# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-25-002278
**Filing Date:** 2025-9
**Character Count:** 263640
**Document Hash:** 5a9c1bab8ec652a55e2207ba23a1e880
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002278.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0000940400-25-002278

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**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:** 251341313

**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 High Yield ETF (Series ID: S000077298)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237595 | -            |  |

## Nport-Ex

Schedule of Investments (unaudited)

July 31, 2025

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Corporate Bonds & Notes — 86.7%** | **Corporate Bonds & Notes — 86.7%** | **Corporate Bonds & Notes — 86.7%** | **Corporate Bonds & Notes — 86.7%** | **Corporate Bonds & Notes — 86.7%** |
| **Communication Services — 11.8%** | **Communication Services — 11.8%** | **Communication Services — 11.8%** | **Communication Services — 11.8%** | **Communication Services — 11.8%** |
| *Diversified Telecommunication Services — 0.8%* | *Diversified Telecommunication Services — 0.8%* | *Diversified Telecommunication Services — 0.8%* | *Diversified Telecommunication Services — 0.8%* | *Diversified Telecommunication Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; $1270000<br>| &nbsp;&nbsp;&nbsp; $1246166<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Level 3 Financing Inc., Senior Secured Notes | &nbsp;&nbsp; 10.750% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 310000<br>| &nbsp;&nbsp;&nbsp; 349912<br> <sup>(a)</sup><br>|
| *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | *Total Diversified Telecommunication Services* | &nbsp;&nbsp; *1596078* |
| *Entertainment — 1.7%* | *Entertainment — 1.7%* | *Entertainment — 1.7%* | *Entertainment — 1.7%* | *Entertainment — 1.7%* |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SAS, Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1255000<br>| &nbsp;&nbsp;&nbsp; 1305298<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cinemark USA Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 525000<br>| &nbsp;&nbsp;&nbsp; 521697<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Flutter Treasury DAC, Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/4/31 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 201444<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co. Inc., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 873730<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nexstar Media Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 665000<br>| &nbsp;&nbsp;&nbsp; 664125<br> <sup>(a)</sup><br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *3566294* |
| *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* | *Interactive Media & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Snap Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 1290000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1323664*<br> <sup>(a)</sup><br>|
| *Media — 7.7%* | *Media — 7.7%* | *Media — 7.7%* | *Media — 7.7%* | *Media — 7.7%* |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 565000<br>| &nbsp;&nbsp;&nbsp; 555291<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 1770000<br>| &nbsp;&nbsp;&nbsp; 1683144<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 73125<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 890000<br>| &nbsp;&nbsp;&nbsp; 823537<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 638266<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 4/15/28 | &nbsp;&nbsp; 655000<br>| &nbsp;&nbsp;&nbsp; 619138<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 290000<br>| &nbsp;&nbsp;&nbsp; 298905<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 849176<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp;&nbsp; 184099<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC/DirecTV Financing Co-Obligor Inc., Senior Secured <br> Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 370000<br>| &nbsp;&nbsp;&nbsp; 357106<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Discovery Communications LLC, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 484695<br>|
| &nbsp;&nbsp;&nbsp; EW Scripps Co., Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 1360000<br>| &nbsp;&nbsp;&nbsp; 1352855<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc., Secured Notes | &nbsp;&nbsp; 9.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 525000<br>| &nbsp;&nbsp;&nbsp; 529983<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 428601<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gray Media Inc., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 209081<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 705000<br>| &nbsp;&nbsp;&nbsp; 717205<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education Inc., Senior Secured Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 225000<br>| &nbsp;&nbsp;&nbsp; 224306<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; McGraw-Hill Education Inc., Senior Secured Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 634607<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; News Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 63409<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nexstar Media Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp;&nbsp; 179963<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sinclair Television Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 1440000<br>| &nbsp;&nbsp;&nbsp; 1469735<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 235000<br>| &nbsp;&nbsp;&nbsp; 223817<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 565000<br>| &nbsp;&nbsp;&nbsp; 558449<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC, Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 455000<br>| &nbsp;&nbsp;&nbsp; 401819<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Univision Communications Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp;&nbsp; 503559<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance PLC, Senior Secured Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 615000<br>| &nbsp;&nbsp;&nbsp; 572456<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV, Senior Secured Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1235000<br>| &nbsp;&nbsp;&nbsp; 1087378<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ziggo Bond Co. BV, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/28/30 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp;&nbsp; 371225<br> <sup>(a)</sup><br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *16094930* |

---

See Notes to Schedule of Investments.

------

Putnam ESG High Yield ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Wireless Telecommunication Services — 1.0%* | *Wireless Telecommunication Services — 1.0%* | *Wireless Telecommunication Services — 1.0%* | *Wireless Telecommunication Services — 1.0%* | *Wireless Telecommunication Services — 1.0%* |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; $200000<br>| &nbsp;&nbsp;&nbsp; $184101<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.250% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 553411<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, Senior Notes | &nbsp;&nbsp; 11.750% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 430566<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Iliad Holding SASU, Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 345000<br>| &nbsp;&nbsp;&nbsp; 354535<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Zegona Finance PLC, Senior Secured Notes | &nbsp;&nbsp; 8.625% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 595000<br>| &nbsp;&nbsp;&nbsp; 634270<br> <sup>(a)</sup><br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *2156883* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **24737849** |
| **Consumer Discretionary — 15.7%** | **Consumer Discretionary — 15.7%** | **Consumer Discretionary — 15.7%** | **Consumer Discretionary — 15.7%** | **Consumer Discretionary — 15.7%** |
| *Automobile Components — 0.8%* | *Automobile Components — 0.8%* | *Automobile Components — 0.8%* | *Automobile Components — 0.8%* | *Automobile Components — 0.8%* |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 826493<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 153063<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, Senior Secured Notes (7.750% Cash or 8.500% PIK) | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 365000<br>| &nbsp;&nbsp;&nbsp; 374948<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, Senior Secured Notes (8.000% Cash or 8.750% PIK) | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 365000<br>| &nbsp;&nbsp;&nbsp; 375544<br> <sup>(a)(c)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *1730048* |
| *Broadline Retail — 0.1%* | *Broadline Retail — 0.1%* | *Broadline Retail — 0.1%* | *Broadline Retail — 0.1%* | *Broadline Retail — 0.1%* |
| &nbsp;&nbsp;&nbsp; Kohl's Corp., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *275587*<br> <sup>(a)</sup><br>|
| *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* | *Diversified Consumer Services — 0.4%* |
| &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 785000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *785741*<br> <sup>(a)</sup><br>|
| *Hotels, Restaurants & Leisure — 9.1%* | *Hotels, Restaurants & Leisure — 9.1%* | *Hotels, Restaurants & Leisure — 9.1%* | *Hotels, Restaurants & Leisure — 9.1%* | *Hotels, Restaurants & Leisure — 9.1%* |
| &nbsp;&nbsp;&nbsp; 1011778 BC ULC/New Red Finance Inc., Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/15/30 | &nbsp;&nbsp; 820000<br>| &nbsp;&nbsp;&nbsp; 760757<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aramark Services Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 805000<br>| &nbsp;&nbsp;&nbsp; 797927<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp;&nbsp; 1324839<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 825000<br>| &nbsp;&nbsp;&nbsp; 780243<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 510000<br>| &nbsp;&nbsp;&nbsp; 492647<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 975000<br>| &nbsp;&nbsp;&nbsp; 1006353<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Caesars Entertainment Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 20000<br>| &nbsp;&nbsp;&nbsp; 20409<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/1/27 | &nbsp;&nbsp; 74000<br>| &nbsp;&nbsp;&nbsp; 74784<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 120000<br>| &nbsp;&nbsp;&nbsp; 121139<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 304489<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 515000<br>| &nbsp;&nbsp;&nbsp; 523047<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 525000<br>| &nbsp;&nbsp;&nbsp; 529210<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 2/15/33 | &nbsp;&nbsp; 235000<br>| &nbsp;&nbsp;&nbsp; 239316<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Churchill Downs Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 529086<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., Senior <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 935000<br>| &nbsp;&nbsp;&nbsp; 880404<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co. Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp;&nbsp; 267191<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co. Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 1250000<br>| &nbsp;&nbsp;&nbsp; 1251969<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/1/27 | &nbsp;&nbsp; 410000<br>| &nbsp;&nbsp;&nbsp; 409840<br>|
| &nbsp;&nbsp;&nbsp; Light & Wonder International Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 535008<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Light & Wonder International Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp;&nbsp; 328570<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 160000<br>| &nbsp;&nbsp;&nbsp; 169843<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp;&nbsp; 190133<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 175000<br>| &nbsp;&nbsp;&nbsp; 183965<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Penn Entertainment Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 338218<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/30/31 | &nbsp;&nbsp; 745000<br>| &nbsp;&nbsp;&nbsp; 750816<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 61620<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG High Yield ETF 2025 Quarterly Report

------

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* | *Hotels, Restaurants & Leisure — continued* |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; $780000<br>| &nbsp;&nbsp;&nbsp; $793360<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Scientific Games Holdings LP/Scientific Games US FinCo Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 3/1/30 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 472381<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 655000<br>| &nbsp;&nbsp;&nbsp; 668075<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Station Casinos LLC, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 346956<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 980000<br>| &nbsp;&nbsp;&nbsp; 988149<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd., Senior Notes | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 7/15/31 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 646009<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 155000<br>| &nbsp;&nbsp;&nbsp; 153902<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1890000<br>| &nbsp;&nbsp;&nbsp; 2011400<br> <sup>(a)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *18952055* |
| *Household Durables — 2.4%* | *Household Durables — 2.4%* | *Household Durables — 2.4%* | *Household Durables — 2.4%* | *Household Durables — 2.4%* |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 245000<br>| &nbsp;&nbsp;&nbsp; 244676<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; LGI Homes Inc., Senior Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 713624<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 275000<br>| &nbsp;&nbsp;&nbsp; 288853<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 369185<br>|
| &nbsp;&nbsp;&nbsp; Newell Brands Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/15/32 | &nbsp;&nbsp; 675000<br>| &nbsp;&nbsp;&nbsp; 647209<br>|
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities Inc., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/27 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 383027<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 165000<br>| &nbsp;&nbsp;&nbsp; 166513<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1027740<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TopBuild Corp., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 685000<br>| &nbsp;&nbsp;&nbsp; 632024<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Weekley Homes LLC/Weekley Finance Corp., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 9/15/28 | &nbsp;&nbsp; 660000<br>| &nbsp;&nbsp;&nbsp; 635684<br> <sup>(a)</sup><br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *5108535* |
| *Specialty Retail — 1.4%* | *Specialty Retail — 1.4%* | *Specialty Retail — 1.4%* | *Specialty Retail — 1.4%* | *Specialty Retail — 1.4%* |
| &nbsp;&nbsp;&nbsp; Bath & Body Works Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 950000<br>| &nbsp;&nbsp;&nbsp; 979035<br>|
| &nbsp;&nbsp;&nbsp; PetSmart Inc./PetSmart Finance Corp., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 519340<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Specialty Building Products Holdings LLC/SBP Finance Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 196213<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 10/31/29 | &nbsp;&nbsp; 685000<br>| &nbsp;&nbsp;&nbsp; 698690<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wayfair LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 9/15/30 | &nbsp;&nbsp; 455000<br>| &nbsp;&nbsp;&nbsp; 467465<br> <sup>(a)</sup><br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *2860743* |
| *Textiles, Apparel & Luxury Goods — 1.5%* | *Textiles, Apparel & Luxury Goods — 1.5%* | *Textiles, Apparel & Luxury Goods — 1.5%* | *Textiles, Apparel & Luxury Goods — 1.5%* | *Textiles, Apparel & Luxury Goods — 1.5%* |
| &nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, Senior Notes (10.000% Cash or 10.750% PIK) | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 795000<br>| &nbsp;&nbsp;&nbsp; 830835<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crocs Inc., Senior Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 400057<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Crocs Inc., Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 305000<br>| &nbsp;&nbsp;&nbsp; 276190<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hanesbrands Inc., Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 1010000<br>| &nbsp;&nbsp;&nbsp; 1064333<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Levi Strauss & Co., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 541100<br> <sup>(a)</sup><br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *3112515* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **32825224** |
| **Consumer Staples — 3.1%** | **Consumer Staples — 3.1%** | **Consumer Staples — 3.1%** | **Consumer Staples — 3.1%** | **Consumer Staples — 3.1%** |
| *Consumer Staples Distribution & Retail — 0.9%* | *Consumer Staples Distribution & Retail — 0.9%* | *Consumer Staples Distribution & Retail — 0.9%* | *Consumer Staples Distribution & Retail — 0.9%* | *Consumer Staples Distribution & Retail — 0.9%* |
| &nbsp;&nbsp;&nbsp; US Foods Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 1390000<br>| &nbsp;&nbsp;&nbsp; 1449926<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Foods Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 295000<br>| &nbsp;&nbsp;&nbsp; 293024<br> <sup>(a)</sup><br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *1742950* |
| *Food Products — 0.8%* | *Food Products — 0.8%* | *Food Products — 0.8%* | *Food Products — 0.8%* | *Food Products — 0.8%* |
| &nbsp;&nbsp;&nbsp; Chobani Holdco II LLC, Senior Notes (8.750% Cash or 9.500% PIK) | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 156293<br>| &nbsp;&nbsp;&nbsp; 168028<br> <sup>(a)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chobani LLC/Chobani Finance Corp. Inc., Senior Notes | &nbsp;&nbsp; 7.625% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 1505000<br>| &nbsp;&nbsp;&nbsp; 1569903<br> <sup>(a)</sup><br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *1737931* |

---

See Notes to Schedule of Investments.

------

Putnam ESG High Yield ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Household Products — 0.2%* | *Household Products — 0.2%* | *Household Products — 0.2%* | *Household Products — 0.2%* | *Household Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Energizer Holdings Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; $440000<br>| &nbsp;&nbsp;&nbsp; $*417690*<br> <sup>(a)</sup><br>|
| *Personal Care Products — 1.2%* | *Personal Care Products — 1.2%* | *Personal Care Products — 1.2%* | *Personal Care Products — 1.2%* | *Personal Care Products — 1.2%* |
| &nbsp;&nbsp;&nbsp; Coty Inc/HFC Prestige Products Inc./HFC Prestige International US LLC, Senior <br> Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 1040000<br>| &nbsp;&nbsp;&nbsp; 1021219<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/31/32 | &nbsp;&nbsp; 1500000<br>| &nbsp;&nbsp;&nbsp; 1515991<br> <sup>(a)</sup><br>|
| *Total Personal Care Products* | *Total Personal Care Products* | *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *2537210* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **6435781** |
| **Energy — 5.1%** | **Energy — 5.1%** | **Energy — 5.1%** | **Energy — 5.1%** | **Energy — 5.1%** |
| *Energy Equipment & Services — 0.9%* | *Energy Equipment & Services — 0.9%* | *Energy Equipment & Services — 0.9%* | *Energy Equipment & Services — 0.9%* | *Energy Equipment & Services — 0.9%* |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC, Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 495000<br>| &nbsp;&nbsp;&nbsp; 507405<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nabors Industries Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 495000<br>| &nbsp;&nbsp;&nbsp; 397326<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Precision Drilling Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 68000<br>| &nbsp;&nbsp;&nbsp; 68265<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Precision Drilling Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250051<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transocean Aquila Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 9/30/28 | &nbsp;&nbsp; 101923<br>| &nbsp;&nbsp;&nbsp; 103305<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transocean Inc., Senior Secured Notes | &nbsp;&nbsp; 8.750% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 128000<br>| &nbsp;&nbsp;&nbsp; 132821<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transocean Poseidon Ltd., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 115500<br>| &nbsp;&nbsp;&nbsp; 115782<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 285000<br>| &nbsp;&nbsp;&nbsp; 292348<br> <sup>(a)</sup><br>|
| *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | *Total Energy Equipment & Services* | &nbsp;&nbsp; *1867303* |
| *Oil, Gas & Consumable Fuels — 4.2%* | *Oil, Gas & Consumable Fuels — 4.2%* | *Oil, Gas & Consumable Fuels — 4.2%* | *Oil, Gas & Consumable Fuels — 4.2%* | *Oil, Gas & Consumable Fuels — 4.2%* |
| &nbsp;&nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/15/31 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 938527<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC, Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 531050<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 1720000<br>| &nbsp;&nbsp;&nbsp; 1722974<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sitio Royalties Operating Partnership LP/Sitio Finance Corp., Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 11/1/28 | &nbsp;&nbsp; 555000<br>| &nbsp;&nbsp;&nbsp; 579533<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SM Energy Co., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 9/15/26 | &nbsp;&nbsp; 335000<br>| &nbsp;&nbsp;&nbsp; 336020<br>|
| &nbsp;&nbsp;&nbsp; TGNR Intermediate Holdings LLC, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 690000<br>| &nbsp;&nbsp;&nbsp; 672690<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp;&nbsp; 289169<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp;&nbsp; 450241<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global LNG Inc., Senior Secured Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 1420000<br>| &nbsp;&nbsp;&nbsp; 1532988<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 115000<br>| &nbsp;&nbsp;&nbsp; 124265<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 620000<br>| &nbsp;&nbsp;&nbsp; 638213<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 5/1/35 | &nbsp;&nbsp; 115000<br>| &nbsp;&nbsp;&nbsp; 126165<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/36 | &nbsp;&nbsp; 365000<br>| &nbsp;&nbsp;&nbsp; 375706<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp;&nbsp; 435152<br> <sup>(a)</sup><br>|
| *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | *Total Oil, Gas & Consumable Fuels* | &nbsp;&nbsp; *8752693* |
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **10619996** |
| **Financials — 10.9%** | **Financials — 10.9%** | **Financials — 10.9%** | **Financials — 10.9%** | **Financials — 10.9%** |
| *Capital Markets — 0.5%* | *Capital Markets — 0.5%* | *Capital Markets — 0.5%* | *Capital Markets — 0.5%* | *Capital Markets — 0.5%* |
| &nbsp;&nbsp;&nbsp; Osaic Holdings Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 305100<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Osaic Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp;&nbsp; 319051<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; StoneX Escrow Issuer LLC, Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 448222<br> <sup>(a)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *1072373* |
| *Consumer Finance — 3.2%* | *Consumer Finance — 3.2%* | *Consumer Finance — 3.2%* | *Consumer Finance — 3.2%* | *Consumer Finance — 3.2%* |
| &nbsp;&nbsp;&nbsp; Ally Financial Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 440813<br>|
| &nbsp;&nbsp;&nbsp; Encore Capital Group Inc., Senior Secured Notes | &nbsp;&nbsp; 9.250% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 400707<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Encore Capital Group Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 985000<br>| &nbsp;&nbsp;&nbsp; 1043721<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; FirstCash Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1570000<br>| &nbsp;&nbsp;&nbsp; 1611377<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG High Yield ETF 2025 Quarterly Report

------

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Consumer Finance — continued* | *Consumer Finance — continued* | *Consumer Finance — continued* | *Consumer Finance — continued* | *Consumer Finance — continued* |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; $395000<br>| &nbsp;&nbsp;&nbsp; $387641<br>|
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/15/31 | &nbsp;&nbsp; 640000<br>| &nbsp;&nbsp;&nbsp; 667596<br>|
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 361632<br>|
| &nbsp;&nbsp;&nbsp; PRA Group Inc., Senior Notes | &nbsp;&nbsp; 8.875% | &nbsp;&nbsp; 1/31/30 | &nbsp;&nbsp; 1610000<br>| &nbsp;&nbsp;&nbsp; 1674078<br> <sup>(a)</sup><br>|
| *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | *Total Consumer Finance* | &nbsp;&nbsp; *6587565* |
| *Financial Services — 4.6%* | *Financial Services — 4.6%* | *Financial Services — 4.6%* | *Financial Services — 4.6%* | *Financial Services — 4.6%* |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp;&nbsp; 280354<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Corp., Senior Notes | &nbsp;&nbsp; 12.250% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 545000<br>| &nbsp;&nbsp;&nbsp; 603348<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, Senior Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 1180000<br>| &nbsp;&nbsp;&nbsp; 1207954<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 432818<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 1285000<br>| &nbsp;&nbsp;&nbsp; 1275895<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 320000<br>| &nbsp;&nbsp;&nbsp; 327699<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC, Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 765000<br>| &nbsp;&nbsp;&nbsp; 808015<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC, Senior Notes | &nbsp;&nbsp; 8.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 735000<br>| &nbsp;&nbsp;&nbsp; 767497<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 1140000<br>| &nbsp;&nbsp;&nbsp; 1153578<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 438920<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; PHH Escrow Issuer LLC/PHH Corp., Senior Notes | &nbsp;&nbsp; 9.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 1570000<br>| &nbsp;&nbsp;&nbsp; 1574426<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Cos. Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 816987<br> <sup>(a)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *9687491* |
| *Insurance — 2.2%* | *Insurance — 2.2%* | *Insurance — 2.2%* | *Insurance — 2.2%* | *Insurance — 2.2%* |
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance Inc., Senior Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 850000<br>| &nbsp;&nbsp;&nbsp; 887446<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Acrisure LLC/Acrisure Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 11/6/30 | &nbsp;&nbsp; 630000<br>| &nbsp;&nbsp;&nbsp; 651255<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 709601<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 10/1/32 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 442568<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, Senior Secured <br> Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 864467<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management Inc., Senior Notes | &nbsp;&nbsp; 10.500% | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp;&nbsp; 505223<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 545000<br>| &nbsp;&nbsp;&nbsp; 575503<br> <sup>(a)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *4636063* |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.4%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.4%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.4%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.4%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.4%* |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *798611*<br> <sup>(a)</sup><br>|
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **22782103** |
| **Health Care — 7.9%** | **Health Care — 7.9%** | **Health Care — 7.9%** | **Health Care — 7.9%** | **Health Care — 7.9%** |
| *Biotechnology — 1.4%* | *Biotechnology — 1.4%* | *Biotechnology — 1.4%* | *Biotechnology — 1.4%* | *Biotechnology — 1.4%* |
| &nbsp;&nbsp;&nbsp; Grifols SA, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/15/28 | &nbsp;&nbsp; 1365000<br>| &nbsp;&nbsp;&nbsp; 1316090<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kedrion SpA, Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 1800000<br>| &nbsp;&nbsp;&nbsp; 1743201<br> <sup>(a)</sup><br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *3059291* |
| *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* | *Health Care Equipment & Supplies — 0.6%* |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Escrow Corp., Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 165000<br>| &nbsp;&nbsp;&nbsp; 172235<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Insulet Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/33 | &nbsp;&nbsp; 80000<br>| &nbsp;&nbsp;&nbsp; 82291<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 470000<br>| &nbsp;&nbsp;&nbsp; 461111<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, Senior Secured Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 505000<br>| &nbsp;&nbsp;&nbsp; 481922<br> <sup>(a)</sup><br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *1197559* |
| *Health Care Providers & Services — 3.8%* | *Health Care Providers & Services — 3.8%* | *Health Care Providers & Services — 3.8%* | *Health Care Providers & Services — 3.8%* | *Health Care Providers & Services — 3.8%* |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/1/30 | &nbsp;&nbsp; 375000<br>| &nbsp;&nbsp;&nbsp; 265410<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 250550<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG High Yield ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* | *Health Care Providers & Services — continued* |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; $1375000<br>| &nbsp;&nbsp;&nbsp; $1204129<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 10.875% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 640275<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems Inc., Senior Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 505000<br>| &nbsp;&nbsp;&nbsp; 508857<br> <sup>(a)(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Concentra Health Services Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 627532<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Junior Subordinated Notes (7.000% to 3/10/30 then 5 year <br> Treasury Constant Maturity Rate + 2.886%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/10/55 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 1000400<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; DaVita Inc., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 6/1/30 | &nbsp;&nbsp; 260000<br>| &nbsp;&nbsp;&nbsp; 248129<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DaVita Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1440389<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; DaVita Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp; 92896<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 11/1/27 | &nbsp;&nbsp; 650000<br>| &nbsp;&nbsp;&nbsp; 647776<br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp;&nbsp; 410482<br>|
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 725000<br>| &nbsp;&nbsp;&nbsp; 732452<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *8069277* |
| *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* | *Health Care Technology — 0.5%* |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1033044*<br> <sup>(a)</sup><br>|
| *Life Sciences Tools & Services — 0.6%* | *Life Sciences Tools & Services — 0.6%* | *Life Sciences Tools & Services — 0.6%* | *Life Sciences Tools & Services — 0.6%* | *Life Sciences Tools & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; IQVIA Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 1220000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1252580*<br> <sup>(a)</sup><br>|
| *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* | *Pharmaceuticals — 1.0%* |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 195000<br>| &nbsp;&nbsp;&nbsp; 207691<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 785000<br>| &nbsp;&nbsp;&nbsp; 857000<br>|
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, Senior Notes | &nbsp;&nbsp; 8.125% | &nbsp;&nbsp; 9/15/31 | &nbsp;&nbsp; 855000<br>| &nbsp;&nbsp;&nbsp; 968206<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *2032897* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **16644648** |
| **Industrials — 14.8%** | **Industrials — 14.8%** | **Industrials — 14.8%** | **Industrials — 14.8%** | **Industrials — 14.8%** |
| *Aerospace & Defense — 3.1%* | *Aerospace & Defense — 3.1%* | *Aerospace & Defense — 3.1%* | *Aerospace & Defense — 3.1%* | *Aerospace & Defense — 3.1%* |
| &nbsp;&nbsp;&nbsp; ATI Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/31 | &nbsp;&nbsp; 1410000<br>| &nbsp;&nbsp;&nbsp; 1370015<br>|
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 330000<br>| &nbsp;&nbsp;&nbsp; 337855<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Axon Enterprise Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 255000<br>| &nbsp;&nbsp;&nbsp; 261877<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bombardier Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 1240000<br>| &nbsp;&nbsp;&nbsp; 1284316<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Efesto Bidco S.p.A Efesto US LLC, Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 645000<br>| &nbsp;&nbsp;&nbsp; 659542<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Imola Merger Corp., Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 582618<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems Inc., Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 915000<br>| &nbsp;&nbsp;&nbsp; 1007464<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems Inc., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp;&nbsp; 438167<br>|
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems Inc., Senior Secured Notes | &nbsp;&nbsp; 9.375% | &nbsp;&nbsp; 11/30/29 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 179841<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Senior Secured Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 450000<br>| &nbsp;&nbsp;&nbsp; 452616<br> <sup>(a)</sup><br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *6574311* |
| *Building Products — 1.5%* | *Building Products — 1.5%* | *Building Products — 1.5%* | *Building Products — 1.5%* | *Building Products — 1.5%* |
| &nbsp;&nbsp;&nbsp; Builders FirstSource Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 755000<br>| &nbsp;&nbsp;&nbsp; 767049<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Builders FirstSource Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp;&nbsp; 436284<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco Inc./MIWD Borrower LLC, Senior Secured <br> Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 505000<br>| &nbsp;&nbsp;&nbsp; 515913<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; MIWD Holdco II LLC/MIWD Finance Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 405000<br>| &nbsp;&nbsp;&nbsp; 386509<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 3/1/33 | &nbsp;&nbsp; 755000<br>| &nbsp;&nbsp;&nbsp; 774829<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Quikrete Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp;&nbsp; 323269<br> <sup>(a)</sup><br>|
| *Total Building Products* | *Total Building Products* | *Total Building Products* | *Total Building Products* | &nbsp;&nbsp; *3203853* |

---

See Notes to Schedule of Investments.

------

Putnam ESG High Yield ETF 2025 Quarterly Report

------

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Commercial Services & Supplies — 3.3%* | *Commercial Services & Supplies — 3.3%* | *Commercial Services & Supplies — 3.3%* | *Commercial Services & Supplies — 3.3%* | *Commercial Services & Supplies — 3.3%* |
| &nbsp;&nbsp;&nbsp; Clean Harbors Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; $1215000<br>| &nbsp;&nbsp;&nbsp; $1242528<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; GFL Environmental Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1210000<br>| &nbsp;&nbsp;&nbsp; 1255481<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Madison IAQ LLC, Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 6/30/29 | &nbsp;&nbsp; 755000<br>| &nbsp;&nbsp;&nbsp; 735749<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RB Global Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 3/15/31 | &nbsp;&nbsp; 1115000<br>| &nbsp;&nbsp;&nbsp; 1169905<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., Senior Secured Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 8/1/29 | &nbsp;&nbsp; 1725000<br>| &nbsp;&nbsp;&nbsp; 1764209<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Waste Pro USA Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 2/1/33 | &nbsp;&nbsp; 440000<br>| &nbsp;&nbsp;&nbsp; 457628<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wrangler Holdco Corp., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 295000<br>| &nbsp;&nbsp;&nbsp; 305024<br> <sup>(a)</sup><br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *6930524* |
| *Construction & Engineering — 0.8%* | *Construction & Engineering — 0.8%* | *Construction & Engineering — 0.8%* | *Construction & Engineering — 0.8%* | *Construction & Engineering — 0.8%* |
| &nbsp;&nbsp;&nbsp; Arcosa Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 1116689<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aretec Group Inc., Senior Secured Notes | &nbsp;&nbsp; 10.000% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 125000<br>| &nbsp;&nbsp;&nbsp; 136458<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JH North America Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/31/31 | &nbsp;&nbsp; 55000<br>| &nbsp;&nbsp;&nbsp; 55223<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; JH North America Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 7/31/32 | &nbsp;&nbsp; 240000<br>| &nbsp;&nbsp;&nbsp; 242670<br> <sup>(a)</sup><br>|
| *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | *Total Construction & Engineering* | &nbsp;&nbsp; *1551040* |
| *Electrical Equipment — 0.8%* | *Electrical Equipment — 0.8%* | *Electrical Equipment — 0.8%* | *Electrical Equipment — 0.8%* | *Electrical Equipment — 0.8%* |
| &nbsp;&nbsp;&nbsp; WESCO Distribution Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 70000<br>| &nbsp;&nbsp;&nbsp; 71886<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; WESCO Distribution Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 1605000<br>| &nbsp;&nbsp;&nbsp; 1658061<br> <sup>(a)</sup><br>|
| *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | *Total Electrical Equipment* | &nbsp;&nbsp; *1729947* |
| *Ground Transportation — 0.7%* | *Ground Transportation — 0.7%* | *Ground Transportation — 0.7%* | *Ground Transportation — 0.7%* | *Ground Transportation — 0.7%* |
| &nbsp;&nbsp;&nbsp; Watco Cos. LLC/Watco Finance Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 1300000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *1349952*<br> <sup>(a)</sup><br>|
| *Machinery — 0.8%* | *Machinery — 0.8%* | *Machinery — 0.8%* | *Machinery — 0.8%* | *Machinery — 0.8%* |
| &nbsp;&nbsp;&nbsp; Allison Transmission Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 1/30/31 | &nbsp;&nbsp; 655000<br>| &nbsp;&nbsp;&nbsp; 599040<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Chart Industries Inc., Senior Notes | &nbsp;&nbsp; 9.500% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 135000<br>| &nbsp;&nbsp;&nbsp; 144480<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Terex Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 175000<br>| &nbsp;&nbsp;&nbsp; 170966<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Terex Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 10/15/32 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 731841<br> <sup>(a)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *1646327* |
| *Professional Services — 0.3%* | *Professional Services — 0.3%* | *Professional Services — 0.3%* | *Professional Services — 0.3%* | *Professional Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; CACI International Inc., Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 655000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *670583*<br> <sup>(a)</sup><br>|
| *Trading Companies & Distributors — 3.1%* | *Trading Companies & Distributors — 3.1%* | *Trading Companies & Distributors — 3.1%* | *Trading Companies & Distributors — 3.1%* | *Trading Companies & Distributors — 3.1%* |
| &nbsp;&nbsp;&nbsp; Boise Cascade Co., Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 1865000<br>| &nbsp;&nbsp;&nbsp; 1810767<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 825000<br>| &nbsp;&nbsp;&nbsp; 822294<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 614719<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 6/15/30 | &nbsp;&nbsp; 135000<br>| &nbsp;&nbsp;&nbsp; 139612<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herc Holdings Inc., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 518124<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; QXO Building Products Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 4/30/32 | &nbsp;&nbsp; 1205000<br>| &nbsp;&nbsp;&nbsp; 1243890<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; United Rentals North America Inc., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 1365000<br>| &nbsp;&nbsp;&nbsp; 1401245<br> <sup>(a)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *6550651* |
| *Transportation Infrastructure — 0.4%* | *Transportation Infrastructure — 0.4%* | *Transportation Infrastructure — 0.4%* | *Transportation Infrastructure — 0.4%* | *Transportation Infrastructure — 0.4%* |
| &nbsp;&nbsp;&nbsp; Beacon Mobility Corp., Senior Secured Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 770000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *785046*<br> <sup>(a)</sup><br>|
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **30992234** |
| **Information Technology — 4.5%** | **Information Technology — 4.5%** | **Information Technology — 4.5%** | **Information Technology — 4.5%** | **Information Technology — 4.5%** |
| *Communications Equipment — 1.2%* | *Communications Equipment — 1.2%* | *Communications Equipment — 1.2%* | *Communications Equipment — 1.2%* | *Communications Equipment — 1.2%* |
| &nbsp;&nbsp;&nbsp; CommScope LLC, Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 645000<br>| &nbsp;&nbsp;&nbsp; 638905<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/15/29 | &nbsp;&nbsp; 1385000<br>| &nbsp;&nbsp;&nbsp; 1400320<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viasat Inc., Senior Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 5/30/31 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp;&nbsp; 405460<br> <sup>(a)</sup><br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *2444685* |

---

See Notes to Schedule of Investments.

------

Putnam ESG High Yield ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *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; TTM Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/29 | &nbsp;&nbsp; $930000<br>| &nbsp;&nbsp;&nbsp; $*886017*<br> <sup>(a)</sup><br>|
| *IT Services — 0.6%* | *IT Services — 0.6%* | *IT Services — 0.6%* | *IT Services — 0.6%* | *IT Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; CDW LLC/CDW Finance Corp., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 325000<br>| &nbsp;&nbsp;&nbsp; 308213<br>|
| &nbsp;&nbsp;&nbsp; Gartner Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 355000<br>| &nbsp;&nbsp;&nbsp; 332545<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; McAfee Corp., Senior Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 715000<br>| &nbsp;&nbsp;&nbsp; 663701<br> <sup>(a)</sup><br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *1304459* |
| *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* | *Semiconductors & Semiconductor Equipment — 0.3%* |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 9/1/28 | &nbsp;&nbsp; 575000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *556163*<br> <sup>(a)</sup><br>|
| *Software — 1.0%* | *Software — 1.0%* | *Software — 1.0%* | *Software — 1.0%* | *Software — 1.0%* |
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Secured Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 9/30/29 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp;&nbsp; 460838<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Senior Secured Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 495000<br>| &nbsp;&nbsp;&nbsp; 500240<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Software Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 525000<br>| &nbsp;&nbsp;&nbsp; 510975<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; UKG Inc., Senior Secured Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 715000<br>| &nbsp;&nbsp;&nbsp; 734512<br> <sup>(a)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *2206565* |
| *Technology Hardware, Storage & Peripherals — 1.0%* | *Technology Hardware, Storage & Peripherals — 1.0%* | *Technology Hardware, Storage & Peripherals — 1.0%* | *Technology Hardware, Storage & Peripherals — 1.0%* | *Technology Hardware, Storage & Peripherals — 1.0%* |
| &nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 675000<br>| &nbsp;&nbsp;&nbsp; 680056<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fortress Intermediate 3 Inc., Senior Secured Notes | &nbsp;&nbsp; 7.500% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 430000<br>| &nbsp;&nbsp;&nbsp; 451815<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte Ltd., Senior Notes | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 545000<br>| &nbsp;&nbsp;&nbsp; 488377<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 505000<br>| &nbsp;&nbsp;&nbsp; 511415<br> <sup>(a)</sup><br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *2131663* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **9529552** |
| **Materials — 7.8%** | **Materials — 7.8%** | **Materials — 7.8%** | **Materials — 7.8%** | **Materials — 7.8%** |
| *Chemicals — 2.0%* | *Chemicals — 2.0%* | *Chemicals — 2.0%* | *Chemicals — 2.0%* | *Chemicals — 2.0%* |
| &nbsp;&nbsp;&nbsp; Avient Corp., Senior Notes | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 760739<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avient Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 805000<br>| &nbsp;&nbsp;&nbsp; 808590<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Herens Holdco Sarl, Senior Secured Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 349114<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp., Senior Secured Notes | &nbsp;&nbsp; 9.750% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 566771<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SCIH Salt Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 672804<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SCIH Salt Holdings Inc., Senior Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 5/1/28 | &nbsp;&nbsp; 665000<br>| &nbsp;&nbsp;&nbsp; 646279<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SCIL IV LLC/SCIL USA Holdings LLC, Senior Secured Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/1/26 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 199057<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vibrantz Technologies Inc., Senior Notes | &nbsp;&nbsp; 9.000% | &nbsp;&nbsp; 2/15/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 256402<br> <sup>(a)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *4259756* |
| *Construction Materials — 1.5%* | *Construction Materials — 1.5%* | *Construction Materials — 1.5%* | *Construction Materials — 1.5%* | *Construction Materials — 1.5%* |
| &nbsp;&nbsp;&nbsp; American Builders & Contractors Supply Co. Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 679306<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Cemex SAB de CV, Subordinated Notes (7.200% to 9/10/30 then 5 year <br> Treasury Constant Maturity Rate + 3.520%) | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 6/10/30 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp;&nbsp; 495767<br> <sup>(a)(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Standard Building Solutions Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 1260000<br>| &nbsp;&nbsp;&nbsp; 1287571<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Standard Building Solutions Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 560000<br>| &nbsp;&nbsp;&nbsp; 565766<br> <sup>(a)</sup><br>|
| *Total Construction Materials* | *Total Construction Materials* | *Total Construction Materials* | *Total Construction Materials* | &nbsp;&nbsp; *3028410* |
| *Containers & Packaging — 1.3%* | *Containers & Packaging — 1.3%* | *Containers & Packaging — 1.3%* | *Containers & Packaging — 1.3%* | *Containers & Packaging — 1.3%* |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance <br> PLC, Senior Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 575000<br>| &nbsp;&nbsp;&nbsp; 524232<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Graphic Packaging International LLC, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 1140000<br>| &nbsp;&nbsp;&nbsp; 1066580<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., Senior Secured Notes | &nbsp;&nbsp; 7.875% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 1050000<br>| &nbsp;&nbsp;&nbsp; 1060475<br> <sup>(a)</sup><br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *2651287* |

---

See Notes to Schedule of Investments.

------

Putnam ESG High Yield ETF 2025 Quarterly Report

------

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Metals & Mining — 2.7%* | *Metals & Mining — 2.7%* | *Metals & Mining — 2.7%* | *Metals & Mining — 2.7%* | *Metals & Mining — 2.7%* |
| &nbsp;&nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 1/31/29 | &nbsp;&nbsp; $265000<br>| &nbsp;&nbsp;&nbsp; $265191<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commercial Metals Co., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 350000<br>| &nbsp;&nbsp;&nbsp; 324483<br>|
| &nbsp;&nbsp;&nbsp; Constellium SE, Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/28 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 961446<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Constellium SE, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 405000<br>| &nbsp;&nbsp;&nbsp; 410857<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fortescue Treasury Pty Ltd., Senior Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; 995000<br>| &nbsp;&nbsp;&nbsp; 1015512<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Novelis Corp., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 930000<br>| &nbsp;&nbsp;&nbsp; 891503<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Novelis Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 1/30/30 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 371200<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Novelis Corp., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/31 | &nbsp;&nbsp; 1225000<br>| &nbsp;&nbsp;&nbsp; 1099889<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; TMS International Corp., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 371638<br> <sup>(a)</sup><br>|
| *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | *Total Metals & Mining* | &nbsp;&nbsp; *5711719* |
| *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* | *Paper & Forest Products — 0.3%* |
| &nbsp;&nbsp;&nbsp; Mercer International Inc., Senior Notes | &nbsp;&nbsp; 12.875% | &nbsp;&nbsp; 10/1/28 | &nbsp;&nbsp; 275000<br>| &nbsp;&nbsp;&nbsp; 277711<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mercer International Inc., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp;&nbsp; 391134<br>|
| *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | *Total Paper & Forest Products* | &nbsp;&nbsp; *668845* |
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **16320017** |
| **Real Estate — 2.8%** | **Real Estate — 2.8%** | **Real Estate — 2.8%** | **Real Estate — 2.8%** | **Real Estate — 2.8%** |
| *Diversified REITs — 0.5%* | *Diversified REITs — 0.5%* | *Diversified REITs — 0.5%* | *Diversified REITs — 0.5%* | *Diversified REITs — 0.5%* |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., Senior Secured Notes | &nbsp;&nbsp; 8.500% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 925000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *962028*<br> <sup>(a)</sup><br>|
| *Hotel & Resort REITs — 0.8%* | *Hotel & Resort REITs — 0.8%* | *Hotel & Resort REITs — 0.8%* | *Hotel & Resort REITs — 0.8%* | *Hotel & Resort REITs — 0.8%* |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., Senior Notes | &nbsp;&nbsp; 7.250% | &nbsp;&nbsp; 7/15/28 | &nbsp;&nbsp; 255000<br>| &nbsp;&nbsp;&nbsp; 263156<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/32 | &nbsp;&nbsp; 1070000<br>| &nbsp;&nbsp;&nbsp; 1093609<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/15/33 | &nbsp;&nbsp; 270000<br>| &nbsp;&nbsp;&nbsp; 276704<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; XHR LP, Senior Notes | &nbsp;&nbsp; 6.625% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 145000<br>| &nbsp;&nbsp;&nbsp; 147556<br> <sup>(a)</sup><br>|
| *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | *Total Hotel & Resort REITs* | &nbsp;&nbsp; *1781025* |
| *Real Estate Management & Development — 0.2%* | *Real Estate Management & Development — 0.2%* | *Real Estate Management & Development — 0.2%* | *Real Estate Management & Development — 0.2%* | *Real Estate Management & Development — 0.2%* |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp., Secured Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 427000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *409317*<br> <sup>(a)</sup><br>|
| *Specialized REITs — 1.3%* | *Specialized REITs — 1.3%* | *Specialized REITs — 1.3%* | *Specialized REITs — 1.3%* | *Specialized REITs — 1.3%* |
| &nbsp;&nbsp;&nbsp; Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 7/15/32 | &nbsp;&nbsp; 665000<br>| &nbsp;&nbsp;&nbsp; 657024<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Iron Mountain Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/15/33 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 885458<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 140000<br>| &nbsp;&nbsp;&nbsp; 138686<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital Corp., Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 375000<br>| &nbsp;&nbsp;&nbsp; 356400<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital Corp., Senior Secured <br> Notes | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 2/15/31 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 262727<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; SBA Communications Corp., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 481863<br>|
| *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *2782158* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **5934528** |
| **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** | **Utilities — 2.3%** |
| *Electric Utilities — 1.6%* | *Electric Utilities — 1.6%* | *Electric Utilities — 1.6%* | *Electric Utilities — 1.6%* | *Electric Utilities — 1.6%* |
| &nbsp;&nbsp;&nbsp; Electricite de France SA, Junior Subordinated Notes (9.125% to 6/15/33 then <br> 5 year Treasury Constant Maturity Rate + 5.411%) | &nbsp;&nbsp; 9.125% | &nbsp;&nbsp; 3/15/33 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 229675<br> <sup>(a)(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Junior Subordinated Notes (10.250% to 3/15/28 then 5 year <br> Treasury Constant Maturity Rate + 5.920%) | &nbsp;&nbsp; 10.250% | &nbsp;&nbsp; 3/15/28 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 418601<br> <sup>(a)(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; PG&E Corp., Junior Subordinated Notes (7.375% to 3/15/30 then 5 year <br> Treasury Constant Maturity Rate + 3.883%) | &nbsp;&nbsp; 7.375% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 235000<br>| &nbsp;&nbsp;&nbsp; 227358<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; PG&E Corp., Senior Secured Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 955000<br>| &nbsp;&nbsp;&nbsp; 916873<br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 670000<br>| &nbsp;&nbsp;&nbsp; 709645<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG High Yield ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 4/15/32 | &nbsp;&nbsp; $795000<br>| &nbsp;&nbsp;&nbsp; $826539<br> <sup>(a)</sup><br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *3328691* |
| *Independent Power and Renewable Electricity Producers — 0.7%* | *Independent Power and Renewable Electricity Producers — 0.7%* | *Independent Power and Renewable Electricity Producers — 0.7%* | *Independent Power and Renewable Electricity Producers — 0.7%* | *Independent Power and Renewable Electricity Producers — 0.7%* |
| &nbsp;&nbsp;&nbsp; California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 2/15/32 | &nbsp;&nbsp; 1130000<br>| &nbsp;&nbsp;&nbsp; 1142299<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Calpine Corp., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 335000<br>| &nbsp;&nbsp;&nbsp; 331333<br> <sup>(a)</sup><br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *1473632* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **4802323** |
| **Total Corporate Bonds & Notes (Cost — $178,133,622)** | **Total Corporate Bonds & Notes (Cost — $178,133,622)** | **Total Corporate Bonds & Notes (Cost — $178,133,622)** | **Total Corporate Bonds & Notes (Cost — $178,133,622)** | &nbsp;&nbsp; **181624255** |
| **Senior Loans — 5.9%** | **Senior Loans — 5.9%** | **Senior Loans — 5.9%** | **Senior Loans — 5.9%** | **Senior Loans — 5.9%** |
| **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** | **Communication Services — 0.5%** |
| *Media — 0.5%* | *Media — 0.5%* | *Media — 0.5%* | *Media — 0.5%* | *Media — 0.5%* |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings Inc., 2024 Refinancing Term Loan (1 mo. Term <br> SOFR + 4.000%) | 8.471% | &nbsp;&nbsp; 8/21/28 | &nbsp;&nbsp; 583351<br>| &nbsp;&nbsp;&nbsp; 583299<br> <sup>(d)(f)(g)(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; DirecTV Financing LLC, 2024 Term Loan B (3 mo. Term SOFR + 5.512%) | 9.820% | &nbsp;&nbsp; 8/2/29 | &nbsp;&nbsp; 499373<br>| &nbsp;&nbsp;&nbsp; 496179<br> <sup>(d)(f)(g)</sup><br>|
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **1079478** |
| **Consumer Discretionary — 1.2%** | **Consumer Discretionary — 1.2%** | **Consumer Discretionary — 1.2%** | **Consumer Discretionary — 1.2%** | **Consumer Discretionary — 1.2%** |
| *Automobile Components — 0.5%* | *Automobile Components — 0.5%* | *Automobile Components — 0.5%* | *Automobile Components — 0.5%* | *Automobile Components — 0.5%* |
| &nbsp;&nbsp;&nbsp; Clarios Global LP, Amendment No. 6 Dollar Term Loan (1 mo. Term SOFR + <br> 2.750%) | 7.106% | &nbsp;&nbsp; 1/28/32 | &nbsp;&nbsp; 524165<br>| &nbsp;&nbsp;&nbsp; 524928<br> <sup>(d)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dexko Global Inc., First Lien Closing Date Dollar Term Loan (1 mo. Term SOFR + <br> 3.864%) | 8.221% | &nbsp;&nbsp; 10/4/28 | &nbsp;&nbsp; 538517<br>| &nbsp;&nbsp;&nbsp; 514773<br> <sup>(d)(f)(g)(h)</sup><br>|
| *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | *Total Automobile Components* | &nbsp;&nbsp; *1039701* |
| *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* | *Entertainment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Scientific Games Holdings LP, 2024 Refinancing Dollar Term Loan (3 mo. Term <br> SOFR + 3.000%)  | 7.286% | &nbsp;&nbsp; 4/4/29 | &nbsp;&nbsp; 173248<br>| &nbsp;&nbsp;&nbsp;&nbsp; *173373*<br> <sup>(d)(f)(g)</sup><br>|
| *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* | *Hotels, Restaurants & Leisure — 0.3%* |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC, Initial Term Loan B (3 mo. Term SOFR + 3.250%) | 7.601% | &nbsp;&nbsp; 1/27/29 | &nbsp;&nbsp; 419217<br>| &nbsp;&nbsp;&nbsp; 420045<br> <sup>(d)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; IRB Holding Corp., 2024 Replacement New Term Loan B (1 mo. Term SOFR + <br> 2.500%) | 6.856% | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 181954<br>| &nbsp;&nbsp;&nbsp; 182110<br> <sup>(d)(f)(g)</sup><br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *602155* |
| *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* | *Specialty Retail — 0.3%* |
| &nbsp;&nbsp;&nbsp; PetsMart LLC, Initial Term Loan (1 mo. Term SOFR + 3.850%)  | 8.206% | &nbsp;&nbsp; 2/11/28 | &nbsp;&nbsp; 645625<br>| &nbsp;&nbsp;&nbsp;&nbsp; *645221*<br> <sup>(d)(f)(g)</sup><br>|
| *Textiles, Apparel & Luxury Goods — 0.0%††* | *Textiles, Apparel & Luxury Goods — 0.0%††* | *Textiles, Apparel & Luxury Goods — 0.0%††* | *Textiles, Apparel & Luxury Goods — 0.0%††* | *Textiles, Apparel & Luxury Goods — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Crocs Inc., 2024 Refinancing Term Loan (1 mo. Term SOFR + 2.250%) | 6.606% | &nbsp;&nbsp; 2/20/29 | &nbsp;&nbsp; 82143<br>| &nbsp;&nbsp;&nbsp; 82780<br> <sup>(d)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Skechers U.S.A. Inc., 2025 First Lien USD Term Loan B |  | &nbsp;&nbsp; 6/25/32 | &nbsp;&nbsp; 24515<br>| &nbsp;&nbsp;&nbsp; 24699<br> <sup>(h)</sup><br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *107479* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **2567929** |
| **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** | **Consumer Staples — 0.2%** |
| *Consumer Staples Distribution & Retail — 0.2%* | *Consumer Staples Distribution & Retail — 0.2%* | *Consumer Staples Distribution & Retail — 0.2%* | *Consumer Staples Distribution & Retail — 0.2%* | *Consumer Staples Distribution & Retail — 0.2%* |
| &nbsp;&nbsp;&nbsp; Froneri International Ltd., Term Loan  |  | &nbsp;&nbsp; 7/16/32 | &nbsp;&nbsp; 479070<br>| &nbsp;&nbsp;&nbsp;&nbsp; **478682**<br> <sup>(h)</sup><br>|
| **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** | **Financials — 0.1%** |
| *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* | *Mortgage Real Estate Investment Trusts (REITs) — 0.1%* |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance Inc., Initial Term Loan (1 mo. Term <br> SOFR + 3.250%)  | 7.593% | &nbsp;&nbsp; 6/13/30 | &nbsp;&nbsp; 148000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **149110**<br> <sup>(d)(f)(g)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG High Yield ETF 2025 Quarterly Report

------

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** | **Health Care — 0.6%** |
| *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* | *Health Care Equipment & Supplies — 0.2%* |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp., Third Amendment Term Loan (1 mo. Term SOFR + <br> 4.250%) | 8.606% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; $248638<br>| &nbsp;&nbsp;&nbsp; $250005<br> <sup>(d)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, Dollar Incremental Term Loan (1 mo. Term SOFR + <br> 2.250%) | 6.606% | &nbsp;&nbsp; 10/23/28 | &nbsp;&nbsp; 251227<br>| &nbsp;&nbsp;&nbsp; 251733<br> <sup>(d)(f)(g)</sup><br>|
| *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | *Total Health Care Equipment & Supplies* | &nbsp;&nbsp; *501738* |
| *Pharmaceuticals — 0.4%* | *Pharmaceuticals — 0.4%* | *Pharmaceuticals — 0.4%* | *Pharmaceuticals — 0.4%* | *Pharmaceuticals — 0.4%* |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings Inc., Term Loan B (1 mo. Term SOFR + 4.000%)  | 8.356% | &nbsp;&nbsp; 4/23/31 | &nbsp;&nbsp; 789935<br>| &nbsp;&nbsp;&nbsp;&nbsp; *792799*<br> <sup>(d)(f)(g)</sup><br>|
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **1294537** |
| **Industrials — 0.9%** | **Industrials — 0.9%** | **Industrials — 0.9%** | **Industrials — 0.9%** | **Industrials — 0.9%** |
| *Aerospace & Defense — 0.4%* | *Aerospace & Defense — 0.4%* | *Aerospace & Defense — 0.4%* | *Aerospace & Defense — 0.4%* | *Aerospace & Defense — 0.4%* |
| &nbsp;&nbsp;&nbsp; TransDigm Inc., Term Loan L (3 mo. Term SOFR + 2.500%)  | 6.796% | &nbsp;&nbsp; 1/19/32 | &nbsp;&nbsp; 784075<br>| &nbsp;&nbsp;&nbsp;&nbsp; *787207*<br> <sup>(d)(f)(g)</sup><br>|
| *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* | *Commercial Services & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; Filtration Group Corp., 2025 Incremental Dollar Term Loan (1 mo. Term SOFR + <br> 3.000%)  | 7.356% | &nbsp;&nbsp; 10/21/28 | &nbsp;&nbsp; 179535<br>| &nbsp;&nbsp;&nbsp;&nbsp; *180166*<br> <sup>(d)(f)(g)</sup><br>|
| *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* | *Passenger Airlines — 0.4%* |
| &nbsp;&nbsp;&nbsp; American Airlines Inc., 2024 Replacement Term Loan (6 mo. Term SOFR + <br> 2.250%) | 6.507% | &nbsp;&nbsp; 6/4/29 | &nbsp;&nbsp; 138600<br>| &nbsp;&nbsp;&nbsp; 138268<br> <sup>(d)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc., 2025 Incremental Term Loan (3 mo. Term SOFR + <br> 3.250%) | 7.575% | &nbsp;&nbsp; 5/28/32 | &nbsp;&nbsp; 24937<br>| &nbsp;&nbsp;&nbsp; 25140<br> <sup>(d)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; American Airlines Inc., Repriced Term Loan (3 mo. Term SOFR + 2.250%) | 6.575% | &nbsp;&nbsp; 4/20/28 | &nbsp;&nbsp; 788123<br>| &nbsp;&nbsp;&nbsp; 785956<br> <sup>(d)(f)(g)</sup><br>|
| *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | *Total Passenger Airlines* | &nbsp;&nbsp; *949364* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **1916737** |
| **Information Technology — 1.8%** | **Information Technology — 1.8%** | **Information Technology — 1.8%** | **Information Technology — 1.8%** | **Information Technology — 1.8%** |
| *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* | *Communications Equipment — 0.5%* |
| &nbsp;&nbsp;&nbsp; CommScope Inc., Initial Term Loan |  | &nbsp;&nbsp; 12/17/29 | &nbsp;&nbsp; 555000<br>| &nbsp;&nbsp;&nbsp; 565481<br> <sup>(h)</sup><br>|
| &nbsp;&nbsp;&nbsp; Connect US Finco LLC, Amendment No. 4 Term Loan (1 mo. Term SOFR + <br> 4.500%) | 8.856% | &nbsp;&nbsp; 9/27/29 | &nbsp;&nbsp; 315375<br>| &nbsp;&nbsp;&nbsp; 310102<br> <sup>(d)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viasat Inc., Initial Term Loan (1 mo. Term SOFR + 4.614%) | 8.971% | &nbsp;&nbsp; 3/2/29 | &nbsp;&nbsp; 59086<br>| &nbsp;&nbsp;&nbsp; 58459<br> <sup>(d)(f)(g)</sup><br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *934042* |
| *IT Services — 0.0%††* | *IT Services — 0.0%††* | *IT Services — 0.0%††* | *IT Services — 0.0%††* | *IT Services — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Shift4 Payments LLC, Amendment No. 2 Term Loan (2 mo. Term SOFR + <br> 2.750%)  | 7.048% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 90000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *90694*<br> <sup>(d)(f)(g)</sup><br>|
| *Software — 1.0%* | *Software — 1.0%* | *Software — 1.0%* | *Software — 1.0%* | *Software — 1.0%* |
| &nbsp;&nbsp;&nbsp; Cloud Software Group Inc., Initial Dollar Term Loan Facility B (3 mo. Term SOFR <br> + 3.500%) | 7.796% | &nbsp;&nbsp; 3/30/29 | &nbsp;&nbsp; 670505<br>| &nbsp;&nbsp;&nbsp; 672409<br> <sup>(d)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Flash Charm Inc., 2024 Term Loan B2 (3 mo. Term SOFR + 3.500%) | 7.776% | &nbsp;&nbsp; 3/2/28 | &nbsp;&nbsp; 311845<br>| &nbsp;&nbsp;&nbsp; 293385<br> <sup>(d)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Proofpoint Inc., 2024 Refinancing Term Loan (1 mo. Term SOFR + 3.000%) | 7.356% | &nbsp;&nbsp; 8/31/28 | &nbsp;&nbsp; 494279<br>| &nbsp;&nbsp;&nbsp; 495671<br> <sup>(d)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rocket Software Inc., Term Loan (1 mo. Term SOFR + 3.750%) | 8.106% | &nbsp;&nbsp; 11/28/28 | &nbsp;&nbsp; 405178<br>| &nbsp;&nbsp;&nbsp; 406667<br> <sup>(d)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; UKG Inc., Term Loan B (3 mo. Term SOFR + 3.000%) | 7.320% | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 281736<br>| &nbsp;&nbsp;&nbsp; 282026<br> <sup>(d)(f)(g)</sup><br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *2150158* |
| *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* | *Technology Hardware, Storage & Peripherals — 0.3%* |
| &nbsp;&nbsp;&nbsp; Fortress Intermediate 3 Inc., 2025 Term Loan B (1 mo. Term SOFR + 3.000%)  | 7.322% | &nbsp;&nbsp; 6/27/31 | &nbsp;&nbsp; 601360<br>| &nbsp;&nbsp;&nbsp;&nbsp; *603239*<br> <sup>(d)(f)(g)</sup><br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **3778133** |
| **Materials — 0.6%** | **Materials — 0.6%** | **Materials — 0.6%** | **Materials — 0.6%** | **Materials — 0.6%** |
| *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* |
| &nbsp;&nbsp;&nbsp; Nouryon Finance BV, 2024 Dollar Term Loan B1 (6 mo. Term SOFR + 3.250%) | 7.510% | &nbsp;&nbsp; 4/3/28 | &nbsp;&nbsp; 565150<br>| &nbsp;&nbsp;&nbsp; 566035<br> <sup>(d)(f)(g)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG High Yield ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG High Yield ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Chemicals — continued* | *Chemicals — continued* | *Chemicals — continued* | *Chemicals — continued* | *Chemicals — continued* |
| &nbsp;&nbsp;&nbsp; Nouryon Finance BV, 2024 Dollar Term Loan B2 (3 mo. Term SOFR + 3.250%) | 7.550% | &nbsp;&nbsp; 4/3/28 | &nbsp;&nbsp; $103432<br>| &nbsp;&nbsp;&nbsp; $103513<br> <sup>(d)(f)(g)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vibrantz Technologies Inc., Initial Term Loan (3 mo. Term SOFR + 4.400%) | 8.728% | &nbsp;&nbsp; 4/23/29 | &nbsp;&nbsp; 215640<br>| &nbsp;&nbsp;&nbsp; 182935<br> <sup>(d)(f)(g)</sup><br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *852483* |
| *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* | *Containers & Packaging — 0.2%* |
| &nbsp;&nbsp;&nbsp; Klockner Pentaplast of America Inc., USD Term Loan Facility B (6 mo. Term <br> SOFR + 4.975%)  | 9.227% | &nbsp;&nbsp; 2/12/26 | &nbsp;&nbsp; 280991<br>| &nbsp;&nbsp;&nbsp;&nbsp; *258660*<br> <sup>(d)(f)(g)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **1111143** |
| **Total Senior Loans (Cost — $12,370,669)** | **Total Senior Loans (Cost — $12,370,669)** | **Total Senior Loans (Cost — $12,370,669)** | **Total Senior Loans (Cost — $12,370,669)** | &nbsp;&nbsp; **12375749** |
| **Convertible Bonds & Notes — 1.2%** | **Convertible Bonds & Notes — 1.2%** | **Convertible Bonds & Notes — 1.2%** | **Convertible Bonds & Notes — 1.2%** | **Convertible Bonds & Notes — 1.2%** |
| **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** |
| *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* |
| &nbsp;&nbsp;&nbsp; Chefs' Warehouse Inc., Senior Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp; 382000<br>| &nbsp;&nbsp;&nbsp; *624952*<br>|
| *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* | *Food Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Post Holdings Inc., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 448000<br>| &nbsp;&nbsp;&nbsp; *506778*<br>|
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **1131730** |
| **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** | **Information Technology — 0.4%** |
| *Software — 0.2%* | *Software — 0.2%* | *Software — 0.2%* | *Software — 0.2%* | *Software — 0.2%* |
| &nbsp;&nbsp;&nbsp; Guidewire Software Inc., Senior Notes | &nbsp;&nbsp; 1.250% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 402000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *461898*<br> <sup>(a)</sup><br>|
| *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Seagate HDD Cayman, Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 6/1/28 | &nbsp;&nbsp; 228000<br>| &nbsp;&nbsp;&nbsp; *442405*<br>|
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **904303** |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| *Health Care REITs — 0.3%* | *Health Care REITs — 0.3%* | *Health Care REITs — 0.3%* | *Health Care REITs — 0.3%* | *Health Care REITs — 0.3%* |
| &nbsp;&nbsp;&nbsp; Welltower OP LLC, Senior Notes | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 313000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **544620**<br> <sup>(a)</sup><br>|
| **Total Convertible Bonds & Notes (Cost — $2,402,133)** | **Total Convertible Bonds & Notes (Cost — $2,402,133)** | **Total Convertible Bonds & Notes (Cost — $2,402,133)** | **Total Convertible Bonds & Notes (Cost — $2,402,133)** | &nbsp;&nbsp; **2580653** |
|  |  |  | Shares |  |
| **Convertible Preferred Stocks — 0.8%** | **Convertible Preferred Stocks — 0.8%** | **Convertible Preferred Stocks — 0.8%** | **Convertible Preferred Stocks — 0.8%** | **Convertible Preferred Stocks — 0.8%** |
| **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** | **Financials — 0.3%** |
| *Financial Services — 0.3%* | *Financial Services — 0.3%* | *Financial Services — 0.3%* | *Financial Services — 0.3%* | *Financial Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Apollo Global Management Inc. | &nbsp;&nbsp; 6.750% |  | &nbsp;&nbsp; 6905 | &nbsp;&nbsp;&nbsp; **526023**<br>|
| **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** | **Industrials — 0.3%** |
| *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* | *Aerospace & Defense — 0.3%* |
| &nbsp;&nbsp;&nbsp; Boeing Co. | &nbsp;&nbsp; 6.000% |  | &nbsp;&nbsp; 9929 | &nbsp;&nbsp;&nbsp; **701980**<br>|
| **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** |
| *Electric Utilities — 0.2%* | *Electric Utilities — 0.2%* | *Electric Utilities — 0.2%* | *Electric Utilities — 0.2%* | *Electric Utilities — 0.2%* |
| &nbsp;&nbsp;&nbsp; NextEra Energy Inc. | &nbsp;&nbsp; 7.299% |  | &nbsp;&nbsp; 3869 | &nbsp;&nbsp;&nbsp; 185867<br>|
| &nbsp;&nbsp;&nbsp; PG&E Corp., Non Voting Shares | &nbsp;&nbsp; 6.000% |  | &nbsp;&nbsp; 5278 | &nbsp;&nbsp;&nbsp; 200617<br>|
| **Total Convertible Preferred Stocks (Cost — $1,421,826)** | **Total Convertible Preferred Stocks (Cost — $1,421,826)** | **Total Convertible Preferred Stocks (Cost — $1,421,826)** | **Total Convertible Preferred Stocks (Cost — $1,421,826)** | &nbsp;&nbsp; **1614487** |
| **Total Investments before Short-Term Investments (Cost — $194,328,250)** | **Total Investments before Short-Term Investments (Cost — $194,328,250)** | **Total Investments before Short-Term Investments (Cost — $194,328,250)** | **Total Investments before Short-Term Investments (Cost — $194,328,250)** | &nbsp;&nbsp; **198195144** |
| **Short-Term Investments — 5.5%** | **Short-Term Investments — 5.5%** | **Short-Term Investments — 5.5%** | **Short-Term Investments — 5.5%** | **Short-Term Investments — 5.5%** |
| &nbsp;&nbsp;&nbsp; Putnam Government Money Market Fund, Class P Shares <br> (Cost — $11,471,374)  | &nbsp;&nbsp; 4.080% |  | &nbsp;&nbsp; 11471374<br>| &nbsp;&nbsp;&nbsp;&nbsp; **11471374**<br> <sup>(i)(j)</sup><br>|
| **Total Investments — 100.1% (Cost — $205,799,624)** | **Total Investments — 100.1% (Cost — $205,799,624)** | **Total Investments — 100.1% (Cost — $205,799,624)** | **Total Investments — 100.1% (Cost — $205,799,624)** | &nbsp;&nbsp; **209666518** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (0.1)% | &nbsp;&nbsp;&nbsp; (219402)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$209447116** |

---

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

See Notes to Schedule of Investments.

------

Putnam ESG High Yield ETF 2025 Quarterly Report

------

 **Putnam ESG High Yield ETF**

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <sup>(b)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(c)</sup> | Payment-in-kind security for which the issuer has the option at each interest payment date of making interest payments in cash or additional securities.  |
| <sup>(d)</sup> | Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published <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>(e)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(f)</sup> | Interest rates disclosed represent the effective rates on senior loans. Ranges in interest rates are attributable to multiple contracts under the same loan. |
| <sup>(g)</sup> | Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower <br> prior to the disposition of a senior loan. <br>|
| <sup>(h)</sup> | All or a portion of this loan has not settled as of July 31, 2025. Interest rates are not effective until settlement date. Interest rates shown, if any, are for the <br> settled portion of the loan.<br>|
| <sup>(i)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |
| <sup>(j)</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 July 31, 2025, the total market value of <br> investments in Affiliated Companies was $11,471,374 and the cost was $11,471,374 (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 |
| PIK |  | Payment-In-Kind |
| SOFR |  | Secured Overnight Financing Rate |
| USD |  | United States Dollar |

---

At July 31, 2025, the Fund had the following open swap contracts:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  | <br> **CENTRALLY CLEARED CREDIT DEFAULT SWAPS ON CREDIT INDICES — SELL PROTECTION**<sup>1</sup>  |
| Reference Entity | Notional <br>Amount<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; Termination <br>Date<br>| &nbsp;&nbsp;&nbsp;&nbsp; Periodic <br>Payments <br>Received by <br>the Fund<sup>†</sup> <br>| &nbsp;&nbsp;&nbsp; Market <br>Value<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; Upfront <br>Premiums <br>Paid <br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;&nbsp; Unrealized <br>Appreciation<br>|
| Markit CDX.NA.HY.44 Index | $3675000 | &nbsp;&nbsp;&nbsp;&nbsp; 6/20/30 | 5.000% quarterly | &nbsp;&nbsp;&nbsp; **$265418** | &nbsp;&nbsp;&nbsp; **$223720** | &nbsp;&nbsp;&nbsp; **$41698** |

---

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

---

| | |
|:---|:---|
| <sup>1</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to <br> the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities <br> comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the <br> recovery value of the referenced obligation or underlying securities comprising the referenced index.<br>|
| <sup>2</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event <br> occurs as defined under the terms of that particular swap agreement.<br>|
| <sup>3</sup> | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the <br> current status of the payment/performance risk and represent the likelihood of an expected loss (or profit) for the credit derivative had the notional amount <br> of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection), when <br> compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of <br> default or other credit event occurring as defined under the terms of the agreement.<br>|
| † | Percentage shown is an annual percentage rate. |

---

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 High Yield ETF 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Putnam ESG High Yield 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 high current income. Capital growth is a secondary goal when consistent with achieving high current income.

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. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade. 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

------

Putnam ESG High Yield ETF 2025 Quarterly Report

------

market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; $181624255 | &nbsp;&nbsp; — | &nbsp;&nbsp; $181624255 |
| &nbsp;&nbsp;&nbsp; Senior Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 12375749 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12375749 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 2580653 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2580653 |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | &nbsp;&nbsp; $1614487 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1614487 |
| Total Long-Term Investments | &nbsp;&nbsp; 1614487 | &nbsp;&nbsp; 196580657 | &nbsp;&nbsp; — | &nbsp;&nbsp; 198195144 |
| Short-Term Investments† | &nbsp;&nbsp; 11471374 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11471374 |
| **Total Investments** | &nbsp;&nbsp; **$13085861** | &nbsp;&nbsp; **$196580657** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$209666518** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Credit Default Swaps on Credit Indices — Sell <br> Protection††<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $41698 | &nbsp;&nbsp; — | &nbsp;&nbsp; $41698 |
| **Total** | &nbsp;&nbsp; **$13085861** | &nbsp;&nbsp; **$196622355** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$209708216** |

---

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

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

**2. Transactions with affiliated company**

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

------

Putnam ESG High Yield ETF 2025 Quarterly Report

------

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

in such company for the period ended July 31, 2025. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>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>| $9487953 | $33543957 | 33543957 | $31560536 | 31560536 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>July 31, <br>2025<br>|
| Putnam Government Money <br> Market Fund, Class P Shares<br>|  | $141110 |  | $11471374 |

---

------

Putnam ESG High Yield ETF 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Putnam ESG High Yield ETF

- **b. EDGAR series identifier (if any):** S000077298

- **c. LEI of Series:** 549300AFYICW7OFX8A68

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

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

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $214929440.69

**Total Liabilities:** $5482324.92

**Net Assets:** $209447115.77

**Delayed Delivery Securities:** $2172731.25

**Cash Not Reported:** $351720.26

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 14.44923000 | **1-Year:** 780.93783000 | **5-Year:** 1900.67584000 | **10-Year:** 28.79957000 | **30-Year:** 0.00000000

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

- **3-Month:** 305.25917000 | **1-Year:** 19558.64622000 | **5-Year:** 35597.53784000 | **10-Year:** 1039.71046000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237595 | 1.80%                | 0.46%                | 0.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $99771.67                | $2037364.19                                |
| Month 2  | $21182.74                | $1888656.46                                |
| Month 3  | $197269.79               | $-498034.76                                |

**Designated Index Information**

- **Index Name:** JPDJHYI

- **Index Identifier:** BM10834

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Klockner Pentaplast of America Inc        | Kleopatra Finco 02/12/26                                                    | CUSIP: 49865NAT7<br>LEI: 5299004QDA11QZOG5N31 | Long             | LON              | CORP              | US        |    280991 | PA      | $258660.35    | 0.12%             | 2026-02-09      | Floating      | 8.74%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                               | Gartner Inc                                                                 | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    355000 | PA      | $332544.94    | 0.16%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                  | Encore Capital Group Inc                                                    | CUSIP: 292554AR3<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |    985000 | PA      | $1043720.50   | 0.50%             | 2030-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                      | Wrangler Holdco Corp                                                        | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $305023.51    | 0.15%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                          | CSC Holdings LLC                                                            | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    550000 | PA      | $553410.55    | 0.26%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| VIASAT INC                                | Viasat Inc                                                                  | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    465000 | PA      | $405460.35    | 0.19%             | 2031-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP                               | McAfee Corp                                                                 | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |    715000 | PA      | $663701.68    | 0.32%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                            | Rocket Cos Inc                                                              | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $816986.56    | 0.39%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES INC                      | Aramark Services Inc                                                        | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    805000 | PA      | $797926.72    | 0.38%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC        | CLEAR CHANNEL OUTDOOR HO                                                    | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |    130000 | PA      | $129988.30    | 0.06%             | 2028-08-23      | Floating      | 8.44%                 | No            |                  2 | On Loan: No      |
| APOLLO CMMRL REAL EST FI                  | Apollo Commercial Real Estate Finance Inc                                   | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |    840000 | PA      | $798610.85    | 0.38%             | 2029-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                       | NCL Corp Ltd                                                                | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    175000 | PA      | $183965.25    | 0.09%             | 2029-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                   | Royal Caribbean Cruises Ltd                                                 | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     60000 | PA      | $61620.30     | 0.03%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                   | Jane Street Group / JSG Finance Inc                                         | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1285000 | PA      | $1275894.88   | 0.61%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                                | Arcosa Inc                                                                  | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1116688.68   | 0.53%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN AQUILA LTD                     | Transocean Aquila Ltd                                                       | CUSIP: 893790AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    101923 | PA      | $103305.46    | 0.05%             | 2028-09-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC                    | CACI International Inc                                                      | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |    655000 | PA      | $670583.11    | 0.32%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| EW SCRIPPS CO                             | EW Scripps Co/The                                                           | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1352854.79   | 0.65%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO                      | Commercial Metals Co                                                        | CUSIP: 201723AR4<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |    350000 | PA      | $324483.04    | 0.15%             | 2032-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                               | Wayfair LLC                                                                 | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    455000 | PA      | $467464.60    | 0.22%             | 2030-09-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                              | US Foods Inc                                                                | CUSIP: 90290MAH4<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1449925.68   | 0.69%             | 2032-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| INSULET CORPORATION                       | Insulet Corp                                                                | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82291.52     | 0.04%             | 2033-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                  | Vistra Operations Co LLC                                                    | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    670000 | PA      | $709645.24    | 0.34%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                    | Adient Global Holdings Ltd                                                  | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    150000 | PA      | $153063.15    | 0.07%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ON SEMICONDUCTOR CORP                     | ON Semiconductor Corp                                                       | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |    575000 | PA      | $556163.35    | 0.27%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                   | Light & Wonder International Inc                                            | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    520000 | PA      | $535007.72    | 0.26%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                  | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                        | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1890000 | PA      | $2011400.37   | 0.96%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                        | Seagate HDD Cayman                                                          | CUSIP: 81180WBL4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |    228000 | PA      | $442405.50    | 0.21%             | 2028-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                         | Newell Brands Inc                                                           | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    380000 | PA      | $369185.01    | 0.18%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MIWD HLDCO II/MIWD FIN                    | MIWD Holdco II LLC / MIWD Finance Corp                                      | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $386508.75    | 0.18%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                     | Caesars Entertainment Inc                                                   | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20408.83     | 0.01%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TGNR INTERMEDIATE HOLDIN                  | TGNR Intermediate Holdings LLC                                              | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |    690000 | PA      | $672689.63    | 0.32%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                         | Post Holdings Inc                                                           | CUSIP: 737446AT1<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    448000 | PA      | $506777.60    | 0.24%             | 2027-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                          | CSC Holdings LLC                                                            | CUSIP: 126307AS6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $184100.74    | 0.09%             | 2028-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                       | Go Daddy Operating Co LLC / GD Finance Co Inc                               | CUSIP: 38016LAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    930000 | PA      | $873729.89    | 0.42%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                      | IHO Verwaltungs GmbH                                                        | CUSIP: 44963BAG3<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    365000 | PA      | $375543.76    | 0.18%             | 2032-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                              | Novelis Corp                                                                | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1225000 | PA      | $1099889.28   | 0.53%             | 2031-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP                          | Boyd Gaming Corp                                                            | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1324838.83   | 0.63%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                             | TransDigm Inc                                                               | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    450000 | PA      | $452616.17    | 0.22%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                     | McGraw-Hill Education Inc                                                   | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    705000 | PA      | $717204.96    | 0.34%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                   | Royal Caribbean Cruises Ltd                                                 | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    780000 | PA      | $793360.13    | 0.38%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                     | Directv Financing LLC / Directv Financing Co-Obligor Inc                    | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $184098.77    | 0.09%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                     | Venture Global Plaquemines LNG LLC                                          | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    115000 | PA      | $126165.57    | 0.06%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TMS INTERNATIONAL CORP                    | TMS International Corp/DE                                                   | CUSIP: 87261QAC7<br>LEI: 549300L4K0F1YF8WKF23 | Long             | DBT              | CORP              | US        |    390000 | PA      | $371637.47    | 0.18%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                       | Sirius XM Radio LLC                                                         | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    235000 | PA      | $223816.94    | 0.11%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                     | McGraw-Hill Education Inc                                                   | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    610000 | PA      | $634607.40    | 0.30%             | 2031-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                  | Electricite de France SA                                                    | CUSIP: 28504KAA5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $229675.00    | 0.11%             | N/A             | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS                    | Adient Global Holdings Ltd                                                  | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    790000 | PA      | $826492.47    | 0.39%             | 2031-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BEACON MOBILITY CORP                      | Beacon Mobility Corp                                                        | CUSIP: 073644AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    770000 | PA      | $785046.05    | 0.37%             | 2030-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                    | Spirit AeroSystems Inc                                                      | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    915000 | PA      | $1007463.62   | 0.48%             | 2030-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| MITER BRAND / MIWD BORR                   | Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC                     | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    505000 | PA      | $515913.05    | 0.25%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                  | CLOUD SOFTWARE G 03/29/29                                                   | CUSIP: 88632NBF6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |    668820 | PA      | $670719.64    | 0.32%             | 2029-03-29      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY INC                          | Viper Energy Inc                                                            | CUSIP: 92763MAA3<br>LEI: 5299009LINL232255G03 | Long             | DBT              | CORP              | US        |    435000 | PA      | $435151.99    | 0.21%             | 2027-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                    | Cogent Communications Group LLC / Cogent Finance Inc                        | CUSIP: 19240WAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1270000 | PA      | $1246165.78   | 0.59%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                  | Connect Finco SARL / Connect US Finco LLC                                   | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1385000 | PA      | $1400319.49   | 0.67%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Shift4 Payments LLC                       | SHIFT4 PMT 05/07/32                                                         | CUSIP: 000000000<br>LEI: 254900GTEMR7L40VPI74 | Long             | LON              | CORP              | US        |     90000 | PA      | $90693.90     | 0.04%             | 2032-07-06      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Bausch + Lomb Corp                        | BAUSCH LOMB 01/15/31                                                        | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |    248638 | PA      | $250005.04    | 0.12%             | 2031-01-15      | Floating      | 8.60%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                  | Hilton Domestic Operating Co Inc                                            | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1251968.75   | 0.60%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANSMISSION INC                  | Allison Transmission Inc                                                    | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    655000 | PA      | $599039.62    | 0.29%             | 2031-01-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Scientific Games Holdings LP              | SCIENTIFIC GAMES 04/04/29                                                   | CUSIP: 80875CAE7<br>LEI: 549300W5GPFXXB6TQ330 | Long             | LON              | CORP              | US        |       436 | PA      | $436.70       | 0.00%             | 2029-04-04      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                       | Station Casinos LLC                                                         | CUSIP: 857691AJ8<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    340000 | PA      | $346956.06    | 0.17%             | 2032-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC/FINANCE CORP                  | Chobani LLC / Chobani Finance Corp Inc                                      | CUSIP: 17027NAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1505000 | PA      | $1569903.13   | 0.75%             | 2029-07-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                  | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer              | CUSIP: 01883LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    430000 | PA      | $442567.61    | 0.21%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                     | Quikrete Holdings Inc                                                       | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    755000 | PA      | $774829.53    | 0.37%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ABC SUPPLY CO INC                         | American Builders & Contractors Supply Co Inc                               | CUSIP: 024747AG2<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |    720000 | PA      | $679305.74    | 0.32%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ZEGONA FINANCE PLC                        | Zegona Finance PLC                                                          | CUSIP: 98927UAA5<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |    595000 | PA      | $634270.00    | 0.30%             | 2029-07-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                    | CCO Holdings LLC / CCO Holdings Capital Corp                                | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    890000 | PA      | $823536.76    | 0.39%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                  | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                        | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $153901.79    | 0.07%             | 2029-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HERENS HOLDCO SARL                        | Herens Holdco Sarl                                                          | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |    400000 | PA      | $349114.20    | 0.17%             | 2028-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                       | Sirius XM Radio LLC                                                         | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    565000 | PA      | $558448.99    | 0.27%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                            | Gray Media Inc                                                              | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    580000 | PA      | $428601.50    | 0.20%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & SONS CO                    | RR Donnelley & Sons Co                                                      | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |   1725000 | PA      | $1764209.25   | 0.84%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD                  | Transocean Titan Financing Ltd                                              | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    285000 | PA      | $292347.87    | 0.14%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd                 | AAdvantage Loyal 05/07/32                                                   | CUSIP: 02376CBT1<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |     24938 | PA      | $25140.12     | 0.01%             | 2032-05-28      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                        | Osaic Holdings Inc                                                          | CUSIP: 00791GAC1<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |    300000 | PA      | $305099.57    | 0.15%             | 2033-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ATI INC                                   | ATI Inc                                                                     | CUSIP: 01741RAM4<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1370014.66   | 0.65%             | 2031-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                    | Venture Global LNG Inc                                                      | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1532987.75   | 0.73%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GMBH                      | IHO Verwaltungs GmbH                                                        | CUSIP: 44963BAF5<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    365000 | PA      | $374948.44    | 0.18%             | 2030-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS                     | Endo Finance Holdings Inc                                                   | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    195000 | PA      | $207690.99    | 0.10%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                            | Gray Media Inc                                                              | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    210000 | PA      | $209081.37    | 0.10%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                    | WESCO Distribution Inc                                                      | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71886.01     | 0.03%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CROCS INC                                 | Crocs Inc                                                                   | CUSIP: 227046AB5<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    305000 | PA      | $276190.40    | 0.13%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                              | Calpine Corp                                                                | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    335000 | PA      | $331333.29    | 0.16%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                    | CCO Holdings LLC / CCO Holdings Capital Corp                                | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    740000 | PA      | $638266.47    | 0.30%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                             | Transdig 01/19/32                                                           | CUSIP: 89364MCD4<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    784075 | PA      | $787207.38    | 0.38%             | 2032-01-20      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                  | Jefferson Capital Holdings LLC                                              | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    735000 | PA      | $767496.56    | 0.37%             | 2030-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                       | Churchill Downs Inc                                                         | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    530000 | PA      | $529085.91    | 0.25%             | 2030-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc        | Clear Channel Ou 08/23/28                                                   | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |    453351 | PA      | $453310.41    | 0.22%             | 2028-08-23      | Floating      | 8.46%                 | No            |                  2 | On Loan: No      |
| NEWS CORP                                 | News Corp                                                                   | CUSIP: 65249BAB5<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63408.96     | 0.03%             | 2032-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                      | OneMain Finance Corp                                                        | CUSIP: 682691AF7<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    640000 | PA      | $667595.74    | 0.32%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                         | Clean Harbors Inc                                                           | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1242528.26   | 0.59%             | 2031-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN                  | Weekley Homes LLC / Weekley Finance Corp                                    | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    660000 | PA      | $635683.82    | 0.30%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                              | US Foods Inc                                                                | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    295000 | PA      | $293024.44    | 0.14%             | 2033-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                     | Caesars Entertainment Inc                                                   | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    825000 | PA      | $780242.68    | 0.37%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                  | Boost Newco Borrower LLC                                                    | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |    265000 | PA      | $280354.37    | 0.13%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA BUYER/ATLANTI                  | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC             | CUSIP: 13005HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1130000 | PA      | $1142298.92   | 0.55%             | 2032-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                             | Carnival Corp                                                               | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    525000 | PA      | $529210.50    | 0.25%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                   | Beach Acquisition Bidco LLC                                                 | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |    795000 | PA      | $830834.47    | 0.40%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                    | Venture Global LNG Inc                                                      | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    265000 | PA      | $289169.06    | 0.14%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                    | Nationstar Mortgage Holdings Inc                                            | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $438919.87    | 0.21%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                  | 1011778 BC ULC / New Red Finance Inc                                        | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    820000 | PA      | $760756.89    | 0.36%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                           | Madison IAQ LLC                                                             | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    755000 | PA      | $735749.09    | 0.35%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO                                | Opal Bidco SAS                                                              | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |   1500000 | PA      | $1515991.20   | 0.72%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                  | Standard Building Solutions Inc                                             | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1287571.32   | 0.61%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                   | UK 02/10/31                                                                 | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    281736 | PA      | $282025.87    | 0.13%             | 2031-02-10      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| Nouryon Finance BV                        | Nouryon F 04/03/28                                                          | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |    445111 | PA      | $445807.64    | 0.21%             | 2028-04-03      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                       | Kinetik Holdings LP                                                         | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |   1720000 | PA      | $1722973.88   | 0.82%             | 2030-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT                     | Banijay Entertainment SAS                                                   | CUSIP: 060335AB2<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |   1255000 | PA      | $1305297.89   | 0.62%             | 2029-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                  | CHS/Community Health Systems Inc                                            | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250549.75    | 0.12%             | 2027-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                  | CHS/Community Health Systems Inc                                            | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1204128.75   | 0.57%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                             | Carnival Corp                                                               | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    515000 | PA      | $523046.88    | 0.25%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                  | Outfront Media Capital LLC / Outfront Media Capital Corp                    | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $138686.23    | 0.07%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                  | Ashton Woods USA LLC / Ashton Woods Finance Co                              | CUSIP: 045086AR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    245000 | PA      | $244676.03    | 0.12%             | 2033-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC                    | Penn Entertainment Inc                                                      | CUSIP: 707569AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $338218.23    | 0.16%             | 2027-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT                  | Apollo Global Management Inc                                                | CUSIP: 03769M304<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |      6905 | NS      | $526022.90    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORP                     | Tenet Healthcare Corp                                                       | CUSIP: 88033GDM9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    425000 | PA      | $410482.00    | 0.20%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                             | Carnival Corp                                                               | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     74000 | PA      | $74784.38     | 0.04%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                  | Discovery Communications LLC                                                | CUSIP: 25470DCA5<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |    520000 | PA      | $484694.60    | 0.23%             | 2029-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| FRONERI US INC                            | FRONERI US INC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    479070 | PA      | $478681.95    | 0.23%             | 2032-07-16      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                  | Sinclair Television Group Inc                                               | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |   1440000 | PA      | $1469735.24   | 0.70%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| DEXKO GLOBAL INC                          | Dexko Global Inc                                                            | CUSIP: 25213YAU9<br>LEI: 549300SMZ4OV1KBH1M19 | Long             | LON              | CORP              | US        |    395000 | PA      | $377584.45    | 0.18%             | 2028-10-04      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| PETSMART INC/PETSMART FI                  | PetSmart Inc / PetSmart Finance Corp                                        | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530000 | PA      | $519340.43    | 0.25%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                         | Iliad Holding SASU                                                          | CUSIP: 449691AG9<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    345000 | PA      | $354535.35    | 0.17%             | 2032-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| EFESTO BIDCO SPA/US LLC                   | Efesto Bidco S.p.A Efesto US LLC                                            | CUSIP: 28201XAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |    645000 | PA      | $659542.26    | 0.31%             | 2032-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                    | Acrisure LLC / Acrisure Finance Inc                                         | CUSIP: 00489LAM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    850000 | PA      | $887445.90    | 0.42%             | 2029-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                     | Caesars Entertainment Inc                                                   | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    975000 | PA      | $1006353.08   | 0.48%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                    | Energizer Holdings Inc                                                      | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    440000 | PA      | $417690.33    | 0.20%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PRECISION DRILLING CORP                   | Precision Drilling Corp                                                     | CUSIP: 740212AL9<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |     68000 | PA      | $68264.70     | 0.03%             | 2026-01-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                   | United Rentals North America Inc                                            | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   1365000 | PA      | $1401244.85   | 0.67%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TTM TECHNOLOGIES INC                      | TTM Technologies Inc                                                        | CUSIP: 87305RAK5<br>LEI: 549300SC4BDOIS008048 | Long             | DBT              | CORP              | US        |    930000 | PA      | $886016.86    | 0.42%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                    | Venture Global LNG Inc                                                      | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    435000 | PA      | $450241.53    | 0.21%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                  | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer              | CUSIP: 01883LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    720000 | PA      | $709601.26    | 0.34%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BOISE CASCADE COMPANY                     | Boise Cascade Co                                                            | CUSIP: 09739DAD2<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | DBT              | CORP              | US        |   1865000 | PA      | $1810766.55   | 0.86%             | 2030-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                 | IQVIA Inc                                                                   | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1252580.10   | 0.60%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                 | PG&E Corp                                                                   | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    955000 | PA      | $916872.39    | 0.44%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                       | Axon Enterprise Inc                                                         | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    255000 | PA      | $261877.42    | 0.13%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                    | CCO Holdings LLC / CCO Holdings Capital Corp                                | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $73125.42     | 0.03%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SITIO ROYAL OP / SIT FIN                  | Sitio Royalties Operating Partnership LP / Sitio Finance Corp               | CUSIP: 82983MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    555000 | PA      | $579532.67    | 0.28%             | 2028-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                  | Standard Building Solutions Inc                                             | CUSIP: 853191AC8<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    560000 | PA      | $565765.92    | 0.27%             | 2033-08-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                  | CLOUD SOFTWARE G 03/29/29                                                   | CUSIP: 88632NBF6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |      1685 | PA      | $1689.46      | 0.00%             | 2029-03-29      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                     | Freedom Mortgage Corp                                                       | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    545000 | PA      | $603347.70    | 0.29%             | 2030-10-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Endo Finance Holdings Inc                 | ENDO FIN HLDG 04/23/31                                                      | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    789935 | PA      | $792798.76    | 0.38%             | 2031-04-23      | Floating      | 8.35%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                          | CSC Holdings LLC                                                            | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    460000 | PA      | $430566.45    | 0.21%             | 2029-01-31      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| American Airlines Inc                     | Amern Airl 06/04/29                                                         | CUSIP: 02376CBM6<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | LON              | CORP              | US        |    138600 | PA      | $138268.05    | 0.07%             | 2029-06-04      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                  | Univision Communications Inc                                                | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    485000 | PA      | $503558.96    | 0.24%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                   | Kodiak Gas Services LLC                                                     | CUSIP: 50012LAC8<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    495000 | PA      | $507405.20    | 0.24%             | 2029-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC                          | Cinemark USA Inc                                                            | CUSIP: 172441BF3<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |    525000 | PA      | $521697.28    | 0.25%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                 | PG&E Corp                                                                   | CUSIP: 69331C306<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EP               | CORP              | US        |      5278 | NS      | $200616.78    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HERC HOLDINGS INC                         | Herc Holdings Inc                                                           | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    500000 | PA      | $518124.50    | 0.25%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Crocs Inc                                 | Croc 02/19/29                                                               | CUSIP: 22704NAF9<br>LEI: 549300B0J6YCXD63OG72 | Long             | LON              | CORP              | US        |     82143 | PA      | $82779.87     | 0.04%             | 2029-02-20      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                   | VZ Secured Financing BV                                                     | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |   1235000 | PA      | $1087378.35   | 0.52%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Putnam Government Money Market Fund       | Putnam Government Money Market Fund                                         | CUSIP: 74680A869<br>LEI: 549300SEUI2XMME8T893 | Long             | STIV             | RF                | US        |  11471374 | NS      | $11471374.06  | 5.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ATHENAHEALTH GROUP INC                    | AthenaHealth Group Inc                                                      | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1033044.50   | 0.49%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN POSEIDON LTD                   | Transocean Poseidon Ltd                                                     | CUSIP: 89383JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    115500 | PA      | $115781.83    | 0.06%             | 2027-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                   | Jane Street Group / JSG Finance Inc                                         | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $327699.52    | 0.16%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                           | Mercer International Inc                                                    | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    275000 | PA      | $277710.68    | 0.13%             | 2028-10-01      | Fixed         | 12.88%                | No            |                  2 | On Loan: No      |
| VIBRANTZ TECH INC                         | Vibrantz Technologies Inc                                                   | CUSIP: 69357VAA3<br>LEI: 549300GYZ1T3S8OPH343 | Long             | DBT              | CORP              | US        |    400000 | PA      | $256402.00    | 0.12%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                 | PG&E Corp                                                                   | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    235000 | PA      | $227358.37    | 0.11%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ARETEC GROUP INC                          | Aretec Group Inc                                                            | CUSIP: 04020JAA4<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |    125000 | PA      | $136458.63    | 0.07%             | 2030-08-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                             | CommScope LLC                                                               | CUSIP: 203372AV9<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    645000 | PA      | $638904.69    | 0.31%             | 2028-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| UKG INC                                   | UKG Inc                                                                     | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |    715000 | PA      | $734512.35    | 0.35%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TEREX CORP                                | Terex Corp                                                                  | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |    175000 | PA      | $170965.73    | 0.08%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                   | BEACH ACQUISITION BIDCO                                                     | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |     24516 | PA      | $24699.45     | 0.01%             | 2032-06-28      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                  | Clear Channel Outdoor Holdings Inc                                          | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    850000 | PA      | $849175.64    | 0.41%             | 2033-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                         | Seagate Data Storage Technology Pte Ltd                                     | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    505000 | PA      | $511414.51    | 0.24%             | 2030-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                       | NCL Corp Ltd                                                                | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    185000 | PA      | $190132.92    | 0.09%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                             | Carnival Corp                                                               | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    235000 | PA      | $239316.01    | 0.11%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                     | Venture Global Plaquemines LNG LLC                                          | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    365000 | PA      | $375705.65    | 0.18%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                              | SM Energy Co                                                                | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    335000 | PA      | $336019.74    | 0.16%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                             | PRA Group Inc                                                               | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1674078.00   | 0.80%             | 2030-01-31      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                  | CHS/Community Health Systems Inc                                            | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    505000 | PA      | $508857.47    | 0.24%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                              | Novelis Corp                                                                | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    360000 | PA      | $371199.96    | 0.18%             | 2030-01-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                  | Fortescue Treasury Pty Ltd                                                  | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    995000 | PA      | $1015511.93   | 0.48%             | 2032-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                          | Welltower OP LLC                                                            | CUSIP: 95041AAB4<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |    313000 | PA      | $544620.00    | 0.26%             | 2028-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                    | Cloud Software Group Inc                                                    | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    495000 | PA      | $500239.58    | 0.24%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                  | Virgin Media Secured Finance PLC                                            | CUSIP: 92769XAR6<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    615000 | PA      | $572456.27    | 0.27%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                    | WESCO Distribution Inc                                                      | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |   1605000 | PA      | $1658061.30   | 0.79%             | 2032-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                       | Sirius XM Radio LLC                                                         | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    455000 | PA      | $401818.89    | 0.19%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                   | SBA Communications Corp                                                     | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |    490000 | PA      | $481863.31    | 0.23%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                            | NRG Energy Inc                                                              | CUSIP: 629377CU4<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    380000 | PA      | $418600.89    | 0.20%             | N/A             | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Clarios Global LP                         | Clarios Gl 01/28/32                                                         | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    524165 | PA      | $524927.66    | 0.25%             | 2032-01-28      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                        | Viking Cruises Ltd                                                          | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    600000 | PA      | $646008.60    | 0.31%             | 2031-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| AHEAD DB HOLDINGS LLC                     | Ahead DB Holdings LLC                                                       | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |    675000 | PA      | $680055.75    | 0.32%             | 2028-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                      | Flutter Treasury DAC                                                        | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $201444.00    | 0.10%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                    | Spirit AeroSystems Inc                                                      | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    170000 | PA      | $179840.96    | 0.09%             | 2029-11-30      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| GUIDEWIRE SOFTWARE INC                    | Guidewire Software Inc                                                      | CUSIP: 40171VAB6<br>LEI: 549300WXSG0J8IXZCK32 | Long             | DBT              | CORP              | US        |    402000 | PA      | $461898.00    | 0.22%             | 2029-11-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| TEREX CORP                                | Terex Corp                                                                  | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |    730000 | PA      | $731841.41    | 0.35%             | 2032-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC                             | LGI Homes Inc                                                               | CUSIP: 50187TAH9<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |    680000 | PA      | $713624.64    | 0.34%             | 2028-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                     | McGraw-Hill Education Inc                                                   | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    225000 | PA      | $224305.56    | 0.11%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                         | Iron Mountain Inc                                                           | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    870000 | PA      | $885458.16    | 0.42%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                    | Cloud Software Group Inc                                                    | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    445000 | PA      | $460838.00    | 0.22%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                     | Tenet Healthcare Corp                                                       | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    725000 | PA      | $732452.28    | 0.35%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY INC                        | NextEra Energy Inc                                                          | CUSIP: 65339F663<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               | CORP              | US        |      3869 | NS      | $185866.76    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BAUSCH + LOMB CORP                        | Bausch + Lomb Corp                                                          | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    165000 | PA      | $172235.25    | 0.08%             | 2028-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| RB GLOBAL HOLDINGS INC                    | RB Global Holdings Inc                                                      | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |   1115000 | PA      | $1169904.83   | 0.56%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                         | Nexstar Media Inc                                                           | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    185000 | PA      | $179963.08    | 0.09%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                   | Royal Caribbean Cruises Ltd                                                 | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    745000 | PA      | $750816.22    | 0.36%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                         | Herc Holdings Inc                                                           | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    135000 | PA      | $139611.68    | 0.07%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                  | Encore Capital Group Inc                                                    | CUSIP: 292554AQ5<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |    380000 | PA      | $400706.56    | 0.19%             | 2029-04-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                         | Herc Holdings Inc                                                           | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    600000 | PA      | $614719.20    | 0.29%             | 2029-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Fortress Intermediate 3 Inc               | FORTRESS INTER 06/27/31                                                     | CUSIP: 34966LAD6<br>LEI: 254900NLAZ3JQJW5JP75 | Long             | LON              | CORP              | US        |    601360 | PA      | $603239.49    | 0.29%             | 2031-06-27      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                  | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer              | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    840000 | PA      | $864466.68    | 0.41%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                  | Builders FirstSource Inc                                                    | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    425000 | PA      | $436283.70    | 0.21%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment LLC/NV             | FERTITTA ENTERTA 01/27/29                                                   | CUSIP: 000000000<br>LEI: 984500A0805D8V551D35 | Long             | LON              | CORP              | US        |    419217 | PA      | $420044.57    | 0.20%             | 2029-01-29      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                             | Carnival Corp                                                               | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    300000 | PA      | $304488.56    | 0.15%             | 2030-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                        | Viking Cruises Ltd                                                          | CUSIP: 92676XAF4<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    980000 | PA      | $988148.70    | 0.47%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                            | Gray Media Inc                                                              | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    525000 | PA      | $529982.95    | 0.25%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                   | MPT Operating Partnership LP / MPT Finance Corp                             | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    925000 | PA      | $962027.75    | 0.46%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                             | COMMSCOPE LLC                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    555000 | PA      | $565481.18    | 0.27%             | 2029-12-17      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                  | Hilton Domestic Operating Co Inc                                            | CUSIP: 432833AR2<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    265000 | PA      | $267191.29    | 0.13%             | 2033-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                       | NCL Corp Ltd                                                                | CUSIP: 62886HBG5<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    160000 | PA      | $169843.20    | 0.08%             | 2029-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                | DaVita Inc                                                                  | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92895.75     | 0.04%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                     | DIRECTV FIN 08/02/29                                                        | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    499373 | PA      | $496179.19    | 0.24%             | 2029-08-02      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| WATCO COS LLC/FINANCE CO                  | Watco Cos LLC / Watco Finance Corp                                          | CUSIP: 941130AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1349952.50   | 0.64%             | 2032-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                      | Taylor Morrison Communities Inc                                             | CUSIP: 87724RAB8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    165000 | PA      | $166512.75    | 0.08%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                         | Herc Holdings Inc                                                           | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    825000 | PA      | $822293.65    | 0.39%             | 2027-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                | Grifols SA                                                                  | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |   1365000 | PA      | $1316089.73   | 0.63%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                               | Wayfair LLC                                                                 | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    685000 | PA      | $698689.73    | 0.33%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HANESBRANDS INC                           | Hanesbrands Inc                                                             | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1064332.95   | 0.51%             | 2031-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                  | Clear Channel Outdoor Holdings Inc                                          | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    655000 | PA      | $619138.18    | 0.30%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                     | Tenet Healthcare Corp                                                       | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    650000 | PA      | $647775.96    | 0.31%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                     | QXO Building Products Inc                                                   | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |   1205000 | PA      | $1243890.17   | 0.59%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HILTON WORLDWIDE FIN LLC                  | Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp                | CUSIP: 432891AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    410000 | PA      | $409840.22    | 0.20%             | 2027-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US                  | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC        | CUSIP: 222070AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1021218.74   | 0.49%             | 2029-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                             | Boeing Co/The                                                               | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |      9929 | NS      | $701980.30    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| LEVI STRAUSS & CO                         | Levi Strauss & Co                                                           | CUSIP: 52736RBJ0<br>LEI: MB0UERO0RDFKU8258G77 | Long             | DBT              | CORP              | US        |    590000 | PA      | $541100.21    | 0.26%             | 2031-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                   | Teva Pharmaceutical Finance Netherlands III BV                              | CUSIP: 88167AAR2<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    855000 | PA      | $968205.42    | 0.46%             | 2031-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| IMOLA MERGER CORP                         | Imola Merger Corp                                                           | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | PA      | $582617.76    | 0.28%             | 2029-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                     | Venture Global Plaquemines LNG LLC                                          | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    115000 | PA      | $124265.38    | 0.06%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Connect Finco SARL                        | Connect Finco 09/27/29                                                      | CUSIP: 000000000<br>LEI: 2594001KNYIQ456J2792 | Long             | LON              | CORP              | LU        |    315375 | PA      | $310101.93    | 0.15%             | 2029-09-28      | Floating      | 8.85%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                            | Bombardier Inc                                                              | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1240000 | PA      | $1284316.36   | 0.61%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                            | Transocean Inc                                                              | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    128000 | PA      | $132820.99    | 0.06%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                      | OneMain Finance Corp                                                        | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    395000 | PA      | $387640.72    | 0.19%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.           | CDS CDX.NA.HY.44.V1                                                         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $286855.67    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| SNAP INC                                  | Snap Inc                                                                    | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1323663.84   | 0.63%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                       | CDW LLC / CDW Finance Corp                                                  | CUSIP: 12513GBF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $308212.84    | 0.15%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Proofpoint Inc                            | Proofpoin 08/31/28                                                          | CUSIP: 74345HAG6<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |    494279 | PA      | $495670.52    | 0.24%             | 2028-08-31      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| XHR LP                                    | XHR LP                                                                      | CUSIP: 98372MAE5<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              | CORP              | US        |    145000 | PA      | $147555.92    | 0.07%             | 2030-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                        | Osaic Holdings Inc                                                          | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |    315000 | PA      | $319051.28    | 0.15%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                         | Newell Brands Inc                                                           | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    675000 | PA      | $647209.24    | 0.31%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WASTE PRO USA INC                         | Waste Pro USA Inc                                                           | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |    440000 | PA      | $457627.72    | 0.22%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                  | RHP Hotel Properties LP / RHP Finance Corp                                  | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $276703.56    | 0.13%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                     | Nabors Industries Inc                                                       | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    495000 | PA      | $397326.11    | 0.19%             | 2031-08-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                    | Acrisure LLC / Acrisure Finance Inc                                         | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    630000 | PA      | $651255.57    | 0.31%             | 2030-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                     | Quikrete Holdings Inc                                                       | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    315000 | PA      | $323268.75    | 0.15%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                     | Directv Financing LLC / Directv Financing Co-Obligor Inc                    | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    370000 | PA      | $357105.86    | 0.17%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Apollo Commercial Real Estate Finance Inc | Apollo Coml Real 06/05/30                                                   | CUSIP: 03768DAE7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | LON              | CORP              | US        |    148000 | PA      | $149110.00    | 0.07%             | 2030-06-13      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                  | JH North America Holdings Inc                                               | CUSIP: 46593WAB1<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    240000 | PA      | $242670.00    | 0.12%             | 2032-07-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                       | Medline Borrower LP                                                         | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    470000 | PA      | $461110.84    | 0.22%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                     | Level 3 Financing Inc                                                       | CUSIP: 527298BZ5<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    310000 | PA      | $349912.50    | 0.17%             | 2030-12-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| DAVITA INC                                | DaVita Inc                                                                  | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    260000 | PA      | $248128.92    | 0.12%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME                     | Six Flags Entertainment Corp                                                | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    655000 | PA      | $668075.11    | 0.32%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                           | Cemex SAB de CV                                                             | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |    485000 | PA      | $495767.00    | 0.24%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                  | Jones Deslauriers Insurance Management Inc                                  | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    545000 | PA      | $575502.96    | 0.27%             | 2030-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC                     | Bath & Body Works Inc                                                       | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    950000 | PA      | $979034.85    | 0.47%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                    | SCIH Salt Holdings Inc                                                      | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    680000 | PA      | $672804.24    | 0.32%             | 2029-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SPECIALTY BUILDING PRODU                  | Specialty Building Products Holdings LLC / SBP Finance Corp                 | CUSIP: 84749AAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $196213.38    | 0.09%             | 2029-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Nouryon Finance BV                        | Nouryon F 04/03/28                                                          | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |    103432 | PA      | $103513.40    | 0.05%             | 2028-04-03      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                | DaVita Inc                                                                  | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1440388.60   | 0.69%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                         | Iron Mountain Inc                                                           | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    665000 | PA      | $657023.46    | 0.31%             | 2032-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO                  | Scientific Games Holdings LP/Scientific Games US FinCo Inc                  | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    490000 | PA      | $472380.83    | 0.23%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                         | Seagate Data Storage Technology Pte Ltd                                     | CUSIP: 81180LAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    545000 | PA      | $488377.05    | 0.23%             | 2029-07-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Filtration Group Corp                     | FILTRATION GROUP 10/21/28                                                   | CUSIP: 31732FAV8<br>LEI: 549300ZA0D9WN5ECE978 | Long             | LON              | CORP              | US        |    179535 | PA      | $180165.95    | 0.09%             | 2028-10-23      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                  | CHS/Community Health Systems Inc                                            | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    375000 | PA      | $265410.23    | 0.13%             | 2030-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| KEDRION SPA                               | Kedrion SpA                                                                 | CUSIP: 49272YAB9<br>LEI: 81560047FA58E1BEDF67 | Long             | DBT              | CORP              | IT        |   1800000 | PA      | $1743201.20   | 0.83%             | 2029-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                     | Caesars Entertainment Inc                                                   | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    510000 | PA      | $492647.45    | 0.24%             | 2032-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                       | Axon Enterprise Inc                                                         | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    330000 | PA      | $337854.46    | 0.16%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ENCINO ACQUISITION PARTN                  | Encino Acquisition Partners Holdings LLC                                    | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |    520000 | PA      | $531050.00    | 0.25%             | 2028-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN                  | Graphic Packaging International LLC                                         | CUSIP: 38869AAD9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1066580.24   | 0.51%             | 2030-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN                  | CQP Holdco LP / BIP-V Chinook Holdco LLC                                    | CUSIP: 12657NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    960000 | PA      | $938526.91    | 0.45%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLIUM SE                            | Constellium SE                                                              | CUSIP: 21039CAA2<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |    970000 | PA      | $961446.06    | 0.46%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                  | RHP Hotel Properties LP / RHP Finance Corp                                  | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255000 | PA      | $263156.43    | 0.13%             | 2028-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                             | Carnival Corp                                                               | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    120000 | PA      | $121139.16    | 0.06%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BIG RIVER STEEL/BRS FIN                   | Big River Steel LLC / BRS Finance Corp                                      | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $265190.77    | 0.13%             | 2029-01-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                               | Avient Corp                                                                 | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    805000 | PA      | $808590.30    | 0.39%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FORTRESS INTERMEDIATE                     | Fortress Intermediate 3 Inc                                                 | CUSIP: 34966MAA0<br>LEI: 254900NLAZ3JQJW5JP75 | Long             | DBT              | CORP              | US        |    430000 | PA      | $451815.19    | 0.22%             | 2031-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                          | GGAM Finance Ltd                                                            | CUSIP: 36170JAC0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    420000 | PA      | $432818.06    | 0.21%             | 2027-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                           | Mercer International Inc                                                    | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    485000 | PA      | $391134.26    | 0.19%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                         | Nexstar Media Inc                                                           | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    665000 | PA      | $664124.99    | 0.32%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                           | CVS Health Corp                                                             | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    970000 | PA      | $1000399.80   | 0.48%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                  | Outfront Media Capital LLC / Outfront Media Capital Corp                    | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | PA      | $356399.66    | 0.17%             | 2030-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                  | Prime Security Services Borrower LLC / Prime Finance Inc                    | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    785000 | PA      | $785740.57    | 0.38%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                              | Novelis Corp                                                                | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    930000 | PA      | $891503.39    | 0.43%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                      | Taylor Morrison Communities Inc                                             | CUSIP: 87724RAJ1<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1027739.86   | 0.49%             | 2030-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                    | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    575000 | PA      | $524232.19    | 0.25%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Viasat Inc                                | VIASA 03/02/29                                                              | CUSIP: 92555WAD7<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |     59086 | PA      | $58458.53     | 0.03%             | 2029-03-05      | Floating      | 8.85%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                       | Medline Borrower LP                                                         | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    505000 | PA      | $481921.55    | 0.23%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                  | Outfront Media Capital LLC / Outfront Media Capital Corp                    | CUSIP: 69007TAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $262726.75    | 0.13%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                  | RHP Hotel Properties LP / RHP Finance Corp                                  | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1070000 | PA      | $1093609.55   | 0.52%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM                      | Taylor Morrison Communities Inc                                             | CUSIP: 87724RAA0<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    380000 | PA      | $383027.49    | 0.18%             | 2027-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                             | FirstCash Inc                                                               | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   1570000 | PA      | $1611377.35   | 0.77%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL HOLDIN                  | Jefferson Capital Holdings LLC                                              | CUSIP: 472481AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    765000 | PA      | $808015.22    | 0.39%             | 2029-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| TOPBUILD CORP                             | TopBuild Corp                                                               | CUSIP: 89055FAC7<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |    685000 | PA      | $632023.95    | 0.30%             | 2032-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                    | CCO Holdings LLC / CCO Holdings Capital Corp                                | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    565000 | PA      | $555290.76    | 0.27%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                  | Olympus Water US Holding Corp                                               | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    540000 | PA      | $566770.50    | 0.27%             | 2028-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                       | MEDLINE BORROW 10/23/28                                                     | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    251227 | PA      | $251733.47    | 0.12%             | 2028-10-23      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                  | CHS/Community Health Systems Inc                                            | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    610000 | PA      | $640275.52    | 0.31%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                    | Nationstar Mortgage Holdings Inc                                            | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1140000 | PA      | $1153578.54   | 0.55%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                     | GFL Environmental Inc                                                       | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |   1210000 | PA      | $1255481.10   | 0.60%             | 2031-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE                   | Teva Pharmaceutical Finance Netherlands III BV                              | CUSIP: 88167AAS0<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |    785000 | PA      | $857000.20    | 0.41%             | 2029-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC                    | Spirit AeroSystems Inc                                                      | CUSIP: 85205TAK6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    445000 | PA      | $438166.94    | 0.21%             | 2028-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                  | Clear Channel Outdoor Holdings Inc                                          | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    290000 | PA      | $298905.03    | 0.14%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATION                        | Kohl's Corp                                                                 | CUSIP: 500255AY0<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |    265000 | PA      | $275587.02    | 0.13%             | 2030-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd                 | Amern Airl 04/20/28                                                         | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    788123 | PA      | $785955.45    | 0.38%             | 2028-04-20      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                      | Chart Industries Inc                                                        | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    135000 | PA      | $144480.10    | 0.07%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CROCS INC                                 | Crocs Inc                                                                   | CUSIP: 227046AA7<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    420000 | PA      | $400056.64    | 0.19%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                  | Builders FirstSource Inc                                                    | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    755000 | PA      | $767049.05    | 0.37%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                    | SCIH Salt Holdings Inc                                                      | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    665000 | PA      | $646279.39    | 0.31%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PetSmart LLC                              | PetSmar 02/11/28                                                            | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    645625 | PA      | $645221.23    | 0.31%             | 2028-02-14      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                     | Freedom Mortgage Holdings LLC                                               | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1207954.20   | 0.58%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                               | Avient Corp                                                                 | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |    740000 | PA      | $760738.50    | 0.36%             | 2030-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Nouryon Finance BV                        | Nouryon F 04/03/28                                                          | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |    120039 | PA      | $120227.17    | 0.06%             | 2028-04-03      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Scientific Games Holdings LP              | SCIENTIFIC GAMES 04/04/29                                                   | CUSIP: 80875CAE7<br>LEI: 549300W5GPFXXB6TQ330 | Long             | LON              | CORP              | US        |    172811 | PA      | $172935.82    | 0.08%             | 2029-04-04      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Rocket Software Inc                       | ROCKET SOFTWAR 11/28/28                                                     | CUSIP: 000000000<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |    405178 | PA      | $406666.98    | 0.19%             | 2028-11-28      | Floating      | 8.60%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H                  | SCIL IV LLC / SCIL USA Holdings LLC                                         | CUSIP: 78397UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $199056.84    | 0.10%             | 2026-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                      | OneMain Finance Corp                                                        | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    350000 | PA      | $361632.25    | 0.17%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                    | CCO Holdings LLC / CCO Holdings Capital Corp                                | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1770000 | PA      | $1683143.82   | 0.80%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CONCENTRA HEALTH SERVICE                  | Concentra Health Services Inc                                               | CUSIP: 20600DAA1<br>LEI: 984500GB84105F75DE32 | Long             | DBT              | CORP              | US        |    610000 | PA      | $627531.55    | 0.30%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                        | Ally Financial Inc                                                          | CUSIP: 36186CBY8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    390000 | PA      | $440813.26    | 0.21%             | 2031-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Vibrantz Technologies Inc                 | PMHC I 04/23/29                                                             | CUSIP: 69346EAG2<br>LEI: 549300GYZ1T3S8OPH343 | Long             | LON              | CORP              | US        |    215640 | PA      | $182934.67    | 0.09%             | 2029-04-23      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| CHEFS' WAREHOUSE THE                      | Chefs' Warehouse Inc/The                                                    | CUSIP: 163086AE1<br>LEI: 549300JYEDC8C547E980 | Long             | DBT              | CORP              | US        |    382000 | PA      | $624952.00    | 0.30%             | 2028-12-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                  | JH North America Holdings Inc                                               | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55222.70     | 0.03%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                    | Mauser Packaging Solutions Holding Co                                       | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1060474.80   | 0.51%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CONSTELLIUM SE                            | Constellium SE                                                              | CUSIP: 21039CAD6<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |    405000 | PA      | $410856.71    | 0.20%             | 2032-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Flash Charm Inc                           | IDER 03/02/28                                                               | CUSIP: 45168RAT0<br>LEI: 549300VQ6S3PWR8NUC48 | Long             | LON              | CORP              | US        |    311845 | PA      | $293385.40    | 0.14%             | 2028-03-02      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Dexko Global Inc                          | DexKo Glo 10/04/28                                                          | CUSIP: 25213YAU9<br>LEI: 549300SMZ4OV1KBH1M19 | Long             | LON              | CORP              | US        |    143517 | PA      | $137188.98    | 0.07%             | 2028-10-04      | Floating      | 8.22%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                         | Newell Brands Inc                                                           | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    275000 | PA      | $288852.72    | 0.14%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ANYWHERE REAL EST/CO-ISS                  | Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp                    | CUSIP: 75606DAS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    427000 | PA      | $409316.82    | 0.20%             | 2030-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PHH ESCROW ISS LCC/PHH C                  | PHH Escrow Issuer LLC/PHH Corp                                              | CUSIP: 716964AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1570000 | PA      | $1574425.83   | 0.75%             | 2029-11-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| ZIGGO BOND CO BV                          | Ziggo Bond Co BV                                                            | CUSIP: 98953GAD7<br>LEI: 213800JYI4P7V5QDOG59 | Long             | DBT              | CORP              | NL        |    425000 | PA      | $371224.62    | 0.18%             | 2030-02-28      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CHOBANI HOLDCO II LLC                     | Chobani Holdco II LLC                                                       | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    156293 | PA      | $168027.48    | 0.08%             | 2029-10-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                   | Light & Wonder International Inc                                            | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    315000 | PA      | $328570.20    | 0.16%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                  | Stonex Escrow Issuer LLC                                                    | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    440000 | PA      | $448222.13    | 0.21%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                     | Venture Global Plaquemines LNG LLC                                          | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    620000 | PA      | $638213.16    | 0.30%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                  | Jones Deslauriers Insurance Management Inc                                  | CUSIP: 48020RAA3<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    475000 | PA      | $505223.30    | 0.24%             | 2030-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| PRECISION DRILLING CORP                   | Precision Drilling Corp                                                     | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $250051.20    | 0.12%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC                       | Rocket Software Inc                                                         | CUSIP: 77314EAA6<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    525000 | PA      | $510975.36    | 0.24%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                    | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc          | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    935000 | PA      | $880403.76    | 0.42%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| IRB Holding Corp                          | IRB Hldg 12/15/27                                                           | CUSIP: 44988LAL1<br>LEI: 549300HVW4WNWYBXN830 | Long             | LON              | CORP              | US        |    181954 | PA      | $182110.06    | 0.09%             | 2027-12-15      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                  | Vistra Operations Co LLC                                                    | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    795000 | PA      | $826539.24    | 0.39%             | 2032-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-24

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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