# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-26-008675
**Filing Date:** 2026-2
**Character Count:** 203989
**Document Hash:** 43bd317f3e35ba4f2ca024eea292aa5a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008675.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008675

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**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:** 26687478

**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 California Municipal Income ETF (Series ID: S000094549)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000263082 | Franklin California Municipal Income ETF |  |

## Nport-Ex

Schedule of Investments (unaudited)

December 31, 2025

 **Franklin California Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount<br>| Value |
| **Municipal Bonds — 93.2%** | **Municipal Bonds — 93.2%** | **Municipal Bonds — 93.2%** | **Municipal Bonds — 93.2%** | **Municipal Bonds — 93.2%** |
| *California — 90.2%* | *California — 90.2%* | *California — 90.2%* | *California — 90.2%* | *California — 90.2%* |
| &nbsp;&nbsp;&nbsp; Alameda, CA, Corridor Transportation Authority Revenue, Convertible CAB, <br> Series A, Refunding Step bond (0.000% to 10/1/37 then 5.375%) | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; $10000000 | &nbsp;&nbsp;&nbsp; $5643304<br>|
| &nbsp;&nbsp;&nbsp; Burbank-Glendale-Pasadena, CA, Airport Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1565439<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AG | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1926386<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Tobacco Settlement Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Series B, Refunding | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 7295000 | &nbsp;&nbsp;&nbsp; 1445381<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 4884360<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp; 803593<br>|
| &nbsp;&nbsp;&nbsp; California State Community Choice Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 2595000 | &nbsp;&nbsp;&nbsp; 2826482<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2655259<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/32 | &nbsp;&nbsp; 12610000 | &nbsp;&nbsp;&nbsp; 13695571<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series F | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5408662<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Project, Green Bonds, Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/35 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp; 2415929<br>|
| &nbsp;&nbsp;&nbsp; California State Community College Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange Coast College Project, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/31 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; 860709<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange Coast College Project, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 623569<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange Coast College Project, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 829588<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange Coast College Project, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1029492<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orange Coast College Project, Series 2018 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/43 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 509671<br>|
| &nbsp;&nbsp;&nbsp; California State Community Housing Agency Essential Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aster, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/1/56 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 915332<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fountains at Emerald Park, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/56 | &nbsp;&nbsp; 7775000 | &nbsp;&nbsp;&nbsp; 5299091<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Arbors, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp; 4074087<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State EFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Pacific | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/53 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4160844<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Redlands, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1000303<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of Redlands, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 425995<br>|
| &nbsp;&nbsp;&nbsp; California State Enterprise Development Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - Pomona Properties LLC Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/39 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 699460<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - Pomona Properties LLC Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1022334<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - SDSU Properties LLC, M@College Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1036056<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provident Group - SDSU Properties LLC, M@College Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/57 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 403291<br>|
| &nbsp;&nbsp;&nbsp; California State Health Facilities Financing Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Episcopal Communities & Services, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1615698<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Episcopal Communities & Services, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1549642<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Episcopal Communities & Services, Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1023435<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Episcopal Communities & Services, Series B | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/15/58 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1530235<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LA BioMed, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/37 | &nbsp;&nbsp; 1845000 | &nbsp;&nbsp;&nbsp; 1884348<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LA BioMed, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 2730000 | &nbsp;&nbsp;&nbsp; 2735531<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LA BioMed, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 4850000 | &nbsp;&nbsp;&nbsp; 4716327<br>|
| &nbsp;&nbsp;&nbsp; California State HFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 2694073 | &nbsp;&nbsp;&nbsp; 2787623<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 3250000 | &nbsp;&nbsp;&nbsp; 3302676<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin California Municipal Income ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin California Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp; California State Infrastructure & Economic Development Bank Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adventist Health Energy Projects, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/49 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp;&nbsp; $2046164<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Science Center Phase III Project, Sustainability Bonds, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 5/1/51 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1138305<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior National Charter School Revolving Loan, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/47 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp; 2338183<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior National Charter School Revolving Loan, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/54 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1264449<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior National Charter School Revolving Loan, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/57 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5040858<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior National Charter School Revolving Loan, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/59 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1008685<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wonderful Foundations Charter School Projects, Series 2021 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/56 | &nbsp;&nbsp; 1740000 | &nbsp;&nbsp;&nbsp; 1495616<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wonderful Foundations Charter School Projects, Unrefunded | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 1/1/35 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp; 439714<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wonderful Foundations Charter School Projects, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/55 | &nbsp;&nbsp; 2920000 | &nbsp;&nbsp;&nbsp; 2522154<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA Educational Facilities Revenue, Westside Neighborhood <br> School Project, Series 2024  | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 6/15/64 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2106150<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascent 613 Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1028322<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascent 613 Project, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/1/45 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1003818<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascent 613 Project, Series A | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 1/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 983877<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bay Village Apartments Series A | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 11/1/37 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4060956<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayside Apartment Homes, Series A | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp; 3309779<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bethany Home Project, CMI | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp; 5917053<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Institute of the Arts, Series 2021 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp; 793765<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caritas Project, Social Bonds, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/15/53 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 929227<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caritas Project, Social Bonds, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/15/58 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 823980<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caritas Project, Social Bonds, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/49 | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp; 1253938<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caritas Project, Social Bonds, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 1831854<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caritas Project, Social Bonds, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/59 | &nbsp;&nbsp; 2850000 | &nbsp;&nbsp;&nbsp; 2888325<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF-Davis I, LLC, UCR Dundee-Glasgow Student Housing Project, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 510043<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF-Davis II, LLC, Orchard Park Student Housing Project, Series 2021, BAM | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/15/51 | &nbsp;&nbsp; 9250000 | &nbsp;&nbsp;&nbsp; 6960002<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Medical Centers, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/47 | &nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp; 3408936<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gibson Drive Apartments Project, Series A, FNMA - Collateralized | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5045342<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humangood Obligated Group, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 4586595<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mt. San Antonio Gardens Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/42 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp; 269480<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mt. San Antonio Gardens Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 609694<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mt. San Antonio Gardens Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/56 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 596194<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palomar Health, COP, Series A, Refunding, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/52 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 5925844<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRS-California Obligated Group Projects, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/49 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 2125524<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saint Ignatius College Preparatory, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/54 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3089810<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terry Manor Apartments, Series A, FNMA - Collateralized HUD Section 8 | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 7425000 | &nbsp;&nbsp;&nbsp; 7597276<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turning Point School, Refunding | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/1/54 | &nbsp;&nbsp; 1085000 | &nbsp;&nbsp;&nbsp; 1012644<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woodchase Apartment Homes, Series A | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 12/1/37 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1506369<br>|
| &nbsp;&nbsp;&nbsp; California State MFA Special Finance Agency Essential Housing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elan Huntington Beach, Series 2021 A-1 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/56 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1375002<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mix at CTR City, Social Bonds, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/56 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 2635674<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Breakwater Apartments, Series 2021 A-1 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/56 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 1686289<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State MFA, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Esplanade at Turkey Creek, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 624911<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 1, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 419098<br>|

---

See Notes to Schedule of Investments.

------

Franklin California Municipal Income ETF 2025 Quarterly Report

------

 **Franklin California Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 1, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; $750000 | &nbsp;&nbsp;&nbsp; $767098<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 1, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 921453<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 1, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1261003<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 1, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp; 800806<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 1, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/54 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 756284<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 1, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; 603602<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 1, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp; 484306<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 2, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 233953<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/41 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp; 638886<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 380746<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/54 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1013101<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp; 661795<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 781139<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 313614<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp; 994696<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 633902<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp; 1954560<br>|
| &nbsp;&nbsp;&nbsp; California State PCFA Water Furnishing Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poseidon Resources Desalination Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/21/45 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 10004675<br> <sup>(a)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Water Authority Desalination Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2314221<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; San Diego County Water Authority Desalination Project, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/21/45 | &nbsp;&nbsp; 2140000 | &nbsp;&nbsp;&nbsp; 2165918<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State School Finance Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliance for College Ready Public Schools Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp; 1546307<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspire Public School, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1003073<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspire Public School, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2894845<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspire Public School, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/61 | &nbsp;&nbsp; 2365000 | &nbsp;&nbsp;&nbsp; 2231374<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Classical Academy, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/40 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; 217861<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Classical Academy, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/50 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2898412<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community High School Foundation Inc., Series 2017 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/53 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1288936<br> <sup>(d)(e)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community High School Foundation Inc., Series 2017, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/47 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp; 434079<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community High School Foundation Inc., Series 2017, Unrefunded | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/53 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 983894<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortune School of Education, Series A | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 6/1/59 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1341734<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granada Hills Charter | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; 4120000 | &nbsp;&nbsp;&nbsp; 3964676<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Granada Hills Charter, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/64 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1431902<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Dot Public Schools, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1021308<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Dot Public Schools, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/45 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1499921<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Dot Public Schools, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/48 | &nbsp;&nbsp; 5250000 | &nbsp;&nbsp;&nbsp; 5250025<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Dot Public Schools, Series A, Refunding | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/52 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1563497<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawking Steam Charter School Project | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/62 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 978916<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP LA Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1497538<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP LA Project, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp; 1928529<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Charter Public School, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/61 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2228552<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California State, GO, Various Purpose, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 5575000 | &nbsp;&nbsp;&nbsp; 5968296<br>|
| &nbsp;&nbsp;&nbsp; California Statewide CDA Community Improvement Authority Essential Housing <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anaheim Social Bond, Series A-2 | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 4/1/57 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2164212<br> <sup>(d)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin California Municipal Income ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin California Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Orange, Social Bond, Series A-2 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/1/57 | &nbsp;&nbsp; $8110000 | &nbsp;&nbsp;&nbsp; $5506717<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dublin, Social Bonds, Series A-2 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 2/1/57 | &nbsp;&nbsp; 7800000 | &nbsp;&nbsp;&nbsp; 5364459<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson-Anaheim, Social Bonds | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 1930000 | &nbsp;&nbsp;&nbsp; 1787408<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jefferson-Anaheim, Social Bonds | &nbsp;&nbsp; 3.125% | &nbsp;&nbsp; 8/1/56 | &nbsp;&nbsp; 2775000 | &nbsp;&nbsp;&nbsp; 2074453<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parallel-Anaheim, Social Bonds, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/56 | &nbsp;&nbsp; 3185000 | &nbsp;&nbsp;&nbsp; 2850364<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pasadena Portfolio Social Bond, Series A-2 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 12/1/56 | &nbsp;&nbsp; 3350000 | &nbsp;&nbsp;&nbsp; 2351375<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pasadena, Social Bonds | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 12/1/46 | &nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp; 1098322<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; California Statewide CDA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baptist University, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/32 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp; 733412<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baptist University, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 1535000 | &nbsp;&nbsp;&nbsp; 1538485<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Infrastructure Program, Series B-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/2/44 | &nbsp;&nbsp; 1890000 | &nbsp;&nbsp;&nbsp; 1943955<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Infrastructure Program, Series B-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/2/49 | &nbsp;&nbsp; 1685000 | &nbsp;&nbsp;&nbsp; 1705778<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Front Porch Communities & Services, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/47 | &nbsp;&nbsp; 1815000 | &nbsp;&nbsp;&nbsp; 1598128<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancer Educational Student Housing Project, Series A | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp; 471383<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancer Educational Student Housing Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 386292<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancer Educational Student Housing Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/39 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 481057<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancer Educational Student Housing Project, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/51 | &nbsp;&nbsp; 1440000 | &nbsp;&nbsp;&nbsp; 1360006<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loma Linda University Medical Center, Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 12/1/56 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2001625<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methodist Hospital of Southern California | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 3450000 | &nbsp;&nbsp;&nbsp; 3457825<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methodist Hospital of Southern California | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/43 | &nbsp;&nbsp; 2195000 | &nbsp;&nbsp;&nbsp; 2244753<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methodist Hospital of Southern California | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/48 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 7097919<br>|
| &nbsp;&nbsp;&nbsp; California Statewide CDA, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 4, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; 2432382<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 4, Series A | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 9/2/40 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1350264<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 4, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/2/40 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 736277<br>|
| &nbsp;&nbsp;&nbsp; Ceres, CA, USD, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Series 2017, Refunding, BAM | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 8/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 599159<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Series 2017, Refunding, BAM | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp; 608452<br>|
| &nbsp;&nbsp;&nbsp; Chabot-Las Positas, CA, Community College District, GO, Series C  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/48 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 7515929<br>|
| &nbsp;&nbsp;&nbsp; Chino, CA, Community Facilities District, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 9 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 1585000 | &nbsp;&nbsp;&nbsp; 1676038<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 9 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/47 | &nbsp;&nbsp; 1615000 | &nbsp;&nbsp;&nbsp; 1682099<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 9 | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/52 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2068633<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp; 695796<br>|
| &nbsp;&nbsp;&nbsp; City of San Diego, CA, Tobacco Settlement Revenue Funding Corp. Revenue, <br> Series C, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp; 222113<br>|
| &nbsp;&nbsp;&nbsp; Corona, CA, Community Facilities District, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 2, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 746737<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 2, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1623122<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 2, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/54 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1614828<br>|
| &nbsp;&nbsp;&nbsp; County of San Bernardino, CA, Special Tax Revenue, Series 2014, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2505777<br>|
| &nbsp;&nbsp;&nbsp; County of San Francisco, CA, Infrastructure and Revitalization Financing District <br> No 1, Tax Increment Revenue, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/52 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp; 1263244<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Dixon, CA, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 432358<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 176115<br>|

---

See Notes to Schedule of Investments.

------

Franklin California Municipal Income ETF 2025 Quarterly Report

------

 **Franklin California Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; $2000000 | &nbsp;&nbsp;&nbsp; $1815934<br>|
| &nbsp;&nbsp;&nbsp; Dublin, CA, Special Tax Revenue, Improvement Area No 5, Series 2023  | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 9/1/51 | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp; 1265635<br>|
| &nbsp;&nbsp;&nbsp; Eastern Municipal Water District, CA, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/50 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 507508<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 510598<br>|
| &nbsp;&nbsp;&nbsp; El Rancho, CA, USD, GO, Series A, BAM  | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/48 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1692386<br>|
| &nbsp;&nbsp;&nbsp; Fillmore, CA, Special Tax Revenue, Series 2023  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp; 1131870<br>|
| &nbsp;&nbsp;&nbsp; Folsom Ranch Financing Authority, CA, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1222455<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/54 | &nbsp;&nbsp; 2770000 | &nbsp;&nbsp;&nbsp; 2809364<br>|
| &nbsp;&nbsp;&nbsp; Fontana, CA, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 556318<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1026382<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp; 1173482<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/54 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1508632<br>|
| &nbsp;&nbsp;&nbsp; Golden State, CA, Tobacco Securitization Corp., Tobacco Settlement Revenue, <br> Senior Asset-Backed Bonds, Series A-1, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/51 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 4939279<br>|
| &nbsp;&nbsp;&nbsp; Hartnell, CA, Community College District, GO, CAB: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 676702<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 8/1/36 | &nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp; 3066634<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 2148414<br>|
| &nbsp;&nbsp;&nbsp; Hastings, CA, Campus State Housing Finance Authority Revenue, Green Bonds, <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/61 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2253297<br> <sup>(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hemet, CA, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 747929<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/50 | &nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp; 1111249<br>|
| &nbsp;&nbsp;&nbsp; Hesperia, CA, Special Tax Revenue, Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/50 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 758609<br>|
| &nbsp;&nbsp;&nbsp; Imperial, CA, Community College District, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/48 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1574382<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/53 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1590626<br>|
| &nbsp;&nbsp;&nbsp; Imperial, CA, Irrigation District Electric System Revenue, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/50 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3190177<br>|
| &nbsp;&nbsp;&nbsp; Indio, CA, State Finance Authority Revenue, Lease Bonds, Series A, Refunding, <br> BAM  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4399912<br>|
| &nbsp;&nbsp;&nbsp; Irvine, CA, USD, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp; 399814<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/47 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 191096<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/42 | &nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp; 1003462<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/47 | &nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp; 1001373<br>|
| &nbsp;&nbsp;&nbsp; Liberty, CA, Union High School District, GO, Series B  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 1670000 | &nbsp;&nbsp;&nbsp; 1458270<br>|
| &nbsp;&nbsp;&nbsp; Lincoln, CA, Special Tax Revenue, Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 665306<br>|
| &nbsp;&nbsp;&nbsp; Long Beach, CA, Bond Finance Authority Revenue, Natural Gas Purchase, Series <br> A  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5355338<br>|
| &nbsp;&nbsp;&nbsp; Long Beach, CA, Community College District, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Series B, Refunding | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 500456<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Series B, Refunding | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 8/1/34 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1157001<br>|

---

See Notes to Schedule of Investments.

------

Franklin California Municipal Income ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin California Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp; Long Beach, CA, Marina System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/41 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $1092820<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/42 | &nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp; 1220262<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/43 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp; 1198983<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1056941<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/45 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 786955<br>|
| &nbsp;&nbsp;&nbsp; Long Beach, CA, USD, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAB, Series D-1 | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 8/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 611307<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D-1 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/48 | &nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp; 3541026<br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Water & Power, Power System Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 7223717<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 5715000 | &nbsp;&nbsp;&nbsp; 5855696<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2080026<br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Revenue, Jordan Downs Phase 1B Apartments, Series A, <br> FNMA  | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 4737661 | &nbsp;&nbsp;&nbsp; 4539986<br>|
| &nbsp;&nbsp;&nbsp; Menifee, CA, Special Tax Revenue, Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/46 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 645757<br>|
| &nbsp;&nbsp;&nbsp; Montebello, CA, USD, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/44 | &nbsp;&nbsp; 1975000 | &nbsp;&nbsp;&nbsp; 2085958<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AG | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/50 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3110086<br>|
| &nbsp;&nbsp;&nbsp; Moreno Valley, CA, Community Facilities District, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp; 932174<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 520693<br>|
| &nbsp;&nbsp;&nbsp; M-S-R Energy Authority, CA, Natural Gas Revenue, Series A  | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 7386631<br>|
| &nbsp;&nbsp;&nbsp; Murrieta, CA, USD, GO, CAB, AG  | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 9/1/31 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1705496<br>|
| &nbsp;&nbsp;&nbsp; Newport Beach, CA, Special Assessment Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment District No 124, Limited Obligation Improvement Bonds, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/2/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 260872<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment District No 124, Limited Obligation Improvement Bonds, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/2/32 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 261277<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment District No 124, Limited Obligation Improvement Bonds, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/2/33 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 207990<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment District No 124, Limited Obligation Improvement Bonds, Series A | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 9/2/38 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; 586649<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assessment District No 124, Limited Obligation Improvement Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/2/43 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 676172<br>|
| &nbsp;&nbsp;&nbsp; Northern California Energy Authority, Commodity Supply Revenue, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 6000000 | &nbsp;&nbsp;&nbsp; 6398777<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oakland, CA, Special Tax Revenue, Brooklyn Basin Facilities & Services  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/50 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 822206<br>|
| &nbsp;&nbsp;&nbsp; Ontario, CA, Special Tax Revenue, Neuhouse Phase 2  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp; 777897<br>|
| &nbsp;&nbsp;&nbsp; Orange County, CA, Community Facilities District, Special Tax Revenue, Rienda <br> Phase 2b, Series A  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/15/48 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 1517059<br>|
| &nbsp;&nbsp;&nbsp; Poway, CA, USD, Community Facilities District No 15, Improvement Area D, <br> BAM  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/52 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2607258<br>|
| &nbsp;&nbsp;&nbsp; Rancho Cordova, CA, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 2, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1545000 | &nbsp;&nbsp;&nbsp; 1591322<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 2, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 1960000 | &nbsp;&nbsp;&nbsp; 1998073<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 3, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp; 292259<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 3, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp; 595588<br>|
| &nbsp;&nbsp;&nbsp; River Islands, CA, Public Financing Authority, Special Tax Revenue, Community <br> Facilities District No 2023-1  | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; 1590106<br>|

---

See Notes to Schedule of Investments.

------

Franklin California Municipal Income ETF 2025 Quarterly Report

------

 **Franklin California Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp; Riverside County, CA, Redevelopment Successor Agency, Tax Increment <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible CAB, Series B, Refunding, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/26 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp;&nbsp; $509136<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible CAB, Series B, Refunding, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp; 1023468<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible CAB, Series B, Refunding, BAM | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 1990000 | &nbsp;&nbsp;&nbsp; 2005025<br>|
| &nbsp;&nbsp;&nbsp; Riverside, CA, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 1, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp; 390139<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 1, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; 709138<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 1, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 1065735<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 1, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/54 | &nbsp;&nbsp; 1265000 | &nbsp;&nbsp;&nbsp; 1279633<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; 595598<br>|
| &nbsp;&nbsp;&nbsp; Romoland, CA, School District, Special Tax Revenue, Improvement Area No 2, <br> Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 709228<br>|
| &nbsp;&nbsp;&nbsp; Root Creek, CA, Water District Community Facilities District No 2016-1, Special <br> Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 3, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/35 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp; 595274<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 3, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp; 474557<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 3, Series 2025 | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/1/45 | &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp; 996260<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 3, Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1018966<br>|
| &nbsp;&nbsp;&nbsp; Roseville, CA, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp; 481762<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/43 | &nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp; 759266<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/48 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 867951<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/53 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1014122<br>|
| &nbsp;&nbsp;&nbsp; Sacramento County, CA, Airport System Subordinate Revenue, Series D, AG  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 3120000 | &nbsp;&nbsp;&nbsp; 3246161<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sacramento, CA, Special Tax Revenue, Improvement Area No 1, Series 2021  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/46 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 540394<br>|
| &nbsp;&nbsp;&nbsp; San Diego County, CA, Housing Authority Revenue, Series E, FHLMC - <br> Collateralized HUD Section 8  | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 6/1/40 | &nbsp;&nbsp; 7425000 | &nbsp;&nbsp;&nbsp; 7491681<br>|
| &nbsp;&nbsp;&nbsp; San Diego, CA, Community Facilities District No 3, Special Tax Revenue, Liberty <br> Station, Series 2013, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/36 | &nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp; 966046<br>|
| &nbsp;&nbsp;&nbsp; San Francisco City & County, CA, Redevelopment Agency Successor Agency, <br> Special Tax Revenue, Mission Bay South Public Improvements, Series 2023, <br> Refunding, AG  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1143956<br>|
| &nbsp;&nbsp;&nbsp; San Francisco City & County, CA, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Bay South Public Improvements, Series 2023, Refunding, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1249665<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Bay South Public Improvements, Series 2023, Refunding, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/41 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1406204<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Bay South Public Improvements, Series 2023, Refunding, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/42 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1113869<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Bay South Public Improvements, Series 2023, Refunding, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/43 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1102932<br>|
| &nbsp;&nbsp;&nbsp; San Francisco, CA, Bay Area Rapid Transit District, Series A  | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2472490<br>|
| &nbsp;&nbsp;&nbsp; San Francisco, CA, Bay Area Rapid Transit District, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series B-1 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/49 | &nbsp;&nbsp; 6365000 | &nbsp;&nbsp;&nbsp; 4841700<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series F-1 | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/38 | &nbsp;&nbsp; 4280000 | &nbsp;&nbsp;&nbsp; 4032685<br>|
| &nbsp;&nbsp;&nbsp; San Francisco, CA, City & County Airport Commission of International Airport <br> Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/49 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1040753<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5183727<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Franklin California Municipal Income ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin California Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *California — continued* | *California — continued* | *California — continued* | *California — continued* | *California — continued* |
| &nbsp;&nbsp;&nbsp; San Francisco, CA, City & County Public Utilities Commission Revenue, Series A, <br> Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/53 | &nbsp;&nbsp; $7000000 | &nbsp;&nbsp;&nbsp; $7309382<br>|
| &nbsp;&nbsp;&nbsp; San Luis Obispo County, CA, Financing Authority Revenue, Series A, <br>Refunding  | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 11/15/47 | &nbsp;&nbsp; 1885000 | &nbsp;&nbsp;&nbsp; 2061350<br>|
| &nbsp;&nbsp;&nbsp; South Tahoe, CA, Joint Powers Financing Authority, Lease Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3786817<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4292333<br>|
| &nbsp;&nbsp;&nbsp; Sweetwater Union High School District, CA, School Facilities Improvement, GO, <br> Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/52 | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp; 6734616<br>|
| &nbsp;&nbsp;&nbsp; Temecula, CA, Public Financing Authority, Special Tax Revenue, Series 2025  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/40 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 261746<br>|
| &nbsp;&nbsp;&nbsp; Temescal, CA, Special Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 3, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/44 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 621900<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 3, Series 2024 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp; 1266315<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Improvement Area No 3, Series 2024 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/54 | &nbsp;&nbsp; 1185000 | &nbsp;&nbsp;&nbsp; 1202680<br>|
| &nbsp;&nbsp;&nbsp; Temescal, CA, Valley Water District, Special Tax Revenue, Improvement Area No <br> 3, Series 2024  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/39 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp; 665113<br>|
| &nbsp;&nbsp;&nbsp; Vernon, CA, Electric System Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 1440000 | &nbsp;&nbsp;&nbsp; 1529547<br>|
| *Total California* | *Total California* | *Total California* | *Total California* | &nbsp;&nbsp; *526789515* |
| *Guam — 0.3%* | *Guam — 0.3%* | *Guam — 0.3%* | *Guam — 0.3%* | *Guam — 0.3%* |
| &nbsp;&nbsp;&nbsp; Port Authority of Guam Revenue, Port Revenue Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; *1507504*<br>|
| *New Hampshire — 1.5%* | *New Hampshire — 1.5%* | *New Hampshire — 1.5%* | *New Hampshire — 1.5%* | *New Hampshire — 1.5%* |
| &nbsp;&nbsp;&nbsp; National Finance Authority, NH, Series A-California | &nbsp;&nbsp; 3.810% | &nbsp;&nbsp; 7/20/39 | &nbsp;&nbsp; 8921264 | &nbsp;&nbsp;&nbsp;&nbsp; *8725627*<br> <sup>(c)</sup><br>|
| *Puerto Rico — 0.4%* | *Puerto Rico — 0.4%* | *Puerto Rico — 0.4%* | *Puerto Rico — 0.4%* | *Puerto Rico — 0.4%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth, GO, Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; *2668508*<br>|
| *Washington — 0.8%* | *Washington — 0.8%* | *Washington — 0.8%* | *Washington — 0.8%* | *Washington — 0.8%* |
| &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; 4300000 | &nbsp;&nbsp;&nbsp; *4781856*<br>|
| **Total Municipal Bonds (Cost — $550,247,720)** | **Total Municipal Bonds (Cost — $550,247,720)** | **Total Municipal Bonds (Cost — $550,247,720)** | **Total Municipal Bonds (Cost — $550,247,720)** | &nbsp;&nbsp; **544473010** |
| **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(f)</sup> **— 5.4%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(f)</sup> **— 5.4%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(f)</sup> **— 5.4%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(f)</sup> **— 5.4%** | **Municipal Bonds Deposited in Tender Option Bond Trusts**<sup>(f)</sup> **— 5.4%** |
| *California — 5.4%* | *California — 5.4%* | *California — 5.4%* | *California — 5.4%* | *California — 5.4%* |
| &nbsp;&nbsp;&nbsp; California State Public Works Board, Lease Revenue, Various Capital Projects, <br> Series B  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/39 | &nbsp;&nbsp; 10915000 | &nbsp;&nbsp;&nbsp; 12302753<br>|
| &nbsp;&nbsp;&nbsp; Los Angeles, CA, Department of Airports Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Series G | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/47 | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp;&nbsp; 9200602<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles International Airport, Subordinated, Series A, <br>Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/44 | &nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; 10129489<br>|
| **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $31,034,955)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $31,034,955)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $31,034,955)** | **Total Municipal Bonds Deposited in Tender Option Bond Trusts (Cost — $31,034,955)** | &nbsp;&nbsp; **31632844** |
| **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 2.6%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 2.6%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 2.6%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 2.6%** | **Collateralized Mortgage Obligations**<sup>(g)</sup> **— 2.6%** |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily ML Certificates, <br> 2024-ML25 ACA | &nbsp;&nbsp; 3.427% | &nbsp;&nbsp; 11/25/38 | &nbsp;&nbsp; 4931292<br>| &nbsp;&nbsp;&nbsp; 4650951<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) Multifamily VRD Certificates, <br> M054 A | &nbsp;&nbsp; 2.350% | &nbsp;&nbsp; 12/15/35 | &nbsp;&nbsp; 955000<br>| &nbsp;&nbsp;&nbsp; 790516<br>|
| &nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Certificates Revenue, Series A | &nbsp;&nbsp; 3.350% | &nbsp;&nbsp; 11/25/33 | &nbsp;&nbsp; 9902516<br>| &nbsp;&nbsp;&nbsp; 9525839<br>|
| **Total Collateralized Mortgage Obligations (Cost — $14,932,260)** | **Total Collateralized Mortgage Obligations (Cost — $14,932,260)** | **Total Collateralized Mortgage Obligations (Cost — $14,932,260)** | **Total Collateralized Mortgage Obligations (Cost — $14,932,260)** | &nbsp;&nbsp; **14967306** |
| **Total Investments before Short-Term Investments (Cost — $596,214,935)** | **Total Investments before Short-Term Investments (Cost — $596,214,935)** | **Total Investments before Short-Term Investments (Cost — $596,214,935)** | **Total Investments before Short-Term Investments (Cost — $596,214,935)** | &nbsp;&nbsp; **591073160** |

---

See Notes to Schedule of Investments.

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Franklin California Municipal Income ETF 2025 Quarterly Report

------

 **Franklin California Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate |  | Shares | Value |
| **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** |
| **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** |
| &nbsp;&nbsp;&nbsp; Putnam Government Money Market Fund, Class P Shares (Cost — $4,301,053)  | &nbsp;&nbsp; 3.520% |  | &nbsp;&nbsp; 4301053<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$4301053**<br> <sup>(h)(i)</sup><br>|
|  |  | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount<br>|  |
| **U.S. Treasury Bills — 0.1%** | **U.S. Treasury Bills — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills (Cost — $592,934) | &nbsp;&nbsp; 3.277% | &nbsp;&nbsp; 1/20/26 | &nbsp;&nbsp; $600000<br>| &nbsp;&nbsp;&nbsp;&nbsp; **598941**<br> <sup>(j)</sup><br>|
| **Total Short-Term Investments (Cost — $4,893,987)** | **Total Short-Term Investments (Cost — $4,893,987)** | **Total Short-Term Investments (Cost — $4,893,987)** | **Total Short-Term Investments (Cost — $4,893,987)** | &nbsp;&nbsp; **4899994** |
| **Total Investments — 102.0% (Cost — $601,108,922)** | **Total Investments — 102.0% (Cost — $601,108,922)** | **Total Investments — 102.0% (Cost — $601,108,922)** | **Total Investments — 102.0% (Cost — $601,108,922)** | &nbsp;&nbsp; **595973154** |
| &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (3.5)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (3.5)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (3.5)% | &nbsp;&nbsp;&nbsp; TOB Floating Rate Notes — (3.5)% | &nbsp;&nbsp;&nbsp; (20480000)<br>|
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.5% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Other Liabilities — 1.5% | &nbsp;&nbsp;&nbsp; 8635393 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$584128547** |

---

&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> Maturity date shown represents the mandatory tender date.

<sup>(c)</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>(d)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. 

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

<sup>(f)</sup> Represents securities deposited into a special purpose entity, referred to as a Tender Option Bond ("TOB") trust..

<sup>(g)</sup> Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct payments on underlying collateral to different series or classes of the obligations. The interest rate may change positively or inversely in relation to one or more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit. 

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

<sup>(i)</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 December 31, 2025, the total market value of investments in Affiliated Companies was $4,301,053 and the cost was $4,301,053 (Note 2). 

<sup>(j)</sup> Rate shown represents yield-to-maturity.

&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 |
| CDA |  | Communities Development Authority |
| CMI |  | California Mortgage Insurance Program — Insured Bonds |
| COP |  | Certificates of Participation |
| EFA |  | Educational Facilities Authority |
| FHLMC |  | Federal Home Loan Mortgage Corporation |
| FNMA |  | Federal National Mortgage Association |
| GO |  | General Obligation |
| HFA |  | Housing Finance Agency |
| HUD |  | Housing & Urban Development |
| MFA |  | Municipal Finance Authority |
| PCFA |  | Pollution Control Financing Authority |
| USD |  | Unified School District |

---

See Notes to Schedule of Investments.

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Franklin California Municipal Income ETF 2025 Quarterly Report

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Schedule of Investments (unaudited) (cont'd)

December 31, 2025

 **Franklin California Municipal Income ETF**

At December 31, 2025, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Appreciation<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp; 3/26 | &nbsp;&nbsp;&nbsp;&nbsp; $20148066 | &nbsp;&nbsp;&nbsp;&nbsp; $19706000 | &nbsp;&nbsp;&nbsp; **$442066** |

---

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 California Municipal Income ETF 2025 Quarterly Report

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Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

Franklin California 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 adopted the performance of the Putnam California Tax Exempt Income Fund (the "predecessor mutual fund") as the result of a reorganization of the predecessor mutual fund into the Fund (the "Reorganization") that was effective after the market close on October 24, 2025. Prior to the Reorganization, the Fund had not yet commenced operations. The returns shown for periods ended on or prior to October 24, 2025 are those of the predecessor mutual fund. The predecessor mutual fund's performance is represented by the performance of the predecessor mutual fund's Class R6 Shares. <br>Prior to the Fund's listing on October 27, 2025, the net asset value ("NAV") performance of Class R6 of the predecessor mutual fund is used as a proxy for the Fund's market price returns. Had the predecessor mutual fund have been structured as an ETF, its performance may have differed.

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

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

The Fund seeks as high a level of current income exempt from federal income tax and California 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. Futures contracts are valued daily at the settlement price established by the board of trade or exchange on which they are traded. 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,

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Franklin California Municipal Income ETF 2025 Quarterly Report

------

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

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Description | &nbsp;&nbsp; Quoted Prices <br>(Level 1)<br>| &nbsp;&nbsp; Other Significant <br>Observable Inputs <br>(Level 2)<br>| &nbsp;&nbsp; Significant <br>Unobservable <br>Inputs <br>(Level 3)<br>| Total |
| Long-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; $544473010 | &nbsp;&nbsp; — | &nbsp;&nbsp; $544473010 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds Deposited in Tender Option Bond Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; 31632844 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31632844 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 14967306 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14967306 |
| Total Long-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 591073160 | &nbsp;&nbsp; — | &nbsp;&nbsp; 591073160 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $4301053 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4301053 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | &nbsp;&nbsp; — | &nbsp;&nbsp; 598941 | &nbsp;&nbsp; — | &nbsp;&nbsp; 598941 |
| Total Short-Term Investments | &nbsp;&nbsp; 4301053 | &nbsp;&nbsp; 598941 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4899994 |
| **Total Investments** | &nbsp;&nbsp; **$4301053** | &nbsp;&nbsp; **$591672101** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$595973154** |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $442066 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $442066 |
| **Total** | &nbsp;&nbsp; **$4743119** | &nbsp;&nbsp; **$591672101** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$596415220** |

---

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

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

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Franklin California Municipal Income ETF 2025 Quarterly Report

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

**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 December 31, 2025. The following transactions were effected in such company for the period ended December 31, 2025. <br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>September 30, <br>2025 | Purchased | Purchased | Sold | Sold | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
|  | 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>September 30, <br>2025 | Cost | Shares | Proceeds | Shares | Realized <br>Gain (Loss) | Dividend Income | Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation) | Affiliate <br>Value at <br>December 31, <br>2025 |
| Putnam Government Money <br> Market Fund, Class P <br> Shares<br>| $— | $45805929 | 45805929 | $41504876 | 41504876 |  | $35619 |  | $4301053 |
| Putnam Short Term <br> Investment Fund, Class P <br> Shares<br>| 3843562 | 21897414 | 21897414 | 25740976 | 25740976 |  | 17659 |  |  |
|  | **$3843562** | **$67703343** |  | **$67245852** |  | **—** | **$53278** | **—** | **$4301053** |

---

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Franklin California Municipal Income ETF 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

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

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

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

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

- **b. EDGAR series identifier (if any):** S000094549

- **c. LEI of Series:** 254900ZYM9KLT6TUSK22

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $604664648.17

**Total Liabilities:** $20902370.79

**Net Assets:** $583762277.38

**Cash Not Reported:** $501483.98

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 411.77374000 | **1-Year:** 6163.60739000 | **5-Year:** 87985.62159000 | **10-Year:** 352078.21731000 | **30-Year:** 23324.47565000

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 2334.68990000 | **10-Year:** 9028.79147000 | **30-Year:** 434.62564000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000263082 | 1.52%                | 0.41%                | -0.08%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3539138.49             | $12667360.59                               |
| Month 2  | $-568099.51              | $911853.83                                 |
| Month 3  | $-1781346.05             | $-827693.95                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US ULTRA BOND CBT                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -167 | NC      | $442066.02    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MO              | California Municipal Finance Authority                                           | CUSIP: 13049SFG4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    900000 | PA      | $929226.87    | 0.16%             | 2053-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HEMET CA UNIF SCH DIST FACS DI              | Hemet Unified School District                                                    | CUSIP: 423540PE7<br>LEI: 54930041KL801EWMW566 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1111249.22   | 0.19%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 7778705B8<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    850000 | PA      | $867950.56    | 0.15%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA CMNTY CLG DIST                | Long Beach Community College District                                            | CUSIP: 542411GH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1157001.45   | 0.20%             | 2034-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CORONA CA CMNTY FACS DIST SPL               | Corona Community Facilities District                                             | CUSIP: 219680HD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $746737.02    | 0.13%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                          | CUSIP: 544532PU2<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2080025.60   | 0.36%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMFA SPL FIN AGY VII CA ESSENT              | CMFA Special Finance Agency VII                                                  | CUSIP: 12574UAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1375002.40   | 0.24%             | 2056-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                 | CUSIP: 13032UK80<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1549642.05   | 0.27%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POWAY CA UNIF SCH DIST SPL TAX              | Poway Unified School District                                                    | CUSIP: 738855N35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2607257.75   | 0.45%             | 2052-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN              | CSCDA Community Improvement Authority                                            | CUSIP: 126292AW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7800000 | PA      | $5364458.58   | 0.92%             | 2057-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA MARINA REVENUE                | City of Long Beach CA Marina System Revenue                                      | CUSIP: 542426DW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $786955.28    | 0.13%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA MARINA REVENUE                | City of Long Beach CA Marina System Revenue                                      | CUSIP: 542426DT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1130000 | PA      | $1220262.37   | 0.21%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                 | CUSIP: 13032USH2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1845000 | PA      | $1884348.32   | 0.32%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051AHG6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    785000 | PA      | $800805.58    | 0.14%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MF              | California Municipal Finance Authority                                           | CUSIP: 130483KQ2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1506369.15   | 0.26%             | 2037-12-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                               | CUSIP: 344630M96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1173481.52   | 0.20%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                            | CUSIP: 13034AV23<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1138304.75   | 0.19%             | 2051-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CORONA CA CMNTY FACS DIST SPL               | Corona Community Facilities District                                             | CUSIP: 219680HE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1623121.76   | 0.28%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR              | California School Finance Authority                                              | CUSIP: 13058TJZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $217860.55    | 0.04%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                           | CUSIP: 13048VS82<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1012643.85   | 0.17%             | 2054-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                            | CUSIP: 13035ADC0<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5040858.00   | 0.86%             | 2057-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA TOBACCO SETTLEMEN              | City of San Diego Tobacco Settlement Revenue Funding Corp                        | CUSIP: 797330AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $222113.12    | 0.04%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CMFA SPL FIN AGY VIII CA ESSEN              | CMFA Special Finance Agency VIII                                                 | CUSIP: 12574VAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1686289.25   | 0.29%             | 2056-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA CMNTY CLG DIST                | Long Beach Community College District                                            | CUSIP: 542411GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $500455.50    | 0.09%             | 2033-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR              | California School Finance Authority                                              | CUSIP: 13058TPF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2228551.50   | 0.38%             | 2061-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SV27<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1705777.74   | 0.29%             | 2049-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHINO CA CMNTY FACS DIST SPL T              | Chino Community Facilities District                                              | CUSIP: 169511YJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $695796.02    | 0.12%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH MUNI CTFS              | New Hampshire Business Finance Authority                                         | CUSIP: 63607WBB9<br>LEI: N/A                  | Long             | ABS-MBS          | MUN               | US        |   8921265 | PA      | $8725627.44   | 1.49%             | 2039-07-20      | Variable      | 3.81%                 | No            |                  2 | On Loan: No      |
| LINCOLN CA SPL TAX                          | City of Lincoln CA                                                               | CUSIP: 533042LV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $665306.33    | 0.11%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051AHH4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $756283.50    | 0.13%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                            | CUSIP: 13034AW30<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2920000 | PA      | $2522153.80   | 0.43%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051AHF8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    900000 | PA      | $921453.48    | 0.16%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA BAY AREA RAPI              | San Francisco Bay Area Rapid Transit District Sales Tax Revenue                  | CUSIP: 797669ZG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2472490.20   | 0.42%             | 2044-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TEMESCAL VLY CA WTR DIST SPL T              | Temescal Valley Water District                                                   | CUSIP: 87975CBU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $665112.97    | 0.11%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051AJJ8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $767098.35    | 0.13%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                               | CUSIP: 344630M88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026382.40   | 0.18%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR              | California School Finance Authority                                              | CUSIP: 13058TPW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2231374.19   | 0.38%             | 2061-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT              | California Educational Facilities Authority                                      | CUSIP: 130179UX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4160844.40   | 0.71%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA MARINA REVENUE                | City of Long Beach CA Marina System Revenue                                      | CUSIP: 542426DV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056940.80   | 0.18%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TFG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021307.90   | 0.17%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORONA CA CMNTY FACS DIST SPL               | Corona Community Facilities District                                             | CUSIP: 219680HF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1614828.32   | 0.28%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA CMNTY FACS DIST #              | City of San Diego CA Community Facilities District No 3                          | CUSIP: 79727QCA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $966045.67    | 0.17%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST CMNTY CLG FING A              | California Community College Financing Authority                                 | CUSIP: 13012RAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509671.15    | 0.09%             | 2043-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DIXON CA SPL TAX                            | City of Dixon CA                                                                 | CUSIP: 255650EC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $432358.24    | 0.07%             | 2033-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051AGT9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013101.10   | 0.17%             | 2054-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051AJK5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1261002.88   | 0.22%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051AMQ8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $781138.73    | 0.13%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                            | CUSIP: 13034AQ86<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1495616.30   | 0.26%             | 2056-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CA UNIF SCH DIST SPL TA              | Irvine Unified School District                                                   | CUSIP: 463612JD4<br>LEI: 549300BNIP4XNVC0X742 | Long             | DBT              | MUN               | US        |    395000 | PA      | $399813.83    | 0.07%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059THH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1563497.40   | 0.27%             | 2052-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CA CMNTY FACS D              | City of Rancho Cordova CA                                                        | CUSIP: 75211RSE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $292258.62    | 0.05%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                           | CUSIP: 13048VWS3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    960000 | PA      | $793764.77    | 0.14%             | 2041-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST SPL              | Riverside Unified School District                                                | CUSIP: 769069U45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $709137.56    | 0.12%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 777870F84<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    465000 | PA      | $481762.46    | 0.08%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SWEETWATER CA UNION HIGH SCH D              | Sweetwater Union High School District                                            | CUSIP: 870462UG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6734616.20   | 1.15%             | 2052-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM RANCH CA FING AUTH SPL               | Folsom Ranch Financing Authority                                                 | CUSIP: 344414HD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2770000 | PA      | $2809364.47   | 0.48%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CA UNIF SCH DIST SPL TA              | Irvine Unified School District                                                   | CUSIP: 463612KV2<br>LEI: 549300BNIP4XNVC0X742 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1001373.37   | 0.17%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST SPL              | Riverside Unified School District                                                | CUSIP: 769069U37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $390138.88    | 0.07%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONTARIO CA SPL TX                           | City of Ontario CA                                                               | CUSIP: 68304NGY9<br>LEI: 254900FN91TH1F225693 | Long             | DBT              | MUN               | US        |    760000 | PA      | $777896.63    | 0.13%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT              | California Educational Facilities Authority                                      | CUSIP: 1301784X1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000303.40   | 0.17%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Putnam Government Money Market Fund         | Putnam Government Money Market Fund                                              | CUSIP: 74680A869<br>LEI: 549300SEUI2XMME8T893 | Long             | STIV             | RF                | US        |   4301053 | NS      | $4301053.07   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                 | CUSIP: 13032USK5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2730000 | PA      | $2735530.98   | 0.47%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAYS HARBOR CNTY WA PUBLIC HO              | Grays Harbor County Public Hospital District No 1                                | CUSIP: 389526AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4781855.85   | 0.82%             | 2044-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA P              | San Francisco City & County Public Utilities Commission Power Revenue            | CUSIP: 79771KEC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7309382.50   | 1.25%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ED              | California Municipal Finance Authority                                           | CUSIP: 130497AY6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2106150.00   | 0.36%             | 2064-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CA CMNTY FACS D              | City of Rancho Cordova CA                                                        | CUSIP: 75211RSF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $595588.38    | 0.10%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CA CMNTY FACS D              | City of Rancho Cordova CA                                                        | CUSIP: 75211RRL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1545000 | PA      | $1591322.34   | 0.27%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA BAY AREA RAPI              | San Francisco Bay Area Rapid Transit District                                    | CUSIP: 797661YG4<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |   6365000 | PA      | $4841699.56   | 0.83%             | 2049-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST CMNTY CLG FING A              | California Community College Financing Authority                                 | CUSIP: 13012RAN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $623568.66    | 0.11%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIXON CA SPL TAX                            | City of Dixon CA                                                                 | CUSIP: 255650EA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1815934.00   | 0.31%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JGF7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2595000 | PA      | $2826481.53   | 0.48%             | 2056-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                          | CUSIP: 544532EC4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7223717.20   | 1.24%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |  12610000 | PA      | $13695570.94  | 2.35%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| IMPERIAL CA IRR DIST ELEC REVE              | Imperial Irrigation District Electric System Revenue                             | CUSIP: 452650ML5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3190176.60   | 0.55%             | 2050-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051AMW5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    465000 | PA      | $484306.01    | 0.08%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY HSG AGY ESSEN              | California Community Housing Agency                                              | CUSIP: 13013FAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4350000 | PA      | $4074087.33   | 0.70%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHINO CA CMNTY FACS DIST SPL T              | Chino Community Facilities District                                              | CUSIP: 169511WZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1585000 | PA      | $1676038.44   | 0.29%             | 2042-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA R              | San Francisco City & County Redevelopment Agency Successor Agency                | CUSIP: 79772ADM6<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1406204.00   | 0.24%             | 2041-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MONTEBELLO CA UNIF SCH DIST                 | Montebello Unified School District                                               | CUSIP: 612289UR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1975000 | PA      | $2085957.67   | 0.36%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR              | California School Finance Authority                                              | CUSIP: 13058TPU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003072.90   | 0.17%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                 | CUSIP: 13032USL3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   4850000 | PA      | $4716327.21   | 0.81%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                           | CUSIP: 13048VG51<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5917052.90   | 1.01%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MO              | California Municipal Finance Authority                                           | CUSIP: 13049SGC2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1831854.24   | 0.31%             | 2054-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051ANX2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    225000 | PA      | $233953.36    | 0.04%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR              | California School Finance Authority                                              | CUSIP: 13058TUL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1341733.65   | 0.23%             | 2059-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                           | CUSIP: 13048TS20<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3400000 | PA      | $3408935.88   | 0.58%             | 2047-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROOT CREEK WTR DIST CA CMNTY F              | Root Creek Water District Community Facilities District No 2016-1 Impt Area No 3 | CUSIP: 77664AAP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018965.70   | 0.17%             | 2055-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA REDEV SUCCES              | Riverside County Redevelopment Successor Agency                                  | CUSIP: 76913AKX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1023467.85   | 0.18%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S TAHOE CA JT PWRS FING AUTH L              | South Tahoe Joint Powers Financing Authority                                     | CUSIP: 84049MCB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3786817.30   | 0.65%             | 2048-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                            | CUSIP: 13035ADX4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008685.30   | 0.17%             | 2059-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC              | California County Tobacco Securitization Agency                                  | CUSIP: 13016NEC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4884360.50   | 0.84%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                           | CUSIP: 13048VV39<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3089810.40   | 0.53%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CA UNIF SCH DIST SPL TA              | Irvine Unified School District                                                   | CUSIP: 463612JE2<br>LEI: 549300BNIP4XNVC0X742 | Long             | DBT              | MUN               | US        |    190000 | PA      | $191096.03    | 0.03%             | 2047-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                            | CUSIP: 13035ADW6<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1264448.63   | 0.22%             | 2054-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALAMEDA CA CORRIDOR TRANSPRTN               | Alameda Corridor Transportation Authority                                        | CUSIP: 010869JP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $5643304.00   | 0.97%             | 2049-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST CMNTY CLG FING A              | California Community College Financing Authority                                 | CUSIP: 13012RAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $829588.32    | 0.14%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P              | Los Angeles Department of Water & Power                                          | CUSIP: 544532FW9<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   5715000 | PA      | $5855696.44   | 1.00%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY MUNI CT              | California Housing Finance Agency                                                | CUSIP: 13033DAA3<br>LEI: 549300BOPCVLBA552Z14 | Long             | ABS-MBS          | MUN               | US        |   2694073 | PA      | $2787623.27   | 0.48%             | 2035-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST              | California Municipal Finance Authority                                           | CUSIP: 13049YCH2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510042.90    | 0.09%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN DIEGO CA HSG AUTH MF HSG R              | San Diego Housing Authority Inc                                                  | CUSIP: 79728FLL3<br>LEI: 549300X9H1ODNOOT1Q87 | Long             | DBT              | MUN               | US        |   7425000 | PA      | $7491680.96   | 1.28%             | 2040-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JHJ8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2415929.12   | 0.41%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMFA SPL FIN AGY I CA ESSENTIA              | CMFA Special Finance Agency I                                                    | CUSIP: 12574TAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2635674.30   | 0.45%             | 2056-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA BAY AREA RAPI              | San Francisco Bay Area Rapid Transit District                                    | CUSIP: 797661YZ2<br>LEI: 549300Y3C3QUMLE3FY58 | Long             | DBT              | MUN               | US        |   4280000 | PA      | $4032685.34   | 0.69%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR              | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DYA1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5183727.50   | 0.89%             | 2055-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HARTNELL CA CMNTY CLG DIST                  | Hartnell Community College District/CA                                           | CUSIP: 417123EJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2148414.45   | 0.37%             | 2037-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MONTEBELLO CA UNIF SCH DIST                 | Montebello Unified School District                                               | CUSIP: 612289UT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3110086.20   | 0.53%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY CA UNION HIGH SCH DIST              | Liberty Union High School District                                               | CUSIP: 530319SE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1458270.39   | 0.25%             | 2041-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MO              | California Municipal Finance Authority                                           | CUSIP: 13049SGB4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1253938.18   | 0.21%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV               | California Statewide Communities Development Authority                           | CUSIP: 13078YWH4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1350263.59   | 0.23%             | 2040-09-02      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST              | California Municipal Finance Authority                                           | CUSIP: 13049YFQ9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   9250000 | PA      | $6960001.55   | 1.19%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST SPL              | Riverside Unified School District                                                | CUSIP: 7690692X2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $595598.17    | 0.10%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHINO CA CMNTY FACS DIST SPL T              | Chino Community Facilities District                                              | CUSIP: 169511XB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2068633.20   | 0.35%             | 2052-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                           | CUSIP: 13048VLA4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4586595.00   | 0.79%             | 2044-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051ANM6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    300000 | PA      | $313614.36    | 0.05%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA REDEV SUCCES              | Riverside County Redevelopment Successor Agency                                  | CUSIP: 76913AKY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1990000 | PA      | $2005024.70   | 0.34%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA CA A              | Burbank-Glendale-Pasadena Airport Authority Brick Campaign                       | CUSIP: 120827EG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1926386.40   | 0.33%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH STUDEN              | California Municipal Finance Authority                                           | CUSIP: 13051EAH3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003817.50   | 0.17%             | 2045-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV               | California Statewide Communities Development Authority                           | CUSIP: 13078YWX9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    700000 | PA      | $736276.80    | 0.13%             | 2040-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA HSG FIN AGY LTD OBL              | California Housing Finance Agency                                                | CUSIP: 13034DAG9<br>LEI: 549300BOPCVLBA552Z14 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3302676.33   | 0.57%             | 2027-12-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| NRTHRN CA ENERGY AUTH COMMODIT              | Northern California Energy Authority                                             | CUSIP: 664840AL9<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6398777.40   | 1.10%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWPORT BEACH CA IMPT BOND ACT              | City of Newport Beach CA                                                         | CUSIP: 651784UR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261277.10    | 0.04%             | 2032-09-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHABOT-LAS POSITAS CA CMNTY CL              | Chabot-Las Positas Community College District                                    | CUSIP: 15722TKU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7515929.40   | 1.29%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                                      | CUSIP: 912797SG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $598941.21    | 0.10%             | 2026-01-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY HSG AGY ESSEN              | California Community Housing Agency                                              | CUSIP: 13013FAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $915332.11    | 0.16%             | 2056-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUNI FIN AUTH MF                 | California Municipal Finance Authority                                           | CUSIP: 130489AB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | ABS-MBS          | MUN               | US        |   7425000 | PA      | $7597275.59   | 1.30%             | 2040-08-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| FRETE 2019-ML05 TRUST                       | Freddie Mac Multifamily ML Certificates                                          | CUSIP: 30309HAA5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   9902515 | PA      | $9525838.42   | 1.63%             | 2033-11-25      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051AAS7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $994695.86    | 0.17%             | 2043-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TBZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1497538.20   | 0.26%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR              | California School Finance Authority                                              | CUSIP: 13058TRE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978915.90    | 0.17%             | 2062-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HEMET CA UNIF SCH DIST FACS DI              | Hemet Unified School District                                                    | CUSIP: 423540MX8<br>LEI: 54930041KL801EWMW566 | Long             | DBT              | MUN               | US        |    725000 | PA      | $747929.29    | 0.13%             | 2045-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWPORT BEACH CA IMPT BOND ACT              | City of Newport Beach CA                                                         | CUSIP: 651784UQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260871.90    | 0.04%             | 2031-09-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JHD1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2655259.00   | 0.45%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MO              | California Municipal Finance Authority                                           | CUSIP: 13049SGD0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2888325.09   | 0.49%             | 2059-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY CA CMNTY FACS DIST              | Orange County Community Facilities District                                      | CUSIP: 68423PA83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1517059.02   | 0.26%             | 2048-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HARTNELL CA CMNTY CLG DIST                  | Hartnell Community College District/CA                                           | CUSIP: 417123EH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $3066634.20   | 0.53%             | 2036-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SWN0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    475000 | PA      | $481056.73    | 0.08%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SU93<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1890000 | PA      | $1943954.59   | 0.33%             | 2044-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA BOND FIN AUTH NA              | Long Beach Bond Finance Authority                                                | CUSIP: 54241AAU7<br>LEI: 549300BKBZ5U7OZH3S21 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5355338.00   | 0.92%             | 2028-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH CO              | California Municipal Finance Authority                                           | CUSIP: 130493CL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5925844.20   | 1.02%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RIVER ISLANDS CA PUBLIC FING A              | River Islands Public Financing Authority                                         | CUSIP: 76827QKX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1590106.16   | 0.27%             | 2044-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MTGE CORP MF              | FHLMC Multifamily VRD Certificates                                               | CUSIP: 31350ACU0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    955000 | PA      | $790516.24    | 0.14%             | 2035-12-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY HSG AGY ESSEN              | California Community Housing Agency                                              | CUSIP: 13013FAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7775000 | PA      | $5299090.90   | 0.91%             | 2056-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROOT CREEK WTR DIST CA CMNTY F              | Root Creek Water District Community Facilities District No 2016-1 Impt Area No 3 | CUSIP: 77664AAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $595273.55    | 0.10%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MF              | California Municipal Finance Authority                                           | CUSIP: 130483GQ7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5045342.00   | 0.86%             | 2042-12-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051AGB8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1954560.15   | 0.33%             | 2053-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST SPL              | Riverside Unified School District                                                | CUSIP: 769069U60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1279632.63   | 0.22%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC              | California County Tobacco Securitization Agency                                  | CUSIP: 13016NGB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $803592.60    | 0.14%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports  | City of Los Angeles Department of Airports (TOBs)                                | CUSIP: 544445C64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9200601.90   | 1.58%             | 2047-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESTRN CA MUNI WTR DIST CMNTY F              | Eastern Municipal Water District                                                 | CUSIP: 27627M6J1<br>LEI: 549300ZCFVRFDIRWK089 | Long             | DBT              | MUN               | US        |    500000 | PA      | $510597.75    | 0.09%             | 2055-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                 | CUSIP: 13032UL22<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023434.50   | 0.18%             | 2053-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROMOLAND CA SCH DIST SPL TAX                | Romoland School District                                                         | CUSIP: 776192ZK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $709228.45    | 0.12%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN LUIS OBISPO CNTY CA FING A              | San Luis Obispo County Financing Authority                                       | CUSIP: 798712DC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1885000 | PA      | $2061350.23   | 0.35%             | 2047-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY &CNTY AR              | San Francisco City & County Airport Comm-San Francisco International Airport     | CUSIP: 79766DWX3<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040753.00   | 0.18%             | 2049-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INDIO CA PUBLIC FING AUTH                   | Indio Finance Authority                                                          | CUSIP: 45571LDP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4399911.60   | 0.75%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HARTNELL CA CMNTY CLG DIST                  | Hartnell Community College District/CA                                           | CUSIP: 417123EG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $676702.30    | 0.12%             | 2035-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IMPERIAL CA CMNTY CLG DIST                  | Imperial Community College District                                              | CUSIP: 452641LL5<br>LEI: 549300VO268A8SG7J029 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1574381.55   | 0.27%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV               | California Statewide Communities Development Authority                           | CUSIP: 13077ERX0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2432381.52   | 0.42%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VERNON CA ELEC SYS REVENUE                  | City of Vernon CA Electric System Revenue                                        | CUSIP: 924397DX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1529546.69   | 0.26%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWPORT BEACH CA IMPT BOND ACT              | City of Newport Beach CA                                                         | CUSIP: 651784UT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $586649.44    | 0.10%             | 2038-09-02      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051AAR9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    660000 | PA      | $661795.20    | 0.11%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SWM2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    375000 | PA      | $386291.74    | 0.07%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH STUDEN              | California Municipal Finance Authority                                           | CUSIP: 13051EAF7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028322.10   | 0.18%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI              | Golden State Tobacco Securitization Corp                                         | CUSIP: 38122ND90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4939279.50   | 0.85%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OAKLAND CA SPL TAX                          | City of Oakland CA                                                               | CUSIP: 67232QAN1<br>LEI: 549300BRTTFKDQCGL048 | Long             | DBT              | MUN               | US        |    800000 | PA      | $822205.76    | 0.14%             | 2050-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                               | State of California                                                              | CUSIP: 13063D4D7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   5575000 | PA      | $5968296.18   | 1.02%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN              | CSCDA Community Improvement Authority                                            | CUSIP: 126292AR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3350000 | PA      | $2351375.05   | 0.40%             | 2056-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                            | CUSIP: 13034A5K2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2046164.40   | 0.35%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MORENO VLY CA UNIF SCH DIST CM              | Moreno Valley Unified School District Community Facilities District              | CUSIP: 616874WA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $932174.25    | 0.16%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROOT CREEK WTR DIST CA CMNTY F              | Root Creek Water District Community Facilities District No 2016-1 Impt Area No 3 | CUSIP: 77664AAL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $474556.67    | 0.08%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST EDUCTNL FACS AUT              | California Educational Facilities Authority                                      | CUSIP: 130179GT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $425994.80    | 0.07%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA R              | San Francisco City & County Redevelopment Agency Successor Agency                | CUSIP: 79772ADK0<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1143955.80   | 0.20%             | 2039-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST CMNTY CLG FING A              | California Community College Financing Authority                                 | CUSIP: 13012RAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $860708.64    | 0.15%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SSD7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1598128.37   | 0.27%             | 2047-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                               | CUSIP: 344630N20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1508631.60   | 0.26%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING A              | California Community Choice Financing Authority                                  | CUSIP: 13013JFR2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5408662.00   | 0.93%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SWL4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    485000 | PA      | $471382.95    | 0.08%             | 2029-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MURRIETA VLY CA UNIF SCH DIST               | Murrieta Valley Unified School District                                          | CUSIP: 626905JE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1705495.60   | 0.29%             | 2031-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MF              | California Municipal Finance Authority                                           | CUSIP: 130483JZ4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4060956.00   | 0.70%             | 2037-11-01      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CA UNIF SCH DIST SPL              | Riverside Unified School District                                                | CUSIP: 769069U52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1065735.30   | 0.18%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CNTY CA SPL TAX              | County of San Bernardino CA                                                      | CUSIP: 796844MZ8<br>LEI: 254900RTS8DDNPA7MX91 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2505777.50   | 0.43%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                 | CUSIP: 13032UL30<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1530235.20   | 0.26%             | 2058-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DIXON CA SPL TAX                            | City of Dixon CA                                                                 | CUSIP: 255650DY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $176115.24    | 0.03%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IRVINE CA UNIF SCH DIST SPL TA              | Irvine Unified School District                                                   | CUSIP: 463612JY8<br>LEI: 549300BNIP4XNVC0X742 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1003462.38   | 0.17%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN              | CSCDA Community Improvement Authority                                            | CUSIP: 126292BB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8110000 | PA      | $5506716.76   | 0.94%             | 2057-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MTGE CORP MU              | Freddie Mac Multifamily ML Certificates                                          | CUSIP: 3137HH6G1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4931292 | PA      | $4650951.10   | 0.80%             | 2038-11-25      | Variable      | 3.43%                 | No            |                  2 | On Loan: No      |
| FILLMORE CA SPL TAX                         | City of Fillmore CA                                                              | CUSIP: 317078EV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1131869.53   | 0.19%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA R              | San Francisco City & County Redevelopment Agency Successor Agency                | CUSIP: 79772ADL8<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1249665.23   | 0.21%             | 2040-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EL RANCHO CA UNIF SCH DIST                  | El Rancho Unified School District                                                | CUSIP: 283839F60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1692385.95   | 0.29%             | 2048-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SSJ4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1538484.60   | 0.26%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports  | City of Los Angeles Department of Airports (TOBs)                                | CUSIP: 544445ER6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10129489.00  | 1.74%             | 2044-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CERES CA UNIF SCH DIST                      | Ceres Unified School District                                                    | CUSIP: 156753PN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $599159.20    | 0.10%             | 2038-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHINO CA CMNTY FACS DIST SPL T              | Chino Community Facilities District                                              | CUSIP: 169511XA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1682098.89   | 0.29%             | 2047-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CA SPL TAX                       | City of Sacramento CA                                                            | CUSIP: 786071RB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $540394.20    | 0.09%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROOT CREEK WTR DIST CA CMNTY F              | Root Creek Water District Community Facilities District No 2016-1 Impt Area No 3 | CUSIP: 77664AAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $996260.07    | 0.17%             | 2045-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEWPORT BEACH CA IMPT BOND ACT              | City of Newport Beach CA                                                         | CUSIP: 651784US7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207989.90    | 0.04%             | 2033-09-02      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| S TAHOE CA JT PWRS FING AUTH L              | South Tahoe Joint Powers Financing Authority                                     | CUSIP: 84049MCC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4292332.80   | 0.74%             | 2053-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN              | CSCDA Community Improvement Authority                                            | CUSIP: 126292AQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1098321.82   | 0.19%             | 2046-12-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051AGS1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    375000 | PA      | $380745.71    | 0.07%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SE              | California Municipal Finance Authority                                           | CUSIP: 13049RBQ8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    295000 | PA      | $269480.41    | 0.05%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SE              | California Municipal Finance Authority                                           | CUSIP: 13049RBR6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $609693.83    | 0.10%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A              | California Enterprise Development Authority                                      | CUSIP: 13069BBC9<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022334.20   | 0.18%             | 2045-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMESCAL VLY CA WTR DIST SPL T              | Temescal Valley Water District                                                   | CUSIP: 87975CBV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $621899.76    | 0.11%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CERES CA UNIF SCH DIST                      | Ceres Unified School District                                                    | CUSIP: 156753PP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $608451.61    | 0.10%             | 2039-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR              | California School Finance Authority                                              | CUSIP: 13058TKC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2894844.90   | 0.50%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWPORT BEACH CA IMPT BOND ACT              | City of Newport Beach CA                                                         | CUSIP: 651784UU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $676171.60    | 0.12%             | 2043-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MORENO VLY CA UNIF SCH DIST CM              | Moreno Valley Unified School District Community Facilities District              | CUSIP: 616874WQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520692.90    | 0.09%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA MARINA REVENUE                | City of Long Beach CA Marina System Revenue                                      | CUSIP: 542426DS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092820.20   | 0.19%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA UNIF SCH DIST                 | Long Beach Unified School District                                               | CUSIP: 542433QM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $611307.00    | 0.10%             | 2037-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TEMECULA CA PUBLIC FING AUTH S              | Temecula Public Financing Authority                                              | CUSIP: 87972YJE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261746.15    | 0.04%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RANCHO CORDOVA CA CMNTY FACS D              | City of Rancho Cordova CA                                                        | CUSIP: 75211RRM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1998072.61   | 0.34%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CNTY CA TOBACCO SEC              | California County Tobacco Securitization Agency                                  | CUSIP: 13016NHB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7295000 | PA      | $1445380.96   | 0.25%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FONTANA CA SPL TAX                          | City of Fontana CA                                                               | CUSIP: 344630WW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $556317.80    | 0.10%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HASTINGS CAMPUS HSG FIN AUTH C              | Hastings Campus Housing Finance Authority                                        | CUSIP: 418338AB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2253297.25   | 0.39%             | 2061-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV               | California Statewide Communities Development Authority                           | CUSIP: 13081KAV2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2195000 | PA      | $2244753.41   | 0.38%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A              | California Enterprise Development Authority                                      | CUSIP: 13069BAR7<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    400000 | PA      | $403290.60    | 0.07%             | 2057-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA R              | San Francisco City & County Redevelopment Agency Successor Agency                | CUSIP: 79772ADN4<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113868.60   | 0.19%             | 2042-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HESPERIA CA UNIF SCH DIST SPL               | Hesperia Unified School District                                                 | CUSIP: 428063EA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $758609.25    | 0.13%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051AHE1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    575000 | PA      | $603602.05    | 0.10%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FOLSOM RANCH CA FING AUTH SPL               | Folsom Ranch Financing Authority                                                 | CUSIP: 344414HC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1222455.00   | 0.21%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR              | California School Finance Authority                                              | CUSIP: 13058TTA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $434078.65    | 0.07%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IMPERIAL CA CMNTY CLG DIST                  | Imperial Community College District                                              | CUSIP: 452641LM3<br>LEI: 549300VO268A8SG7J029 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1590625.50   | 0.27%             | 2053-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A              | California Enterprise Development Authority                                      | CUSIP: 13069BBB1<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |    650000 | PA      | $699459.93    | 0.12%             | 2039-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| M-S-R CA ENERGY AUTH GAS REVEN              | M-S-R Energy Authority                                                           | CUSIP: 55374SAC4<br>LEI: 549300UEMSS1JTK5YB98 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $7386630.60   | 1.27%             | 2039-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TGL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4120000 | PA      | $3964675.59   | 0.68%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN              | CSCDA Community Improvement Authority                                            | CUSIP: 126292AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2775000 | PA      | $2074452.64   | 0.36%             | 2056-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TCD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1499920.95   | 0.26%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMESCAL VLY CA WTR DIST SPL T              | Temescal Valley Water District                                                   | CUSIP: 87975CBW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1266315.05   | 0.22%             | 2049-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA UNIF SCH DIST                 | Long Beach Unified School District                                               | CUSIP: 542433WZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $3541026.18   | 0.61%             | 2048-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051ABH0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    660000 | PA      | $638886.14    | 0.11%             | 2041-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 7778705A0<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |    735000 | PA      | $759266.32    | 0.13%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV               | California Statewide Communities Development Authority                           | CUSIP: 13081KAW0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3457824.60   | 0.59%             | 2043-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH STUDEN              | California Municipal Finance Authority                                           | CUSIP: 13051EAJ9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983876.60    | 0.17%             | 2055-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LONG BEACH CA MARINA REVENUE                | City of Long Beach CA Marina System Revenue                                      | CUSIP: 542426DU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1198982.70   | 0.21%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE              | California Municipal Finance Authority                                           | CUSIP: 13048V2T4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2125524.45   | 0.36%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1546307.29   | 0.26%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051AJH2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    400000 | PA      | $419098.28    | 0.07%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM PORT AUTH PORT REVENUE                 | Port Authority of Guam                                                           | CUSIP: 400652AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1507504.50   | 0.26%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SE              | California Municipal Finance Authority                                           | CUSIP: 13049RBS4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $596194.05    | 0.10%             | 2056-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BURBANK GLENDALE PASADENA CA A              | Burbank-Glendale-Pasadena Airport Authority Brick Campaign                       | CUSIP: 120827ED8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1565439.45   | 0.27%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN              | CSCDA Community Improvement Authority                                            | CUSIP: 126292AE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1787407.74   | 0.31%             | 2041-08-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR              | California School Finance Authority                                              | CUSIP: 13058TTB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $983893.90    | 0.17%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN              | CSCDA Community Improvement Authority                                            | CUSIP: 126292BG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2164212.30   | 0.37%             | 2057-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SSH8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    720000 | PA      | $733412.23    | 0.13%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA CMNTY IMPT AUTH CA ESSEN              | CSCDA Community Improvement Authority                                            | CUSIP: 126292AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3185000 | PA      | $2850363.83   | 0.49%             | 2056-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board         | California State Public Works Board (TOBs)                                       | CUSIP: 13068XJU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10915000 | PA      | $12302753.15  | 2.11%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR              | California School Finance Authority                                              | CUSIP: 13058TKA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2898411.60   | 0.50%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MENIFEE CA SPL TAX                          | City of Menifee CA                                                               | CUSIP: 58680WGF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $645756.94    | 0.11%             | 2046-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001625.40   | 0.34%             | 2056-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                          | Commonwealth of Puerto Rico                                                      | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2668507.60   | 0.46%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STWD CMNTYS DEV AUT              | California Statewide Communities Development Authority                           | CUSIP: 13080SWP5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1360005.84   | 0.23%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TJS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1431901.65   | 0.25%             | 2064-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MO              | California Municipal Finance Authority                                           | CUSIP: 13049SFH2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    800000 | PA      | $823980.16    | 0.14%             | 2058-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEMESCAL VLY CA WTR DIST SPL T              | Temescal Valley Water District                                                   | CUSIP: 87975CBX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1202679.73   | 0.21%             | 2054-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST STWD CMNTYS DEV               | California Statewide Communities Development Authority                           | CUSIP: 13081KAX8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7097919.50   | 1.22%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CA CITY & CNTY I              | City & County San Francisco CA Infrastructure & Revitalization Fing Dist 1 Facs  | CUSIP: 79773NAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1263244.06   | 0.22%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH MF              | California Municipal Finance Authority                                           | CUSIP: 130483JL5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3309778.56   | 0.57%             | 2037-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA R              | San Francisco City & County Redevelopment Agency Successor Agency                | CUSIP: 79772ADP9<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102932.40   | 0.19%             | 2043-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051AGA0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $633901.56    | 0.11%             | 2043-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST SCH FIN AUTH CHR              | California School Finance Authority                                              | CUSIP: 13058TSQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1288936.13   | 0.22%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                            | CUSIP: 13034AW22<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    455000 | PA      | $439713.55    | 0.08%             | 2035-01-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST CMNTY CLG FING A              | California Community College Financing Authority                                 | CUSIP: 13012RAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029491.70   | 0.18%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TFH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5250025.20   | 0.90%             | 2048-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIVERSIDE CNTY CA REDEV SUCCES              | Riverside County Redevelopment Successor Agency                                  | CUSIP: 76913AKQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509136.10    | 0.09%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH SP              | California Municipal Finance Authority                                           | CUSIP: 13051AMC9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $624910.98    | 0.11%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN              | California Pollution Control Financing Authority                                 | CUSIP: 13054WAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2314220.85   | 0.40%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN              | California Pollution Control Financing Authority                                 | CUSIP: 13054WAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10004675.00  | 1.71%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY CA ARPT SYS RE              | County of Sacramento CA Airport System Revenue                                   | CUSIP: 786107VX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3246161.26   | 0.56%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A              | California Health Facilities Financing Authority                                 | CUSIP: 13032UK72<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1615698.45   | 0.28%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA MF REVENUE                   | City of Los Angeles CA                                                           | CUSIP: 544582WX3<br>LEI: 549300E7TO710PTXPJ65 | Long             | DBT              | MUN               | US        |   4737661 | PA      | $4539985.74   | 0.78%             | 2039-07-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST ENTERPRISE DEV A              | California Enterprise Development Authority                                      | CUSIP: 13069BAM8<br>LEI: 549300544P6FSHU1HB46 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036055.50   | 0.18%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROSEVILLE CA SPL TAX                        | City of Roseville CA                                                             | CUSIP: 7778705C6<br>LEI: 549300OH100KESVPND17 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014121.60   | 0.17%             | 2053-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST INFRASTRUCTURE &              | California Infrastructure & Economic Development Bank                            | CUSIP: 13035ADA4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2338183.45   | 0.40%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESTRN CA MUNI WTR DIST CMNTY F              | Eastern Municipal Water District                                                 | CUSIP: 27627M5S2<br>LEI: 549300ZCFVRFDIRWK089 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507508.15    | 0.09%             | 2050-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN AUTH SCH FA              | California School Finance Authority                                              | CUSIP: 13059TGZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $1928529.10   | 0.33%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST POLL CONTROL FIN              | California Pollution Control Financing Authority                                 | CUSIP: 13054WAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2165918.18   | 0.37%             | 2045-11-21      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUBLIN CA SPL TAX                           | City of Dublin CA                                                                | CUSIP: 26362DBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1265635.09   | 0.22%             | 2051-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-25

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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