# EDGAR Filing Document

**Accession Number:** 0001845809
**File Stem:** 0000940400-26-002778
**Filing Date:** 2026-1
**Character Count:** 73269
**Document Hash:** 179ace86801130c2b15a90802b4042f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-002778.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0000940400-26-002778

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**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:** 26566655

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

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

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-11-30

**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:** $175850411.45

**Total Liabilities:** $4300549.38

**Net Assets:** $171549862.07

**Delayed Delivery Securities:** $4185448.75

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 100.80409000 | **1-Year:** 4763.84402000 | **5-Year:** 24274.23501000 | **10-Year:** 60400.95595000 | **30-Year:** 1755.37047000

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

- **3-Month:** 53.02508000 | **1-Year:** 123.02733000 | **5-Year:** 1895.70874000 | **10-Year:** 5763.91422000 | **30-Year:** 75.78202000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000263089 | 2.61%                | 1.45%                | 0.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $174.17                  | $4064558.18                                |
| Month 2  | $-249962.76              | $2311972.68                                |
| Month 3  | $-85375.29               | $677838.18                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UNIV OF MINNESOTA MN                | University of Minnesota                                            | CUSIP: 914460PJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005152.80   | 1.17%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP SCH DIST #709       | Duluth Independent School District No 709                          | CUSIP: 264474JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1376207.51   | 0.80%             | 2032-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA      | City of Forest Lake MN                                             | CUSIP: 345856AE8<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75008.41     | 0.04%             | 2026-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JCX6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1344957.00   | 0.78%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH      | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792909FJ7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996805.50    | 0.58%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416H6L3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930098.30    | 0.54%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS      | Northern Municipal Power Agency                                    | CUSIP: 665444LQ6<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265953.20    | 0.16%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C      | Duluth Economic Development Authority                              | CUSIP: 26444CHF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005927.20   | 0.59%             | 2058-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JEL0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    420000 | PA      | $393955.09    | 0.23%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JHZ6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1882210.10   | 1.10%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET       | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827YY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $840043.30    | 0.49%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BETHEL MN CHRT SCH LEASE REVEN      | City of Bethel MN                                                  | CUSIP: 086759AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $761660.30    | 0.44%             | 2047-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JHE3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    475000 | PA      | $532749.12    | 0.31%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JEJ5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    175000 | PA      | $180156.46    | 0.11%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH REVENU      | Duluth Economic Development Authority                              | CUSIP: 26444VAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $784253.84    | 0.46%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WSTRN MN MUNI PWR AGY               | Western Minnesota Municipal Power Agency                           | CUSIP: 958697KL7<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3548681.15   | 2.07%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH      | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297DB3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2284810.75   | 1.33%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE      | City of Rochester MN                                               | CUSIP: 771902HE6<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $590412.15    | 0.34%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN LAKE MN ELEC REVENUE       | City of Mountain Lake MN Electric Revenue                          | CUSIP: 624165FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $169996.45    | 0.10%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS      | Northern Municipal Power Agency                                    | CUSIP: 665444KX2<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    170000 | PA      | $173757.02    | 0.10%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL MN MUNI PWR AGY              | Central Minnesota Municipal Power Agency                           | CUSIP: 154136BB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $285483.42    | 0.17%             | 2037-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ANOKA-HENNEPIN MN INDEP SCH DI      | Anoka-Hennepin Independent School District No 11                   | CUSIP: 0363034T9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $3216560.70   | 1.88%             | 2045-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH      | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297AL4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    420000 | PA      | $420190.51    | 0.24%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APPLE VY MN SENIOR HSG REVENUE      | City of Apple Valley MN                                            | CUSIP: 03800RBG0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    400000 | PA      | $301098.40    | 0.18%             | 2061-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL MN MUNI PWR AGY              | Central Minnesota Municipal Power Agency                           | CUSIP: 154136AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $769591.13    | 0.45%             | 2034-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST OFFICE OF HGR EDU      | Minnesota Office of Higher Education                               | CUSIP: 60416MBL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199803.84    | 0.12%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET       | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827YX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $841051.61    | 0.49%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNDS VIEW MN MF HSG REVENUE       | City of Mounds View MN                                             | CUSIP: 620646AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1505439.90   | 0.88%             | 2046-03-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C      | Duluth Economic Development Authority                              | CUSIP: 26444CKE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $384740.21    | 0.22%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RICHFIELD MN INDEP SCH DIST #2      | Richfield Independent School District No 280                       | CUSIP: 763342TW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514682.90   | 0.88%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JBG4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    580000 | PA      | $561035.51    | 0.33%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WARREN CNTY OH HLTH CARE FACS       | County of Warren OH                                                | CUSIP: 93515PCS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $251193.60    | 0.15%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS      | Northern Municipal Power Agency                                    | CUSIP: 665444KU8<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    215000 | PA      | $220285.22    | 0.13%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH      | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297EE6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    500000 | PA      | $492351.30    | 0.29%             | 2065-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JJA9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2116031.79   | 1.23%             | 2053-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH DIST E      | St Paul Port Authority                                             | CUSIP: 79308GAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020786.40   | 0.60%             | 2043-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV      | City of Ham Lake MN                                                | CUSIP: 406511AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250788.88    | 0.15%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARREN/ALVARADO/OSLO MN INDEPS      | Warren-Alvarado-Oslo Independent School District No 2176/MN        | CUSIP: 934664CD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1292147.74   | 0.75%             | 2039-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH REVENU      | Duluth Economic Development Authority                              | CUSIP: 26444VAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $229730.10    | 0.13%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN LAKE MN ELEC REVENUE       | City of Mountain Lake MN Electric Revenue                          | CUSIP: 624165FQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $650022.88    | 0.38%             | 2054-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WADENA MN REVENUE                   | City of Wadena MN                                                  | CUSIP: 930256AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $436170.06    | 0.25%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416HX82<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001624.90   | 0.58%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WRIGHT CNTY MN COPS                 | County of Wright MN                                                | CUSIP: 982276AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $969147.90    | 0.56%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY            | Minnesota Housing Finance Agency                                   | CUSIP: 60416URN7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    445000 | PA      | $457759.93    | 0.27%             | 2067-08-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416H3P7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502616.30    | 0.29%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP SCH DIST #709       | Duluth Independent School District No 709                          | CUSIP: 264474HL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $379147.92    | 0.22%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RICE CNTY MN                        | County of Rice MN                                                  | CUSIP: 762698LA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1931611.80   | 1.13%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH DIST E      | St Paul Port Authority                                             | CUSIP: 79308GBA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1887957.18   | 1.10%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN REVENUE              | City of Minneapolis MN                                             | CUSIP: 603786JJ4<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100686.38    | 0.06%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN MF REVENUE           | City of Minneapolis MN                                             | CUSIP: 603767PE8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   4529536 | PA      | $3791842.81   | 2.21%             | 2038-02-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R      | City of Minneapolis MN                                             | CUSIP: 60374VED1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $487999.25    | 0.28%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS       | City of Maple Grove MN                                             | CUSIP: 56516TBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985682.40    | 0.57%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN PORT AUTH LEASE       | St Paul Port Authority                                             | CUSIP: 79304NFW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600434.04    | 0.35%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL MN MUNI PWR AGY              | Central Minnesota Municipal Power Agency                           | CUSIP: 154136AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $367051.80    | 0.21%             | 2035-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DAKOTA CNTY MN CMNTY DEV AGY M      | Dakota County Community Development Agency                         | CUSIP: 23409VFP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1525814.27   | 0.89%             | 2043-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| MOORHEAD MN EDUCTNL FACS REVEN      | City of Moorhead MN                                                | CUSIP: 61615DBT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500069.65    | 0.29%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE CRYSTAL MN PUBLIC UTILITI      | Lake Crystal Public Utilities Commission                           | CUSIP: 509539CC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $314260.80    | 0.18%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH      | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297AW0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250157.58    | 0.15%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY            | Minnesota Housing Finance Agency                                   | CUSIP: 60416URM9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102569.87    | 0.06%             | 2055-08-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JBF6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    920000 | PA      | $900785.06    | 0.53%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WARREN/ALVARADO/OSLO MN INDEPS      | Warren-Alvarado-Oslo Independent School District No 2176/MN        | CUSIP: 934664CE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1111962.99   | 0.65%             | 2040-02-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS      | Northern Municipal Power Agency                                    | CUSIP: 665444KV6<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    235000 | PA      | $240603.41    | 0.14%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY            | Minnesota Housing Finance Agency                                   | CUSIP: 60416SMZ0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9995.64      | 0.01%             | 2046-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RAMSEY CNTY MN                      | County of Ramsey MN                                                | CUSIP: 751622XA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $571013.19    | 0.33%             | 2039-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH      | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297BH2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500174.80    | 0.29%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN                    | County of Hennepin MN                                              | CUSIP: 425507LC2<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3250175.40   | 1.89%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BAYTOWN TWP MN LEASE                | Township of Baytown MN                                             | CUSIP: 073225AX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1348561.69   | 0.79%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAMSEY MN CHRT SCH LEASE REVEN      | City of Ramsey MN                                                  | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |    600000 | PA      | $600523.02    | 0.35%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AURORA MN INDEP SCH DIST #2711      | Aurora Independent School District No 2711                         | CUSIP: 051820FF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $831706.64    | 0.48%             | 2029-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WADENA MN REVENUE                   | City of Wadena MN                                                  | CUSIP: 930256AG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $407094.90    | 0.24%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN INDEP SCH DIST #709       | Duluth Independent School District No 709                          | CUSIP: 264474HM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1452152.88   | 0.85%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAITE PARK MN                       | City of Waite Park MN                                              | CUSIP: 930727P97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2202588.52   | 1.28%             | 2050-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL MN MUNI PWR AGY              | Central Minnesota Municipal Power Agency                           | CUSIP: 154136BD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $342554.56    | 0.20%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH      | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297DL1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |     80000 | PA      | $78630.90     | 0.05%             | 2026-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416HY99<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85743.15     | 0.05%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HASTINGS MN INDEP SCH DIST #20      | Hastings Independent School District No 200                        | CUSIP: 418542PR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $865641.80    | 0.50%             | 2030-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JCY4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1836463.60   | 1.07%             | 2038-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FOREST LAKE MN CHARTER SCH LEA      | City of Forest Lake MN                                             | CUSIP: 345856AH1<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250174.23    | 0.15%             | 2036-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Putnam Government Money Market Fund | Putnam Government Money Market Fund                                | CUSIP: 74680A869<br>LEI: 549300SEUI2XMME8T893 | Long             | STIV             | RF                | US        |   7612452 | NS      | $7612452.32   | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R      | City of Minneapolis MN                                             | CUSIP: 60374VDZ3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2314976.38   | 1.35%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN & SAINT PAUL MN      | City of Minneapolis MN/St Paul Housing & Redevelopment Authority   | CUSIP: 603695KF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525696.40    | 0.31%             | 2044-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH      | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 852297BX7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    950000 | PA      | $909218.69    | 0.53%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN      | City of St Cloud MN                                                | CUSIP: 78916VDW7<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2288503.12   | 1.33%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS      | Guam Government Waterworks Authority                               | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008561.50   | 0.59%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JDV9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    360000 | PA      | $323215.45    | 0.19%             | 2040-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JCC2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048675.70   | 0.61%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLOOMINGTON MN                      | City of Bloomington MN                                             | CUSIP: 0947808L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200260.64    | 0.12%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY HOMEO      | Minnesota Housing Finance Agency                                   | CUSIP: 60416QFU3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |     78776 | PA      | $68518.47     | 0.04%             | 2042-12-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN STUDENT HSG REV      | City of Minneapolis MN                                             | CUSIP: 60379NCL8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $459608.05    | 0.27%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAYS HARBOR CNTY WA PUBLIC HO      | Grays Harbor County Public Hospital District No 1                  | CUSIP: 389526AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114462.40   | 0.65%             | 2044-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE      | New Jersey Economic Development Authority                          | CUSIP: 6459182D4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260237.33    | 0.15%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JEP1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    425000 | PA      | $427959.87    | 0.25%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE      | City of Rochester MN                                               | CUSIP: 771902HQ9<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1989136.40   | 1.16%             | 2053-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST AGRIC & ECON DEVB      | Minnesota Agricultural & Economic Development Board                | CUSIP: 6049203E6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2600042.50   | 1.52%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416HX90<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $862871.50    | 0.50%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS       | City of Maple Grove MN                                             | CUSIP: 56516TBP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $863369.57    | 0.50%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416H3Z5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $905500.30    | 0.53%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS      | Northern Municipal Power Agency                                    | CUSIP: 665444KT1<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    200000 | PA      | $205035.64    | 0.12%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY            | Minnesota Housing Finance Agency                                   | CUSIP: 60416S2F6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010255.10   | 0.59%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JEN6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    245000 | PA      | $223468.76    | 0.13%             | 2038-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN LAKE MN ELEC REVENUE       | City of Mountain Lake MN Electric Revenue                          | CUSIP: 624165FH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $325085.61    | 0.19%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WRIGHT CNTY MN                      | County of Wright MN                                                | CUSIP: 982271SE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1662910.70   | 0.97%             | 2037-12-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN LAKE MN ELEC REVENUE       | City of Mountain Lake MN Electric Revenue                          | CUSIP: 624165FP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $537317.41    | 0.31%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARTELL MN INDEP SCH DIST #748      | Sartell-St Stephen Independent School District No 748              | CUSIP: 803820LC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $505723.61    | 0.29%             | 2034-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JHD5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $564024.65    | 0.33%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE CRYSTAL MN PUBLIC UTILITI      | Lake Crystal Public Utilities Commission                           | CUSIP: 509539CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $353432.38    | 0.21%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAM LAKE MN CHRT SCH LEASE REV      | City of Ham Lake MN                                                | CUSIP: 406511AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $431768.55    | 0.25%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CNTY MN REGL RAILROAD      | Hennepin County Regional Railroad Authority                        | CUSIP: 425533CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3185365.80   | 1.86%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLOOMINGTON MN                      | City of Bloomington MN                                             | CUSIP: 0947808M8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $740202.27    | 0.43%             | 2045-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF MINNESOTA MN                | University of Minnesota                                            | CUSIP: 914460QJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1498059.43   | 0.87%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLOGNE MN CHRT SCH LEASE REVE      | City of Cologne MN                                                 | CUSIP: 195239AJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $345075.14    | 0.20%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416H8E7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    400000 | PA      | $405180.60    | 0.24%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST MUNI PWR AGY ELEC      | Minnesota Municipal Power Agency                                   | CUSIP: 60412PDX5<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250335.73    | 0.15%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R      | City of Minneapolis MN                                             | CUSIP: 60374VDV2<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249182.80    | 0.15%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS      | Northern Municipal Power Agency                                    | CUSIP: 665444LS2<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    515000 | PA      | $543316.81    | 0.32%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416H2R4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $516164.40    | 0.30%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS      | Northern Municipal Power Agency                                    | CUSIP: 665444KY0<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    180000 | PA      | $183811.52    | 0.11%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN LAKE MN ELEC REVENUE       | City of Mountain Lake MN Electric Revenue                          | CUSIP: 624165FM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $208743.54    | 0.12%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WADENA MN REVENUE                   | City of Wadena MN                                                  | CUSIP: 930256AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $432687.33    | 0.25%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GIBBON MN INDEP SCH DIST #2365      | Gibbon Independent School District No 2365/MN                      | CUSIP: 374627DG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1929418.65   | 1.12%             | 2048-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WINONA MN INDEP SCH DIST #861       | Winona Independent School District No 861                          | CUSIP: 975237GM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1129402.63   | 0.66%             | 2031-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WADENA MN REVENUE                   | City of Wadena MN                                                  | CUSIP: 930256AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $518773.80    | 0.30%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STHRN MINNESOTA ST MUNI PWR AG      | Southern Minnesota Municipal Power Agency                          | CUSIP: 843375C79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500946.55    | 0.29%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JAR1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    410000 | PA      | $398363.09    | 0.23%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C      | Duluth Economic Development Authority                              | CUSIP: 26444CKF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $229558.70    | 0.13%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY HOMEO      | Minnesota Housing Finance Agency                                   | CUSIP: 60416QGY4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    136692 | PA      | $118195.02    | 0.07%             | 2047-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JGV6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $741447.00    | 0.43%             | 2048-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN REVENUE              | City of Minneapolis MN                                             | CUSIP: 603786JN5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100650.08    | 0.06%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS       | City of Maple Grove MN                                             | CUSIP: 56516TBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507738.25    | 0.30%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHAKOPEE MN INDEP SCH DIST #72      | Shakopee Independent School District No 720                        | CUSIP: 819190VY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3355000 | PA      | $2919735.72   | 1.70%             | 2030-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JBJ8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    300000 | PA      | $294656.73    | 0.17%             | 2045-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JHF0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1124116.26   | 0.66%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST COPS                   | State of Minnesota                                                 | CUSIP: 604140XV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3313991.70   | 1.93%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R      | City of Minneapolis MN                                             | CUSIP: 60374VEW9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2108890.20   | 1.23%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS      | Northern Municipal Power Agency                                    | CUSIP: 665444KZ7<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    400000 | PA      | $405287.36    | 0.24%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY            | Minnesota Housing Finance Agency                                   | CUSIP: 60416TGW2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |     15000 | PA      | $14768.69     | 0.01%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C      | Duluth Economic Development Authority                              | CUSIP: 26444CJN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $691241.93    | 0.40%             | 2044-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JHN3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2885802.70   | 1.68%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416H8D9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    400000 | PA      | $404887.08    | 0.24%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WADENA MN REVENUE                   | City of Wadena MN                                                  | CUSIP: 930256AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1985011.51   | 1.16%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF MINNESOTA MN                | University of Minnesota                                            | CUSIP: 914460QL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1441177.50   | 0.84%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WRIGHT CNTY MN                      | County of Wright MN                                                | CUSIP: 982271SC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2038418.32   | 1.19%             | 2035-12-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN INDEP SCH DIST #5      | Rochester Independent School District No 535                       | CUSIP: 771614UK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1901309.93   | 1.11%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN LAKE MN ELEC REVENUE       | City of Mountain Lake MN Electric Revenue                          | CUSIP: 624165FN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203990.78    | 0.12%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET       | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827H74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2277532.38   | 1.33%             | 2052-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JEH9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    475000 | PA      | $490524.71    | 0.29%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT CLOUD MN HLTH CARE REVEN      | City of St Cloud MN                                                | CUSIP: 78916VEU0<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1543193.70   | 0.90%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH      | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 85236DAN8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    650000 | PA      | $657280.91    | 0.38%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT BUSINESS PRIVILEGE T      | Territory of Guam                                                  | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1250520.31   | 0.73%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO CMWLTH                  | Commonwealth of Puerto Rico                                        | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $480711.35    | 0.28%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHISHOLM MN INDEP SCH DIST #69      | Chisholm Independent School District No 695                        | CUSIP: 170142FQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $392597.99    | 0.23%             | 2034-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DEEPHAVEN MN CHARTER SCH LEASE      | City of Deephaven MN                                               | CUSIP: 24380HAR3<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500180.00    | 0.29%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE MN HLTH CARE FACS       | City of Maple Grove MN                                             | CUSIP: 56516TBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507410.70    | 0.30%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JGU8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    600000 | PA      | $596148.72    | 0.35%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SPL SCH DIST #1      | Minneapolis Special School District No 1                           | CUSIP: 603790PH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1636006.01   | 0.95%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JDW7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    325000 | PA      | $269967.52    | 0.16%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DULUTH MN ECON DEV AUTH HLTH C      | Duluth Economic Development Authority                              | CUSIP: 26444CHA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2031791.20   | 1.18%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST COPS                   | State of Minnesota                                                 | CUSIP: 604140XU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3901813.30   | 2.27%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN MN MUNI PWR AGY ELEC SYS      | Northern Municipal Power Agency                                    | CUSIP: 665444KW4<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    210000 | PA      | $214763.12    | 0.13%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JEK2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    170000 | PA      | $174089.72    | 0.10%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN HLTH CARE SYS R      | City of Minneapolis MN                                             | CUSIP: 60374VEV1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   4510000 | PA      | $4463359.84   | 2.60%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET       | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827M86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $1020240.99   | 0.59%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT                           | Territory of Guam                                                  | CUSIP: 40065BCQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $353884.29    | 0.21%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HGR EDU FACS AUTH      | Minnesota Health & Education Facilities Authority                  | CUSIP: 60416JDA5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   5100000 | PA      | $4782796.83   | 2.79%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BAYTOWN TWP MN LEASE                | Township of Baytown MN                                             | CUSIP: 073225AW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $279977.55    | 0.16%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY            | Minnesota Housing Finance Agency                                   | CUSIP: 60416URL1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    165000 | PA      | $168950.93    | 0.10%             | 2045-08-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-SAINT PAUL MN MET       | Minneapolis-St Paul Metropolitan Airports Commission               | CUSIP: 603827H66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2054849.60   | 1.20%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE FACS RE      | City of Rochester MN                                               | CUSIP: 771902HF3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1428435.75   | 0.83%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDEPENDENCE MN CHRT SCH LEASE      | City of Independence MN                                            | CUSIP: 45362RAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $507178.30    | 0.30%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL MN MUNI PWR AGY              | Central Minnesota Municipal Power Agency                           | CUSIP: 154136BA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $289507.29    | 0.17%             | 2036-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SAINT PAUL MN HSG & REDEV AUTH      | Housing & Redevelopment Authority of The City of St Paul Minnesota | CUSIP: 792909FK4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983158.30    | 0.57%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STHRN MINNESOTA ST MUNI PWR AG      | Southern Minnesota Municipal Power Agency                          | CUSIP: 843375F76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1847849.87   | 1.08%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARREN/ALVARADO/OSLO MN INDEPS      | Warren-Alvarado-Oslo Independent School District No 2176/MN        | CUSIP: 934664CA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $622960.44    | 0.36%             | 2036-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Putnam ETF Trust

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

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