# EDGAR Filing Document

**Accession Number:** 0000794612
**File Stem:** 0001752724-25-178331
**Filing Date:** 2025-7
**Character Count:** 85746
**Document Hash:** e52221c1ca7c44e3c8701fabf5a3da56
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-178331.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-178331

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**PERIOD START**: 20250531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
- **CENTRAL INDEX KEY:** 0000794612

**ORGANIZATION NAME:**
- **EIN:** 046626128
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04527
- **FILM NUMBER:** 251150153

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM MINNESOTA TAX EXEMPT INCOME FUND/MA
- **DATE OF NAME CHANGE:** 20080729

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM MINNESOTA TAX EXEMPT INCOME FUND II
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
- **DATE OF NAME CHANGE:** 19920609

## Series and Classes Contracts Data

### PUTNAM MINNESOTA TAX EXEMPT INCOME FUND II (Series ID: S000006218)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000017144 | Class A Shares  | PXMNX           |
| C000039836 | Class C Shares  |  |
| C000060573 | CLASS Y         |  |
| C000202929 | Class R6 Shares |  |

## 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 Minnesota Tax Exempt Income Fund

- **b. Investment Company Act file number:** 811-04527

- **c. CIK number of Registrant:** 0000794612

- **d. LEI of Registrant:** D1VFUXOG1JBN5H5V4W39

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

  - **Street Address 1:** 100 Federal Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02110

  - **Telephone number:** 617-292-1000

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

- **a. Name of Series:** Putnam Minnesota Tax Exempt Income Fund

- **b. EDGAR series identifier (if any):** S000006218

- **c. LEI of Series:** D1VFUXOG1JBN5H5V4W39

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

- **a. Date of fiscal year-end:** 2025-05-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $179781165.82

**Total Liabilities:** $716407.80

**Net Assets:** $179064758.02

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 964.16000000 | **1-Year:** 6037.79000000 | **5-Year:** 22509.58000000 | **10-Year:** 64365.34000000 | **30-Year:** 23958.18000000

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

- **3-Month:** 77.24000000 | **1-Year:** 372.50000000 | **5-Year:** 1941.85000000 | **10-Year:** 5920.78000000 | **30-Year:** 2386.88000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000039836 | -2.00%               | -0.86%               | -0.51%               |
| Class ID C000060573 | -1.91%               | -0.78%               | -0.42%               |
| Class ID C000017144 | -1.82%               | -0.92%               | -0.44%               |
| Class ID C000202929 | -1.80%               | -0.89%               | -0.42%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-40255.37               | $-3890662.33                               |
| Month 2  | $-123011.11              | $-1968876.38                               |
| Month 3  | $-18113.97               | $-1279735.18                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Northern Municipal Power Agency                                    | Northern Municipal Power Agency, Series 2017                                       | CUSIP: 665444KX2<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    170000 | PA      | $173135.02    | 0.10%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 8-N                        | CUSIP: 60416HY99<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |     85000 | PA      | $85697.73     | 0.05%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Wright MN                                                | County of Wright, Series 2018 A                                                    | CUSIP: 982271SC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1929675.05   | 1.08%             | 2035-12-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| City of Ham Lake MN                                                | City of Ham Lake, Series 2016 A                                                    | CUSIP: 406511AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250066.25    | 0.14%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                 | State of Minnesota, Series 2014                                                    | CUSIP: 604140WZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3008996.40   | 1.68%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                         | Duluth Independent School District No. 709, Series 2019 A                          | CUSIP: 264474JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1376262.52   | 0.77%             | 2032-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                              | Duluth Economic Development Authority, Series 2022 A                               | CUSIP: 26444CKF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $215968.50    | 0.12%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | City of Minneapolis, Series 2021                                                   | CUSIP: 60374VEV1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   4510000 | PA      | $4177661.71   | 2.33%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | Housing & Redevelopment Authority of the City of St. Paul Minnesota, Series 2017 A | CUSIP: 792909FJ7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $948071.30    | 0.53%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | City of Minneapolis, Series 2020                                                   | CUSIP: 603767PE8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   4563623 | PA      | $3521179.41   | 1.97%             | 2038-02-01      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN Electric Utility Revenue                      | City of Rochester, Series 2017 A                                                   | CUSIP: 77158PGB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $748972.92    | 0.42%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                               | City of Rochester, Series 2011 B                                                   | CUSIP: 771902HH9<br>LEI: 549300006EX3INSHXA95 | Long             | STIV             | MUN               | US        |    400000 | PA      | $400000.00    | 0.22%             | 2038-11-15      | Variable      | 2.15%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                              | Duluth Economic Development Authority, Series 2018 A                               | CUSIP: 26444CHA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1980567.40   | 1.11%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | Minnesota Housing Finance Agency, Series 2019 C                                    | CUSIP: 60416S2F6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $953794.00    | 0.53%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Township of Baytown MN                                             | Township of Baytown, Series 2016 A                                                 | CUSIP: 073225AX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1298574.81   | 0.73%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                              | Duluth Economic Development Authority, Series 2021 A                               | CUSIP: 26444VAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $217388.73    | 0.12%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                | City of St. Cloud, Series 2016 A                                                   | CUSIP: 78916VDR8<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1462641.45   | 0.82%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                              | Duluth Economic Development Authority, Series 2021 A                               | CUSIP: 26444VAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $743799.49    | 0.42%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Wadena MN                                                  | City of Wadena, Series 2024 A                                                      | CUSIP: 930256AF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $427171.60    | 0.24%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | Northern Municipal Power Agency, Series 2017                                       | CUSIP: 665444KW4<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    210000 | PA      | $214229.15    | 0.12%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warren-Alvarado-Oslo Independent School District No. 2176/MN       | Warren-Alvarado-Oslo Independent School District No. 2176, Series 2023 A           | CUSIP: 934664CA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $582619.50    | 0.33%             | 2036-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN/St Paul Housing & Redevelopment Authority   | City of Minneapolis St. Paul Housing & Redevelopment Authority, Series 2025        | CUSIP: 603695KF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513105.70    | 0.29%             | 2044-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shakopee Independent School District No. 720                       | Shakopee Independent School District No. 720, Series 2020 C                        | CUSIP: 819190VY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3355000 | PA      | $2819344.73   | 1.57%             | 2030-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Shakopee MN                                                | City of Shakopee, Series 2014                                                      | CUSIP: 819175BJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $670063.65    | 0.37%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | City of Minneapolis, Series 2023 A                                                 | CUSIP: 60374VEW9<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2091505.60   | 1.17%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission               | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2022 A               | CUSIP: 603827H66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008968.20   | 1.12%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                         | Duluth Independent School District No. 709, Series 2019 B                          | CUSIP: 264474HM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1456124.94   | 0.81%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | Minnesota Housing Finance Agency, Series 2025 D-1                                  | CUSIP: 60416URL1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    165000 | PA      | $164279.84    | 0.09%             | 2045-08-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | Minnesota Housing Finance Agency, Series 2015 E                                    | CUSIP: 60416SMZ0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |     30000 | PA      | $29933.46     | 0.02%             | 2046-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2017                       | CUSIP: 60416JAR1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    410000 | PA      | $378872.84    | 0.21%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                            | University of Minnesota, Series 2017 A                                             | CUSIP: 914460QJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1484691.23   | 0.83%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Maple Grove MN                                             | City of Maple Grove, Series 2017                                                   | CUSIP: 56516TBP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $862342.77    | 0.48%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2023                       | CUSIP: 60416JGV6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $696393.08    | 0.39%             | 2048-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2018 A                     | CUSIP: 60416JBG4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    580000 | PA      | $525488.18    | 0.29%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                            | University of Minnesota, Series 2016 A                                             | CUSIP: 914460PJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007818.40   | 1.12%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | Minnesota Housing Finance Agency, Series 2025 D-1                                  | CUSIP: 60416URN7<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    445000 | PA      | $445161.54    | 0.25%             | 2067-08-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2017 A                     | CUSIP: 60416H8E7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    400000 | PA      | $401041.32    | 0.22%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Western Minnesota Municipal Power Agency                           | Western Minnesota Municipal Power Agency, Series 2018 A                            | CUSIP: 958697KL7<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3527716.85   | 1.97%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Minnesota Municipal Power Agency                           | Central Minnesota Municipal Power Agency, Series 2021                              | CUSIP: 154136AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $721805.14    | 0.40%             | 2034-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Dakota County Community Development Agency                         | Dakota County Community Development Agency, Series 2024                            | CUSIP: 23409VFP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1408864.29   | 0.79%             | 2043-05-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | Northern Municipal Power Agency, Series 2017                                       | CUSIP: 665444KZ7<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    400000 | PA      | $401562.24    | 0.22%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2017                       | CUSIP: 60416H3Z5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $855741.90    | 0.48%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                             | St. Paul Port Authority, Series 2024-1                                             | CUSIP: 79308GBA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1818799.56   | 1.02%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Mounds View                                                | City of Mounds View, Series 2024                                                   | CUSIP: 620646AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501141.20   | 0.84%             | 2046-03-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| City of Ramsey MN                                                  | City of Ramsey, Series 2022 A                                                      | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |    600000 | PA      | $581998.38    | 0.33%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                              | Duluth Economic Development Authority, Series 2021 A                               | CUSIP: 26444CJN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $640837.48    | 0.36%             | 2044-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | Housing & Redevelopment Authority of the City of St. Paul Minnesota, Series 2020 A | CUSIP: 852297DB3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2247724.50   | 1.26%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2017                       | CUSIP: 60416H3P7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $488093.15    | 0.27%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Council                                               | Metropolitan Council, Series 2012 I                                                | CUSIP: 591852WH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $743963.40    | 0.42%             | 2027-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                              | County of Hennepin, Series 2018 B                                                  | CUSIP: 425507GX2<br>LEI: 254900YDNULMQREFAU43 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.56%             | 2038-12-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                     | Minnesota Municipal Gas Agency, Series 2022 A                                      | CUSIP: 60406UAM9<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3996356.00   | 2.23%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Ramsey MN                                                | County of Ramsey, Series 2023 A                                                    | CUSIP: 751622XA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $518460.32    | 0.29%             | 2039-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Warren-Alvarado-Oslo Independent School District No. 2176/MN       | Warren-Alvarado-Oslo Independent School District No. 2176, Series 2023 A           | CUSIP: 934664CD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1184823.38   | 0.66%             | 2039-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Bethel MN                                                  | City of Bethel, Series 2017 A                                                      | CUSIP: 086759AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $759186.08    | 0.42%             | 2047-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                 | State of Minnesota, Series 2023                                                    | CUSIP: 604140XU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3729715.85   | 2.08%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warren-Alvarado-Oslo Independent School District No. 2176/MN       | Warren-Alvarado-Oslo Independent School District No. 2176, Series 2023 A           | CUSIP: 934664CE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1027439.39   | 0.57%             | 2040-02-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| City of Maple Grove MN                                             | City of Maple Grove, Series 2017                                                   | CUSIP: 56516TBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506800.30    | 0.28%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | Northern Municipal Power Agency, Series 2023                                       | CUSIP: 665444LS2<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    515000 | PA      | $528638.18    | 0.30%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 8-K                        | CUSIP: 60416HX90<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $818143.10    | 0.46%             | 2043-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Winona Independent School District No. 861                         | Winona Independent School District No. 861, Series 2022 A                          | CUSIP: 975237GM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1106061.59   | 0.62%             | 2031-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2023                       | CUSIP: 60416JHF0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1083082.09   | 0.60%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rochester Independent School District No. 535                      | Rochester Independent School District No. 535, Series 2022 A                       | CUSIP: 771614UK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1861240.37   | 1.04%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission               | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2016 C               | CUSIP: 603827YY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $836321.23    | 0.47%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Forest Lake MN                                             | City of Forest Lake, Series 2014 A                                                 | CUSIP: 345856AE8<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    150000 | PA      | $149994.48    | 0.08%             | 2026-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | Minnesota Housing Finance Agency, Series 2017 F                                    | CUSIP: 60416SWE6<br>LEI: 549300R89XDTQBK4GE22 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.84%             | 2041-01-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| City of Burnsville MN                                              | City of Burnsville, Series 2017 A                                                  | CUSIP: 122458W24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $996382.51    | 0.56%             | 2028-12-20      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Gibbon Independent School District No. 2365/MN                     | Gibbon Independent School District No. 2365, Series 2023 A                         | CUSIP: 374627DG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1894480.48   | 1.06%             | 2048-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Minnesota Municipal Power Agency                           | Central Minnesota Municipal Power Agency, Series 2021                              | CUSIP: 154136BB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $265276.26    | 0.15%             | 2037-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | Housing & Redevelopment Authority of the City of St. Paul Minnesota, Series 2017 A | CUSIP: 85236DAN8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    650000 | PA      | $650237.84    | 0.36%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | Housing & Redevelopment Authority of the City of St. Paul Minnesota, Series 2013 A | CUSIP: 79289TES7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    350000 | PA      | $292684.46    | 0.16%             | 2043-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2021                       | CUSIP: 60416JEH9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    475000 | PA      | $479644.93    | 0.27%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Power Agency                                   | Minnesota Municipal Power Agency, Series 2014 A                                    | CUSIP: 60412PEX4<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    850000 | PA      | $852765.48    | 0.48%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2021                       | CUSIP: 60416JDA5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   5100000 | PA      | $4418251.38   | 2.47%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | Housing & Redevelopment Authority of the City of St. Paul Minnesota, Series 2021 A | CUSIP: 852297DM9<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    350000 | PA      | $341534.17    | 0.19%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Forest Lake MN                                             | City of Forest Lake, Series 2014 A                                                 | CUSIP: 345856AH1<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250108.95    | 0.14%             | 2036-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | City of Minneapolis, Series 2018                                                   | CUSIP: 60379NCL8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $448444.25    | 0.25%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2021                       | CUSIP: 60416JEL0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    420000 | PA      | $366373.52    | 0.20%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2021                       | CUSIP: 60416JCY4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1673461.60   | 0.93%             | 2038-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2019                       | CUSIP: 60416JCC2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015938.50   | 0.57%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                              | Duluth Economic Development Authority, Series 2018 A                               | CUSIP: 26444CHF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969036.10    | 0.54%             | 2058-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2023                       | CUSIP: 60416JHD5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $544491.20    | 0.30%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sartell-St Stephen Independent School District No. 748             | Sartell-St Stephen Independent School District No. 748, Series 2016 B              | CUSIP: 803820LC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $473672.50    | 0.26%             | 2034-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | Housing & Redevelopment Authority of the City of St. Paul Minnesota, Series 2015 A | CUSIP: 792905DG3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500642.60    | 0.28%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                 | State of Minnesota, Series 2023                                                    | CUSIP: 604140XV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3173295.90   | 1.77%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | Housing & Redevelopment Authority of the City of St. Paul Minnesota, Series 2015 A | CUSIP: 852297BH2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    500000 | PA      | $497839.90    | 0.28%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | City of Minneapolis, Series 2018 A                                                 | CUSIP: 60374VED1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $464976.30    | 0.26%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Wright MN                                                | County of Wright, Series 2018 A                                                    | CUSIP: 982271SE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1563574.99   | 0.87%             | 2037-12-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| County of Hennepin MN                                              | County of Hennepin, Series 2020 C                                                  | CUSIP: 425507LC2<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3193716.60   | 1.78%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wadena MN                                                  | City of Wadena, Series 2024 A                                                      | CUSIP: 930256AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $495454.73    | 0.28%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | Minnesota Housing Finance Agency, Series 2017 I                                    | CUSIP: 60416QGY4<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    142445 | PA      | $117595.68    | 0.07%             | 2047-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | Northern Municipal Power Agency, Series 2017                                       | CUSIP: 665444KT1<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    200000 | PA      | $205178.12    | 0.11%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Power Agency                                   | Minnesota Municipal Power Agency, Series 2014                                      | CUSIP: 60412PDX5<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250813.38    | 0.14%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wadena MN                                                  | City of Wadena, Series 2024 A                                                      | CUSIP: 930256AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1908547.72   | 1.07%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                               | City of Rochester, Series 2016 B                                                   | CUSIP: 771902HE6<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $563824.45    | 0.31%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anoka-Hennepin Independent School District No. 11                  | Anoka-Hennepin Independent School District No. 11, Series 2020 A                   | CUSIP: 0363034T9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $2925154.02   | 1.63%             | 2045-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2021                       | CUSIP: 60416JDV9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    360000 | PA      | $298633.18    | 0.17%             | 2040-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Township of Baytown MN                                             | Township of Baytown, Series 2016 A                                                 | CUSIP: 073225AW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $271546.71    | 0.15%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Waite Park MN                                              | City of Waite Park, Series 2025 A                                                  | CUSIP: 930727P97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2137276.89   | 1.19%             | 2050-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Richfield Independent School District No. 280                      | Richfield Independent School District No. 280, Series 2018 A                       | CUSIP: 763342TW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1502857.05   | 0.84%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2023                       | CUSIP: 60416JGU8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    600000 | PA      | $562716.24    | 0.31%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren OH                                                | County of Warren, Series 2016 A                                                    | CUSIP: 93515PCS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250389.93    | 0.14%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | Minnesota Housing Finance Agency, Series 2021 F                                    | CUSIP: 60416TGW2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2273070.11   | 1.27%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2021                       | CUSIP: 60416JEJ5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    175000 | PA      | $175847.91    | 0.10%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Minnesota Municipal Power Agency                           | Central Minnesota Municipal Power Agency, Series 2021                              | CUSIP: 154136AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $340098.38    | 0.19%             | 2035-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Cologne MN                                                 | City of Cologne, Series 2014 A                                                     | CUSIP: 195239AJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $344488.61    | 0.19%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | Northern Municipal Power Agency, Series 2017                                       | CUSIP: 665444KY0<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    180000 | PA      | $182994.25    | 0.10%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Maple Grove MN                                             | City of Maple Grove, Series 2017                                                   | CUSIP: 56516TBU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933970.00    | 0.52%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                             | St. Paul Port Authority, Series 2007-1                                             | CUSIP: 79304NFW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    640000 | PA      | $640173.57    | 0.36%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2021                       | CUSIP: 60416JEP1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    425000 | PA      | $417374.95    | 0.23%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Aurora Independent School District No. 2711                        | Aurora Independent School District No. 2711, Series 2017 B                         | CUSIP: 051820FF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $806291.67    | 0.45%             | 2029-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Ham Lake MN                                                | City of Ham Lake, Series 2016 A                                                    | CUSIP: 406511AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $422578.60    | 0.24%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hastings Independent School District No. 200                       | Hastings Independent School District No. 200, Series 2018 A                        | CUSIP: 418542PR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $841111.00    | 0.47%             | 2030-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | City of Minneapolis, Series 2015 A                                                 | CUSIP: 60374VDV2<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    250000 | PA      | $245112.35    | 0.14%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Maple Grove MN                                             | City of Maple Grove, Series 2017                                                   | CUSIP: 56516TBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506106.15    | 0.28%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2021                       | CUSIP: 60416JEK2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    170000 | PA      | $171225.00    | 0.10%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                               | Guam Government Waterworks Authority, Series 2020 A                                | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1000000 | PA      | $957717.80    | 0.53%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | Housing & Redevelopment Authority of the City of St. Paul Minnesota, Series 2013 A | CUSIP: 852297AL4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    465000 | PA      | $465033.57    | 0.26%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | Minnesota Housing Finance Agency, Series 2025 D-1                                  | CUSIP: 60416URM9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99179.86     | 0.06%             | 2055-08-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                | City of St. Cloud, Series 2019                                                     | CUSIP: 78916VDW7<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2137981.68   | 1.19%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Independence MN                                            | City of Independence, Series 2021 A                                                | CUSIP: 45362RAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $498193.80    | 0.28%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | Housing & Redevelopment Authority of the City of St. Paul Minnesota, Series 2017 A | CUSIP: 792909FK4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930026.30    | 0.52%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Otsego MN                                                  | City of Otsego, Series 2014 A                                                      | CUSIP: 689149AC6<br>LEI: 549300C7IZXQ4JXHZS47 | Long             | DBT              | MUN               | US        |    200000 | PA      | $171536.72    | 0.10%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2023                       | CUSIP: 60416JHN3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2806889.53   | 1.57%             | 2053-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | Housing & Redevelopment Authority of the City of St. Paul Minnesota, Series 2015 A | CUSIP: 792905DE8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001285.20   | 0.56%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | City of Minneapolis, Series 2018 A                                                 | CUSIP: 60374VDZ3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2286135.34   | 1.28%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2024 A                     | CUSIP: 60416JHZ6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1773945.63   | 0.99%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                          | Southern Minnesota Municipal Power Agency, Series 2017 A                           | CUSIP: 843375F76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1822527.17   | 1.02%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Putnam Funds Trust                                                 | Putnam Short Term Investment Fund, Class P                                         | CUSIP: 74676P664<br>LEI: 549300S9JYWEMKQCLW53 | Long             |  | RF                | US        |    294455 | NS      | $294455.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Minnesota Municipal Power Agency                           | Central Minnesota Municipal Power Agency, Series 2021                              | CUSIP: 154136BA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $268781.94    | 0.15%             | 2036-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Wadena MN                                                  | City of Wadena, Series 2024 A                                                      | CUSIP: 930256AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $419345.54    | 0.23%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Minnesota                                            | University of Minnesota, Series 2017 A                                             | CUSIP: 914460QL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1427729.06   | 0.80%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2019                       | CUSIP: 60416JCX6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1260947.55   | 0.70%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | City of Minneapolis, Series 2016                                                   | CUSIP: 603786JN5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100813.05    | 0.06%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN Electric Utility Revenue                      | City of Rochester, Series 2017 A                                                   | CUSIP: 77158PGC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511816.25    | 0.29%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | Housing & Redevelopment Authority of the City of St. Paul Minnesota, Series 2021 A | CUSIP: 852297DL1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    155000 | PA      | $150291.36    | 0.08%             | 2026-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | Northern Municipal Power Agency, Series 2023                                       | CUSIP: 665444LQ6<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258830.13    | 0.14%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission               | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2022 A               | CUSIP: 603827H74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2144041.94   | 1.20%             | 2052-01-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                        | Commonwealth of Puerto Rico, Series 2022 A-1                                       | CUSIP: 74514L3M7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    500000 | PA      | $462147.25    | 0.26%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Rice MN                                                  | County of Rice, Series 2022 A                                                      | CUSIP: 762698LA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1818380.60   | 1.02%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Deephaven MN                                               | City of Deephaven, Series 2015 A                                                   | CUSIP: 24380HAR3<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500036.85    | 0.28%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Duluth Independent School District No. 709                         | Duluth Independent School District No. 709, Series 2019 B                          | CUSIP: 264474HL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $381695.15    | 0.21%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Shakopee MN                                                | City of Shakopee, Series 2014                                                      | CUSIP: 819175BH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250108.48    | 0.14%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2018 A                     | CUSIP: 60416JBF6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    920000 | PA      | $846856.23    | 0.47%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2016 A                     | CUSIP: 60416H2R4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $506987.78    | 0.28%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Moorhead MN                                                | City of Moorhead, Series 2016                                                      | CUSIP: 61615DBT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $490688.20    | 0.27%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2021                       | CUSIP: 60416JDW7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    325000 | PA      | $255107.22    | 0.14%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 8-K                        | CUSIP: 60416HX82<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000928.30   | 0.56%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Wright MN                                                | County of Wright, Series 2019 A                                                    | CUSIP: 982276AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $879047.40    | 0.49%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                          | New Jersey Economic Development Authority, Series 2013                             | CUSIP: 6459182D4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260068.43    | 0.15%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Grays Harbor County Public Hospital District No. 1                 | Grays Harbor County Public Hospital District No. 1, Series 2023                    | CUSIP: 389526AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092439.30   | 0.61%             | 2044-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| City of Apple Valley MN                                            | City of Apple Valley, Series 2021                                                  | CUSIP: 03800RBG0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    400000 | PA      | $288962.48    | 0.16%             | 2061-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | Housing & Redevelopment Authority of the City of St. Paul Minnesota, Series 2015 A | CUSIP: 852297AW0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    250000 | PA      | $247357.48    | 0.14%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                  | Territory of Guam, Series 2021 F                                                   | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1300000 | PA      | $1149679.44   | 0.64%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2021                       | CUSIP: 60416JEN6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    245000 | PA      | $204729.11    | 0.11%             | 2038-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Central Minnesota Municipal Power Agency                           | Central Minnesota Municipal Power Agency, Series 2021                              | CUSIP: 154136BD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $319514.73    | 0.18%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                   | Minnesota Housing Finance Agency, Series 2012 B                                    | CUSIP: 60416QFU3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |     82848 | PA      | $68719.50     | 0.04%             | 2042-12-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2017 A                     | CUSIP: 60416H8D9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400788.56    | 0.22%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | Northern Municipal Power Agency, Series 2016                                       | CUSIP: 665444KB0<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252752.70    | 0.14%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Paul Port Authority                                             | St. Paul Port Authority, Series 2023-3                                             | CUSIP: 79308GAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $960573.60    | 0.54%             | 2043-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2017                       | CUSIP: 60416H6L3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $885358.70    | 0.49%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Office of Higher Education                               | Minnesota Office of Higher Education, Series 2018                                  | CUSIP: 60416MBL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $197817.96    | 0.11%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Agricultural & Economic Development Board                | Minnesota Agricultural & Economic Development Board, Series 2024                   | CUSIP: 6049203E6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2509926.00   | 1.40%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission               | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2023 A               | CUSIP: 603827M86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $988460.46    | 0.55%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of St Cloud MN                                                | City of St. Cloud, Series 2024                                                     | CUSIP: 78916VEU0<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1470266.25   | 0.82%             | 2054-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis Special School District No. 1                          | Minneapolis Special School District No. 1, Series 2019 A                           | CUSIP: 603790PH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1607099.97   | 0.90%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Territory of Guam                                                  | Territory of Guam, Series 2019                                                     | CUSIP: 40065BCQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    385000 | PA      | $391124.31    | 0.22%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2016-8 L                   | CUSIP: 60416HV27<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $757121.55    | 0.42%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | Northern Municipal Power Agency, Series 2017                                       | CUSIP: 665444KU8<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    215000 | PA      | $220218.29    | 0.12%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                             | City of Minneapolis, Series 2016                                                   | CUSIP: 603786JJ4<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101123.53    | 0.06%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                               | City of Rochester, Series 2025 A                                                   | CUSIP: 771902HQ9<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1842257.40   | 1.03%             | 2053-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Chisholm Independent School District No. 695                       | Chisholm Independent School District No. 695, Series 2023 A                        | CUSIP: 170142FQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $373170.16    | 0.21%             | 2034-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2023                       | CUSIP: 60416JHE3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    475000 | PA      | $513326.37    | 0.29%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Higher Education Facilities Authority, Series 2024 A                     | CUSIP: 60416JJA9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2325000 | PA      | $1967720.27   | 1.10%             | 2053-10-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Hennepin County Regional Railroad Authority                        | Hennepin County Regional Railroad Authority, Series 2019 A                         | CUSIP: 425533CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3140390.10   | 1.75%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Wadena MN                                                  | City of Wadena, Series 2024 A                                                      | CUSIP: 930256AG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $396572.57    | 0.22%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis-St Paul Metropolitan Airports Commission               | Minneapolis-St. Paul Metropolitan Airports Commission, Series 2016 C               | CUSIP: 603827YX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $837754.17    | 0.47%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Housing & Redevelopment Authority of The City of St Paul Minnesota | Housing & Redevelopment Authority of the City of St. Paul Minnesota, Series 2016 A | CUSIP: 852297BX7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    950000 | PA      | $880876.77    | 0.49%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Rochester MN                                               | City of Rochester, Series 2018                                                     | CUSIP: 771902HF3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1325937.75   | 0.74%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southern Minnesota Municipal Power Agency                          | Southern Minnesota Municipal Power Agency, Series 2015 A                           | CUSIP: 843375C79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $504870.60    | 0.28%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Municipal Power Agency                                    | Northern Municipal Power Agency, Series 2017                                       | CUSIP: 665444KV6<br>LEI: 254900QIGSDY3UDQ9778 | Long             | DBT              | MUN               | US        |    235000 | PA      | $240291.14    | 0.13%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Duluth Economic Development Authority                              | Duluth Economic Development Authority, Series 2022 A                               | CUSIP: 26444CKE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $365420.48    | 0.20%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Putnam Minnesota Tax Exempt Income Fund

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer