# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-26-002785
**Filing Date:** 2026-1
**Character Count:** 85510
**Document Hash:** 98ff1ebf06bd52ac7d22091deff2c143
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002785.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0000940400-26-002785

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251128

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20251130

**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:** 26566664

**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 Short-Term Municipal Income ETF (Series ID: S000094554)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000263087 | Franklin Short-Term Municipal Income ETF |  |

## 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 Short-Term Municipal Income ETF

- **b. EDGAR series identifier (if any):** S000094554

- **c. LEI of Series:** 254900AZCU6YVDGDES57

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

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-11-28

**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:** $166786375.96

**Total Liabilities:** $1562008.15

**Net Assets:** $165224367.81

**Delayed Delivery Securities:** $1488972.00

**Cash Not Reported:** $14722.73

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1394.94341000 | **1-Year:** 10141.62020000 | **5-Year:** 17283.48173000 | **10-Year:** 6938.83744000 | **30-Year:** 277.93753000

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

- **3-Month:** 9.37831000 | **1-Year:** 205.06996000 | **5-Year:** 747.47947000 | **10-Year:** 123.64621000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000263087 | 0.57%                | 0.24%                | 0.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5294.68                | $494591.91                                 |
| Month 2  | $146109.04               | $-170647.87                                |
| Month 3  | $-100169.03              | $3298.91                                   |

**Designated Index Information**

- **Index Name:** Bloomberg Municipal Bond 3 Year (2-4 Y) Index

- **Index Identifier:** BM6656

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MET WASHINGTON DC ARPTS AUTH A      | Metropolitan Washington Airports Authority Aviation Revenue                 | CUSIP: 592647NH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $229271.94    | 0.14%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                  | City of Fontana CA                                                          | CUSIP: 344630M21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $252343.94    | 0.15%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE      | County of Miami-Dade FL Aviation Revenue                                    | CUSIP: 59333P7G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1358440.50   | 0.82%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES      | New York State Dormitory Authority                                          | CUSIP: 65000B4F2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    300000 | PA      | $312892.32    | 0.19%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORNEY TX INDEP SCH DIST            | Forney Independent School District                                          | CUSIP: 346425LP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152503.11    | 0.09%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM      | North Carolina Medical Care Commission                                      | CUSIP: 65820YSZ0<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250092.15    | 0.15%             | 2028-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA      | City of Galveston TX Wharves & Terminal Revenue                             | CUSIP: 364568JS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075777.10   | 0.65%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA AUTH FOR INDL       | Philadelphia Authority for Industrial Development                           | CUSIP: 71781XFY4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    305000 | PA      | $298754.30    | 0.18%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A      | Kansas City Industrial Development Authority                                | CUSIP: 48504NAS8<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052858.80   | 0.64%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF      | Pennsylvania Housing Finance Agency                                         | CUSIP: 70879QS61<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    270000 | PA      | $271984.07    | 0.16%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS      | Ohio Higher Educational Facility Commission                                 | CUSIP: 677510CE7<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100117.08    | 0.06%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY MF HSG REV      | Ohio Housing Finance Agency                                                 | CUSIP: 676900XP3<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504540.80    | 0.31%             | 2047-11-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F      | Tarrant County Cultural Education Facilities Finance Corp                   | CUSIP: 87638TJT1<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1719008.00   | 1.04%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Putnam Government Money Market Fund | Putnam Government Money Market Fund                                         | CUSIP: 74680A869<br>LEI: 549300SEUI2XMME8T893 | Long             | STIV             | RF                | US        |  11312253 | NS      | $11312252.52  | 6.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW JERSEY ST HGR EDU ASSISTAN      | New Jersey Higher Education Student Assistance Authority                    | CUSIP: 646080TT8<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1030722.25   | 0.62%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC      | Downtown Revitalization Public Infrastructure District                      | CUSIP: 26118TAC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $231931.48    | 0.14%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLINT MI HOSP BLDG AUTH REVENU      | Flint Hospital Building Authority                                           | CUSIP: 339511FB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $319760.54    | 0.19%             | 2028-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV ARPT REVENUE          | County of Clark Department of Aviation                                      | CUSIP: 18085PSZ8<br>LEI: 549300LDD8NZB2EOVG83 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506106.90    | 0.31%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA      | City of Galveston TX Wharves & Terminal Revenue                             | CUSIP: 364568JR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532468.20    | 0.32%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL EDU F      | Tarrant County Cultural Education Facilities Finance Corp                   | CUSIP: 87638QSF7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    650000 | PA      | $653855.93    | 0.40%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST UNIV REVENUE          | California State University                                                 | CUSIP: 13077C4K7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1955419.20   | 1.18%             | 2049-11-01      | Variable      | 0.55%                 | No            |                  2 | On Loan: No      |
| SAINT JOHN THE BAPTIST PARISH       | Parish of St John the Baptist LA                                            | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2004893.00   | 1.21%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| FORNEY TX INDEP SCH DIST            | Forney Independent School District                                          | CUSIP: 346425LQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519411.20    | 0.31%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH A      | Metropolitan Washington Airports Authority Aviation Revenue                 | CUSIP: 592647FG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522548.35    | 0.32%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP      | New York Transportation Development Corp                                    | CUSIP: 650116DE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225000.00    | 0.14%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF      | Pennsylvania Housing Finance Agency                                         | CUSIP: 70879QLX9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1005000 | PA      | $995922.64    | 0.60%             | 2051-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CNTY SC ASSMNT REVEN      | County of Lancaster SC                                                      | CUSIP: 514088BL6<br>LEI: 5493004EFQNI7UOCFI47 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400511.28    | 0.24%             | 2030-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES      | New York State Dormitory Authority                                          | CUSIP: 65000B4E5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    175000 | PA      | $180167.59    | 0.11%             | 2027-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HLTH & EDUCTNL FA      | Wisconsin Health & Educational Facilities Authority                         | CUSIP: 97712JNN9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    250000 | PA      | $263837.75    | 0.16%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TN CMNTY DEV CORP MF      | Knoxville's Community Development Corp                                      | CUSIP: 499743CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3008349.00   | 1.82%             | 2027-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH POLL C      | Development Authority of Monroe County/The                                  | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501141.00    | 0.30%             | 2048-10-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES      | New York State Dormitory Authority                                          | CUSIP: 64990G4R0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200402.46    | 0.12%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA      | City of Galveston TX Wharves & Terminal Revenue                             | CUSIP: 364568JQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $367782.42    | 0.22%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL HSG FIN AUTH M      | Broward County Housing Finance Authority                                    | CUSIP: 115027QZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999333.80    | 0.60%             | 2041-04-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| WADENA MN REVENUE                   | City of Wadena MN                                                           | CUSIP: 930256AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $198676.14    | 0.12%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COBB-MARIETTA COLISEUM & EXHIB      | Cobb-Marietta Coliseum & Exhibit Hall Authority                             | CUSIP: 190760HV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106691.77    | 0.06%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA      | Main Street Natural Gas Inc                                                 | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020147.20   | 0.62%             | 2052-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE         | Indiana Finance Authority                                                   | CUSIP: 45506EMY6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    795000 | PA      | $824323.02    | 0.50%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUMBOLDT CNTY NV POLL CONTROL       | County of Humboldt NV                                                       | CUSIP: 445199AR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011783.40   | 0.61%             | 2029-10-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC      | Downtown Revitalization Public Infrastructure District                      | CUSIP: 26118TAA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101107.82    | 0.06%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE         | Indiana Finance Authority                                                   | CUSIP: 45506EMX8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    755000 | PA      | $774776.17    | 0.47%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH      | Kentucky Public Energy Authority                                            | CUSIP: 74440DFN9<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065837.30   | 0.65%             | 2055-06-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PARKSIDE TRAILS CDD FL SPL ASS      | Parkside Trails Community Development District                              | CUSIP: 70147QAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $285195.14    | 0.17%             | 2035-05-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| DETROIT MI                          | City of Detroit MI                                                          | CUSIP: 2510936D7<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    295000 | PA      | $302582.62    | 0.18%             | 2028-05-01      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| COCONINO CNTY AZ POLL CONTROLC      | Coconino County Pollution Control Corp                                      | CUSIP: 191855BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751120.58    | 0.45%             | 2039-03-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| FRETE 2019-ML06 TRUST               | Freddie Mac Multifamily ML Certificates                                     | CUSIP: 30312CAF0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    920740 | PA      | $815995.83    | 0.49%             | 2037-06-25      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP      | Metropolitan Nashville Airport Authority/The                                | CUSIP: 592190QF2<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50575.81     | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REVENUE            | District of Columbia                                                        | CUSIP: 25483VVK7<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    300000 | PA      | $307155.66    | 0.19%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH REVENU      | Louisiana Public Facilities Authority                                       | CUSIP: 546399UQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082397.20   | 0.66%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUALITY DEV AUTH        | Ohio Air Quality Development Authority                                      | CUSIP: 677525WU7<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506624.40    | 0.31%             | 2030-09-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                  | Commonwealth of Puerto Rico                                                 | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |     11730 | PA      | $6847.63      | 0.00%             | 2051-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| FORT BEND TX INDEP SCH DIST         | Fort Bend Independent School District                                       | CUSIP: 346843WT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016828.60   | 0.62%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF HSG               | Montana Board of Housing                                                    | CUSIP: 61212R5G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5000.00      | 0.00%             | 2043-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GALVESTON TX WHARVES & TERMINA      | City of Galveston TX Wharves & Terminal Revenue                             | CUSIP: 364568JP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518675.90    | 0.31%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE         | City of Houston TX Airport System Revenue                                   | CUSIP: 442349GB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013320.30   | 0.61%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN MUNI PWR-OHIO INC          | American Municipal Power Inc                                                | CUSIP: 027651ZR2<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005454.70   | 0.61%             | 2026-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| QUINCY MA                           | City of Quincy MA                                                           | CUSIP: 748508Y93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014912.20   | 0.61%             | 2026-07-24      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP       | Lakewood Ranch Stewardship District                                         | CUSIP: 51265KFF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $147971.99    | 0.09%             | 2028-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ALASKA ST INDL DEV & EXPORT AU      | Alaska Industrial Development & Export Authority                            | CUSIP: 011903FX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1530000 | PA      | $1606250.00   | 0.97%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHERMAN TX INDEP SCH DIST           | Sherman Independent School District/TX                                      | CUSIP: 824178D79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $527524.67    | 0.32%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PROSPER TX INDEP SCH DIST           | Prosper Independent School District                                         | CUSIP: 7436002V9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008906.80   | 0.61%             | 2050-02-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TN CMNTY DEV CORP MF      | Knoxville's Community Development Corp                                      | CUSIP: 499743CS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1754789.75   | 1.06%             | 2027-12-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| EAST NASSAU STEWARDSHIP DIST F      | East Nassau Stewardship District                                            | CUSIP: 273794AM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1610185.27   | 0.97%             | 2030-05-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| GRAYS HARBOR CNTY WA PUBLIC HO      | Grays Harbor County Public Hospital District No 1                           | CUSIP: 389526AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $671398.99    | 0.41%             | 2026-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FORSYTH MT POLL CONTROL REVENU      | City of Forsyth MT                                                          | CUSIP: 346668DN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1320344.09   | 0.80%             | 2028-07-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SOUTH DAKOTA ST HLTH & EDUCTNL      | South Dakota Health & Educational Facilities Authority                      | CUSIP: 83755VZ23<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1491786.00   | 0.90%             | 2030-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC      | Downtown Revitalization Public Infrastructure District                      | CUSIP: 26118TBA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105175.77    | 0.06%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WINDSOR CAY CMNTY DEV DIST FL       | Windsor Cay Community Development District                                  | CUSIP: 97352AAE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240316.90    | 0.15%             | 2035-05-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TEXAS ST AFFORDABLE HSG CORP S      | Texas State Affordable Housing Corp                                         | CUSIP: 88271HEJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20297.75     | 0.01%             | 2028-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI      | Washington State Housing Finance Commission                                 | CUSIP: 93978LHY5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    630000 | PA      | $664366.06    | 0.40%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARMINGTON NM POLL CONTROL REV      | City of Farmington NM                                                       | CUSIP: 311450GD6<br>LEI: 5493000GWMTI2L4AZA61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012226.30   | 0.61%             | 2040-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| WHITING IN ENVRNMNTL FACS REVE      | City of Whiting IN                                                          | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1313963.95   | 0.80%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DANE CNTY WI                        | County of Dane WI                                                           | CUSIP: 236092BZ4<br>LEI: 5493000I57K3U1SCHU17 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500139.80   | 0.91%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| POLK CNTY FL HSG FIN AUTH MF H      | Polk County Housing Finance Authority                                       | CUSIP: 731903BN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3014413.50   | 1.82%             | 2040-12-01      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| FRETE 2019-ML05 TRUST               | Freddie Mac Multifamily ML Certificates                                     | CUSIP: 30309HAA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    450877 | PA      | $438232.39    | 0.27%             | 2033-11-25      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| WADENA MN REVENUE                   | City of Wadena MN                                                           | CUSIP: 930256AE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $408660.94    | 0.25%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER OH PORT AUTH GAS REV      | Lancaster Port Authority                                                    | CUSIP: 514401BN7<br>LEI: 5493007EGWLFDZJFF129 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1335566.00   | 0.81%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| YOUNGSTOWN OH ST UNIV               | Youngstown State University                                                 | CUSIP: 987720EP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1566895.77   | 0.95%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH      | Kentucky Public Energy Authority                                            | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    750000 | PA      | $806956.88    | 0.49%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R      | Massachusetts Development Finance Agency                                    | CUSIP: 57585BDF2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1025730.35   | 0.62%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A      | California Enterprise Development Authority                                 | CUSIP: 13069BAF3<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101058.26    | 0.06%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGIN ISLANDS TRANSPRTN & INF      | Virgin Islands Transportation & Infrastructure Corp                         | CUSIP: 927686AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202473.04    | 0.12%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP      | New York Transportation Development Corp                                    | CUSIP: 650116HZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1117435.00   | 0.68%             | 2037-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R      | Massachusetts Development Finance Agency                                    | CUSIP: 57585BBR8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $458161.61    | 0.28%             | 2034-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DAYTON-MONTGOMERY CNTY OH PORT      | Dayton-Montgomery County Port Authority                                     | CUSIP: 23981MBD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $401986.28    | 0.24%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC      | Downtown Revitalization Public Infrastructure District                      | CUSIP: 26118TBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107180.00    | 0.06%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES      | New York State Dormitory Authority                                          | CUSIP: 64990G4V1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76176.87     | 0.05%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A      | California Community Choice Financing Authority                             | CUSIP: 13013JFS0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2100396.80   | 1.27%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PINELLAS CNTY FL INDL DEV AUTH      | Pinellas County Industrial Development Authority                            | CUSIP: 72316VAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $362166.03    | 0.22%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO      | Utah Infrastructure Agency                                                  | CUSIP: 917467BR2<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    250000 | PA      | $248811.13    | 0.15%             | 2026-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF      | Pennsylvania Housing Finance Agency                                         | CUSIP: 70879QS79<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254351.63    | 0.15%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE         | Indiana Finance Authority                                                   | CUSIP: 45506EQD8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1249709.76   | 0.76%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI MF REV      | City & County of Honolulu HI                                                | CUSIP: 438697BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $539543.06    | 0.33%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX                      | County of Harris TX                                                         | CUSIP: 414005VR6<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1102307.91   | 0.67%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA      | Main Street Natural Gas Inc                                                 | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011592.50   | 0.61%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE      | California Municipal Finance Authority                                      | CUSIP: 13048VKQ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    165000 | PA      | $165996.98    | 0.10%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DEKALB CNTY GA HSG AUTH MF HSG      | DeKalb County Housing Authority                                             | CUSIP: 240471PE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $784985.76    | 0.48%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRGIN ISLANDS TRANSPRTN & INF      | Virgin Islands Transportation & Infrastructure Corp                         | CUSIP: 927686AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $164351.14    | 0.10%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES      | New York State Dormitory Authority                                          | CUSIP: 64990G4U3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $76012.93     | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASS CNTY ND JT WTR RESOURCE D      | Cass County Joint Water Resource District                                   | CUSIP: 14805PBA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000478.80   | 0.61%             | 2027-04-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| POPLAR BLUFF MO REGL TRANSPRTN      | Poplar Bluff Regional Transportation Development District Sales Tax Revenue | CUSIP: 733060AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $342797.28    | 0.21%             | 2031-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA HSG AUTH               | King County Housing Authority                                               | CUSIP: 494762KG1<br>LEI: 549300TZU8KSWALVD392 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2504728.25   | 1.52%             | 2038-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH      | Kentucky Public Energy Authority                                            | CUSIP: 74440DEH3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039737.50   | 0.63%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST MUNI BOND BAN      | New Hampshire Municipal Bond Bank                                           | CUSIP: 64465QTD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520347.50    | 0.31%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY MO INDL DEV AUTH A      | Kansas City Industrial Development Authority                                | CUSIP: 48504NBR9<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502186.10    | 0.30%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH      | Kentucky Public Energy Authority                                            | CUSIP: 74440DEG5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    525000 | PA      | $537685.58    | 0.33%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES      | New York State Dormitory Authority                                          | CUSIP: 64990G4T6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75757.99     | 0.05%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL       | Connecticut State Health & Educational Facilities Authority                 | CUSIP: 20775DUX8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999357.30    | 0.60%             | 2048-07-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SO      | California Municipal Finance Authority                                      | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $499913.80    | 0.30%             | 2041-07-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CA SCH DIST SCH       | Mountain View School District School Facilities Improvement District No 2   | CUSIP: 62440CAY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $881038.00    | 0.53%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX INDEP SCH DIST       | San Antonio Independent School District/TX                                  | CUSIP: 796269N38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $762833.40    | 0.46%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP MF MTG      | Florida Housing Finance Corp                                                | CUSIP: 34074HGZ9<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   2295000 | PA      | $2302296.26   | 1.39%             | 2027-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST GOVTL FACS AUTH            | Maine Governmental Facilities Authority                                     | CUSIP: 56041MXY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $532470.25    | 0.32%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL      | Maryland Health & Higher Educational Facilities Authority                   | CUSIP: 57421CBV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $209527.88    | 0.13%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA UNIV REVENUE       | District of Columbia                                                        | CUSIP: 25484JDJ6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    750000 | PA      | $848889.75    | 0.51%             | 2060-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD OF HSG MFH REVE      | Montana Board of Housing                                                    | CUSIP: 61212VAZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $399057.20    | 0.24%             | 2028-12-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CO      | California Municipal Finance Authority                                      | CUSIP: 130493CA5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103149.62    | 0.06%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY PROJ NE G      | Central Plains Energy Project                                               | CUSIP: 154871CF2<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062948.30   | 0.64%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P      | Los Angeles Department of Water & Power                                     | CUSIP: 544532PA6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045863.30   | 0.63%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HIDALGO CNTY TX                     | County of Hidalgo TX                                                        | CUSIP: 429326W49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304688.73    | 0.18%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A      | South Carolina Public Service Authority                                     | CUSIP: 837151P37<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    355000 | PA      | $355000.00    | 0.21%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS-FRANKLIN CNTY OH FIN       | Columbus-Franklin County Finance Authority                                  | CUSIP: 19910XAQ9<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000785.70   | 0.61%             | 2044-06-01      | Variable      | 3.19%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HSG & FIN ASSN             | Idaho Housing & Finance Association                                         | CUSIP: 45129WND8<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    380784 | PA      | $344522.77    | 0.21%             | 2046-09-21      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PFLUGERVILLE TX                     | City of Pflugerville TX                                                     | CUSIP: 717088CP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014963.40   | 0.61%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS      | Northern Municipal Power Agency                                             | CUSIP: 665444LB9<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    255000 | PA      | $255448.06    | 0.15%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC      | Downtown Revitalization Public Infrastructure District                      | CUSIP: 26118TAZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103121.34    | 0.06%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU      | Volusia County Educational Facility Authority                               | CUSIP: 928836PM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $132692.65    | 0.08%             | 2028-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FINANCIAL CORP S      | Salt Verde Financial Corp                                                   | CUSIP: 79575EAL2<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.61%             | 2025-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLEVELAND OH PUBLIC PWR SYS RE      | Cleveland Department of Public Utilities Division of Public Power           | CUSIP: 186398LS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $728983.99    | 0.44%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST OFFSHORE TERMINAL      | Louisiana Offshore Terminal Authority                                       | CUSIP: 546510FU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1527415.05   | 0.92%             | 2034-09-01      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| HIDALGO CNTY TX                     | County of Hidalgo TX                                                        | CUSIP: 429326W56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103712.38    | 0.06%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO      | Utah Infrastructure Agency                                                  | CUSIP: 917467BB7<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    455000 | PA      | $467291.78    | 0.28%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAVON TX SPL ASSMT REVENUE          | City of Lavon TX                                                            | CUSIP: 51946PCJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    142000 | PA      | $143766.58    | 0.09%             | 2032-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE           | North Texas Tollway Authority                                               | CUSIP: 66285WSK3<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502903.40   | 0.91%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C      | Southeast Energy Authority A Cooperative District                           | CUSIP: 84136HBT9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1856869.88   | 1.12%             | 2055-03-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| ORO GRANDE CA ELEM SCH DIST CO      | Oro Grande Elementary School District                                       | CUSIP: 686865AR7<br>LEI: 549300C5E570MP6EW139 | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2121587.23   | 1.28%             | 2028-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UTAH INFRASTRUCTURE AGY TELECO      | Utah Infrastructure Agency                                                  | CUSIP: 917467BD3<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526523.15    | 0.32%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIMBLE CNTY KY ENVRNMNTL FACS      | County of Trimble KY                                                        | CUSIP: 896221AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007758.50   | 0.61%             | 2054-06-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CO      | California Municipal Finance Authority                                      | CUSIP: 130493CB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    115000 | PA      | $120341.90    | 0.07%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BIRMINGHAM AL WTRWKS BRD REVEN      | Water Works Board of the City of Birmingham/The                             | CUSIP: 091097AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2499977.25   | 1.51%             | 2026-09-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE          | Port of Seattle WA                                                          | CUSIP: 735389Z92<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1576310.85   | 0.95%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A      | South Carolina Public Service Authority                                     | CUSIP: 837151R68<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    150000 | PA      | $150000.00    | 0.09%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY NY INDL DEV CORP R      | Monroe County Industrial Development Corp/NY                                | CUSIP: 61075TXT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $855051.29    | 0.52%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU      | Volusia County Educational Facility Authority                               | CUSIP: 928836PN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $216427.70    | 0.13%             | 2029-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STHRN UTE INDIAN TRIBE OF STHR      | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado       | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |    525000 | PA      | $575406.56    | 0.35%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE      | City of Salt Lake City UT Airport Revenue                                   | CUSIP: 795576FN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515492.65    | 0.31%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HSG FIN COMMISSI      | Washington State Housing Finance Commission                                 | CUSIP: 93978LHZ2<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    300000 | PA      | $320709.09    | 0.19%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                  | City of Fontana CA                                                          | CUSIP: 344630M47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $283182.72    | 0.17%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH      | Kentucky Public Energy Authority                                            | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2093560.80   | 1.27%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH WT      | New Jersey Economic Development Authority                                   | CUSIP: 645780FL6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    500000 | PA      | $471811.50    | 0.29%             | 2039-10-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| OHIO ST PRIVATE ACTIVITY REVEN      | State of Ohio                                                               | CUSIP: 67759YAG2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    940000 | PA      | $941063.89    | 0.57%             | 2025-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK & DU PAGE CNTYS IL COMB S      | Cook & Du Page Counties Combined School District No 113A Lemont Bromberek   | CUSIP: 213035CR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $709633.48    | 0.43%             | 2035-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI      | Pennsylvania Turnpike Commission                                            | CUSIP: 709224RH4<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019450.30   | 0.62%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COMMO      | Southeast Energy Authority A Cooperative District                           | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2040744.80   | 1.24%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NATURAL GAS INC GA      | Main Street Natural Gas Inc                                                 | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $539923.10    | 0.33%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R      | City of Minneapolis MN                                                      | CUSIP: 60374VEB5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    825000 | PA      | $851339.28    | 0.52%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ENERGY FIN DEV CORP        | New York Energy Finance Development Corp                                    | CUSIP: 64947PAA4<br>LEI: 254900PRGXZMJ912RI65 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1876762.30   | 1.14%             | 2056-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE        | Illinois Finance Authority                                                  | CUSIP: 45204E2L1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    480000 | PA      | $480301.20    | 0.29%             | 2034-11-01      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| CHESTER CNTY PA INDL DEV AUTH       | Chester County Industrial Development Authority                             | CUSIP: 165588FP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $806895.20    | 0.49%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                  | City of Fontana CA                                                          | CUSIP: 344630M62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $436947.60    | 0.26%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST PUBLIC SCH AUTH SC      | Virginia Public School Authority                                            | CUSIP: 92818HL90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1585159.77   | 0.96%             | 2026-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OWEN CNTY KY WTR FACS REVENUE       | County of Owen KY                                                           | CUSIP: 69068WAD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2295112.73   | 1.39%             | 2040-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS      | Guam Government Waterworks Authority                                        | CUSIP: 40065FET7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $295418.26    | 0.18%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COBB-MARIETTA COLISEUM & EXHIB      | Cobb-Marietta Coliseum & Exhibit Hall Authority                             | CUSIP: 190760HU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104355.18    | 0.06%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AKRON BATH COPLEY JT TWP OH HO      | Akron Bath Copley Joint Township Hospital District                          | CUSIP: 009730PJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $188536.36    | 0.11%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING       | Pennsylvania Economic Development Financing Authority                       | CUSIP: 70868YAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $288177.16    | 0.17%             | 2029-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                  | City of Fontana CA                                                          | CUSIP: 344630M39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $264967.26    | 0.16%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALACHUA CNTY FL HLTH FACS AUTH      | Alachua County Health Facilities Authority                                  | CUSIP: 010684BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250391.80    | 0.15%             | 2030-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                  | Commonwealth of Puerto Rico                                                 | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023003.50   | 0.62%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE      | California Municipal Finance Authority                                      | CUSIP: 13048VDJ4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    570000 | PA      | $577986.04    | 0.35%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TROPHY CLUB TX PUBLIC IMPT DIS      | Town of Trophy Club TX Public Improvement District No 1                     | CUSIP: 89706PAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $112688.59    | 0.07%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HORACE ND                           | City of Horace ND                                                           | CUSIP: 440365JC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500163.70    | 0.30%             | 2026-08-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC      | Downtown Revitalization Public Infrastructure District                      | CUSIP: 26118TAY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $257697.85    | 0.16%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF N TEXAS UNIV REVENUE        | University of North Texas System                                            | CUSIP: 914729XD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $827632.64    | 0.50%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PUBLIC ENERGY AUTH      | Kentucky Public Energy Authority                                            | CUSIP: 74440DCZ5<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1042354.56   | 0.63%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S      | Long Island Power Authority                                                 | CUSIP: 542691EX4<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    200000 | PA      | $197394.96    | 0.12%             | 2051-09-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| SAINT JOHNS CNTY FL INDL DEV A      | St Johns County Industrial Development Authority                            | CUSIP: 79041LAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $197037.92    | 0.12%             | 2028-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH AL COMMO      | Southeast Energy Authority A Cooperative District                           | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    500000 | PA      | $537478.65    | 0.33%             | 2053-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW MEXICO ST MTGE FIN AUTH MF      | New Mexico Mortgage Finance Authority                                       | CUSIP: 64719HEP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.61%             | 2042-02-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT WTR & PWR       | Los Angeles Department of Water & Power                                     | CUSIP: 5444954M3<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1290774.03   | 0.78%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOSE CA MF HSG REVENUE          | City of San Jose CA                                                         | CUSIP: 798165LF1<br>LEI: 549300QHIHSH68W22O38 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2019566.60   | 1.22%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV      | Colorado Health Facilities Authority                                        | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003111.50   | 0.61%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH & EDUCTNL FAC      | Health & Educational Facilities Authority of the State of Missouri          | CUSIP: 60636AVQ3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502427.85    | 0.30%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE       | Metropolitan Transportation Authority                                       | CUSIP: 59261A5R4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510805.65    | 0.31%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATCHING FUND SPL PURPOSE SECU      | Matching Fund Special Purpose Securitization Corp                           | CUSIP: 57665NAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044015.80   | 0.63%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX HSG FIN CORP MF HSG      | Houston Housing Finance Corp                                                | CUSIP: 442396EL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $605357.46    | 0.37%             | 2041-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MED CARE COM      | North Carolina Medical Care Commission                                      | CUSIP: 65820YTA4<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500131.35    | 0.30%             | 2028-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD RANCH FL STEWARDSHIP       | Lakewood Ranch Stewardship District                                         | CUSIP: 51265KGE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $297443.01    | 0.18%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                         | State of Illinois                                                           | CUSIP: 452153NA3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1802446.92   | 1.09%             | 2026-09-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| TENNERGY CORP TN GAS REVENUE        | Tennergy Corp/TN                                                            | CUSIP: 880397BW3<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1528546.05   | 0.93%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HGR EDUCTNL FAC COMMIS      | Ohio Higher Educational Facility Commission                                 | CUSIP: 67756DD45<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    435000 | PA      | $440333.80    | 0.27%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES      | New York State Dormitory Authority                                          | CUSIP: 65000B4G0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    225000 | PA      | $238303.76    | 0.14%             | 2029-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU      | Florida Housing Finance Corp                                                | CUSIP: 34074MZA2<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1573517.26   | 0.95%             | 2052-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A      | California Health Facilities Financing Authority                            | CUSIP: 13032UJ82<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501264.80   | 0.91%             | 2027-11-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| DETROIT MI DOWNTOWN DEV AUTH T      | Detroit Downtown Development Authority                                      | CUSIP: 251135HU6<br>LEI: 549300WO3NSMP6FECO66 | Long             | DBT              | MUN               | US        |    890000 | PA      | $930360.61    | 0.56%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWARK NJ                           | City of Newark NJ                                                           | CUSIP: 650367TD7<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005795.60   | 0.61%             | 2026-05-07      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE          | Port of Seattle WA                                                          | CUSIP: 735389F52<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028055.40   | 0.62%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTVIEW SOUTH CDD FL SPL ASSM      | Westview South Community Development District                               | CUSIP: 961566AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501378.35    | 0.30%             | 2030-05-01      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY AFFORDA      | California Housing Finance Agency                                           | CUSIP: 13032WBB9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502164.25   | 1.51%             | 2063-08-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-27

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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