# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-26-012192
**Filing Date:** 2026-3
**Character Count:** 316780
**Document Hash:** f70ed6e880a4a8f3199cb49c048e9a7a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-012192.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000940400-26-012192

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20260430

**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:** 26817327

**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

### Putnam ESG Ultra Short ETF (Series ID: S000077299)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237596 | -            |  |

## Nport-Ex

Schedule of Investments (unaudited)

January 31, 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>

 **Putnam ESG Ultra Short 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 |
| **Corporate Bonds & Notes — 76.0%** | **Corporate Bonds & Notes — 76.0%** | **Corporate Bonds & Notes — 76.0%** | **Corporate Bonds & Notes — 76.0%** | **Corporate Bonds & Notes — 76.0%** |
| **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** | **Communication Services — 0.7%** |
| *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* | *Diversified Telecommunication Services — 0.5%* |
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; $392000<br>| &nbsp;&nbsp;&nbsp; $391493<br>|
| &nbsp;&nbsp;&nbsp; AT&T Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 621914<br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *1013407* |
| *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* |
| &nbsp;&nbsp;&nbsp; Netflix Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp; 55000<br>| &nbsp;&nbsp;&nbsp; 55205<br>|
| &nbsp;&nbsp;&nbsp; Netflix Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 321000<br>| &nbsp;&nbsp;&nbsp; 336775<br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *391980* |
| *Interactive Media & Services — 0.0%††* | *Interactive Media & Services — 0.0%††* | *Interactive Media & Services — 0.0%††* | *Interactive Media & Services — 0.0%††* | *Interactive Media & Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 78000<br>| &nbsp;&nbsp;&nbsp; *77869*<br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1483256** |
| **Consumer Discretionary — 8.6%** | **Consumer Discretionary — 8.6%** | **Consumer Discretionary — 8.6%** | **Consumer Discretionary — 8.6%** | **Consumer Discretionary — 8.6%** |
| *Automobiles — 6.3%* | *Automobiles — 6.3%* | *Automobiles — 6.3%* | *Automobiles — 6.3%* | *Automobiles — 6.3%* |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.323% | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 210453<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., Senior Notes (SOFR + 0.650%) | &nbsp;&nbsp; 4.421% | &nbsp;&nbsp; 5/20/26 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp;&nbsp; 475666<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 4.413% | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 402000<br>| &nbsp;&nbsp;&nbsp; 403726<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., Senior Notes (SOFR + 0.730%) | &nbsp;&nbsp; 4.528% | &nbsp;&nbsp; 8/13/27 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp;&nbsp; 437100<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., Senior Notes (SOFR + 0.820%) | &nbsp;&nbsp; 4.549% | &nbsp;&nbsp; 3/3/28 | &nbsp;&nbsp; 632000<br>| &nbsp;&nbsp;&nbsp; 633548<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp;&nbsp; 428453<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, Senior Notes (SOFR + 0.800%) | &nbsp;&nbsp; 4.598% | &nbsp;&nbsp; 8/13/26 | &nbsp;&nbsp; 145000<br>| &nbsp;&nbsp;&nbsp; 145449<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 4.718% | &nbsp;&nbsp; 8/13/27 | &nbsp;&nbsp; 972000<br>| &nbsp;&nbsp;&nbsp; 978030<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BMW US Capital LLC, Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 4.617% | &nbsp;&nbsp; 3/21/28 | &nbsp;&nbsp; 706000<br>| &nbsp;&nbsp;&nbsp; 711282<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 4/6/26 | &nbsp;&nbsp; 426000<br>| &nbsp;&nbsp;&nbsp; 427125<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 6/10/26 | &nbsp;&nbsp; 347000<br>| &nbsp;&nbsp;&nbsp; 344031<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes (SOFR + 1.050%) | &nbsp;&nbsp; 4.741% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 350821<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes (SOFR + 1.350%) | &nbsp;&nbsp; 5.161% | &nbsp;&nbsp; 5/8/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 100691<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 1.650% | &nbsp;&nbsp; 9/17/26 | &nbsp;&nbsp; 116000<br>| &nbsp;&nbsp;&nbsp; 114390<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 674000<br>| &nbsp;&nbsp;&nbsp; 683463<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 3/25/27 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 161461<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes (SOFR + 1.030%) | &nbsp;&nbsp; 4.728% | &nbsp;&nbsp; 9/24/27 | &nbsp;&nbsp; 349000<br>| &nbsp;&nbsp;&nbsp; 350645<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes (SOFR + 1.040%) | &nbsp;&nbsp; 4.737% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 346000<br>| &nbsp;&nbsp;&nbsp; 347390<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes (SOFR + 1.040%) | &nbsp;&nbsp; 4.738% | &nbsp;&nbsp; 6/24/27 | &nbsp;&nbsp; 628000<br>| &nbsp;&nbsp;&nbsp; 631541<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 11/13/26 | &nbsp;&nbsp; 408000<br>| &nbsp;&nbsp;&nbsp; 411017<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 1/11/27 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 312960<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/31/28 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 264053<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes (SOFR + 0.780%) | &nbsp;&nbsp; 4.475% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 261070<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., Senior Notes (4.150% to 5/18/26 then SOFR + 0.500%) | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/18/27 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 573471<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., Senior Notes (SOFR + 0.450%) | &nbsp;&nbsp; 4.138% | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 300179<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., Senior Notes (SOFR + 0.450%) | &nbsp;&nbsp; 4.139% | &nbsp;&nbsp; 1/12/28 | &nbsp;&nbsp; 285000<br>| &nbsp;&nbsp;&nbsp; 285413<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 4.440% | &nbsp;&nbsp; 9/5/28 | &nbsp;&nbsp; 684000<br>| &nbsp;&nbsp;&nbsp; 688934<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 4.582% | &nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp; 397000<br>| &nbsp;&nbsp;&nbsp; 398180<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/14/26 | &nbsp;&nbsp; 966000<br>| &nbsp;&nbsp;&nbsp; 970437<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 311101<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 4.527% | &nbsp;&nbsp; 3/20/26 | &nbsp;&nbsp; 595000<br>| &nbsp;&nbsp;&nbsp; 595287<br> <sup>(a)(b)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *13307367* |

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Hotels, Restaurants & Leisure — 1.4%* | *Hotels, Restaurants & Leisure — 1.4%* | *Hotels, Restaurants & Leisure — 1.4%* | *Hotels, Restaurants & Leisure — 1.4%* | *Hotels, Restaurants & Leisure — 1.4%* |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/30/27 | &nbsp;&nbsp; $695000<br>| &nbsp;&nbsp;&nbsp; $705982<br>|
| &nbsp;&nbsp;&nbsp; Marriott International Inc., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 6/15/26 | &nbsp;&nbsp; 255000<br>| &nbsp;&nbsp;&nbsp; 254275<br>|
| &nbsp;&nbsp;&nbsp; Marriott International Inc., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 35000<br>| &nbsp;&nbsp;&nbsp; 35286<br>|
| &nbsp;&nbsp;&nbsp; Marriott International Inc., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 391425<br>|
| &nbsp;&nbsp;&nbsp; Marriott International Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 215000<br>| &nbsp;&nbsp;&nbsp; 214885<br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; 403000<br>| &nbsp;&nbsp;&nbsp; 402880<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/31/26 | &nbsp;&nbsp; 229000<br>| &nbsp;&nbsp;&nbsp; 229245<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Starbucks Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/26 | &nbsp;&nbsp; 555000<br>| &nbsp;&nbsp;&nbsp; 555107<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *2789085* |
| *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 877000<br>| &nbsp;&nbsp;&nbsp; *878005*<br>|
| *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* | *Specialty Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; Home Depot Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 135000<br>| &nbsp;&nbsp;&nbsp; 135125<br>|
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 10/15/27 | &nbsp;&nbsp; 393000<br>| &nbsp;&nbsp;&nbsp; 394116<br>|
| &nbsp;&nbsp;&nbsp; Lowe's Cos. Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 490684<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *1019925* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **17994382** |
| **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** |
| *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* | *Consumer Staples Distribution & Retail — 0.5%* |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc., Senior Notes | &nbsp;&nbsp; 4.148% | &nbsp;&nbsp; 9/29/28 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp;&nbsp; 465654<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kroger Co., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200000<br>|
| &nbsp;&nbsp;&nbsp; Kroger Co., Senior Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 168511<br>|
| &nbsp;&nbsp;&nbsp; Target Corp., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 283000<br>| &nbsp;&nbsp;&nbsp; 287010<br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *1121175* |
| *Food Products — 0.6%* | *Food Products — 0.6%* | *Food Products — 0.6%* | *Food Products — 0.6%* | *Food Products — 0.6%* |
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 496000<br>| &nbsp;&nbsp;&nbsp; 499733<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mondelez International Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 5/6/28 | &nbsp;&nbsp; 749000<br>| &nbsp;&nbsp;&nbsp; 752986<br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *1252719* |
| *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* | *Personal Care Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Kenvue Inc., Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/22/26 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; *220146*<br>|
| *Tobacco — 0.2%* | *Tobacco — 0.2%* | *Tobacco — 0.2%* | *Tobacco — 0.2%* | *Tobacco — 0.2%* |
| &nbsp;&nbsp;&nbsp; Cargill Inc., Senior Notes (SOFR + 0.610%) | &nbsp;&nbsp; 4.417% | &nbsp;&nbsp; 2/11/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *370905*<br> <sup>(a)(b)</sup><br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **2964945** |
| **Energy — 0.8%** | **Energy — 0.8%** | **Energy — 0.8%** | **Energy — 0.8%** | **Energy — 0.8%** |
| *Oil, Gas & Consumable Fuels — 0.8%* | *Oil, Gas & Consumable Fuels — 0.8%* | *Oil, Gas & Consumable Fuels — 0.8%* | *Oil, Gas & Consumable Fuels — 0.8%* | *Oil, Gas & Consumable Fuels — 0.8%* |
| &nbsp;&nbsp;&nbsp; Chevron USA Inc., Senior Notes (SOFR + 0.470%) | &nbsp;&nbsp; 4.228% | &nbsp;&nbsp; 2/26/28 | &nbsp;&nbsp; 433000<br>| &nbsp;&nbsp;&nbsp; 434837<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chevron USA Inc., Senior Notes (SOFR + 0.570%) | &nbsp;&nbsp; 4.368% | &nbsp;&nbsp; 8/13/28 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 352592<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 6/20/28 | &nbsp;&nbsp; 180000<br>| &nbsp;&nbsp;&nbsp; 181593<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 514000<br>| &nbsp;&nbsp;&nbsp; 519412<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 24000<br>| &nbsp;&nbsp;&nbsp; 24932<br>|
| &nbsp;&nbsp;&nbsp; Phillips 66 Co., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 169622<br>|
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/30/26 | &nbsp;&nbsp; 31000<br>| &nbsp;&nbsp;&nbsp; 31034<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **1714022** |

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2026 Quarterly Report

------

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Financials — 54.3%** | **Financials — 54.3%** | **Financials — 54.3%** | **Financials — 54.3%** | **Financials — 54.3%** |
| *Banks — 35.1%* | *Banks — 35.1%* | *Banks — 35.1%* | *Banks — 35.1%* | *Banks — 35.1%* |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, Senior Notes (4.988% to 12/3/27 then 1 year Treasury <br> Constant Maturity Rate + 0.780%) | &nbsp;&nbsp; 4.988% | &nbsp;&nbsp; 12/3/28 | &nbsp;&nbsp; $500000<br>| &nbsp;&nbsp;&nbsp; $508452<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, Senior Notes (6.339% to 9/18/26 then 1 year Treasury <br> Constant Maturity Rate + 1.650%) | &nbsp;&nbsp; 6.339% | &nbsp;&nbsp; 9/18/27 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 811150<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.437% | &nbsp;&nbsp; 7/7/28 | &nbsp;&nbsp; 335000<br>| &nbsp;&nbsp;&nbsp; 336641<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, Senior Notes (SOFR + 1.000%) | &nbsp;&nbsp; 4.729% | &nbsp;&nbsp; 12/3/28 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 562847<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; ANZ New Zealand International Ltd., Senior Notes (SOFR + 0.610%) | &nbsp;&nbsp; 4.276% | &nbsp;&nbsp; 1/22/29 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp;&nbsp; 425570<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.590%) | &nbsp;&nbsp; 4.296% | &nbsp;&nbsp; 12/8/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200677<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.302% | &nbsp;&nbsp; 6/18/28 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp;&nbsp; 447072<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.650%) | &nbsp;&nbsp; 4.330% | &nbsp;&nbsp; 9/30/27 | &nbsp;&nbsp; 655000<br>| &nbsp;&nbsp;&nbsp; 657701<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., Senior Notes (SOFR + 0.680%) | &nbsp;&nbsp; 4.346% | &nbsp;&nbsp; 7/16/27 | &nbsp;&nbsp; 697000<br>| &nbsp;&nbsp;&nbsp; 700783<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., Subordinated Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 5/19/26 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 530698<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, Senior Notes (6.138% to 9/14/27 then 1 year <br> Treasury Constant Maturity Rate + 2.700%) | &nbsp;&nbsp; 6.138% | &nbsp;&nbsp; 9/14/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 413818<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (5.552% to 3/14/27 then 1 year Treasury <br> Constant Maturity Rate + 1.250%) | &nbsp;&nbsp; 5.552% | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 254035<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (6.527% to 11/7/26 then 1 year Treasury <br> Constant Maturity Rate + 1.650%) | &nbsp;&nbsp; 6.527% | &nbsp;&nbsp; 11/7/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 611239<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Senior Notes (SOFR + 1.120%) | &nbsp;&nbsp; 4.808% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 603611<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (5.933% to 9/15/26 then SOFR + 1.340%) | &nbsp;&nbsp; 5.933% | &nbsp;&nbsp; 9/15/27 | &nbsp;&nbsp; 753000<br>| &nbsp;&nbsp;&nbsp; 761977<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 4.525% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 721000<br>| &nbsp;&nbsp;&nbsp; 723915<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (SOFR + 1.050%) | &nbsp;&nbsp; 4.886% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 231313<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 10/22/26 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 140341<br>|
| &nbsp;&nbsp;&nbsp; Bank of Montreal, Senior Notes (4.100% to 12/15/26 then SOFR + 0.525%) | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 355000<br>| &nbsp;&nbsp;&nbsp; 355508<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Montreal, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.447% | &nbsp;&nbsp; 9/22/28 | &nbsp;&nbsp; 811000<br>| &nbsp;&nbsp;&nbsp; 812563<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Montreal, Senior Notes (SOFR + 0.860%) | &nbsp;&nbsp; 4.554% | &nbsp;&nbsp; 1/27/29 | &nbsp;&nbsp; 757000<br>| &nbsp;&nbsp;&nbsp; 759765<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Montreal, Senior Notes (SOFR + 0.880%) | &nbsp;&nbsp; 4.586% | &nbsp;&nbsp; 9/10/27 | &nbsp;&nbsp; 834000<br>| &nbsp;&nbsp;&nbsp; 836203<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes (SOFR + 0.730%) | &nbsp;&nbsp; 4.426% | &nbsp;&nbsp; 2/2/30 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 430255<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes (SOFR + 0.760%) | &nbsp;&nbsp; 4.458% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 400422<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes (SOFR + 0.780%) | &nbsp;&nbsp; 4.504% | &nbsp;&nbsp; 6/4/27 | &nbsp;&nbsp; 671000<br>| &nbsp;&nbsp;&nbsp; 674201<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes (SOFR + 0.890%) | &nbsp;&nbsp; 4.683% | &nbsp;&nbsp; 2/14/29 | &nbsp;&nbsp; 325000<br>| &nbsp;&nbsp;&nbsp; 325665<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, Senior Notes (SOFR + 1.000%) | &nbsp;&nbsp; 4.717% | &nbsp;&nbsp; 9/8/28 | &nbsp;&nbsp; 496000<br>| &nbsp;&nbsp;&nbsp; 498684<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, Senior Notes | &nbsp;&nbsp; 5.896% | &nbsp;&nbsp; 7/13/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 504500<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, Senior Notes | &nbsp;&nbsp; 4.591% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 333832<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, Senior Notes (SOFR + 0.990%) | &nbsp;&nbsp; 4.681% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 454000<br>| &nbsp;&nbsp;&nbsp; 455779<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, Senior Notes (SOFR + 1.070%) | &nbsp;&nbsp; 4.860% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 515000<br>| &nbsp;&nbsp;&nbsp; 518497<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, Senior Notes (SOFR + 1.130%) | &nbsp;&nbsp; 4.823% | &nbsp;&nbsp; 1/23/27 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 453210<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (5.501% to 8/9/27 then 1 year Treasury Constant <br> Maturity Rate + 2.650%) | &nbsp;&nbsp; 5.501% | &nbsp;&nbsp; 8/9/28 | &nbsp;&nbsp; 367000<br>| &nbsp;&nbsp;&nbsp; 374782<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (5.829% to 5/9/26 then SOFR + 2.210%) | &nbsp;&nbsp; 5.829% | &nbsp;&nbsp; 5/9/27 | &nbsp;&nbsp; 554000<br>| &nbsp;&nbsp;&nbsp; 556532<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (6.496% to 9/13/26 then SOFR + 1.880%) | &nbsp;&nbsp; 6.496% | &nbsp;&nbsp; 9/13/27 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 699979<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (SOFR + 1.490%) | &nbsp;&nbsp; 5.190% | &nbsp;&nbsp; 3/12/28 | &nbsp;&nbsp; 255000<br>| &nbsp;&nbsp;&nbsp; 257483<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 11/16/27 | &nbsp;&nbsp; 899000<br>| &nbsp;&nbsp;&nbsp; 890235<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (5.125% to 1/13/28 then 1 year Treasury Constant <br> Maturity Rate + 1.450%) | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 1/13/29 | &nbsp;&nbsp; 227000<br>| &nbsp;&nbsp;&nbsp; 231192<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Senior Notes (SOFR + 1.430%) | &nbsp;&nbsp; 5.241% | &nbsp;&nbsp; 5/9/29 | &nbsp;&nbsp; 695000<br>| &nbsp;&nbsp;&nbsp; 702435<br> <sup>(a)(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; BPCE SA, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 10/23/27 | &nbsp;&nbsp; $670000<br>| &nbsp;&nbsp;&nbsp; $663581<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPCE SA, Senior Notes (6.612% to 10/19/26 then SOFR + 1.980%) | &nbsp;&nbsp; 6.612% | &nbsp;&nbsp; 10/19/27 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 447777<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPCE SA, Senior Notes (6.714% to 10/19/28 then SOFR + 2.270%) | &nbsp;&nbsp; 6.714% | &nbsp;&nbsp; 10/19/29 | &nbsp;&nbsp; 255000<br>| &nbsp;&nbsp;&nbsp; 270322<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA, Senior Notes (4.634% to 7/3/28 then SOFR + 1.140%) | &nbsp;&nbsp; 4.634% | &nbsp;&nbsp; 7/3/29 | &nbsp;&nbsp; 942000<br>| &nbsp;&nbsp;&nbsp; 952127<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA, Senior Notes (6.208% to 1/18/28 then SOFR + 2.700%) | &nbsp;&nbsp; 6.208% | &nbsp;&nbsp; 1/18/29 | &nbsp;&nbsp; 733000<br>| &nbsp;&nbsp;&nbsp; 761305<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA, Senior Notes (6.684% to 9/13/26 then SOFR + 2.080%) | &nbsp;&nbsp; 6.684% | &nbsp;&nbsp; 9/13/27 | &nbsp;&nbsp; 968000<br>| &nbsp;&nbsp;&nbsp; 983291<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Senior Notes | &nbsp;&nbsp; 5.926% | &nbsp;&nbsp; 10/2/26 | &nbsp;&nbsp; 553000<br>| &nbsp;&nbsp;&nbsp; 560701<br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Senior Notes (4.508% to 9/11/26 then SOFR <br> + 0.930%) | &nbsp;&nbsp; 4.508% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 245000<br>| &nbsp;&nbsp;&nbsp; 245786<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 0.930%) | &nbsp;&nbsp; 4.633% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 549000<br>| &nbsp;&nbsp;&nbsp; 550666<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 0.940%) | &nbsp;&nbsp; 4.639% | &nbsp;&nbsp; 6/28/27 | &nbsp;&nbsp; 511000<br>| &nbsp;&nbsp;&nbsp; 515194<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 1.030%) | &nbsp;&nbsp; 4.729% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 412466<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, Senior Notes (SOFR + 1.220%) | &nbsp;&nbsp; 4.915% | &nbsp;&nbsp; 10/2/26 | &nbsp;&nbsp; 230000<br>| &nbsp;&nbsp;&nbsp; 231466<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, Senior Notes (SOFR + 0.460%) | &nbsp;&nbsp; 4.206% | &nbsp;&nbsp; 11/27/26 | &nbsp;&nbsp; 418000<br>| &nbsp;&nbsp;&nbsp; 419445<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, Senior Notes (SOFR + 0.640%) | &nbsp;&nbsp; 4.324% | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; 385000<br>| &nbsp;&nbsp;&nbsp; 386930<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 7/21/26 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 349508<br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes | &nbsp;&nbsp; 4.883% | &nbsp;&nbsp; 1/21/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 255656<br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes (3.649% to 4/6/27 then 1 year Treasury <br> Constant Maturity Rate + 1.220%) | &nbsp;&nbsp; 3.649% | &nbsp;&nbsp; 4/6/28 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 547834<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes (SOFR + 0.410%) | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 1/14/28 | &nbsp;&nbsp; 285000<br>| &nbsp;&nbsp;&nbsp; 285249<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes (SOFR + 0.590%) | &nbsp;&nbsp; 4.344% | &nbsp;&nbsp; 5/27/27 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp;&nbsp; 266048<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.374% | &nbsp;&nbsp; 8/28/26 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 661450<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes | &nbsp;&nbsp; 5.589% | &nbsp;&nbsp; 7/5/26 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp;&nbsp; 438112<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes | &nbsp;&nbsp; 5.134% | &nbsp;&nbsp; 3/11/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 253328<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes (4.631% to 9/11/27 then SOFR + 1.210%) | &nbsp;&nbsp; 4.631% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 957396<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes (SOFR + 0.870%) | &nbsp;&nbsp; 4.573% | &nbsp;&nbsp; 3/11/27 | &nbsp;&nbsp; 294000<br>| &nbsp;&nbsp;&nbsp; 295326<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Credit Agricole SA, Senior Notes (SOFR + 1.210%) | &nbsp;&nbsp; 4.913% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 292101<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, Senior Notes (6.361% to 10/27/27 then SOFR + 2.192%) | &nbsp;&nbsp; 6.361% | &nbsp;&nbsp; 10/27/28 | &nbsp;&nbsp; 235000<br>| &nbsp;&nbsp;&nbsp; 244025<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bank NA, Senior Notes (4.967% to 1/28/27 then SOFR + 0.810%) | &nbsp;&nbsp; 4.967% | &nbsp;&nbsp; 1/28/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 504416<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bank NA, Senior Notes (SOFR + 0.810%) | &nbsp;&nbsp; 4.505% | &nbsp;&nbsp; 1/28/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 501074<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, Senior Notes (5.414% to 5/21/26 then SOFR + 0.750%) | &nbsp;&nbsp; 5.414% | &nbsp;&nbsp; 5/21/27 | &nbsp;&nbsp; 536000<br>| &nbsp;&nbsp;&nbsp; 538342<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.521% | &nbsp;&nbsp; 5/21/27 | &nbsp;&nbsp; 678000<br>| &nbsp;&nbsp;&nbsp; 678844<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Huntington Bancshares Inc., Senior Notes (4.443% to 8/4/27 then SOFR + 1.970%) | &nbsp;&nbsp; 4.443% | &nbsp;&nbsp; 8/4/28 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 120720<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Huntington National Bank, Senior Notes (4.871% to 4/12/27 then SOFR + 0.720%) | &nbsp;&nbsp; 4.871% | &nbsp;&nbsp; 4/12/28 | &nbsp;&nbsp; 275000<br>| &nbsp;&nbsp;&nbsp; 277436<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Huntington National Bank, Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 4.409% | &nbsp;&nbsp; 4/12/28 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 830748<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV, Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 3/29/27 | &nbsp;&nbsp; 515000<br>| &nbsp;&nbsp;&nbsp; 515397<br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV, Senior Notes (4.858% to 3/25/28 then SOFR + 1.010%) | &nbsp;&nbsp; 4.858% | &nbsp;&nbsp; 3/25/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 203234<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV, Senior Notes (6.083% to 9/11/26 then SOFR + 1.560%) | &nbsp;&nbsp; 6.083% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 202467<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV, Senior Notes (SOFR + 1.010%) | &nbsp;&nbsp; 4.708% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200216<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV, Senior Notes (SOFR + 1.010%) | &nbsp;&nbsp; 4.708% | &nbsp;&nbsp; 3/25/29 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 913099<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV, Senior Notes (SOFR + 1.560%) | &nbsp;&nbsp; 5.263% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 503463<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 7/14/27 | &nbsp;&nbsp; 355000<br>| &nbsp;&nbsp;&nbsp; 354372<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 1/12/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 198997<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.505% to 10/22/27 then SOFR + 0.860%) | &nbsp;&nbsp; 4.505% | &nbsp;&nbsp; 10/22/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 373540<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.571% to 4/22/27 then SOFR + 0.930%) | &nbsp;&nbsp; 5.571% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 535000<br>| &nbsp;&nbsp;&nbsp; 545185<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (SOFR + 0.800%) | &nbsp;&nbsp; 4.494% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 633000<br>| &nbsp;&nbsp;&nbsp; 635187<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2026 Quarterly Report

------

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (SOFR + 0.860%) | &nbsp;&nbsp; 4.553% | &nbsp;&nbsp; 10/22/28 | &nbsp;&nbsp; $580000<br>| &nbsp;&nbsp;&nbsp; $582449<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 4.613% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 537000<br>| &nbsp;&nbsp;&nbsp; 540129<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (4.818% to 6/13/28 then 1 year Treasury <br> Constant Maturity Rate + 0.830%) | &nbsp;&nbsp; 4.818% | &nbsp;&nbsp; 6/13/29 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp;&nbsp; 432014<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (5.087% to 11/26/27 then 1 year Treasury <br> Constant Maturity Rate + 0.850%) | &nbsp;&nbsp; 5.087% | &nbsp;&nbsp; 11/26/28 | &nbsp;&nbsp; 345000<br>| &nbsp;&nbsp;&nbsp; 351347<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (5.462% to 1/5/27 then 1 year Treasury <br> Constant Maturity Rate + 1.375%) | &nbsp;&nbsp; 5.462% | &nbsp;&nbsp; 1/5/28 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 617999<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (5.985% to 8/7/26 then 1 year Treasury <br> Constant Maturity Rate + 1.480%) | &nbsp;&nbsp; 5.985% | &nbsp;&nbsp; 8/7/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201995<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (SOFR + 1.060%) | &nbsp;&nbsp; 4.831% | &nbsp;&nbsp; 11/26/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201286<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (SOFR + 1.060%) | &nbsp;&nbsp; 4.766% | &nbsp;&nbsp; 6/13/29 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 271703<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Senior Notes (SOFR + 1.560%) | &nbsp;&nbsp; 5.396% | &nbsp;&nbsp; 8/7/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 301871<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd., Senior Notes | &nbsp;&nbsp; 5.391% | &nbsp;&nbsp; 12/7/26 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp;&nbsp; 471253<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd., Senior Notes (SOFR + 0.740%) | &nbsp;&nbsp; 4.427% | &nbsp;&nbsp; 6/12/28 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 543071<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group Inc., Senior Notes (4.080% to 4/19/27 then 1 year <br> Treasury Constant Maturity Rate + 1.300%) | &nbsp;&nbsp; 4.080% | &nbsp;&nbsp; 4/19/28 | &nbsp;&nbsp; 545000<br>| &nbsp;&nbsp;&nbsp; 545666<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group Inc., Senior Notes (5.017% to 7/20/27 then 1 year <br> Treasury Constant Maturity Rate + 1.950%) | &nbsp;&nbsp; 5.017% | &nbsp;&nbsp; 7/20/28 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 639531<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 12/13/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 400238<br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd., Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.206% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250426<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd., Senior Notes (SOFR + 0.530%) | &nbsp;&nbsp; 4.190% | &nbsp;&nbsp; 12/13/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 400405<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd., Senior Notes (SOFR + 0.600%) | &nbsp;&nbsp; 4.266% | &nbsp;&nbsp; 10/26/27 | &nbsp;&nbsp; 559000<br>| &nbsp;&nbsp;&nbsp; 561686<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd., Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.310% | &nbsp;&nbsp; 6/11/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 251036<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Australia Bank Ltd., Senior Notes (SOFR + 0.650%) | &nbsp;&nbsp; 4.334% | &nbsp;&nbsp; 6/13/28 | &nbsp;&nbsp; 405000<br>| &nbsp;&nbsp;&nbsp; 407249<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Bank of Canada, Senior Notes (4.166% to 1/20/28 then SOFR + 0.760%) | &nbsp;&nbsp; 4.166% | &nbsp;&nbsp; 1/20/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 501237<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Bank of Canada, Senior Notes (4.702% to 3/5/26 then SOFR + 0.557%) | &nbsp;&nbsp; 4.702% | &nbsp;&nbsp; 3/5/27 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp;&nbsp; 315192<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Bank of Canada, Senior Notes (5.600% to 7/2/26 then SOFR + 1.036%) | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 7/2/27 | &nbsp;&nbsp; 905000<br>| &nbsp;&nbsp;&nbsp; 910875<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Bank of Canada, Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 4.462% | &nbsp;&nbsp; 1/20/29 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 360706<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; National Bank of Canada, Senior Notes (SOFR + 1.030%) | &nbsp;&nbsp; 4.725% | &nbsp;&nbsp; 7/2/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250564<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Notes (5.583% to 3/1/27 then 1 year Treasury Constant <br> Maturity Rate + 1.100%) | &nbsp;&nbsp; 5.583% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 324000<br>| &nbsp;&nbsp;&nbsp; 329551<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Notes (5.847% to 3/2/26 then 1 year Treasury Constant <br> Maturity Rate + 1.350%) | &nbsp;&nbsp; 5.847% | &nbsp;&nbsp; 3/2/27 | &nbsp;&nbsp; 892000<br>| &nbsp;&nbsp;&nbsp; 893234<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Notes (SOFR + 1.100%) | &nbsp;&nbsp; 4.869% | &nbsp;&nbsp; 5/23/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201395<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NatWest Group PLC, Senior Notes (SOFR + 1.250%) | &nbsp;&nbsp; 5.015% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 471555<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp, Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.398% | &nbsp;&nbsp; 3/17/28 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 261411<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp, Senior Notes (SOFR + 0.740%) | &nbsp;&nbsp; 4.437% | &nbsp;&nbsp; 3/19/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200788<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Bank NA, Senior Notes (4.429% to 7/21/27 then SOFR + 0.727%) | &nbsp;&nbsp; 4.429% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 251770<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Bank NA, Senior Notes (SOFR + 0.730%) | &nbsp;&nbsp; 4.422% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250673<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (4.075% to 1/26/28 then SOFR + <br> 0.610%) | &nbsp;&nbsp; 4.075% | &nbsp;&nbsp; 1/26/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 500822<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (5.102% to 7/23/26 then SOFR + <br> 0.796%) | &nbsp;&nbsp; 5.102% | &nbsp;&nbsp; 7/23/27 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 191028<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.314% | &nbsp;&nbsp; 1/26/29 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 430767<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.397% | &nbsp;&nbsp; 11/3/28 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 570670<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes (SOFR + 0.720%) | &nbsp;&nbsp; 4.412% | &nbsp;&nbsp; 10/18/27 | &nbsp;&nbsp; 552000<br>| &nbsp;&nbsp;&nbsp; 553818<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes (SOFR + 0.790%) | &nbsp;&nbsp; 4.483% | &nbsp;&nbsp; 7/23/27 | &nbsp;&nbsp; $890000<br>| &nbsp;&nbsp;&nbsp; $891232<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 4.524% | &nbsp;&nbsp; 1/24/29 | &nbsp;&nbsp; 739000<br>| &nbsp;&nbsp;&nbsp; 740754<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, Senior Notes (3.823% to 11/3/27 then 3 mo. <br> USD LIBOR + 1.400%) | &nbsp;&nbsp; 3.823% | &nbsp;&nbsp; 11/3/28 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 497694<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC, Senior Notes (6.534% to 1/10/28 then SOFR + <br> 2.600%) | &nbsp;&nbsp; 6.534% | &nbsp;&nbsp; 1/10/29 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 710046<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 3/5/27 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 405731<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.493% | &nbsp;&nbsp; 6/2/28 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 542718<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Senior Notes (SOFR + 0.890%) | &nbsp;&nbsp; 4.610% | &nbsp;&nbsp; 3/5/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201167<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Societe Generale SA, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/12/27 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp;&nbsp; 314860<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Societe Generale SA, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/19/27 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 829809<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Societe Generale SA, Senior Notes (SOFR + 1.100%) | &nbsp;&nbsp; 4.877% | &nbsp;&nbsp; 2/19/27 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 351713<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group Inc., Senior Notes | &nbsp;&nbsp; 5.520% | &nbsp;&nbsp; 1/13/28 | &nbsp;&nbsp; 732000<br>| &nbsp;&nbsp;&nbsp; 754212<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group Inc., Senior Notes | &nbsp;&nbsp; 4.108% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 210087<br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group Inc., Senior Notes (SOFR + 0.760%) | &nbsp;&nbsp; 4.426% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp;&nbsp; 265336<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Senior Notes (SOFR + 0.660%) | &nbsp;&nbsp; 4.414% | &nbsp;&nbsp; 5/28/27 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 371463<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Senior Notes (SOFR + 0.740%) | &nbsp;&nbsp; 4.509% | &nbsp;&nbsp; 5/23/28 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp;&nbsp; 467690<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes | &nbsp;&nbsp; 5.523% | &nbsp;&nbsp; 7/17/28 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 279799<br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes (SOFR + 0.620%) | &nbsp;&nbsp; 4.318% | &nbsp;&nbsp; 12/17/26 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 501562<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.439% | &nbsp;&nbsp; 10/13/28 | &nbsp;&nbsp; 548000<br>| &nbsp;&nbsp;&nbsp; 549493<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes (SOFR + 0.820%) | &nbsp;&nbsp; 4.516% | &nbsp;&nbsp; 1/31/28 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 693906<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, Senior Notes (SOFR + 1.080%) | &nbsp;&nbsp; 4.771% | &nbsp;&nbsp; 7/17/26 | &nbsp;&nbsp; 715000<br>| &nbsp;&nbsp;&nbsp; 717759<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Bank, Senior Notes (4.420% to 7/24/27 then SOFR + 0.770%) | &nbsp;&nbsp; 4.420% | &nbsp;&nbsp; 7/24/28 | &nbsp;&nbsp; 461000<br>| &nbsp;&nbsp;&nbsp; 463651<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Bank, Senior Notes (4.671% to 5/20/26 then SOFR + 0.590%) | &nbsp;&nbsp; 4.671% | &nbsp;&nbsp; 5/20/27 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 671133<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Bank, Senior Notes (SOFR + 0.770%) | &nbsp;&nbsp; 4.464% | &nbsp;&nbsp; 7/24/28 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 551867<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (6.047% to 6/8/26 then SOFR + 2.050%) | &nbsp;&nbsp; 6.047% | &nbsp;&nbsp; 6/8/27 | &nbsp;&nbsp; 493000<br>| &nbsp;&nbsp;&nbsp; 496425<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UniCredit SpA, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/12/27 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 211432<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bank NA, Senior Notes (4.507% to 10/22/26 then SOFR + 0.690%) | &nbsp;&nbsp; 4.507% | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 1105000<br>| &nbsp;&nbsp;&nbsp; 1109716<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bank NA, Senior Notes (4.730% to 5/15/27 then SOFR + 0.910%) | &nbsp;&nbsp; 4.730% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 545000<br>| &nbsp;&nbsp;&nbsp; 550340<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bank NA, Senior Notes (SOFR + 0.910%) | &nbsp;&nbsp; 4.700% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 351830<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (5.707% to 4/22/27 then SOFR + 1.070%) | &nbsp;&nbsp; 5.707% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 765162<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (SOFR + 0.780%) | &nbsp;&nbsp; 4.474% | &nbsp;&nbsp; 1/24/28 | &nbsp;&nbsp; 412000<br>| &nbsp;&nbsp;&nbsp; 413169<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (SOFR + 1.070%) | &nbsp;&nbsp; 4.763% | &nbsp;&nbsp; 4/22/28 | &nbsp;&nbsp; 286000<br>| &nbsp;&nbsp;&nbsp; 287610<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., Senior Notes (SOFR + 1.370%) | &nbsp;&nbsp; 5.063% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 879000<br>| &nbsp;&nbsp;&nbsp; 893876<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp., Senior Notes (SOFR + 0.460%) | &nbsp;&nbsp; 4.126% | &nbsp;&nbsp; 10/20/26 | &nbsp;&nbsp; 1020000<br>| &nbsp;&nbsp;&nbsp; 1022026<br> <sup>(a)</sup><br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *73840067* |
| *Capital Markets — 6.9%* | *Capital Markets — 6.9%* | *Capital Markets — 6.9%* | *Capital Markets — 6.9%* | *Capital Markets — 6.9%* |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (4.441% to 6/9/27 then SOFR + <br> 0.680%) | &nbsp;&nbsp; 4.441% | &nbsp;&nbsp; 6/9/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201541<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (4.587% to 4/20/26 then SOFR + <br> 0.693%) | &nbsp;&nbsp; 4.587% | &nbsp;&nbsp; 4/20/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250359<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (SOFR + 0.630%) | &nbsp;&nbsp; 4.323% | &nbsp;&nbsp; 1/22/30 | &nbsp;&nbsp; 865000<br>| &nbsp;&nbsp;&nbsp; 864939<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (SOFR + 0.680%) | &nbsp;&nbsp; 4.394% | &nbsp;&nbsp; 6/9/28 | &nbsp;&nbsp; 335000<br>| &nbsp;&nbsp;&nbsp; 336086<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., Senior Notes (SOFR + 0.830%) | &nbsp;&nbsp; 4.522% | &nbsp;&nbsp; 7/21/28 | &nbsp;&nbsp; 293000<br>| &nbsp;&nbsp;&nbsp; 294668<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 417000<br>| &nbsp;&nbsp;&nbsp; 421744<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.300% | &nbsp;&nbsp; 8/12/27 | &nbsp;&nbsp; 205000<br>| &nbsp;&nbsp;&nbsp; 206054<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2026 Quarterly Report

------

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* | *Capital Markets — continued* |
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 1/12/29 | &nbsp;&nbsp; $150000<br>| &nbsp;&nbsp;&nbsp; $150013<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes (SOFR + 0.840%) | &nbsp;&nbsp; 4.529% | &nbsp;&nbsp; 1/13/28 | &nbsp;&nbsp; 355000<br>| &nbsp;&nbsp;&nbsp; 355500<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes (SOFR + 0.960%) | &nbsp;&nbsp; 4.657% | &nbsp;&nbsp; 9/25/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 301272<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, Senior Notes (2.552% to 1/7/27 then SOFR + 1.318%) | &nbsp;&nbsp; 2.552% | &nbsp;&nbsp; 1/7/28 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 364837<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, Senior Notes (5.373% to 1/10/28 then SOFR + 1.210%) | &nbsp;&nbsp; 5.373% | &nbsp;&nbsp; 1/10/29 | &nbsp;&nbsp; 385000<br>| &nbsp;&nbsp;&nbsp; 393240<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, Senior Notes (7.146% to 7/13/26 then SOFR + 2.520%) | &nbsp;&nbsp; 7.146% | &nbsp;&nbsp; 7/13/27 | &nbsp;&nbsp; 779000<br>| &nbsp;&nbsp;&nbsp; 789623<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG, Senior Notes (SOFR + 1.210%) | &nbsp;&nbsp; 4.898% | &nbsp;&nbsp; 1/10/29 | &nbsp;&nbsp; 655000<br>| &nbsp;&nbsp;&nbsp; 659704<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 1/26/27 | &nbsp;&nbsp; 161000<br>| &nbsp;&nbsp;&nbsp; 160985<br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (3 mo. Term SOFR + 2.012%) | &nbsp;&nbsp; 5.683% | &nbsp;&nbsp; 10/28/27 | &nbsp;&nbsp; 11000<br>| &nbsp;&nbsp;&nbsp; 11119<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (4.148% to 1/21/28 then SOFR + 0.710%) | &nbsp;&nbsp; 4.148% | &nbsp;&nbsp; 1/21/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200186<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (SOFR + 0.710%) | &nbsp;&nbsp; 4.402% | &nbsp;&nbsp; 1/21/29 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 400173<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 4.612% | &nbsp;&nbsp; 10/21/29 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 501386<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (SOFR + 1.290%) | &nbsp;&nbsp; 4.983% | &nbsp;&nbsp; 4/23/28 | &nbsp;&nbsp; 345000<br>| &nbsp;&nbsp;&nbsp; 347988<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 12/1/28 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 190201<br>|
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/11/26 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 840010<br>|
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 742147<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 49000<br>| &nbsp;&nbsp;&nbsp; 48826<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (5.652% to 4/13/27 then SOFR + 1.010%) | &nbsp;&nbsp; 5.652% | &nbsp;&nbsp; 4/13/28 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 968056<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (SOFR + 0.920%) | &nbsp;&nbsp; 4.613% | &nbsp;&nbsp; 10/18/29 | &nbsp;&nbsp; 575000<br>| &nbsp;&nbsp;&nbsp; 578167<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (SOFR + 1.020%) | &nbsp;&nbsp; 4.711% | &nbsp;&nbsp; 4/13/28 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 150817<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA, Senior Notes (SOFR + 0.940%) | &nbsp;&nbsp; 4.631% | &nbsp;&nbsp; 7/14/28 | &nbsp;&nbsp; 384000<br>| &nbsp;&nbsp;&nbsp; 386778<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; State Street Bank & Trust Co., Senior Notes (SOFR + 0.460%) | &nbsp;&nbsp; 4.225% | &nbsp;&nbsp; 11/25/26 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250555<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; State Street Corp., Senior Notes (SOFR + 0.640%) | &nbsp;&nbsp; 4.333% | &nbsp;&nbsp; 10/22/27 | &nbsp;&nbsp; 172000<br>| &nbsp;&nbsp;&nbsp; 172883<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; State Street Corp., Senior Notes (SOFR + 0.845%) | &nbsp;&nbsp; 4.542% | &nbsp;&nbsp; 8/3/26 | &nbsp;&nbsp; 97000<br>| &nbsp;&nbsp;&nbsp; 97249<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; State Street Corp., Senior Notes (SOFR + 0.950%) | &nbsp;&nbsp; 4.644% | &nbsp;&nbsp; 4/24/28 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 211291<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS AG, Senior Notes (4.864% to 1/10/27 then SOFR + 0.720%) | &nbsp;&nbsp; 4.864% | &nbsp;&nbsp; 1/10/28 | &nbsp;&nbsp; 275000<br>| &nbsp;&nbsp;&nbsp; 277446<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes | &nbsp;&nbsp; 4.282% | &nbsp;&nbsp; 1/9/28 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 821897<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (1.305% to 2/2/26 then SOFR + 0.980%) | &nbsp;&nbsp; 1.305% | &nbsp;&nbsp; 2/2/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250000<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (3.869% to 1/12/28 then 3 mo. USD LIBOR + 1.410%) | &nbsp;&nbsp; 3.869% | &nbsp;&nbsp; 1/12/29 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 457793<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (6.327% to 12/22/26 then 1 year Treasury Constant <br> Maturity Rate + 1.600%) | &nbsp;&nbsp; 6.327% | &nbsp;&nbsp; 12/22/27 | &nbsp;&nbsp; 335000<br>| &nbsp;&nbsp;&nbsp; 341646<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (6.442% to 8/11/27 then SOFR + 3.700%) | &nbsp;&nbsp; 6.442% | &nbsp;&nbsp; 8/11/28 | &nbsp;&nbsp; 555000<br>| &nbsp;&nbsp;&nbsp; 574183<br> <sup>(a)(b)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *14571362* |
| *Consumer Finance — 2.2%* | *Consumer Finance — 2.2%* | *Consumer Finance — 2.2%* | *Consumer Finance — 2.2%* | *Consumer Finance — 2.2%* |
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (4.351% to 7/20/28 then SOFR + 0.810%) | &nbsp;&nbsp; 4.351% | &nbsp;&nbsp; 7/20/29 | &nbsp;&nbsp; 641000<br>| &nbsp;&nbsp;&nbsp; 645061<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (SOFR + 0.930%) | &nbsp;&nbsp; 4.624% | &nbsp;&nbsp; 7/26/28 | &nbsp;&nbsp; 309000<br>| &nbsp;&nbsp;&nbsp; 310589<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (SOFR + 0.970%) | &nbsp;&nbsp; 4.665% | &nbsp;&nbsp; 7/28/27 | &nbsp;&nbsp; 280000<br>| &nbsp;&nbsp;&nbsp; 280786<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (SOFR + 1.000%) | &nbsp;&nbsp; 4.790% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp;&nbsp; 466397<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Express Co., Senior Notes (SOFR + 1.260%) | &nbsp;&nbsp; 4.954% | &nbsp;&nbsp; 4/25/29 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 425465<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 3/9/27 | &nbsp;&nbsp; 343000<br>| &nbsp;&nbsp;&nbsp; 342391<br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Notes (4.927% to 5/10/27 then SOFR + 2.057%) | &nbsp;&nbsp; 4.927% | &nbsp;&nbsp; 5/10/28 | &nbsp;&nbsp; 735000<br>| &nbsp;&nbsp;&nbsp; 742774<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Notes (6.312% to 6/8/28 then SOFR + 2.640%) | &nbsp;&nbsp; 6.312% | &nbsp;&nbsp; 6/8/29 | &nbsp;&nbsp; 413000<br>| &nbsp;&nbsp;&nbsp; 432366<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., Senior Notes (7.149% to 10/29/26 then SOFR + <br> 2.440%) | &nbsp;&nbsp; 7.149% | &nbsp;&nbsp; 10/29/27 | &nbsp;&nbsp; 765000<br>| &nbsp;&nbsp;&nbsp; 781539<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 8/1/27 | &nbsp;&nbsp; 263000<br>| &nbsp;&nbsp;&nbsp; 266386<br> <sup>(b)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *4693754* |

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Financial Services — 3.6%* | *Financial Services — 3.6%* | *Financial Services — 3.6%* | *Financial Services — 3.6%* | *Financial Services — 3.6%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 2.450% | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp; $705000<br>| &nbsp;&nbsp;&nbsp; $697185<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 701294<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/29/28 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 708343<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/28/29 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 308988<br>|
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., Senior Notes (SOFR + 0.560%) | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 643000<br>| &nbsp;&nbsp;&nbsp; 646415<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., Senior Notes (SOFR + 0.580%) | &nbsp;&nbsp; 4.373% | &nbsp;&nbsp; 11/14/28 | &nbsp;&nbsp; 576000<br>| &nbsp;&nbsp;&nbsp; 578684<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., Senior Notes (SOFR + 0.690%) | &nbsp;&nbsp; 4.381% | &nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp; 145000<br>| &nbsp;&nbsp;&nbsp; 145563<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GA Global Funding Trust, Secured Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 9/23/27 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 572158<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP, Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.192% | &nbsp;&nbsp; 5/1/26 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 310123<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP, Senior Notes (SOFR + 0.520%) | &nbsp;&nbsp; 4.223% | &nbsp;&nbsp; 10/9/26 | &nbsp;&nbsp; 535000<br>| &nbsp;&nbsp;&nbsp; 535709<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mizuho Markets Cayman LP, Senior Notes (SOFR + 0.520%) | &nbsp;&nbsp; 4.211% | &nbsp;&nbsp; 11/16/26 | &nbsp;&nbsp; 605000<br>| &nbsp;&nbsp;&nbsp; 605898<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nationwide Building Society, Senior Notes (4.649% to 7/14/28 then SOFR + <br> 1.060%) | &nbsp;&nbsp; 4.649% | &nbsp;&nbsp; 7/14/29 | &nbsp;&nbsp; 345000<br>| &nbsp;&nbsp;&nbsp; 348719<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nationwide Building Society, Senior Notes (6.557% to 10/18/26 then SOFR + <br> 1.910%) | &nbsp;&nbsp; 6.557% | &nbsp;&nbsp; 10/18/27 | &nbsp;&nbsp; 1049000<br>| &nbsp;&nbsp;&nbsp; 1067190<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; PayPal Holdings Inc., Senior Notes (SOFR + 0.670%) | &nbsp;&nbsp; 4.387% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp;&nbsp; 265882<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *7492151* |
| *Insurance — 6.5%* | *Insurance — 6.5%* | *Insurance — 6.5%* | *Insurance — 6.5%* | *Insurance — 6.5%* |
| &nbsp;&nbsp;&nbsp; AEGON Funding Co. LLC, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/16/27 | &nbsp;&nbsp; 851000<br>| &nbsp;&nbsp;&nbsp; 863668<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 418000<br>| &nbsp;&nbsp;&nbsp; 422900<br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Secured Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/7/27 | &nbsp;&nbsp; 871000<br>| &nbsp;&nbsp;&nbsp; 878356<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Secured Notes | &nbsp;&nbsp; 5.349% | &nbsp;&nbsp; 7/9/27 | &nbsp;&nbsp; 397000<br>| &nbsp;&nbsp;&nbsp; 403826<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Secured Notes (SOFR + 0.950%) | &nbsp;&nbsp; 4.667% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 744000<br>| &nbsp;&nbsp;&nbsp; 747666<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Senior Secured Notes | &nbsp;&nbsp; 4.860% | &nbsp;&nbsp; 8/27/26 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 462237<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 12/23/26 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 432616<br>|
| &nbsp;&nbsp;&nbsp; CNO Global Funding, Secured Notes | &nbsp;&nbsp; 1.750% | &nbsp;&nbsp; 10/7/26 | &nbsp;&nbsp; 787000<br>| &nbsp;&nbsp;&nbsp; 775165<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CNO Global Funding, Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 12/10/27 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp;&nbsp; 187399<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Corebridge Global Funding, Secured Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 6/24/26 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp;&nbsp; 477670<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Corebridge Global Funding, Senior Secured Notes (SOFR + 1.300%) | &nbsp;&nbsp; 4.998% | &nbsp;&nbsp; 9/25/26 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 513378<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos. Inc., Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.511% | &nbsp;&nbsp; 11/8/27 | &nbsp;&nbsp; 259000<br>| &nbsp;&nbsp;&nbsp; 260276<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MassMutual Global Funding II, Secured Notes (SOFR + 0.740%) | &nbsp;&nbsp; 4.428% | &nbsp;&nbsp; 4/9/27 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 402126<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Met Tower Global Funding, Senior Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/14/29 | &nbsp;&nbsp; 355000<br>| &nbsp;&nbsp;&nbsp; 354490<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, Secured Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 8/25/28 | &nbsp;&nbsp; 549000<br>| &nbsp;&nbsp;&nbsp; 551786<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, Secured Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.403% | &nbsp;&nbsp; 6/11/27 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 301216<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, Secured Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.465% | &nbsp;&nbsp; 8/25/28 | &nbsp;&nbsp; 606000<br>| &nbsp;&nbsp;&nbsp; 607706<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mutual of Omaha Cos. Global Funding, Secured Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 7/27/26 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 252077<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Global Funding, Secured Notes (SOFR + 0.660%) | &nbsp;&nbsp; 4.354% | &nbsp;&nbsp; 7/25/28 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp;&nbsp; 437237<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Global Funding, Senior Secured Notes (SOFR + 0.670%) | &nbsp;&nbsp; 4.365% | &nbsp;&nbsp; 4/2/27 | &nbsp;&nbsp; 955000<br>| &nbsp;&nbsp;&nbsp; 959006<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; New York Life Global Funding, Senior Secured Notes (SOFR + 0.880%) | &nbsp;&nbsp; 4.574% | &nbsp;&nbsp; 4/25/28 | &nbsp;&nbsp; 468000<br>| &nbsp;&nbsp;&nbsp; 472410<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Global Funding, Secured Notes | &nbsp;&nbsp; 5.070% | &nbsp;&nbsp; 3/25/27 | &nbsp;&nbsp; 164000<br>| &nbsp;&nbsp;&nbsp; 166206<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Northwestern Mutual Global Funding, Secured Notes (SOFR + 0.660%) | &nbsp;&nbsp; 4.425% | &nbsp;&nbsp; 8/25/28 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 421193<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pacific Life Global Funding II, Secured Notes (SOFR + 0.850%) | &nbsp;&nbsp; 4.671% | &nbsp;&nbsp; 2/5/27 | &nbsp;&nbsp; 86000<br>| &nbsp;&nbsp;&nbsp; 86425<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pacific Life Global Funding II, Secured Notes (SOFR + 1.050%) | &nbsp;&nbsp; 4.745% | &nbsp;&nbsp; 7/28/26 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 401629<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Principal Life Global Funding II, Secured Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 8/19/27 | &nbsp;&nbsp; 97000<br>| &nbsp;&nbsp;&nbsp; 97975<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Principal Life Global Funding II, Secured Notes (SOFR + 0.810%) | &nbsp;&nbsp; 4.597% | &nbsp;&nbsp; 8/18/28 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 570772<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding, Secured Notes | &nbsp;&nbsp; 4.335% | &nbsp;&nbsp; 9/13/27 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 453311<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2026 Quarterly Report

------

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding, Secured Notes | &nbsp;&nbsp; 4.161% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; $490000<br>| &nbsp;&nbsp;&nbsp; $490177<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Protective Life Global Funding, Secured Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.388% | &nbsp;&nbsp; 4/10/26 | &nbsp;&nbsp; 233000<br>| &nbsp;&nbsp;&nbsp; 233214<br> <sup>(a)(b)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *13684113* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **114281447** |
| **Health Care — 2.1%** | **Health Care — 2.1%** | **Health Care — 2.1%** | **Health Care — 2.1%** | **Health Care — 2.1%** |
| *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* | *Health Care Equipment & Supplies — 0.0%††* |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; *100328*<br>|
| *Health Care Providers & Services — 0.8%* | *Health Care Providers & Services — 0.8%* | *Health Care Providers & Services — 0.8%* | *Health Care Providers & Services — 0.8%* | *Health Care Providers & Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/20/26 | &nbsp;&nbsp; 189000<br>| &nbsp;&nbsp;&nbsp; 189043<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 467000<br>| &nbsp;&nbsp;&nbsp; 465304<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 646000<br>| &nbsp;&nbsp;&nbsp; 642547<br>|
| &nbsp;&nbsp;&nbsp; UnitedHealth Group Inc., Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.191% | &nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp; 411000<br>| &nbsp;&nbsp;&nbsp; 411680<br> <sup>(a)</sup><br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *1708574* |
| *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* | *Life Sciences Tools & Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Illumina Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 9/9/26 | &nbsp;&nbsp; 322000<br>| &nbsp;&nbsp;&nbsp; *322857*<br>|
| *Pharmaceuticals — 1.1%* | *Pharmaceuticals — 1.1%* | *Pharmaceuticals — 1.1%* | *Pharmaceuticals — 1.1%* | *Pharmaceuticals — 1.1%* |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 275000<br>| &nbsp;&nbsp;&nbsp; 277108<br>|
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co., Senior Notes (SOFR + 0.530%) | &nbsp;&nbsp; 4.221% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 685000<br>| &nbsp;&nbsp;&nbsp; 689885<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Haleon US Capital LLC, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 3/24/27 | &nbsp;&nbsp; 275000<br>| &nbsp;&nbsp;&nbsp; 273303<br>|
| &nbsp;&nbsp;&nbsp; Merck & Co. Inc., Senior Notes (SOFR + 0.570%) | &nbsp;&nbsp; 4.293% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp;&nbsp; 426442<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Novartis Capital Corp., Senior Notes (SOFR + 0.520%) | &nbsp;&nbsp; 4.341% | &nbsp;&nbsp; 11/5/28 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 362066<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pfizer Inc., Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.276% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 215000<br>| &nbsp;&nbsp;&nbsp; 215911<br> <sup>(a)</sup><br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *2244715* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **4376474** |
| **Industrials — 2.6%** | **Industrials — 2.6%** | **Industrials — 2.6%** | **Industrials — 2.6%** | **Industrials — 2.6%** |
| *Aerospace & Defense — 0.2%* | *Aerospace & Defense — 0.2%* | *Aerospace & Defense — 0.2%* | *Aerospace & Defense — 0.2%* | *Aerospace & Defense — 0.2%* |
| &nbsp;&nbsp;&nbsp; BAE Systems PLC, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/26/27 | &nbsp;&nbsp; 345000<br>| &nbsp;&nbsp;&nbsp; 349119<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; RTX Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/27/26 | &nbsp;&nbsp; 121000<br>| &nbsp;&nbsp;&nbsp; 121028<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *470147* |
| *Building Products — 0.4%* | *Building Products — 0.4%* | *Building Products — 0.4%* | *Building Products — 0.4%* | *Building Products — 0.4%* |
| &nbsp;&nbsp;&nbsp; Owens Corning, Senior Notes | &nbsp;&nbsp; 3.400% | &nbsp;&nbsp; 8/15/26 | &nbsp;&nbsp; 506000<br>| &nbsp;&nbsp;&nbsp; 504176<br>|
| &nbsp;&nbsp;&nbsp; Owens Corning, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 254915<br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *759091* |
| *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* | *Commercial Services & Supplies — 0.2%* |
| &nbsp;&nbsp;&nbsp; Veralto Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/18/26 | &nbsp;&nbsp; 426000<br>| &nbsp;&nbsp;&nbsp; *429907*<br>|
| *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* | *Industrial Conglomerates — 0.1%* |
| &nbsp;&nbsp;&nbsp; Siemens Funding BV, Senior Notes (SOFR + 0.640%) | &nbsp;&nbsp; 4.398% | &nbsp;&nbsp; 5/26/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *201088*<br> <sup>(a)(b)</sup><br>|
| *Machinery — 1.4%* | *Machinery — 1.4%* | *Machinery — 1.4%* | *Machinery — 1.4%* | *Machinery — 1.4%* |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp., Senior Notes (SOFR + 0.500%) | &nbsp;&nbsp; 4.229% | &nbsp;&nbsp; 3/6/28 | &nbsp;&nbsp; 625000<br>| &nbsp;&nbsp;&nbsp; 627846<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp., Senior Notes (SOFR + 0.580%) | &nbsp;&nbsp; 4.297% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 411777<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp., Senior Notes (SOFR + 0.600%) | &nbsp;&nbsp; 4.317% | &nbsp;&nbsp; 6/11/27 | &nbsp;&nbsp; 607000<br>| &nbsp;&nbsp;&nbsp; 609875<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/7/27 | &nbsp;&nbsp; 235000<br>| &nbsp;&nbsp;&nbsp; 238383<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., Senior Notes (SOFR + 0.750%) | &nbsp;&nbsp; 4.456% | &nbsp;&nbsp; 9/11/28 | &nbsp;&nbsp; 565000<br>| &nbsp;&nbsp;&nbsp; 567330<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., Senior Notes (SOFR + 0.980%) | &nbsp;&nbsp; 4.689% | &nbsp;&nbsp; 9/10/27 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 615866<br> <sup>(a)(b)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *3071077* |

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* | *Trading Companies & Distributors — 0.3%* |
| &nbsp;&nbsp;&nbsp; Air Lease Corp., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 6/25/26 | &nbsp;&nbsp; $557000<br>| &nbsp;&nbsp;&nbsp; $*559624*<br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **5490934** |
| **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** | **Information Technology — 1.0%** |
| *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* | *Electronic Equipment, Instruments & Components — 0.4%* |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 285000<br>| &nbsp;&nbsp;&nbsp; 284971<br>|
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 6/12/28 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 525598<br>|
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Senior Notes (SOFR + 0.530%) | &nbsp;&nbsp; 4.334% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 95000<br>| &nbsp;&nbsp;&nbsp; 95257<br> <sup>(a)</sup><br>|
| *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | *Total Electronic Equipment, Instruments & Components* | &nbsp;&nbsp; *905826* |
| *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* | *Semiconductors & Semiconductor Equipment — 0.2%* |
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/12/27 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 203609<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 157000<br>| &nbsp;&nbsp;&nbsp; 160078<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *363687* |
| *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* | *Software — 0.4%* |
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 1.650% | &nbsp;&nbsp; 3/25/26 | &nbsp;&nbsp; 365000<br>| &nbsp;&nbsp;&nbsp; 363722<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes (SOFR + 0.760%) | &nbsp;&nbsp; 4.457% | &nbsp;&nbsp; 8/3/28 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp;&nbsp; 437783<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 75000<br>| &nbsp;&nbsp;&nbsp; 75549<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *877054* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **2146567** |
| **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** |
| *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* | *Metals & Mining — 0.2%* |
| &nbsp;&nbsp;&nbsp; Rio Tinto Finance USA PLC, Senior Notes (SOFR + 0.840%) | &nbsp;&nbsp; 4.538% | &nbsp;&nbsp; 3/14/28 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *312627*<br> <sup>(a)</sup><br>|
| *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 119000<br>| &nbsp;&nbsp;&nbsp; 118045<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 6/30/28 | &nbsp;&nbsp; 115000<br>| &nbsp;&nbsp;&nbsp; 116249<br> <sup>(b)</sup><br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *234294* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **546921** |
| **Real Estate — 2.5%** | **Real Estate — 2.5%** | **Real Estate — 2.5%** | **Real Estate — 2.5%** | **Real Estate — 2.5%** |
| *Diversified REITs — 0.7%* | *Diversified REITs — 0.7%* | *Diversified REITs — 0.7%* | *Diversified REITs — 0.7%* | *Diversified REITs — 0.7%* |
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 244000<br>| &nbsp;&nbsp;&nbsp; 243177<br>|
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP, Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 209000<br>| &nbsp;&nbsp;&nbsp; 208729<br>|
| &nbsp;&nbsp;&nbsp; Realty Income Corp., Senior Notes | &nbsp;&nbsp; 0.750% | &nbsp;&nbsp; 3/15/26 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 398563<br>|
| &nbsp;&nbsp;&nbsp; Realty Income Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/1/26 | &nbsp;&nbsp; 624000<br>| &nbsp;&nbsp;&nbsp; 624596<br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *1475065* |
| *Office REITs — 0.6%* | *Office REITs — 0.6%* | *Office REITs — 0.6%* | *Office REITs — 0.6%* | *Office REITs — 0.6%* |
| &nbsp;&nbsp;&nbsp; Boston Properties LP, Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 2/1/26 | &nbsp;&nbsp; 771000<br>| &nbsp;&nbsp;&nbsp; 771000<br>|
| &nbsp;&nbsp;&nbsp; Boston Properties LP, Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 528000<br>| &nbsp;&nbsp;&nbsp; 523359<br>|
| *Total Office REITs* | *Total Office REITs* | *Total Office REITs* | *Total Office REITs* | &nbsp;&nbsp; *1294359* |
| *Residential REITs — 0.4%* | *Residential REITs — 0.4%* | *Residential REITs — 0.4%* | *Residential REITs — 0.4%* | *Residential REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; Camden Property Trust, Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 11/3/26 | &nbsp;&nbsp; 811000<br>| &nbsp;&nbsp;&nbsp; *821458*<br>|
| *Retail REITs — 0.4%* | *Retail REITs — 0.4%* | *Retail REITs — 0.4%* | *Retail REITs — 0.4%* | *Retail REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; Nationwide Building Society, Senior Notes (SOFR + 1.070%) | &nbsp;&nbsp; 4.760% | &nbsp;&nbsp; 7/14/29 | &nbsp;&nbsp; 414000<br>| &nbsp;&nbsp;&nbsp; 416280<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nationwide Building Society, Senior Notes (SOFR + 1.290%) | &nbsp;&nbsp; 5.080% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 423470<br> <sup>(a)(b)</sup><br>|
| *Total Retail REITs* | *Total Retail REITs* | *Total Retail REITs* | *Total Retail REITs* | &nbsp;&nbsp; *839750* |
| *Specialized REITs — 0.4%* | *Specialized REITs — 0.4%* | *Specialized REITs — 0.4%* | *Specialized REITs — 0.4%* | *Specialized REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 1.600% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 328454<br>|
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp; 152000<br>| &nbsp;&nbsp;&nbsp; 151398<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2026 Quarterly Report

------

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Specialized REITs — continued* | *Specialized REITs — continued* | *Specialized REITs — continued* | *Specialized REITs — continued* | *Specialized REITs — continued* |
| &nbsp;&nbsp;&nbsp; Public Storage Operating Co., Senior Notes (SOFR + 0.700%) | &nbsp;&nbsp; 4.391% | &nbsp;&nbsp; 4/16/27 | &nbsp;&nbsp; $380000<br>| &nbsp;&nbsp;&nbsp; $381378<br> <sup>(a)</sup><br>|
| *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *861230* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **5291862** |
| **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** | **Utilities — 1.7%** |
| *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* | *Electric Utilities — 1.2%* |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 1/8/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199834<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes (SOFR + 0.600%) | &nbsp;&nbsp; 4.288% | &nbsp;&nbsp; 1/8/28 | &nbsp;&nbsp; 215000<br>| &nbsp;&nbsp;&nbsp; 215426<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enel Finance International NV, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/30/28 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 200044<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Eversource Energy, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/26 | &nbsp;&nbsp; 612000<br>| &nbsp;&nbsp;&nbsp; 613364<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes (SOFR + 0.280%) | &nbsp;&nbsp; 3.978% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 160045<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 5/1/27 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 467856<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.685% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101174<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 75000<br>| &nbsp;&nbsp;&nbsp; 76353<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes (SOFR + 0.800%) | &nbsp;&nbsp; 4.636% | &nbsp;&nbsp; 2/4/28 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp;&nbsp; 316925<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wisconsin Electric Power Co., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 169908<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *2520929* |
| *Gas Utilities — 0.0%††* | *Gas Utilities — 0.0%††* | *Gas Utilities — 0.0%††* | *Gas Utilities — 0.0%††* | *Gas Utilities — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., Senior Notes | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; *90103*<br>|
| *Multi-Utilities — 0.5%* | *Multi-Utilities — 0.5%* | *Multi-Utilities — 0.5%* | *Multi-Utilities — 0.5%* | *Multi-Utilities — 0.5%* |
| &nbsp;&nbsp;&nbsp; Dominion Energy Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 175000<br>| &nbsp;&nbsp;&nbsp; 177264<br>|
| &nbsp;&nbsp;&nbsp; DTE Energy Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp;&nbsp; 470949<br>|
| &nbsp;&nbsp;&nbsp; DTE Energy Co., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp;&nbsp; 188212<br>|
| &nbsp;&nbsp;&nbsp; WEC Energy Group Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 9/12/26 | &nbsp;&nbsp; 214000<br>| &nbsp;&nbsp;&nbsp; 215876<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *1052301* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **3663333** |
| **Total Corporate Bonds & Notes (Cost — $159,273,203)** | **Total Corporate Bonds & Notes (Cost — $159,273,203)** | **Total Corporate Bonds & Notes (Cost — $159,273,203)** | **Total Corporate Bonds & Notes (Cost — $159,273,203)** | &nbsp;&nbsp; **159954143** |
| **Asset-Backed Securities — 3.7%** | **Asset-Backed Securities — 3.7%** | **Asset-Backed Securities — 3.7%** | **Asset-Backed Securities — 3.7%** | **Asset-Backed Securities — 3.7%** |
| &nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust, 2023-1 A3 | &nbsp;&nbsp; 4.870% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 196180<br>| &nbsp;&nbsp;&nbsp; 196933<br>|
| &nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust, 2025-1 A2B (30 Day Average SOFR + <br> 0.330%) | &nbsp;&nbsp; 4.037% | &nbsp;&nbsp; 1/16/29 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 660411<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, 2024-2 A3 | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/16/29 | &nbsp;&nbsp; 389165<br>| &nbsp;&nbsp;&nbsp; 394285<br>|
| &nbsp;&nbsp;&nbsp; Citizens Auto Receivables Trust, 2024-1 A3 | &nbsp;&nbsp; 5.110% | &nbsp;&nbsp; 4/17/28 | &nbsp;&nbsp; 126655<br>| &nbsp;&nbsp;&nbsp; 127317<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, 2022-C A4 | &nbsp;&nbsp; 4.590% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 779431<br>| &nbsp;&nbsp;&nbsp; 780814<br>|
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, 2025-B A2B (30 Day Average SOFR + 0.300%) | &nbsp;&nbsp; 4.007% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 352000<br>| &nbsp;&nbsp;&nbsp; 352060<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, 2022-3 A4 | &nbsp;&nbsp; 3.710% | &nbsp;&nbsp; 12/16/27 | &nbsp;&nbsp; 628064<br>| &nbsp;&nbsp;&nbsp; 627623<br>|
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, 2023-1 A3 | &nbsp;&nbsp; 4.660% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 91921<br>| &nbsp;&nbsp;&nbsp; 92165<br>|
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, 2024-1 A3 | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 12/18/28 | &nbsp;&nbsp; 222234<br>| &nbsp;&nbsp;&nbsp; 223719<br>|
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, 2024-2 A3 | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/16/29 | &nbsp;&nbsp; 301488<br>| &nbsp;&nbsp;&nbsp; 304095<br>|
| &nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, 2023-B A3 | &nbsp;&nbsp; 5.690% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 69648<br>| &nbsp;&nbsp;&nbsp; 70286<br>|
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, 2023-1 A3 | &nbsp;&nbsp; 5.040% | &nbsp;&nbsp; 4/21/27 | &nbsp;&nbsp; 135947<br>| &nbsp;&nbsp;&nbsp; 136223<br>|
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, 2023-4 A3 | &nbsp;&nbsp; 5.670% | &nbsp;&nbsp; 6/21/28 | &nbsp;&nbsp; 411430<br>| &nbsp;&nbsp;&nbsp; 415871<br>|
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, 2024-1 A3 | &nbsp;&nbsp; 5.210% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 87048<br>| &nbsp;&nbsp;&nbsp; 87797<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, 2023-A A3 | &nbsp;&nbsp; 4.580% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 56566<br>| &nbsp;&nbsp;&nbsp; 56602<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, 2023-B A3 | &nbsp;&nbsp; 5.480% | &nbsp;&nbsp; 4/17/28 | &nbsp;&nbsp; 270956<br>| &nbsp;&nbsp;&nbsp; 272788<br>|
| &nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust, 2025-A A2B (30 Day Average SOFR + <br> 0.450%) | &nbsp;&nbsp; 4.157% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 201527<br>| &nbsp;&nbsp;&nbsp; 201754<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust, 2025-B A2A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/17/28 | &nbsp;&nbsp; $555000<br>| &nbsp;&nbsp;&nbsp; $555775<br>|
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, 2022-C A3 | &nbsp;&nbsp; 3.760% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 27348<br>| &nbsp;&nbsp;&nbsp; 27329<br>|
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, 2024-D A2B (30 Day Average SOFR + <br> 0.390%) | &nbsp;&nbsp; 4.097% | &nbsp;&nbsp; 8/16/27 | &nbsp;&nbsp; 52648<br>| &nbsp;&nbsp;&nbsp; 52671<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, 2025-D A2B (30 Day Average SOFR + <br> 0.320%) | &nbsp;&nbsp; 4.027% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 572000<br>| &nbsp;&nbsp;&nbsp; 572299<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, 2026-A A2A | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 347000<br>| &nbsp;&nbsp;&nbsp; 347292<br>|
| &nbsp;&nbsp;&nbsp; USB Auto Owner Trust, 2025-1A A2 | &nbsp;&nbsp; 4.510% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 158892<br>| &nbsp;&nbsp;&nbsp; 159220<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, 2024-1 A2A | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 11/22/27 | &nbsp;&nbsp; 102416<br>| &nbsp;&nbsp;&nbsp; 102656<br>|
| &nbsp;&nbsp;&nbsp; Volkswagen Auto Loan Enhanced Trust, 2025-2 A2B (30 Day Average SOFR + <br> 0.370%) | &nbsp;&nbsp; 4.073% | &nbsp;&nbsp; 8/21/28 | &nbsp;&nbsp; 393000<br>| &nbsp;&nbsp;&nbsp; 393093<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, 2024-A A3 | &nbsp;&nbsp; 4.860% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 625618<br>| &nbsp;&nbsp;&nbsp; 629581<br>|
| **Total Asset-Backed Securities (Cost — $7,826,572)** | **Total Asset-Backed Securities (Cost — $7,826,572)** | **Total Asset-Backed Securities (Cost — $7,826,572)** | **Total Asset-Backed Securities (Cost — $7,826,572)** | &nbsp;&nbsp; **7840659** |
| **U.S. Government & Agency Obligations — 1.0%** | **U.S. Government & Agency Obligations — 1.0%** | **U.S. Government & Agency Obligations — 1.0%** | **U.S. Government & Agency Obligations — 1.0%** | **U.S. Government & Agency Obligations — 1.0%** |
| *U.S. Government Obligations — 1.0%* | *U.S. Government Obligations — 1.0%* | *U.S. Government Obligations — 1.0%* | *U.S. Government Obligations — 1.0%* | *U.S. Government Obligations — 1.0%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes (Cost — $2,099,961) | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/30/26 | &nbsp;&nbsp; 2105000 | &nbsp;&nbsp;&nbsp; **2110850**<br>|
| **Total Investments before Short-Term Investments (Cost — $169,199,736)** | **Total Investments before Short-Term Investments (Cost — $169,199,736)** | **Total Investments before Short-Term Investments (Cost — $169,199,736)** | **Total Investments before Short-Term Investments (Cost — $169,199,736)** | &nbsp;&nbsp; **169905652** |
| **Short-Term Investments — 18.8%** | **Short-Term Investments — 18.8%** | **Short-Term Investments — 18.8%** | **Short-Term Investments — 18.8%** | **Short-Term Investments — 18.8%** |
| **Commercial Paper — 18.8%** | **Commercial Paper — 18.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp; AES Corp. | &nbsp;&nbsp; 6.189% | &nbsp;&nbsp; 2/2/26 | &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp; 929694<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Agree LP | &nbsp;&nbsp; 4.765% | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp; 669573<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Agree LP | &nbsp;&nbsp; 4.579% | &nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; 489279<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Air Lease Corp. | &nbsp;&nbsp; 6.267% | &nbsp;&nbsp; 2/2/26 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp; 414862<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Air Lease Corp. | &nbsp;&nbsp; 4.480% | &nbsp;&nbsp; 2/17/26 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp; 289409<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 6.034% | &nbsp;&nbsp; 2/2/26 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; 379878<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arrow Electronics Inc. | &nbsp;&nbsp; 5.177% | &nbsp;&nbsp; 2/4/26 | &nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp; 554693<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Arrow Electronics Inc. | &nbsp;&nbsp; 4.836% | &nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp; 559565<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; AvalonBay Communities Inc. | &nbsp;&nbsp; 5.918% | &nbsp;&nbsp; 2/2/26 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; 574819<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; AvalonBay Communities Inc. | &nbsp;&nbsp; 5.257% | &nbsp;&nbsp; 2/3/26 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp; 479798<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; AvalonBay Communities Inc. | &nbsp;&nbsp; 4.819% | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp; 469697<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; AvalonBay Communities Inc. | &nbsp;&nbsp; 4.343% | &nbsp;&nbsp; 2/10/26 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 374564<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; AvalonBay Communities Inc. | &nbsp;&nbsp; 4.277% | &nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; 264635<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bayer AG | &nbsp;&nbsp; 3.991% | &nbsp;&nbsp; 7/20/26 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp; 864107<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bell Canada | &nbsp;&nbsp; 4.087% | &nbsp;&nbsp; 2/26/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 249288<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boston Properties LP | &nbsp;&nbsp; 4.235% | &nbsp;&nbsp; 2/19/26 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; 279396<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boston Properties LP | &nbsp;&nbsp; 4.181% | &nbsp;&nbsp; 2/27/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 598185<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. | &nbsp;&nbsp; 5.270% | &nbsp;&nbsp; 2/3/26 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp; 479797<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. | &nbsp;&nbsp; 4.391% | &nbsp;&nbsp; 2/9/26 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; 689269<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | &nbsp;&nbsp; 3.876% | &nbsp;&nbsp; 5/8/26 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp; 499922<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Conagra Brands Inc. | &nbsp;&nbsp; 6.170% | &nbsp;&nbsp; 2/2/26 | &nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp; 1174615<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | &nbsp;&nbsp; 4.251% | &nbsp;&nbsp; 2/9/26 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp; 534451<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | &nbsp;&nbsp; 4.034% | &nbsp;&nbsp; 2/27/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 997079<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enbridge US Inc. | &nbsp;&nbsp; 5.899% | &nbsp;&nbsp; 2/2/26 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp; 344892<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enbridge US Inc. | &nbsp;&nbsp; 4.133% | &nbsp;&nbsp; 2/27/26 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp; 493519<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enel Finance America LLC | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; 439675<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Enel Finance America LLC | &nbsp;&nbsp; 4.089% | &nbsp;&nbsp; 3/6/26 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp; 388547<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2026 Quarterly Report

------

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** |  |  |
| &nbsp;&nbsp;&nbsp; Enel Finance America LLC | &nbsp;&nbsp; 4.025% | &nbsp;&nbsp; 4/27/26 | &nbsp;&nbsp; $250000<br> &nbsp;&nbsp;&nbsp; $247687<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Energy Transfer LP | &nbsp;&nbsp; 5.976% | &nbsp;&nbsp; 2/2/26 | &nbsp;&nbsp; 620000<br> &nbsp;&nbsp;&nbsp; 619803<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; ERAC USA Finance LLC | &nbsp;&nbsp; 4.273% | &nbsp;&nbsp; 2/17/26 | &nbsp;&nbsp; 375000<br> &nbsp;&nbsp;&nbsp; 374270<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; ERAC USA Finance LLC | &nbsp;&nbsp; 4.268% | &nbsp;&nbsp; 2/18/26 | &nbsp;&nbsp; 475000<br> &nbsp;&nbsp;&nbsp; 474022<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; ERAC USA Finance LLC | &nbsp;&nbsp; 4.263% | &nbsp;&nbsp; 2/19/26 | &nbsp;&nbsp; 315000<br> &nbsp;&nbsp;&nbsp; 314316<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; ERAC USA Finance LLC | &nbsp;&nbsp; 4.261% | &nbsp;&nbsp; 2/20/26 | &nbsp;&nbsp; 845000<br> &nbsp;&nbsp;&nbsp; 843070<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Essex Portfolio LP | &nbsp;&nbsp; 5.295% | &nbsp;&nbsp; 2/3/26 | &nbsp;&nbsp; 280000<br> &nbsp;&nbsp;&nbsp; 279881<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Eversource Energy | &nbsp;&nbsp; 4.279% | &nbsp;&nbsp; 2/27/26 | &nbsp;&nbsp; 600000<br> &nbsp;&nbsp;&nbsp; 598143<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP | &nbsp;&nbsp; 5.218% | &nbsp;&nbsp; 2/3/26 | &nbsp;&nbsp; 265000<br> &nbsp;&nbsp;&nbsp; 264889<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP | &nbsp;&nbsp; 4.693% | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp; 575000<br> &nbsp;&nbsp;&nbsp; 574639<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP | &nbsp;&nbsp; 4.471% | &nbsp;&nbsp; 2/10/26 | &nbsp;&nbsp; 485000<br> &nbsp;&nbsp;&nbsp; 484419<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Extra Space Storage LP | &nbsp;&nbsp; 4.157% | &nbsp;&nbsp; 2/26/26 | &nbsp;&nbsp; 340000<br> &nbsp;&nbsp;&nbsp; 339015<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; General Motors Co. | &nbsp;&nbsp; 4.156% | &nbsp;&nbsp; 5/5/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 247392<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; General Motors Co. | &nbsp;&nbsp; 4.232% | &nbsp;&nbsp; 6/3/26 | &nbsp;&nbsp; 345000<br> &nbsp;&nbsp;&nbsp; 340214<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; General Motors Co. | &nbsp;&nbsp; 4.171% | &nbsp;&nbsp; 8/7/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 244793<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc. | &nbsp;&nbsp; 4.830% | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp; 330000<br> &nbsp;&nbsp;&nbsp; 329787<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc. | &nbsp;&nbsp; 4.467% | &nbsp;&nbsp; 2/9/26 | &nbsp;&nbsp; 360000<br> &nbsp;&nbsp;&nbsp; 359612<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc. | &nbsp;&nbsp; 4.314% | &nbsp;&nbsp; 2/13/26 | &nbsp;&nbsp; 430000<br> &nbsp;&nbsp;&nbsp; 429354<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | &nbsp;&nbsp; 4.390% | &nbsp;&nbsp; 2/27/26 | &nbsp;&nbsp; 1550000<br> &nbsp;&nbsp;&nbsp; 1545082<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Macquarie Bank Ltd. | &nbsp;&nbsp; 0.473% | &nbsp;&nbsp; 5/14/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 250182<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marriott International Inc. | &nbsp;&nbsp; 4.157% | &nbsp;&nbsp; 2/27/26 | &nbsp;&nbsp; 552000<br> &nbsp;&nbsp;&nbsp; 550340<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP | &nbsp;&nbsp; 4.928% | &nbsp;&nbsp; 2/4/26 | &nbsp;&nbsp; 275000<br> &nbsp;&nbsp;&nbsp; 274855<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP | &nbsp;&nbsp; 4.731% | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp; 370000<br> &nbsp;&nbsp;&nbsp; 369766<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP | &nbsp;&nbsp; 4.382% | &nbsp;&nbsp; 2/9/26 | &nbsp;&nbsp; 1125000<br> &nbsp;&nbsp;&nbsp; 1123811<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mid-America Apartments LP | &nbsp;&nbsp; 4.169% | &nbsp;&nbsp; 2/19/26 | &nbsp;&nbsp; 340000<br> &nbsp;&nbsp;&nbsp; 339278<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc. | &nbsp;&nbsp; 4.382% | &nbsp;&nbsp; 2/9/26 | &nbsp;&nbsp; 380000<br> &nbsp;&nbsp;&nbsp; 379598<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc. | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 2/10/26 | &nbsp;&nbsp; 445000<br> &nbsp;&nbsp;&nbsp; 444481<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive Inc. | &nbsp;&nbsp; 4.352% | &nbsp;&nbsp; 2/11/26 | &nbsp;&nbsp; 800000<br> &nbsp;&nbsp;&nbsp; 798974<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive Inc. | &nbsp;&nbsp; 4.255% | &nbsp;&nbsp; 2/13/26 | &nbsp;&nbsp; 725000<br> &nbsp;&nbsp;&nbsp; 723925<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. | &nbsp;&nbsp; 5.366% | &nbsp;&nbsp; 2/3/26 | &nbsp;&nbsp; 295000<br> &nbsp;&nbsp;&nbsp; 294873<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. | &nbsp;&nbsp; 4.811% | &nbsp;&nbsp; 2/5/26 | &nbsp;&nbsp; 440000<br> &nbsp;&nbsp;&nbsp; 439717<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. | &nbsp;&nbsp; 4.404% | &nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp; 610000<br> &nbsp;&nbsp;&nbsp; 609136<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. | &nbsp;&nbsp; 4.294% | &nbsp;&nbsp; 2/20/26 | &nbsp;&nbsp; 385000<br> &nbsp;&nbsp;&nbsp; 384114<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. | &nbsp;&nbsp; 4.267% | &nbsp;&nbsp; 2/24/26 | &nbsp;&nbsp; 450000<br> &nbsp;&nbsp;&nbsp; 448765<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Phillips 66 Co. | &nbsp;&nbsp; 4.312% | &nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp; 320000<br> &nbsp;&nbsp;&nbsp; 319556<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ryder System Inc. | &nbsp;&nbsp; 4.889% | &nbsp;&nbsp; 2/4/26 | &nbsp;&nbsp; 335000<br> &nbsp;&nbsp;&nbsp; 334825<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ryder System Inc. | &nbsp;&nbsp; 4.568% | &nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp; 595000<br> &nbsp;&nbsp;&nbsp; 594563<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ryder System Inc. | &nbsp;&nbsp; 4.316% | &nbsp;&nbsp; 2/10/26 | &nbsp;&nbsp; 655000<br> &nbsp;&nbsp;&nbsp; 654242<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sempra | &nbsp;&nbsp; 4.157% | &nbsp;&nbsp; 2/23/26 | &nbsp;&nbsp; 375000<br> &nbsp;&nbsp;&nbsp; 374039<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Simon Property Group LP | &nbsp;&nbsp; 4.133% | &nbsp;&nbsp; 2/27/26 | &nbsp;&nbsp; 775000<br> &nbsp;&nbsp;&nbsp; 772682<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. | &nbsp;&nbsp; 3.959% | &nbsp;&nbsp; 3/9/26 | &nbsp;&nbsp; 620000<br> &nbsp;&nbsp;&nbsp; 617565<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd. | &nbsp;&nbsp; 4.050% | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp; 575000<br> &nbsp;&nbsp;&nbsp; 575789<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | &nbsp;&nbsp; 6.092% | &nbsp;&nbsp; 2/2/26 | &nbsp;&nbsp; 480000<br> &nbsp;&nbsp;&nbsp; 479845<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | &nbsp;&nbsp; 4.676% | &nbsp;&nbsp; 2/6/26 | &nbsp;&nbsp; 530000<br> &nbsp;&nbsp;&nbsp; 529602<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | &nbsp;&nbsp; 4.359% | &nbsp;&nbsp; 2/11/26 | &nbsp;&nbsp; 370000<br> &nbsp;&nbsp;&nbsp; 369525<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | &nbsp;&nbsp; 4.328% | &nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp; 250000<br> &nbsp;&nbsp;&nbsp; 249652<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Ultra Short ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

January 31, 2026

 **Putnam ESG Ultra Short ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Commercial Paper — continued** | **Commercial Paper — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp; UDR Inc. | &nbsp;&nbsp; 5.218% | &nbsp;&nbsp; 2/3/26 | &nbsp;&nbsp; $330000 | &nbsp;&nbsp;&nbsp; $329862<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UDR Inc. | &nbsp;&nbsp; 4.286% | &nbsp;&nbsp; 2/11/26 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; 329583<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; UDR Inc. | &nbsp;&nbsp; 4.183% | &nbsp;&nbsp; 2/17/26 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 798474<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; WEC Energy Group Inc. | &nbsp;&nbsp; 4.183% | &nbsp;&nbsp; 2/17/26 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 548951<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; WEC Energy Group Inc. | &nbsp;&nbsp; 4.162% | &nbsp;&nbsp; 2/20/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 997768<br> <sup>(d)</sup><br>|
| **Total Commercial Paper (Cost — $39,705,362)** | **Total Commercial Paper (Cost — $39,705,362)** | **Total Commercial Paper (Cost — $39,705,362)** | **Total Commercial Paper (Cost — $39,705,362)** | &nbsp;&nbsp; **39701934** |
|  |  |  | Shares |  |
| **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** | **Money Market Funds — 0.0%††** |
| &nbsp;&nbsp;&nbsp; Putnam Government Money Market Fund, Class P Shares (Cost — $2,898)  | &nbsp;&nbsp; 3.430% |  | &nbsp;&nbsp; 2898<br>| &nbsp;&nbsp;&nbsp;&nbsp; **2898**<br> <sup>(e)(f)</sup><br>|
| **Total Short-Term Investments (Cost — $39,708,260)** | **Total Short-Term Investments (Cost — $39,708,260)** | **Total Short-Term Investments (Cost — $39,708,260)** | **Total Short-Term Investments (Cost — $39,708,260)** | &nbsp;&nbsp; **39704832** |
| **Total Investments — 99.5% (Cost — $208,907,996)** | **Total Investments — 99.5% (Cost — $208,907,996)** | **Total Investments — 99.5% (Cost — $208,907,996)** | **Total Investments — 99.5% (Cost — $208,907,996)** | &nbsp;&nbsp; **209610484** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 0.5% | &nbsp;&nbsp;&nbsp; 948021 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$210558505** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(b)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. <br>|
| <sup>(c)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(d)</sup> | Rate shown represents yield-to-maturity. |
| <sup>(e)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(f)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At January 31, 2026, the total market value of <br> investments in Affiliated Companies was $2,898 and the cost was $2,898 (Note 2).<br>|

---

&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:** |
| DAC |  | Designated Activity Company |
| LIBOR |  | London Interbank Offered Rate |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

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.

------

Putnam ESG Ultra Short ETF 2026 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Putnam ESG Ultra Short 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 net asset value ("NAV"), shares of the Fund may be directly purchased from and redeemed by the Fund at NAV solely by certain large institutional investors who have entered into agreements with the Fund's distributor ("Authorized Participants"). Also unlike shares of a mutual fund, shares of the Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day.

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

The Fund seeks as high a rate of current income as the Fund's investment manager believes is consistent with preservation of capital and maintenance of liquidity.

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

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

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

------

Putnam ESG Ultra Short ETF 2026 Quarterly Report

------

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

financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $159954143 | &nbsp;&nbsp; — | &nbsp;&nbsp; $159954143 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 7840659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7840659 |
| &nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2110850 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2110850 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 169905652 | &nbsp;&nbsp; — | &nbsp;&nbsp; 169905652 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Commercial Paper | &nbsp;&nbsp; — | &nbsp;&nbsp; 39701934 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39701934 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $2898 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2898 |
| Total Short-Term Investments | &nbsp;&nbsp; 2898 | &nbsp;&nbsp; 39701934 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39704832 |
| **Total Investments** | &nbsp;&nbsp; **$2898** | &nbsp;&nbsp; **$209607586** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$209610484** |

---

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

† See Schedule of Investments for additional detailed categorizations.

**2. Transactions with affiliated company**

As defined by the 1940 Act, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The following company was considered an affiliated company for all or some portion of the period ended January 31, 2026. The following transactions were effected in such company for the period ended January 31, 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>April 30, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>April 30, <br>2025 | Cost | Shares | Proceeds | Shares |
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>| $945191 | $72706886 | 72706886 | $73649179 | 73649179 |

---

------

Putnam ESG Ultra Short ETF 2026 Quarterly Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>January 31, <br>2026<br>|
| Putnam Government Money <br> Market Fund, Class P Shares<br>|  | $36579 |  | $2898 |

---

------

Putnam ESG Ultra Short 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:** Putnam ESG Ultra Short ETF

- **b. EDGAR series identifier (if any):** S000077299

- **c. LEI of Series:** 549300NQ9F4P4U3AVO48

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2026-01-30

**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:** $211032546.72

**Total Liabilities:** $474576.87

**Net Assets:** $210557969.85

**Cash Not Reported:** $298996.44

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1426.73075000 | **1-Year:** 17312.12094000 | **5-Year:** 5278.45844000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237596 | 0.39%                | 0.37%                | 0.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-526.35                 | $32181.15                                  |
| Month 2  | $6685.28                 | $15110.30                                  |
| Month 3  | $10132.04                | $465.54                                    |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMERICAN EXPRESS CO                 | American Express Co                                       | CUSIP: 025816DX4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    309000 | PA      | $310588.88    | 0.15%             | 2028-07-26      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust        | Ford Credit Auto Owner Trust 2022-C                       | CUSIP: 34535AAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    779431 | PA      | $780814.43    | 0.37%             | 2027-12-15      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                    | Deutsche Bank AG/New York NY                              | CUSIP: 25160PAQ0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    385000 | PA      | $393239.98    | 0.19%             | 2029-01-10      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO              | General Motors Financial Co Inc                           | CUSIP: 37045XES1<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100690.56    | 0.05%             | 2027-05-08      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK             | National Australia Bank Ltd                               | CUSIP: 632525CN9<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |    400000 | PA      | $400404.94    | 0.19%             | 2028-12-13      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                               | CUSIP: 38141GC85<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    345000 | PA      | $347988.11    | 0.17%             | 2028-04-23      | Floating      | 4.94%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                  | BMW US Capital LLC                                        | CUSIP: 05565ECT0<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    972000 | PA      | $978030.42    | 0.46%             | 2027-08-13      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| BELL CDA DISC 02/26/2026            | BELL CDA DISC 02/26/2026                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $249287.75    | 0.12%             | 2026-02-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA             | National Bank of Canada                                   | CUSIP: 63307A3K9<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $501236.76    | 0.24%             | 2029-01-20      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO            | Capital One Financial Corp                                | CUSIP: 14040HBN4<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    343000 | PA      | $342390.65    | 0.16%             | 2027-03-09      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL              | Marriott International Inc/MD                             | CUSIP: 571903AS2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    255000 | PA      | $254275.03    | 0.12%             | 2026-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                       | CUSIP: 46647PET9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    633000 | PA      | $635186.70    | 0.30%             | 2029-01-24      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERGY                   | Eversource Energy                                         | CUSIP: 30040WAV0<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    612000 | PA      | $613364.17    | 0.29%             | 2026-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEA 0226               | PENSKE TRUCK LEA 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $294873.30    | 0.14%             | 2026-02-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK              | Canadian Imperial Bank of Commerce                        | CUSIP: 13607PHU1<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    549000 | PA      | $550666.02    | 0.26%             | 2027-09-11      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| ONEOK INC DISC C 0226               | ONEOK INC DISC C 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    445000 | PA      | $444481.13    | 0.21%             | 2026-02-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES 0226                | TARGA RESOURCES 0226                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $529601.97    | 0.25%             | 2026-02-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                   | CUSIP: 44891ADE4<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    628000 | PA      | $631541.05    | 0.30%             | 2027-06-24      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                 | American Express Co                                       | CUSIP: 025816DQ9<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    465000 | PA      | $466396.83    | 0.22%             | 2028-02-16      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| Citizens Auto Receivables Trus      | Citizens Auto Receivables Trust 2024-1                    | CUSIP: 17331QAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    126655 | PA      | $127316.78    | 0.06%             | 2028-04-17      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                 | American Tower Corp                                       | CUSIP: 03027XAK6<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    152000 | PA      | $151398.11    | 0.07%             | 2026-10-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STOR 0226               | EXTRA SPACE STOR 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $339015.02    | 0.16%             | 2026-02-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STOR 0226               | EXTRA SPACE STOR 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $264889.23    | 0.13%             | 2026-02-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO            | Capital One Financial Corp                                | CUSIP: 14040HCS2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    735000 | PA      | $742774.23    | 0.35%             | 2028-05-10      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                  | BMW US Capital LLC                                        | CUSIP: 05565ECU7<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    425000 | PA      | $428452.92    | 0.20%             | 2027-03-19      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL 0226               | INTERCONTINENTAL 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    430000 | PA      | $429353.71    | 0.20%             | 2026-02-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VERALTO CORP                        | Veralto Corp                                              | CUSIP: 92338CAB9<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |    426000 | PA      | $429906.61    | 0.20%             | 2026-09-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UBS AG STAMFORD CT                  | UBS AG/Stamford CT                                        | CUSIP: 90261AAD4<br>LEI: 254900R882POXXVAK772 | Long             | DBT              | CORP              | CH        |    275000 | PA      | $277446.18    | 0.13%             | 2028-01-10      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| BUNGE LTD FINANC 0226               | BUNGE LTD FINANC 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $479797.44    | 0.23%             | 2026-02-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                    | Deutsche Bank AG/New York NY                              | CUSIP: 25160PAP2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    655000 | PA      | $659704.00    | 0.31%             | 2029-01-10      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE              | American Honda Finance Corp                               | CUSIP: 02665WGH8<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    435000 | PA      | $437099.78    | 0.21%             | 2027-08-13      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                            | CUSIP: 61748UAJ1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    575000 | PA      | $578166.81    | 0.27%             | 2029-10-18      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| Harley-Davidson Motorcycle Tru      | Harley-Davidson Motorcycle Trust 2023-B                   | CUSIP: 41285YAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     69648 | PA      | $70286.30     | 0.03%             | 2028-08-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL              | Marriott International Inc/MD                             | CUSIP: 571903BV4<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    390000 | PA      | $391425.18    | 0.19%             | 2027-07-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK              | Canadian Imperial Bank of Commerce                        | CUSIP: 13607L8D8<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    511000 | PA      | $515193.75    | 0.24%             | 2027-06-28      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA            | Cooperatieve Rabobank UA                                  | CUSIP: 21684AAF3<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    350000 | PA      | $349507.91    | 0.17%             | 2026-07-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP            | Toyota Motor Credit Corp                                  | CUSIP: 89236TMR3<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300179.34    | 0.14%             | 2026-04-10      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO             | Arthur J Gallagher & Co                                   | CUSIP: 04316JAK5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    418000 | PA      | $422899.56    | 0.20%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE 0226                   | AES CORP/THE 0226                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    930000 | PA      | $929694.03    | 0.44%             | 2026-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                        | UBS Group AG                                              | CUSIP: 225401AV0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    555000 | PA      | $574183.10    | 0.27%             | 2028-08-11      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION            | Sabine Pass Liquefaction LLC                              | CUSIP: 785592AV8<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31034.14     | 0.01%             | 2026-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                       | DTE Energy Co                                             | CUSIP: 233331BJ5<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    185000 | PA      | $188211.70    | 0.09%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                   | NatWest Group PLC                                         | CUSIP: 639057AL2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    324000 | PA      | $329550.52    | 0.16%             | 2028-03-01      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                               | CUSIP: 38145GAP5<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200186.28    | 0.10%             | 2029-01-21      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFE 02/02/2026           | ENERGY TRANSFE 02/02/2026                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    620000 | PA      | $619802.84    | 0.29%             | 2026-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                 | Bank of Nova Scotia/The                                   | CUSIP: 06418GAT4<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $400421.87    | 0.19%             | 2028-09-15      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK             | National Australia Bank Ltd                               | CUSIP: 632525BW0<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |    559000 | PA      | $561685.93    | 0.27%             | 2027-10-26      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK               | Toronto-Dominion Bank/The                                 | CUSIP: 89115A2U5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    270000 | PA      | $279798.99    | 0.13%             | 2028-07-17      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                 | Bank of Nova Scotia/The                                   | CUSIP: 06418GAM9<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    496000 | PA      | $498683.99    | 0.24%             | 2028-09-08      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| Putnam Government Money Market Fund | Putnam Government Money Market Fund                       | CUSIP: 74680A869<br>LEI: 549300SEUI2XMME8T893 | Long             | STIV             | RF                | US        |      2898 | NS      | $2897.78      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE BANK NY                    | Deutsche Bank AG/New York NY                              | CUSIP: 25160PAN7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    779000 | PA      | $789622.65    | 0.38%             | 2027-07-13      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUN 0226               | AVALONBAY COMMUN 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $264635.36    | 0.13%             | 2026-02-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA              | Daimler Truck Finance North America LLC                   | CUSIP: 233853AV2<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    417000 | PA      | $421744.01    | 0.20%             | 2027-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL 0226               | INTERCONTINENTAL 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    360000 | PA      | $359612.28    | 0.17%             | 2026-02-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENEL FIN AMER 02/06/2026            | ENEL FIN AMER 02/06/2026                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    440000 | PA      | $439674.84    | 0.21%             | 2026-02-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                        | UBS Group AG                                              | CUSIP: 225401AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $250000.00    | 0.12%             | 2027-02-02      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE            | Caterpillar Financial Services Corp                       | CUSIP: 14913UAP5<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    145000 | PA      | $145562.85    | 0.07%             | 2026-10-16      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| O'REILLY AUTOMOT 0226               | O'REILLY AUTOMOT 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    725000 | PA      | $723924.83    | 0.34%             | 2026-02-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term       | GM Financial Consumer Automobile Receivables Trust 2024-2 | CUSIP: 379931AD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    301488 | PA      | $304095.26    | 0.14%             | 2029-03-16      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA             | National Bank of Canada                                   | CUSIP: 63307A2Z7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $250564.36    | 0.12%             | 2027-07-02      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                   | NatWest Group PLC                                         | CUSIP: 639057AJ7<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    892000 | PA      | $893233.64    | 0.42%             | 2027-03-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                   | CUSIP: 44891ADJ3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    349000 | PA      | $350644.55    | 0.17%             | 2027-09-24      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP             | Australia & New Zealand Banking Group Ltd                 | CUSIP: 05252ADL2<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    697000 | PA      | $700783.34    | 0.33%             | 2027-07-16      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS            | Santander UK Group Holdings PLC                           | CUSIP: 80281LAT2<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    680000 | PA      | $710046.22    | 0.34%             | 2029-01-10      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                       | CUSIP: 46647PEP7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    370000 | PA      | $373539.53    | 0.18%             | 2028-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                    | Bank of Montreal                                          | CUSIP: 06368L8M1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    834000 | PA      | $836202.98    | 0.40%             | 2027-09-10      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust             | CarMax Auto Owner Trust 2024-2                            | CUSIP: 14319EAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    389165 | PA      | $394284.84    | 0.19%             | 2029-01-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                             | BPCE SA                                                   | CUSIP: 05571AAR6<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    255000 | PA      | $270321.82    | 0.13%             | 2029-10-19      | Fixed         | 6.71%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | CUSIP: 00774MBT1<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    310000 | PA      | $308987.97    | 0.15%             | 2029-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN MUTUAL GLBL            | Northwestern Mutual Global Funding                        | CUSIP: 66815L2R9<br>LEI: 635400LZXFVELZDVP257 | Long             | DBT              | CORP              | US        |    164000 | PA      | $166206.16    | 0.08%             | 2027-03-25      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT            | Sumitomo Mitsui Trust Bank Ltd                            | CUSIP: 86563VBW8<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    610000 | PA      | $615865.64    | 0.29%             | 2027-09-10      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUN 0226               | AVALONBAY COMMUN 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | PA      | $374563.50    | 0.18%             | 2026-02-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP             | John Deere Capital Corp                                   | CUSIP: 24422EYG8<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    410000 | PA      | $411777.63    | 0.20%             | 2028-09-11      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                       | DTE Energy Co                                             | CUSIP: 233331BM8<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    465000 | PA      | $470948.59    | 0.22%             | 2027-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| PFIZER INC                          | Pfizer Inc                                                | CUSIP: 717081FC2<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    215000 | PA      | $215910.55    | 0.10%             | 2027-11-15      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| UDR INC 0226                        | UDR INC 0226                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $798474.40    | 0.38%             | 2026-02-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA              | Daimler Truck Finance North America LLC                   | CUSIP: 233853AX8<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301271.50    | 0.14%             | 2027-09-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| GENERAL MOT 0 6/26                  | GENERAL MOT 0 6/26                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    345000 | PA      | $340214.16    | 0.16%             | 2026-06-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OWENS CORNING                       | Owens Corning                                             | CUSIP: 690742AF8<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |    506000 | PA      | $504176.15    | 0.24%             | 2026-08-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK               | Toronto-Dominion Bank/The                                 | CUSIP: 89115A2T8<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    715000 | PA      | $717758.61    | 0.34%             | 2026-07-17      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| MARS INC                            | Mars Inc                                                  | CUSIP: 571676AW5<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    496000 | PA      | $499732.61    | 0.24%             | 2027-03-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO              | General Motors Financial Co Inc                           | CUSIP: 37045XDK9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    347000 | PA      | $344030.66    | 0.16%             | 2026-06-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SEMPRA 0% CP 0 02/23/2026           | SEMPRA 0% CP 0 02/23/2026                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | PA      | $374038.88    | 0.18%             | 2026-02-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BOSTON PPTYS LTD 0226               | BOSTON PPTYS LTD 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $598185.00    | 0.28%             | 2026-02-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL              | NextEra Energy Capital Holdings Inc                       | CUSIP: 65339KDH0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    315000 | PA      | $316925.36    | 0.15%             | 2028-02-04      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner       | Toyota Auto Receivables 2026-A Owner Trust                | CUSIP: 89240KAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    347000 | PA      | $347291.72    | 0.16%             | 2028-12-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA             | National Bank of Canada                                   | CUSIP: 63307A3A1<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    905000 | PA      | $910875.09    | 0.43%             | 2027-07-02      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                | Westpac Banking Corp                                      | CUSIP: 961214FX6<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |   1020000 | PA      | $1022026.12   | 0.49%             | 2026-10-20      | Floating      | 4.11%                 | No            |                  2 | On Loan: No      |
| GENERAL MTRS F 08/07/2026           | GENERAL MTRS F 08/07/2026                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $244793.25    | 0.12%             | 2026-08-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BK/NY            | National Australia Bank Ltd/New York                      | CUSIP: 632525CQ2<br>LEI: 549300E2IPL06NDXMZ63 | Long             | DBT              | CORP              | AU        |    400000 | PA      | $400238.20    | 0.19%             | 2028-12-13      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                     | BAE Systems PLC                                           | CUSIP: 05523RAH0<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    345000 | PA      | $349119.16    | 0.17%             | 2027-03-26      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                       | CUSIP: 46647PEN2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    580000 | PA      | $582448.52    | 0.28%             | 2028-10-22      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                | Royal Bank of Canada                                      | CUSIP: 78017DAP3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    570000 | PA      | $570669.60    | 0.27%             | 2028-11-03      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                        | Broadcom Inc                                              | CUSIP: 11135FCE9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    157000 | PA      | $160077.80    | 0.08%             | 2028-04-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SKANDINAVISKA ENSKILDA              | Skandinaviska Enskilda Banken AB                          | CUSIP: 830505AZ6<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |    400000 | PA      | $405730.51    | 0.19%             | 2027-03-05      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AGREE LP 0226                       | AGREE LP 0226                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    670000 | PA      | $669572.88    | 0.32%             | 2026-02-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING               | Athene Global Funding                                     | CUSIP: 04685A3X7<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    397000 | PA      | $403825.64    | 0.19%             | 2027-07-09      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP            | Sumitomo Mitsui Financial Group Inc                       | CUSIP: 86562MCR9<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    732000 | PA      | $754212.37    | 0.36%             | 2028-01-13      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                  | BMW US Capital LLC                                        | CUSIP: 05565ECN3<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    145000 | PA      | $145449.33    | 0.07%             | 2026-08-13      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                    | ABN AMRO Bank NV                                          | CUSIP: 00084DBJ8<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    335000 | PA      | $336640.87    | 0.16%             | 2028-07-07      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP            | Toyota Motor Credit Corp                                  | CUSIP: 89236TML6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    397000 | PA      | $398180.37    | 0.19%             | 2026-08-07      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| AEGON FUNDING CO LLC                | AEGON Funding Co LLC                                      | CUSIP: 00775VAA2<br>LEI: KEIOKM01PSK5VZ5CCI74 | Long             | DBT              | CORP              | US        |    851000 | PA      | $863667.91    | 0.41%             | 2027-04-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RYDER SYS INC DI 0226               | RYDER SYS INC DI 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    655000 | PA      | $654242.17    | 0.31%             | 2026-02-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                   | State Street Corp                                         | CUSIP: 857477CQ4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    172000 | PA      | $172883.37    | 0.08%             | 2027-10-22      | Floating      | 4.29%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL              | NextEra Energy Capital Holdings Inc                       | CUSIP: 65339KDG2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76352.80     | 0.04%             | 2028-02-04      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY               | Wells Fargo & Co                                          | CUSIP: 95000U3U5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    879000 | PA      | $893876.29    | 0.42%             | 2029-04-23      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE            | Caterpillar Financial Services Corp                       | CUSIP: 14913UAT7<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    643000 | PA      | $646414.86    | 0.31%             | 2027-11-15      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Tr      | World Omni Auto Receivables Trust 2024-A                  | CUSIP: 98164RAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    625618 | PA      | $629580.71    | 0.30%             | 2029-03-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC              | UnitedHealth Group Inc                                    | CUSIP: 91324PFE7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    411000 | PA      | $411680.08    | 0.20%             | 2026-07-15      | Floating      | 4.15%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                    | Bank of Montreal                                          | CUSIP: 06368MJH8<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    757000 | PA      | $759765.37    | 0.36%             | 2029-01-27      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING             | Corebridge Global Funding                                 | CUSIP: 00138CAW8<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |    510000 | PA      | $513378.18    | 0.24%             | 2026-09-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                        | Illumina Inc                                              | CUSIP: 452327AQ2<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    322000 | PA      | $322856.96    | 0.15%             | 2026-09-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING               | Athene Global Funding                                     | CUSIP: 04685A4E8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    871000 | PA      | $878355.73    | 0.42%             | 2027-01-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| UDR INC                             | UDR INC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $329582.88    | 0.16%             | 2026-02-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                        | CaixaBank SA                                              | CUSIP: 12803RAA2<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    733000 | PA      | $761305.26    | 0.36%             | 2029-01-18      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                     | CVS Health Corp                                           | CUSIP: 126650DF4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    646000 | PA      | $642547.32    | 0.31%             | 2026-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL              | Marriott International Inc/MD                             | CUSIP: 571903BM4<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35285.62     | 0.02%             | 2026-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| O'REILLY AUTOMOT 0226               | O'REILLY AUTOMOT 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $798973.60    | 0.38%             | 2026-02-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APAR 0226               | MID-AMERICA APAR 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $274855.08    | 0.13%             | 2026-02-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER            | Enterprise Products Operating LLC                         | CUSIP: 29379VCJ0<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    180000 | PA      | $181592.85    | 0.09%             | 2028-06-20      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                 | American Tower Corp                                       | CUSIP: 03027XBV1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    244000 | PA      | $243176.56    | 0.12%             | 2027-03-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                         | Netflix Inc                                               | CUSIP: 64110LAN6<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55204.90     | 0.03%             | 2026-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                           | ONEOK Inc                                                 | CUSIP: 682680BJ1<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24931.60     | 0.01%             | 2028-11-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES             | Royal Caribbean Cruises Ltd                               | CUSIP: 780153BH4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    403000 | PA      | $402880.32    | 0.19%             | 2026-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE US INC                     | ENBRIDGE US INC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    345000 | PA      | $344891.67    | 0.16%             | 2026-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK L 02/20/2026           | PENSKE TRUCK L 02/20/2026                                 | CUSIP: 70962BBL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    385000 | PA      | $384114.12    | 0.18%             | 2026-02-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                 | Bank of Nova Scotia/The                                   | CUSIP: 06418GAG2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    671000 | PA      | $674201.27    | 0.32%             | 2027-06-04      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    705000 | PA      | $697184.97    | 0.33%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                        | Barclays PLC                                              | CUSIP: 06738ECF0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    554000 | PA      | $556532.48    | 0.26%             | 2027-05-09      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY                    | Deutsche Bank AG/New York NY                              | CUSIP: 25160PAH0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    370000 | PA      | $364837.12    | 0.17%             | 2028-01-07      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receiva      | Capital One Prime Auto Receivables Trust 2023-1           | CUSIP: 14043KAH8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    196180 | PA      | $196933.28    | 0.09%             | 2028-02-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                | Mercedes-Benz Finance North America LLC                   | CUSIP: 58769JAQ0<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    310000 | PA      | $312959.69    | 0.15%             | 2027-01-11      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| SIEMENS FUNDING BV                  | Siemens Funding BV                                        | CUSIP: 82622RAB2<br>LEI: 213800CCRGH2TO338X64 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $201088.43    | 0.10%             | 2028-05-26      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENTS              | MID-AMERICA APARTMENTS LP                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $369765.79    | 0.18%             | 2026-02-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC               | Rio Tinto Finance USA PLC                                 | CUSIP: 76720AAY2<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    310000 | PA      | $312627.23    | 0.15%             | 2028-03-14      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I             | Metropolitan Life Global Funding I                        | CUSIP: 592179KM6<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    300000 | PA      | $301216.49    | 0.14%             | 2027-06-11      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| LENNAR CORP                         | Lennar Corp                                               | CUSIP: 526057CT9<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |    877000 | PA      | $878005.41    | 0.42%             | 2026-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES               | Huntington Bancshares Inc/OH                              | CUSIP: 446150BB9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120720.42    | 0.06%             | 2028-08-04      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                   | NatWest Group PLC                                         | CUSIP: 639057AM0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    470000 | PA      | $471555.13    | 0.22%             | 2028-03-01      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE US INC                     | ENBRIDGE US INC                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    495000 | PA      | $493519.46    | 0.23%             | 2026-02-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 0226                    | PHILLIPS 66 0226                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $319556.16    | 0.15%             | 2026-02-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FI 0 05/26           | GENERAL MOTORS FI 0 05/26                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $247391.75    | 0.12%             | 2026-05-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE AME 0326               | ENEL FINANCE AME 0326                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |    390000 | PA      | $388546.86    | 0.18%             | 2026-03-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI 0326                | SUMITOMO MITSUI 0326                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |    620000 | PA      | $617564.64    | 0.29%             | 2026-03-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE OP CO                | Public Storage Operating Co                               | CUSIP: 74464AAA9<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |    380000 | PA      | $381378.45    | 0.18%             | 2027-04-16      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| BUNGE LTD FIN CO 0226               | BUNGE LTD FIN CO 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    690000 | PA      | $689269.29    | 0.33%             | 2026-02-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHEVRON USA INC                     | Chevron USA Inc                                           | CUSIP: 166756BC9<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    433000 | PA      | $434836.62    | 0.21%             | 2028-02-26      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    730000 | PA      | $708342.74    | 0.34%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                  | Banco Santander SA                                        | CUSIP: 05964HAX3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    600000 | PA      | $611239.25    | 0.29%             | 2027-11-07      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| MID-AMER APTS 02/19/2026            | MID-AMER APTS 02/19/2026                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $339277.84    | 0.16%             | 2026-02-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T      | Honda Auto Receivables 2023-1 Owner Trust                 | CUSIP: 43815JAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135947 | PA      | $136223.12    | 0.06%             | 2027-04-21      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                    | Societe Generale SA                                       | CUSIP: 83368RAK8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    315000 | PA      | $314859.59    | 0.15%             | 2027-01-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ANZ NEW ZEALAND INTL/LDN            | ANZ New Zealand Int'l Ltd/London                          | CUSIP: 00182EBW8<br>LEI: 213800VD256NU2D97H12 | Long             | DBT              | CORP              | NZ        |    425000 | PA      | $425569.52    | 0.20%             | 2029-01-22      | Floating      | 4.26%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                   | CUSIP: 44891ADP9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    160000 | PA      | $161461.07    | 0.08%             | 2027-03-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                           | ONEOK Inc                                                 | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    514000 | PA      | $519411.78    | 0.25%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI BANKING C           | SUMITOMO MITSUI BANKING C                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    575000 | PA      | $575789.19    | 0.27%             | 2026-12-11      | Floating      | 4.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                 | American Tower Corp                                       | CUSIP: 03027XBL3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    330000 | PA      | $328453.92    | 0.16%             | 2026-04-15      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| KROGER CO                           | Kroger Co/The                                             | CUSIP: 501044DC2<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200000.00    | 0.09%             | 2026-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STOR 0226               | EXTRA SPACE STOR 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    485000 | PA      | $484419.21    | 0.23%             | 2026-02-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY             | Cooperatieve Rabobank UA/NY                               | CUSIP: 21688ABK7<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    250000 | PA      | $255655.97    | 0.12%             | 2028-01-21      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | CUSIP: 00774MBN4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    690000 | PA      | $701294.52    | 0.33%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                      | CUSIP: 06051GKH1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    230000 | PA      | $231313.13    | 0.11%             | 2028-02-04      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE              | American Honda Finance Corp                               | CUSIP: 02665WFW6<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    632000 | PA      | $633548.22    | 0.30%             | 2028-03-03      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP            | Sumitomo Mitsui Financial Group Inc                       | CUSIP: 86562MEJ5<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    210000 | PA      | $210087.09    | 0.10%             | 2029-01-15      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                   | Brown & Brown Inc                                         | CUSIP: 115236AH4<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    430000 | PA      | $432615.84    | 0.21%             | 2026-12-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                         | Oracle Corp                                               | CUSIP: 68389XCX1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    445000 | PA      | $437782.89    | 0.21%             | 2028-08-03      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                      | Air Lease Corp                                            | CUSIP: 00914AAW2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    557000 | PA      | $559624.21    | 0.27%             | 2026-06-25      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SKANDINAVISKA ENSKILDA              | Skandinaviska Enskilda Banken AB                          | CUSIP: 830505BA0<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |    200000 | PA      | $201166.58    | 0.10%             | 2027-03-05      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC 0226               | RYDER SYSTEM INC 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335000 | PA      | $334824.80    | 0.16%             | 2026-02-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AT&T INC                            | AT&T Inc                                                  | CUSIP: 00206RHW5<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    392000 | PA      | $391492.80    | 0.19%             | 2027-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY             | Nationwide Building Society                               | CUSIP: 63861VAM9<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    345000 | PA      | $348719.58    | 0.17%             | 2029-07-14      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                       | Amphenol Corp                                             | CUSIP: 032095AT8<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    520000 | PA      | $525598.07    | 0.25%             | 2028-06-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NOVARTIS CAPITAL CORP               | Novartis Capital Corp                                     | CUSIP: 66989HBD9<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    360000 | PA      | $362066.52    | 0.17%             | 2028-11-05      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                 | American Express Co                                       | CUSIP: 025816EJ4<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    641000 | PA      | $645061.27    | 0.31%             | 2029-07-20      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| TARGET CORP                         | Target Corp                                               | CUSIP: 87612EBU9<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |    283000 | PA      | $287010.15    | 0.14%             | 2028-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL              | NextEra Energy Capital Holdings Inc                       | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101174.09    | 0.05%             | 2027-09-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                  | Banco Santander SA                                        | CUSIP: 05964HBE4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    600000 | PA      | $603611.12    | 0.29%             | 2028-07-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON NATIONAL BANK            | Huntington National Bank/The                              | CUSIP: 44644MAL5<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |    830000 | PA      | $830747.82    | 0.39%             | 2028-04-12      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                         | Truist Bank                                               | CUSIP: 89788JAG4<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    550000 | PA      | $551866.92    | 0.26%             | 2028-07-24      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL              | Banque Federative du Credit Mutuel SA                     | CUSIP: 06675DCQ3<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    454000 | PA      | $455779.11    | 0.22%             | 2028-10-16      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES 0226                | TARGA RESOURCES 0226                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $249652.00    | 0.12%             | 2026-02-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO              | General Motors Financial Co Inc                           | CUSIP: 37045XEF9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    426000 | PA      | $427125.17    | 0.20%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC            | Constellation Energy Generation LLC                       | CUSIP: 210385AP5<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199834.39    | 0.09%             | 2028-01-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP               | Truist Financial Corp                                     | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    493000 | PA      | $496425.05    | 0.24%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust        | Ford Credit Auto Owner Trust 2025-B                       | CUSIP: 34532BAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    352000 | PA      | $352059.59    | 0.17%             | 2028-06-15      | Floating      | 4.01%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE            | Caterpillar Financial Services Corp                       | CUSIP: 14913UBE9<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    576000 | PA      | $578683.69    | 0.27%             | 2028-11-14      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES 0226                | TARGA RESOURCES 0226                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $369524.55    | 0.18%             | 2026-02-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                    | Bank of Montreal                                          | CUSIP: 06368MC69<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    355000 | PA      | $355507.56    | 0.17%             | 2027-12-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                        | CaixaBank SA                                              | CUSIP: 12803RAB0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    968000 | PA      | $983290.98    | 0.47%             | 2027-09-13      | Fixed         | 6.68%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Receivables Owner       | Nissan Auto Receivables 2025-B Owner Trust                | CUSIP: 65490DAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    555000 | PA      | $555774.70    | 0.26%             | 2028-07-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                        | Barclays PLC                                              | CUSIP: 06738ECJ2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    690000 | PA      | $699978.93    | 0.33%             | 2027-09-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                | Mercedes-Benz Finance North America LLC                   | CUSIP: 58769JAU1<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    263000 | PA      | $266385.76    | 0.13%             | 2027-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                        | ING Groep NV                                              | CUSIP: 456837AH6<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    515000 | PA      | $515396.76    | 0.24%             | 2027-03-29      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON NATIONAL BANK            | Huntington National Bank/The                              | CUSIP: 44644MAK7<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | DBT              | CORP              | US        |    275000 | PA      | $277435.70    | 0.13%             | 2028-04-12      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL              | Banque Federative du Credit Mutuel SA                     | CUSIP: 06675DCR1<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    330000 | PA      | $333831.74    | 0.16%             | 2028-10-16      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                         | BNP Paribas SA                                            | CUSIP: 09659W3B8<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    695000 | PA      | $702434.65    | 0.33%             | 2029-05-09      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| AT&T INC                            | AT&T Inc                                                  | CUSIP: 00206RDQ2<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    620000 | PA      | $621914.26    | 0.30%             | 2027-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MONDELEZ INTERNATIONAL              | Mondelez International Inc                                | CUSIP: 609207BF1<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |    749000 | PA      | $752986.00    | 0.36%             | 2028-05-06      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| US BANK NA CINCINNATI               | US Bank NA/Cincinnati OH                                  | CUSIP: 90331HPP2<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1109716.15   | 0.53%             | 2027-10-22      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP             | Australia & New Zealand Banking Group Ltd                 | CUSIP: 05252ADS7<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    445000 | PA      | $447072.28    | 0.21%             | 2028-06-18      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES 0226                | TARGA RESOURCES 0226                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $479844.48    | 0.23%             | 2026-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SIMON PROPERTY                      | SIMON PROPERTY GROUP LP                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    775000 | PA      | $772681.98    | 0.37%             | 2026-02-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                        | ING Groep NV                                              | CUSIP: 456837BJ1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $503462.56    | 0.24%             | 2027-09-11      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                | WEC Energy Group Inc                                      | CUSIP: 92939UAM8<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |    214000 | PA      | $215876.37    | 0.10%             | 2026-09-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| MASSMUTUAL GLOBAL FUNDIN            | MassMutual Global Funding II                              | CUSIP: 57629TBS5<br>LEI: 549300K1IE3K7YU6VG29 | Long             | DBT              | CORP              | US        |    400000 | PA      | $402125.59    | 0.19%             | 2027-04-09      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                       | CUSIP: 46647PEF9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    537000 | PA      | $540128.85    | 0.26%             | 2028-04-22      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN AB            | Svenska Handelsbanken AB                                  | CUSIP: 86959LAT0<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |    465000 | PA      | $467690.18    | 0.22%             | 2028-05-23      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                        | Synopsys Inc                                              | CUSIP: 871607AA5<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75549.59     | 0.04%             | 2027-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                         | Netflix Inc                                               | CUSIP: 64110LAT3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    321000 | PA      | $336775.27    | 0.16%             | 2028-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY             | Nationwide Building Society                               | CUSIP: 63861VAJ6<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |   1049000 | PA      | $1067189.92   | 0.51%             | 2027-10-18      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T      | Honda Auto Receivables 2024-1 Owner Trust                 | CUSIP: 437918AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     87048 | PA      | $87796.92     | 0.04%             | 2028-08-15      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO              | General Motors Financial Co Inc                           | CUSIP: 37045XEW2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    350000 | PA      | $350820.93    | 0.17%             | 2027-07-15      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP            | Toyota Motor Credit Corp                                  | CUSIP: 89236TPG4<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    285000 | PA      | $285412.85    | 0.14%             | 2028-01-12      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| NORTHWESTERN MUTUAL GLBL            | Northwestern Mutual Global Funding                        | CUSIP: 66815L2Y4<br>LEI: 635400LZXFVELZDVP257 | Long             | DBT              | CORP              | US        |    420000 | PA      | $421192.88    | 0.20%             | 2028-08-25      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN               | Mizuho Markets Cayman LP                                  | CUSIP: 60700JDE2<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |    310000 | PA      | $310122.67    | 0.15%             | 2026-05-01      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                        | UBS Group AG                                              | CUSIP: 225401BC1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    335000 | PA      | $341646.03    | 0.16%             | 2027-12-22      | Fixed         | 6.33%                 | No            |                  2 | On Loan: No      |
| US BANK NA CINCINNATI               | US Bank NA/Cincinnati OH                                  | CUSIP: 90331HPS6<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |    545000 | PA      | $550340.16    | 0.26%             | 2028-05-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA            | Cooperatieve Rabobank UA                                  | CUSIP: 74977RDN1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    550000 | PA      | $547833.68    | 0.26%             | 2028-04-06      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY             | Cooperatieve Rabobank UA/NY                               | CUSIP: 21688ABG6<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    660000 | PA      | $661450.19    | 0.31%             | 2026-08-28      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| RTX CORP                            | RTX Corp                                                  | CUSIP: 75513ECQ2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    121000 | PA      | $121027.47    | 0.06%             | 2026-02-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP              | Mitsubishi UFJ Financial Group Inc                        | CUSIP: 606822CL6<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    630000 | PA      | $639531.13    | 0.30%             | 2028-07-20      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust      | Hyundai Auto Receivables Trust 2023-B                     | CUSIP: 44933XAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    270956 | PA      | $272788.27    | 0.13%             | 2028-04-17      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                               | CUSIP: 38141GWB6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    161000 | PA      | $160985.40    | 0.08%             | 2027-01-26      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE GLOBAL              | Protective Life Global Funding                            | CUSIP: 743672AE7<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |    233000 | PA      | $233214.05    | 0.11%             | 2026-04-10      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC            | Constellation Energy Generation LLC                       | CUSIP: 210385AN0<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    215000 | PA      | $215425.87    | 0.10%             | 2028-01-08      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| ERAC USA FINANCE 0226               | ERAC USA FINANCE 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    475000 | PA      | $474021.98    | 0.23%             | 2026-02-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BOSTON PPTYS LTD 0226               | BOSTON PPTYS LTD 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $279396.04    | 0.13%             | 2026-02-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE              | American Honda Finance Corp                               | CUSIP: 02665WFS5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    402000 | PA      | $403725.98    | 0.19%             | 2027-10-22      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                | Boston Properties LP                                      | CUSIP: 10112RAY0<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    528000 | PA      | $523358.85    | 0.25%             | 2026-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                 | American Express Co                                       | CUSIP: 025816EE5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    420000 | PA      | $425465.04    | 0.20%             | 2029-04-25      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE GLOBAL              | Protective Life Global Funding                            | CUSIP: 74368CCD4<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |    490000 | PA      | $490177.47    | 0.23%             | 2029-01-15      | Fixed         | 4.16%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA              | Daimler Truck Finance North America LLC                   | CUSIP: 233853BK5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150013.08    | 0.07%             | 2029-01-12      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                | Royal Bank of Canada                                      | CUSIP: 78017FZR7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    552000 | PA      | $553818.24    | 0.26%             | 2027-10-18      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP             | Australia & New Zealand Banking Group Ltd                 | CUSIP: 05252ADM0<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    655000 | PA      | $657700.98    | 0.31%             | 2027-09-30      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                | Mercedes-Benz Finance North America LLC                   | CUSIP: 58769JBE6<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    260000 | PA      | $264053.43    | 0.13%             | 2028-03-31      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CONAGRA BRANDS I 0226               | CONAGRA BRANDS I 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1174614.60   | 0.56%             | 2026-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA            | Volkswagen Group of America Finance LLC                   | CUSIP: 928668CD2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    595000 | PA      | $595286.76    | 0.28%             | 2026-03-20      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL 0226               | INTERCONTINENTAL 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $329786.82    | 0.16%             | 2026-02-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC             | Jefferies Financial Group Inc                             | CUSIP: 47233WKM0<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    840000 | PA      | $840010.05    | 0.40%             | 2026-08-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP                | Boston Properties LP                                      | CUSIP: 10112RAX2<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    771000 | PA      | $771000.00    | 0.37%             | 2026-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT            | Sumitomo Mitsui Trust Bank Ltd                            | CUSIP: 86563VBP3<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    235000 | PA      | $238382.77    | 0.11%             | 2027-03-07      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP              | Bank of New York Mellon Corp/The                          | CUSIP: 06406RBY2<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    293000 | PA      | $294668.34    | 0.14%             | 2028-07-21      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE            | Intercontinental Exchange Inc                             | CUSIP: 45865VAA8<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    190000 | PA      | $190201.02    | 0.09%             | 2028-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                  | Realty Income Corp                                        | CUSIP: 756109AZ7<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    400000 | PA      | $398562.69    | 0.19%             | 2026-03-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| SVENSKA HANDELSBANKEN AB            | Svenska Handelsbanken AB                                  | CUSIP: 86959LAR4<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | DBT              | CORP              | SE        |    370000 | PA      | $371463.13    | 0.18%             | 2027-05-28      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                  | CUSIP: 53944YAW3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $301871.02    | 0.14%             | 2027-08-07      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                         | BNP Paribas SA                                            | CUSIP: 09659W2C7<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    899000 | PA      | $890235.19    | 0.42%             | 2027-11-16      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                  | Banco Santander SA                                        | CUSIP: 05964HBA2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    250000 | PA      | $254034.86    | 0.12%             | 2028-03-14      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 CO                      | Phillips 66 Co                                            | CUSIP: 718547AF9<br>LEI: RVJMT2IZVVSKIRJJBH76 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169622.50    | 0.08%             | 2026-10-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| HALEON US CAPITAL LLC               | Haleon US Capital LLC                                     | CUSIP: 36264FAK7<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    275000 | PA      | $273303.23    | 0.13%             | 2027-03-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                  | CNO Global Funding                                        | CUSIP: 18977W2A7<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |    787000 | PA      | $775165.37    | 0.37%             | 2026-10-07      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY             | Nationwide Building Society                               | CUSIP: 63861VAL1<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    414000 | PA      | $416280.57    | 0.20%             | 2029-07-14      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNA 0226               | MARRIOTT INTERNA 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    552000 | PA      | $550339.58    | 0.26%             | 2026-02-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KROGER CO                           | Kroger Co/The                                             | CUSIP: 501044DE8<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    170000 | PA      | $168511.17    | 0.08%             | 2026-10-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                  | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201994.91    | 0.10%             | 2027-08-07      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                 | Dominion Energy Inc                                       | CUSIP: 25746UDY2<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    175000 | PA      | $177264.41    | 0.08%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                    | ABN AMRO Bank NV                                          | CUSIP: 00084DBD1<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    500000 | PA      | $508452.19    | 0.24%             | 2028-12-03      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| BANK OF NEW YORK MELLON             | Bank of New York Mellon/The                               | CUSIP: 06405LAF8<br>LEI: HPFHU0OQ28E4N0NFVK49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250358.79    | 0.12%             | 2027-04-20      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO            | Capital One Financial Corp                                | CUSIP: 14040HDB8<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    765000 | PA      | $781539.49    | 0.37%             | 2027-10-29      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDING TRUST             | GA Global Funding Trust                                   | CUSIP: 36143L2N4<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |    570000 | PA      | $572158.61    | 0.27%             | 2027-09-23      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| RYDER SYS INC DI 0226               | RYDER SYS INC DI 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    595000 | PA      | $594563.27    | 0.28%             | 2026-02-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ERAC USA FINANCE LLC                | ERAC USA FINANCE LLC                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    845000 | PA      | $843070.02    | 0.40%             | 2026-02-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                            | CUSIP: 61761J3R8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     49000 | PA      | $48826.21     | 0.02%             | 2026-07-27      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                        | Broadcom Inc                                              | CUSIP: 11135FBZ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203609.23    | 0.10%             | 2027-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                        | ING Groep NV                                              | CUSIP: 456837BF9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $202467.47    | 0.10%             | 2027-09-11      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEA 0226               | PENSKE TRUCK LEA 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    610000 | PA      | $609136.24    | 0.29%             | 2026-02-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                       | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    535000 | PA      | $545185.01    | 0.26%             | 2028-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                      | Lowe's Cos Inc                                            | CUSIP: 548661EU7<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    490000 | PA      | $490683.28    | 0.23%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US BANK NA CINCINNATI               | US Bank NA/Cincinnati OH                                  | CUSIP: 90331HPT4<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |    350000 | PA      | $351830.06    | 0.17%             | 2028-05-15      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                  | Macquarie Bank Ltd                                        | CUSIP: 55608PBY9<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    540000 | PA      | $543070.66    | 0.26%             | 2028-06-12      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG            | New York Life Global Funding                              | CUSIP: 64953BBL1<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    955000 | PA      | $959005.70    | 0.46%             | 2027-04-02      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| ERAC USA FINANCE 0226               | ERAC USA FINANCE 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    315000 | PA      | $314316.14    | 0.15%             | 2026-02-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC                   | NatWest Group PLC                                         | CUSIP: 639057AU2<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201395.48    | 0.10%             | 2029-05-23      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE GF II                  | Pacific Life Global Funding II                            | CUSIP: 6944PL3A5<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |     86000 | PA      | $86424.75     | 0.04%             | 2027-02-05      | Floating      | 4.68%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                          | CUSIP: 91282CKK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2105000 | PA      | $2110850.26   | 1.00%             | 2026-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                       | UniCredit SpA                                             | CUSIP: 904678AB5<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    210000 | PA      | $211432.33    | 0.10%             | 2027-04-12      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MARSH & MCLENNAN COS INC            | Marsh & McLennan Cos Inc                                  | CUSIP: 571748BZ4<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    259000 | PA      | $260275.74    | 0.12%             | 2027-11-08      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO            | Capital One Financial Corp                                | CUSIP: 14040HCZ6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    413000 | PA      | $432366.36    | 0.21%             | 2029-06-08      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term       | GM Financial Consumer Automobile Receivables Trust 2022-3 | CUSIP: 36265WAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    628064 | PA      | $627622.76    | 0.30%             | 2027-12-16      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE              | American Honda Finance Corp                               | CUSIP: 02665WGA3<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    210000 | PA      | $210453.17    | 0.10%             | 2026-12-11      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL                    | Bank of Montreal                                          | CUSIP: 06368MXW9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    811000 | PA      | $812563.25    | 0.39%             | 2028-09-22      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK              | Canadian Imperial Bank of Commerce                        | CUSIP: 13607PJ21<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    410000 | PA      | $412465.71    | 0.20%             | 2029-03-30      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| OWENS CORNING                       | Owens Corning                                             | CUSIP: 690742AN1<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254914.70    | 0.12%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUN 0226               | AVALONBAY COMMUN 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    575000 | PA      | $574818.88    | 0.27%             | 2026-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA              | Goldman Sachs Bank USA/New York NY                        | CUSIP: 38151LAH3<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    678000 | PA      | $678843.88    | 0.32%             | 2027-05-21      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                   | Hyatt Hotels Corp                                         | CUSIP: 448579AQ5<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    695000 | PA      | $705982.39    | 0.34%             | 2027-01-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust      | Hyundai Auto Receivables Trust 2023-A                     | CUSIP: 448979AD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     56566 | PA      | $56601.72     | 0.03%             | 2027-04-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| BANCO BILBAO VIZCAYA ARG            | Banco Bilbao Vizcaya Argentaria SA                        | CUSIP: 05946KAL5<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $413817.55    | 0.20%             | 2028-09-14      | Fixed         | 6.14%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                | Royal Bank of Canada                                      | CUSIP: 78017DAB4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    739000 | PA      | $740753.94    | 0.35%             | 2029-01-24      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                      | CUSIP: 06051GFL8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140341.48    | 0.07%             | 2026-10-22      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA              | Daimler Truck Finance North America LLC                   | CUSIP: 233853BG4<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    205000 | PA      | $206053.48    | 0.10%             | 2027-08-12      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK               | Toronto-Dominion Bank/The                                 | CUSIP: 89115KAF7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    548000 | PA      | $549492.80    | 0.26%             | 2028-10-13      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                               | CUSIP: 38141GD50<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501385.82    | 0.24%             | 2029-10-21      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC              | GE HealthCare Technologies Inc                            | CUSIP: 36266GAD9<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100327.58    | 0.05%             | 2028-12-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE              | American Honda Finance Corp                               | CUSIP: 02665WGB1<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    475000 | PA      | $475666.18    | 0.23%             | 2026-05-20      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEA 0226               | PENSKE TRUCK LEA 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    440000 | PA      | $439716.86    | 0.21%             | 2026-02-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA             | National Bank of Canada                                   | CUSIP: 63307A3L7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    360000 | PA      | $360705.72    | 0.17%             | 2029-01-20      | Floating      | 4.42%                 | No            |                  2 | On Loan: No      |
| CHEVRON USA INC                     | Chevron USA Inc                                           | CUSIP: 166756BM7<br>LEI: VA8TZDWPEZYU430RZ444 | Long             | DBT              | CORP              | US        |    350000 | PA      | $352592.15    | 0.17%             | 2028-08-13      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                        | ING Groep NV                                              | CUSIP: 456837BP7<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    910000 | PA      | $913099.50    | 0.43%             | 2029-03-25      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T      | Honda Auto Receivables 2023-4 Owner Trust                 | CUSIP: 438123AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    411430 | PA      | $415870.99    | 0.20%             | 2028-06-21      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA              | Daimler Truck Finance North America LLC                   | CUSIP: 233853BB5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    355000 | PA      | $355499.90    | 0.17%             | 2028-01-13      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                        | ING Groep NV                                              | CUSIP: 456837BQ5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $203233.88    | 0.10%             | 2029-03-25      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                      | Starbucks Corp                                            | CUSIP: 855244BE8<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    555000 | PA      | $555106.90    | 0.26%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AVALONBAY CMNTYS 0226               | AVALONBAY CMNTYS 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $479797.92    | 0.23%             | 2026-02-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA              | Goldman Sachs Bank USA/New York NY                        | CUSIP: 38151LAG5<br>LEI: KD3XUN7C6T14HNAYLU02 | Long             | DBT              | CORP              | US        |    536000 | PA      | $538342.09    | 0.26%             | 2027-05-21      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP             | John Deere Capital Corp                                   | CUSIP: 24422EXS3<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    607000 | PA      | $609875.13    | 0.29%             | 2027-06-11      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD            | ALIMENTATION COUCHE-TARD INC                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    380000 | PA      | $379878.02    | 0.18%             | 2026-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN               | Mizuho Markets Cayman LP                                  | CUSIP: 60700JFW0<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |    605000 | PA      | $605897.75    | 0.29%             | 2026-11-16      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                | Enel Finance International NV                             | CUSIP: 29278GBF4<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $200043.72    | 0.10%             | 2028-09-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC                 | Georgia-Pacific LLC                                       | CUSIP: 37331NAR2<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |    115000 | PA      | $116249.30    | 0.06%             | 2028-06-30      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                        | Barclays PLC                                              | CUSIP: 06738ECQ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    255000 | PA      | $257483.46    | 0.12%             | 2028-03-12      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE AME 0426               | ENEL FINANCE AME 0426                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |    250000 | PA      | $247686.50    | 0.12%             | 2026-04-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING               | Athene Global Funding                                     | CUSIP: 04685A4M0<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    744000 | PA      | $747666.06    | 0.36%             | 2028-03-06      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                   | State Street Corp                                         | CUSIP: 857477CE1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |     97000 | PA      | $97248.85     | 0.05%             | 2026-08-03      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL              | Banque Federative du Credit Mutuel SA                     | CUSIP: 06675DCL4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    515000 | PA      | $518496.90    | 0.25%             | 2028-02-16      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY               | Wells Fargo & Co                                          | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    750000 | PA      | $765162.09    | 0.36%             | 2028-04-22      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC                  | BMW US Capital LLC                                        | CUSIP: 05565ECX1<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    706000 | PA      | $711282.19    | 0.34%             | 2028-03-21      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                        | UBS Group AG                                              | CUSIP: 225401AC2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    820000 | PA      | $821897.21    | 0.39%             | 2028-01-09      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BANK NA              | Morgan Stanley Bank NA                                    | CUSIP: 61690U8D5<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    384000 | PA      | $386777.41    | 0.18%             | 2028-07-14      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                     | CVS Health Corp                                           | CUSIP: 126650CU2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    467000 | PA      | $465303.88    | 0.22%             | 2026-06-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| MIZUHO MARKETS CAYMAN               | Mizuho Markets Cayman LP                                  | CUSIP: 60700JFT7<br>LEI: 549300KHUXLS6Q30KT26 | Long             | DBT              | CORP              | KY        |    535000 | PA      | $535708.97    | 0.25%             | 2026-10-09      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY 0 02/09/2026            | DUKE ENERGY 0 02/09/2026                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    535000 | PA      | $534451.09    | 0.25%             | 2026-02-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIFE GLOBAL              | Protective Life Global Funding                            | CUSIP: 74368CBZ6<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |    450000 | PA      | $453311.08    | 0.22%             | 2027-09-13      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL              | Banque Federative du Credit Mutuel SA                     | CUSIP: 06675FBA4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    500000 | PA      | $504499.73    | 0.24%             | 2026-07-13      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                   | CUSIP: 44891ACX3<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    674000 | PA      | $683463.01    | 0.32%             | 2027-03-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                 | Intesa Sanpaolo SpA                                       | CUSIP: 46115HBB2<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    355000 | PA      | $354372.50    | 0.17%             | 2027-07-14      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP 0226               | WEC ENERGY GROUP 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | PA      | $548951.15    | 0.26%             | 2026-02-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ERAC USA FINANCE 0226               | ERAC USA FINANCE 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | PA      | $374269.88    | 0.18%             | 2026-02-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                  | Credit Agricole SA                                        | CUSIP: 22534PAE3<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    435000 | PA      | $438112.36    | 0.21%             | 2026-07-05      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                               | CUSIP: 38141GD76<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400172.77    | 0.19%             | 2029-01-21      | Floating      | 4.36%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                        | CaixaBank SA                                              | CUSIP: 12803RAK0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    942000 | PA      | $952127.49    | 0.45%             | 2029-07-03      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG SOCIETY             | Nationwide Building Society                               | CUSIP: 63861VAG2<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |    420000 | PA      | $423469.72    | 0.20%             | 2028-02-16      | Floating      | 5.09%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK               | Toronto-Dominion Bank/The                                 | CUSIP: 89115A3F7<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    690000 | PA      | $693905.61    | 0.33%             | 2028-01-31      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term       | GM Financial Consumer Automobile Receivables Trust 2024-1 | CUSIP: 36268GAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    222234 | PA      | $223718.84    | 0.11%             | 2028-12-18      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERG 0226               | EVERSOURCE ENERG 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $598143.24    | 0.28%             | 2026-02-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP                  | Essex Portfolio LP                                        | CUSIP: 29717PAQ0<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |    209000 | PA      | $208729.33    | 0.10%             | 2026-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                         | PNC Bank NA                                               | CUSIP: 69353RFZ6<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251769.52    | 0.12%             | 2028-07-21      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC             | Jefferies Financial Group Inc                             | CUSIP: 47233WKS7<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    740000 | PA      | $742146.87    | 0.35%             | 2026-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INTESA FUNDING                      | INTESA SANPAOLO 0226                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1545081.85   | 0.73%             | 2026-02-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                            | CUSIP: 61747YFP5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    950000 | PA      | $968056.35    | 0.46%             | 2028-04-13      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY             | Cooperatieve Rabobank UA/NY                               | CUSIP: 21688ABS0<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    285000 | PA      | $285248.89    | 0.14%             | 2028-01-14      | Floating      | 4.06%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                  | CUSIP: 539439BD0<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    425000 | PA      | $432014.34    | 0.21%             | 2029-06-13      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                   | CUSIP: 44891ACZ8<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    346000 | PA      | $347389.63    | 0.16%             | 2027-03-19      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL              | Marriott International Inc/MD                             | CUSIP: 571903AY9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    215000 | PA      | $214885.28    | 0.10%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARROW ELECTRONIC 0226               | ARROW ELECTRONIC 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    555000 | PA      | $554693.09    | 0.26%             | 2026-02-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                  | Credit Agricole SA                                        | CUSIP: 22535WAL1<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    950000 | PA      | $957396.36    | 0.45%             | 2028-09-11      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Receivables Owner       | Nissan Auto Receivables 2025-A Owner Trust                | CUSIP: 65481GAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    201527 | PA      | $201754.10    | 0.10%             | 2028-02-15      | Floating      | 4.16%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP             | Australia & New Zealand Banking Group Ltd                 | CUSIP: 052528AK2<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    530000 | PA      | $530697.93    | 0.25%             | 2026-05-19      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| MERCK & CO INC                      | Merck & Co Inc                                            | CUSIP: 58933YBV6<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    425000 | PA      | $426442.05    | 0.20%             | 2029-03-15      | Floating      | 4.30%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                    | Georgia Power Co                                          | CUSIP: 373334KZ3<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    160000 | PA      | $160045.08    | 0.08%             | 2026-09-15      | Floating      | 3.97%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK              | Canadian Imperial Bank of Commerce                        | CUSIP: 13607LWT6<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    553000 | PA      | $560701.11    | 0.27%             | 2026-10-02      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANK INC                | Fifth Third Bank NA                                       | CUSIP: 31677QBU2<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |    500000 | PA      | $504416.43    | 0.24%             | 2028-01-28      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced       | Volkswagen Auto Loan Enhanced Trust 2024-1                | CUSIP: 92868RAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102416 | PA      | $102655.59    | 0.05%             | 2027-11-22      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP 0226               | DUKE ENERGY CORP 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $997079.00    | 0.47%             | 2026-02-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA            | Volkswagen Group of America Finance LLC                   | CUSIP: 928668CK6<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    966000 | PA      | $970436.55    | 0.46%             | 2026-08-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD 4.71%            | MACQUARIE BANK LTD 4.71%                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250181.95    | 0.12%             | 2026-05-14      | Fixed         | 0.47%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                        | ING Groep NV                                              | CUSIP: 456837AX1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $200215.53    | 0.10%             | 2027-04-01      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                         | Oracle Corp                                               | CUSIP: 68389XCC7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    365000 | PA      | $363721.73    | 0.17%             | 2026-03-25      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP             | Australia & New Zealand Banking Group Ltd                 | CUSIP: 05252ADV0<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $200677.34    | 0.10%             | 2028-12-08      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES              | PNC Financial Services Group Inc/The                      | CUSIP: 693475CG8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500822.16    | 0.24%             | 2029-01-26      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                  | Meta Platforms Inc                                        | CUSIP: 30303M8G0<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     78000 | PA      | $77869.00     | 0.04%             | 2027-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                 | Bank of Nova Scotia/The                                   | CUSIP: 06418GAX5<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    430000 | PA      | $430254.59    | 0.20%             | 2030-02-02      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced       | Volkswagen Auto Loan Enhanced Trust 2025-2                | CUSIP: 92869QAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    393000 | PA      | $393093.12    | 0.19%             | 2028-08-21      | Floating      | 4.07%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                            | CUSIP: 61747YFN0<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150817.07    | 0.07%             | 2028-04-13      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES              | PNC Financial Services Group Inc/The                      | CUSIP: 693475CH6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    430000 | PA      | $430766.65    | 0.20%             | 2029-01-26      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                         | Truist Bank                                               | CUSIP: 89788JAF6<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    461000 | PA      | $463650.83    | 0.22%             | 2028-07-24      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL             | Southern Co Gas Capital Corp                              | CUSIP: 8426EPAJ7<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90103.14     | 0.04%             | 2028-09-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG            | New York Life Global Funding                              | CUSIP: 64953BCA4<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    435000 | PA      | $437237.26    | 0.21%             | 2028-07-25      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| GM Financial Securitized Term       | GM Financial Consumer Automobile Receivables Trust 2023-1 | CUSIP: 38013JAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     91921 | PA      | $92164.53     | 0.04%             | 2028-02-16      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner       | Toyota Auto Receivables 2022-C Owner Trust                | CUSIP: 89231CAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27348 | PA      | $27329.26     | 0.01%             | 2027-04-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                | Mercedes-Benz Finance North America LLC                   | CUSIP: 58769JBD8<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    260000 | PA      | $261070.08    | 0.12%             | 2027-04-01      | Floating      | 4.46%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP D 0226               | AIR LEASE CORP D 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    415000 | PA      | $414861.81    | 0.20%             | 2026-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC LIFE GF II                  | Pacific Life Global Funding II                            | CUSIP: 6944PL2V0<br>LEI: 6354003EUPCHXTWUU869 | Long             | DBT              | CORP              | US        |    400000 | PA      | $401629.07    | 0.19%             | 2026-07-28      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANK INC                | Fifth Third Bank NA                                       | CUSIP: 31677QBV0<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501074.25    | 0.24%             | 2028-01-28      | Floating      | 4.47%                 | No            |                  2 | On Loan: No      |
| NEW YORK LIFE GLOBAL FDG            | New York Life Global Funding                              | CUSIP: 64953BBV9<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    468000 | PA      | $472410.17    | 0.22%             | 2028-04-25      | Floating      | 4.53%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP            | Toyota Motor Credit Corp                                  | CUSIP: 89236TNZ4<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    570000 | PA      | $573471.06    | 0.27%             | 2027-11-18      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                  | CNO Global Funding                                        | CUSIP: 18977W2G4<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |    185000 | PA      | $187399.23    | 0.09%             | 2027-12-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRED MUTUEL              | Banque Federative du Credit Mutuel SA                     | CUSIP: 06675DCH3<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    450000 | PA      | $453209.61    | 0.22%             | 2027-01-23      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA            | Volkswagen Group of America Finance LLC                   | CUSIP: 928668CV2<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    310000 | PA      | $311100.97    | 0.15%             | 2027-09-11      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                    | Societe Generale SA                                       | CUSIP: 83368RBZ4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    820000 | PA      | $829809.06    | 0.39%             | 2027-02-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                         | Truist Bank                                               | CUSIP: 89788JAE9<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    670000 | PA      | $671132.91    | 0.32%             | 2027-05-20      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| CARGILL INC                         | Cargill Inc                                               | CUSIP: 141781CC6<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |    370000 | PA      | $370905.48    | 0.18%             | 2028-02-11      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                  | CUSIP: 53944YBC6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    345000 | PA      | $351346.69    | 0.17%             | 2028-11-26      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                  | CUSIP: 539439BC2<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    270000 | PA      | $271702.72    | 0.13%             | 2029-06-13      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC                 | Georgia-Pacific LLC                                       | CUSIP: 37331NAN1<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |    119000 | PA      | $118044.61    | 0.06%             | 2026-05-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK              | Canadian Imperial Bank of Commerce                        | CUSIP: 13607LWU3<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    230000 | PA      | $231466.12    | 0.11%             | 2026-10-02      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                  | Credit Agricole SA                                        | CUSIP: 22534PAH6<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $253328.40    | 0.12%             | 2027-03-11      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                     | CVS Health Corp                                           | CUSIP: 126650DS6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    189000 | PA      | $189042.93    | 0.09%             | 2026-02-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                   | CUSIP: 44891ABZ9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    116000 | PA      | $114390.35    | 0.05%             | 2026-09-17      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK             | National Australia Bank Ltd                               | CUSIP: 632525BQ3<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $251035.95    | 0.12%             | 2027-06-11      | Floating      | 4.32%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL              | NextEra Energy Capital Holdings Inc                       | CUSIP: 65339KAT7<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    470000 | PA      | $467855.51    | 0.22%             | 2027-05-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP            | Sumitomo Mitsui Financial Group Inc                       | CUSIP: 86562MEH9<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    265000 | PA      | $265335.89    | 0.13%             | 2029-01-15      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN NA                | Mercedes-Benz Finance North America LLC                   | CUSIP: 58769JBB2<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |    408000 | PA      | $411016.57    | 0.20%             | 2026-11-13      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                      | CUSIP: 06051GMN6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    721000 | PA      | $723915.06    | 0.34%             | 2029-01-24      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| COOPERAT RABOBANK UA/NY             | Cooperatieve Rabobank UA/NY                               | CUSIP: 21688ABN1<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    265000 | PA      | $266047.64    | 0.13%             | 2027-05-27      | Floating      | 4.36%                 | No            |                  2 | On Loan: No      |
| AGREE LP 0226                       | AGREE LP 0226                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    490000 | PA      | $489279.21    | 0.23%             | 2026-02-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BAYER CORPORATION 0 7/26            | BAYER CORPORATION 0 7/26                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    880000 | PA      | $864107.20    | 0.41%             | 2026-07-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                  | CUSIP: 539439BB4<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201285.78    | 0.10%             | 2028-11-26      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| ONEOK INC 0226                      | ONEOK INC 0226                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $379598.34    | 0.18%             | 2026-02-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC                | WEC ENERGY GROUP INC                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $997768.00    | 0.47%             | 2026-02-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                        | Barclays PLC                                              | CUSIP: 06738EBY0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    367000 | PA      | $374782.27    | 0.18%             | 2028-08-09      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK             | National Australia Bank Ltd                               | CUSIP: 632525CG4<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $250425.87    | 0.12%             | 2028-03-06      | Floating      | 4.22%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                 | Intesa Sanpaolo SpA                                       | CUSIP: 46115HBD8<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $198996.87    | 0.09%             | 2028-01-12      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                  | Credit Agricole SA                                        | CUSIP: 22534PAJ2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    294000 | PA      | $295326.21    | 0.14%             | 2027-03-11      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES             | Royal Caribbean Cruises Ltd                               | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    229000 | PA      | $229244.64    | 0.11%             | 2026-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK               | Toronto-Dominion Bank/The                                 | CUSIP: 89115A3B6<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $501562.30    | 0.24%             | 2026-12-17      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                  | Macquarie Bank Ltd                                        | CUSIP: 55608PBQ6<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    465000 | PA      | $471253.38    | 0.22%             | 2026-12-07      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                        | UBS Group AG                                              | CUSIP: 225401AF5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    460000 | PA      | $457793.14    | 0.22%             | 2029-01-12      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| CAMDEN PROPERTY TRUST               | Camden Property Trust                                     | CUSIP: 133131BA9<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |    811000 | PA      | $821458.09    | 0.39%             | 2026-11-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                       | Amphenol Corp                                             | CUSIP: 032095AV3<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |     95000 | PA      | $95257.24     | 0.05%             | 2027-11-15      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| UDR INC                             | UDR INC                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $329862.06    | 0.16%             | 2026-02-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PAYPAL HOLDINGS INC                 | PayPal Holdings Inc                                       | CUSIP: 70450YAR4<br>LEI: 5493005X2GO78EFZ3E94 | Long             | DBT              | CORP              | US        |    265000 | PA      | $265881.84    | 0.13%             | 2028-03-06      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO                 | American Express Co                                       | CUSIP: 025816DJ5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    280000 | PA      | $280785.74    | 0.13%             | 2027-07-28      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES               | AVALONBAY COMMUNITIES INC                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    470000 | PA      | $469697.09    | 0.22%             | 2026-02-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AMPHENOL CORP                       | Amphenol Corp                                             | CUSIP: 032095AW1<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |    285000 | PA      | $284970.94    | 0.14%             | 2027-11-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP              | Mitsubishi UFJ Financial Group Inc                        | CUSIP: 606822CE2<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    545000 | PA      | $545666.27    | 0.26%             | 2028-04-19      | Fixed         | 4.08%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP              | Bank of New York Mellon Corp/The                          | CUSIP: 06406RCD7<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    335000 | PA      | $336085.80    | 0.16%             | 2028-06-09      | Floating      | 4.40%                 | No            |                  2 | On Loan: No      |
| USB Auto Owner Trust                | USB Auto Owner Trust 2025-1                               | CUSIP: 90367VAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    158892 | PA      | $159220.08    | 0.08%             | 2028-06-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                               | CUSIP: 38141GVX9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11119.25     | 0.01%             | 2027-10-28      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APAR 0226               | MID-AMERICA APAR 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1123810.88   | 0.53%             | 2026-02-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SCHWAB CHARLES 05/08/2026           | SCHWAB CHARLES 05/08/2026                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    505000 | PA      | $499922.23    | 0.24%             | 2026-05-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                          | Kenvue Inc                                                | CUSIP: 49177JAD4<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    220000 | PA      | $220145.69    | 0.10%             | 2026-03-22      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOLE SA                  | Credit Agricole SA                                        | CUSIP: 22535WAM9<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |    290000 | PA      | $292101.35    | 0.14%             | 2028-09-11      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                    | Societe Generale SA                                       | CUSIP: 83368RCA8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    350000 | PA      | $351712.72    | 0.17%             | 2027-02-19      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                      | Lowe's Cos Inc                                            | CUSIP: 548661ET0<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    393000 | PA      | $394116.27    | 0.19%             | 2027-10-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ARROW ELECTRONIC 0226               | ARROW ELECTRONIC 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    560000 | PA      | $559565.44    | 0.27%             | 2026-02-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                  | Realty Income Corp                                        | CUSIP: 756109BF0<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    624000 | PA      | $624596.18    | 0.30%             | 2026-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY               | Wells Fargo & Co                                          | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    412000 | PA      | $413168.80    | 0.20%             | 2028-01-24      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner       | Toyota Auto Receivables 2025-D Owner Trust                | CUSIP: 89231GAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    572000 | PA      | $572299.47    | 0.27%             | 2028-08-15      | Floating      | 4.03%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP              | Bank of New York Mellon Corp/The                          | CUSIP: 06406RCH8<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201540.94    | 0.10%             | 2028-06-09      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB FUNDING             | Corebridge Global Funding                                 | CUSIP: 00138CAY4<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |    475000 | PA      | $477669.90    | 0.23%             | 2026-06-24      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                 | Bank of Nova Scotia/The                                   | CUSIP: 06418GAR8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    325000 | PA      | $325664.78    | 0.15%             | 2029-02-14      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ELECTRIC POWER            | Wisconsin Electric Power Co                               | CUSIP: 976656CV8<br>LEI: AENKIFMULUAWOUU8Q584 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169907.51    | 0.08%             | 2029-03-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL LFE GLB FND II            | Principal Life Global Funding II                          | CUSIP: 7425APAC9<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |    570000 | PA      | $570771.87    | 0.27%             | 2028-08-18      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                    | ABN AMRO Bank NV                                          | CUSIP: 00084DBE9<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    560000 | PA      | $562847.26    | 0.27%             | 2028-12-03      | Floating      | 4.74%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES              | PNC Financial Services Group Inc/The                      | CUSIP: 693475BY0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    190000 | PA      | $191028.45    | 0.09%             | 2027-07-23      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP                     | Nordea Bank Abp                                           | CUSIP: 65558RAF6<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    200000 | PA      | $200787.60    | 0.10%             | 2027-03-19      | Floating      | 4.43%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST              | Commonwealth Bank of Australia                            | CUSIP: 2027A0KV0<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    418000 | PA      | $419445.05    | 0.20%             | 2026-11-27      | Floating      | 4.23%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                    | ABN AMRO Bank NV                                          | CUSIP: 00084DBA7<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    800000 | PA      | $811150.39    | 0.39%             | 2027-09-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP                     | Nordea Bank Abp                                           | CUSIP: 65558RAM1<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    260000 | PA      | $261410.73    | 0.12%             | 2028-03-17      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORP                   | State Street Corp                                         | CUSIP: 857477CZ4<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    210000 | PA      | $211290.48    | 0.10%             | 2028-04-24      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK             | National Australia Bank Ltd                               | CUSIP: 632525CL3<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |    405000 | PA      | $407249.37    | 0.19%             | 2028-06-13      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                      | CUSIP: 06051GLV9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    753000 | PA      | $761976.72    | 0.36%             | 2027-09-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner       | Toyota Auto Receivables 2024-D Owner Trust                | CUSIP: 89239TAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     52648 | PA      | $52670.60     | 0.03%             | 2027-08-16      | Floating      | 4.10%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP              | Bank of New York Mellon Corp/The                          | CUSIP: 06406RCK1<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |    865000 | PA      | $864939.35    | 0.41%             | 2030-01-22      | Floating      | 4.28%                 | No            |                  2 | On Loan: No      |
| BPCE SA                             | BPCE SA                                                   | CUSIP: 05583JAC6<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    670000 | PA      | $663580.57    | 0.32%             | 2027-10-23      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I             | Metropolitan Life Global Funding I                        | CUSIP: 592179KR5<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    549000 | PA      | $551785.66    | 0.26%             | 2028-08-25      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                      | Eli Lilly & Co                                            | CUSIP: 532457DB1<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    275000 | PA      | $277107.74    | 0.13%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                         | BNP Paribas SA                                            | CUSIP: 09659W2V5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    227000 | PA      | $231191.92    | 0.11%             | 2029-01-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP            | Toyota Motor Credit Corp                                  | CUSIP: 89236TNS0<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    684000 | PA      | $688933.58    | 0.33%             | 2028-09-05      | Floating      | 4.45%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI TR BK LT            | Sumitomo Mitsui Trust Bank Ltd                            | CUSIP: 86563VCC1<br>LEI: 5493006GGLR4BTEL8O61 | Long             | DBT              | CORP              | JP        |    565000 | PA      | $567330.00    | 0.27%             | 2028-09-11      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| MET TOWER GLOBAL FUNDING            | Met Tower Global Funding                                  | CUSIP: 58989V2M5<br>LEI: 635400OFJCY9IOGBGY57 | Long             | DBT              | CORP              | US        |    355000 | PA      | $354489.91    | 0.17%             | 2029-01-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                 | Fifth Third Bancorp                                       | CUSIP: 316773DJ6<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    235000 | PA      | $244025.25    | 0.12%             | 2028-10-27      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL LFE GLB FND II            | Principal Life Global Funding II                          | CUSIP: 74256LFA2<br>LEI: 635400WSLKBQWSOIIT41 | Long             | DBT              | CORP              | US        |     97000 | PA      | $97974.92     | 0.05%             | 2027-08-19      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                      | Home Depot Inc/The                                        | CUSIP: 437076DH2<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    135000 | PA      | $135125.28    | 0.06%             | 2028-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MUTUAL OF OMAHA GLOBAL              | Mutual of Omaha Cos Global Funding                        | CUSIP: 62829D2A7<br>LEI: 635400AL5J3F1ZPTAN95 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252077.16    | 0.12%             | 2026-07-27      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SKANDINAVISKA ENSKILDA              | Skandinaviska Enskilda Banken AB                          | CUSIP: 830505BC6<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | DBT              | CORP              | SE        |    540000 | PA      | $542718.41    | 0.26%             | 2028-06-02      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY               | Wells Fargo & Co                                          | CUSIP: 95000U3M3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    286000 | PA      | $287609.54    | 0.14%             | 2028-04-22      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I             | Metropolitan Life Global Funding I                        | CUSIP: 592179KS3<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    606000 | PA      | $607705.70    | 0.29%             | 2028-08-25      | Floating      | 4.49%                 | No            |                  2 | On Loan: No      |
| PNC BANK NA                         | PNC Bank NA                                               | CUSIP: 69353RGA0<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250673.43    | 0.12%             | 2028-07-21      | Floating      | 4.38%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP             | John Deere Capital Corp                                   | CUSIP: 24422EYA1<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    625000 | PA      | $627845.84    | 0.30%             | 2028-03-06      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD            | Alimentation Couche-Tard Inc                              | CUSIP: 01626PAW6<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |    465000 | PA      | $465653.99    | 0.22%             | 2028-09-29      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST              | Commonwealth Bank of Australia                            | CUSIP: 2027A0KW8<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    385000 | PA      | $386930.27    | 0.18%             | 2028-03-14      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK              | Canadian Imperial Bank of Commerce                        | CUSIP: 13607PHT4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    245000 | PA      | $245786.04    | 0.12%             | 2027-09-11      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| ELI LILLY & CO                      | Eli Lilly & Co                                            | CUSIP: 532457DA3<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    685000 | PA      | $689884.88    | 0.33%             | 2028-10-15      | Floating      | 4.18%                 | No            |                  2 | On Loan: No      |
| BPCE SA                             | BPCE SA                                                   | CUSIP: 05571AAQ8<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    440000 | PA      | $447776.69    | 0.21%             | 2027-10-19      | Fixed         | 6.61%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING               | Athene Global Funding                                     | CUSIP: 04685A4A6<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    460000 | PA      | $462237.56    | 0.22%             | 2026-08-27      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO 0226                | ESSEX PORTFOLIO 0226                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $279881.28    | 0.13%             | 2026-02-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STATE STREET BANK & TR              | State Street Bank & Trust Co                              | CUSIP: 857449AD4<br>LEI: 571474TGEMMWANRLN572 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250555.33    | 0.12%             | 2026-11-25      | Floating      | 4.25%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                  | CUSIP: 53944YAZ6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    610000 | PA      | $617999.43    | 0.29%             | 2028-01-05      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEA 0226               | PENSKE TRUCK LEA 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $448765.20    | 0.21%             | 2026-02-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF CANADA             | National Bank of Canada                                   | CUSIP: 63307A3G8<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |    315000 | PA      | $315191.95    | 0.15%             | 2027-03-05      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STOR 0226               | EXTRA SPACE STOR 0226                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    575000 | PA      | $574638.90    | 0.27%             | 2026-02-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS            | Santander UK Group Holdings PLC                           | CUSIP: 80281LAG0<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $497694.43    | 0.24%             | 2028-11-03      | Fixed         | 3.82%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                | Royal Bank of Canada                                      | CUSIP: 78016HZY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    890000 | PA      | $891231.60    | 0.42%             | 2027-07-23      | Floating      | 4.44%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receiva      | Capital One Prime Auto Receivables Trust 2025-1           | CUSIP: 14043YAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    660000 | PA      | $660411.44    | 0.31%             | 2029-01-16      | Floating      | 4.04%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-30

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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