# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-26-014742
**Filing Date:** 2026-4
**Character Count:** 126637
**Document Hash:** dfc0f914235c257e229c925fa1290710
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-014742.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000940400-26-014742

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**PERIOD START**: 20260531

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 26893170

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

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

## Series and Classes Contracts Data

### Franklin Minnesota Municipal Income ETF (Series ID: S000094556)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000263089 | Franklin Minnesota Municipal Income ETF |  |

## Nport-Ex

Schedule of Investments (unaudited)

February 28, 2026

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

 **Franklin Minnesota Municipal Income ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 96.0%** | **Municipal Bonds — 96.0%** | **Municipal Bonds — 96.0%** | **Municipal Bonds — 96.0%** | **Municipal Bonds — 96.0%** |
| *Guam — 1.5%* | *Guam — 1.5%* | *Guam — 1.5%* | *Guam — 1.5%* | *Guam — 1.5%* |
| &nbsp;&nbsp;&nbsp; Guam Government, GO, Series 2019  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; $335000 | &nbsp;&nbsp;&nbsp; $356331<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Guam Government, Business Privilege Tax Revenue, Series F, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1294539<br>|
| &nbsp;&nbsp;&nbsp; Guam Government, Waterworks Authority Revenue, Water and Wastewater <br> System, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1020661<br>|
| *Total Guam* | *Total Guam* | *Total Guam* | *Total Guam* | &nbsp;&nbsp; *2671531* |
| *Minnesota — 93.4%* | *Minnesota — 93.4%* | *Minnesota — 93.4%* | *Minnesota — 93.4%* | *Minnesota — 93.4%* |
| &nbsp;&nbsp;&nbsp; Anoka-Hennepin, MN, ISD No 11, GO, School Building Bonds, Series A, SD Credit <br> Program  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/1/45 | &nbsp;&nbsp; 4100000 | &nbsp;&nbsp;&nbsp; 3326492<br>|
| &nbsp;&nbsp;&nbsp; Apple Valley, MN, Revenue, Orchard Path Phase II Project, Series 2021  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/61 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 307288<br>|
| &nbsp;&nbsp;&nbsp; Aurora, MN, ISD No 2711, GO, School Building Bonds, CAB, Series B, SD Credit <br> Program  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp; 849518<br>|
| &nbsp;&nbsp;&nbsp; Baytown Township, MN, Charter School Lease Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Croix Preparatory Academy Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 289607<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Croix Preparatory Academy Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; 1415875<br>|
| &nbsp;&nbsp;&nbsp; Bethel, MN, Revenue, Spectrum High School Project, Series A, Refunding  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp; 782986<br>|
| &nbsp;&nbsp;&nbsp; Bloomington, MN, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Improvement Plan Bonds, Series E | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/44 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 201209<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Improvement Plan Bonds, Series E | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/45 | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp; 742323<br>|
| &nbsp;&nbsp;&nbsp; Central Minnesota Region, Municipal Power Agency Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graceworks Lutheran Services, Series 2017, Refunding, AG | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 299504<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Twin Cities Transmission Project, Series 2021, Refunding, AG | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp; 783455<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Twin Cities Transmission Project, Series 2021, Refunding, AG | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 375190<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Twin Cities Transmission Project, Series 2021, Refunding, AG | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 296854<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southeast Twin Cities Transmission Project, Series 2021, Refunding, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp; 345538<br>|
| &nbsp;&nbsp;&nbsp; Chisholm, MN, ISD No 695, GO, School Building Bonds, CAB, Series A, SD Credit <br> Program  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; 400554<br>|
| &nbsp;&nbsp;&nbsp; Cologne, MN, Charter School Lease Revenue, Academy Project, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp; 345185<br>|
| &nbsp;&nbsp;&nbsp; Dakota County, MN, Community Development Agency Revenue, City Apartments <br> Project, Series 2024, FNMA - Collateralized  | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; 1564438<br>|
| &nbsp;&nbsp;&nbsp; Deephaven, MN, Revenue, Eagle Ridge Academy Project, Series A, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500342<br>|
| &nbsp;&nbsp;&nbsp; Duluth, MN, EDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benedictine Health System, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 241012<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benedictine Health System, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp; 835107<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities, Essentia Health Obligated Group, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/43 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2042252<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities, Essentia Health Obligated Group, Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 2/15/58 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1008072<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Luke's Hospital of Duluth Obligated Group, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/38 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 389689<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Luke's Hospital of Duluth Obligated Group, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/15/39 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 233129<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Luke's Hospital of Duluth Obligated Group, Series A, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/15/44 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; 718582<br>|
| &nbsp;&nbsp;&nbsp; Duluth, MN, GO, Series H  | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 2/1/55 | &nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp; 957120<br>|
| &nbsp;&nbsp;&nbsp; Duluth, MN, ISD No 709 Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 1355000 | &nbsp;&nbsp;&nbsp; 1377693<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, Series B, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; 378621<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, Series B, Refunding, SD Credit Program | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/28 | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp; 1455914<br>|
| &nbsp;&nbsp;&nbsp; Forest Lake, MN, Charter School Lease Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakes International Language Academy Project, Series A, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/1/26 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 75035<br>|

---

See Notes to Schedule of Investments.

------

Franklin Minnesota Municipal Income ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Franklin Minnesota Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Minnesota — continued* | *Minnesota — continued* | *Minnesota — continued* | *Minnesota — continued* | *Minnesota — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lakes International Language Academy Project, Series A, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; $250000 | &nbsp;&nbsp;&nbsp; $250251<br>|
| &nbsp;&nbsp;&nbsp; Gibbon, MN, ISD No 2365, GO, School Building Bonds, Series A, SD Credit <br> Program  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/48 | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp; 1928338<br>|
| &nbsp;&nbsp;&nbsp; Ham Lake, MN, Charter School Lease Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davinci Academy Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/47 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 435353<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/36 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 251197<br>|
| &nbsp;&nbsp;&nbsp; Hastings, MN, ISD No 200, GO, School Building Bonds, CAB, Series A, SD Credit <br> Program  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 887876<br>|
| &nbsp;&nbsp;&nbsp; Hennepin County, MN, Regional Railroad Authority, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Tax Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3195128<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Revenue, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/35 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3286583<br>|
| &nbsp;&nbsp;&nbsp; Independence, MN, Revenue, Global Academy Project, Series A, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 512287<br>|
| &nbsp;&nbsp;&nbsp; Lake Crystal, MN, Public Utilities Commission Electric Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp; 319574<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 358610<br>|
| &nbsp;&nbsp;&nbsp; Mankato, MN, ISD No 77, GO, Area Public Schools, Facilities Maintenance Bonds, <br> Blue Earth, Le Sueur and Nicollet Counties, Series A, SD Credit Program  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/41 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 1488977<br>|
| &nbsp;&nbsp;&nbsp; Maple Grove, MN, Health Care Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maple Grove Hospital Corp. Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/30 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 864535<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maple Grove Hospital Corp. Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 508160<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maple Grove Hospital Corp. Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/32 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 507852<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maple Grove Hospital Corp. Series 2017, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1001140<br>|
| &nbsp;&nbsp;&nbsp; Minneapolis, MN, Heath Care System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allina Health System | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/40 | &nbsp;&nbsp; 4510000 | &nbsp;&nbsp;&nbsp; 4537483<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2131846<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 2230000 | &nbsp;&nbsp;&nbsp; 2326647<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 501844<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/44 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250033<br>|
| &nbsp;&nbsp;&nbsp; Minneapolis, MN, Multifamily Tax-Exempt Revenue, Mortgage-Backed Bonds, <br> 14th and Central, LLLP Project, FNMA - Collateralized  | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 2/1/38 | &nbsp;&nbsp; 4506922 | &nbsp;&nbsp;&nbsp; 3781009<br>|
| &nbsp;&nbsp;&nbsp; Minneapolis, MN, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YMCA of the Greater Twin Cities Project, Series 2016 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100439<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; YMCA of the Greater Twin Cities Project, Series 2016 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/31 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100407<br>|
| &nbsp;&nbsp;&nbsp; Minneapolis, MN, School District Credit Enhancement Program, GO, Series A, SD <br> Credit Program  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 1590000 | &nbsp;&nbsp;&nbsp; 1648574<br>|
| &nbsp;&nbsp;&nbsp; Minneapolis, MN, Student Housing Revenue, Riverton Community Housing Project  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/53 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 468330<br>|
| &nbsp;&nbsp;&nbsp; Minneapolis-St. Paul, MN, Metropolitan Airports Commission Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; 840571<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/37 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; 839725<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 1033146<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series A, Refunding | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/1/52 | &nbsp;&nbsp; 2375000 | &nbsp;&nbsp;&nbsp; 2295512<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/52 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2047634<br>|
| &nbsp;&nbsp;&nbsp; Minnesota State Agricultural & Economic Development Board, Health Care <br> Facilities Revenue, HealthPartners Obligated Group  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/54 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2601874<br>|
| &nbsp;&nbsp;&nbsp; Minnesota State HEFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bethel University, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 928604<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carleton College | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 571272<br>|

---

See Notes to Schedule of Investments.

------

Franklin Minnesota Municipal Income ETF 2026 Quarterly Report

------

 **Franklin Minnesota Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Minnesota — continued* | *Minnesota — continued* | *Minnesota — continued* | *Minnesota — continued* | *Minnesota — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carleton College | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/38 | &nbsp;&nbsp; $475000 | &nbsp;&nbsp;&nbsp; $539474<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carleton College | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/39 | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp; 1139311<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carleton College | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/53 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2881907<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carleton College, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 503420<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; College of Saint Benedict, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/36 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp; 407599<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; College of Saint Benedict, Series 8-K | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000440<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; College of Saint Benedict, Series 8-K | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/43 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 906703<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; College of St. Scholastica, Inc., Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1386627<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macalester College, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/1/40 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp; 335694<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macalester College, Refunding | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/1/43 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 284384<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macalester College, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 953968<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint John's University | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 496155<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint John's University | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 182122<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint John's University | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 175961<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint John's University | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/36 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp; 410408<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint John's University | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/38 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp; 232404<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint John's University | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 431584<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/46 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 530659<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Catherine University | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 607157<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Catherine University | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 742913<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Catherine University, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/36 | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp; 920538<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Catherine University, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp; 575154<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Catherine University, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 299725<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Olaf College | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/38 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1909944<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Olaf College | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 5100000 | &nbsp;&nbsp;&nbsp; 4874959<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Olaf College, Series 8N, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; 85724<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of St. Thomas | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1054810<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of St. Thomas, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 1825000 | &nbsp;&nbsp;&nbsp; 1882625<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of St. Thomas, Series A | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 2325000 | &nbsp;&nbsp;&nbsp; 2169325<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of St. Thomas, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/34 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 406313<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of St. Thomas, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 406524<br>|
| &nbsp;&nbsp;&nbsp; Minnesota State HFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA and FNMA Pass-Through Program, Series B, GNMA / FNMA / FHLMC | &nbsp;&nbsp; 2.250% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 75421 | &nbsp;&nbsp;&nbsp; 67397<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing Infrastructure, Series C | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1017142<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities Pass-Through Program, Series I, GNMA / FNMA / <br> FHLMC | &nbsp;&nbsp; 2.800% | &nbsp;&nbsp; 12/1/47 | &nbsp;&nbsp; 132870 | &nbsp;&nbsp;&nbsp; 117966<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1 | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 8/1/45 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp; 170482<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1 | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 102265<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1 | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 8/1/67 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp; 452366<br>|
| &nbsp;&nbsp;&nbsp; Minnesota State Municipal Power Agency Revenue, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250425<br>|
| &nbsp;&nbsp;&nbsp; Minnesota State Office of Higher Education Revenue, Student Loan Program  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/37 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 201831<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Minnesota State, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, State Office Building Project, Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3957077<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, State Office Building Project, Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3366543<br>|
| &nbsp;&nbsp;&nbsp; Moorhead, MN, Education Facilities Revenue, The Concordia College Corporation <br> Project, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500139<br>|

---

See Notes to Schedule of Investments.

------

Franklin Minnesota Municipal Income ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Franklin Minnesota Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Minnesota — continued* | *Minnesota — continued* | *Minnesota — continued* | *Minnesota — continued* | *Minnesota — continued* |
| &nbsp;&nbsp;&nbsp; Mounds View, MN, Multifamily Housing Revenue, Sibley Park/Sibley Court Project  | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; $1500000 | &nbsp;&nbsp;&nbsp; $1511692<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mountain Lake, MN, Electric Revenue Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 331570<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/40 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 174115<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 215215<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 208481<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/50 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp; 544369<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/54 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 658453<br>|
| &nbsp;&nbsp;&nbsp; Northern Municipal Power Agency Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Electric System, Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 204668<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Electric System, Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/32 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; 219932<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Electric System, Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/33 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp; 240263<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Electric System, Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/34 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; 214507<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Electric System, Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 173553<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Electric System, Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; 183596<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Electric System, Series 2023, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/39 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 268321<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minnesota Electric System, Series 2023, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/41 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp; 548224<br>|
| &nbsp;&nbsp;&nbsp; Oakdale, MN, Housing & Health Care Facilities Revenue, Ebenezer Obligated <br> Group, Series A, Refunding  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 12/1/55 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 506200<br>|
| &nbsp;&nbsp;&nbsp; Ramsey County, MN, GO, Capital Improvement Plan, Series A  | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 2/1/39 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp; 583463<br>|
| &nbsp;&nbsp;&nbsp; Ramsey, MN, Charter School Lease Revenue, Pact Charter School Project, Series <br> A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 610997<br>|
| &nbsp;&nbsp;&nbsp; Regents of the University of Minnesota, MN, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 1460000 | &nbsp;&nbsp;&nbsp; 1498268<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/41 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2001813<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp; 1443354<br>|
| &nbsp;&nbsp;&nbsp; Rice County, MN, GO, Public Safety Center Bonds, Series A, Minnesota State <br> Credit Enhancement Program  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/48 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1967830<br>|
| &nbsp;&nbsp;&nbsp; Richfield, MN, ISD No 280, GO, School Building Bonds, Series A, SD Credit <br> Program  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1516082<br>|
| &nbsp;&nbsp;&nbsp; Rochester, MN, Health Care Facilities Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mayo Clinic, Series 2018 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/48 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1464954<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mayo Clinic, Series A | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2000045<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mayo Clinic, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 602104<br>|
| &nbsp;&nbsp;&nbsp; Rochester, MN, ISD No 535, GO, Facilities Maintenance Bonds, Series A, SD <br> Credit Program  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/32 | &nbsp;&nbsp; 1805000 | &nbsp;&nbsp;&nbsp; 1919451<br>|
| &nbsp;&nbsp;&nbsp; Sartell-St. Stephen, MN, ISD No 748, GO, School Building Bonds, CAB, Series B, <br> SD Credit Program  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/34 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 522962<br>|
| &nbsp;&nbsp;&nbsp; Shakopee, MN, ISD No 720, GO, Facilities Maintenance Bonds, CAB, Series C, SD <br> Credit Program  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 3355000 | &nbsp;&nbsp;&nbsp; 2987710<br>|
| &nbsp;&nbsp;&nbsp; South Washington County, MN, ISD, No 833, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facilities Maintenance Bonds, Series A, Refunding, SD Credit Program | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/44 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1992683<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facilities Maintenance Bonds, Series A, Refunding, SD Credit Program | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/46 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1966841<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Southern Minnesota Municipal Power Agency Revenue, Power Supply System, <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/47 | &nbsp;&nbsp; 1815000 | &nbsp;&nbsp;&nbsp; 1848201<br>|
| &nbsp;&nbsp;&nbsp; St. Cloud, MN, Health Care Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centracare Health System, Series 2019, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/49 | &nbsp;&nbsp; 2505000 | &nbsp;&nbsp;&nbsp; 2270949<br>|

---

See Notes to Schedule of Investments.

------

Franklin Minnesota Municipal Income ETF 2026 Quarterly Report

------

 **Franklin Minnesota Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Minnesota — continued* | *Minnesota — continued* | *Minnesota — continued* | *Minnesota — continued* | *Minnesota — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centracare Health System, Series 2024, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/54 | &nbsp;&nbsp; $1500000 | &nbsp;&nbsp;&nbsp; $1548045<br>|
| &nbsp;&nbsp;&nbsp; St. Paul, MN, Housing & Redevelopment Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Children's Health Care, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 533449<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community of Peace Academy Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500280<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fairview Health Services, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/36 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1006663<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fairview Health Services, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1004785<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hmong College Prep Academy Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2334277<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Classical Academy Project, Series 2016, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 445453<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Classical Academy Project, Series 2021, Refunding | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 9/1/26 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 79242<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Classical Academy Project, Series 2025, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 425156<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Classical Academy Project, Series 2025, Refunding | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 9/1/65 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1001636<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 659778<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twin Cities German Immersion School Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp; 420328<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twin Cities German Immersion School Project, Series A, Refunding | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 7/1/65 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 501162<br>|
| &nbsp;&nbsp;&nbsp; St. Paul, MN, Port Authority District Energy Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3 | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1037951<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1913359<br>|
| &nbsp;&nbsp;&nbsp; St. Paul, MN, Port Authority Lease Revenue, Regions Hospital Parking Ramp <br> Project, Series 2007-1  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 600562<br>|
| &nbsp;&nbsp;&nbsp; Stillwater, MN, ISD, No 834, GO, School Building and Facilities Maintenance <br> Bonds, Series A, SD Credit Program  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/44 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1517307<br> <sup>(e)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wadena, MN, Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancer Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/31 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp; 441269<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancer Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/32 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp; 412758<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancer Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp; 439954<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancer Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/34 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp; 529787<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cancer Center Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/45 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp; 1993133<br>|
| &nbsp;&nbsp;&nbsp; Waite Park, MN, GO, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/50 | &nbsp;&nbsp; 2095000 | &nbsp;&nbsp;&nbsp; 2204722<br>|
| &nbsp;&nbsp;&nbsp; Warren, MN, Warren-Alvarado-Oslo, ISD No 2176, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Building Bonds, Series A, SD Credit Program | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/1/36 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 632061<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Building Bonds, Series A, SD Credit Program | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/1/39 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1312102<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; School Building Bonds, Series A, SD Credit Program | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/1/40 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp; 1129565<br>|
| &nbsp;&nbsp;&nbsp; Western, MN, Municipal Power Agency Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3554179<br>|
| &nbsp;&nbsp;&nbsp; Winona, MN, ISD No 861, GO, Facilities Maintenance Bonds, Series A, SD Credit <br> Program  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp; 1143130<br>|
| &nbsp;&nbsp;&nbsp; Wright County, MN, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Improvement Bonds, Series A | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp; 2057277<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Improvement Bonds, Series A | &nbsp;&nbsp; 3.450% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 1680000 | &nbsp;&nbsp;&nbsp; 1683353<br>|
| &nbsp;&nbsp;&nbsp; Wright County, MN, Revenue, COP, Series A  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/39 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 1005329<br>|
| *Total Minnesota* | *Total Minnesota* | *Total Minnesota* | *Total Minnesota* | &nbsp;&nbsp; *171746477* |
| *New Jersey — 0.1%* | *New Jersey — 0.1%* | *New Jersey — 0.1%* | *New Jersey — 0.1%* | *New Jersey — 0.1%* |
| &nbsp;&nbsp;&nbsp; New Jersey State EDA Revenue, Private Activity-The Goethals Bridge <br> Replacement Project | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; *260338*<br> <sup>(a)</sup><br>|
| *Ohio — 0.1%* | *Ohio — 0.1%* | *Ohio — 0.1%* | *Ohio — 0.1%* | *Ohio — 0.1%* |
| &nbsp;&nbsp;&nbsp; Warren County, OH, Healthcare Facilities Revenue, Otterbein Homes Obligated <br> Group, Series 2016, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; *250929*<br>|

---

See Notes to Schedule of Investments.

------

Franklin Minnesota Municipal Income ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Franklin Minnesota Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Puerto Rico — 0.3%* | *Puerto Rico — 0.3%* | *Puerto Rico — 0.3%* | *Puerto Rico — 0.3%* | *Puerto Rico — 0.3%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth, GO, Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp; $*501033*<br>|
| *Washington — 0.6%* | *Washington — 0.6%* | *Washington — 0.6%* | *Washington — 0.6%* | *Washington — 0.6%* |
| &nbsp;&nbsp;&nbsp; Grays Harbor County, WA, Public Hospital District No 1 Revenue, Summit Pacific <br> Medical Center, Series 2023, Refunding | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; *1126246*<br>|
| **Total Investments before Short-Term Investments (Cost — $175,585,674)** | **Total Investments before Short-Term Investments (Cost — $175,585,674)** | **Total Investments before Short-Term Investments (Cost — $175,585,674)** | **Total Investments before Short-Term Investments (Cost — $175,585,674)** | &nbsp;&nbsp; **176556554** |
|  |  |  | Shares |  |
| **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** |
| &nbsp;&nbsp;&nbsp; Putnam Government Money Market Fund, Class P Shares (Cost — $11,026,173)  | &nbsp;&nbsp; 3.450% |  | &nbsp;&nbsp; 11026173<br>| &nbsp;&nbsp;&nbsp;&nbsp; **11026173**<br> <sup>(f)(g)</sup><br>|
| **Total Investments — 102.0% (Cost — $186,611,847)** | **Total Investments — 102.0% (Cost — $186,611,847)** | **Total Investments — 102.0% (Cost — $186,611,847)** | **Total Investments — 102.0% (Cost — $186,611,847)** | &nbsp;&nbsp; **187582727** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (2.0)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (2.0)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (2.0)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (2.0)% | &nbsp;&nbsp;&nbsp; (3631997)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$183950730** |

---

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

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

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

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

<sup>(d)</sup> Variable rate security. Interest rate disclosed is as of the most recent information available. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>(e)</sup> Securities traded on a when-issued or delayed delivery basis.

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

<sup>(g)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At February 28, 2026, the total market value of investments in Affiliated Companies was $11,026,173 and the cost was $11,026,173 (Note 2). 

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AG |  | Assured Guaranty — Insured Bonds |
| BAM |  | Build America Mutual — Insured Bonds |
| CAB |  | Capital Appreciation Bonds |
| COP |  | Certificates of Participation |
| EDA |  | Economic Development Authority |
| FHLMC |  | Federal Home Loan Mortgage Corporation |
| FNMA |  | Federal National Mortgage Association |
| GNMA |  | Government National Mortgage Association |
| GO |  | General Obligation |
| HEFA |  | Health & Educational Facilities Authority |
| HFA |  | Housing Finance Agency |
| ISD |  | Independent School District |
| SD |  | School District |

---

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

See Notes to Schedule of Investments.

------

Franklin Minnesota Municipal Income ETF 2026 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

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

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

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

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

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

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

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

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

------

Franklin Minnesota Municipal Income ETF 2026 Quarterly Report

------

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

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Municipal Bonds† | &nbsp;&nbsp; — | &nbsp;&nbsp; $176556554 | &nbsp;&nbsp; — | &nbsp;&nbsp; $176556554 |
| Short-Term Investments† | &nbsp;&nbsp; $11026173 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11026173 |
| **Total Investments** | &nbsp;&nbsp; **$11026173** | &nbsp;&nbsp; **$176556554** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$187582727** |

---

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

† See Schedule of Investments for additional detailed categorizations.

**2. Transactions with affiliated companies**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>|  | $21142587 | 21142587 | $10116414 | 10116414 |
| Putnam Short Term <br> Investment Fund, Class P <br> Shares<br>| $294455 | 17147456 | 17147456 | 17441911 | 17441911 |
|  | **$294455** | **$38290043** |  | **$27558325** |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>February 28, <br>2026<br>|
| Putnam Government Money <br> Market Fund, Class P Shares<br>|  | $41982 |  | $11026173 |

---

------

Franklin Minnesota Municipal Income ETF 2026 Quarterly Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized<br> Gain (Loss)<br>| Dividend<br> Income<br>| Net Increase<br> (Decrease) in<br> Unrealized<br> Appreciation<br> (Depreciation)<br>| Affiliate<br> Value at<br> February 28,<br> 2026<br>|
| Putnam Short Term Investment <br> Fund, Class P Shares<br>|  | $28700 |  |  |
|  | **—** | **$70682** | **—** | **$11026173** |

---

------

Franklin Minnesota Municipal Income ETF 2026 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

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

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

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

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

- **b. EDGAR series identifier (if any):** S000094556

- **c. LEI of Series:** 2549009A3WJBXJJYGP93

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $187532412.01

**Total Liabilities:** $3589385.42

**Net Assets:** $183943026.59

**Delayed Delivery Securities:** $3467005.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 145.59900000 | **1-Year:** 5541.52717000 | **5-Year:** 30614.02222000 | **10-Year:** 73326.13524000 | **30-Year:** 1952.92412000

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

- **3-Month:** 50.58106000 | **1-Year:** 216.61343000 | **5-Year:** 1858.95623000 | **10-Year:** 7153.95847000 | **30-Year:** 72.15299000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000263089 | 0.16%                | 0.68%                | 1.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2304.65                | $-71494.60                                 |
| Month 2  | $37037.99                | $466340.03                                 |
| Month 3  | $643.22                  | $1959752.91                                |

**Designated Index Information**

- **Index Name:** BTMNTR Index

- **Index Identifier:** BM10506

### Schedule of Portfolio Investments

| Name                                                 | Title                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| REGENTS OF THE UNIVERSITY OF MINNESOTA (MN)          | MN UNIHGR 5 04/01/2041              | CUSIP: 914460PJ3<br>LEI: 5493008DXSHLQ88T7F63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001813.00   | 1.09%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MINN                                       | MN DPHEDU 5.25 07/01/2040           | CUSIP: 24380HAR3<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500342.15    | 0.27%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 4 12/01/2040              | CUSIP: 60416JCX6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1386627.15   | 0.75%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MINN                                     | MN FLVEDU 4.5 08/01/2026            | CUSIP: 345856AE8<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75035.45     | 0.04%             | 2026-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WARREN / ALVARADO / OSLO MINN INDPT SCH DIST NO 2176 | MN WAOSCD 3.25 02/01/2036           | CUSIP: 934664CA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $632060.56    | 0.34%             | 2036-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ST PAUL MINN HSG & REDEV AUTH                        | MN STPMED 4 11/15/2036              | CUSIP: 792909FJ7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006663.30   | 0.55%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OAKDALE MINN                                         | MN OKDMED 5.75 12/01/2055           | CUSIP: 67208TAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506199.90    | 0.28%             | 2055-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 4 03/01/2048              | CUSIP: 60416H6L3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $953968.10    | 0.52%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MINN ECONOMIC DEV AUTH                        | MN DULDEV 5.25 02/15/2058           | CUSIP: 26444CHF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008072.50   | 0.55%             | 2058-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NORTHERN MUN PWR AGY MINN                            | MN NORPWR 5 01/01/2039              | CUSIP: 665444LQ6<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    250000 | PA      | $268321.08    | 0.15%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 3 10/01/2036              | CUSIP: 60416JEL0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    420000 | PA      | $410407.70    | 0.22%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 5 10/01/2049              | CUSIP: 60416JHZ6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1882625.11   | 1.02%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 5 03/01/2038              | CUSIP: 60416JHE3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    475000 | PA      | $539473.84    | 0.29%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS & ST PAUL MINN MET ARPTS COMMN           | MN MINAPT 5 01/01/2037              | CUSIP: 603827YY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $839724.68    | 0.46%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MINN                                          | MN BETEDU 4.25 07/01/2047           | CUSIP: 086759AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $782985.74    | 0.43%             | 2047-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 4 10/01/2034              | CUSIP: 60416JEJ5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    175000 | PA      | $182121.63    | 0.10%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MINN ECONOMIC DEV AUTH                        | MN DULDEV 4 07/01/2041              | CUSIP: 26444VAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $835107.26    | 0.45%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTERN MINN MUN PWR AGY MINN                        | MN WESPWR 5 01/01/2049              | CUSIP: 958697KL7<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3554178.95   | 1.93%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST PAUL MINN HSG & REDEV AUTH                        | MN STPHSG 5 09/01/2055              | CUSIP: 852297DB3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2334276.75   | 1.27%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MINN                                       | MN ROCMED 5 11/15/2036              | CUSIP: 771902HE6<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $602103.65    | 0.33%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN LAKE MINN                                   | MN MTLPWR 5 12/01/2040              | CUSIP: 624165FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $174115.12    | 0.09%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN MUN PWR AGY MINN                            | MN NORPWR 5 01/01/2035              | CUSIP: 665444KX2<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    170000 | PA      | $173553.39    | 0.09%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL MINN MUN PWR AGY                             | MN CMNPWR 3 01/01/2037              | CUSIP: 154136BB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $296853.60    | 0.16%             | 2037-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT                                            | GU GMSFAC 5 11/15/2031              | CUSIP: 40065BCQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $356331.46    | 0.19%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANOKA-HENNEPIN MINN INDPT SCH DIST NO 11             | MN ANOSCD 3 02/01/2045              | CUSIP: 0363034T9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $3326492.36   | 1.81%             | 2045-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ST PAUL MINN HSG & REDEV AUTH                        | MN STPHSG 5 07/01/2033              | CUSIP: 852297AL4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    420000 | PA      | $420327.81    | 0.23%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL MINN MUN PWR AGY                             | MN CMNPWR 3 01/01/2034              | CUSIP: 154136AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $783455.24    | 0.43%             | 2034-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST OFFICE OF HIGHER ED                     | MN MNSHGR 4 11/01/2037              | CUSIP: 60416MBL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201831.30    | 0.11%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS & ST PAUL MINN MET ARPTS COMMN           | MN MINAPT 5 01/01/2036              | CUSIP: 603827YX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $840571.05    | 0.46%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNDS VIEW MINN                                     | MN MBDMFH 03/01/2046                | CUSIP: 620646AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1511692.05   | 0.82%             | 2046-03-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| DULUTH MINN ECONOMIC DEV AUTH                        | MN DULDEV 4 06/15/2038              | CUSIP: 26444CKE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $389688.90    | 0.21%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RICHFIELD MINN INDPT SCH DIST NO 280                 | MN RICSCD 4 02/01/2036              | CUSIP: 763342TW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516081.95   | 0.82%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 4 10/01/2037              | CUSIP: 60416JBG4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    580000 | PA      | $575154.16    | 0.31%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY OHIO                                     | OH WARMED 5 07/01/2040              | CUSIP: 93515PCS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250929.05    | 0.14%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MINN INDPT SCH DIST NO 709                    | MN DULEDU 4 03/01/2032              | CUSIP: 264474JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1377692.86   | 0.75%             | 2032-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN MUN PWR AGY MINN                            | MN NORPWR 5 01/01/2032              | CUSIP: 665444KU8<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    215000 | PA      | $219932.32    | 0.12%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST PAUL MINN HSG & REDEV AUTH                        | MN STPHSG 6.12 07/01/2065           | CUSIP: 852297EE6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501162.40    | 0.27%             | 2065-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MINN PORT AUTH DIST                       | MN STPTRN 4.75 10/01/2043           | CUSIP: 79308GAP2<br>LEI: 549300XSRDPV7OLEL437 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037951.50   | 0.56%             | 2043-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MINN                                        | MN HAMEDU 5 11/01/2036              | CUSIP: 406511AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251196.90    | 0.14%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MINN ECONOMIC DEV AUTH                        | MN DULDEV 4 07/01/2036              | CUSIP: 26444VAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $241012.18    | 0.13%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WARREN / ALVARADO / OSLO MINN INDPT SCH DIST NO 2176 | MN WAOSCD 3.5 02/01/2039            | CUSIP: 934664CD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1312101.83   | 0.71%             | 2039-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN LAKE MINN                                   | MN MTLPWR 5 12/01/2054              | CUSIP: 624165FQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $658453.12    | 0.36%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 5 03/01/2037              | CUSIP: 60416HX82<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000440.40   | 0.54%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WADENA MINN                                          | MN WCCGEN 5 12/01/2031              | CUSIP: 930256AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $441268.72    | 0.24%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WRIGHT CNTY MINN                                     | MN WRIGEN 3 12/01/2039              | CUSIP: 982276AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1005329.01   | 0.55%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APPLE VALLEY MINN                                    | MN APPHSG 4 09/01/2061              | CUSIP: 03800RBG0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    400000 | PA      | $307288.32    | 0.17%             | 2061-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                             | MN MNSHSG 5.15 08/01/2067           | CUSIP: 60416URN7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    445000 | PA      | $452366.09    | 0.25%             | 2067-08-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 4 03/01/2037              | CUSIP: 60416H3P7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503419.60    | 0.27%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RICE CNTY MINN                                       | MN RCE 4 02/01/2048                 | CUSIP: 762698LA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1967829.80   | 1.07%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MINN PORT AUTH DIST                       | MN STPTRN 5 10/01/2044              | CUSIP: 79308GBA4<br>LEI: 549300XSRDPV7OLEL437 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1913358.78   | 1.04%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MINN                                     | MN MINGEN 4 06/01/2027              | CUSIP: 603786JJ4<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100439.48    | 0.05%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MINN                                     | MN MINMFH 2.35 02/01/2038           | CUSIP: 603767PE8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   4512485 | PA      | $3785676.17   | 2.06%             | 2038-02-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MINN                                     | MN MINMED 4 11/15/2038              | CUSIP: 60374VED1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501843.50    | 0.27%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MINN HEALTH CARE FACS                    | MN MGRMED 4 05/01/2037              | CUSIP: 56516TBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001139.60   | 0.54%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST PAUL MINN PORT AUTH                               | MN STPTRN 5 08/01/2036              | CUSIP: 79304NFW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600561.90    | 0.33%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL MINN MUN PWR AGY                             | MN CMNPWR 3 01/01/2035              | CUSIP: 154136AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $375190.16    | 0.20%             | 2035-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 4.12 10/01/2053           | CUSIP: 60416JJA9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2169324.98   | 1.18%             | 2053-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MINN CMNTY DEV AGY                       | MN DAKMFH 4.2 05/01/2043            | CUSIP: 23409VFP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1564437.63   | 0.85%             | 2043-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MOORHEAD MINN EDL FACS                               | MN MOOEDU 5 12/01/2040              | CUSIP: 61615DBT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500138.65    | 0.27%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                             | MN MNSHSG 5.1 08/01/2055            | CUSIP: 60416URM9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102265.23    | 0.06%             | 2055-08-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 4 10/01/2036              | CUSIP: 60416JBF6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    920000 | PA      | $920537.92    | 0.50%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WARREN / ALVARADO / OSLO MINN INDPT SCH DIST NO 2176 | MN WAOSCD 3.62 02/01/2040           | CUSIP: 934664CE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1129565.25   | 0.61%             | 2040-02-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NORTHERN MUN PWR AGY MINN                            | MN NORPWR 5 01/01/2033              | CUSIP: 665444KV6<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    235000 | PA      | $240263.44    | 0.13%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STILLWATER MINN INDPT SCH DIST NO 834                | MN STISCD 4 02/01/2044              | CUSIP: 860758TY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1517306.70   | 0.82%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAMSEY CNTY MINN                                     | MN RAM 3.38 02/01/2039              | CUSIP: 751622XA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $583462.72    | 0.32%             | 2039-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MINN                                   | MN HEN 5 12/15/2035                 | CUSIP: 425507LC2<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3286582.80   | 1.79%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST PAUL MINN HSG & REDEV AUTH                        | MN STPHSG 5 12/01/2037              | CUSIP: 852297BH2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500279.95    | 0.27%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MINN INDPT SCH DIST NO 709                    | MN DULEDU 5 02/01/2027              | CUSIP: 264474HL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $378620.70    | 0.21%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAYTOWN TWP MINN                                     | MN BYTGEN 4 08/01/2041              | CUSIP: 073225AX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1415874.78   | 0.77%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AURORA MINN INDPT SCH DIST NO 2711                   | MN AURSCD 0 02/01/2029              | CUSIP: 051820FF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $849517.76    | 0.46%             | 2029-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WADENA MINN                                          | MN WCCGEN 5 12/01/2032              | CUSIP: 930256AG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $412758.21    | 0.22%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MINN INDPT SCH DIST NO 709                    | MN DULEDU 5 02/01/2028              | CUSIP: 264474HM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1455913.94   | 0.79%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MINN                                          | MN DUL 4.25 02/01/2055              | CUSIP: 264439HX1<br>LEI: 54930056ACOJTRDUDE38 | Long             | DBT              | MUN               | US        |    960000 | PA      | $957119.90    | 0.52%             | 2055-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CENTRAL MINN MUN PWR AGY                             | MN CMNPWR 4 01/01/2042              | CUSIP: 154136BD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $345537.92    | 0.19%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WAITE PARK MINN                                      | MN WAI 5 12/15/2050                 | CUSIP: 930727P97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2204721.64   | 1.20%             | 2050-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST PAUL MINN HSG & REDEV AUTH                        | MN STPHSG 2 09/01/2026              | CUSIP: 852297DL1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |     80000 | PA      | $79241.78     | 0.04%             | 2026-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 4 10/01/2026              | CUSIP: 60416HY99<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85724.47     | 0.05%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HASTINGS MINN INDPT SCH DIST NO 200                  | MN HASSCD 0 02/01/2030              | CUSIP: 418542PR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $887875.70    | 0.48%             | 2030-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LAKE CRYSTAL (MN), CITY OF                           | MN LCYUTL 5 12/01/2050              | CUSIP: 509539CC4<br>LEI: 54930017HBG0X5IH1H64 | Long             | DBT              | MUN               | US        |    310000 | PA      | $319573.76    | 0.17%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 3 10/01/2038              | CUSIP: 60416JCY4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1909944.40   | 1.04%             | 2038-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MINN                                     | MN MINMED 5 11/15/2034              | CUSIP: 60374VDZ3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2326647.31   | 1.26%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS & ST PAUL MINN HSG & REDEV AUTH          | MN MINMED 5 08/15/2044              | CUSIP: 603695KF3<br>LEI: 549300KIIPBGID7OQ807 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533449.15    | 0.29%             | 2044-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MINN                                     | MN FLVEDU 5.5 08/01/2036            | CUSIP: 345856AH1<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250251.25    | 0.14%             | 2036-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ST PAUL MINN HSG & REDEV AUTH                        | MN STPHSG 4 09/01/2036              | CUSIP: 852297BX7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    450000 | PA      | $445452.84    | 0.24%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST CLOUD MINN                                        | MN SUDMED 4 05/01/2049              | CUSIP: 78916VDW7<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2270948.58   | 1.23%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAMSEY MINN                                          | MN RAMEDU 5 06/01/2032              | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |    600000 | PA      | $610996.56    | 0.33%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 3 03/01/2040              | CUSIP: 60416JDV9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    360000 | PA      | $335693.59    | 0.18%             | 2040-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 5 10/01/2040              | CUSIP: 60416JCC2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054810.40   | 0.57%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH                                | GU GMSUTL 5 01/01/2050              | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020661.10   | 0.55%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Putnam Investment Fund.                              | Putnam Investment Fund. GOVT MMKT P | CUSIP: 74680A869<br>LEI: 549300SRAF55EHI5J317 | Long             | STIV             | RF                | US        |  11026173 | PA      | $11026173.04  | 5.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOOMINGTON MINN                                     | MN BLO 4 02/01/2044                 | CUSIP: 0947808L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201209.10    | 0.11%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                             | MN MNSHSG 2.25 12/01/2042           | CUSIP: 60416QFU3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |     75422 | PA      | $67396.61     | 0.04%             | 2042-12-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MINN                                     | MN MINSTD 5 08/01/2053              | CUSIP: 60379NCL8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $468329.65    | 0.25%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAYS HARBOR COUNTY PUBLIC UTILITY DISTRICT N.1 (WA) | WA GRHMED 6.75 12/01/2044           | CUSIP: 389526AG9<br>LEI: TBI9VVSY0W0HBJJJJM65 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126246.20   | 0.61%             | 2044-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                         | NJ NJSDEV 5.38 01/01/2043           | CUSIP: 6459182D4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260337.40    | 0.14%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 4 10/01/2039              | CUSIP: 60416JEP1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    425000 | PA      | $431584.27    | 0.23%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MINN                                       | MN ROCMED 4.38 11/15/2053           | CUSIP: 771902HQ9<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000045.20   | 1.09%             | 2053-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MINNESOTA AGRIC & ECONOMIC DEV BRD                   | MN MNSAGR 5.25 01/01/2054           | CUSIP: 6049203E6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2601874.50   | 1.41%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 5 05/01/2047              | CUSIP: 60416H3Z5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $928604.30    | 0.50%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 4 03/01/2043              | CUSIP: 60416HX90<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906702.50    | 0.49%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MINN HEALTH CARE FACS                    | MN MGRMED 5 05/01/2030              | CUSIP: 56516TBP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $864534.75    | 0.47%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN MUN PWR AGY MINN                            | MN NORPWR 5 01/01/2031              | CUSIP: 665444KT1<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    200000 | PA      | $204668.04    | 0.11%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 3 10/01/2038              | CUSIP: 60416JEN6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    245000 | PA      | $232404.28    | 0.13%             | 2038-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ST PAUL MINN HSG & REDEV AUTH                        | MN STPHSG 5.62 09/01/2065           | CUSIP: 852297EH9<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001635.90   | 0.54%             | 2065-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                             | MN MNSHSG 4 08/01/2039              | CUSIP: 60416S2F6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017141.70   | 0.55%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN LAKE MINN                                   | MN MTLPWR 5 12/01/2037              | CUSIP: 624165FH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $331569.69    | 0.18%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WRIGHT CNTY MINN                                     | MN WRI 3.45 12/01/2037              | CUSIP: 982271SE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1683353.11   | 0.92%             | 2037-12-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN LAKE MINN                                   | MN MTLPWR 5 12/01/2050              | CUSIP: 624165FP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $544368.92    | 0.30%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARTELL INDEPENDENT SCHOOL DISTRICT N.748 (MN)       | MN SARSCD 0 02/01/2034              | CUSIP: 803820LC1<br>LEI: 5493000PV4ZFGHUOYJ38 | Long             | DBT              | MUN               | US        |    700000 | PA      | $522961.53    | 0.28%             | 2034-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH WASHINGTON CNTY INDPT SCH DIST NO 833 MINN     | MN SWHSCD 4 02/01/2046              | CUSIP: 840610WD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1966841.40   | 1.07%             | 2046-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 5 03/01/2037              | CUSIP: 60416JHD5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $571271.50    | 0.31%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE CRYSTAL (MN), CITY OF                           | MN LCYUTL 5 12/01/2055              | CUSIP: 509539CD2<br>LEI: 54930017HBG0X5IH1H64 | Long             | DBT              | MUN               | US        |    350000 | PA      | $358610.11    | 0.19%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MINN                                        | MN HAMEDU 5 07/01/2047              | CUSIP: 406511AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $435353.45    | 0.24%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLOOMINGTON MINN                                     | MN BLO 4 02/01/2045                 | CUSIP: 0947808M8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $742322.92    | 0.40%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLOGNE MINN                                         | MN CLGEDU 5 07/01/2034              | CUSIP: 195239AJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $345185.30    | 0.19%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGENTS OF THE UNIVERSITY OF MINNESOTA (MN)          | MN UNIHGR 5 09/01/2040              | CUSIP: 914460QJ2<br>LEI: 5493008DXSHLQ88T7F63 | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1498267.91   | 0.81%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 4 10/01/2035              | CUSIP: 60416H8E7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    400000 | PA      | $406524.08    | 0.22%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST MUN PWR AGY                             | MN MNSPWR 5 10/01/2033              | CUSIP: 60412PDX5<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250424.95    | 0.14%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MINN                                     | MN MINMED 5 11/15/2044              | CUSIP: 60374VDV2<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250033.23    | 0.14%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN MUN PWR AGY MINN                            | MN NORPWR 5 01/01/2041              | CUSIP: 665444LS2<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    515000 | PA      | $548223.63    | 0.30%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN (MN), COUNTY OF                             | MN HENTRN 5 12/01/2035              | CUSIP: 425533CN4<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3195128.10   | 1.74%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 5 05/01/2046              | CUSIP: 60416H2R4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $530659.35    | 0.29%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN MUN PWR AGY MINN                            | MN NORPWR 5 01/01/2036              | CUSIP: 665444KY0<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    180000 | PA      | $183596.29    | 0.10%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN LAKE MINN                                   | MN MTLPWR 5 12/01/2042              | CUSIP: 624165FM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $215214.92    | 0.12%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GIBBON MINN INDPT SCH DIST NO 2365                   | MN GIBSCD 5 02/01/2048              | CUSIP: 374627DG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1928338.44   | 1.05%             | 2048-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WINONA MINN INDPT SCH DIST NO 861                    | MN WINSCD 4 02/01/2031              | CUSIP: 975237GM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1143130.49   | 0.62%             | 2031-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 4 03/01/2036              | CUSIP: 60416JAR1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    410000 | PA      | $407598.55    | 0.22%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WADENA MINN                                          | MN WCCGEN 5 12/01/2034              | CUSIP: 930256AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $529787.08    | 0.29%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MINN ECONOMIC DEV AUTH                        | MN DULDEV 4 06/15/2039              | CUSIP: 26444CKF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $233129.18    | 0.13%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                             | MN MNSHSG 2.8 12/01/2047            | CUSIP: 60416QGY4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    132870 | PA      | $117965.83    | 0.06%             | 2047-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 5.12 10/01/2048           | CUSIP: 60416JGV6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $742913.18    | 0.40%             | 2048-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ST PAUL MINN HSG & REDEV AUTH                        | MN STPHSG 5.5 09/01/2055            | CUSIP: 852297EG1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    425000 | PA      | $425156.44    | 0.23%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MINN                                     | MN MINGEN 4 06/01/2031              | CUSIP: 603786JN5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100406.91    | 0.05%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MINN HEALTH CARE FACS                    | MN MGRMED 5 05/01/2031              | CUSIP: 56516TBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508159.70    | 0.28%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 5 10/01/2045              | CUSIP: 60416JBJ8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    300000 | PA      | $299725.47    | 0.16%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 5 03/01/2039              | CUSIP: 60416JHF0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1139311.21   | 0.62%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                                         | MN MNSCTF 5 11/01/2041              | CUSIP: 604140XV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3366543.00   | 1.83%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MINN                                     | MN MINMED 11/15/2052                | CUSIP: 60374VEW9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2131846.40   | 1.16%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MINN ECONOMIC DEV AUTH                        | MN DULDEV 3 06/15/2044              | CUSIP: 26444CJN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $718581.93    | 0.39%             | 2044-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 5 03/01/2053              | CUSIP: 60416JHN3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2881907.33   | 1.57%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 4 10/01/2034              | CUSIP: 60416H8D9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    400000 | PA      | $406312.96    | 0.22%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WADENA MINN                                          | MN WCCGEN 5 12/01/2045              | CUSIP: 930256AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1993132.87   | 1.08%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WADENA MINN                                          | MN WCCGEN 5 12/01/2033              | CUSIP: 930256AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $439954.44    | 0.24%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WRIGHT CNTY MINN                                     | MN WRI 3.3 12/01/2035               | CUSIP: 982271SC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2057276.68   | 1.12%             | 2035-12-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MINN INDPT SCH DIST NO 535                 | MN ROCSCD 4 02/01/2032              | CUSIP: 771614UK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1919451.44   | 1.04%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN LAKE MINN                                   | MN MTLPWR 5 12/01/2045              | CUSIP: 624165FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $208480.68    | 0.11%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS & ST PAUL MINN MET ARPTS COMMN           | MN MINAPT 4.25 01/01/2052           | CUSIP: 603827H74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2295511.60   | 1.25%             | 2052-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 4 10/01/2033              | CUSIP: 60416JEH9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    475000 | PA      | $496155.08    | 0.27%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ST CLOUD MINN                                        | MN SUDMED 5 05/01/2054              | CUSIP: 78916VEU0<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1548045.45   | 0.84%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST PAUL MINN HSG & REDEV AUTH DIST                   | MN STPHSG 4 10/01/2033              | CUSIP: 85236DAN8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    650000 | PA      | $659777.89    | 0.36%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT                                            | GU GMSGEN 4 01/01/2042              | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1294538.83   | 0.70%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO COMWLTH                                  | PR PRC 4 07/01/2037                 | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501033.15    | 0.27%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHISHOLM MINN INDPT SCH DIST                         | MN CSHSCD 0 02/01/2034              | CUSIP: 170142FQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $400553.79    | 0.22%             | 2034-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SHAKOPEE MINN INDPT SCH DIST NO 720                  | MN SHASCD 0 02/01/2030              | CUSIP: 819190VY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3355000 | PA      | $2987710.37   | 1.62%             | 2030-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MINN HEALTH CARE FACS                    | MN MGRMED 5 05/01/2032              | CUSIP: 56516TBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507851.75    | 0.28%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 5 10/01/2043              | CUSIP: 60416JGU8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    600000 | PA      | $607157.10    | 0.33%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MANKATO MINN INDPT SCH DIST NO 77                    | MN MANSCD 4 02/01/2041              | CUSIP: 563690TY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1488977.16   | 0.81%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MINN SPL SCH DIST NO 1                   | MN MINSCD 4 02/01/2035              | CUSIP: 603790PH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1648574.33   | 0.90%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 3 03/01/2043              | CUSIP: 60416JDW7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    325000 | PA      | $284383.74    | 0.15%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MINN ECONOMIC DEV AUTH                        | MN DULDEV 5 02/15/2043              | CUSIP: 26444CHA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2042251.60   | 1.11%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST                                         | MN MNSCTF 5 11/01/2040              | CUSIP: 604140XU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3957076.55   | 2.15%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN MUN PWR AGY MINN                            | MN NORPWR 5 01/01/2034              | CUSIP: 665444KW4<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    210000 | PA      | $214507.13    | 0.12%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 4 10/01/2035              | CUSIP: 60416JEK2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    170000 | PA      | $175960.57    | 0.10%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MINN                                     | MN MINMED 4 11/15/2040              | CUSIP: 60374VEV1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   4510000 | PA      | $4537483.49   | 2.47%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REGENTS OF THE UNIVERSITY OF MINNESOTA (MN)          | MN UNIHGR 5 09/01/2042              | CUSIP: 914460QL7<br>LEI: 5493008DXSHLQ88T7F63 | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1443353.69   | 0.78%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS & ST PAUL MINN MET ARPTS COMMN           | MN MINAPT 5 01/01/2035              | CUSIP: 603827M86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $1033146.27   | 0.56%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HIGHER ED FACS AUTH                     | MN MNSHGR 4 10/01/2046              | CUSIP: 60416JDA5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   5100000 | PA      | $4874958.93   | 2.65%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BAYTOWN TWP MINN                                     | MN BYTGEN 4 08/01/2036              | CUSIP: 073225AW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $289606.77    | 0.16%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS & ST PAUL MINN MET ARPTS COMMN           | MN MINAPT 5 01/01/2052              | CUSIP: 603827H66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2047633.60   | 1.11%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                             | MN MNSHSG 4.95 08/01/2045           | CUSIP: 60416URL1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    165000 | PA      | $170482.21    | 0.09%             | 2045-08-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| INDEPENDENCE MINN                                    | MN INPEDU 4 07/01/2051              | CUSIP: 45362RAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $512287.17    | 0.28%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MINN                                       | MN ROCMED 4 11/15/2048              | CUSIP: 771902HF3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1464953.70   | 0.80%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL MINN MUN PWR AGY                             | MN CMNPWR 3 01/01/2036              | CUSIP: 154136BA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299504.16    | 0.16%             | 2036-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ST PAUL MINN HSG & REDEV AUTH                        | MN STPMED 4 11/15/2037              | CUSIP: 792909FK4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004784.50   | 0.55%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN MINN MUN PWR AGY                            | MN SOUPWR 5 01/01/2047              | CUSIP: 843375F76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1848200.52   | 1.00%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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