short-Term Investments (Cost — $139,873,728)** | &nbsp;&nbsp; **141258143** |
|  |  |  | Shares |  |
| **Short-Term Investments — 5.6%** | **Short-Term Investments — 5.6%** | **Short-Term Investments — 5.6%** | **Short-Term Investments — 5.6%** | **Short-Term Investments — 5.6%** |
| &nbsp;&nbsp;&nbsp; Putnam Government Money Market Fund, Class P Shares (Cost — $8,411,553)  | &nbsp;&nbsp; 3.450% |  | &nbsp;&nbsp; 8411553<br>| &nbsp;&nbsp;&nbsp;&nbsp; **8411553**<br> <sup>(d)(e)</sup><br>|
| **Total Investments — 99.1% (Cost — $148,285,281)** | **Total Investments — 99.1% (Cost — $148,285,281)** | **Total Investments — 99.1% (Cost — $148,285,281)** | **Total Investments — 99.1% (Cost — $148,285,281)** | &nbsp;&nbsp; **149669696** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.9% | &nbsp;&nbsp;&nbsp; 1400828 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$151070524** |

---

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

<sup>(a)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. 

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

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

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

<sup>(e)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At February 28, 2026, the total market value of investments in Affiliated Companies was $8,411,553 and the cost was $8,411,553 (Note 2). 

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AG |  | Assured Guaranty — Insured Bonds |
| BAM |  | Build America Mutual — Insured Bonds |
| EDA |  | Economic Development Authority |
| EFA |  | Educational Facilities Authority |
| FHLMC |  | Federal Home Loan Mortgage Corporation |
| FNMA |  | Federal National Mortgage Association |
| GNMA |  | Government National Mortgage Association |
| GO |  | General Obligation |
| GTD |  | Guaranteed |
| HUD |  | Housing & Urban Development |
| IDA |  | Industrial Development Authority |
| ISD |  | Independent School District |
| NATL |  | National Public Finance Guarantee Corporation — Insured Bonds |
| PSF |  | Permanent School Fund |
| USD |  | Unified School District |

---

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

See Notes to Schedule of Investments.

------

Franklin New Jersey Municipal Income ETF 2026 Quarterly Report

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Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

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

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

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

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

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

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

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

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

------

Franklin New Jersey Municipal Income ETF 2026 Quarterly Report

------

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Municipal Bonds† | &nbsp;&nbsp; — | &nbsp;&nbsp; $141258143 | &nbsp;&nbsp; — | &nbsp;&nbsp; $141258143 |
| Short-Term Investments† | &nbsp;&nbsp; $8411553 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8411553 |
| **Total Investments** | &nbsp;&nbsp; **$8411553** | &nbsp;&nbsp; **$141258143** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$149669696** |

---

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

† See Schedule of Investments for additional detailed categorizations.

**2. Transactions with affiliated companies**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended February 28, 2026. The following transactions were effected in such company for the period ended February 28, 2026. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 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>May 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>|  | $13396709 | 13396709 | $4985156 | 4985156 |
| Putnam Short Term <br> Investment Fund, Class P <br> Shares<br>| $6332027 | 20991281 | 20991281 | 27323308 | 27323308 |
|  | **$6332027** | **$34387990** |  | **$32308464** |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>February 28, <br>2026<br>|
| Putnam Government Money <br> Market Fund, Class P Shares<br>|  | $40631 |  | $8411553 |

---

------

Franklin New Jersey Municipal Income ETF 2026 Quarterly Report

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized<br> Gain (Loss)<br>| Dividend<br> Income<br>| Net Increase<br> (Decrease) in<br> Unrealized<br> Appreciation<br> (Depreciation)<br>| Affiliate<br> Value at<br> February 28,<br> 2026<br>|
| Putnam Short Term Investment <br> Fund, Class P Shares<br>|  | $54373 |  |  |
|  | **—** | **$95004** | **—** | **$8411553** |

---

------

Franklin New Jersey Municipal Income ETF 2026 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

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

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

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

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

- **b. EDGAR series identifier (if any):** S000094557

- **c. LEI of Series:** 25490090L6Z0NLH1LE91

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2026-02-28

**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:** $151159283.19

**Total Liabilities:** $91199.91

**Net Assets:** $151068083.28

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 252.71344000 | **1-Year:** 3234.20437000 | **5-Year:** 24508.19109000 | **10-Year:** 69594.70067000 | **30-Year:** 2147.07777000

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

- **3-Month:** 0.00000000 | **1-Year:** 39.79659000 | **5-Year:** 995.49407000 | **10-Year:** 897.60879000 | **30-Year:** 19.74969000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000263090 | 0.08%                | 0.69%                | 1.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-338030.24                                |
| Month 2  | $0.00                    | $534462.23                                 |
| Month 3  | $0.00                    | $1378723.63                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NEW JERSEY ECONOMIC DEV AUTH                       | NJ NJSDEV 5 06/01/2037              | CUSIP: 64577B4K7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1789114.95   | 1.18%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH                        | NJ NJSEDU 5 07/01/2030              | CUSIP: 6460668B9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    616000 | PA      | $617228.00    | 0.41%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                    | NJ NJSTRN 0 12/15/2033              | CUSIP: 646136WQ0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2004146.25   | 1.33%             | 2033-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CAMDEN CNTY N J IMPT AUTH                          | NJ CAMEDU 6 06/15/2062              | CUSIP: 13281PAD9<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034681.40   | 0.68%             | 2062-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNION TWP NJ UN CNTY                               | NJ UNN 2 01/15/2032                 | CUSIP: 908726DC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1048530.67   | 0.69%             | 2032-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                       | NJ NJSDEV 6 10/01/2033              | CUSIP: 6459182G7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    830000 | PA      | $831654.94    | 0.55%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSN AUTH N J                       | NJ SJPTRN 5 11/01/2039              | CUSIP: 838536NP1<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1144739.20   | 0.76%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATCHING FD SPL PURP SECURITIZATION CORP VIRGIN IS | VI MFCFAC 5 10/01/2030              | CUSIP: 57665NAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $348567.38    | 0.23%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUSSEX CNTY N J MUN UTILS AUTH                     | NJ SUSUTL 0 12/01/2030              | CUSIP: 869267GY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1319322.60   | 0.87%             | 2030-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                    | NJ NJSTRN 5 06/15/2050              | CUSIP: 64613CHQ4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046770.70   | 0.69%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                    | NJ NJSTRN 4.25 06/15/2044           | CUSIP: 64613CDQ8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017024.40   | 0.67%             | 2044-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                | NY PORTRN 5 01/15/2055              | CUSIP: 73358XPZ9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050499.00   | 0.70%             | 2055-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH                        | NJ NJSEDU 3 07/01/2034              | CUSIP: 646067AQ1<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    125000 | PA      | $124676.88    | 0.08%             | 2034-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ATLANTIC CNTY N J IMPT AUTH                        | NJ ATLGEN 4 07/01/2047              | CUSIP: 048501JQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $711396.83    | 0.47%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH                        | NJ NJSEDU 3 07/01/2040              | CUSIP: 646067AW8<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    275000 | PA      | $251690.15    | 0.17%             | 2040-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT DEV AUTH NJ                    | NJ CASDEV 5 11/01/2038              | CUSIP: 14760RCG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $225814.78    | 0.15%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH              | NJ NJSMED 5 07/01/2041              | CUSIP: 645790CA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2019001.79   | 1.34%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAMDEN CNTY N J IMPT AUTH                          | NJ CAMGEN 5 01/15/2038              | CUSIP: 13281NL42<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    475000 | PA      | $549355.60    | 0.36%             | 2038-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH BERGEN TWP N J MUN UTILS AUTH                | NJ NRBUTL 0 12/15/2026              | CUSIP: 657654DC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $979742.00    | 0.65%             | 2026-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GUAM INTL ARPT AUTH                                | GU GMSAPT 5.25 10/01/2038           | CUSIP: 40064RFU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $221870.84    | 0.15%             | 2038-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PASSAIC CNTY N J IMPT AUTH                         | NJ PASEDU 4.5 07/01/2040            | CUSIP: 70275QAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $205149.74    | 0.14%             | 2040-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSN AUTH N J                       | NJ SJPTRN 5 11/01/2045              | CUSIP: 838536LM0<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |    950000 | PA      | $988691.22    | 0.65%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASSAIC CNTY N J IMPT AUTH                         | NJ PASEDU 5 07/01/2044              | CUSIP: 70275QAM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $127921.83    | 0.08%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASSAIC CNTY N J IMPT AUTH                         | NJ PASEDU 5.25 07/01/2043           | CUSIP: 70275QAB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $903917.99    | 0.60%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONMOUTH CNTY N J IMPT AUTH                        | NJ MONIMP 5 12/01/2042              | CUSIP: 60956PJ45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $559333.75    | 0.37%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                    | NJ NJSTRN 5.25 06/15/2050           | CUSIP: 64613CGH5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4259434.00   | 2.82%             | 2050-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                       | NJ NJSWTR 4 08/01/2059              | CUSIP: 645780FK8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $877966.80    | 0.58%             | 2059-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH                             | NJ NJSTRN 5 01/01/2045              | CUSIP: 646140GD9<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1625704.05   | 1.08%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH                        | NJ NJSEDU 5 07/01/2032              | CUSIP: 646067AN8<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    175000 | PA      | $195562.62    | 0.13%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM INTL ARPT AUTH                                | GU GMSAPT 5.25 10/01/2035           | CUSIP: 40064RFD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $296212.63    | 0.20%             | 2035-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH                        | NJ NJSEDU 5 07/01/2035              | CUSIP: 646066L65<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1230328.80   | 0.81%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                | NY PORTRN 5 09/15/2029              | CUSIP: 73358WR97<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    550000 | PA      | $575399.61    | 0.38%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HIGHER ED ASSISTANCE AUTH            | NJ NJSHGR 5.5 12/01/2055            | CUSIP: 646080YY1<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1563925.95   | 1.04%             | 2055-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTG FIN AGY                    | NJ NJSMFH 5.1 11/01/2045            | CUSIP: 6461087G9<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522255.40    | 0.35%             | 2045-11-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH                             | NJ NJSTRN 5 01/01/2048              | CUSIP: 646140DD2<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025548.40   | 0.68%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM INTL ARPT AUTH                                | GU GMSAPT 5.25 10/01/2037           | CUSIP: 40064RFT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $195504.63    | 0.13%             | 2037-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSN AUTH N J                       | NJ SJPTRN 4 11/01/2039              | CUSIP: 838536NR7<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1767759.62   | 1.17%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH                        | NJ NJSEDU 4 07/01/2050              | CUSIP: 6460666K1<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2651357.40   | 1.76%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIV JT TOLL BRDG COMMN PA                 | PA DRVTRN 5 07/01/2044              | CUSIP: 246343MK0<br>LEI: 549300N6IGAQMI0JLE23 | Long             | DBT              | MUN               | US        |    500000 | PA      | $522236.45    | 0.35%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTIC CNTY N J IMPT AUTH                        | NJ ATLGEN 4 07/01/2053              | CUSIP: 048501JR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $543494.10    | 0.36%             | 2053-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAMDEN CNTY N J IMPT AUTH                          | NJ CAMEDU 5 07/15/2042              | CUSIP: 13281UAC0<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $1204507.07   | 0.80%             | 2042-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX FINANCING CORP               | PR PRCGEN 4.75 07/01/2053           | CUSIP: 74529JPW9<br>LEI: 549300EIUFISISP8X671 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1462684.20   | 0.97%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                    | NJ NJSTRN 5 06/15/2055              | CUSIP: 64613CHS0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1298126.50   | 0.86%             | 2055-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH              | NJ NJSMED 5 07/01/2027              | CUSIP: 645790ED4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5010.33      | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAMDEN CNTY N J IMPT AUTH                          | NJ CAMGEN 5 01/15/2039              | CUSIP: 13281NL59<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    250000 | PA      | $287118.65    | 0.19%             | 2039-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY INFRASTRUCTURE BK                       | NJ NJSENV 5 09/01/2052              | CUSIP: 64580CNN3<br>LEI: 5493006ZE03IRA2BET07 | Long             | DBT              | MUN               | US        |    500000 | PA      | $525275.65    | 0.35%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                       | NJ NJSDEV 5 06/01/2032              | CUSIP: 64577HSY8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1299771.50   | 0.86%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESSEX CNTY N J IMPT AUTH                           | NJ ESSEDU 4 06/15/2056              | CUSIP: 29681CBH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1287886.80   | 0.85%             | 2056-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALEM CNTY N J IMPT AUTH                           | NJ SALGEN 4 08/15/2048              | CUSIP: 794102GS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $369160.68    | 0.24%             | 2048-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                | NY PORTRN 6.12 06/01/2094           | CUSIP: 733580S88<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5010164.50   | 3.32%             | 2094-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SALEM CNTY N J IMPT AUTH                           | NJ SALGEN 4 08/15/2042              | CUSIP: 794102GR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $350150.75    | 0.23%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Putnam Investment Fund.                            | Putnam Investment Fund. GOVT MMKT P | CUSIP: 74680A869<br>LEI: 549300SRAF55EHI5J317 | Long             | STIV             | RF                | US        |   8411553 | PA      | $8411552.84   | 5.57%             |  |  |  | No            |                  1 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH                              | GU GMSUTL 5.25 07/01/2050           | CUSIP: 40065FFJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $623389.38    | 0.41%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONMOUTH CNTY N J IMPT AUTH                        | NJ MONIMP 5 12/01/2040              | CUSIP: 60956PJ29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $570634.25    | 0.38%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                    | NJ NJSTRN 5 12/15/2034              | CUSIP: 6461364F5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065535.40   | 0.71%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH              | NJ NJSMED 5 07/01/2039              | CUSIP: 64579F8G1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006183.50   | 0.67%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH                             | NJ NJSTRN 4.12 01/01/2054           | CUSIP: 646140FY4<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977373.00    | 0.65%             | 2054-01-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BEAUMONT TEX HSG AUTH                              | TX BEAHSG 6.5 07/01/2055            | CUSIP: 07451AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301114.65    | 0.20%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH              | NJ NJSMED 5 07/01/2041              | CUSIP: 645790TG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1123861.40   | 0.74%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH              | NJ NJSMED 5.25 07/01/2054           | CUSIP: 645790UQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064713.80   | 0.70%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N J                   | NJ TOBGEN 5 06/01/2036              | CUSIP: 888808HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1558618.80   | 1.03%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALEM CNTY N J IMPT AUTH                           | NJ SALGEN 4 08/15/2037              | CUSIP: 794102GQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $536581.29    | 0.36%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSN AUTH N J                       | NJ SJPTRN 5.25 11/01/2052           | CUSIP: 838536MR8<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2598809.75   | 1.72%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH                        | NJ NJSEDU 5 07/01/2033              | CUSIP: 646067AP3<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    225000 | PA      | $250395.66    | 0.17%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH              | NJ NJSMED 5 07/01/2042              | CUSIP: 645790LP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018526.60   | 0.67%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH                              | GU GMSUTL 5.5 07/01/2055            | CUSIP: 40065FFK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $946011.78    | 0.63%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                       | NJ NJSDEV 5.25 11/01/2042           | CUSIP: 64577XEC6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1491090.93   | 0.99%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ATLANTIC CITY N J                                  | NJ ATC 5 03/01/2037                 | CUSIP: 048339VX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019636.20   | 0.67%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH BERGEN TWP N J MUN UTILS AUTH                | NJ NRBUTL 0 12/15/2027              | CUSIP: 657654DD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $958193.73    | 0.63%             | 2027-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH              | NJ NJSMED 4 07/01/2043              | CUSIP: 645790FT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500222.20    | 0.33%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                       | NJ NJSDEV 5 06/15/2036              | CUSIP: 64577BTK0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    550000 | PA      | $562778.98    | 0.37%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTG FIN AGY                    | NJ NJSHSG 5 01/20/2066              | CUSIP: 646127FQ8<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1927730.63   | 1.28%             | 2066-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASSAIC CNTY N J IMPT AUTH                         | NJ PASEDU 4.12 07/01/2033           | CUSIP: 70275QAK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $139503.64    | 0.09%             | 2033-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH                              | GU GMSUTL 5 01/01/2046              | CUSIP: 40065FEG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $554162.42    | 0.37%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM INTL ARPT AUTH                                | GU GMSAPT 5.25 10/01/2035           | CUSIP: 40064RFR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $113115.57    | 0.07%             | 2035-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT DEV AUTH NJ                    | NJ CASDEV 5 11/01/2042              | CUSIP: 14760RBR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1455807.49   | 0.96%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIV & BAY AUTH DEL AUTH                   | DE DRVGEN 5 01/01/2040              | CUSIP: 246317JF9<br>LEI: 549300DIIIT0MBXYHJ34 | Long             | DBT              | MUN               | US        |   1865000 | PA      | $2066511.94   | 1.37%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                       | NJ NJSDEV 5 11/01/2026              | CUSIP: 64577BE26<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018480.80   | 0.67%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLOUCESTER CNTY N J IMPT AUTH                      | NJ GLOGEN 5 07/01/2054              | CUSIP: 37970PLW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3111894.90   | 2.06%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIV & BAY AUTH DEL AUTH                   | DE DRVGEN 5 01/01/2038              | CUSIP: 246317JD4<br>LEI: 549300DIIIT0MBXYHJ34 | Long             | DBT              | MUN               | US        |    410000 | PA      | $456633.89    | 0.30%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY PORT CORP N J                         | NJ SPCTRN 5 01/01/2037              | CUSIP: 838530RF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $180058.95    | 0.12%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO COMWLTH                                | PR PRC 4 07/01/2041                 | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $485286.70    | 0.32%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                | NY PORTRN 5.25 10/15/2051           | CUSIP: 73358XQX3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541986.70    | 0.36%             | 2051-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                    | NJ NJSTRN 5.5 06/15/2050            | CUSIP: 64613CCL0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    500000 | PA      | $604393.35    | 0.40%             | 2050-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH                        | NJ NJSEDU 4 07/01/2050              | CUSIP: 6460667B0<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $240911.43    | 0.16%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY INST TECHNOLOGY                         | NJ NEWHGR 5 07/01/2044              | CUSIP: 64579REC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $550857.05    | 0.36%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                       | NJ NJSDEV 4 06/15/2035              | CUSIP: 64577B7W8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033533.00   | 0.68%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH                             | NJ NJSTRN 5 01/01/2042              | CUSIP: 646140GA5<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113812.40   | 0.74%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PASSAIC CNTY N J IMPT AUTH                         | NJ PASEDU 5 01/01/2060              | CUSIP: 70275QAH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $201984.78    | 0.13%             | 2060-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH              | NJ NJSMED 4 07/01/2038              | CUSIP: 645790MY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014984.90   | 0.67%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESSEX CNTY N J IMPT AUTH                           | NJ ESSEDU 4 07/15/2040              | CUSIP: 29681CAK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $803502.32    | 0.53%             | 2040-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT DEV AUTH NJ                    | NJ CASDEV 5 11/01/2041              | CUSIP: 14760RBQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1208567.36   | 0.80%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM INTL ARPT AUTH                                | GU GMSAPT 5 10/01/2034              | CUSIP: 40064RFQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $111556.65    | 0.07%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY PORT CORP N J                         | NJ SPCTRN 5 01/01/2042              | CUSIP: 838530RG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $229036.25    | 0.15%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HIGHER ED ASSISTANCE AUTH            | NJ NJSHGR 5 12/01/2035              | CUSIP: 646080YM7<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1655344.35   | 1.10%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH              | NJ NJSMED 5.25 07/01/2054           | CUSIP: 645790TM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1208986.00   | 0.80%             | 2054-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HUDSON CNTY N J IMPT AUTH                          | NJ HUDGEN 4 01/01/2035              | CUSIP: 443731CR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $828053.84    | 0.55%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                       | NJ NJSDEV 5 07/01/2050              | CUSIP: 645912EH5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947724.00    | 0.63%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH                       | MO KANDEV 4 03/01/2045              | CUSIP: 48504NCG2<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1437191.31   | 0.95%             | 2045-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JERSEY CITY N J MUN UTILS AUTH                     | NJ JERUTL 5.75 10/15/2055           | CUSIP: 476623DY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $839401.20    | 0.56%             | 2055-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH                             | NJ NJSTRN 5.25 01/01/2055           | CUSIP: 646140JF1<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1343773.75   | 0.89%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                | NY PORTRN 5 11/01/2044              | CUSIP: 73358W4S0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2110014.80   | 1.40%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT                                          | GU GMSGEN 4 01/01/2042              | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1394118.74   | 0.92%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLOUCESTER CNTY N J IMPT AUTH                      | NJ GLOGEN 5 07/01/2044              | CUSIP: 37970PNJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $246954.49    | 0.16%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO COMWLTH                                | PR PRC 4 07/01/2037                 | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    850000 | PA      | $851756.36    | 0.56%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH                        | NJ NJSEDU 3 07/01/2035              | CUSIP: 646067AR9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    200000 | PA      | $197729.80    | 0.13%             | 2035-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV AGY                       | NY MONMFH 4.72 01/01/2044           | CUSIP: 610758AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $629264.34    | 0.42%             | 2044-01-01      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N J                   | NJ TOBGEN 5 06/01/2046              | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $807522.54    | 0.53%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTG FIN AGY                    | NJ NJSHSG 4.55 05/01/2041           | CUSIP: 646127FS4<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    750000 | PA      | $801546.68    | 0.53%             | 2041-05-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BASTROP TEX INDPT SCH DIST                         | TX BASSCD 5 02/15/2053              | CUSIP: 070329W37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2689165.18   | 1.78%             | 2053-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                       | NJ NJSDEV 4 06/15/2036              | CUSIP: 64577B7X6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1543410.45   | 1.02%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESSEX CNTY N J IMPT AUTH                           | NJ ESSEDU 5 07/15/2064              | CUSIP: 29681CBL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $756791.14    | 0.50%             | 2064-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASINO REINVESTMENT DEV AUTH NJ                    | NJ CASDEV 5 11/01/2040              | CUSIP: 14760RBP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1332163.68   | 0.88%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTIC CITY N J                                  | NJ ATC 5 03/01/2042                 | CUSIP: 048339VK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012300.90   | 0.67%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTG FIN AGY                    | NJ NJSHSG 4.5 10/01/2048            | CUSIP: 64613AAC6<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    330000 | PA      | $335969.67    | 0.22%             | 2048-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY PORT CORP N J                         | NJ SPCTRN 5 01/01/2048              | CUSIP: 838530RH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $879025.61    | 0.58%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                       | NJ NJSDEV 5 10/01/2047              | CUSIP: 64578CCF6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1016672.42   | 0.67%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH                        | NJ NJSEDU 5.25 09/01/2053           | CUSIP: 646067FW3<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057600.80   | 0.70%             | 2053-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GUAM INTL ARPT AUTH                                | GU GMSAPT 5.25 10/01/2040           | CUSIP: 40064RFW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $218859.16    | 0.14%             | 2040-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEV BRD                                | TX TXSWTR 5 10/15/2057              | CUSIP: 88285ABK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1138098.61   | 0.75%             | 2057-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN SAMOA ECONOMIC DEV AUTH                   | AS AMSDEV 5 09/01/2038              | CUSIP: 02936TAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518241.90    | 0.34%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                                      | NJ NJS 3 06/01/2032                 | CUSIP: 646039YR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2063008.00   | 1.37%             | 2032-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT                                          | GU GMSGEN 5 11/01/2040              | CUSIP: 40065KAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $476730.86    | 0.32%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                       | NJ NJSDEV 5 07/01/2038              | CUSIP: 645912EG7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303212.13    | 0.20%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH              | NJ NJSMED 4 07/01/2036              | CUSIP: 645790MW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024825.00   | 0.68%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                       | NJ NJSDEV 5.25 06/15/2039           | CUSIP: 64577XFB7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1447903.25   | 0.96%             | 2039-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CAMDEN CNTY N J IMPT AUTH                          | NJ CAMGEN 5 01/15/2040              | CUSIP: 13281NL67<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    200000 | PA      | $227419.72    | 0.15%             | 2040-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH                        | NJ NJSEDU 4 07/01/2038              | CUSIP: 646067AU2<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    265000 | PA      | $274450.51    | 0.18%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESSEX CNTY N J IMPT AUTH                           | NJ ESSEDU 5 07/15/2054              | CUSIP: 29681CBK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $497353.80    | 0.33%             | 2054-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                    | NJ NJSTRN 5.25 06/15/2041           | CUSIP: 646136Y39<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002146.80   | 1.33%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST HSG & MTG FIN AGY                    | NJ NJSHSG 5.05 10/01/2045           | CUSIP: 64613ALR1<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518120.75    | 0.34%             | 2045-10-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY INST TECHNOLOGY                         | NJ NEWHGR 5.25 07/01/2055           | CUSIP: 64579REF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $809481.68    | 0.54%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH              | NJ NJSMED 3 07/01/2051              | CUSIP: 645790QE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1344456.58   | 0.89%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DAVIS CALIF JT UNI SCH DIST                        | CA DAVSCD 3 08/01/2038              | CUSIP: 238848EA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1339935.94   | 0.89%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIV & BAY AUTH DEL AUTH                   | DE DRVGEN 5 01/01/2049              | CUSIP: 246317KC4<br>LEI: 549300DIIIT0MBXYHJ34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067146.20   | 0.71%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                       | NJ NJSDEV 5 10/01/2037              | CUSIP: 64578CCE9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1784914.60   | 1.18%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PISCATAWAY TWP N J                                 | NJ PIS 2 10/15/2035                 | CUSIP: 724292XQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $574923.96    | 0.38%             | 2035-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                       | NJ NJSDEV 4.75 06/15/2032           | CUSIP: 64577QAE1<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000717.90   | 0.66%             | 2032-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HUDSON CNTY N J IMPT AUTH                          | NJ HUDGEN 3 10/01/2035              | CUSIP: 443730PU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3506632.15   | 2.32%             | 2035-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                       | NJ NJSDEV 5 07/15/2047              | CUSIP: 64577BN26<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001043.20   | 0.66%             | 2047-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH                        | NJ NJSEDU 5 03/01/2043              | CUSIP: 646067HR2<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1683392.25   | 1.11%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                                      | NJ NJS 4 06/01/2032                 | CUSIP: 646039YS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1101271.70   | 0.73%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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