# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-26-014741
**Filing Date:** 2026-4
**Character Count:** 121334
**Document Hash:** 33847e6c3af67a0957db900374410892
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-014741.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0000940400-26-014741

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**PERIOD START**: 20260531

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23643
- **FILM NUMBER:** 26893169

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

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

## Series and Classes Contracts Data

### Franklin Massachusetts Municipal Income ETF (Series ID: S000094555)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000263088 | Franklin Massachusetts Municipal Income ETF |  |

## Nport-Ex

Schedule of Investments (unaudited)

February 28, 2026

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

 **Franklin Massachusetts Municipal Income ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity <br>Date<br>| Face <br>Amount<br>| Value |
| **Municipal Bonds — 94.1%** | **Municipal Bonds — 94.1%** | **Municipal Bonds — 94.1%** | **Municipal Bonds — 94.1%** | **Municipal Bonds — 94.1%** |
| *American Samoa — 0.4%* | *American Samoa — 0.4%* | *American Samoa — 0.4%* | *American Samoa — 0.4%* | *American Samoa — 0.4%* |
| &nbsp;&nbsp;&nbsp; American Samoa EDA Revenue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/38 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp; $*1036484*<br> <sup>(a)</sup><br>|
| *California — 1.0%* | *California — 1.0%* | *California — 1.0%* | *California — 1.0%* | *California — 1.0%* |
| &nbsp;&nbsp;&nbsp; Davis Joint, CA, USD, GO, Series 2020, BAM | &nbsp;&nbsp; 3.000% | &nbsp;&nbsp; 8/1/38 | &nbsp;&nbsp; 2650000 | &nbsp;&nbsp;&nbsp; *2536307*<br>|
| *Guam — 3.0%* | *Guam — 3.0%* | *Guam — 3.0%* | *Guam — 3.0%* | *Guam — 3.0%* |
| &nbsp;&nbsp;&nbsp; Guam Government, GO, Series 2019  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp; 712663<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Guam Government, Business Privilege Tax Revenue, Series F, Refunding  | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2987397<br>|
| &nbsp;&nbsp;&nbsp; Guam Government, Hotel Occupancy Tax Revenue, Series A, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; 874007<br>|
| &nbsp;&nbsp;&nbsp; Guam Government, Waterworks Authority Revenue, Water and Wastewater <br> System, Series A  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/50 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1530992<br>|
| &nbsp;&nbsp;&nbsp; Guam Port Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Revenue Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/29 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 417235<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Revenue Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp; 484460<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Revenue Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 206567<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Revenue Bonds, Series B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 412686<br> <sup>(b)</sup><br>|
| *Total Guam* | *Total Guam* | *Total Guam* | *Total Guam* | &nbsp;&nbsp; *7626007* |
| *Massachusetts — 88.3%* | *Massachusetts — 88.3%* | *Massachusetts — 88.3%* | *Massachusetts — 88.3%* | *Massachusetts — 88.3%* |
| &nbsp;&nbsp;&nbsp; Brockton, MA, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualified Public Safety Facility Bonds, State Aid Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/39 | &nbsp;&nbsp; 3245000 | &nbsp;&nbsp;&nbsp; 3589517<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualified Public Safety Facility Bonds, State Aid Withholding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/1/40 | &nbsp;&nbsp; 1755000 | &nbsp;&nbsp;&nbsp; 1932046<br>|
| &nbsp;&nbsp;&nbsp; Lowell, MA, Collegiate Charter School Revenue, Series 2019  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/15/54 | &nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp; 1547025<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts Bay, MA, Transportation Authority Assessment Revenue, <br> Sustainable Green Bonds, Series A-2, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 3365000 | &nbsp;&nbsp;&nbsp; 3509408<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts Bay, MA, Transportation Authority, Senior Sales Tax Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; 1119402<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; 2456380<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2687133<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1106814<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subordinated, Series A-2, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 4475000 | &nbsp;&nbsp;&nbsp; 4554196<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State Clean Water Trust Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Revolving Fund, Green Bonds, Series 25B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/41 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 448185<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Revolving Fund, Green Bonds, Series 25B | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/43 | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 1597492<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Revolving Fund, Green Bonds, Series 27, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/43 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2280047<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Revolving Fund, Green Bonds, Series 27, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/1/45 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 555841<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baystate Medical Center Issue, Series N | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1001663<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bentley University Issue, Series 2016 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1256326<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bentley University Issue, Series 2025 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 772938<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bentley University Issue, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1035733<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bentley University Issue, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 721396<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bentley University Issue, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 1434117<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beth Israel Lahey Health Issue, Series K, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/33 | &nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp; 714309<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beth Israel Lahey Health Issue, Series K, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1071269<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beth Israel Lahey Health Issue, Series K, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/35 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 533835<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beth Israel Lahey Health Issue, Series M | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/34 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2897274<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beth Israel Lahey Health Issue, Series N, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp;&nbsp; 2454851<br>|

---

See Notes to Schedule of Investments.

------

Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Franklin Massachusetts Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Massachusetts — continued* | *Massachusetts — continued* | *Massachusetts — continued* | *Massachusetts — continued* | *Massachusetts — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Medical Center, Series G, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/48 | &nbsp;&nbsp; $2205000 | &nbsp;&nbsp;&nbsp; $2248325<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Medical Center, Sustainability Bonds, Series G, Refunding | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1997186<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston University Issue, Series B-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2663956<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston University Issue, Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/48 | &nbsp;&nbsp; 3075000 | &nbsp;&nbsp;&nbsp; 3245134<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston University, Series B-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/46 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2514527<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brandeis University, Series S-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/36 | &nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp; 813005<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broad Institute Inc., Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1028359<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brown University Health Obligated Group Issue, Series A | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 8/15/50 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp; 4218239<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caregroup Issue, Series I, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/36 | &nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp; 941021<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caregroup Issue, Series I, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 502808<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caregroup Issue, Series J-2 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 2765000 | &nbsp;&nbsp;&nbsp; 2918984<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carleton-Willard Village Issue, Series 2019, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp; 475675<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carleton-Willard Village Issue, Series 2019, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/42 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; 536302<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHF Merrimack, Inc. Issue, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1180365<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana-Farber Cancer Institute Issue, Series N | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 12/1/36 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1115977<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dexter Southfield Issue, Series 2015, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/1/41 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2001078<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emerson College Issue, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/40 | &nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp; 1592485<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fisher College Issue, Series 2017, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/1/37 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp; 844018<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foxborough Regional Charter School, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp;&nbsp; 1132231<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvard University Issue, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/15/36 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2002248<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvard University Issue, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/34 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2985646<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lasell University Issue, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 2160000 | &nbsp;&nbsp;&nbsp; 2035261<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lasell University Issue, Series 2021, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp; 1239041<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lasell Village, Inc. Issue, Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 767299<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lasell Village, Inc. Issue, Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1016714<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Linden Ponds, Inc. Facility, Series 2018 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/15/38 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; 2165061<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loomis Communities Issue, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp; 391404<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loomis Communities Issue, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 87738<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loomis Communities Issue, Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1028542<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loomis Communities Issue, Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/36 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp; 401570<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loomis Communities Issue, Series 2022, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 1/1/51 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp; 456236<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mass General Brigham Issue, Series D, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1036006<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mass General Brigham Issue, Series F | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 809685<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCPHS University Issue, Series H, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 450625<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merrimack College Issue, Series 2022 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/52 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 972903<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merrimack College Issue, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 413370<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merrimack College Issue, Series B | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 1825000 | &nbsp;&nbsp;&nbsp; 1505737<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middlesex School Issue, Series 2024 | &nbsp;&nbsp; 4.250% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1509453<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Milford Regional Medical Center Issue, Series G, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/15/46 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1115489<br> <sup>(c)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newbridge Charles Inc., Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1015336<br> <sup>(a)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeastern University Issue, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/44 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2159396<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olin College Issue, Series F, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/42 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 1043342<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olin College Issue, Series F, Refunding | &nbsp;&nbsp; 4.125% | &nbsp;&nbsp; 11/1/43 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp; 1259807<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orchard Cove Obligation, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/39 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 257429<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orchard Cove Obligation, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/49 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 701537<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SABIS International Charter School Issue, Series 2015, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 4/15/33 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 750340<br>|

---

See Notes to Schedule of Investments.

------

Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report

------

 **Franklin Massachusetts Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Massachusetts — continued* | *Massachusetts — continued* | *Massachusetts — continued* | *Massachusetts — continued* | *Massachusetts — continued* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salem Community Corporation Issue, Series 2022, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/30 | &nbsp;&nbsp; $465000 | &nbsp;&nbsp;&nbsp; $482273<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salem Community Corporation Issue, Series 2022, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/31 | &nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp; 1023425<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding, AG | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/28 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1912878<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Refunding, AG | &nbsp;&nbsp; 0.000% | &nbsp;&nbsp; 1/1/29 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1864491<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Refunding, AG | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/33 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp; 1148885<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven Hills Foundation and Affiliates Issue, Series 2025, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/50 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 818401<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seven Hills Foundation and Affiliates Issue, Series 2025, Refunding | &nbsp;&nbsp; 6.000% | &nbsp;&nbsp; 9/1/55 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 542376<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simmons University Issue, Series N, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/43 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; 1578902<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social Bonds, Series C | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 11/1/51 | &nbsp;&nbsp; 1335000 | &nbsp;&nbsp;&nbsp; 1203789<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Shore Hospital Issue, Refunding, Series I | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/32 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1606261<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southcoast Health System Obligated Group Issue, Series G, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 322481<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southcoast Health System Obligated Group Issue, Series G, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 374245<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southcoast Health System, Series G, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/46 | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp; 1617244<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southcoast Health System, Series G, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/50 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2005831<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Springfield College Issue, Series A | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 6/1/56 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 757278<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suffolk University Issue, Series 2021 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 4070000 | &nbsp;&nbsp;&nbsp; 3421656<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suffolk University, Series 2021, AG-Credit Reinsurance | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/51 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1777503<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Suffolk University, Series A, Refunding, AG-Credit Reinsurance | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/45 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; 1623301<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tufts University Issue, Series Q, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 8/15/38 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500331<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tufts University Student Housing Project, Series 2025 | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1047807<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMass Boston Student Housing Project | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/41 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1002588<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMass Memorial Health Care Obligated Group Issue, Series K, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1011158<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMass Memorial Health Care Obligated Group Issue, Series N-1, Refunding | &nbsp;&nbsp; 4.500% | &nbsp;&nbsp; 7/1/54 | &nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp; 3520685<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wellforce Issue, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500888<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wellforce Issue, Series C, Refunding, AG | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 10/1/45 | &nbsp;&nbsp; 4705000 | &nbsp;&nbsp;&nbsp; 4405957<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wentworth Institute of Technology Issue | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/37 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp; 658023<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WGBH Educational Foundation, Series A, AMBAC | &nbsp;&nbsp; 5.750% | &nbsp;&nbsp; 1/1/42 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 6030832<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wheaton College Issue, Series I | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/53 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 2858662<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woods Hole Oceanographic Institution Issue, Series 2018, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/32 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp; 697001<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woods Hole Oceanographic Institution Issue, Series 2018, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/33 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 949263<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woods Hole Oceanographic Institution Issue, Series 2018, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/34 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1053264<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State EFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/27 | &nbsp;&nbsp; 2750000 | &nbsp;&nbsp;&nbsp; 2752951<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | &nbsp;&nbsp; 5.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1040320<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State HFA Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 3.250% | &nbsp;&nbsp; 12/1/27 | &nbsp;&nbsp; 1265000 | &nbsp;&nbsp;&nbsp; 1265474<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.100% | &nbsp;&nbsp; 12/1/30 | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; 590666<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainability Bonds, Series B-1 | &nbsp;&nbsp; 2.875% | &nbsp;&nbsp; 12/1/51 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 1432416<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainability Bonds, Series C-1 | &nbsp;&nbsp; 3.100% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2162339<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainability Bonds, Series C-1 | &nbsp;&nbsp; 3.300% | &nbsp;&nbsp; 12/1/59 | &nbsp;&nbsp; 5625000 | &nbsp;&nbsp;&nbsp; 4169709<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State Municipal Wholesale Electric Co. Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotton Solar Project Issue, Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/38 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 482704<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotton Solar Project Issue, Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/39 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 505670<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotton Solar Project Issue, Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp; 524407<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotton Solar Project Issue, Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/41 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; 544774<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotton Solar Project Issue, Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp;&nbsp; 1784163<br>|

---

See Notes to Schedule of Investments.

------

Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Franklin Massachusetts Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Massachusetts — continued* | *Massachusetts — continued* | *Massachusetts — continued* | *Massachusetts — continued* | *Massachusetts — continued* |
| &nbsp;&nbsp;&nbsp; Massachusetts State Port Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bosfuel Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/26 | &nbsp;&nbsp; $115000 | &nbsp;&nbsp;&nbsp; $115887<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bosfuel Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/28 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; 221582<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bosfuel Project, Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp; 864293<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bosfuel Project, Series A, Refunding | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/44 | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp; 3402483<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/30 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 1317096<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/31 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1116075<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/40 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2616077<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 7/1/42 | &nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp; 1287990<br> <sup>(b)</sup><br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State School Building Authority Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/44 | &nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp; 1087691<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/55 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 524323<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social Bonds, Series B, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 2/15/38 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 591673<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State Transportation Fund Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rail Enhancement & Accelerated Bridge Programs, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/48 | &nbsp;&nbsp; 2095000 | &nbsp;&nbsp;&nbsp; 2138737<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rail Enhancement Program, Green Bonds, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/50 | &nbsp;&nbsp; 3900000 | &nbsp;&nbsp;&nbsp; 4049845<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rail Enhancement Program, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/55 | &nbsp;&nbsp; 3685000 | &nbsp;&nbsp;&nbsp; 3877509<br>|
| &nbsp;&nbsp;&nbsp; Massachusetts State, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Loan, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/49 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3087563<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Loan, Series A | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 1/1/54 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5228683<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Loan, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2081828<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Loan, Series C | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 10/1/52 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp; 2651037<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Loan, Series C | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 6/1/53 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 5271587<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Loan, Series D | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 9/1/49 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp; 2083908<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Loan, Series E | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/48 | &nbsp;&nbsp; 2015000 | &nbsp;&nbsp;&nbsp; 2121355<br>|
| &nbsp;&nbsp;&nbsp; MWRA General Revenue, Green Bonds, Series B, Refunding  | &nbsp;&nbsp; 5.250% | &nbsp;&nbsp; 8/1/48 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp; 1309445<br>|
| &nbsp;&nbsp;&nbsp; North Reading, MA, GO, Municipal Purpose Loan, Series 2012, Refunding  | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 5/15/35 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp; 3757811<br>|
| &nbsp;&nbsp;&nbsp; Quincy, MA, GO: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Purpose Loan, Series C | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/40 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 336671<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Purpose Loan, Series C | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/41 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 309869<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Purpose Loan, Series C | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 9/15/42 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 281029<br>|
| &nbsp;&nbsp;&nbsp; University of Massachusetts, MA, Building Authority Project Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series 2015-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/40 | &nbsp;&nbsp; 885000 | &nbsp;&nbsp;&nbsp; 886096<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series 2020-1, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/45 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp; 1112664<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series 2022-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/41 | &nbsp;&nbsp; 2365000 | &nbsp;&nbsp;&nbsp; 2591668<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series 2022-1 | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 11/1/52 | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp; 654732<br>|
| *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | *Total Massachusetts* | &nbsp;&nbsp; *225374566* |
| *Puerto Rico — 0.3%* | *Puerto Rico — 0.3%* | *Puerto Rico — 0.3%* | *Puerto Rico — 0.3%* | *Puerto Rico — 0.3%* |
| &nbsp;&nbsp;&nbsp; Puerto Rico Commonwealth, GO, Restructured, Series A-1 | &nbsp;&nbsp; 4.000% | &nbsp;&nbsp; 7/1/37 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; *751550*<br>|
| *Texas — 0.2%* | *Texas — 0.2%* | *Texas — 0.2%* | *Texas — 0.2%* | *Texas — 0.2%* |
| &nbsp;&nbsp;&nbsp; Beaumont, TX, Housing Authority Revenue, Residential Development Senior Lien, <br> Series A | &nbsp;&nbsp; 6.500% | &nbsp;&nbsp; 7/1/55 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; *476765*<br> <sup>(a)</sup><br>|
| *U.S. Virgin Islands — 0.3%* | *U.S. Virgin Islands — 0.3%* | *U.S. Virgin Islands — 0.3%* | *U.S. Virgin Islands — 0.3%* | *U.S. Virgin Islands — 0.3%* |
| &nbsp;&nbsp;&nbsp; U.S. Virgin Islands Matching Fund Special Purpose Securitization Corp. Revenue, <br> Series A, Refunding | &nbsp;&nbsp; 5.000% | &nbsp;&nbsp; 10/1/30 | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; *676009*<br>|

---

See Notes to Schedule of Investments.

------

Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report

------

 **Franklin Massachusetts Municipal Income ETF**

(Percentages shown based on Fund net assets)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br> Date<br>| Face<br> Amount<br>| Value |
| *Washington — 0.6%* | *Washington — 0.6%* | *Washington — 0.6%* | *Washington — 0.6%* | *Washington — 0.6%* |
| &nbsp;&nbsp;&nbsp; Grays Harbor County, WA, Public Hospital District No 1 Revenue, Summit Pacific <br> Medical Center, Series 2023, Refunding | &nbsp;&nbsp; 6.750% | &nbsp;&nbsp; 12/1/44 | &nbsp;&nbsp; $1300000 | &nbsp;&nbsp;&nbsp; $*1464120*<br>|
| **Total Investments before Short-Term Investments (Cost — $239,461,648)** | **Total Investments before Short-Term Investments (Cost — $239,461,648)** | **Total Investments before Short-Term Investments (Cost — $239,461,648)** | **Total Investments before Short-Term Investments (Cost — $239,461,648)** | &nbsp;&nbsp; **239941808** |
|  |  |  | Shares |  |
| **Short-Term Investments — 4.9%** | **Short-Term Investments — 4.9%** | **Short-Term Investments — 4.9%** | **Short-Term Investments — 4.9%** | **Short-Term Investments — 4.9%** |
| **Money Market Funds — 4.5%** | **Money Market Funds — 4.5%** | **Money Market Funds — 4.5%** | **Money Market Funds — 4.5%** | **Money Market Funds — 4.5%** |
| &nbsp;&nbsp;&nbsp; Putnam Government Money Market Fund, Class P Shares (Cost — $11,524,530)  | &nbsp;&nbsp; 3.450% |  | &nbsp;&nbsp; 11524530<br>| &nbsp;&nbsp;&nbsp;&nbsp; **11524530**<br> <sup>(d)(e)</sup><br>|
|  |  | Maturity <br>Date<br>| Face <br>Amount<br>|  |
| **Municipal Bonds — 0.4%** | **Municipal Bonds — 0.4%** | **Municipal Bonds — 0.4%** | **Municipal Bonds — 0.4%** | **Municipal Bonds — 0.4%** |
| *Massachusetts — 0.4%* | *Massachusetts — 0.4%* | *Massachusetts — 0.4%* | *Massachusetts — 0.4%* | *Massachusetts — 0.4%* |
| &nbsp;&nbsp;&nbsp; Massachusetts State DFA Revenue, Children Hospital Issue, Series U-1, <br> Refunding, LOC - TD Bank N.A. (Cost — $1,000,000) | &nbsp;&nbsp; 0.950% | &nbsp;&nbsp; 3/1/48 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp;&nbsp;&nbsp; **1000000**<br> <sup>(f)(g)</sup><br>|
| **Total Short-Term Investments (Cost — $12,524,530)** | **Total Short-Term Investments (Cost — $12,524,530)** | **Total Short-Term Investments (Cost — $12,524,530)** | **Total Short-Term Investments (Cost — $12,524,530)** | &nbsp;&nbsp; **12524530** |
| **Total Investments — 99.0% (Cost — $251,986,178)** | **Total Investments — 99.0% (Cost — $251,986,178)** | **Total Investments — 99.0% (Cost — $251,986,178)** | **Total Investments — 99.0% (Cost — $251,986,178)** | &nbsp;&nbsp; **252466338** |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.0% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.0% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.0% | &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities — 1.0% | &nbsp;&nbsp;&nbsp; 2671903 |
| **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | **Total Net Assets — 100.0%** | &nbsp;&nbsp; **$255138241** |

---

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

<sup>(a)</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers. 

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

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

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

<sup>(e)</sup> In this instance, as defined in the Investment Company Act of 1940, an "Affiliated Company" represents Fund ownership of at least 5% of the outstanding voting securities of an issuer, or a company which is under common ownership or control with the Fund. At February 28, 2026, the total market value of investments in Affiliated Companies was $11,524,530 and the cost was $11,524,530 (Note 2). 

<sup>(f)</sup> Variable rate demand obligations ("VRDOs") have a demand feature under which the Fund can tender them back to the issuer or liquidity provider on no more than 7 days notice. The interest rate generally resets on a daily or weekly basis and is determined on the specific interest rate reset date by the remarketing agent, pursuant to a formula specified in official documents for the VRDO, or set at the highest rate allowable as specified in official documents for the VRDO. VRDOs are benchmarked to the Securities Industry and Financial Markets Association ("SIFMA") Municipal Swap Index. The SIFMA Municipal Swap Index is compiled from weekly interest rate resets of tax-exempt VRDOs reported to the Municipal Securities Rulemaking Board's Short-term Obligation Rate Transparency System. 

<sup>(g)</sup> Maturity date shown is the final maturity date. The security may be sold back to the issuer before final maturity.

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

---

| | | |
|:---|:---|:---|
| **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** | **Abbreviation(s) used in this schedule:** |
| AG |  | Assured Guaranty — Insured Bonds |
| AMBAC |  | American Municipal Bond Assurance Corporation — Insured Bonds |
| BAM |  | Build America Mutual — Insured Bonds |
| DFA |  | Development Finance Agency |
| EDA |  | Economic Development Authority |
| EFA |  | Educational Facilities Authority |
| GO |  | General Obligation |
| HFA |  | Housing Finance Agency |
| LOC |  | Letter of Credit |
| MWRA |  | Massachusetts Water Resources Authority |
| USD |  | Unified School District |

---

See Notes to Schedule of Investments.

------

Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report

------

Schedule of Investments (unaudited) (cont'd)

February 28, 2026

 **Franklin Massachusetts Municipal Income ETF**

At February 28, 2026, the Fund had the following open futures contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <br> Number of <br>Contracts<br>| &nbsp;&nbsp;&nbsp; <br> Expiration <br>Date<br>| &nbsp;&nbsp;&nbsp; <br> Notional <br>Amount<br>| &nbsp;&nbsp;&nbsp; <br> Market <br>Value<br>| &nbsp;&nbsp;&nbsp; <br> Unrealized <br>Depreciation<br>|
| **Contracts to Sell:** |  |  |  |  |  |
| U.S. Treasury Ultra Long-Term Bonds | &nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp; 6/26 | &nbsp;&nbsp;&nbsp;&nbsp; $9769249 | &nbsp;&nbsp;&nbsp;&nbsp; $9849094 | &nbsp;&nbsp;&nbsp; **$(79845)** |

---

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

See Notes to Schedule of Investments.

------

Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report

------

Notes to Schedule of Investments (unaudited)

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

**1. Organization and significant accounting policies** 

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

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

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

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

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

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

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

------

Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report

------

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

financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

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

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets 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 |
| Municipal Bonds† | &nbsp;&nbsp; — | &nbsp;&nbsp; $239941808 | &nbsp;&nbsp; — | &nbsp;&nbsp; $239941808 |
| Short-Term Investments†: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $11524530 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11524530 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1000000 |
| Total Short-Term Investments | &nbsp;&nbsp; 11524530 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12524530 |
| **Total Investments** | &nbsp;&nbsp; **$11524530** | &nbsp;&nbsp; **$240941808** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **$252466338** |
| **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 |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts†† | &nbsp;&nbsp; $79845 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $79845 |

---

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

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

**2. Transactions with affiliated companies**

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

------

Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report

------

effected in such company for the period ended February 28, 2026. <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 31, <br>2025 | Purchased | Purchased | Sold | Sold |
|  | Affiliate <br>Value at <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>May 31, <br>2025 | Cost | Shares | Proceeds | Shares |
| Putnam Government <br> Money Market Fund, <br> Class P Shares<br>|  | $23420007 | 23420007 | $11895477 | 11895477 |
| Putnam Short Term <br> Investment Fund, Class P <br> Shares<br>| $7170408 | 44277624 | 44277624 | 51448032 | 51448032 |
|  | **$7170408** | **$67697631** |  | **$63343509** |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| (cont'd) | Realized <br>Gain (Loss)<br>| Dividend <br>Income<br>| Net Increase <br>(Decrease) in <br>Unrealized <br>Appreciation <br>(Depreciation)<br>| Affiliate <br>Value at <br>February 28, <br>2026<br>|
| Putnam Government Money <br> Market Fund, Class P Shares<br>|  | $83039 |  | $11524530 |
| Putnam Short Term Investment <br> Fund, Class P Shares<br>|  | 136702 |  |  |
|  | **—** | **$219741** | **—** | **$11524530** |

---

------

Franklin Massachusetts Municipal Income ETF 2026 Quarterly Report

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

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

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

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

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

- **b. EDGAR series identifier (if any):** S000094555

- **c. LEI of Series:** 254900FXCQE95J4X7E76

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $255273789.06

**Total Liabilities:** $135550.91

**Net Assets:** $255138238.15

**Cash Not Reported:** $438879.90

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 295.79871000 | **1-Year:** 6521.15800000 | **5-Year:** 33242.55754000 | **10-Year:** 124548.48547000 | **30-Year:** 4963.09545000

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

- **3-Month:** 0.00000000 | **1-Year:** 148.66735000 | **5-Year:** 1997.39479000 | **10-Year:** 6198.76268000 | **30-Year:** 286.18929000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000263088 | 0.21%                | 0.56%                | 1.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7227.13                | $-278031.36                                |
| Month 2  | $-5518.48                | $553978.00                                 |
| Month 3  | $0.00                    | $2738754.42                                |

**Designated Index Information**

- **Index Name:** BTMNTR Index

- **Index Identifier:** BM10506

### Schedule of Portfolio Investments

| Name                                                 | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHICAGO BOARD OF TRADE                               | Ultra U.S. Treasury Bond Futures, Jun-2026,ETH | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -81 | NC      | $-79845.34    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2046                         | CUSIP: 57585BRT7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $809685.08    | 0.32%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 4 07/01/2039                         | CUSIP: 57584YS26<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1434117.30   | 0.56%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5.25 10/01/2033                      | CUSIP: 57583RJG1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1148884.66   | 0.45%             | 2033-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)        | MA MASDEV 4 07/01/2037                         | CUSIP: 57584YR84<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035732.80   | 0.41%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWELL MASS                                          | MA LOWEDU 5 06/15/2054                         | CUSIP: 547649AD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1547024.51   | 0.61%             | 2054-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2035                         | CUSIP: 57584YTE9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $533834.55    | 0.21%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5.25 07/01/2045                      | CUSIP: 57585BNZ7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2454850.58   | 0.96%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| QUINCY MASS                                          | MA QUI 4 09/15/2040                            | CUSIP: 748508L30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $336670.88    | 0.13%             | 2040-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 10/01/2046                         | CUSIP: 57584XWV9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2514527.50   | 0.99%             | 2046-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                                     | MA MAS 5 01/01/2054                            | CUSIP: 57582R5R3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5228683.00   | 2.05%             | 2054-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY                         | MA MASHSG 3.3 12/01/2059                       | CUSIP: 57586N6R7<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   5625000 | PA      | $4169709.00   | 1.63%             | 2059-12-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)        | MA MASDEV 4 01/01/2051                         | CUSIP: 57584YT74<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $87737.74     | 0.03%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST CLEAN WTR TR                        | MA MASWTR 5 02/01/2045                         | CUSIP: 575829PZ3<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |    500000 | PA      | $555841.40    | 0.22%             | 2045-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2034                         | CUSIP: 57583UN53<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001663.00   | 0.39%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 06/01/2032                         | CUSIP: 57584YGH6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    660000 | PA      | $697001.38    | 0.27%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 6 09/01/2055                         | CUSIP: 57585BMD7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $542376.30    | 0.21%             | 2055-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 04/01/2037                         | CUSIP: 57584YDB2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    835000 | PA      | $844017.50    | 0.33%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EQUITABLE SCHOOL REVOLVING FUND LLC                  | MA MASEDU 4 11/01/2051                         | CUSIP: 57563UAB8<br>LEI: 549300UXW2QG1W1XXQ37 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1203788.59   | 0.47%             | 2051-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5.75 01/01/2042                      | CUSIP: 57583FZE4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $6030832.00   | 2.36%             | 2042-01-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY MASS BLDG AUTH                            | MA UMAFAC 5 11/01/2045                         | CUSIP: 914440SA1<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1112663.79   | 0.44%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)        | MA MASDEV 5 07/01/2054                         | CUSIP: 57584Y7Y9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036006.40   | 0.41%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2037                         | CUSIP: 57583U5H7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450625.05    | 0.18%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 01/01/2030                         | CUSIP: 57584Y2U2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    465000 | PA      | $482272.80    | 0.19%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATCHING FD SPL PURP SECURITIZATION CORP VIRGIN IS   | VI MFCFAC 5 10/01/2030                         | CUSIP: 57665NAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $676009.47    | 0.26%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)        | MA MASDEV 5 07/01/2055                         | CUSIP: 57585BJF6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $772938.38    | 0.30%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5.25 07/01/2048                      | CUSIP: 57584Y4S5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2248324.72   | 0.88%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                           | MA MASTRN 5 07/01/2037                         | CUSIP: 575898DN8<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    820000 | PA      | $864293.12    | 0.34%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)        | MA MASDEV 4 01/01/2031                         | CUSIP: 57584YT90<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028542.40   | 0.40%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY MASS BLDG AUTH                            | MA UMAFAC 5 11/01/2040                         | CUSIP: 914440QM7<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |    885000 | PA      | $886095.63    | 0.35%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2037                         | CUSIP: 57584YDJ5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1132230.85   | 0.44%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2039                         | CUSIP: 57584YG86<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    350000 | PA      | $374245.24    | 0.15%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 10/01/2039                         | CUSIP: 57584YRF8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257429.05    | 0.10%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 10/01/2048                         | CUSIP: 57585BGQ5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2663956.00   | 1.04%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT                                            | GU GMSFAC 5 11/15/2031                         | CUSIP: 40065BCQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $712662.92    | 0.28%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 12/01/2042                         | CUSIP: 57584YWH8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    525000 | PA      | $536302.20    | 0.21%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST SCH BLDG AUTH                       | MA MASEDU 5 02/15/2044                         | CUSIP: 576000WX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1087690.92   | 0.43%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 04/01/2037                         | CUSIP: 57584X3D1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1028358.90   | 0.40%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM PORT AUTH                                       | GU GMSTRN 5 07/01/2029                         | CUSIP: 400652AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $417235.44    | 0.16%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                           | MA MASTRN 5 07/01/2030                         | CUSIP: 575896YN9<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1317095.64   | 0.52%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 4 07/01/2045                         | CUSIP: 57585BKZ0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1623301.27   | 0.64%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS EDL FING AUTH                          | MA MASEDU 5 01/01/2027                         | CUSIP: 57563RLR8<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2752951.30   | 1.08%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5.25 07/01/2052                      | CUSIP: 57584Y4T3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997186.00   | 0.78%             | 2052-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 01/01/2040                         | CUSIP: 57584XU74<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1592485.07   | 0.62%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 0 01/01/2029                         | CUSIP: 57583RXM2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1864491.20   | 0.73%             | 2029-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST TRANSN FD                           | MA MASTRN 5 06/01/2048                         | CUSIP: 57604THG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2138736.69   | 0.84%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 10/01/2041                         | CUSIP: 57584XZZ7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002587.50   | 0.39%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 4 07/01/2051                         | CUSIP: 57585BLC0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1777503.00   | 0.70%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 4 07/01/2042                         | CUSIP: 57584YN62<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $413369.78    | 0.16%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROCKTON MASS                                        | MA BRO 5 08/01/2040                            | CUSIP: 111746KW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1932045.98   | 0.76%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST TRANSN FD                           | MA MASTRN 5 06/01/2050                         | CUSIP: 57604TKC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $4049845.41   | 1.59%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2050                         | CUSIP: 57584YH28<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005831.40   | 0.79%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 05/01/2041                         | CUSIP: 57584XEH0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001078.00   | 0.78%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 10/01/2043                         | CUSIP: 57584Y6H7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1578902.15   | 0.62%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH READING MASS                                   | MA NRD 5 05/15/2035                            | CUSIP: 661802WH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $3757810.88   | 1.47%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2033                         | CUSIP: 57584YTC3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    665000 | PA      | $714309.42    | 0.28%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                                     | MA MAS 5 10/01/2052                            | CUSIP: 57582RY59<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2081828.40   | 0.82%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS BAY TRANSPORTATION AUTHORITY (MA)      | MA MASTRN 5.25 07/01/2055                      | CUSIP: 5755792J5<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2687133.25   | 1.05%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)        | MA MASDEV 5.25 06/01/2055                      | CUSIP: 57585BMV7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047807.20   | 0.41%             | 2055-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 4 07/01/2046                         | CUSIP: 57584YG94<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1617244.29   | 0.63%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 4 10/01/2045                         | CUSIP: 57584YC98<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4705000 | PA      | $4405957.26   | 1.73%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS BAY TRANSPORTATION AUTHORITY (MA)      | MA MASTRN 5 07/01/2046                         | CUSIP: 575579B97<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   4475000 | PA      | $4554195.87   | 1.78%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROCKTON MASS                                        | MA BRO 5 08/01/2039                            | CUSIP: 111746KV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3245000 | PA      | $3589517.43   | 1.41%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)        | MA MASDEV 4 07/01/2050                         | CUSIP: 57584YN70<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1505736.51   | 0.59%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM PORT AUTH                                       | GU GMSTRN 5 07/01/2035                         | CUSIP: 400652AM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $412685.64    | 0.16%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)        | MA MASDEV 5 10/01/2048                         | CUSIP: 57584Y5N5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3245133.91   | 1.27%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)        | MA MASDEV 4 01/01/2051                         | CUSIP: 57584YU49<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    520000 | PA      | $456236.25    | 0.18%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Putnam Investment Fund.                              | Putnam Investment Fund. GOVT MMKT P            | CUSIP: 74680A869<br>LEI: 549300SRAF55EHI5J317 | Long             | STIV             | RF                | US        |  11524530 | PA      | $11524530.47  | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 10/01/2049                         | CUSIP: 57584YRG6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    700000 | PA      | $701536.85    | 0.27%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS BAY TRANSN AUTH MASS                   | MA MASTRN 5 07/01/2044                         | CUSIP: 575579V53<br>LEI: 549300CGDCL8XZK3KN03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106814.40   | 0.43%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH                                | GU GMSUTL 5 01/01/2050                         | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1530991.65   | 0.60%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                           | MA MASTRN 5 07/01/2031                         | CUSIP: 575896YP4<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1116075.30   | 0.44%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 4 07/01/2050                         | CUSIP: 57584YN39<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1239040.95   | 0.49%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5.25 07/01/2055                      | CUSIP: 57585BJU3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016713.80   | 0.40%             | 2055-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                           | MA MASTRN 5 07/01/2040                         | CUSIP: 575896TN5<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2616077.50   | 1.03%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 10/01/2037                         | CUSIP: 57584X4L2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015336.40   | 0.40%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAYS HARBOR COUNTY PUBLIC UTILITY DISTRICT N.1 (WA) | WA GRHMED 6.75 12/01/2044                      | CUSIP: 389526AG9<br>LEI: TBI9VVSY0W0HBJJJJM65 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1464120.06   | 0.57%             | 2044-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GUAM PORT AUTH                                       | GU GMSTRN 5 07/01/2034                         | CUSIP: 400652AL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $206566.54    | 0.08%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY MASS BLDG AUTH                            | MA UMAFAC 5 11/01/2041                         | CUSIP: 914440UD2<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2591668.22   | 1.02%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS HOUSING FINANCE AGENCY (MA)            | MA MASHSG 2.88 12/01/2051                      | CUSIP: 57587GKG9<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1432416.20   | 0.56%             | 2051-12-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)        | MA MASDEV 4 01/01/2036                         | CUSIP: 57584YU23<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    395000 | PA      | $401570.35    | 0.16%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BEAUMONT TEX HSG AUTH                                | TX BEAHSG 6.5 07/01/2055                       | CUSIP: 07451AAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $476764.86    | 0.19%             | 2055-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 01/01/2031                         | CUSIP: 57584Y2V0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    980000 | PA      | $1023424.78   | 0.40%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY                         | MA MASHSG 3.1 12/01/2044                       | CUSIP: 57586N6N6<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2162339.00   | 0.85%             | 2044-12-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 12/01/2036                         | CUSIP: 57584XNX5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1115976.62   | 0.44%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS MUN WHSL ELEC CO                       | MA MASPWR 5 07/01/2038                         | CUSIP: 575766BK5<br>LEI: 549300CFLHW0OYBX9C89 | Long             | DBT              | MUN               | US        |    425000 | PA      | $482703.78    | 0.19%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2032                         | CUSIP: 57584YJM2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2918983.96   | 1.14%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST WTR RES AUTH                        | MA MASWTR 5.25 08/01/2048                      | CUSIP: 576051E51<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1309445.47   | 0.51%             | 2048-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/15/2046                         | CUSIP: 57584YF53<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115489.30   | 0.44%             | 2046-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2038                         | CUSIP: 57584YG78<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    300000 | PA      | $322481.13    | 0.13%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS BAY TRANSPORTATION AUTHORITY (MA)      | MA MASTRN 5 07/01/2044                         | CUSIP: 575579E52<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2456379.84   | 0.96%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 02/15/2034                         | CUSIP: 57585BAL2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2985646.25   | 1.17%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2040                         | CUSIP: 57584XKJ9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1256326.50   | 0.49%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 4 12/01/2042                         | CUSIP: 57584YWG0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    485000 | PA      | $475674.81    | 0.19%             | 2042-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2044                         | CUSIP: 57584YQJ1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500887.55    | 0.20%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY                         | MA MASHSG 3.25 12/01/2027                      | CUSIP: 57586NKG5<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1265473.74   | 0.50%             | 2027-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 6 09/01/2050                         | CUSIP: 57585BMC9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $818400.75    | 0.32%             | 2050-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2052                         | CUSIP: 57584Y4J5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972903.20    | 0.38%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                                     | MA MAS 5.25 10/01/2052                         | CUSIP: 57582RY42<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2651037.00   | 1.04%             | 2052-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                                     | MA MAS 5 09/01/2049                            | CUSIP: 57582RR99<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2083907.60   | 0.82%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2036                         | CUSIP: 57584XMS7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    935000 | PA      | $941021.12    | 0.37%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST CLEAN WTR TR                        | MA MASWTR 5 02/01/2043                         | CUSIP: 575829MR4<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1597492.12   | 0.63%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                           | MA MASTRN 4 07/01/2044                         | CUSIP: 575898DR9<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3402483.00   | 1.33%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST CLEAN WTR TR                        | MA MASWTR 5 02/01/2043                         | CUSIP: 575829PX8<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2280046.60   | 0.89%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 4.5 07/01/2054                       | CUSIP: 57585BEY0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3520685.42   | 1.38%             | 2054-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY                         | MA MASHSG 5.1 12/01/2030                       | CUSIP: 57586NGX3<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    590000 | PA      | $590666.35    | 0.23%             | 2030-12-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS BAY TRANSPORTATION AUTHORITY (MA)      | MA MASTRN 5 07/01/2052                         | CUSIP: 575577NZ0<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   3365000 | PA      | $3509408.30   | 1.38%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 4 01/01/2036                         | CUSIP: 57584YT58<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    385000 | PA      | $391404.01    | 0.15%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 4 06/01/2056                         | CUSIP: 57584YX53<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $757278.10    | 0.30%             | 2056-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)        | MA MASDEV 5 11/01/2042                         | CUSIP: 57584Y6S3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1043341.87   | 0.41%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 10/01/2036                         | CUSIP: 57584YNZ8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    765000 | PA      | $813004.52    | 0.32%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)        | MA MASDEV 4 07/01/2038                         | CUSIP: 57584YR92<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    700000 | PA      | $721395.92    | 0.28%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 10/01/2037                         | CUSIP: 57584XJ44<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    655000 | PA      | $658022.56    | 0.26%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 01/01/2053                         | CUSIP: 57584YK32<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2858662.20   | 1.12%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS MUN WHSL ELEC CO                       | MA MASPWR 5 07/01/2041                         | CUSIP: 575766BN9<br>LEI: 549300CFLHW0OYBX9C89 | Long             | DBT              | MUN               | US        |    490000 | PA      | $544773.72    | 0.21%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 08/15/2038                         | CUSIP: 57583U4J4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500331.25    | 0.20%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS MUN WHSL ELEC CO                       | MA MASPWR 5 07/01/2039                         | CUSIP: 575766BL3<br>LEI: 549300CFLHW0OYBX9C89 | Long             | DBT              | MUN               | US        |    450000 | PA      | $505669.91    | 0.20%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS EDL FING AUTH                          | MA MASEDU 5.5 07/01/2055                       | CUSIP: 57563RUG2<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040319.50   | 0.41%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                           | MA MASTRN 5 07/01/2026                         | CUSIP: 575898DB4<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115887.49    | 0.05%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 11/15/2038                         | CUSIP: 57584YMH9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2165060.73   | 0.85%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS MUN WHSL ELEC CO                       | MA MASPWR 5 07/01/2040                         | CUSIP: 575766BM1<br>LEI: 549300CFLHW0OYBX9C89 | Long             | DBT              | MUN               | US        |    470000 | PA      | $524406.59    | 0.21%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 4.12 11/01/2043                      | CUSIP: 57584Y6T1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1259807.25   | 0.49%             | 2043-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 10/01/2044                         | CUSIP: 57584Y3V9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2159395.60   | 0.85%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 4 07/01/2051                         | CUSIP: 57584YL64<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4070000 | PA      | $3421655.92   | 1.34%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST TRANSN FD                           | MA MASTRN 5 06/01/2055                         | CUSIP: 57604TMC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3685000 | PA      | $3877508.82   | 1.52%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 4 07/15/2036                         | CUSIP: 57584XYC9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002247.80   | 0.78%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2038                         | CUSIP: 57584XMT5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502808.45    | 0.20%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST CLEAN WTR TR                        | MA MASWTR 5 02/01/2041                         | CUSIP: 575829MP8<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |    400000 | PA      | $448184.52    | 0.18%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST SCH BLDG AUTH                       | MA MASEDU 5 02/15/2038                         | CUSIP: 576000G49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $591672.60    | 0.23%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 03/01/2048                           | CUSIP: 57584Y8H5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.39%             | 2048-03-01      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2038                         | CUSIP: 57584XF63<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011157.70   | 0.40%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                                     | MA MAS 5 06/01/2053                            | CUSIP: 57582TDX7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5271587.50   | 2.07%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT                                            | GU GMSGEN 4 01/01/2042                         | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2987397.30   | 1.17%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO COMWLTH                                  | PR PRC 4 07/01/2037                            | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    750000 | PA      | $751549.73    | 0.29%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5.25 07/01/2050                      | CUSIP: 57585BJT6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $767298.60    | 0.30%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| QUINCY MASS                                          | MA QUI 4 09/15/2042                            | CUSIP: 748508L55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $281028.77    | 0.11%             | 2042-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                                     | MA MAS 5 11/01/2048                            | CUSIP: 57582R2B1<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2015000 | PA      | $2121355.13   | 0.83%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                                     | MA MAS 5 01/01/2049                            | CUSIP: 57582RVY9<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3087563.40   | 1.21%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN SAMOA ECONOMIC DEV AUTH                     | AS AMSDEV 5 09/01/2038                         | CUSIP: 02936TAH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036483.80   | 0.41%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2054                         | CUSIP: 57585BBT4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1180365.48   | 0.46%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MA)        | MA MASDEV 4.25 07/01/2054                      | CUSIP: 57585BBQ0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1509452.64   | 0.59%             | 2054-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS MUN WHSL ELEC CO                       | MA MASPWR 5 07/01/2044                         | CUSIP: 575766BP4<br>LEI: 549300CFLHW0OYBX9C89 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1784162.99   | 0.70%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY MASS BLDG AUTH                            | MA UMAFAC 5 11/01/2052                         | CUSIP: 914440UG5<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |    635000 | PA      | $654732.18    | 0.26%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5.5 08/15/2050                       | CUSIP: 57585BKB3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4218239.20   | 1.65%             | 2050-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 0 01/01/2028                         | CUSIP: 57583RXL4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1912877.60   | 0.75%             | 2028-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS BAY TRANSPORTATION AUTHORITY (MA)      | MA MASTRN 5 07/01/2048                         | CUSIP: 575579V95<br>LEI: 549300D2U0XBUXGX8P68 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1119401.96   | 0.44%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST SCH BLDG AUTH                       | MA MASEDU 5 02/15/2055                         | CUSIP: 576000E58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524322.50    | 0.21%             | 2055-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                           | MA MASTRN 5 07/01/2028                         | CUSIP: 575898DD0<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    210000 | PA      | $221582.38    | 0.09%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 06/01/2033                         | CUSIP: 57584YGJ2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    900000 | PA      | $949262.94    | 0.37%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 4 07/01/2040                         | CUSIP: 57584YM97<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2035261.30   | 0.80%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                           | MA MASTRN 5 07/01/2042                         | CUSIP: 575896SP1<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1287990.34   | 0.50%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2034                         | CUSIP: 57584Y7K9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2897274.25   | 1.14%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| QUINCY MASS                                          | MA QUI 4 09/15/2041                            | CUSIP: 748508L48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $309868.50    | 0.12%             | 2041-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT                                            | GU GMSGEN 5 11/01/2040                         | CUSIP: 40065KAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $874006.57    | 0.34%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2034                         | CUSIP: 57584YTD1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071268.60   | 0.42%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 06/01/2034                         | CUSIP: 57584YGK9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053263.60   | 0.41%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 07/01/2032                         | CUSIP: 57584XNL1<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1606261.28   | 0.63%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                         | MA MASDEV 5 04/15/2033                         | CUSIP: 57584XCF6<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    750000 | PA      | $750339.53    | 0.29%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM PORT AUTH                                       | GU GMSTRN 5 07/01/2030                         | CUSIP: 400652AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $484460.53    | 0.19%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAVIS CALIF JT UNI SCH DIST                          | CA DAVSCD 3 08/01/2038                         | CUSIP: 238848EA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2536307.32   | 0.99%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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