# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-25-002280
**Filing Date:** 2025-9
**Character Count:** 336344
**Document Hash:** 664a9f3854d01842a279846858bd3b93
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002280.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0000940400-25-002280

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 251341315

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

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

## Series and Classes Contracts Data

### Putnam ESG Core Bond ETF (Series ID: S000077297)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237594 | -            |  |

## Nport-Ex

Schedule of Investments (unaudited)

July 31, 2025

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity <br>Date<br>| &nbsp;&nbsp; Face <br>Amount<br>| Value |
| **U.S. Government & Agency Obligations — 35.6%** | **U.S. Government & Agency Obligations — 35.6%** | **U.S. Government & Agency Obligations — 35.6%** | **U.S. Government & Agency Obligations — 35.6%** | **U.S. Government & Agency Obligations — 35.6%** |
| *U.S. Government Obligations — 35.6%* | *U.S. Government Obligations — 35.6%* | *U.S. Government Obligations — 35.6%* | *U.S. Government Obligations — 35.6%* | *U.S. Government Obligations — 35.6%* |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 11/15/39 | &nbsp;&nbsp; $4570000 | &nbsp;&nbsp;&nbsp; $4438077<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.750% | &nbsp;&nbsp; 8/15/42 | &nbsp;&nbsp; 9230000 | &nbsp;&nbsp;&nbsp; 6993167<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 11/15/48 | &nbsp;&nbsp; 37960000 | &nbsp;&nbsp;&nbsp; 29671078<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 5/15/51 | &nbsp;&nbsp; 7790000 | &nbsp;&nbsp;&nbsp; 4869815<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 5/15/52 | &nbsp;&nbsp; 14350000 | &nbsp;&nbsp;&nbsp; 9955593<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 27500000 | &nbsp;&nbsp;&nbsp; 23707471<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 2/15/53 | &nbsp;&nbsp; 3840000 | &nbsp;&nbsp;&nbsp; 3090600<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 0.500% | &nbsp;&nbsp; 2/28/26 | &nbsp;&nbsp; 24780000 | &nbsp;&nbsp;&nbsp; 24239510<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 2/28/26 | &nbsp;&nbsp; 2530000 | &nbsp;&nbsp;&nbsp; 2503785<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 5/15/27 | &nbsp;&nbsp; 14310000 | &nbsp;&nbsp;&nbsp; 13918431<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 5/31/27 | &nbsp;&nbsp; 8300000 | &nbsp;&nbsp;&nbsp; 8286059<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 8/15/28 | &nbsp;&nbsp; 12300000 | &nbsp;&nbsp;&nbsp; 11944933<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 1.875% | &nbsp;&nbsp; 2/28/29 | &nbsp;&nbsp; 17000000 | &nbsp;&nbsp;&nbsp; 15861797<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 2.375% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 5820000 | &nbsp;&nbsp;&nbsp; 5518201<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 3/31/29 | &nbsp;&nbsp; 3790000 | &nbsp;&nbsp;&nbsp; 3818055<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 4/30/29 | &nbsp;&nbsp; 20650000 | &nbsp;&nbsp;&nbsp; 21160200<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/33 | &nbsp;&nbsp; 11920000 | &nbsp;&nbsp;&nbsp; 11636202<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 1610000 | &nbsp;&nbsp;&nbsp; 1638898<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 39420000 | &nbsp;&nbsp;&nbsp; 38665477<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/15/34 | &nbsp;&nbsp; 23520000 | &nbsp;&nbsp;&nbsp; 23667459<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 16410000 | &nbsp;&nbsp;&nbsp; 15878919<br>|
| &nbsp;&nbsp;&nbsp; U.S. Treasury Notes | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 11/15/34 | &nbsp;&nbsp; 7750000 | &nbsp;&nbsp;&nbsp; 7703379<br>|
| **Total U.S. Government & Agency Obligations (Cost — $293,550,985)** | **Total U.S. Government & Agency Obligations (Cost — $293,550,985)** | **Total U.S. Government & Agency Obligations (Cost — $293,550,985)** | **Total U.S. Government & Agency Obligations (Cost — $293,550,985)** | &nbsp;&nbsp; **289167106** |
| **Mortgage-Backed Securities — 30.6%** | **Mortgage-Backed Securities — 30.6%** | **Mortgage-Backed Securities — 30.6%** | **Mortgage-Backed Securities — 30.6%** | **Mortgage-Backed Securities — 30.6%** |
| *FHLMC — 1.9%* | *FHLMC — 1.9%* | *FHLMC — 1.9%* | *FHLMC — 1.9%* | *FHLMC — 1.9%* |
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 5/1/35- <br>3/1/52<br>| &nbsp;&nbsp; 1946969 | &nbsp;&nbsp;&nbsp; 1755240<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/1/35- <br>1/1/52<br>| &nbsp;&nbsp; 5911955 | &nbsp;&nbsp;&nbsp; 5114556<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 10/1/51 | &nbsp;&nbsp; 2723561<br>| &nbsp;&nbsp;&nbsp; 2024262<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 1/1/52- <br>5/1/52<br>| &nbsp;&nbsp; 2352736 | &nbsp;&nbsp;&nbsp; 1956520<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 4/1/52 | &nbsp;&nbsp; 301196<br>| &nbsp;&nbsp;&nbsp; 278764<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 1094975<br>| &nbsp;&nbsp;&nbsp; 980173<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/1/52 | &nbsp;&nbsp; 446643<br>| &nbsp;&nbsp;&nbsp; 426531<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/1/52- <br>5/1/53<br>| &nbsp;&nbsp; 1955680 | &nbsp;&nbsp;&nbsp; 1964370<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/53 | &nbsp;&nbsp; 818470<br>| &nbsp;&nbsp;&nbsp; 804423<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 5/1/53 | &nbsp;&nbsp; 209508<br>| &nbsp;&nbsp;&nbsp; 214462<br>|
| &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. (FHLMC) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 5/1/53 | &nbsp;&nbsp; 23540<br>| &nbsp;&nbsp;&nbsp; 24309<br>|
| *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | *Total FHLMC* | &nbsp;&nbsp; *15543610* |
| *FNMA — 22.1%* | *FNMA — 22.1%* | *FNMA — 22.1%* | *FNMA — 22.1%* | *FNMA — 22.1%* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 11/1/32- <br>4/1/52<br>| &nbsp;&nbsp; 7373884 | &nbsp;&nbsp;&nbsp; 6352795<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/1/36- <br>4/1/52<br>| &nbsp;&nbsp; 24833264 | &nbsp;&nbsp;&nbsp; 19830157<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* | *FNMA — continued* |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 7/1/36- <br>11/1/41<br>| &nbsp;&nbsp; $4527163 | &nbsp;&nbsp;&nbsp; $3827834<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 7/1/36- <br>5/1/52<br>| &nbsp;&nbsp; 21197473 | &nbsp;&nbsp;&nbsp; 17882965<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 1.500% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 883417<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 4/1/50 | &nbsp;&nbsp; 256555<br>| &nbsp;&nbsp;&nbsp; 259688<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 7/1/50- <br>10/1/56<br>| &nbsp;&nbsp; 8667274 | &nbsp;&nbsp;&nbsp; 7769199<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/52- <br>5/1/53<br>| &nbsp;&nbsp; 3406394 | &nbsp;&nbsp;&nbsp; 3186560<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/52- <br>11/1/52<br>| &nbsp;&nbsp; 2665025 | &nbsp;&nbsp;&nbsp; 2533950<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52- <br>2/1/53<br>| &nbsp;&nbsp; 1855765 | &nbsp;&nbsp;&nbsp; 1819864<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/53- <br>5/1/54<br>| &nbsp;&nbsp; 4645824 | &nbsp;&nbsp;&nbsp; 4762651<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 4/1/53- <br>7/1/54<br>| &nbsp;&nbsp; 1404867 | &nbsp;&nbsp;&nbsp; 1454950<br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 9000000<br>| &nbsp;&nbsp;&nbsp; 7042987<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 10000000<br>| &nbsp;&nbsp;&nbsp; 8195384<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 855964<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4612198<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1897456<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 5000000<br>| &nbsp;&nbsp;&nbsp; 4867160<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 35000000<br>| &nbsp;&nbsp;&nbsp; 34820170<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association (FNMA) | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 46000000<br>| &nbsp;&nbsp;&nbsp; 46642992<br> <sup>(a)</sup><br>|
| *Total FNMA* | *Total FNMA* | *Total FNMA* | *Total FNMA* | &nbsp;&nbsp; *179498341* |
| *GNMA — 6.6%* | *GNMA — 6.6%* | *GNMA — 6.6%* | *GNMA — 6.6%* | *GNMA — 6.6%* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 3/20/43- <br>1/20/54<br>| &nbsp;&nbsp; 8595828 | &nbsp;&nbsp;&nbsp; 7541191<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 2/20/48 | &nbsp;&nbsp; 1657191<br>| &nbsp;&nbsp;&nbsp; 1546027<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 2/20/51- <br>7/20/51<br>| &nbsp;&nbsp; 5492279 | &nbsp;&nbsp;&nbsp; 4441513<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 4/20/51- <br>2/20/53<br>| &nbsp;&nbsp; 12193251 | &nbsp;&nbsp;&nbsp; 10294406<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 1/20/52- <br>3/20/52<br>| &nbsp;&nbsp; 3490556 | &nbsp;&nbsp;&nbsp; 3152245<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 9/20/52- <br>12/20/54<br>| &nbsp;&nbsp; 8552556 | &nbsp;&nbsp;&nbsp; 8137066<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 9/20/52- <br>6/20/54<br>| &nbsp;&nbsp; 3928886 | &nbsp;&nbsp;&nbsp; 3951067<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/20/52 | &nbsp;&nbsp; 1323762<br>| &nbsp;&nbsp;&nbsp; 1299727<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 2/20/53- <br>7/20/54<br>| &nbsp;&nbsp; 4775268 | &nbsp;&nbsp;&nbsp; 4915297<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 1289396<br>| &nbsp;&nbsp;&nbsp; 1347391<br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 921088<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 3000000<br>| &nbsp;&nbsp;&nbsp; 2847582<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; 2000000<br>| &nbsp;&nbsp;&nbsp; 1952317<br> <sup>(a)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *GNMA — continued* | *GNMA — continued* | *GNMA — continued* | *GNMA — continued* | *GNMA — continued* |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; $1000000<br>| &nbsp;&nbsp;&nbsp; $1013710<br> <sup>(a)</sup><br>|
| *Total GNMA* | *Total GNMA* | *Total GNMA* | *Total GNMA* | &nbsp;&nbsp; *53360627* |
| **Total Mortgage-Backed Securities (Cost — $251,010,636)** | **Total Mortgage-Backed Securities (Cost — $251,010,636)** | **Total Mortgage-Backed Securities (Cost — $251,010,636)** | **Total Mortgage-Backed Securities (Cost — $251,010,636)** | &nbsp;&nbsp; **248402578** |
| **Corporate Bonds & Notes — 28.2%** | **Corporate Bonds & Notes — 28.2%** | **Corporate Bonds & Notes — 28.2%** | **Corporate Bonds & Notes — 28.2%** | **Corporate Bonds & Notes — 28.2%** |
| **Communication Services — 2.8%** | **Communication Services — 2.8%** | **Communication Services — 2.8%** | **Communication Services — 2.8%** | **Communication Services — 2.8%** |
| *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* | *Entertainment — 0.2%* |
| &nbsp;&nbsp;&nbsp; Netflix Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1502000<br>| &nbsp;&nbsp;&nbsp; 1559831<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Netflix Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 255000<br>| &nbsp;&nbsp;&nbsp; 249913<br>|
| *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | *Total Entertainment* | &nbsp;&nbsp; *1809744* |
| *Interactive Media & Services — 0.3%* | *Interactive Media & Services — 0.3%* | *Interactive Media & Services — 0.3%* | *Interactive Media & Services — 0.3%* | *Interactive Media & Services — 0.3%* |
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc., Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 8/15/54 | &nbsp;&nbsp; 2345000<br>| &nbsp;&nbsp;&nbsp; *2267687*<br>|
| *Media — 0.6%* | *Media — 0.6%* | *Media — 0.6%* | *Media — 0.6%* | *Media — 0.6%* |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating <br> Capital Corp., Senior Secured Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 3/1/50 | &nbsp;&nbsp; 366000<br>| &nbsp;&nbsp;&nbsp; 284012<br>|
| &nbsp;&nbsp;&nbsp; Interpublic Group of Cos. Inc., Senior Notes | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 3/1/31 | &nbsp;&nbsp; 361000<br>| &nbsp;&nbsp;&nbsp; 320266<br>|
| &nbsp;&nbsp;&nbsp; Paramount Global, Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 6/1/29 | &nbsp;&nbsp; 483000<br>| &nbsp;&nbsp;&nbsp; 470120<br>|
| &nbsp;&nbsp;&nbsp; Paramount Global, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 1/15/31 | &nbsp;&nbsp; 1350000<br>| &nbsp;&nbsp;&nbsp; 1316984<br>|
| &nbsp;&nbsp;&nbsp; Time Warner Cable Enterprises LLC, Senior Secured Notes | &nbsp;&nbsp; 8.375% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 2076000<br>| &nbsp;&nbsp;&nbsp; 2393924<br>|
| *Total Media* | *Total Media* | *Total Media* | *Total Media* | &nbsp;&nbsp; *4785306* |
| *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* | *Wireless Telecommunication Services — 1.7%* |
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 810416<br>|
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 1056000<br>| &nbsp;&nbsp;&nbsp; 984541<br>|
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Subordinated Notes (7.000% to 4/15/30 then 5 <br> year Treasury Constant Maturity Rate + 2.653%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 4/15/55 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 1106861<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Rogers Communications Inc., Subordinated Notes (7.125% to 4/15/35 then 5 <br> year Treasury Constant Maturity Rate + 2.620%) | &nbsp;&nbsp; 7.125% | &nbsp;&nbsp; 4/15/55 | &nbsp;&nbsp; 540000<br>| &nbsp;&nbsp;&nbsp; 552859<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Sprint Capital Corp., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 3802000<br>| &nbsp;&nbsp;&nbsp; 4065789<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 605000<br>| &nbsp;&nbsp;&nbsp; 598007<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 2.050% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 655000<br>| &nbsp;&nbsp;&nbsp; 618384<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 566841<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 3122000<br>| &nbsp;&nbsp;&nbsp; 3026838<br>|
| &nbsp;&nbsp;&nbsp; T-Mobile USA Inc., Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 2/15/51 | &nbsp;&nbsp; 1947000<br>| &nbsp;&nbsp;&nbsp; 1292689<br>|
| *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | *Total Wireless Telecommunication Services* | &nbsp;&nbsp; *13623225* |
| **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | **Total Communication Services** | &nbsp;&nbsp; **22485962** |
| **Consumer Discretionary — 2.3%** | **Consumer Discretionary — 2.3%** | **Consumer Discretionary — 2.3%** | **Consumer Discretionary — 2.3%** | **Consumer Discretionary — 2.3%** |
| *Automobiles — 0.6%* | *Automobiles — 0.6%* | *Automobiles — 0.6%* | *Automobiles — 0.6%* | *Automobiles — 0.6%* |
| &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, Senior Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 8/17/27 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 974573<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/7/29 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 587865<br>|
| &nbsp;&nbsp;&nbsp; General Motors Financial Co. Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/6/29 | &nbsp;&nbsp; 412000<br>| &nbsp;&nbsp;&nbsp; 411489<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 1/16/29 | &nbsp;&nbsp; 635000<br>| &nbsp;&nbsp;&nbsp; 670032<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.350% | &nbsp;&nbsp; 3/19/29 | &nbsp;&nbsp; 221000<br>| &nbsp;&nbsp;&nbsp; 225109<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 6.375% | &nbsp;&nbsp; 4/8/30 | &nbsp;&nbsp; 521000<br>| &nbsp;&nbsp;&nbsp; 553080<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 1/8/31 | &nbsp;&nbsp; 186000<br>| &nbsp;&nbsp;&nbsp; 190154<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Hyundai Capital America, Senior Notes | &nbsp;&nbsp; 5.400% | &nbsp;&nbsp; 6/23/32 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 802428<br> <sup>(b)</sup><br>|
| *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | *Total Automobiles* | &nbsp;&nbsp; *4414730* |

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Hotels, Restaurants & Leisure — 0.7%* | *Hotels, Restaurants & Leisure — 0.7%* | *Hotels, Restaurants & Leisure — 0.7%* | *Hotels, Restaurants & Leisure — 0.7%* | *Hotels, Restaurants & Leisure — 0.7%* |
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; $126000<br>| &nbsp;&nbsp;&nbsp; $127885<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 8/1/32 | &nbsp;&nbsp; 925000<br>| &nbsp;&nbsp;&nbsp; 932419<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Carnival Corp., Senior Secured Notes | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 8/1/28 | &nbsp;&nbsp; 2293000<br>| &nbsp;&nbsp;&nbsp; 2228509<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; GLP Capital LP/GLP Financing II Inc., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 4/15/26 | &nbsp;&nbsp; 488000<br>| &nbsp;&nbsp;&nbsp; 488447<br>|
| &nbsp;&nbsp;&nbsp; GLP Capital LP/GLP Financing II Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/1/33 | &nbsp;&nbsp; 845000<br>| &nbsp;&nbsp;&nbsp; 906029<br>|
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/30/29 | &nbsp;&nbsp; 585000<br>| &nbsp;&nbsp;&nbsp; 595378<br>|
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 12/15/31 | &nbsp;&nbsp; 395000<br>| &nbsp;&nbsp;&nbsp; 400575<br>|
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 8/18/26 | &nbsp;&nbsp; 343000<br>| &nbsp;&nbsp;&nbsp; 338010<br>|
| *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | *Total Hotels, Restaurants & Leisure* | &nbsp;&nbsp; *6017252* |
| *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* | *Household Durables — 0.4%* |
| &nbsp;&nbsp;&nbsp; DR Horton Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 1695000<br>| &nbsp;&nbsp;&nbsp; 1676241<br>|
| &nbsp;&nbsp;&nbsp; DR Horton Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 10/15/35 | &nbsp;&nbsp; 1080000<br>| &nbsp;&nbsp;&nbsp; 1095965<br>|
| &nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 112000<br>| &nbsp;&nbsp;&nbsp; 111434<br>|
| &nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 11/1/29 | &nbsp;&nbsp; 635000<br>| &nbsp;&nbsp;&nbsp; 617155<br>|
| *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | *Total Household Durables* | &nbsp;&nbsp; *3500795* |
| *Leisure Products — 0.2%* | *Leisure Products — 0.2%* | *Leisure Products — 0.2%* | *Leisure Products — 0.2%* | *Leisure Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Brunswick Corp., Senior Notes | &nbsp;&nbsp; 2.400% | &nbsp;&nbsp; 8/18/31 | &nbsp;&nbsp; 1003000<br>| &nbsp;&nbsp;&nbsp; 855976<br>|
| &nbsp;&nbsp;&nbsp; Brunswick Corp., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 4/1/52 | &nbsp;&nbsp; 845000<br>| &nbsp;&nbsp;&nbsp; 654778<br>|
| *Total Leisure Products* | *Total Leisure Products* | *Total Leisure Products* | *Total Leisure Products* | &nbsp;&nbsp; *1510754* |
| *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* | *Specialty Retail — 0.2%* |
| &nbsp;&nbsp;&nbsp; Bath & Body Works Inc., Senior Notes | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 11/1/35 | &nbsp;&nbsp; 95000<br>| &nbsp;&nbsp;&nbsp; 97903<br>|
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods Inc., Senior Notes | &nbsp;&nbsp; 3.150% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 680000<br>| &nbsp;&nbsp;&nbsp; 610709<br>|
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods Inc., Senior Notes | &nbsp;&nbsp; 4.100% | &nbsp;&nbsp; 1/15/52 | &nbsp;&nbsp; 645000<br>| &nbsp;&nbsp;&nbsp; 460535<br>|
| *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | *Total Specialty Retail* | &nbsp;&nbsp; *1169147* |
| *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* | *Textiles, Apparel & Luxury Goods — 0.2%* |
| &nbsp;&nbsp;&nbsp; PVH Corp., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 6/13/30 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 715588<br>|
| &nbsp;&nbsp;&nbsp; Tapestry Inc., Senior Notes | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 3/11/30 | &nbsp;&nbsp; 444000<br>| &nbsp;&nbsp;&nbsp; 450337<br>|
| &nbsp;&nbsp;&nbsp; Tapestry Inc., Senior Notes | &nbsp;&nbsp; 3.050% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 208000<br>| &nbsp;&nbsp;&nbsp; 185438<br>|
| &nbsp;&nbsp;&nbsp; Tapestry Inc., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/11/35 | &nbsp;&nbsp; 541000<br>| &nbsp;&nbsp;&nbsp; 543816<br>|
| *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | *Total Textiles, Apparel & Luxury Goods* | &nbsp;&nbsp; *1895179* |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | **Total Consumer Discretionary** | &nbsp;&nbsp; **18507857** |
| **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** |
| *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* | *Consumer Staples Distribution & Retail — 0.3%* |
| &nbsp;&nbsp;&nbsp; 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.300% | &nbsp;&nbsp; 2/10/28 | &nbsp;&nbsp; 1578000<br>| &nbsp;&nbsp;&nbsp; 1462648<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; 7-Eleven Inc., Senior Notes | &nbsp;&nbsp; 1.800% | &nbsp;&nbsp; 2/10/31 | &nbsp;&nbsp; 206000<br>| &nbsp;&nbsp;&nbsp; 175268<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc., Senior Notes | &nbsp;&nbsp; 3.550% | &nbsp;&nbsp; 7/26/27 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp;&nbsp; 437643<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard Inc., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 1/25/30 | &nbsp;&nbsp; 750000<br>| &nbsp;&nbsp;&nbsp; 699616<br> <sup>(b)</sup><br>|
| *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | *Total Consumer Staples Distribution & Retail* | &nbsp;&nbsp; *2775175* |
| *Food Products — 0.6%* | *Food Products — 0.6%* | *Food Products — 0.6%* | *Food Products — 0.6%* | *Food Products — 0.6%* |
| &nbsp;&nbsp;&nbsp; JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/20/35 | &nbsp;&nbsp; 2250000<br>| &nbsp;&nbsp;&nbsp; 2323894<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Kellanova, Senior Notes | &nbsp;&nbsp; 7.450% | &nbsp;&nbsp; 4/1/31 | &nbsp;&nbsp; 139000<br>| &nbsp;&nbsp;&nbsp; 158412<br>|
| &nbsp;&nbsp;&nbsp; Kellanova, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 4/1/46 | &nbsp;&nbsp; 109000<br>| &nbsp;&nbsp;&nbsp; 92991<br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 4/20/31 | &nbsp;&nbsp; 72000<br>| &nbsp;&nbsp;&nbsp; 72347<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 355000<br>| &nbsp;&nbsp;&nbsp; 358456<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/1/35 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp;&nbsp; 467486<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 5/1/45 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp;&nbsp; 422406<br> <sup>(b)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Food Products — continued* | *Food Products — continued* | *Food Products — continued* | *Food Products — continued* | *Food Products — continued* |
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 5/1/55 | &nbsp;&nbsp; $345000<br>| &nbsp;&nbsp;&nbsp; $340735<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Mars Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 5/1/65 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 218040<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/32 | &nbsp;&nbsp; 285000<br>| &nbsp;&nbsp;&nbsp; 256213<br>|
| *Total Food Products* | *Total Food Products* | *Total Food Products* | *Total Food Products* | &nbsp;&nbsp; *4710980* |
| *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* | *Personal Care Products — 0.2%* |
| &nbsp;&nbsp;&nbsp; Kenvue Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 5/22/32 | &nbsp;&nbsp; 360000<br>| &nbsp;&nbsp;&nbsp; 362952<br>|
| &nbsp;&nbsp;&nbsp; Kenvue Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 3/22/33 | &nbsp;&nbsp; 1268000<br>| &nbsp;&nbsp;&nbsp; 1283090<br>|
| *Total Personal Care Products* | *Total Personal Care Products* | *Total Personal Care Products* | *Total Personal Care Products* | &nbsp;&nbsp; *1646042* |
| *Tobacco — 0.3%* | *Tobacco — 0.3%* | *Tobacco — 0.3%* | *Tobacco — 0.3%* | *Tobacco — 0.3%* |
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 4/30/30 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 576279<br>|
| &nbsp;&nbsp;&nbsp; Philip Morris International Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 1935000<br>| &nbsp;&nbsp;&nbsp; 1937890<br>|
| *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | *Total Tobacco* | &nbsp;&nbsp; *2514169* |
| **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | **Total Consumer Staples** | &nbsp;&nbsp; **11646366** |
| **Energy — 1.8%** | **Energy — 1.8%** | **Energy — 1.8%** | **Energy — 1.8%** | **Energy — 1.8%** |
| *Oil, Gas & Consumable Fuels — 1.8%* | *Oil, Gas & Consumable Fuels — 1.8%* | *Oil, Gas & Consumable Fuels — 1.8%* | *Oil, Gas & Consumable Fuels — 1.8%* | *Oil, Gas & Consumable Fuels — 1.8%* |
| &nbsp;&nbsp;&nbsp; Aker BP ASA, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 10/1/54 | &nbsp;&nbsp; 547000<br>| &nbsp;&nbsp;&nbsp; 497761<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 271000<br>| &nbsp;&nbsp;&nbsp; 272909<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., Senior Notes | &nbsp;&nbsp; 7.200% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 923136<br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 10/1/29 | &nbsp;&nbsp; 615000<br>| &nbsp;&nbsp;&nbsp; 608659<br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/31/32 | &nbsp;&nbsp; 1073000<br>| &nbsp;&nbsp;&nbsp; 964993<br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, Senior Notes | &nbsp;&nbsp; 5.927% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 421113<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, Senior Notes | &nbsp;&nbsp; 6.544% | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp; 420000<br>| &nbsp;&nbsp;&nbsp; 434037<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; DT Midstream Inc., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 12/15/34 | &nbsp;&nbsp; 970000<br>| &nbsp;&nbsp;&nbsp; 987428<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Eastern Energy Gas Holdings LLC, Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 1/15/35 | &nbsp;&nbsp; 744000<br>| &nbsp;&nbsp;&nbsp; 772210<br>|
| &nbsp;&nbsp;&nbsp; Eastern Energy Gas Holdings LLC, Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 10/15/54 | &nbsp;&nbsp; 286000<br>| &nbsp;&nbsp;&nbsp; 274066<br>|
| &nbsp;&nbsp;&nbsp; Enbridge Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 6/20/30 | &nbsp;&nbsp; 805000<br>| &nbsp;&nbsp;&nbsp; 812332<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan Inc., Senior Notes | &nbsp;&nbsp; 7.750% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 910000<br>| &nbsp;&nbsp;&nbsp; 1045204<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 825000<br>| &nbsp;&nbsp;&nbsp; 817529<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 6.100% | &nbsp;&nbsp; 11/15/32 | &nbsp;&nbsp; 361000<br>| &nbsp;&nbsp;&nbsp; 381811<br>|
| &nbsp;&nbsp;&nbsp; ONEOK Inc., Senior Notes | &nbsp;&nbsp; 6.050% | &nbsp;&nbsp; 9/1/33 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp;&nbsp; 488175<br>|
| &nbsp;&nbsp;&nbsp; Ovintiv Inc., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 7/15/33 | &nbsp;&nbsp; 168000<br>| &nbsp;&nbsp;&nbsp; 173826<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 830000<br>| &nbsp;&nbsp;&nbsp; 829250<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., Senior <br> Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 2/1/31 | &nbsp;&nbsp; 392000<br>| &nbsp;&nbsp;&nbsp; 387601<br>|
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, Senior Secured Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 1690000<br>| &nbsp;&nbsp;&nbsp; 1736980<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 8/1/30 | &nbsp;&nbsp; 220000<br>| &nbsp;&nbsp;&nbsp; 219209<br>|
| &nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 8/1/35 | &nbsp;&nbsp; 486000<br>| &nbsp;&nbsp;&nbsp; 483339<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos. Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/15/35 | &nbsp;&nbsp; 664000<br>| &nbsp;&nbsp;&nbsp; 679070<br>|
| **Total Energy** | **Total Energy** | **Total Energy** | **Total Energy** | &nbsp;&nbsp; **14210638** |
| **Financials — 9.1%** | **Financials — 9.1%** | **Financials — 9.1%** | **Financials — 9.1%** | **Financials — 9.1%** |
| *Banks — 5.0%* | *Banks — 5.0%* | *Banks — 5.0%* | *Banks — 5.0%* | *Banks — 5.0%* |
| &nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., Subordinated Notes (2.570% to <br> 11/25/30 then 5 year Treasury Constant Maturity Rate + 1.700%) | &nbsp;&nbsp; 2.570% | &nbsp;&nbsp; 11/25/35 | &nbsp;&nbsp; 765000<br>| &nbsp;&nbsp;&nbsp; 670497<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Subordinated Notes | &nbsp;&nbsp; 5.179% | &nbsp;&nbsp; 11/19/25 | &nbsp;&nbsp; 1610000<br>| &nbsp;&nbsp;&nbsp; 1611800<br>|
| &nbsp;&nbsp;&nbsp; Banco Santander SA, Subordinated Notes | &nbsp;&nbsp; 6.921% | &nbsp;&nbsp; 8/8/33 | &nbsp;&nbsp; 400000<br>| &nbsp;&nbsp;&nbsp; 435811<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Senior Notes (2.496% to 2/13/30 then 3 mo. Term <br> SOFR + 1.252%) | &nbsp;&nbsp; 2.496% | &nbsp;&nbsp; 2/13/31 | &nbsp;&nbsp; $727000<br>| &nbsp;&nbsp;&nbsp; $663839<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes | &nbsp;&nbsp; 4.183% | &nbsp;&nbsp; 11/25/27 | &nbsp;&nbsp; 4698000<br>| &nbsp;&nbsp;&nbsp; 4673393<br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes (3.846% to 3/8/32 then 5 year <br> Treasury Constant Maturity Rate + 2.000%) | &nbsp;&nbsp; 3.846% | &nbsp;&nbsp; 3/8/37 | &nbsp;&nbsp; 2125000<br>| &nbsp;&nbsp;&nbsp; 1948403<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Bank of America Corp., Subordinated Notes (5.425% to 8/15/34 then SOFR + <br> 1.913%) | &nbsp;&nbsp; 5.425% | &nbsp;&nbsp; 8/15/35 | &nbsp;&nbsp; 1165000<br>| &nbsp;&nbsp;&nbsp; 1167597<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays PLC, Senior Notes (5.367% to 2/25/30 then SOFR + 1.230%) | &nbsp;&nbsp; 5.367% | &nbsp;&nbsp; 2/25/31 | &nbsp;&nbsp; 840000<br>| &nbsp;&nbsp;&nbsp; 858411<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BNP Paribas SA, Subordinated Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 5/12/26 | &nbsp;&nbsp; 1105000<br>| &nbsp;&nbsp;&nbsp; 1101349<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; BPCE SA, Subordinated Notes (3.648% to 1/14/32 then 5 year Treasury <br> Constant Maturity Rate + 1.900%) | &nbsp;&nbsp; 3.648% | &nbsp;&nbsp; 1/14/37 | &nbsp;&nbsp; 790000<br>| &nbsp;&nbsp;&nbsp; 697926<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CaixaBank SA, Senior Notes (4.634% to 7/3/28 then SOFR + 1.140%) | &nbsp;&nbsp; 4.634% | &nbsp;&nbsp; 7/3/29 | &nbsp;&nbsp; 1400000<br>| &nbsp;&nbsp;&nbsp; 1398177<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Inc., Junior Subordinated Notes (6.875% to 8/15/30 then 5 year <br> Treasury Constant Maturity Rate + 2.890%) | &nbsp;&nbsp; 6.875% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 1530000<br>| &nbsp;&nbsp;&nbsp; 1546830<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, Subordinated Notes | &nbsp;&nbsp; 2.688% | &nbsp;&nbsp; 3/11/31 | &nbsp;&nbsp; 535000<br>| &nbsp;&nbsp;&nbsp; 477007<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, Subordinated Notes | &nbsp;&nbsp; 5.837% | &nbsp;&nbsp; 3/13/34 | &nbsp;&nbsp; 875000<br>| &nbsp;&nbsp;&nbsp; 903050<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, Senior Notes (4.895% to 9/6/29 then SOFR + 1.486%) | &nbsp;&nbsp; 4.895% | &nbsp;&nbsp; 9/6/30 | &nbsp;&nbsp; 185000<br>| &nbsp;&nbsp;&nbsp; 186663<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp, Senior Notes (6.339% to 7/27/28 then SOFR + 2.340%) | &nbsp;&nbsp; 6.339% | &nbsp;&nbsp; 7/27/29 | &nbsp;&nbsp; 590000<br>| &nbsp;&nbsp;&nbsp; 620194<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; First-Citizens Bank & Trust Co., Subordinated Notes | &nbsp;&nbsp; 6.125% | &nbsp;&nbsp; 3/9/28 | &nbsp;&nbsp; 3060000<br>| &nbsp;&nbsp;&nbsp; 3169069<br>|
| &nbsp;&nbsp;&nbsp; ING Groep NV, Senior Notes (6.083% to 9/11/26 then SOFR + 1.560%) | &nbsp;&nbsp; 6.083% | &nbsp;&nbsp; 9/11/27 | &nbsp;&nbsp; 730000<br>| &nbsp;&nbsp;&nbsp; 741318<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, Subordinated Notes (4.198% to 6/1/31 then 1 year <br> Treasury Constant Maturity Rate + 2.600%) | &nbsp;&nbsp; 4.198% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 800000<br>| &nbsp;&nbsp;&nbsp; 742726<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Junior Subordinated Notes (3 mo. Term SOFR + <br> 1.262%) | &nbsp;&nbsp; 5.588% | &nbsp;&nbsp; 5/15/47 | &nbsp;&nbsp; 361000<br>| &nbsp;&nbsp;&nbsp; 322761<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (4.323% to 4/26/27 then SOFR + <br> 1.560%) | &nbsp;&nbsp; 4.323% | &nbsp;&nbsp; 4/26/28 | &nbsp;&nbsp; 3147000<br>| &nbsp;&nbsp;&nbsp; 3139003<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.140% to 1/24/30 then SOFR + <br> 1.010%) | &nbsp;&nbsp; 5.140% | &nbsp;&nbsp; 1/24/31 | &nbsp;&nbsp; 1128000<br>| &nbsp;&nbsp;&nbsp; 1153074<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Senior Notes (5.502% to 1/24/35 then SOFR + <br> 1.315%) | &nbsp;&nbsp; 5.502% | &nbsp;&nbsp; 1/24/36 | &nbsp;&nbsp; 442000<br>| &nbsp;&nbsp;&nbsp; 453641<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes (2.956% to 5/13/30 then 3 mo. <br> Term SOFR + 2.515%) | &nbsp;&nbsp; 2.956% | &nbsp;&nbsp; 5/13/31 | &nbsp;&nbsp; 6137000<br>| &nbsp;&nbsp;&nbsp; 5687549<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes (5.576% to 7/23/35 then SOFR + <br> 1.635%) | &nbsp;&nbsp; 5.576% | &nbsp;&nbsp; 7/23/36 | &nbsp;&nbsp; 345000<br>| &nbsp;&nbsp;&nbsp; 350332<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co., Subordinated Notes (5.717% to 9/14/32 then SOFR + <br> 2.580%) | &nbsp;&nbsp; 5.717% | &nbsp;&nbsp; 9/14/33 | &nbsp;&nbsp; 361000<br>| &nbsp;&nbsp;&nbsp; 376306<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC, Subordinated Notes (3.369% to 12/14/41 then 5 <br> year Treasury Constant Maturity Rate + 1.500%) | &nbsp;&nbsp; 3.369% | &nbsp;&nbsp; 12/14/46 | &nbsp;&nbsp; 895000<br>| &nbsp;&nbsp;&nbsp; 646186<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Senior Notes (5.373% to 7/21/35 then <br> SOFR + 1.417%) | &nbsp;&nbsp; 5.373% | &nbsp;&nbsp; 7/21/36 | &nbsp;&nbsp; 235000<br>| &nbsp;&nbsp;&nbsp; 237526<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., Subordinated Notes (4.626% to 6/6/32 then <br> SOFR + 1.850%) | &nbsp;&nbsp; 4.626% | &nbsp;&nbsp; 6/6/33 | &nbsp;&nbsp; 2212000<br>| &nbsp;&nbsp;&nbsp; 2154137<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Bank, Subordinated Notes (4.632% to 9/17/29 then 5 year Treasury <br> Constant Maturity Rate + 1.150%) | &nbsp;&nbsp; 4.632% | &nbsp;&nbsp; 9/17/29 | &nbsp;&nbsp; 475000<br>| &nbsp;&nbsp;&nbsp; 471435<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., Senior Notes (5.711% to 1/24/34 then SOFR + 1.922%) | &nbsp;&nbsp; 5.711% | &nbsp;&nbsp; 1/24/35 | &nbsp;&nbsp; 765000<br>| &nbsp;&nbsp;&nbsp; 791826<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; US Bancorp, Subordinated Notes (2.491% to 11/3/31 then 5 year Treasury <br> Constant Maturity Rate + 0.950%) | &nbsp;&nbsp; 2.491% | &nbsp;&nbsp; 11/3/36 | &nbsp;&nbsp; 722000<br>| &nbsp;&nbsp;&nbsp; 613086<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp., Subordinated Notes | &nbsp;&nbsp; 4.421% | &nbsp;&nbsp; 7/24/39 | &nbsp;&nbsp; 239000<br>| &nbsp;&nbsp;&nbsp; 215527<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* | *Banks — continued* |
| &nbsp;&nbsp;&nbsp; Westpac Banking Corp., Subordinated Notes | &nbsp;&nbsp; 2.963% | &nbsp;&nbsp; 11/16/40 | &nbsp;&nbsp; $239000<br>| &nbsp;&nbsp;&nbsp; $177019<br>|
| *Total Banks* | *Total Banks* | *Total Banks* | *Total Banks* | &nbsp;&nbsp; *40403468* |
| *Capital Markets — 2.2%* | *Capital Markets — 2.2%* | *Capital Markets — 2.2%* | *Capital Markets — 2.2%* | *Capital Markets — 2.2%* |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 839000<br>| &nbsp;&nbsp;&nbsp; 835579<br>|
| &nbsp;&nbsp;&nbsp; Ares Capital Corp., Senior Notes | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 720000<br>| &nbsp;&nbsp;&nbsp; 741430<br>|
| &nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 3/15/27 | &nbsp;&nbsp; 513000<br>| &nbsp;&nbsp;&nbsp; 499353<br>|
| &nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 9/25/27 | &nbsp;&nbsp; 1430000<br>| &nbsp;&nbsp;&nbsp; 1445013<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Junior Subordinated Notes (3.650% to 8/10/26 <br> then 5 year Treasury Constant Maturity Rate + 2.915%) | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 8/10/26 | &nbsp;&nbsp; 183000<br>| &nbsp;&nbsp;&nbsp; 179504<br> <sup>(c)(d)</sup><br>|
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., Senior Notes (4.223% to 5/1/28 then 3 mo. Term <br> SOFR + 1.563%) | &nbsp;&nbsp; 4.223% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 1343000<br>| &nbsp;&nbsp;&nbsp; 1335061<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 132000<br>| &nbsp;&nbsp;&nbsp; 132180<br>|
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc., Senior Notes | &nbsp;&nbsp; 1.850% | &nbsp;&nbsp; 9/15/32 | &nbsp;&nbsp; 1683000<br>| &nbsp;&nbsp;&nbsp; 1397171<br>|
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group Inc., Senior Notes | &nbsp;&nbsp; 6.200% | &nbsp;&nbsp; 4/14/34 | &nbsp;&nbsp; 1285000<br>| &nbsp;&nbsp;&nbsp; 1343055<br>|
| &nbsp;&nbsp;&nbsp; KKR Group Finance Co. VI LLC, Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 861000<br>| &nbsp;&nbsp;&nbsp; 837318<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Moody's Corp., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 478000<br>| &nbsp;&nbsp;&nbsp; 467059<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Senior Notes (4.994% to 4/12/28 then SOFR + 1.380%) | &nbsp;&nbsp; 4.994% | &nbsp;&nbsp; 4/12/29 | &nbsp;&nbsp; 1445000<br>| &nbsp;&nbsp;&nbsp; 1463101<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Subordinated Notes | &nbsp;&nbsp; 4.350% | &nbsp;&nbsp; 9/8/26 | &nbsp;&nbsp; 3467000<br>| &nbsp;&nbsp;&nbsp; 3458770<br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Subordinated Notes (5.942% to 2/7/34 then 5 year Treasury <br> Constant Maturity Rate + 1.800%) | &nbsp;&nbsp; 5.942% | &nbsp;&nbsp; 2/7/39 | &nbsp;&nbsp; 580000<br>| &nbsp;&nbsp;&nbsp; 599078<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley, Subordinated Notes (5.948% to 1/19/33 then 5 year Treasury <br> Constant Maturity Rate + 2.430%) | &nbsp;&nbsp; 5.948% | &nbsp;&nbsp; 1/19/38 | &nbsp;&nbsp; 194000<br>| &nbsp;&nbsp;&nbsp; 200209<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; MSCI Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 9/1/30 | &nbsp;&nbsp; 1177000<br>| &nbsp;&nbsp;&nbsp; 1105136<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nasdaq Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 116000<br>| &nbsp;&nbsp;&nbsp; 120394<br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (1.305% to 2/2/26 then SOFR + 0.980%) | &nbsp;&nbsp; 1.305% | &nbsp;&nbsp; 2/2/27 | &nbsp;&nbsp; 250000<br>| &nbsp;&nbsp;&nbsp; 245902<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Group AG, Senior Notes (9.016% to 11/15/32 then SOFR + 5.020%) | &nbsp;&nbsp; 9.016% | &nbsp;&nbsp; 11/15/33 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1239940<br> <sup>(b)(c)</sup><br>|
| *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | *Total Capital Markets* | &nbsp;&nbsp; *17645253* |
| *Consumer Finance — 0.0%††* | *Consumer Finance — 0.0%††* | *Consumer Finance — 0.0%††* | *Consumer Finance — 0.0%††* | *Consumer Finance — 0.0%††* |
| &nbsp;&nbsp;&nbsp; Ally Financial Inc., Senior Notes | &nbsp;&nbsp; 8.000% | &nbsp;&nbsp; 11/1/31 | &nbsp;&nbsp; 244000<br>| &nbsp;&nbsp;&nbsp; *275791*<br>|
| *Financial Services — 0.8%* | *Financial Services — 0.8%* | *Financial Services — 0.8%* | *Financial Services — 0.8%* | *Financial Services — 0.8%* |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 4/1/28 | &nbsp;&nbsp; 485000<br>| &nbsp;&nbsp;&nbsp; 488807<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 4.625% | &nbsp;&nbsp; 9/10/29 | &nbsp;&nbsp; 150000<br>| &nbsp;&nbsp;&nbsp; 149631<br>|
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Senior Notes | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 1/30/32 | &nbsp;&nbsp; 1795000<br>| &nbsp;&nbsp;&nbsp; 1624705<br>|
| &nbsp;&nbsp;&nbsp; Corebridge Financial Inc., Senior Notes | &nbsp;&nbsp; 3.850% | &nbsp;&nbsp; 4/5/29 | &nbsp;&nbsp; 483000<br>| &nbsp;&nbsp;&nbsp; 472046<br>|
| &nbsp;&nbsp;&nbsp; Global Payments Inc., Senior Notes | &nbsp;&nbsp; 2.150% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 356000<br>| &nbsp;&nbsp;&nbsp; 344002<br>|
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance Inc., Senior Secured Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 5/1/33 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 983099<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 11/17/28 | &nbsp;&nbsp; 393000<br>| &nbsp;&nbsp;&nbsp; 417416<br>|
| &nbsp;&nbsp;&nbsp; LPL Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 784000<br>| &nbsp;&nbsp;&nbsp; 793895<br>|
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/17/30 | &nbsp;&nbsp; 488000<br>| &nbsp;&nbsp;&nbsp; 488118<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 3/26/31 | &nbsp;&nbsp; 608000<br>| &nbsp;&nbsp;&nbsp; 644211<br> <sup>(b)</sup><br>|
| *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | *Total Financial Services* | &nbsp;&nbsp; *6405930* |
| *Insurance — 1.1%* | *Insurance — 1.1%* | *Insurance — 1.1%* | *Insurance — 1.1%* | *Insurance — 1.1%* |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp; 455000<br>| &nbsp;&nbsp;&nbsp; 459279<br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Secured Notes | &nbsp;&nbsp; 5.526% | &nbsp;&nbsp; 7/11/31 | &nbsp;&nbsp; 1000000<br>| &nbsp;&nbsp;&nbsp; 1021093<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Global Funding, Secured Notes | &nbsp;&nbsp; 5.322% | &nbsp;&nbsp; 11/13/31 | &nbsp;&nbsp; 635000<br>| &nbsp;&nbsp;&nbsp; 639242<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., Senior Notes | &nbsp;&nbsp; 5.875% | &nbsp;&nbsp; 1/15/34 | &nbsp;&nbsp; 342000<br>| &nbsp;&nbsp;&nbsp; 352813<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* | *Insurance — continued* |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., Senior Notes | &nbsp;&nbsp; 6.250% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; $295000<br>| &nbsp;&nbsp;&nbsp; $291514<br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 6/23/30 | &nbsp;&nbsp; 863000<br>| &nbsp;&nbsp;&nbsp; 866928<br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/23/32 | &nbsp;&nbsp; 311000<br>| &nbsp;&nbsp;&nbsp; 314770<br>|
| &nbsp;&nbsp;&nbsp; Brown & Brown Inc., Senior Notes | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 6/23/35 | &nbsp;&nbsp; 415000<br>| &nbsp;&nbsp;&nbsp; 419728<br>|
| &nbsp;&nbsp;&nbsp; CNA Financial Corp., Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 465000<br>| &nbsp;&nbsp;&nbsp; 461578<br>|
| &nbsp;&nbsp;&nbsp; CNO Global Funding, Secured Notes | &nbsp;&nbsp; 2.650% | &nbsp;&nbsp; 1/6/29 | &nbsp;&nbsp; 773000<br>| &nbsp;&nbsp;&nbsp; 721667<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; CNO Global Funding, Secured Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/9/29 | &nbsp;&nbsp; 956000<br>| &nbsp;&nbsp;&nbsp; 964562<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life Inc., Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 6/4/29 | &nbsp;&nbsp; 585000<br>| &nbsp;&nbsp;&nbsp; 602941<br>|
| &nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 4/17/28 | &nbsp;&nbsp; 605000<br>| &nbsp;&nbsp;&nbsp; 608728<br>|
| &nbsp;&nbsp;&nbsp; Fidelity National Financial Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 9/17/51 | &nbsp;&nbsp; 483000<br>| &nbsp;&nbsp;&nbsp; 296766<br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Life Global Funding I, Senior Secured Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 4/9/30 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; 898811<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Metropolitan Life Insurance Co., Subordinated Notes | &nbsp;&nbsp; 7.800% | &nbsp;&nbsp; 11/1/25 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 573922<br> <sup>(b)</sup><br>|
| *Total Insurance* | *Total Insurance* | *Total Insurance* | *Total Insurance* | &nbsp;&nbsp; *9494342* |
| **Total Financials** | **Total Financials** | **Total Financials** | **Total Financials** | &nbsp;&nbsp; **74224784** |
| **Health Care — 1.4%** | **Health Care — 1.4%** | **Health Care — 1.4%** | **Health Care — 1.4%** | **Health Care — 1.4%** |
| *Biotechnology — 0.2%* | *Biotechnology — 0.2%* | *Biotechnology — 0.2%* | *Biotechnology — 0.2%* | *Biotechnology — 0.2%* |
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/2/30 | &nbsp;&nbsp; 949000<br>| &nbsp;&nbsp;&nbsp; 975243<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 3/2/53 | &nbsp;&nbsp; 504000<br>| &nbsp;&nbsp;&nbsp; 487693<br>|
| &nbsp;&nbsp;&nbsp; Amgen Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/2/63 | &nbsp;&nbsp; 565000<br>| &nbsp;&nbsp;&nbsp; 542466<br>|
| *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | *Total Biotechnology* | &nbsp;&nbsp; *2005402* |
| *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* | *Health Care Equipment & Supplies — 0.1%* |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies Inc., Senior Notes | &nbsp;&nbsp; 4.800% | &nbsp;&nbsp; 8/14/29 | &nbsp;&nbsp; 960000<br>| &nbsp;&nbsp;&nbsp; *971255*<br>|
| *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* | *Health Care Providers & Services — 0.6%* |
| &nbsp;&nbsp;&nbsp; Centene Corp., Senior Notes | &nbsp;&nbsp; 2.625% | &nbsp;&nbsp; 8/1/31 | &nbsp;&nbsp; 870000<br>| &nbsp;&nbsp;&nbsp; 727077<br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Junior Subordinated Notes (7.000% to 3/10/30 then 5 year <br> Treasury Constant Maturity Rate + 2.886%) | &nbsp;&nbsp; 7.000% | &nbsp;&nbsp; 3/10/55 | &nbsp;&nbsp; 315000<br>| &nbsp;&nbsp;&nbsp; 324872<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CVS Health Corp., Senior Notes | &nbsp;&nbsp; 4.780% | &nbsp;&nbsp; 3/25/38 | &nbsp;&nbsp; 1133000<br>| &nbsp;&nbsp;&nbsp; 1035909<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 488000<br>| &nbsp;&nbsp;&nbsp; 487123<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 210000<br>| &nbsp;&nbsp;&nbsp; 193343<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 4/1/34 | &nbsp;&nbsp; 455000<br>| &nbsp;&nbsp;&nbsp; 464218<br>|
| &nbsp;&nbsp;&nbsp; HCA Inc., Senior Notes | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 4/1/54 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 583002<br>|
| &nbsp;&nbsp;&nbsp; Humana Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 605000<br>| &nbsp;&nbsp;&nbsp; 621348<br>|
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC, Senior Secured Notes | &nbsp;&nbsp; 5.809% | &nbsp;&nbsp; 5/8/27 | &nbsp;&nbsp; 425000<br>| &nbsp;&nbsp;&nbsp; 432183<br>|
| &nbsp;&nbsp;&nbsp; Icon Investments Six DAC, Senior Secured Notes | &nbsp;&nbsp; 5.849% | &nbsp;&nbsp; 5/8/29 | &nbsp;&nbsp; 200000<br>| &nbsp;&nbsp;&nbsp; 207466<br>|
| *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | *Total Health Care Providers & Services* | &nbsp;&nbsp; *5076541* |
| *Life Sciences Tools & Services — 0.1%* | *Life Sciences Tools & Services — 0.1%* | *Life Sciences Tools & Services — 0.1%* | *Life Sciences Tools & Services — 0.1%* | *Life Sciences Tools & Services — 0.1%* |
| &nbsp;&nbsp;&nbsp; Illumina Inc., Senior Notes | &nbsp;&nbsp; 4.650% | &nbsp;&nbsp; 9/9/26 | &nbsp;&nbsp; 469000<br>| &nbsp;&nbsp;&nbsp; *468882*<br>|
| *Pharmaceuticals — 0.4%* | *Pharmaceuticals — 0.4%* | *Pharmaceuticals — 0.4%* | *Pharmaceuticals — 0.4%* | *Pharmaceuticals — 0.4%* |
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte Ltd., Senior Notes | &nbsp;&nbsp; 4.450% | &nbsp;&nbsp; 5/19/28 | &nbsp;&nbsp; 857000<br>| &nbsp;&nbsp;&nbsp; 860552<br>|
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte Ltd., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 5/19/33 | &nbsp;&nbsp; 538000<br>| &nbsp;&nbsp;&nbsp; 534983<br>|
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte Ltd., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 5/19/53 | &nbsp;&nbsp; 550000<br>| &nbsp;&nbsp;&nbsp; 513933<br>|
| &nbsp;&nbsp;&nbsp; Wyeth LLC, Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 170000<br>| &nbsp;&nbsp;&nbsp; 180607<br>|
| &nbsp;&nbsp;&nbsp; Zoetis Inc., Senior Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 5/15/30 | &nbsp;&nbsp; 966000<br>| &nbsp;&nbsp;&nbsp; 865572<br>|
| *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | *Total Pharmaceuticals* | &nbsp;&nbsp; *2955647* |
| **Total Health Care** | **Total Health Care** | **Total Health Care** | **Total Health Care** | &nbsp;&nbsp; **11477727** |

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **Industrials — 2.2%** | **Industrials — 2.2%** | **Industrials — 2.2%** | **Industrials — 2.2%** | **Industrials — 2.2%** |
| *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* | *Aerospace & Defense — 1.0%* |
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; $1019000<br>| &nbsp;&nbsp;&nbsp; $1049499<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 10/10/30 | &nbsp;&nbsp; 1005000<br>| &nbsp;&nbsp;&nbsp; 1001744<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 2/1/27 | &nbsp;&nbsp; 944000<br>| &nbsp;&nbsp;&nbsp; 917408<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 2.950% | &nbsp;&nbsp; 2/1/30 | &nbsp;&nbsp; 797000<br>| &nbsp;&nbsp;&nbsp; 740611<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.600% | &nbsp;&nbsp; 5/1/34 | &nbsp;&nbsp; 321000<br>| &nbsp;&nbsp;&nbsp; 283686<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 2/1/35 | &nbsp;&nbsp; 1658000<br>| &nbsp;&nbsp;&nbsp; 1402630<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 3/1/39 | &nbsp;&nbsp; 1045000<br>| &nbsp;&nbsp;&nbsp; 819756<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.900% | &nbsp;&nbsp; 5/1/49 | &nbsp;&nbsp; 323000<br>| &nbsp;&nbsp;&nbsp; 234396<br>|
| &nbsp;&nbsp;&nbsp; Boeing Co., Senior Notes | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 8/1/59 | &nbsp;&nbsp; 535000<br>| &nbsp;&nbsp;&nbsp; 368346<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 1/15/29 | &nbsp;&nbsp; 693000<br>| &nbsp;&nbsp;&nbsp; 661333<br>|
| &nbsp;&nbsp;&nbsp; Howmet Aerospace Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 2/1/37 | &nbsp;&nbsp; 413000<br>| &nbsp;&nbsp;&nbsp; 438188<br>|
| *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | *Total Aerospace & Defense* | &nbsp;&nbsp; *7917597* |
| *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* | *Commercial Services & Supplies — 0.3%* |
| &nbsp;&nbsp;&nbsp; Republic Services Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1335000<br>| &nbsp;&nbsp;&nbsp; 1367197<br>|
| &nbsp;&nbsp;&nbsp; Waste Connections Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/1/34 | &nbsp;&nbsp; 1349000<br>| &nbsp;&nbsp;&nbsp; 1358142<br>|
| *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | *Total Commercial Services & Supplies* | &nbsp;&nbsp; *2725339* |
| *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* | *Ground Transportation — 0.3%* |
| &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Notes | &nbsp;&nbsp; 4.400% | &nbsp;&nbsp; 7/1/27 | &nbsp;&nbsp; 1285000<br>| &nbsp;&nbsp;&nbsp; 1280153<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ryder System Inc., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp;&nbsp; 871780<br>|
| *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | *Total Ground Transportation* | &nbsp;&nbsp; *2151933* |
| *Machinery — 0.2%* | *Machinery — 0.2%* | *Machinery — 0.2%* | *Machinery — 0.2%* | *Machinery — 0.2%* |
| &nbsp;&nbsp;&nbsp; Oshkosh Corp., Senior Notes | &nbsp;&nbsp; 4.600% | &nbsp;&nbsp; 5/15/28 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 741066<br>|
| &nbsp;&nbsp;&nbsp; Vertiv Group Corp., Senior Secured Notes | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp; 1109000<br>| &nbsp;&nbsp;&nbsp; 1079556<br> <sup>(b)</sup><br>|
| *Total Machinery* | *Total Machinery* | *Total Machinery* | *Total Machinery* | &nbsp;&nbsp; *1820622* |
| *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* | *Trading Companies & Distributors — 0.4%* |
| &nbsp;&nbsp;&nbsp; Aircastle Ltd./Aircastle Ireland DAC, Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/30 | &nbsp;&nbsp; 490000<br>| &nbsp;&nbsp;&nbsp; 495093<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ashtead Capital Inc., Senior Notes | &nbsp;&nbsp; 4.375% | &nbsp;&nbsp; 8/15/27 | &nbsp;&nbsp; 675000<br>| &nbsp;&nbsp;&nbsp; 670112<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ashtead Capital Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 570000<br>| &nbsp;&nbsp;&nbsp; 591797<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, Senior Notes | &nbsp;&nbsp; 5.375% | &nbsp;&nbsp; 7/15/29 | &nbsp;&nbsp; 845000<br>| &nbsp;&nbsp;&nbsp; 860130<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, Senior Notes | &nbsp;&nbsp; 5.125% | &nbsp;&nbsp; 4/10/30 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 997518<br> <sup>(b)</sup><br>|
| *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | *Total Trading Companies & Distributors* | &nbsp;&nbsp; *3614650* |
| **Total Industrials** | **Total Industrials** | **Total Industrials** | **Total Industrials** | &nbsp;&nbsp; **18230141** |
| **Information Technology — 1.7%** | **Information Technology — 1.7%** | **Information Technology — 1.7%** | **Information Technology — 1.7%** | **Information Technology — 1.7%** |
| *Communications Equipment — 0.1%* | *Communications Equipment — 0.1%* | *Communications Equipment — 0.1%* | *Communications Equipment — 0.1%* | *Communications Equipment — 0.1%* |
| &nbsp;&nbsp;&nbsp; Motorola Solutions Inc., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 8/15/30 | &nbsp;&nbsp; 217000<br>| &nbsp;&nbsp;&nbsp; 218547<br>|
| &nbsp;&nbsp;&nbsp; Motorola Solutions Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 168849<br>|
| &nbsp;&nbsp;&nbsp; Motorola Solutions Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 8/15/32 | &nbsp;&nbsp; 738000<br>| &nbsp;&nbsp;&nbsp; 748165<br>|
| *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | *Total Communications Equipment* | &nbsp;&nbsp; *1135561* |
| *Electronic Equipment, Instruments & Components — 0.1%* | *Electronic Equipment, Instruments & Components — 0.1%* | *Electronic Equipment, Instruments & Components — 0.1%* | *Electronic Equipment, Instruments & Components — 0.1%* | *Electronic Equipment, Instruments & Components — 0.1%* |
| &nbsp;&nbsp;&nbsp; Flex Ltd., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 1/15/32 | &nbsp;&nbsp; 789000<br>| &nbsp;&nbsp;&nbsp; *798520*<br>|
| *IT Services — 0.2%* | *IT Services — 0.2%* | *IT Services — 0.2%* | *IT Services — 0.2%* | *IT Services — 0.2%* |
| &nbsp;&nbsp;&nbsp; Gartner Inc., Senior Notes | &nbsp;&nbsp; 3.625% | &nbsp;&nbsp; 6/15/29 | &nbsp;&nbsp; 110000<br>| &nbsp;&nbsp;&nbsp; 104411<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Gartner Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 1025000<br>| &nbsp;&nbsp;&nbsp; 960165<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; S&P Global Inc., Senior Notes | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 12/1/29 | &nbsp;&nbsp; 478000<br>| &nbsp;&nbsp;&nbsp; 443869<br>|
| *Total IT Services* | *Total IT Services* | *Total IT Services* | *Total IT Services* | &nbsp;&nbsp; *1508445* |

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Semiconductors & Semiconductor Equipment — 0.8%* | *Semiconductors & Semiconductor Equipment — 0.8%* | *Semiconductors & Semiconductor Equipment — 0.8%* | *Semiconductors & Semiconductor Equipment — 0.8%* | *Semiconductors & Semiconductor Equipment — 0.8%* |
| &nbsp;&nbsp;&nbsp; Analog Devices Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 4/1/34 | &nbsp;&nbsp; $700000<br>| &nbsp;&nbsp;&nbsp; $713107<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Corp./Broadcom Cayman Finance Ltd., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 1/15/27 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 595061<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 7/12/29 | &nbsp;&nbsp; 755000<br>| &nbsp;&nbsp;&nbsp; 770759<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/30 | &nbsp;&nbsp; 1093000<br>| &nbsp;&nbsp;&nbsp; 1115250<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.150% | &nbsp;&nbsp; 11/15/30 | &nbsp;&nbsp; 361000<br>| &nbsp;&nbsp;&nbsp; 353683<br>|
| &nbsp;&nbsp;&nbsp; Broadcom Inc., Senior Notes | &nbsp;&nbsp; 4.926% | &nbsp;&nbsp; 5/15/37 | &nbsp;&nbsp; 1008000<br>| &nbsp;&nbsp;&nbsp; 974526<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 1/25/31 | &nbsp;&nbsp; 255000<br>| &nbsp;&nbsp;&nbsp; 260438<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, Senior Secured Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 1/25/33 | &nbsp;&nbsp; 390000<br>| &nbsp;&nbsp;&nbsp; 401129<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Marvell Technology Inc., Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 583000<br>| &nbsp;&nbsp;&nbsp; 605413<br>|
| &nbsp;&nbsp;&nbsp; Marvell Technology Inc., Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 7/15/30 | &nbsp;&nbsp; 55000<br>| &nbsp;&nbsp;&nbsp; 55051<br>|
| &nbsp;&nbsp;&nbsp; Marvell Technology Inc., Senior Notes | &nbsp;&nbsp; 5.950% | &nbsp;&nbsp; 9/15/33 | &nbsp;&nbsp; 582000<br>| &nbsp;&nbsp;&nbsp; 614133<br>|
| *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | *Total Semiconductors & Semiconductor Equipment* | &nbsp;&nbsp; *6458550* |
| *Software — 0.3%* | *Software — 0.3%* | *Software — 0.3%* | *Software — 0.3%* | *Software — 0.3%* |
| &nbsp;&nbsp;&nbsp; Microsoft Corp., Senior Notes | &nbsp;&nbsp; 3.500% | &nbsp;&nbsp; 2/12/35 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 566804<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 3/25/31 | &nbsp;&nbsp; 483000<br>| &nbsp;&nbsp;&nbsp; 437978<br>|
| &nbsp;&nbsp;&nbsp; Oracle Corp., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 3/25/41 | &nbsp;&nbsp; 727000<br>| &nbsp;&nbsp;&nbsp; 568699<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 4/1/35 | &nbsp;&nbsp; 860000<br>| &nbsp;&nbsp;&nbsp; 863465<br>|
| &nbsp;&nbsp;&nbsp; Synopsys Inc., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 4/1/55 | &nbsp;&nbsp; 65000<br>| &nbsp;&nbsp;&nbsp; 64146<br>|
| *Total Software* | *Total Software* | *Total Software* | *Total Software* | &nbsp;&nbsp; *2501092* |
| *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* | *Technology Hardware, Storage & Peripherals — 0.2%* |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 456000<br>| &nbsp;&nbsp;&nbsp; 453461<br>|
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 528209<br>|
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 265000<br>| &nbsp;&nbsp;&nbsp; 257169<br>|
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 10/15/54 | &nbsp;&nbsp; 529000<br>| &nbsp;&nbsp;&nbsp; 486602<br>|
| *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | *Total Technology Hardware, Storage & Peripherals* | &nbsp;&nbsp; *1725441* |
| **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | **Total Information Technology** | &nbsp;&nbsp; **14127609** |
| **Materials — 0.8%** | **Materials — 0.8%** | **Materials — 0.8%** | **Materials — 0.8%** | **Materials — 0.8%** |
| *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* | *Chemicals — 0.4%* |
| &nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, Senior Notes | &nbsp;&nbsp; 6.665% | &nbsp;&nbsp; 7/15/27 | &nbsp;&nbsp; 256000<br>| &nbsp;&nbsp;&nbsp; 262557<br>|
| &nbsp;&nbsp;&nbsp; FMC Corp., Subordinated Notes (8.450% to 11/1/30 then 5 year Treasury <br> Constant Maturity Rate + 4.366%) | &nbsp;&nbsp; 8.450% | &nbsp;&nbsp; 11/1/55 | &nbsp;&nbsp; 1110000<br>| &nbsp;&nbsp;&nbsp; 1150328<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Huntsman International LLC, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 5/1/29 | &nbsp;&nbsp; 361000<br>| &nbsp;&nbsp;&nbsp; 343326<br>|
| &nbsp;&nbsp;&nbsp; Huntsman International LLC, Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 10/15/34 | &nbsp;&nbsp; 990000<br>| &nbsp;&nbsp;&nbsp; 913175<br>|
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances Inc., Senior Notes | &nbsp;&nbsp; 2.300% | &nbsp;&nbsp; 11/1/30 | &nbsp;&nbsp; 60000<br>| &nbsp;&nbsp;&nbsp; 52955<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Nutrien Ltd., Senior Notes | &nbsp;&nbsp; 4.200% | &nbsp;&nbsp; 4/1/29 | &nbsp;&nbsp; 483000<br>| &nbsp;&nbsp;&nbsp; 477409<br>|
| *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | *Total Chemicals* | &nbsp;&nbsp; *3199750* |
| *Containers & Packaging — 0.3%* | *Containers & Packaging — 0.3%* | *Containers & Packaging — 0.3%* | *Containers & Packaging — 0.3%* | *Containers & Packaging — 0.3%* |
| &nbsp;&nbsp;&nbsp; Berry Global Inc., Senior Secured Notes | &nbsp;&nbsp; 1.570% | &nbsp;&nbsp; 1/15/26 | &nbsp;&nbsp; 1027000<br>| &nbsp;&nbsp;&nbsp; 1011528<br>|
| &nbsp;&nbsp;&nbsp; Berry Global Inc., Senior Secured Notes | &nbsp;&nbsp; 4.875% | &nbsp;&nbsp; 7/15/26 | &nbsp;&nbsp; 27000<br>| &nbsp;&nbsp;&nbsp; 26984<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; WestRock MWV LLC, Senior Notes | &nbsp;&nbsp; 8.200% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 920000<br>| &nbsp;&nbsp;&nbsp; 1055282<br>|
| *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | *Total Containers & Packaging* | &nbsp;&nbsp; *2093794* |
| *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* | *Paper & Forest Products — 0.1%* |
| &nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 6/30/32 | &nbsp;&nbsp; 935000<br>| &nbsp;&nbsp;&nbsp;&nbsp; *942071*<br> <sup>(b)</sup><br>|
| **Total Materials** | **Total Materials** | **Total Materials** | **Total Materials** | &nbsp;&nbsp; **6235615** |

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **Real Estate — 1.3%** | **Real Estate — 1.3%** | **Real Estate — 1.3%** | **Real Estate — 1.3%** | **Real Estate — 1.3%** |
| *Diversified REITs — 0.4%* | *Diversified REITs — 0.4%* | *Diversified REITs — 0.4%* | *Diversified REITs — 0.4%* | *Diversified REITs — 0.4%* |
| &nbsp;&nbsp;&nbsp; VICI Properties LP, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; $1098000<br>| &nbsp;&nbsp;&nbsp; $1102776<br>|
| &nbsp;&nbsp;&nbsp; VICI Properties LP, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 4/1/34 | &nbsp;&nbsp; 225000<br>| &nbsp;&nbsp;&nbsp; 230350<br>|
| &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 3.750% | &nbsp;&nbsp; 2/15/27 | &nbsp;&nbsp; 122000<br>| &nbsp;&nbsp;&nbsp; 119950<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 1/15/28 | &nbsp;&nbsp; 810000<br>| &nbsp;&nbsp;&nbsp; 802687<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co. Inc., Senior Notes | &nbsp;&nbsp; 3.875% | &nbsp;&nbsp; 2/15/29 | &nbsp;&nbsp; 785000<br>| &nbsp;&nbsp;&nbsp; 760141<br> <sup>(b)</sup><br>|
| *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | *Total Diversified REITs* | &nbsp;&nbsp; *3015904* |
| *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* | *Industrial REITs — 0.1%* |
| &nbsp;&nbsp;&nbsp; Prologis LP, Senior Notes | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 845000<br>| &nbsp;&nbsp;&nbsp; *844967*<br>|
| *Specialized REITs — 0.8%* | *Specialized REITs — 0.8%* | *Specialized REITs — 0.8%* | *Specialized REITs — 0.8%* | *Specialized REITs — 0.8%* |
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 2.900% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 2751000<br>| &nbsp;&nbsp;&nbsp; 2556249<br>|
| &nbsp;&nbsp;&nbsp; American Tower Corp., Senior Notes | &nbsp;&nbsp; 2.700% | &nbsp;&nbsp; 4/15/31 | &nbsp;&nbsp; 661000<br>| &nbsp;&nbsp;&nbsp; 591715<br>|
| &nbsp;&nbsp;&nbsp; Crown Castle Inc., Senior Notes | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 9/1/27 | &nbsp;&nbsp; 605000<br>| &nbsp;&nbsp;&nbsp; 594168<br>|
| &nbsp;&nbsp;&nbsp; Crown Castle Inc., Senior Notes | &nbsp;&nbsp; 3.800% | &nbsp;&nbsp; 2/15/28 | &nbsp;&nbsp; 610000<br>| &nbsp;&nbsp;&nbsp; 598148<br>|
| &nbsp;&nbsp;&nbsp; Crown Castle Inc., Senior Notes | &nbsp;&nbsp; 4.900% | &nbsp;&nbsp; 9/1/29 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp;&nbsp; 438304<br>|
| &nbsp;&nbsp;&nbsp; EPR Properties, Senior Notes | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 6/1/27 | &nbsp;&nbsp; 188000<br>| &nbsp;&nbsp;&nbsp; 186659<br>|
| &nbsp;&nbsp;&nbsp; Equinix Inc., Senior Notes | &nbsp;&nbsp; 3.200% | &nbsp;&nbsp; 11/18/29 | &nbsp;&nbsp; 600000<br>| &nbsp;&nbsp;&nbsp; 566786<br>|
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co., Senior Notes | &nbsp;&nbsp; 3.375% | &nbsp;&nbsp; 3/9/33 | &nbsp;&nbsp; 849000<br>| &nbsp;&nbsp;&nbsp; 759052<br>|
| *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | *Total Specialized REITs* | &nbsp;&nbsp; *6291081* |
| **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | **Total Real Estate** | &nbsp;&nbsp; **10151952** |
| **Utilities — 3.4%** | **Utilities — 3.4%** | **Utilities — 3.4%** | **Utilities — 3.4%** | **Utilities — 3.4%** |
| *Electric Utilities — 3.0%* | *Electric Utilities — 3.0%* | *Electric Utilities — 3.0%* | *Electric Utilities — 3.0%* | *Electric Utilities — 3.0%* |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 3/1/28 | &nbsp;&nbsp; 1365000<br>| &nbsp;&nbsp;&nbsp; 1406057<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 10/1/53 | &nbsp;&nbsp; 854000<br>| &nbsp;&nbsp;&nbsp; 924454<br>|
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation LLC, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 3/15/54 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 687626<br>|
| &nbsp;&nbsp;&nbsp; DTE Electric Co., Senior Secured Bonds | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 435000<br>| &nbsp;&nbsp;&nbsp; 442083<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., Senior Notes | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 1/5/29 | &nbsp;&nbsp; 100000<br>| &nbsp;&nbsp;&nbsp; 101193<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., Senior Notes | &nbsp;&nbsp; 5.450% | &nbsp;&nbsp; 6/15/34 | &nbsp;&nbsp; 992000<br>| &nbsp;&nbsp;&nbsp; 1017435<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., Senior Notes | &nbsp;&nbsp; 5.800% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 708000<br>| &nbsp;&nbsp;&nbsp; 692643<br>|
| &nbsp;&nbsp;&nbsp; Duke Energy Ohio Inc., First Mortgage Bonds | &nbsp;&nbsp; 3.650% | &nbsp;&nbsp; 2/1/29 | &nbsp;&nbsp; 417000<br>| &nbsp;&nbsp;&nbsp; 407361<br>|
| &nbsp;&nbsp;&nbsp; Electricite de France SA, Senior Notes | &nbsp;&nbsp; 5.650% | &nbsp;&nbsp; 4/22/29 | &nbsp;&nbsp; 700000<br>| &nbsp;&nbsp;&nbsp; 721778<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Electricite de France SA, Senior Notes | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/13/35 | &nbsp;&nbsp; 190000<br>| &nbsp;&nbsp;&nbsp; 193744<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Electricite de France SA, Senior Notes | &nbsp;&nbsp; 4.750% | &nbsp;&nbsp; 10/13/35 | &nbsp;&nbsp; 900000<br>| &nbsp;&nbsp;&nbsp; 869405<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Exelon Corp., Senior Notes | &nbsp;&nbsp; 5.150% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 1345000<br>| &nbsp;&nbsp;&nbsp; 1376013<br>|
| &nbsp;&nbsp;&nbsp; Exelon Corp., Senior Notes | &nbsp;&nbsp; 5.625% | &nbsp;&nbsp; 6/15/35 | &nbsp;&nbsp; 685000<br>| &nbsp;&nbsp;&nbsp; 701736<br>|
| &nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC, Senior Notes | &nbsp;&nbsp; 4.550% | &nbsp;&nbsp; 1/15/30 | &nbsp;&nbsp; 460000<br>| &nbsp;&nbsp;&nbsp; 459349<br>|
| &nbsp;&nbsp;&nbsp; Florida Power & Light Co., First Mortgage Bonds | &nbsp;&nbsp; 3.950% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; 854000<br>| &nbsp;&nbsp;&nbsp; 677076<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 5/17/33 | &nbsp;&nbsp; 715000<br>| &nbsp;&nbsp;&nbsp; 718675<br>|
| &nbsp;&nbsp;&nbsp; Georgia Power Co., Senior Notes | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 530000<br>| &nbsp;&nbsp;&nbsp; 539208<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.300% | &nbsp;&nbsp; 3/15/32 | &nbsp;&nbsp; 1275000<br>| &nbsp;&nbsp;&nbsp; 1309601<br>|
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings Inc., Senior Notes | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 3/15/55 | &nbsp;&nbsp; 385000<br>| &nbsp;&nbsp;&nbsp; 384299<br>|
| &nbsp;&nbsp;&nbsp; NRG Energy Inc., Senior Secured Notes | &nbsp;&nbsp; 2.000% | &nbsp;&nbsp; 12/2/25 | &nbsp;&nbsp; 1255000<br>| &nbsp;&nbsp;&nbsp; 1240998<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/15/52 | &nbsp;&nbsp; 1060000<br>| &nbsp;&nbsp;&nbsp; 945004<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 483094<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.550% | &nbsp;&nbsp; 5/15/29 | &nbsp;&nbsp; 340000<br>| &nbsp;&nbsp;&nbsp; 346702<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 5.900% | &nbsp;&nbsp; 6/15/32 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 514974<br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* | *Electric Utilities — continued* |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; $145000<br>| &nbsp;&nbsp;&nbsp; $157834<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 500000<br>| &nbsp;&nbsp;&nbsp; 413787<br>|
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., First Mortgage Bonds | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 1/15/53 | &nbsp;&nbsp; 710000<br>| &nbsp;&nbsp;&nbsp; 737982<br>|
| &nbsp;&nbsp;&nbsp; Southern Co., Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 3/15/29 | &nbsp;&nbsp; 115000<br>| &nbsp;&nbsp;&nbsp; 119185<br>|
| &nbsp;&nbsp;&nbsp; Southern Co., Senior Notes | &nbsp;&nbsp; 5.700% | &nbsp;&nbsp; 3/15/34 | &nbsp;&nbsp; 695000<br>| &nbsp;&nbsp;&nbsp; 723843<br>|
| &nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., Senior Notes | &nbsp;&nbsp; 4.950% | &nbsp;&nbsp; 9/15/34 | &nbsp;&nbsp; 520000<br>| &nbsp;&nbsp;&nbsp; 514716<br>|
| &nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., Senior Notes | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 8/15/34 | &nbsp;&nbsp; 725000<br>| &nbsp;&nbsp;&nbsp; 726524<br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 3.700% | &nbsp;&nbsp; 1/30/27 | &nbsp;&nbsp; 2495000<br>| &nbsp;&nbsp;&nbsp; 2461549<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, Senior Secured Notes | &nbsp;&nbsp; 6.950% | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp; 129000<br>| &nbsp;&nbsp;&nbsp; 141926<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Xcel Energy Inc., Senior Notes | &nbsp;&nbsp; 5.600% | &nbsp;&nbsp; 4/15/35 | &nbsp;&nbsp; 1155000<br>| &nbsp;&nbsp;&nbsp; 1177437<br>|
| *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | *Total Electric Utilities* | &nbsp;&nbsp; *24335291* |
| *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* | *Independent Power and Renewable Electricity Producers — 0.1%* |
| &nbsp;&nbsp;&nbsp; Alexander Funding Trust II, Senior Secured Notes | &nbsp;&nbsp; 7.467% | &nbsp;&nbsp; 7/31/28 | &nbsp;&nbsp; 525000<br>| &nbsp;&nbsp;&nbsp; 558230<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Puget Sound Energy Inc., First Mortgage Bonds | &nbsp;&nbsp; 5.448% | &nbsp;&nbsp; 6/1/53 | &nbsp;&nbsp; 445000<br>| &nbsp;&nbsp;&nbsp; 423891<br>|
| *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | *Total Independent Power and Renewable Electricity Producers* | &nbsp;&nbsp; *982121* |
| *Multi-Utilities — 0.3%* | *Multi-Utilities — 0.3%* | *Multi-Utilities — 0.3%* | *Multi-Utilities — 0.3%* | *Multi-Utilities — 0.3%* |
| &nbsp;&nbsp;&nbsp; DTE Energy Co., Senior Notes | &nbsp;&nbsp; 5.850% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 618000<br>| &nbsp;&nbsp;&nbsp; 647064<br>|
| &nbsp;&nbsp;&nbsp; NiSource Inc., Senior Notes | &nbsp;&nbsp; 5.200% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 925000<br>| &nbsp;&nbsp;&nbsp; 946822<br>|
| &nbsp;&nbsp;&nbsp; Northern States Power Co., First Mortgage Bonds | &nbsp;&nbsp; 5.050% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 415000<br>| &nbsp;&nbsp;&nbsp; 417548<br>|
| &nbsp;&nbsp;&nbsp; Sempra, Senior Notes | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/1/33 | &nbsp;&nbsp; 380000<br>| &nbsp;&nbsp;&nbsp; 388638<br>|
| *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | *Total Multi-Utilities* | &nbsp;&nbsp; *2400072* |
| **Total Utilities** | **Total Utilities** | **Total Utilities** | **Total Utilities** | &nbsp;&nbsp; **27717484** |
| **Total Corporate Bonds & Notes (Cost — $225,356,384)** | **Total Corporate Bonds & Notes (Cost — $225,356,384)** | **Total Corporate Bonds & Notes (Cost — $225,356,384)** | **Total Corporate Bonds & Notes (Cost — $225,356,384)** | &nbsp;&nbsp; **229016135** |
| **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 5.8%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 5.8%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 5.8%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 5.8%** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— 5.8%** |
| &nbsp;&nbsp;&nbsp; Banc of America Commercial Mortgage Trust, 2015-UBS7 AS | &nbsp;&nbsp; 3.989% | &nbsp;&nbsp; 9/15/48 | &nbsp;&nbsp; 618000<br>| &nbsp;&nbsp;&nbsp; 615034<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; BANK, 2020-BN28 XA, IO | &nbsp;&nbsp; 1.759% | &nbsp;&nbsp; 3/15/63 | &nbsp;&nbsp; 10191177<br>| &nbsp;&nbsp;&nbsp; 727705<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Barclays Commercial Mortgage Trust, 2019-C5 C | &nbsp;&nbsp; 3.710% | &nbsp;&nbsp; 11/15/52 | &nbsp;&nbsp; 1344000<br>| &nbsp;&nbsp;&nbsp; 1187704<br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2018-B6 AS | &nbsp;&nbsp; 4.441% | &nbsp;&nbsp; 10/10/51 | &nbsp;&nbsp; 2211000<br>| &nbsp;&nbsp;&nbsp; 2113581<br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2020-B20 XA, IO | &nbsp;&nbsp; 1.581% | &nbsp;&nbsp; 10/15/53 | &nbsp;&nbsp; 9201401<br>| &nbsp;&nbsp;&nbsp; 495218<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, 2020-B21 XA, IO | &nbsp;&nbsp; 1.415% | &nbsp;&nbsp; 12/17/53 | &nbsp;&nbsp; 19738141<br>| &nbsp;&nbsp;&nbsp; 1109767<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust, 2017-CD4 B | &nbsp;&nbsp; 3.947% | &nbsp;&nbsp; 5/10/50 | &nbsp;&nbsp; 844000<br>| &nbsp;&nbsp;&nbsp; 791992<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CD Mortgage Trust, 2018-CD7 A4 | &nbsp;&nbsp; 4.279% | &nbsp;&nbsp; 8/15/51 | &nbsp;&nbsp; 672000<br>| &nbsp;&nbsp;&nbsp; 661690<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2016-P4 AS | &nbsp;&nbsp; 3.075% | &nbsp;&nbsp; 7/10/49 | &nbsp;&nbsp; 2394000<br>| &nbsp;&nbsp;&nbsp; 2302630<br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2016-P6 A5 | &nbsp;&nbsp; 3.720% | &nbsp;&nbsp; 12/10/49 | &nbsp;&nbsp; 501000<br>| &nbsp;&nbsp;&nbsp; 486825<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, 2016-P6 B | &nbsp;&nbsp; 4.153% | &nbsp;&nbsp; 12/10/49 | &nbsp;&nbsp; 1216000<br>| &nbsp;&nbsp;&nbsp; 1124795<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, 2014-CR15 B | &nbsp;&nbsp; 3.915% | &nbsp;&nbsp; 2/10/47 | &nbsp;&nbsp; 339608<br>| &nbsp;&nbsp;&nbsp; 330865<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, 2015-CR26 B | &nbsp;&nbsp; 4.529% | &nbsp;&nbsp; 10/10/48 | &nbsp;&nbsp; 1170000<br>| &nbsp;&nbsp;&nbsp; 1150296<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, 2015-LC19 B | &nbsp;&nbsp; 3.829% | &nbsp;&nbsp; 2/10/48 | &nbsp;&nbsp; 1002000<br>| &nbsp;&nbsp;&nbsp; 989581<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, 2017-COR2 C | &nbsp;&nbsp; 4.587% | &nbsp;&nbsp; 9/10/50 | &nbsp;&nbsp; 578000<br>| &nbsp;&nbsp;&nbsp; 547914<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Commercial Mortgage Trust, 2018-COR3 AM | &nbsp;&nbsp; 4.345% | &nbsp;&nbsp; 5/10/51 | &nbsp;&nbsp; 42000<br>| &nbsp;&nbsp;&nbsp; 38567<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, 2015-C2 B | &nbsp;&nbsp; 4.208% | &nbsp;&nbsp; 6/15/57 | &nbsp;&nbsp; 740000<br>| &nbsp;&nbsp;&nbsp; 719029<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, 2016-C6 AS | &nbsp;&nbsp; 3.346% | &nbsp;&nbsp; 1/15/49 | &nbsp;&nbsp; 534000<br>| &nbsp;&nbsp;&nbsp; 519117<br>|
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, 2019-C15 XA, IO | &nbsp;&nbsp; 0.989% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 13929416<br>| &nbsp;&nbsp;&nbsp; 384527<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSAIL Commercial Mortgage Trust, 2020-C19 XA, IO | &nbsp;&nbsp; 1.087% | &nbsp;&nbsp; 3/15/53 | &nbsp;&nbsp; 967178<br>| &nbsp;&nbsp;&nbsp; 36119<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; CSMC Trust, 2016-NXSR AS | &nbsp;&nbsp; 4.049% | &nbsp;&nbsp; 12/15/49 | &nbsp;&nbsp; 708000<br>| &nbsp;&nbsp;&nbsp; 685233<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; FREMF Mortgage Trust, 2015-K51 B | &nbsp;&nbsp; 3.981% | &nbsp;&nbsp; 10/25/48 | &nbsp;&nbsp; 1031000<br>| &nbsp;&nbsp;&nbsp; 1026740<br> <sup>(b)(c)</sup><br>|

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | &nbsp;&nbsp; Maturity<br> Date<br>| &nbsp;&nbsp; Face<br> Amount<br>| Value |
| **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** | **Collateralized Mortgage Obligations**<sup>(e)</sup> **— continued** |
| &nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, 2014-C23 B | &nbsp;&nbsp; 4.548% | &nbsp;&nbsp; 9/15/47 | &nbsp;&nbsp; $1628645<br>| &nbsp;&nbsp;&nbsp; $1516363<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, 2013-C10 C | &nbsp;&nbsp; 4.101% | &nbsp;&nbsp; 12/15/47 | &nbsp;&nbsp; 86310<br>| &nbsp;&nbsp;&nbsp; 82740<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, 2013-C9 B | &nbsp;&nbsp; 3.708% | &nbsp;&nbsp; 5/15/46 | &nbsp;&nbsp; 926114<br>| &nbsp;&nbsp;&nbsp; 893195<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, 2015-C22 B | &nbsp;&nbsp; 3.883% | &nbsp;&nbsp; 4/15/48 | &nbsp;&nbsp; 823000<br>| &nbsp;&nbsp;&nbsp; 784968<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, 2015-C25 B | &nbsp;&nbsp; 4.498% | &nbsp;&nbsp; 10/15/48 | &nbsp;&nbsp; 3074000<br>| &nbsp;&nbsp;&nbsp; 3028380<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, 2016-C32 AS | &nbsp;&nbsp; 3.994% | &nbsp;&nbsp; 12/15/49 | &nbsp;&nbsp; 1504000<br>| &nbsp;&nbsp;&nbsp; 1475865<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2016-UB12 AS | &nbsp;&nbsp; 3.778% | &nbsp;&nbsp; 12/15/49 | &nbsp;&nbsp; 1227000<br>| &nbsp;&nbsp;&nbsp; 1160634<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, 2018-L1 C | &nbsp;&nbsp; 4.779% | &nbsp;&nbsp; 10/15/51 | &nbsp;&nbsp; 1265000<br>| &nbsp;&nbsp;&nbsp; 1140402<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Station Place Securitization Trust, 2024-5 A (1 mo. Term SOFR + 0.900%) | &nbsp;&nbsp; 5.251% | &nbsp;&nbsp; 8/4/25 | &nbsp;&nbsp; 1900000<br>| &nbsp;&nbsp;&nbsp; 1900905<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Station Place Securitization Trust, 2024-10 A (1 mo. Term SOFR + 0.900%) | &nbsp;&nbsp; 5.222% | &nbsp;&nbsp; 10/27/25 | &nbsp;&nbsp; 2350000<br>| &nbsp;&nbsp;&nbsp; 2361577<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Station Place Securitization Trust, 2025-1 A (1 mo. Term SOFR + 0.900%) | &nbsp;&nbsp; 5.251% | &nbsp;&nbsp; 7/23/26 | &nbsp;&nbsp; 2562000<br>| &nbsp;&nbsp;&nbsp; 2575763<br> <sup>(b)(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Station Place Securitization Trust, 2025-3 A (1 mo. Term SOFR + 0.900%) | &nbsp;&nbsp; 5.251% | &nbsp;&nbsp; 9/23/26 | &nbsp;&nbsp; 2750000<br>| &nbsp;&nbsp;&nbsp; 2750000<br> <sup>(b)(c)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, 2017-C1 A4 | &nbsp;&nbsp; 3.460% | &nbsp;&nbsp; 6/15/50 | &nbsp;&nbsp; 852000<br>| &nbsp;&nbsp;&nbsp; 831563<br>|
| &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, 2018-C14 A4 | &nbsp;&nbsp; 4.448% | &nbsp;&nbsp; 12/15/51 | &nbsp;&nbsp; 756000<br>| &nbsp;&nbsp;&nbsp; 748341<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2015-C31 AS | &nbsp;&nbsp; 4.049% | &nbsp;&nbsp; 11/15/48 | &nbsp;&nbsp; 796000<br>| &nbsp;&nbsp;&nbsp; 791789<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2015-LC20 C | &nbsp;&nbsp; 4.056% | &nbsp;&nbsp; 4/15/50 | &nbsp;&nbsp; 592115<br>| &nbsp;&nbsp;&nbsp; 570497<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2017-C39 B | &nbsp;&nbsp; 4.025% | &nbsp;&nbsp; 9/15/50 | &nbsp;&nbsp; 1870000<br>| &nbsp;&nbsp;&nbsp; 1747166<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2019-C49 B | &nbsp;&nbsp; 4.546% | &nbsp;&nbsp; 3/15/52 | &nbsp;&nbsp; 2118000<br>| &nbsp;&nbsp;&nbsp; 2049827<br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2020-C56 B | &nbsp;&nbsp; 3.610% | &nbsp;&nbsp; 6/15/53 | &nbsp;&nbsp; 1304000<br>| &nbsp;&nbsp;&nbsp; 1168278<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2020-C57 C | &nbsp;&nbsp; 4.023% | &nbsp;&nbsp; 8/15/53 | &nbsp;&nbsp; 29000<br>| &nbsp;&nbsp;&nbsp; 26243<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2025-5C3 XA, IO | &nbsp;&nbsp; 0.819% | &nbsp;&nbsp; 1/15/58 | &nbsp;&nbsp; 10596761<br>| &nbsp;&nbsp;&nbsp; 344839<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, 2025-5C4 XA, IO | &nbsp;&nbsp; 1.122% | &nbsp;&nbsp; 5/15/58 | &nbsp;&nbsp; 16238446<br>| &nbsp;&nbsp;&nbsp; 761064<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp; WFRBS Commercial Mortgage Trust, 2013-C11 B | &nbsp;&nbsp; 3.714% | &nbsp;&nbsp; 3/15/45 | &nbsp;&nbsp; 557426<br>| &nbsp;&nbsp;&nbsp; 549653<br> <sup>(c)</sup><br>|
| **Total Collateralized Mortgage Obligations (Cost — $45,346,893)** | **Total Collateralized Mortgage Obligations (Cost — $45,346,893)** | **Total Collateralized Mortgage Obligations (Cost — $45,346,893)** | **Total Collateralized Mortgage Obligations (Cost — $45,346,893)** | &nbsp;&nbsp; **47304981** |
| **Asset-Backed Securities — 4.4%** | **Asset-Backed Securities — 4.4%** | **Asset-Backed Securities — 4.4%** | **Asset-Backed Securities — 4.4%** | **Asset-Backed Securities — 4.4%** |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, 2024-3 A3 | &nbsp;&nbsp; 4.890% | &nbsp;&nbsp; 7/16/29 | &nbsp;&nbsp; 1320000<br>| &nbsp;&nbsp;&nbsp; 1331582<br>|
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, 2025-2 A2A | &nbsp;&nbsp; 4.590% | &nbsp;&nbsp; 7/17/28 | &nbsp;&nbsp; 1750000<br>| &nbsp;&nbsp;&nbsp; 1754031<br>|
| &nbsp;&nbsp;&nbsp; Chase Auto Owner Trust, 2024-3A A3 | &nbsp;&nbsp; 5.220% | &nbsp;&nbsp; 7/25/29 | &nbsp;&nbsp; 4328000<br>| &nbsp;&nbsp;&nbsp; 4372814<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, 2024-B A3 | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 4/15/29 | &nbsp;&nbsp; 4311000<br>| &nbsp;&nbsp;&nbsp; 4359338<br>|
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, 2023-1 A3 | &nbsp;&nbsp; 4.660% | &nbsp;&nbsp; 2/16/28 | &nbsp;&nbsp; 1914516<br>| &nbsp;&nbsp;&nbsp; 1915923<br>|
| &nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, 2024-1 A3 | &nbsp;&nbsp; 4.850% | &nbsp;&nbsp; 12/18/28 | &nbsp;&nbsp; 1249000<br>| &nbsp;&nbsp;&nbsp; 1254349<br>|
| &nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, 2024-B A3 | &nbsp;&nbsp; 4.310% | &nbsp;&nbsp; 7/16/29 | &nbsp;&nbsp; 2298000<br>| &nbsp;&nbsp;&nbsp; 2295971<br>|
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, 2023-1 A3 | &nbsp;&nbsp; 5.040% | &nbsp;&nbsp; 4/21/27 | &nbsp;&nbsp; 1308482<br>| &nbsp;&nbsp;&nbsp; 1311119<br>|
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, 2023-2 A3 | &nbsp;&nbsp; 4.930% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 850518<br>| &nbsp;&nbsp;&nbsp; 852849<br>|
| &nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, 2023-4 A3 | &nbsp;&nbsp; 5.670% | &nbsp;&nbsp; 6/21/28 | &nbsp;&nbsp; 814000<br>| &nbsp;&nbsp;&nbsp; 821558<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, 2023-A A3 | &nbsp;&nbsp; 4.580% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 1991992<br>| &nbsp;&nbsp;&nbsp; 1992327<br>|
| &nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, 2023-B A3 | &nbsp;&nbsp; 5.480% | &nbsp;&nbsp; 4/17/28 | &nbsp;&nbsp; 3418010<br>| &nbsp;&nbsp;&nbsp; 3439470<br>|
| &nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust, 2025-A A3 | &nbsp;&nbsp; 4.490% | &nbsp;&nbsp; 12/17/29 | &nbsp;&nbsp; 1600000<br>| &nbsp;&nbsp;&nbsp; 1610215<br>|
| &nbsp;&nbsp;&nbsp; OCCU Auto Receivables Trust, 2025-1A A3 | &nbsp;&nbsp; 4.810% | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp; 1953000<br>| &nbsp;&nbsp;&nbsp; 1952925<br> <sup>(b)(f)</sup><br>|
| &nbsp;&nbsp;&nbsp; Tesla Auto Lease Trust, 2023-A A3 | &nbsp;&nbsp; 5.890% | &nbsp;&nbsp; 6/22/26 | &nbsp;&nbsp; 86859<br>| &nbsp;&nbsp;&nbsp; 86913<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, 2022-C A3 | &nbsp;&nbsp; 3.760% | &nbsp;&nbsp; 4/15/27 | &nbsp;&nbsp; 1568712<br>| &nbsp;&nbsp;&nbsp; 1564362<br>|
| &nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, 2024-A A3 | &nbsp;&nbsp; 4.830% | &nbsp;&nbsp; 10/16/28 | &nbsp;&nbsp; 4021000<br>| &nbsp;&nbsp;&nbsp; 4039412<br>|
| &nbsp;&nbsp;&nbsp; USB Auto Owner Trust, 2025-1A A3 | &nbsp;&nbsp; 4.490% | &nbsp;&nbsp; 6/17/30 | &nbsp;&nbsp; 1216000<br>| &nbsp;&nbsp;&nbsp; 1216823<br> <sup>(b)</sup><br>|
| **Total Asset-Backed Securities (Cost — $36,002,540)** | **Total Asset-Backed Securities (Cost — $36,002,540)** | **Total Asset-Backed Securities (Cost — $36,002,540)** | **Total Asset-Backed Securities (Cost — $36,002,540)** | &nbsp;&nbsp; **36171981** |

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

July 31, 2025

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Shares | Value |
| **Investments in Underlying Funds — 2.2%** | **Investments in Underlying Funds — 2.2%** | **Investments in Underlying Funds — 2.2%** | **Investments in Underlying Funds — 2.2%** |
| &nbsp;&nbsp;&nbsp; Franklin Templeton ETF Trust — Franklin Ultra Short Bond ETF <br> (Cost — $18,212,877) |  | &nbsp;&nbsp; 731980<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$18317800**<br> <sup>(g)</sup><br>|
| **Total Investments before Short-Term Investments (Cost — $869,480,315)** | **Total Investments before Short-Term Investments (Cost — $869,480,315)** | **Total Investments before Short-Term Investments (Cost — $869,480,315)** | &nbsp;&nbsp; **868380581** |
|  | Rate |  |  |
| **Short-Term Investments — 6.8%** | **Short-Term Investments — 6.8%** | **Short-Term Investments — 6.8%** | **Short-Term Investments — 6.8%** |
| &nbsp;&nbsp;&nbsp; Putnam Government Money Market Fund, Class P Shares <br> (Cost — $54,899,432)  | &nbsp;&nbsp; 4.080% | &nbsp;&nbsp; 54899432<br>| &nbsp;&nbsp;&nbsp;&nbsp; **54899432**<br> <sup>(g)(h)</sup><br>|
| **Total Investments — 113.6% (Cost — $924,379,747)** | **Total Investments — 113.6% (Cost — $924,379,747)** | **Total Investments — 113.6% (Cost — $924,379,747)** | &nbsp;&nbsp; **923280013** |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (13.6)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (13.6)% | &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other Assets — (13.6)% | &nbsp;&nbsp;&nbsp; (110336828)<br>|
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$812943185** |

---

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

---

| | |
|:---|:---|
| †† | Represents less than 0.1%. |
| <sup>(a)</sup> | This security is traded on a to-be-announced ("TBA") basis. At July 31, 2025, the Fund held TBA securities with a total cost of $116,408,008. |
| <sup>(b)</sup> | Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from <br> registration, normally to qualified institutional buyers. This security has been deemed liquid pursuant to guidelines approved by the Board of Trustees. <br>|
| <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 <br> reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a <br> reference rate and spread in their description above.<br>|
| <sup>(d)</sup> | Security has no maturity date. The date shown represents the next call date. |
| <sup>(e)</sup> | Collateralized mortgage obligations are secured by an underlying pool of mortgages or mortgage pass-through certificates that are structured to direct <br> 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 <br> more interest rates, financial indices or other financial indicators and may be subject to an upper and/or lower limit.<br>|
| <sup>(f)</sup> | Securities traded on a when-issued or delayed delivery basis. |
| <sup>(g)</sup> | In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding <br> voting securities of an issuer, or a company which is under common ownership or control with the Fund. At July 31, 2025, the total market value of <br> investments in Affiliated Companies was $73,217,232 and the cost was $73,112,309 (Note 2).<br>|
| <sup>(h)</sup> | Rate shown is one-day yield as of the end of the reporting period.  |

---

&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:** |
| CD |  | Certificate of Deposit |
| DAC |  | Designated Activity Company |
| ETF |  | Exchange-Traded Fund |
| IO |  | Interest Only |
| SOFR |  | Secured Overnight Financing Rate |

---

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

 **Putnam ESG Core Bond ETF**

(Percentages shown based on Fund net assets)

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>|
| **Securities Sold Short — (0.5)%** |  |  |  |
| **Mortgage-Backed Securities — (0.5)%** | **Mortgage-Backed Securities — (0.5)%** | **Mortgage-Backed Securities — (0.5)%** | **Mortgage-Backed Securities — (0.5)%** |
| *GNMA — (0.5)%* |  |  |  |
| &nbsp;&nbsp;&nbsp; Government National Mortgage Association (GNMA) II (Proceeds — $(4190625)) | &nbsp;&nbsp; 2.500% | &nbsp;&nbsp; 8/1/55 | &nbsp;&nbsp; $(5000000)<br>&nbsp;&nbsp; **$(4205504)** <sup>(a)</sup><br>|

---

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

<sup>(a)</sup> This security is traded on a to-be-announced ("TBA") basis and is part of a mortgage dollar roll agreement.

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

See Notes to Schedule of Investments.

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

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

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

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

The Fund seeks high current income consistent with what Franklin Advisers, Inc. believes to be prudent risk.

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

**(a) Investment valuation.** The valuations for fixed income securities (which may include, but are not limited to, corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and certain derivative instruments are typically the prices supplied by independent third party pricing services, which may use market prices or broker/dealer quotations or a variety of valuation techniques and methodologies. The independent third party pricing services typically use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar securities. Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a foreign currency, the Fund will use the currency exchange rates, generally determined as of 4:00 p.m. (Eastern Time). If independent third party pricing services are unable to supply prices for a portfolio investment, or if the prices supplied are deemed by the manager to be unreliable, the market price may be determined by the manager using quotations from one or more broker/dealers or at the transaction price if the security has recently been purchased and no value has yet been obtained from a pricing service or pricing broker. When reliable prices are not readily available, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the Fund calculates its net asset value, the Fund values these securities as determined in accordance with procedures approved by the Fund's Board of Trustees (the "Board").

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

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

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

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 and liabilities 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; U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; $289167106 | &nbsp;&nbsp; — | &nbsp;&nbsp; $289167106 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 248402578 | &nbsp;&nbsp; — | &nbsp;&nbsp; 248402578 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 229016135 | &nbsp;&nbsp; — | &nbsp;&nbsp; 229016135 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 47304981 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47304981 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 36171981 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36171981 |
| &nbsp;&nbsp;&nbsp; Investments in Underlying Funds | &nbsp;&nbsp; $18317800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18317800 |
| Total Long-Term Investments | &nbsp;&nbsp; 18317800 | &nbsp;&nbsp; 850062781 | &nbsp;&nbsp; — | &nbsp;&nbsp; 868380581 |
| Short-Term Investments† | &nbsp;&nbsp; 54899432 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54899432 |
| **Total Investments** | &nbsp;&nbsp; **$73217232** | &nbsp;&nbsp; **$850062781** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$923280013** |
| **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  | **LIABILITIES**  |
| 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 |
| Securities Sold Short†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; $4205504 | &nbsp;&nbsp; — | &nbsp;&nbsp; $4205504 |

---

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

† See Schedule of Investments for additional detailed categorizations.

**2. Transactions with affiliated companies**

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

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

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

were effected in such Underlying Funds for the period ended July 31, 2025. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>April 30, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>April 30, <br>2025 | Cost | Shares | Proceeds | Shares |
| Franklin Templeton ETF <br> Trust — Franklin Ultra <br> Short Bond ETF<br>| $11257741 | $7006860 | 281400 |  |  |
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>| 40880678 | 72652470 | 72652470 | $58633716 | 58633716 |
|  | **$52138419** | **$79659330** |  | **$58633716** |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>July 31, <br>2025<br>|
| Franklin Templeton ETF Trust <br> — Franklin Ultra Short Bond <br> ETF<br>|  | $182587 | $53199 | $18317800 |
| Putnam Government Money <br> Market Fund, Class P Shares<br>|  | 351712 |  | 54899432 |
|  | **—** | **$534299** | **$53199** | **$73217232** |

---

------

Putnam ESG Core Bond ETF 2025 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Putnam ESG Core Bond ETF

- **b. EDGAR series identifier (if any):** S000077297

- **c. LEI of Series:** 549300WPUCAJ9XFIRU61

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $938703510.21

**Total Liabilities:** $125760324.89

**Net Assets:** $812943185.32

**Stand-by Commitments:** $116615896.84

**Cash Not Reported:** $2436141.77

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 794.18507000 | **1-Year:** 24535.67208000 | **5-Year:** 164680.72033000 | **10-Year:** 65289.37199000 | **30-Year:** 4530.18520000

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

- **3-Month:** 25.26972000 | **1-Year:** 363.58429000 | **5-Year:** 1892.03299000 | **10-Year:** 261.82102000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237594 | -0.62%               | 0.32%                | -0.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-703978.77              | $-6529509.79                               |
| Month 2  | $-587795.84              | $9390122.59                                |
| Month 3  | $804926.22               | $-5254038.08                               |

**Designated Index Information**

- **Index Name:** LBUSTRUU Index

- **Index Identifier:** BM0838

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MOTOROLA SOLUTIONS INC              | Motorola Solutions Inc                                                          | CUSIP: 620076CA5<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    217000 | PA      | $218547.22    | 0.03%             | 2030-08-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL            | Viper Energy Partners LLC                                                       | CUSIP: 92764MAB0<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    486000 | PA      | $483339.15    | 0.06%             | 2035-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust           | Morgan Stanley Bank of America Merrill Lynch Trust 2013-C9                      | CUSIP: 61762DAZ4<br>LEI: 549300PFVBG5704L7K74 | Long             | ABS-MBS          | CORP              | US        |    926114 | PA      | $893195.40    | 0.11%             | 2046-05-15      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                    | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824CBW8<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    529000 | PA      | $486602.02    | 0.06%             | 2054-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                        | Synopsys Inc                                                                    | CUSIP: 871607AE7<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    860000 | PA      | $863464.66    | 0.11%             | 2035-04-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP            | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    366000 | PA      | $284011.66    | 0.03%             | 2050-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FMC CORP                            | FMC Corp                                                                        | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   1110000 | PA      | $1150328.52   | 0.14%             | 2055-11-01      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                         | Oracle Corp                                                                     | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    483000 | PA      | $437978.40    | 0.05%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133KNMZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    387905 | PA      | $304847.55    | 0.04%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA            | Electricite de France SA                                                        | CUSIP: 268317AP9<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    900000 | PA      | $869404.62    | 0.11%             | 2035-10-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                    | LPL Holdings Inc                                                                | CUSIP: 50212YAH7<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    393000 | PA      | $417415.84    | 0.05%             | 2028-11-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HCA INC                             | HCA Inc                                                                         | CUSIP: 404119CV9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    600000 | PA      | $583002.52    | 0.07%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC                         | Ovintiv Inc                                                                     | CUSIP: 69047QAC6<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |    168000 | PA      | $173825.61    | 0.02%             | 2033-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                      | NRG Energy Inc                                                                  | CUSIP: 629377CN0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1255000 | PA      | $1240998.30   | 0.15%             | 2025-12-02      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                 | COMM 2015-LC19 Mortgage Trust                                                   | CUSIP: 200474BF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1002000 | PA      | $989581.31    | 0.12%             | 2048-02-10      | Variable      | 3.83%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XGYT0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    132051 | PA      | $103939.51    | 0.01%             | 2051-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                      | S&P Global Inc                                                                  | CUSIP: 78409VAP9<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    478000 | PA      | $443869.40    | 0.05%             | 2029-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618B0L92<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     89288 | PA      | $91821.97     | 0.01%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                | Westpac Banking Corp                                                            | CUSIP: 961214EQ2<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    239000 | PA      | $177019.49    | 0.02%             | 2040-11-16      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION            | Vertiv Group Corp                                                               | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |   1109000 | PA      | $1079555.72   | 0.13%             | 2028-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ONCOR ELECTRIC DELIVERY             | Oncor Electric Delivery Co LLC                                                  | CUSIP: 68233JCM4<br>LEI: 549300SP2X2BS1KERD24 | Long             | DBT              | CORP              | US        |   1060000 | PA      | $945004.41    | 0.12%             | 2052-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XMPS9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2517830 | PA      | $2574873.41   | 0.32%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus      | CSAIL 2016-C6 Commercial Mortgage Trust                                         | CUSIP: 12636MAJ7<br>LEI: 549300C2HE5FJAWYZL57 | Long             | ABS-MBS          | CORP              | US        |    534000 | PA      | $519117.37    | 0.06%             | 2049-01-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                 | COMM 2018-COR3 Mortgage Trust                                                   | CUSIP: 12595VAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     42000 | PA      | $38566.50     | 0.00%             | 2051-05-10      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F022683<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  10000000 | PA      | $8195383.90   | 1.01%             | 2055-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC              | Pacific Gas and Electric Co                                                     | CUSIP: 694308KP1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    145000 | PA      | $157833.45    | 0.02%             | 2034-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XK5T3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    957964 | PA      | $990042.57    | 0.12%             | 2053-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust            | Benchmark 2020-B20 Mortgage Trust                                               | CUSIP: 08162XBJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9201401 | PA      | $495217.55    | 0.06%             | 2053-10-15      | Variable      | 1.58%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC            | Vistra Operations Co LLC                                                        | CUSIP: 92840VAG7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   2495000 | PA      | $2461548.71   | 0.30%             | 2027-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC              | Pacific Gas and Electric Co                                                     | CUSIP: 694308KG1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514974.44    | 0.06%             | 2032-06-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                    | Crown Castle Inc                                                                | CUSIP: 22822VBF7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    435000 | PA      | $438303.57    | 0.05%             | 2029-09-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    345000 | PA      | $350331.98    | 0.04%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618G7SQ7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1289396 | PA      | $1347390.64   | 0.17%             | 2053-11-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO             | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $421113.10    | 0.05%             | 2030-08-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAH1<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    285000 | PA      | $256212.78    | 0.03%             | 2032-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                 | Ashtead Capital Inc                                                             | CUSIP: 045054AR4<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    570000 | PA      | $591796.61    | 0.07%             | 2033-10-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7750000 | PA      | $7703378.95   | 0.95%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                   | Brown & Brown Inc                                                               | CUSIP: 115236AL5<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    311000 | PA      | $314769.76    | 0.04%             | 2032-06-23      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOLL BROS FINANCE CORP              | Toll Brothers Finance Corp                                                      | CUSIP: 88947EAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    112000 | PA      | $111434.21    | 0.01%             | 2028-02-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                  | CNO Global Funding                                                              | CUSIP: 18977W2C3<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |    773000 | PA      | $721666.78    | 0.09%             | 2029-01-06      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                    | Crown Castle Inc                                                                | CUSIP: 22822VAH4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    605000 | PA      | $594167.78    | 0.07%             | 2027-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Banc of America Commercial Mor      | Banc of America Commercial Mortgage Trust 2015-UBS7                             | CUSIP: 06054ABB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    618000 | PA      | $615034.09    | 0.08%             | 2048-09-15      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER             | Pfizer Investment Enterprises Pte Ltd                                           | CUSIP: 716973AE2<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    538000 | PA      | $534983.47    | 0.07%             | 2033-05-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE / IRELAND DAC             | Aircastle Ltd / Aircastle Ireland DAC                                           | CUSIP: 00929JAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    490000 | PA      | $495093.44    | 0.06%             | 2030-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133KLZV2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    448142 | PA      | $352058.74    | 0.04%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3622ACN55<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    428250 | PA      | $434376.38    | 0.05%             | 2053-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179YPB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2166576 | PA      | $1902035.69   | 0.23%             | 2054-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                    | T-Mobile USA Inc                                                                | CUSIP: 87264ABV6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    590000 | PA      | $566841.03    | 0.07%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu      | JPMBB Commercial Mortgage Securities Trust 2014-C23                             | CUSIP: 46643ABK8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1628645 | PA      | $1516363.28   | 0.19%             | 2047-09-15      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618B9GT5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    274281 | PA      | $282677.42    | 0.03%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                   | Hyatt Hotels Corp                                                               | CUSIP: 448579AT9<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    395000 | PA      | $400574.64    | 0.05%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae                                                                      | CUSIP: 21H022689<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |  -5000000 | PA      | $-4205504.45  | -0.52%            | 2055-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                   | Hyatt Hotels Corp                                                               | CUSIP: 448579AR3<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    585000 | PA      | $595378.37    | 0.07%             | 2029-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2015-C31                                  | CUSIP: 94989WAU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    796000 | PA      | $791789.40    | 0.10%             | 2048-11-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L            | Huntsman International LLC                                                      | CUSIP: 44701QBE1<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |    361000 | PA      | $343326.11    | 0.04%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MOODY'S CORPORATION                 | Moody's Corp                                                                    | CUSIP: 615369AM7<br>LEI: 549300GCEDD8YCF5WU84 | Long             | DBT              | CORP              | US        |    478000 | PA      | $467058.98    | 0.06%             | 2028-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BROADCOM CRP / CAYMN FI             | Broadcom Corp / Broadcom Cayman Finance Ltd                                     | CUSIP: 11134LAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    600000 | PA      | $595060.91    | 0.07%             | 2027-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                                            | CUSIP: 06051GHZ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    727000 | PA      | $663839.24    | 0.08%             | 2031-02-13      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                    | Paramount Global                                                                | CUSIP: 124857AZ6<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    483000 | PA      | $470120.46    | 0.06%             | 2029-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA            | Electricite de France SA                                                        | CUSIP: 28504DAF0<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    190000 | PA      | $193743.46    | 0.02%             | 2035-01-13      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobi      | GM Financial Consumer Automobile Receivables Trust 2024-1                       | CUSIP: 36268GAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1249000 | PA      | $1254349.22   | 0.15%             | 2028-12-18      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC              | Pacific Gas and Electric Co                                                     | CUSIP: 694308KQ9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    340000 | PA      | $346701.62    | 0.04%             | 2029-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust        | CSMC Trust 2016-NXSR                                                            | CUSIP: 12594PAZ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    708000 | PA      | $685232.56    | 0.08%             | 2049-12-15      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| MARS INC                            | Mars Inc                                                                        | CUSIP: 571676BD6<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    220000 | PA      | $218039.77    | 0.03%             | 2065-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                        | Centene Corp                                                                    | CUSIP: 15135BAZ4<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    870000 | PA      | $727077.27    | 0.09%             | 2031-08-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| PVH CORP                            | PVH Corp                                                                        | CUSIP: 693656AE0<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | DBT              | CORP              | US        |    710000 | PA      | $715588.29    | 0.09%             | 2030-06-13      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST              | Commonwealth Bank of Australia                                                  | CUSIP: 202712BN4<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    535000 | PA      | $477007.38    | 0.06%             | 2031-03-11      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| ANALOG DEVICES INC                  | Analog Devices Inc                                                              | CUSIP: 032654BB0<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | DBT              | CORP              | US        |    700000 | PA      | $713107.02    | 0.09%             | 2034-04-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD            | Alimentation Couche-Tard Inc                                                    | CUSIP: 01626PAM8<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |    750000 | PA      | $699616.43    | 0.09%             | 2030-01-25      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner       | Toyota Auto Receivables 2024-A Owner Trust                                      | CUSIP: 89238DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4021000 | PA      | $4039412.16   | 0.50%             | 2028-10-16      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3840000 | PA      | $3090600.00   | 0.38%             | 2053-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| TRUIST BANK                         | Truist Bank                                                                     | CUSIP: 07330MAC1<br>LEI: JJKC32MCHWDI71265Z06 | Long             | DBT              | CORP              | US        |    475000 | PA      | $471434.53    | 0.06%             | 2029-09-17      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                                         | CUSIP: 44891ACV7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    186000 | PA      | $190154.28    | 0.02%             | 2031-01-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL            | Penske Truck Leasing Co Lp / PTL Finance Corp                                   | CUSIP: 709599BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1285000 | PA      | $1280152.99   | 0.16%             | 2027-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                     | CVS Health Corp                                                                 | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    315000 | PA      | $324872.10    | 0.04%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust        | CD 2018-CD7 Mortgage Trust                                                      | CUSIP: 12512JAW4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    672000 | PA      | $661689.71    | 0.08%             | 2051-08-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XJM91<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    660150 | PA      | $613638.25    | 0.08%             | 2052-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2025-5C3                                  | CUSIP: 95004JAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10596761 | PA      | $344838.75    | 0.04%             | 2058-01-15      | Variable      | 0.82%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                  | Athene Holding Ltd                                                              | CUSIP: 04686JAH4<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    295000 | PA      | $291513.47    | 0.04%             | 2054-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XGFZ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    346716 | PA      | $289216.07    | 0.04%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                                            | CUSIP: 06051GKL2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2125000 | PA      | $1948402.75   | 0.24%             | 2037-03-08      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC                        | 7-Eleven Inc                                                                    | CUSIP: 817826AD2<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |   1578000 | PA      | $1462648.28   | 0.18%             | 2028-02-10      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC            | Ford Motor Credit Co LLC                                                        | CUSIP: 345397A86<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $974572.56    | 0.12%             | 2027-08-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                         | BNP Paribas SA                                                                  | CUSIP: 05565AAR4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1105000 | PA      | $1101349.17   | 0.14%             | 2026-05-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CLF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16410000 | PA      | $15878918.58  | 1.95%             | 2034-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RYDER SYSTEM INC                    | Ryder System Inc                                                                | CUSIP: 78355HLC1<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | DBT              | CORP              | US        |    860000 | PA      | $871780.24    | 0.11%             | 2029-09-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust      | Morgan Stanley Capital I Trust 2018-L1                                          | CUSIP: 61691QAK4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1265000 | PA      | $1140401.42   | 0.14%             | 2051-10-15      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                         | Exelon Corp                                                                     | CUSIP: 30161NBM2<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |   1345000 | PA      | $1376013.12   | 0.17%             | 2029-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                    | Berry Global Inc                                                                | CUSIP: 085770AA3<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     27000 | PA      | $26984.58     | 0.00%             | 2026-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133C3TT3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    224388 | PA      | $224840.56    | 0.03%             | 2053-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH BANK AUST              | Commonwealth Bank of Australia                                                  | CUSIP: 202712BV6<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    875000 | PA      | $903049.62    | 0.11%             | 2034-03-13      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                | FREMF 2015-K51 Mortgage Trust                                                   | CUSIP: 30293XAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1031000 | PA      | $1026739.80   | 0.13%             | 2048-10-25      | Variable      | 3.98%                 | No            |                  2 | On Loan: No      |
| WF-RBS COMMERCIAL MORTGAGE TRU      | WFRBS Commercial Mortgage Trust 2013-C11                                        | CUSIP: 92937EAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    557426 | PA      | $549652.87    | 0.07%             | 2045-03-15      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                | Las Vegas Sands Corp                                                            | CUSIP: 517834AE7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    343000 | PA      | $338010.41    | 0.04%             | 2026-08-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                  | Meta Platforms Inc                                                              | CUSIP: 30303M8V7<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |   2345000 | PA      | $2267686.83   | 0.28%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                  | Banco Santander SA                                                              | CUSIP: 05971KAA7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   1610000 | PA      | $1611800.14   | 0.20%             | 2025-11-19      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                 | Intesa Sanpaolo SpA                                                             | CUSIP: 46115HBQ9<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    800000 | PA      | $742726.46    | 0.09%             | 2032-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ILLUMINA INC                        | Illumina Inc                                                                    | CUSIP: 452327AQ2<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |    469000 | PA      | $468881.63    | 0.06%             | 2026-09-09      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner       | Toyota Auto Receivables 2022-C Owner Trust                                      | CUSIP: 89231CAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1568712 | PA      | $1564361.75   | 0.19%             | 2027-04-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                 | Global Payments Inc                                                             | CUSIP: 37940XAG7<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    356000 | PA      | $344002.13    | 0.04%             | 2027-01-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618HNHA8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    922380 | PA      | $944424.74    | 0.12%             | 2054-07-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140QFA33<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    361646 | PA      | $285892.01    | 0.04%             | 2050-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                    | T-Mobile USA Inc                                                                | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   3122000 | PA      | $3026837.85   | 0.37%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F012486<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $883417.28    | 0.11%             | 2040-08-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                   | Brown & Brown Inc                                                               | CUSIP: 115236AM3<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    415000 | PA      | $419728.44    | 0.05%             | 2035-06-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust      | Morgan Stanley Capital I Trust 2016-UBS12                                       | CUSIP: 61691EBD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1227000 | PA      | $1160634.39   | 0.14%             | 2049-12-15      | Variable      | 3.78%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO            | Florida Power & Light Co                                                        | CUSIP: 341081FQ5<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |    854000 | PA      | $677076.20    | 0.08%             | 2048-03-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                                   | CUSIP: 097023CR4<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    535000 | PA      | $368345.76    | 0.05%             | 2059-08-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| D.R. HORTON INC                     | DR Horton Inc                                                                   | CUSIP: 23331ABS7<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |   1695000 | PA      | $1676240.55   | 0.21%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC             | Jefferies Financial Group Inc                                                   | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   1285000 | PA      | $1343055.23   | 0.17%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T      | Honda Auto Receivables 2023-1 Owner Trust                                       | CUSIP: 43815JAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1308482 | PA      | $1311118.54   | 0.16%             | 2027-04-21      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810QD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4570000 | PA      | $4438076.94   | 0.55%             | 2039-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                | Westpac Banking Corp                                                            | CUSIP: 961214EG4<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    239000 | PA      | $215526.87    | 0.03%             | 2039-07-24      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| SPRINT CAPITAL CORP                 | Sprint Capital Corp                                                             | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |   3802000 | PA      | $4065789.15   | 0.50%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CBQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  24780000 | PA      | $24239510.53  | 2.98%             | 2026-02-28      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F030686<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $855964.41    | 0.11%             | 2055-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                    | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824CBT5<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    456000 | PA      | $453460.30    | 0.06%             | 2029-10-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                                   | CUSIP: 097023CE3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $819756.09    | 0.10%             | 2039-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                       | Carnival Corp                                                                   | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   2293000 | PA      | $2228509.38   | 0.27%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140QNEP3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3482869 | PA      | $2764325.47   | 0.34%             | 2052-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                                                  | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    194000 | PA      | $200209.03    | 0.02%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 9128286F2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2530000 | PA      | $2503785.03   | 0.31%             | 2026-02-28      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| EASTERN ENERGY GAS                  | Eastern Energy Gas Holdings LLC                                                 | CUSIP: 27636AAA0<br>LEI: 549300BFOD6TDMVV4O24 | Long             | DBT              | CORP              | US        |    286000 | PA      | $274065.79    | 0.03%             | 2054-10-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                    | Paramount Global                                                                | CUSIP: 92556HAB3<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1316983.46   | 0.16%             | 2031-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140Q72L0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    230835 | PA      | $221777.48    | 0.03%             | 2032-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179V7D6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5145631 | PA      | $4161366.24   | 0.51%             | 2051-02-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XNRT3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    894630 | PA      | $770559.38    | 0.09%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus      | Csail 2015-C2 Commercial Mortgage Trust                                         | CUSIP: 12634NAY4<br>LEI: 549300D5DIOOMKWXVZ20 | Long             | ABS-MBS          | CORP              | US        |    740000 | PA      | $719028.99    | 0.09%             | 2057-06-15      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA                        | CaixaBank SA                                                                    | CUSIP: 12803RAK0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |   1400000 | PA      | $1398176.75   | 0.17%             | 2029-07-03      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810SE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  37960000 | PA      | $29671077.94  | 3.65%             | 2048-11-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae                                                                      | CUSIP: 21H060689<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1000000 | PA      | $1013710.48   | 0.12%             | 2055-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE              | Blackstone Private Credit Fund                                                  | CUSIP: 09261HAK3<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    513000 | PA      | $499353.24    | 0.06%             | 2027-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618B5MP4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     24448 | PA      | $24585.80     | 0.00%             | 2053-07-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                    | Duke Energy Corp                                                                | CUSIP: 26441CCC7<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101192.63    | 0.01%             | 2029-01-05      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                        | Broadcom Inc                                                                    | CUSIP: 11135FBD2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1093000 | PA      | $1115249.70   | 0.14%             | 2030-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARTHUR J GALLAGHER & CO             | Arthur J Gallagher & Co                                                         | CUSIP: 04316JAL3<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    455000 | PA      | $459279.11    | 0.06%             | 2029-12-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                           | Amgen Inc                                                                       | CUSIP: 031162DU1<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    565000 | PA      | $542466.26    | 0.07%             | 2063-03-02      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC            | Constellation Energy Generation LLC                                             | CUSIP: 210385AE0<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    854000 | PA      | $924453.98    | 0.11%             | 2053-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MARS INC                            | Mars Inc                                                                        | CUSIP: 571676BB0<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    425000 | PA      | $422406.25    | 0.05%             | 2045-05-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                                            | CUSIP: 06051GMB2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1165000 | PA      | $1167596.60   | 0.14%             | 2035-08-15      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC              | Pacific Gas and Electric Co                                                     | CUSIP: 694308HW0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    500000 | PA      | $483094.25    | 0.06%             | 2027-12-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2025-5C4                                  | CUSIP: 949931AD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  16238446 | PA      | $761063.47    | 0.09%             | 2058-05-15      | Variable      | 1.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XNTQ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    435665 | PA      | $414236.14    | 0.05%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                         | Netflix Inc                                                                     | CUSIP: 64110LAU0<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |   1502000 | PA      | $1559831.04   | 0.19%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CEE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5820000 | PA      | $5518201.16   | 0.68%             | 2029-03-31      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| NUTRIEN LTD                         | Nutrien Ltd                                                                     | CUSIP: 67077MAT5<br>LEI: 5493002QQ7GD21OWF963 | Long             | DBT              | CORP              | CA        |    483000 | PA      | $477408.57    | 0.06%             | 2029-04-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 9128284V9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12300000 | PA      | $11944933.56  | 1.47%             | 2028-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage       | Citigroup Commercial Mortgage Trust 2016-P6                                     | CUSIP: 17291EAZ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1216000 | PA      | $1124795.01   | 0.14%             | 2049-12-10      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| BRUNSWICK CORP                      | Brunswick Corp/DE                                                               | CUSIP: 117043AT6<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | DBT              | CORP              | US        |   1003000 | PA      | $855975.50    | 0.11%             | 2031-08-18      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133C3TV8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    209508 | PA      | $214462.06    | 0.03%             | 2053-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                  | Ally Financial Inc                                                              | CUSIP: 36186CBY8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    244000 | PA      | $275790.86    | 0.03%             | 2031-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                    | Duke Energy Corp                                                                | CUSIP: 26441CCE3<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    992000 | PA      | $1017435.00   | 0.13%             | 2034-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 48123UAB0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    361000 | PA      | $322760.57    | 0.04%             | 2047-05-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140M4MG0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2394462 | PA      | $1964661.18   | 0.24%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                  | Athene Holding Ltd                                                              | CUSIP: 04686JAG6<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    342000 | PA      | $352812.52    | 0.04%             | 2034-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F052680<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  35000000 | PA      | $34820170.00  | 4.28%             | 2055-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618AVGQ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     98322 | PA      | $101184.28    | 0.01%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WASTE CONNECTIONS INC               | Waste Connections Inc                                                           | CUSIP: 94106BAG6<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |   1349000 | PA      | $1358141.74   | 0.17%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140FXES7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    926585 | PA      | $827298.40    | 0.10%             | 2056-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618G7SL8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    415467 | PA      | $429982.15    | 0.05%             | 2053-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RESOURCES             | Canadian Natural Resources Ltd                                                  | CUSIP: 136385AC5<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |    840000 | PA      | $923135.81    | 0.11%             | 2032-01-15      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CKG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3790000 | PA      | $3818054.87   | 0.47%             | 2029-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| HCA INC                             | HCA Inc                                                                         | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    455000 | PA      | $464217.59    | 0.06%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                           | ONEOK Inc                                                                       | CUSIP: 682680CD3<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    825000 | PA      | $817528.49    | 0.10%             | 2031-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                       | Carnival Corp                                                                   | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    925000 | PA      | $932418.50    | 0.11%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC            | F&G Annuities & Life Inc                                                        | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    585000 | PA      | $602941.05    | 0.07%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY TRANSMISSION            | FirstEnergy Transmission LLC                                                    | CUSIP: 33767BAG4<br>LEI: 549300AINIIPOLYX2R63 | Long             | DBT              | CORP              | US        |    460000 | PA      | $459348.79    | 0.06%             | 2030-01-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE              | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    122000 | PA      | $119949.51    | 0.01%             | 2027-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC                | Howmet Aerospace Inc                                                            | CUSIP: 013817AK7<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    413000 | PA      | $438188.04    | 0.05%             | 2037-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC               | Foundry JV Holdco LLC                                                           | CUSIP: 350930AG8<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    390000 | PA      | $401129.31    | 0.05%             | 2033-01-25      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11920000 | PA      | $11636201.61  | 1.43%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                  | Banco Santander SA                                                              | CUSIP: 05964HAV7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    400000 | PA      | $435810.88    | 0.05%             | 2033-08-08      | Fixed         | 6.92%                 | No            |                  2 | On Loan: No      |
| WESTROCK MWV LLC                    | WestRock MWV LLC                                                                | CUSIP: 961548AV6<br>LEI: 4DL8C98Z5G5IXZLH3578 | Long             | DBT              | CORP              | US        |    920000 | PA      | $1055281.77   | 0.13%             | 2030-01-15      | Fixed         | 8.20%                 | No            |                  2 | On Loan: No      |
| MSCI INC                            | MSCI Inc                                                                        | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |   1177000 | PA      | $1105136.15   | 0.14%             | 2030-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITAL INC                 | Ashtead Capital Inc                                                             | CUSIP: 045054AF0<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    675000 | PA      | $670111.79    | 0.08%             | 2027-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179WVW5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2122559 | PA      | $1916779.70   | 0.24%             | 2052-01-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                         | Southern Co/The                                                                 | CUSIP: 842587DT1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    695000 | PA      | $723843.04    | 0.09%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN            | Rogers Communications Inc                                                       | CUSIP: 775109DE8<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    800000 | PA      | $810415.73    | 0.10%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XJBM4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1745744 | PA      | $1658453.85   | 0.20%             | 2036-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC              | Philip Morris International Inc                                                 | CUSIP: 718172DT3<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    580000 | PA      | $576278.49    | 0.07%             | 2030-04-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179XFD3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2538431 | PA      | $2137434.92   | 0.26%             | 2052-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS               | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AG7<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    645000 | PA      | $460534.61    | 0.06%             | 2052-01-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC              | Williams Cos Inc/The                                                            | CUSIP: 969457CP3<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    664000 | PA      | $679070.36    | 0.08%             | 2035-03-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                         | Equinix Inc                                                                     | CUSIP: 29444UBE5<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |    600000 | PA      | $566785.66    | 0.07%             | 2029-11-18      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| JBS USA SARL/FOOD/GRP               | JBS USA LUX Sarl / JBS USA Food Co / JBS USA Foods Group                        | CUSIP: 472140AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2323894.37   | 0.29%             | 2035-04-20      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XH6T9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    300272 | PA      | $273495.70    | 0.03%             | 2050-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust      | Hyundai Auto Receivables Trust 2023-A                                           | CUSIP: 448979AD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1991992 | PA      | $1992327.39   | 0.25%             | 2027-04-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| US BANCORP                          | US Bancorp                                                                      | CUSIP: 91159HJB7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    722000 | PA      | $613086.11    | 0.08%             | 2036-11-03      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179WJQ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    346648 | PA      | $280146.69    | 0.03%             | 2051-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC               | Foundry JV Holdco LLC                                                           | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    255000 | PA      | $260437.64    | 0.03%             | 2031-01-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                    | T-Mobile USA Inc                                                                | CUSIP: 87264ABN4<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1947000 | PA      | $1292688.84   | 0.16%             | 2051-02-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133KQW44<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    818470 | PA      | $804423.39    | 0.10%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                         | Netflix Inc                                                                     | CUSIP: 64110LBA3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    255000 | PA      | $249913.15    | 0.03%             | 2054-08-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2015-LC20                                 | CUSIP: 94989EAL1<br>LEI: 549300W6NRTMFPYUPG47 | Long             | ABS-MBS          | CORP              | US        |    592115 | PA      | $570496.67    | 0.07%             | 2050-04-15      | Variable      | 4.06%                 | No            |                  2 | On Loan: No      |
| Station Place Securitization T      | Station Place Securitization Trust Series 2025-1                                | CUSIP: 85772UAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2562000 | PA      | $2575763.06   | 0.32%             | 2026-07-23      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                                   | CUSIP: 097023CK9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    323000 | PA      | $234396.56    | 0.03%             | 2049-05-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust             | Carmax Auto Owner Trust 2025-2                                                  | CUSIP: 14320AAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1754030.60   | 0.22%             | 2028-07-17      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133C32D7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     23540 | PA      | $24309.41     | 0.00%             | 2053-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BPCE SA                             | BPCE SA                                                                         | CUSIP: 05578QAH6<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    790000 | PA      | $697926.39    | 0.09%             | 2037-01-14      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae                                                                      | CUSIP: 21H040681<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1000000 | PA      | $921088.27    | 0.11%             | 2055-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                 | Fifth Third Bancorp                                                             | CUSIP: 316773DK3<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    590000 | PA      | $620193.97    | 0.08%             | 2029-07-27      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XGXN4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1112979 | PA      | $876823.70    | 0.11%             | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140N1WN9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    801679 | PA      | $784486.93    | 0.10%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER             | Pfizer Investment Enterprises Pte Ltd                                           | CUSIP: 716973AG7<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    550000 | PA      | $513932.78    | 0.06%             | 2053-05-19      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                           | ONEOK Inc                                                                       | CUSIP: 682680BL6<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    465000 | PA      | $488175.08    | 0.06%             | 2033-09-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Harley-Davidson Motorcycle Tru      | Harley-Davidson Motorcycle Trust 2024-B                                         | CUSIP: 41284PAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2298000 | PA      | $2295970.64   | 0.28%             | 2029-07-16      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418EDE7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5279521 | PA      | $4727984.78   | 0.58%             | 2052-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CNA FINANCIAL CORP                  | CNA Financial Corp                                                              | CUSIP: 126117AY6<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |    465000 | PA      | $461578.18    | 0.06%             | 2034-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                         | Gartner Inc                                                                     | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $960164.96    | 0.12%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC            | Constellation Energy Generation LLC                                             | CUSIP: 210385AF7<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    700000 | PA      | $687626.05    | 0.08%             | 2054-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KELLANOVA                           | Kellanova                                                                       | CUSIP: 487836BQ0<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |    109000 | PA      | $92991.20     | 0.01%             | 2046-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F050684<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5000000 | PA      | $4867160.30   | 0.60%             | 2055-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                         | Prologis LP                                                                     | CUSIP: 74340XCJ8<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    845000 | PA      | $844966.71    | 0.10%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD            | Macquarie Airfinance Holdings Ltd                                               | CUSIP: 55609NAE8<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    488000 | PA      | $488118.39    | 0.06%             | 2030-03-17      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD              | Fairfax Financial Holdings Ltd                                                  | CUSIP: 303901BB7<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    605000 | PA      | $608728.13    | 0.07%             | 2028-04-17      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                    | Georgia Power Co                                                                | CUSIP: 373334KW0<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    530000 | PA      | $539208.31    | 0.07%             | 2034-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KKR GRP FIN CO VI LLC               | KKR Group Finance Co VI LLC                                                     | CUSIP: 48252AAA9<br>LEI: 549300TUJWGHJM3FSJ07 | Long             | DBT              | CORP              | US        |    861000 | PA      | $837318.21    | 0.10%             | 2029-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD            | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401ABA8<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1005000 | PA      | $1001744.39   | 0.12%             | 2030-10-10      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                                                     | CUSIP: 38144GAG6<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    183000 | PA      | $179504.15    | 0.02%             | N/A             | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PDA1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3147000 | PA      | $3139002.56   | 0.39%             | 2028-04-26      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132D55F5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    742391 | PA      | $707126.56    | 0.09%             | 2035-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC                        | 7-Eleven Inc                                                                    | CUSIP: 817826AE0<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |    206000 | PA      | $175267.47    | 0.02%             | 2031-02-10      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2020-C56                                  | CUSIP: 95002RAZ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1304000 | PA      | $1168277.85   | 0.14%             | 2053-06-15      | Variable      | 3.61%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618BQKD7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     28453 | PA      | $28649.99     | 0.00%             | 2053-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133KPUH9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    446643 | PA      | $426530.69    | 0.05%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EASTERN ENERGY GAS                  | Eastern Energy Gas Holdings LLC                                                 | CUSIP: 27636AAB8<br>LEI: 549300BFOD6TDMVV4O24 | Long             | DBT              | CORP              | US        |    744000 | PA      | $772209.84    | 0.09%             | 2035-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE              | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    785000 | PA      | $760141.43    | 0.09%             | 2029-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                           | ONEOK Inc                                                                       | CUSIP: 682680BG7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    361000 | PA      | $381810.89    | 0.05%             | 2032-11-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140QPVE4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1033234 | PA      | $982687.18    | 0.12%             | 2052-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank                                | BANK 2020-BNK28                                                                 | CUSIP: 06540YAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10191177 | PA      | $727705.09    | 0.09%             | 2063-03-15      | Variable      | 1.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F020687<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   9000000 | PA      | $7042986.99   | 0.87%             | 2055-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179M5L0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    310984 | PA      | $280032.76    | 0.03%             | 2043-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                    | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824CBU2<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    530000 | PA      | $528209.25    | 0.06%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618FTV78<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    275835 | PA      | $284713.35    | 0.04%             | 2053-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC              | Philip Morris International Inc                                                 | CUSIP: 718172DP1<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |   1935000 | PA      | $1937890.43   | 0.24%             | 2031-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                 | American Tower Corp                                                             | CUSIP: 03027XBA7<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   2751000 | PA      | $2556249.53   | 0.31%             | 2030-01-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| OSHKOSH CORP                        | Oshkosh Corp                                                                    | CUSIP: 688239AF9<br>LEI: 549300FEKNPCFSA2B506 | Long             | DBT              | CORP              | US        |    740000 | PA      | $741066.34    | 0.09%             | 2028-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140KLLG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    900994 | PA      | $710354.47    | 0.09%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MARS INC                            | Mars Inc                                                                        | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    465000 | PA      | $467486.35    | 0.06%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                      | EPR Properties                                                                  | CUSIP: 26884UAD1<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |    188000 | PA      | $186659.02    | 0.02%             | 2027-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                                                  | CUSIP: 61747YFM2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    580000 | PA      | $599078.38    | 0.07%             | 2039-02-07      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XJE74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    256555 | PA      | $259688.24    | 0.03%             | 2050-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                   | Ares Capital Corp                                                               | CUSIP: 04010LAZ6<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    839000 | PA      | $835578.53    | 0.10%             | 2026-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418EGK0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    150714 | PA      | $143306.30    | 0.02%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II             | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    845000 | PA      | $906028.44    | 0.11%             | 2033-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618B9GV0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     80796 | PA      | $82925.74     | 0.01%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES            | International Flavors & Fragrances Inc                                          | CUSIP: 459506AQ4<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |     60000 | PA      | $52955.10     | 0.01%             | 2030-11-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3622ABZ70<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    315389 | PA      | $265785.55    | 0.03%             | 2052-03-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DTE ELECTRIC CO                     | DTE Electric Co                                                                 | CUSIP: 23338VAY2<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |    435000 | PA      | $442082.99    | 0.05%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618N5A25<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3919143 | PA      | $3722014.89   | 0.46%             | 2054-11-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MARVELL TECHNOLOGY INC              | Marvell Technology Inc                                                          | CUSIP: 573874AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    583000 | PA      | $605412.55    | 0.07%             | 2029-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179XS72<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3630816 | PA      | $3083112.41   | 0.38%             | 2053-02-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                 | COMM 2017-COR2 Mortgage Trust                                                   | CUSIP: 12595EAH8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    578000 | PA      | $547913.94    | 0.07%             | 2050-09-10      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobi      | GM Financial Consumer Automobile Receivables Trust 2023-1                       | CUSIP: 38013JAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1914516 | PA      | $1915922.50   | 0.24%             | 2028-02-16      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE              | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    810000 | PA      | $802687.35    | 0.10%             | 2028-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179XFH4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2667394 | PA      | $2547920.93   | 0.31%             | 2052-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  27500000 | PA      | $23707470.60  | 2.92%             | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chase Auto Owner Trust              | Chase Auto Owner Trust 2024-3                                                   | CUSIP: 16144LAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4328000 | PA      | $4372813.84   | 0.54%             | 2029-07-25      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XJNJ8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1151914 | PA      | $958100.59    | 0.12%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                        | Synopsys Inc                                                                    | CUSIP: 871607AG2<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64146.21     | 0.01%             | 2055-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Franklin Ultra Short Bond ETF       | Franklin Ultra Short Bond ETF                                                   | CUSIP: 35473P496<br>LEI: 549300C2WYDHE3Y9X469 | Long             | EC               | RF                | US        |    731980 | NS      | $18317799.50  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae                                                                      | CUSIP: 21H042687<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   3000000 | PA      | $2847582.21   | 0.35%             | 2055-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418EAN0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    332905 | PA      | $274185.41    | 0.03%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC            | Corebridge Financial Inc                                                        | CUSIP: 21871XAF6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    483000 | PA      | $472046.00    | 0.06%             | 2029-04-05      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC              | Motorola Solutions Inc                                                          | CUSIP: 620076CB3<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    738000 | PA      | $748164.70    | 0.09%             | 2032-08-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XBYB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1953696 | PA      | $1734468.66   | 0.21%             | 2036-07-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                 | American Tower Corp                                                             | CUSIP: 03027XBM1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    661000 | PA      | $591715.28    | 0.07%             | 2031-04-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3622AB7A4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    284087 | PA      | $287120.58    | 0.04%             | 2052-09-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Receivables Owner       | Nissan Auto Receivables 2025-A Owner Trust                                      | CUSIP: 65481GAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1610215.04   | 0.20%             | 2029-12-17      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae                                                                      | CUSIP: 21H050680<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2000000 | PA      | $1952316.74   | 0.24%             | 2055-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC            | Celanese US Holdings LLC                                                        | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    256000 | PA      | $262556.67    | 0.03%             | 2027-07-15      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA            | Electricite de France SA                                                        | CUSIP: 268317AY0<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    700000 | PA      | $721778.31    | 0.09%             | 2029-04-22      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   6137000 | PA      | $5687549.13   | 0.70%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179WXL7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1225164 | PA      | $1106567.76   | 0.14%             | 2052-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD            | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAV3<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1019000 | PA      | $1049498.96   | 0.13%             | 2029-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE            | Intercontinental Exchange Inc                                                   | CUSIP: 45866FAN4<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |   1683000 | PA      | $1397171.06   | 0.17%             | 2032-09-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN LIFE INS CO            | Metropolitan Life Insurance Co                                                  | CUSIP: 592173AE8<br>LEI: 549300H7EXFMRS487544 | Long             | DBT              | CORP              | US        |    570000 | PA      | $573922.18    | 0.07%             | 2025-11-01      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                        | Barclays PLC                                                                    | CUSIP: 06738ECY9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    840000 | PA      | $858410.91    | 0.11%             | 2031-02-25      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust        | Ford Credit Auto Owner Trust 2024-B                                             | CUSIP: 34531QAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4311000 | PA      | $4359338.38   | 0.54%             | 2029-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING               | Athene Global Funding                                                           | CUSIP: 04685A4D0<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    635000 | PA      | $639241.69    | 0.08%             | 2031-11-13      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| Tesla Auto Lease Trust              | Tesla Auto Lease Trust 2023-A                                                   | CUSIP: 88167PAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     86859 | PA      | $86913.07     | 0.01%             | 2026-06-22      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| INTERPUBLIC GROUP COS               | Interpublic Group of Cos Inc/The                                                | CUSIP: 460690BT6<br>LEI: 5493008IUOJ5VWTRC333 | Long             | DBT              | CORP              | US        |    361000 | PA      | $320266.32    | 0.04%             | 2031-03-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| TAPESTRY INC                        | Tapestry Inc                                                                    | CUSIP: 876030AA5<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |    208000 | PA      | $185437.88    | 0.02%             | 2032-03-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                        | Broadcom Inc                                                                    | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    755000 | PA      | $770759.33    | 0.09%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust       | UBS Commercial Mortgage Trust 2017-C1                                           | CUSIP: 90276EAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    852000 | PA      | $831562.65    | 0.10%             | 2050-06-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F040685<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5000000 | PA      | $4612197.80   | 0.57%             | 2055-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust           | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32                     | CUSIP: 61691GAV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1504000 | PA      | $1475865.12   | 0.18%             | 2049-12-15      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                  | VICI Properties LP                                                              | CUSIP: 925650AB9<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |   1098000 | PA      | $1102776.43   | 0.14%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618AUVD7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    355925 | PA      | $364509.53    | 0.04%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                    | T-Mobile USA Inc                                                                | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    605000 | PA      | $598006.76    | 0.07%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618AWHG2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     25757 | PA      | $26372.37     | 0.00%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                          | Kenvue Inc                                                                      | CUSIP: 49177JAK8<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |   1268000 | PA      | $1283090.14   | 0.16%             | 2033-03-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MARS INC                            | Mars Inc                                                                        | CUSIP: 571676BC8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    345000 | PA      | $340735.50    | 0.04%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage       | Citigroup Commercial Mortgage Trust 2016-P4                                     | CUSIP: 29429EAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2394000 | PA      | $2302629.88   | 0.28%             | 2049-07-10      | Fixed         | 3.08%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132D9LX0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2216801 | PA      | $1891378.37   | 0.23%             | 2042-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust             | Carmax Auto Owner Trust 2024-3                                                  | CUSIP: 14319GAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1320000 | PA      | $1331581.94   | 0.16%             | 2029-07-16      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO              | General Motors Financial Co Inc                                                 | CUSIP: 37045XEN2<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    570000 | PA      | $587864.68    | 0.07%             | 2029-01-07      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| TAPESTRY INC                        | Tapestry Inc                                                                    | CUSIP: 876030AK3<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |    444000 | PA      | $450337.43    | 0.06%             | 2030-03-11      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                         | Oracle Corp                                                                     | CUSIP: 68389XBZ7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    727000 | PA      | $568698.93    | 0.07%             | 2041-03-25      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                         | Gartner Inc                                                                     | CUSIP: 366651AG2<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    110000 | PA      | $104411.16    | 0.01%             | 2029-06-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| GEORGIA POWER CO                    | Georgia Power Co                                                                | CUSIP: 373334KT7<br>LEI: D981X4Z4RWS7PDMJUZ03 | Long             | DBT              | CORP              | US        |    715000 | PA      | $718675.16    | 0.09%             | 2033-05-17      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| PUGET SOUND ENERGY INC              | Puget Sound Energy Inc                                                          | CUSIP: 745332CL8<br>LEI: 8MNFJR7KOMBQ7X62LK44 | Long             | DBT              | CORP              | US        |    445000 | PA      | $423891.18    | 0.05%             | 2053-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PEV4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1128000 | PA      | $1153074.17   | 0.14%             | 2031-01-24      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD            | Macquarie Airfinance Holdings Ltd                                               | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |    608000 | PA      | $644210.66    | 0.08%             | 2031-03-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418D7F3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  11160904 | PA      | $9170550.07   | 1.13%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132CW3C6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1932327 | PA      | $1766354.28   | 0.22%             | 2036-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP              | Aviation Capital Group LLC                                                      | CUSIP: 05369AAQ4<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    845000 | PA      | $860130.21    | 0.11%             | 2029-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL              | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDK3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   1275000 | PA      | $1309601.14   | 0.16%             | 2032-03-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618BQLU8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    105371 | PA      | $105971.80    | 0.01%             | 2053-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HUNTSMAN INTERNATIONAL L            | Huntsman International LLC                                                      | CUSIP: 44701QBG6<br>LEI: 3YTEJFW18LGIUQ2N5J61 | Long             | DBT              | CORP              | US        |    990000 | PA      | $913174.58    | 0.11%             | 2034-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2019-C49                                  | CUSIP: 95001WBF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2118000 | PA      | $2049827.30   | 0.25%             | 2052-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CJJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1610000 | PA      | $1638898.24   | 0.20%             | 2033-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618GCNA6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1958589 | PA      | $1966137.02   | 0.24%             | 2054-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust      | Hyundai Auto Receivables Trust 2023-B                                           | CUSIP: 44933XAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3418010 | PA      | $3439469.85   | 0.42%             | 2028-04-17      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| WEYERHAEUSER CO                     | Weyerhaeuser Co                                                                 | CUSIP: 962166CA0<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | DBT              | CORP              | US        |    849000 | PA      | $759051.98    | 0.09%             | 2033-03-09      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140AML58<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    582178 | PA      | $600995.37    | 0.07%             | 2054-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AUST & NZ BANKING GROUP             | Australia & New Zealand Banking Group Ltd                                       | CUSIP: 052528AM8<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    765000 | PA      | $670496.54    | 0.08%             | 2035-11-25      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XHXF9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2202118 | PA      | $1832323.86   | 0.23%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor      | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10                   | CUSIP: 46639JAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     86310 | PA      | $82739.60     | 0.01%             | 2047-12-15      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| ALEXANDER FUND TRUST II             | Alexander Funding Trust II                                                      | CUSIP: 014916AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $558230.13    | 0.07%             | 2028-07-31      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DN6E8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1129784 | PA      | $936630.23    | 0.12%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XN4Z4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    910097 | PA      | $720114.06    | 0.09%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618FRPC8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    283690 | PA      | $294718.03    | 0.04%             | 2053-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                    | LPL Holdings Inc                                                                | CUSIP: 50212YAL8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    784000 | PA      | $793894.54    | 0.10%             | 2030-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179XHZ2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1323762 | PA      | $1299727.45   | 0.16%             | 2052-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus      | CSAIL 2019-C15 Commercial Mortgage Trust                                        | CUSIP: 22945DAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13929416 | PA      | $384527.10    | 0.05%             | 2052-03-15      | Variable      | 0.99%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DSAV4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1094975 | PA      | $980172.65    | 0.12%             | 2052-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC              | GE HealthCare Technologies Inc                                                  | CUSIP: 36266GAA5<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    960000 | PA      | $971254.96    | 0.12%             | 2029-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F042681<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $1897456.26   | 0.23%             | 2055-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DTE ENERGY CO                       | DTE Energy Co                                                                   | CUSIP: 233331BL0<br>LEI: 549300IX8SD6XXD71I78 | Long             | DBT              | CORP              | US        |    618000 | PA      | $647063.97    | 0.08%             | 2034-06-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                         | Southern Co/The                                                                 | CUSIP: 842587DS3<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    115000 | PA      | $119184.96    | 0.01%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                                                  | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1445000 | PA      | $1463100.49   | 0.18%             | 2029-04-12      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL FINANCIAL             | Fidelity National Financial Inc                                                 | CUSIP: 31620RAL9<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |    483000 | PA      | $296766.33    | 0.04%             | 2051-09-17      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810QX9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9230000 | PA      | $6993167.19   | 0.86%             | 2042-08-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| HUMANA INC                          | Humana Inc                                                                      | CUSIP: 444859BU5<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    605000 | PA      | $621348.21    | 0.08%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XMZL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    214053 | PA      | $198983.09    | 0.02%             | 2053-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC             | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1343000 | PA      | $1335061.30   | 0.16%             | 2029-05-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBL8<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $149631.07    | 0.02%             | 2029-09-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CEB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  17000000 | PA      | $15861796.96  | 1.95%             | 2029-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                       | Citigroup Inc                                                                   | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1530000 | PA      | $1546830.00   | 0.19%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC            | Lloyds Banking Group PLC                                                        | CUSIP: 53944YAQ6<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    895000 | PA      | $646186.17    | 0.08%             | 2046-12-14      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XJ3G6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2160896 | PA      | $1940419.53   | 0.24%             | 2052-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179YKM5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2072685 | PA      | $1818749.58   | 0.22%             | 2053-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC              | Pacific Gas and Electric Co                                                     | CUSIP: 694308JN8<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    500000 | PA      | $413786.92    | 0.05%             | 2050-07-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618FFSL1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1428672 | PA      | $1470863.84   | 0.18%             | 2053-09-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HCA INC                             | HCA Inc                                                                         | CUSIP: 404119CK3<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    210000 | PA      | $193343.19    | 0.02%             | 2032-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| USB Auto Owner Trust                | USB Auto Owner Trust 2025-1                                                     | CUSIP: 90367VAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1216000 | PA      | $1216823.48   | 0.15%             | 2030-06-17      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140NBYT2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    570376 | PA      | $592169.40    | 0.07%             | 2053-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418D6K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2573467 | PA      | $2093364.60   | 0.26%             | 2041-11-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS            | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    392000 | PA      | $387601.41    | 0.05%             | 2031-02-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MBN4<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    485000 | PA      | $488807.41    | 0.06%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER             | Pfizer Investment Enterprises Pte Ltd                                           | CUSIP: 716973AC6<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    857000 | PA      | $860552.09    | 0.11%             | 2028-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418DZ21<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    143345 | PA      | $130581.96    | 0.02%             | 2036-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                      | Morgan Stanley                                                                  | CUSIP: 6174467Y9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   3467000 | PA      | $3458769.97   | 0.43%             | 2026-09-08      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                   | Brown & Brown Inc                                                               | CUSIP: 115236AK7<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    863000 | PA      | $866927.67    | 0.11%             | 2030-06-23      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DNYL1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1731292 | PA      | $1739529.38   | 0.21%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140AGEF7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1170030 | PA      | $1197734.71   | 0.15%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC               | Bath & Body Works Inc                                                           | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     95000 | PA      | $97903.49     | 0.01%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618AWHF4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     64371 | PA      | $65909.39     | 0.01%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S      | Barclays Commercial Mortgage Trust 2019-C5                                      | CUSIP: 05492JAZ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1344000 | PA      | $1187704.22   | 0.15%             | 2052-11-15      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust       | UBS Commercial Mortgage Trust 2018-C14                                          | CUSIP: 90278KBA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    756000 | PA      | $748341.27    | 0.09%             | 2051-12-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO            | Virginia Electric and Power Co                                                  | CUSIP: 927804GR9<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    725000 | PA      | $726524.17    | 0.09%             | 2034-08-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418DYX4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    357681 | PA      | $281498.80    | 0.03%             | 2051-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL              | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDM9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    385000 | PA      | $384298.58    | 0.05%             | 2055-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE            | Intercontinental Exchange Inc                                                   | CUSIP: 45866FAV6<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    132000 | PA      | $132179.39    | 0.02%             | 2029-06-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418D6B3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  12783711 | PA      | $10051555.92  | 1.24%             | 2051-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                           | Amgen Inc                                                                       | CUSIP: 031162DT4<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    504000 | PA      | $487693.46    | 0.06%             | 2053-03-02      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618N5C49<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1966019 | PA      | $1867130.13   | 0.23%             | 2054-12-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC            | Vistra Operations Co LLC                                                        | CUSIP: 92840VAQ5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    129000 | PA      | $141926.45    | 0.02%             | 2033-10-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ING GROEP NV                        | ING Groep NV                                                                    | CUSIP: 456837BF9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    730000 | PA      | $741318.39    | 0.09%             | 2027-09-11      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| BRUNSWICK CORP                      | Brunswick Corp/DE                                                               | CUSIP: 117043AV1<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | DBT              | CORP              | US        |    845000 | PA      | $654778.00    | 0.08%             | 2052-04-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8300000 | PA      | $8286058.57   | 1.02%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179WDR6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5551986 | PA      | $4676130.95   | 0.58%             | 2051-04-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP              | Aviation Capital Group LLC                                                      | CUSIP: 05369AAS0<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    990000 | PA      | $997517.82    | 0.12%             | 2030-04-10      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP               | Truist Financial Corp                                                           | CUSIP: 89788MAS1<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    765000 | PA      | $791825.99    | 0.10%             | 2035-01-24      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU            | Venture Global Calcasieu Pass LLC                                               | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1736980.31   | 0.21%             | 2030-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC               | Republic Services Inc                                                           | CUSIP: 760759BJ8<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |   1335000 | PA      | $1367196.80   | 0.17%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN            | Rogers Communications Inc                                                       | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   1080000 | PA      | $1106861.06   | 0.14%             | 2055-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Station Place Securitization T      | Station Place Securitization Trust Series 2024-5                                | CUSIP: 85778YAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1900000 | PA      | $1900904.40   | 0.23%             | 2025-08-04      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133KPAL2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    301196 | PA      | $278764.53    | 0.03%             | 2052-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                   | Kinder Morgan Inc                                                               | CUSIP: 28368EAE6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    910000 | PA      | $1045204.03   | 0.13%             | 2032-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                       | Carnival Corp                                                                   | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    126000 | PA      | $127885.19    | 0.02%             | 2030-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II             | GLP Capital LP / GLP Financing II Inc                                           | CUSIP: 361841AH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    488000 | PA      | $488447.01    | 0.06%             | 2026-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                 | Fifth Third Bancorp                                                             | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |    185000 | PA      | $186663.43    | 0.02%             | 2030-09-06      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                         | Aker BP ASA                                                                     | CUSIP: 00973RAP8<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    547000 | PA      | $497760.82    | 0.06%             | 2054-10-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                         | Exelon Corp                                                                     | CUSIP: 30161NAC5<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    685000 | PA      | $701735.71    | 0.09%             | 2035-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179WFG8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    156628 | PA      | $131941.75    | 0.02%             | 2051-05-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS            | Targa Resources Partners LP / Targa Resources Partners Finance Corp             | CUSIP: 87612BBG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    830000 | PA      | $829249.88    | 0.10%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN             | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    960000 | PA      | $983098.56    | 0.12%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                        | UBS Group AG                                                                    | CUSIP: 225401AT5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    250000 | PA      | $245902.00    | 0.03%             | 2027-02-02      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XKP20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    794636 | PA      | $780998.17    | 0.10%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810SX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7790000 | PA      | $4869815.05   | 0.60%             | 2051-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                        | Enbridge Inc                                                                    | CUSIP: 29250NCJ2<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    805000 | PA      | $812332.43    | 0.10%             | 2030-06-20      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                    | Duke Energy Corp                                                                | CUSIP: 26441CCF0<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    708000 | PA      | $692643.12    | 0.09%             | 2054-06-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2020-C57                                  | CUSIP: 95002XBG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     29000 | PA      | $26242.89     | 0.00%             | 2053-08-15      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| MARS INC                            | Mars Inc                                                                        | CUSIP: 571676AU9<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |     72000 | PA      | $72346.51     | 0.01%             | 2031-04-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140N3AU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    259450 | PA      | $254379.26    | 0.03%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                    | Crown Castle Inc                                                                | CUSIP: 22822VAK7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    610000 | PA      | $598148.47    | 0.07%             | 2028-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618BTAF7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      9898 | PA      | $9991.14      | 0.00%             | 2053-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XJJ61<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1862710 | PA      | $1735474.18   | 0.21%             | 2037-07-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XHHT7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2330589 | PA      | $1833674.45   | 0.23%             | 2051-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                                   | CUSIP: 097023CJ2<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    321000 | PA      | $283685.77    | 0.03%             | 2034-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179WZB7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    142833 | PA      | $128897.00    | 0.02%             | 2052-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC            | Constellation Energy Generation LLC                                             | CUSIP: 210385AB6<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |   1365000 | PA      | $1406056.51   | 0.17%             | 2028-03-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage       | Citigroup Commercial Mortgage Trust 2016-P6                                     | CUSIP: 17291EAW1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    501000 | PA      | $486824.76    | 0.06%             | 2049-12-10      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                                         | CUSIP: 44891ACR6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    635000 | PA      | $670032.27    | 0.08%             | 2029-01-16      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC            | Icon Investments Six DAC                                                        | CUSIP: 45115AAA2<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    425000 | PA      | $432182.81    | 0.05%             | 2027-05-08      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                    | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824CBV0<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    265000 | PA      | $257169.10    | 0.03%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC              | Pacific Gas and Electric Co                                                     | CUSIP: 694308KH9<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    710000 | PA      | $737982.34    | 0.09%             | 2053-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS               | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AF9<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    680000 | PA      | $610709.26    | 0.08%             | 2032-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14350000 | PA      | $9955592.76   | 1.22%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DM4H5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    336852 | PA      | $280365.56    | 0.03%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                   | Ares Capital Corp                                                               | CUSIP: 04010LBE2<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    720000 | PA      | $741430.26    | 0.09%             | 2027-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418ECR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5176441 | PA      | $4441636.97   | 0.55%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    361000 | PA      | $376305.87    | 0.05%             | 2033-09-14      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust            | Benchmark 2018-B6 Mortgage Trust                                                | CUSIP: 08162CAF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2211000 | PA      | $2113581.35   | 0.26%             | 2051-10-10      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                      | Microsoft Corp                                                                  | CUSIP: 594918BC7<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    610000 | PA      | $566803.66    | 0.07%             | 2035-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CKP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20650000 | PA      | $21160200.17  | 2.60%             | 2029-04-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NORTHERN STATES PWR-MINN            | Northern States Power Co/MN                                                     | CUSIP: 665772CZ0<br>LEI: 3S1GHB0TEH85KX44SB51 | Long             | DBT              | CORP              | US        |    415000 | PA      | $417547.29    | 0.05%             | 2035-05-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                    | T-Mobile USA Inc                                                                | CUSIP: 87264ACA1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    655000 | PA      | $618383.90    | 0.08%             | 2028-02-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD            | Alimentation Couche-Tard Inc                                                    | CUSIP: 01626PAH9<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |    445000 | PA      | $437642.62    | 0.05%             | 2027-07-26      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC            | Icon Investments Six DAC                                                        | CUSIP: 45115AAB0<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $207465.60    | 0.03%             | 2029-05-08      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                  | VICI Properties LP                                                              | CUSIP: 925650AF0<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    225000 | PA      | $230349.69    | 0.03%             | 2034-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DWCG6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2723561 | PA      | $2024261.73   | 0.25%             | 2051-10-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T      | Honda Auto Receivables 2023-4 Owner Trust                                       | CUSIP: 438123AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    814000 | PA      | $821557.99    | 0.10%             | 2028-06-21      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133AUDY1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    879853 | PA      | $765418.95    | 0.09%             | 2051-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  39420000 | PA      | $38665476.76  | 4.76%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Station Place Securitization T      | Station Place Securitization Trust Series 2025-3                                | CUSIP: 85779TAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2750000 | PA      | $2750000.00   | 0.34%             | 2026-09-23      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN            | Rogers Communications Inc                                                       | CUSIP: 775109CH2<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   1056000 | PA      | $984541.00    | 0.12%             | 2032-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XHLB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2532191 | PA      | $2373939.31   | 0.29%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                        | NiSource Inc                                                                    | CUSIP: 65473PAS4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    925000 | PA      | $946822.03    | 0.12%             | 2029-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| TOLL BROS FINANCE CORP              | Toll Brothers Finance Corp                                                      | CUSIP: 88947EAU4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    635000 | PA      | $617155.23    | 0.08%             | 2029-11-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUNDING                  | CNO Global Funding                                                              | CUSIP: 18977W2F6<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |    956000 | PA      | $964562.42    | 0.12%             | 2029-09-09      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 912828X88<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14310000 | PA      | $13918431.46  | 1.71%             | 2027-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                                   | CUSIP: 097023CP8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1658000 | PA      | $1402630.03   | 0.17%             | 2035-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179WNF1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4045583 | PA      | $3540372.52   | 0.44%             | 2051-09-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN            | Rogers Communications Inc                                                       | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    540000 | PA      | $552859.25    | 0.07%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618G7ST1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    172860 | PA      | $177211.99    | 0.02%             | 2053-11-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SEMPRA                              | Sempra                                                                          | CUSIP: 816851BR9<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    380000 | PA      | $388638.24    | 0.05%             | 2033-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| D.R. HORTON INC                     | DR Horton Inc                                                                   | CUSIP: 23331ABU2<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1095965.28   | 0.13%             | 2035-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARVELL TECHNOLOGY INC              | Marvell Technology Inc                                                          | CUSIP: 573874AQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    582000 | PA      | $614133.10    | 0.08%             | 2033-09-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| FIRST-CITIZENS BANK/TRST            | First-Citizens Bank & Trust Co                                                  | CUSIP: 125581GX0<br>LEI: L9VVX1KT5TFTKS0MLF66 | Long             | DBT              | CORP              | US        |   3060000 | PA      | $3169068.93   | 0.39%             | 2028-03-09      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HCA INC                             | HCA Inc                                                                         | CUSIP: 404119BU2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    488000 | PA      | $487122.63    | 0.06%             | 2027-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                 | JPMorgan Chase & Co                                                             | CUSIP: 46647PEW2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    442000 | PA      | $453640.99    | 0.06%             | 2036-01-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                                         | CUSIP: 44891ADX2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    790000 | PA      | $802427.58    | 0.10%             | 2032-06-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T      | Honda Auto Receivables 2023-2 Owner Trust                                       | CUSIP: 437927AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850518 | PA      | $852848.98    | 0.10%             | 2027-11-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Putnam Government Money Market Fund | Putnam Government Money Market Fund                                             | CUSIP: 74680A869<br>LEI: 549300SEUI2XMME8T893 | Long             | STIV             | RF                | US        |  54899432 | NS      | $54899432.26  | 6.75%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES              | PNC Financial Services Group Inc/The                                            | CUSIP: 693475CE3<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    235000 | PA      | $237526.21    | 0.03%             | 2036-07-21      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| CD Commercial Mortgage Trust        | CD 2017-CD4 Mortgage Trust                                                      | CUSIP: 12515DAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    844000 | PA      | $791992.13    | 0.10%             | 2050-05-10      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS            | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAG6<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    615000 | PA      | $608659.14    | 0.07%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                     | Xcel Energy Inc                                                                 | CUSIP: 98389BBE9<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1177437.34   | 0.14%             | 2035-04-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS            | Cheniere Energy Partners LP                                                     | CUSIP: 16411QAN1<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |   1073000 | PA      | $964992.74    | 0.12%             | 2032-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ZOETIS INC                          | Zoetis Inc                                                                      | CUSIP: 98978VAS2<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |    966000 | PA      | $865572.11    | 0.11%             | 2030-05-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618B6KC3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     92166 | PA      | $95486.42     | 0.01%             | 2053-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus      | CSAIL 2020-C19 Commercial Mortgage Trust                                        | CUSIP: 12597NAU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    967178 | PA      | $36119.36     | 0.00%             | 2053-03-15      | Variable      | 1.09%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FINAN NA              | Daimler Truck Finance North America LLC                                         | CUSIP: 233853AY6<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1445012.38   | 0.18%             | 2027-09-25      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                        | Broadcom Inc                                                                    | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |   1008000 | PA      | $974526.34    | 0.12%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132D55S7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    551685 | PA      | $504303.84    | 0.06%             | 2035-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140XGUA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    157516 | PA      | $135173.71    | 0.02%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARVELL TECHNOLOGY INC              | Marvell Technology Inc                                                          | CUSIP: 573874AR5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $55051.19     | 0.01%             | 2030-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINES OPCO             | Columbia Pipelines Operating Co LLC                                             | CUSIP: 19828TAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $434036.74    | 0.05%             | 2053-11-15      | Fixed         | 6.54%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag      | Wells Fargo Commercial Mortgage Trust 2017-C39                                  | CUSIP: 95000XAK3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1870000 | PA      | $1747166.25   | 0.21%             | 2050-09-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC              | Motorola Solutions Inc                                                          | CUSIP: 620076BT5<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    190000 | PA      | $168849.61    | 0.02%             | 2030-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618HHKG4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1032957 | PA      | $1036937.82   | 0.13%             | 2054-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                     | United States Treasury Note/Bond                                                | CUSIP: 91282CKQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  23520000 | PA      | $23667459.35  | 2.91%             | 2034-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                           | Amgen Inc                                                                       | CUSIP: 031162DQ0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    949000 | PA      | $975242.48    | 0.12%             | 2030-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TAPESTRY INC                        | Tapestry Inc                                                                    | CUSIP: 876030AL1<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |    541000 | PA      | $543815.57    | 0.07%             | 2035-03-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DVMA0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    324725 | PA      | $282694.05    | 0.03%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 36179TSH9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1657191 | PA      | $1546026.74   | 0.19%             | 2048-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                    | Berry Global Inc                                                                | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   1027000 | PA      | $1011527.94   | 0.12%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING               | Athene Global Funding                                                           | CUSIP: 04685A3Z2<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1021093.26   | 0.13%             | 2031-07-11      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Station Place Securitization T      | Station Place Securitization Trust Series 2024-10                               | CUSIP: 85779PAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2350000 | PA      | $2361577.28   | 0.29%             | 2025-10-27      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 31418DY30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1962643 | PA      | $1787906.04   | 0.22%             | 2036-05-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618BTAG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     56833 | PA      | $57296.33     | 0.01%             | 2053-06-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140X73K3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    354659 | PA      | $283489.69    | 0.03%             | 2050-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NASDAQ INC                          | Nasdaq Inc                                                                      | CUSIP: 63111XAJ0<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |    116000 | PA      | $120394.27    | 0.01%             | 2034-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust           | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25                     | CUSIP: 61765TAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3074000 | PA      | $3028380.30   | 0.37%             | 2048-10-15      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140NKNK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     36288 | PA      | $37650.09     | 0.00%             | 2053-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                     | CVS Health Corp                                                                 | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1133000 | PA      | $1035909.05   | 0.13%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO              | General Motors Financial Co Inc                                                 | CUSIP: 37045XEZ5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    412000 | PA      | $411489.46    | 0.05%             | 2029-10-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I             | Metropolitan Life Global Funding I                                              | CUSIP: 59217GEG0<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    960000 | PA      | $898810.76    | 0.11%             | 2030-04-09      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RESOURCES             | Canadian Natural Resources Ltd                                                  | CUSIP: 136385BB6<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |    271000 | PA      | $272908.88    | 0.03%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIME WARNER CABLE ENTRMN            | Time Warner Cable Enterprises LLC                                               | CUSIP: 88731EAJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2076000 | PA      | $2393924.08   | 0.29%             | 2033-07-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                                   | CUSIP: 097023CN3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    797000 | PA      | $740610.89    | 0.09%             | 2030-02-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL            | Viper Energy Partners LLC                                                       | CUSIP: 92764MAA2<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |    220000 | PA      | $219209.10    | 0.03%             | 2030-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3133AGJU4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    375095 | PA      | $295613.12    | 0.04%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140QKBR8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    914461 | PA      | $783647.03    | 0.10%             | 2051-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                            | Flex Ltd                                                                        | CUSIP: 33938XAF2<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |    789000 | PA      | $798519.77    | 0.10%             | 2032-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                                         | CUSIP: 44891ABL0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    521000 | PA      | $553080.18    | 0.07%             | 2030-04-08      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                         | Freddie Mac Pool                                                                | CUSIP: 3132DVL94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    886100 | PA      | $739524.25    | 0.09%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC                | Howmet Aerospace Inc                                                            | CUSIP: 443201AB4<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    693000 | PA      | $661332.60    | 0.08%             | 2029-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL             | Southern Co Gas Capital Corp                                                    | CUSIP: 8426EPAH1<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |    520000 | PA      | $514716.19    | 0.06%             | 2034-09-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA             | Hyundai Capital America                                                         | CUSIP: 44891ACY1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    221000 | PA      | $225108.73    | 0.03%             | 2029-03-19      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                        | UBS Group AG                                                                    | CUSIP: 225401BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1000000 | PA      | $1239939.98   | 0.15%             | 2033-11-15      | Fixed         | 9.02%                 | No            |                  2 | On Loan: No      |
| GEORGIA-PACIFIC LLC                 | Georgia-Pacific LLC                                                             | CUSIP: 37331NAT8<br>LEI: L2EVHWFHVAQK72TMH265 | Long             | DBT              | CORP              | US        |    935000 | PA      | $942071.41    | 0.12%             | 2032-06-30      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                | Bank of America Corp                                                            | CUSIP: 06051GGC7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   4698000 | PA      | $4673392.86   | 0.57%             | 2027-11-25      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140NGYJ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    216025 | PA      | $224135.93    | 0.03%             | 2053-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES              | PNC Financial Services Group Inc/The                                            | CUSIP: 693475BE4<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   2212000 | PA      | $2154137.29   | 0.26%             | 2033-06-06      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                          | Kenvue Inc                                                                      | CUSIP: 49177JAS1<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    360000 | PA      | $362951.69    | 0.04%             | 2032-05-22      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A      | Ginnie Mae II Pool                                                              | CUSIP: 3618AQUN5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    195457 | PA      | $202497.03    | 0.02%             | 2053-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                    | DT Midstream Inc                                                                | CUSIP: 23345MAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    970000 | PA      | $987427.99    | 0.12%             | 2034-12-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| OCCU Auto Receivables Trust         | OCCU Auto Receivables Trust 2025-1                                              | CUSIP: 67098SAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1953000 | PA      | $1952925.20   | 0.24%             | 2029-11-15      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                        | Broadcom Inc                                                                    | CUSIP: 11135FAQ4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    361000 | PA      | $353682.91    | 0.04%             | 2030-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                 | COMM 2015-CCRE26 Mortgage Trust                                                 | CUSIP: 12593QBH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1170000 | PA      | $1150295.80   | 0.14%             | 2048-10-10      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA            | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1795000 | PA      | $1624705.41   | 0.20%             | 2032-01-30      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| BOEING CO                           | Boeing Co/The                                                                   | CUSIP: 097023CM5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    944000 | PA      | $917407.88    | 0.11%             | 2027-02-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust           | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22                     | CUSIP: 61690FAQ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    823000 | PA      | $784968.35    | 0.10%             | 2048-04-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY OHIO INC                | Duke Energy Ohio Inc                                                            | CUSIP: 26442EAF7<br>LEI: L6KC0HABGHNFU1Z6QY21 | Long             | DBT              | CORP              | US        |    417000 | PA      | $407361.20    | 0.05%             | 2029-02-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                          | Fannie Mae Pool                                                                 | CUSIP: 3140QQDT9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1045412 | PA      | $993720.61    | 0.12%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KELLANOVA                           | Kellanova                                                                       | CUSIP: 487836AT5<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | DBT              | CORP              | US        |    139000 | PA      | $158411.84    | 0.02%             | 2031-04-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| WYETH LLC                           | Wyeth LLC                                                                       | CUSIP: 983024AN0<br>LEI: 549300Q9GR3WRH4N4836 | Long             | DBT              | CORP              | US        |    170000 | PA      | $180606.86    | 0.02%             | 2037-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac           | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F060683<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |  46000000 | PA      | $46642991.68  | 5.74%             | 2055-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                 | COMM 2014-CCRE15 Mortgage Trust                                                 | CUSIP: 12591RBD1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    339608 | PA      | $330865.17    | 0.04%             | 2047-02-10      | Variable      | 3.92%                 | No            |                  2 | On Loan: No      |
| MARS INC                            | Mars Inc                                                                        | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    355000 | PA      | $358455.73    | 0.04%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust            | Benchmark 2020-B21 Mortgage Trust                                               | CUSIP: 08163LAL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19738141 | PA      | $1109767.10   | 0.14%             | 2053-12-17      | Variable      | 1.41%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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