# EDGAR Filing Document

**Accession Number:** 0000794612
**File Stem:** 0000869392-23-000158
**Filing Date:** 2023-1
**Character Count:** 72540
**Document Hash:** 373520cd128a9d1f9d19355ed712fea0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000869392-23-000158.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0000869392-23-000158

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**PERIOD START**: 20230531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
- **CENTRAL INDEX KEY:** 0000794612
- **IRS NUMBER:** 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:** 23557028

**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           |
| C000017145 | Class B Shares  | PMTBX           |
| 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:** 1-800-225-1581

**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:** 2023-05-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $149631477.88

**Total Liabilities:** $627790.00

**Net Assets:** $149003687.88

**Cash Not Reported:** $3738018.66

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 250.59 | **1-Year:** 6114.26 | **5-Year:** 25587.47 | **10-Year:** 35998.29 | **30-Year:** 21217.03

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

- **3-Month:** 28.29 | **1-Year:** 434.29 | **5-Year:** 1592.21 | **10-Year:** 8550.65 | **30-Year:** 6534.6

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000202929 | 4.87%                | -1.11%               | -3.71%               |
| Class ID C000060573 | 4.99%                | -1.11%               | -3.83%               |
| Class ID C000039836 | 4.92%                | -1.20%               | -3.93%               |
| Class ID C000017144 | 4.85%                | -1.13%               | -3.74%               |
| Class ID C000017145 | 4.94%                | -1.19%               | -3.92%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4646.63                 | $6614778.05                                |
| Month 2  | $-444371.16              | $-1376930.71                               |
| Month 3  | $-98393.06               | $-5807433.19                               |

**Designated Index Information**

- **Index Name:** Bloomberg Municipal Bond Index

- **Index Identifier:** IDX01566

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ST PAUL PORT AUTHORITY                                                      | FX.RT. MUNI BOND     | CUSIP: 79304NFW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    715000 | PA      | $715144.86    | 0.48%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN COUNCIL                                                        | FX.RT. MUNI BOND     | CUSIP: 591852UJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1121363.49   | 0.75%             | 2025-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTERN MINNESOTA MUNICIPAL POWER AGENCY                                    | FX.RT. MUNI BOND     | CUSIP: 958697JA3<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002023.50   | 0.67%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA STATE COLLEGES AND UNIVERSITIES FOUNDATION                        | FX.RT. MUNI BOND     | CUSIP: 60414FMQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000913.50   | 0.67%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSING  AND  REDEVELOPMENT AUTHORITY OF THE CITY OF ST PAUL MINNESOTA      | FX.RT. MUNI BOND     | CUSIP: 852297AL4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    500000 | PA      | $493117.75    | 0.33%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF MINNESOTA                                                          | FX.RT. MUNI BOND     | CUSIP: 604146CS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007456.50   | 0.68%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF FOREST LAKE MN                                                      | FX.RT. MUNI BOND     | CUSIP: 345856AH1<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251082.33    | 0.17%             | 2036-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NASSAU COUNTY LOCAL ECONOMIC ASSISTANCE CORP                                | FX.RT. MUNI BOND     | CUSIP: 63166LCY5<br>LEI: 549300FCI13UFG0Y6Y37 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102043.36    | 0.07%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SHAKOPEE MN                                                         | FX.RT. MUNI BOND     | CUSIP: 819175BJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $676677.09    | 0.45%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF SHAKOPEE MN                                                         | FX.RT. MUNI BOND     | CUSIP: 819175BH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254933.03    | 0.17%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FINANCE AUTHORITY                                                    | FX.RT. MUNI BOND     | CUSIP: 74443UAD5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $263793.75    | 0.18%             | 2044-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CITY OF CENTER CITY MN                                                      | FX.RT. MUNI BOND     | CUSIP: 151452BM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503331.05    | 0.34%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA MUNICIPAL POWER AGENCY                                            | FX.RT. MUNI BOND     | CUSIP: 60412PDX5<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259095.55    | 0.17%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF COLOGNE MN                                                          | FX.RT. MUNI BOND     | CUSIP: 195239AJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $334950.25    | 0.22%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF FRANKLIN OH                                                       | FX.RT. MUNI BOND     | CUSIP: 353180JG8<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151830.81    | 0.10%             | 2023-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA MUNICIPAL POWER AGENCY                                            | FX.RT. MUNI BOND     | CUSIP: 60412PEX4<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    850000 | PA      | $880924.87    | 0.59%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA MUNICIPAL POWER AGENCY                                            | FX.RT. MUNI BOND     | CUSIP: 60412PEY2<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517919.35    | 0.35%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURNSVILLE-EAGAN-SAVAGE INDEPENDENT SCHOOL DISTRICT NO 191                  | FX.RT. MUNI BOND     | CUSIP: 122475XP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510947.95    | 0.34%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSING  AND  REDEVELOPMENT AUTHORITY OF THE CITY OF ST PAUL MINNESOTA      | FX.RT. MUNI BOND     | CUSIP: 792905DH1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031544.10   | 0.69%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSING  AND  REDEVELOPMENT AUTHORITY OF THE CITY OF ST PAUL MINNESOTA      | FX.RT. MUNI BOND     | CUSIP: 792905DG3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516482.95    | 0.35%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSING  AND  REDEVELOPMENT AUTHORITY OF THE CITY OF ST PAUL MINNESOTA      | FX.RT. MUNI BOND     | CUSIP: 792888KQ1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    650000 | PA      | $689084.57    | 0.46%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTERN MINNESOTA MUNICIPAL POWER AGENCY                                    | FX.RT. MUNI BOND     | CUSIP: 958697KA1<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529567.50    | 0.36%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSING  AND  REDEVELOPMENT AUTHORITY OF THE CITY OF ST PAUL MINNESOTA      | FX.RT. MUNI BOND     | CUSIP: 852297AW0<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    250000 | PA      | $238964.13    | 0.16%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MINNEAPOLIS MN                                                      | FX.RT. MUNI BOND     | CUSIP: 60374VDV2<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253967.70    | 0.17%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN MINNESOTA MUNICIPAL POWER AGENCY                                   | FX.RT. MUNI BOND     | CUSIP: 843375C79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528056.75    | 0.35%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSING  AND  REDEVELOPMENT AUTHORITY OF THE CITY OF ST PAUL MINNESOTA      | FX.RT. MUNI BOND     | CUSIP: 852297BH2<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501102.80    | 0.34%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HOUSING FINANCE AGENCY                                            | FX.RT. MUNI BOND     | CUSIP: 60416SMZ0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    190000 | PA      | $188201.46    | 0.13%             | 2046-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CHASKA INDEPENDENT SCHOOL DISTRICT NO 112                                   | FX.RT. MUNI BOND     | CUSIP: 161681UA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534969.40    | 0.36%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416HV27<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $785558.55    | 0.53%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MOORHEAD MN                                                         | FX.RT. MUNI BOND     | CUSIP: 61615DBT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510163.40    | 0.34%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416HX82<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020553.80   | 0.68%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF MINNESOTA                                                     | FX.RT. MUNI BOND     | CUSIP: 914460PJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045646.40   | 0.70%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN MUNICIPAL POWER AGENCY                                             | FX.RT. MUNI BOND     | CUSIP: 665444KB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $266226.18    | 0.18%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF MINNESOTA                                                     | FX.RT. MUNI BOND     | CUSIP: 914460PG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055953.70   | 0.71%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEVILLE INDEPENDENT SCHOOL DISTRICT NO 194                                | FX.RT. MUNI BOND     | CUSIP: 512462XC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $529375.46    | 0.36%             | 2027-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF ST CLOUD MN                                                         | FX.RT. MUNI BOND     | CUSIP: 78916VDR8<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1527805.95   | 1.03%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF WARREN OH                                                         | FX.RT. MUNI BOND     | CUSIP: 93515PCS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $256239.88    | 0.17%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF HAM LAKE MN                                                         | FX.RT. MUNI BOND     | CUSIP: 406511AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $452773.60    | 0.30%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW LONDON-SPICER INDEPENDENT SCHOOL DISTRICT NO 345                        | FX.RT. MUNI BOND     | CUSIP: 646666LY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520669.40    | 0.35%             | 2031-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MINNEAPOLIS MN                                                      | FX.RT. MUNI BOND     | CUSIP: 603786JN5<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101798.31    | 0.07%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MINNEAPOLIS MN                                                      | FX.RT. MUNI BOND     | CUSIP: 603786JJ4<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102600.40    | 0.07%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA MUNICIPAL POWER AGENCY                                            | FX.RT. MUNI BOND     | CUSIP: 60412PFN5<br>LEI: 5493007DGBKI6ICBXO38 | Long             | DBT              | MUN               | US        |    350000 | PA      | $376861.49    | 0.25%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416HY99<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |     85000 | PA      | $87512.23     | 0.06%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PLYMOUTH INTERMEDIATE DISTRICT NO 287                                       | FX.RT. MUNI BOND     | CUSIP: 458934BG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255401.55    | 0.17%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOWNSHIP OF BAYTOWN MN                                                      | FX.RT. MUNI BOND     | CUSIP: 073225AX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1237889.37   | 0.83%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOWNSHIP OF BAYTOWN MN                                                      | FX.RT. MUNI BOND     | CUSIP: 073225AW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $252812.64    | 0.17%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF ROCHESTER MN                                                        | FX.RT. MUNI BOND     | CUSIP: 771902HE6<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    500000 | PA      | $590250.55    | 0.40%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF HENNEPIN MN                                                       | FX.RT. MUNI BOND     | CUSIP: 425507DS6<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    530000 | PA      | $565653.05    | 0.38%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSING  AND  REDEVELOPMENT AUTHORITY OF THE CITY OF ST PAUL MINNESOTA      | FX.RT. MUNI BOND     | CUSIP: 852297BX7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    300000 | PA      | $258800.40    | 0.17%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF HAM LAKE MN                                                         | FX.RT. MUNI BOND     | CUSIP: 406511AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $240056.60    | 0.16%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-ST PAUL METROPOLITAN AIRPORTS COMMISSION                        | FX.RT. MUNI BOND     | CUSIP: 603827YX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $869045.84    | 0.58%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-ST PAUL METROPOLITAN AIRPORTS COMMISSION                        | FX.RT. MUNI BOND     | CUSIP: 603827YY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $866122.46    | 0.58%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF ROCHESTER MN ELECTRIC UTILITY REVENUE                               | FX.RT. MUNI BOND     | CUSIP: 77158PGB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $783643.90    | 0.53%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF ROCHESTER MN ELECTRIC UTILITY REVENUE                               | FX.RT. MUNI BOND     | CUSIP: 77158PGC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $536158.10    | 0.36%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416H2R4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $685272.60    | 0.46%             | 2046-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE OF MINNESOTA                                                          | FX.RT. MUNI BOND     | CUSIP: 604140WZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3077540.40   | 2.07%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416H3P7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504977.25    | 0.34%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MAPLE GROVE MN                                                      | FX.RT. MUNI BOND     | CUSIP: 56516TBP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $890159.87    | 0.60%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MAPLE GROVE MN                                                      | FX.RT. MUNI BOND     | CUSIP: 56516TBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522089.00    | 0.35%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MAPLE GROVE MN                                                      | FX.RT. MUNI BOND     | CUSIP: 56516TBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519167.50    | 0.35%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416H3Z5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919346.00    | 0.62%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JORDAN INDEPENDENT SCHOOL DISTRICT NO 717                                   | FX.RT. MUNI BOND     | CUSIP: 480718KK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40150.96     | 0.03%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSING  AND  REDEVELOPMENT AUTHORITY OF THE CITY OF ST PAUL MINNESOTA      | FX.RT. MUNI BOND     | CUSIP: 792909FJ7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $980284.40    | 0.66%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSING  AND  REDEVELOPMENT AUTHORITY OF THE CITY OF ST PAUL MINNESOTA      | FX.RT. MUNI BOND     | CUSIP: 792909FK4<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971157.50    | 0.65%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF ST PAUL PARK MN                                                     | FX.RT. MUNI BOND     | CUSIP: 85235KAW3<br>LEI: 549300RN3JLIQQH41516 | Long             | DBT              | MUN               | US        |    500000 | PA      | $487105.15    | 0.33%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN MUNICIPAL POWER AGENCY                                             | FX.RT. MUNI BOND     | CUSIP: 665444KW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $225728.01    | 0.15%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN MUNICIPAL POWER AGENCY                                             | FX.RT. MUNI BOND     | CUSIP: 665444KX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $182014.73    | 0.12%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN MUNICIPAL POWER AGENCY                                             | FX.RT. MUNI BOND     | CUSIP: 665444KY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $192288.62    | 0.13%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN MUNICIPAL POWER AGENCY                                             | FX.RT. MUNI BOND     | CUSIP: 665444KT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $215688.32    | 0.14%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN MUNICIPAL POWER AGENCY                                             | FX.RT. MUNI BOND     | CUSIP: 665444KU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $231658.72    | 0.16%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN MUNICIPAL POWER AGENCY                                             | FX.RT. MUNI BOND     | CUSIP: 665444KV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $252912.57    | 0.17%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN MUNICIPAL POWER AGENCY                                             | FX.RT. MUNI BOND     | CUSIP: 665444KZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $424141.76    | 0.28%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY OF MINNESOTA                                                     | FX.RT. MUNI BOND     | CUSIP: 914460QL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3410000 | PA      | $3641103.54   | 2.44%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416H6L3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954931.80    | 0.64%             | 2048-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF BETHEL MN                                                           | FX.RT. MUNI BOND     | CUSIP: 086759AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $682699.11    | 0.46%             | 2047-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN MINNESOTA MUNICIPAL POWER AGENCY                                   | FX.RT. MUNI BOND     | CUSIP: 843375F68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1615486.35   | 1.08%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF HENNEPIN MN                                                       | FX.RT. MUNI BOND     | CUSIP: 425507FY1<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1619025.45   | 1.09%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416H8D9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    400000 | PA      | $404430.76    | 0.27%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416H8E7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    400000 | PA      | $402170.20    | 0.27%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSING  AND  REDEVELOPMENT AUTHORITY OF THE CITY OF ST PAUL MINNESOTA      | FX.RT. MUNI BOND     | CUSIP: 85236DAN8<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    650000 | PA      | $664390.87    | 0.45%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RICHFIELD INDEPENDENT SCHOOL DISTRICT NO 280                                | FX.RT. MUNI BOND     | CUSIP: 763342TW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1526107.80   | 1.02%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MINNEAPOLIS MN                                                      | FX.RT. MUNI BOND     | CUSIP: 60379NCL8<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $469159.95    | 0.31%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTERN MINNESOTA MUNICIPAL POWER AGENCY                                    | FX.RT. MUNI BOND     | CUSIP: 958697KL7<br>LEI: 549300LFJK9CQSN2NJ11 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3703825.65   | 2.49%             | 2049-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416JBF6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    920000 | PA      | $891294.53    | 0.60%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416JBG4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    580000 | PA      | $557792.61    | 0.37%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE OF ILLINOIS                                                           | FX.RT. MUNI BOND     | CUSIP: 4521523E9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1304835.25   | 0.88%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF ROCHESTER MN                                                        | FX.RT. MUNI BOND     | CUSIP: 771902HF3<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1453754.85   | 0.98%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MINNEAPOLIS MN                                                      | FX.RT. MUNI BOND     | CUSIP: 60374VDZ3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2361594.08   | 1.58%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH ECONOMIC DEVELOPMENT AUTHORITY                                       | FX.RT. MUNI BOND     | CUSIP: 26444CHF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013742.10   | 0.68%             | 2058-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DULUTH ECONOMIC DEVELOPMENT AUTHORITY                                       | FX.RT. MUNI BOND     | CUSIP: 26444CHA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037167.00   | 1.37%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF ST CLOUD MN                                                         | FX.RT. MUNI BOND     | CUSIP: 78916VDW7<br>LEI: 549300IOO80ICGIWAU74 | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2269093.38   | 1.52%             | 2049-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH INDEPENDENT SCHOOL DISTRICT NO 709                                   | FX.RT. MUNI BOND     | CUSIP: 264474HH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $410159.76    | 0.28%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH INDEPENDENT SCHOOL DISTRICT NO 709                                   | FX.RT. MUNI BOND     | CUSIP: 264474HJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $390804.56    | 0.26%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH INDEPENDENT SCHOOL DISTRICT NO 709                                   | FX.RT. MUNI BOND     | CUSIP: 264474HM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1511984.73   | 1.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH INDEPENDENT SCHOOL DISTRICT NO 709                                   | FX.RT. MUNI BOND     | CUSIP: 264474HK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $418678.47    | 0.28%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH INDEPENDENT SCHOOL DISTRICT NO 709                                   | FX.RT. MUNI BOND     | CUSIP: 264474HL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $397019.99    | 0.27%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH INDEPENDENT SCHOOL DISTRICT NO 709                                   | FX.RT. MUNI BOND     | CUSIP: 264474JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1264146.84   | 0.85%             | 2032-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN COUNTY REGIONAL RAILROAD AUTHORITY                                 | FX.RT. MUNI BOND     | CUSIP: 425533CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3318964.20   | 2.23%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416JCC2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050643.50   | 0.71%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TERRITORY OF GUAM                                                           | FX.RT. MUNI BOND     | CUSIP: 40065BCQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |    470000 | PA      | $484243.26    | 0.32%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416JCX6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1373378.85   | 0.92%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HOUSING FINANCE AGENCY                                            | FX.RT. MUNI BOND     | CUSIP: 60416S2F6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998451.40    | 0.67%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MINNEAPOLIS MN                                                      | FX.RT. MUNI BOND     | CUSIP: 60375BGV2<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1657529.61   | 1.11%             | 2028-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS SPECIAL SCHOOL DISTRICT NO 1                                    | FX.RT. MUNI BOND     | CUSIP: 603790PH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1643328.76   | 1.10%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ANOKA-HENNEPIN INDEPENDENT SCHOOL DISTRICT NO 11                            | FX.RT. MUNI BOND     | CUSIP: 0363034T9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4100000 | PA      | $3327334.09   | 2.23%             | 2045-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF WRIGHT MN                                                         | FX.RT. MUNI BOND     | CUSIP: 982276AV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $893703.41    | 0.60%             | 2039-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVERNMENT WATERWORKS AUTHORITY                                        | FX.RT. MUNI BOND     | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1000000 | PA      | $1004674.30   | 0.67%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF HENNEPIN MN                                                       | FX.RT. MUNI BOND     | CUSIP: 425507LC2<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3358029.60   | 2.25%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSING  AND  REDEVELOPMENT AUTHORITY OF THE CITY OF ST PAUL MINNESOTA      | FX.RT. MUNI BOND     | CUSIP: 852297DB3<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2185683.00   | 1.47%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LITCHFIELD INDEPENDENT SCHOOL DISTRICT NO 465                               | FX.RT. MUNI BOND     | CUSIP: 536699MD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1093905.48   | 0.73%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LITCHFIELD INDEPENDENT SCHOOL DISTRICT NO 465                               | FX.RT. MUNI BOND     | CUSIP: 536699ME8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    870000 | PA      | $914142.32    | 0.61%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST PAUL INDEPENDENT SCHOOL DISTRICT NO 625                                  | FX.RT. MUNI BOND     | CUSIP: 7928953T9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1483919.79   | 1.00%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416JCY4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1689457.60   | 1.13%             | 2038-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416JDA5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   5100000 | PA      | $4856820.78   | 3.26%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416JDV9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    360000 | PA      | $304260.12    | 0.20%             | 2040-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416JDW7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    325000 | PA      | $259737.17    | 0.17%             | 2043-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416JEH9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    475000 | PA      | $478376.02    | 0.32%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416JEJ5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    175000 | PA      | $175036.21    | 0.12%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416JEL0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    420000 | PA      | $351960.25    | 0.24%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416JEK2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    170000 | PA      | $168731.85    | 0.11%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416JEP1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    425000 | PA      | $409203.09    | 0.27%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY                             | FX.RT. MUNI BOND     | CUSIP: 60416JEN6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    245000 | PA      | $196899.03    | 0.13%             | 2038-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TERRITORY OF GUAM                                                           | FX.RT. MUNI BOND     | CUSIP: 40065NCR6<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1300000 | PA      | $1129810.24   | 0.76%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH ECONOMIC DEVELOPMENT AUTHORITY                                       | FX.RT. MUNI BOND     | CUSIP: 26444VAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $752054.36    | 0.50%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH ECONOMIC DEVELOPMENT AUTHORITY                                       | FX.RT. MUNI BOND     | CUSIP: 26444VAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $213582.40    | 0.14%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSING  AND  REDEVELOPMENT AUTHORITY OF THE CITY OF ST PAUL MINNESOTA      | FX.RT. MUNI BOND     | CUSIP: 852297DL1<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    315000 | PA      | $285371.19    | 0.19%             | 2026-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HOUSING  AND  REDEVELOPMENT AUTHORITY OF THE CITY OF ST PAUL MINNESOTA      | FX.RT. MUNI BOND     | CUSIP: 852297DM9<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    350000 | PA      | $330648.36    | 0.22%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS SPECIAL SCHOOL DISTRICT NO 1                                    | FX.RT. MUNI BOND     | CUSIP: 603790SS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1236239.97   | 0.83%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DULUTH ECONOMIC DEVELOPMENT AUTHORITY                                       | FX.RT. MUNI BOND     | CUSIP: 26444CKF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $199824.86    | 0.13%             | 2039-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DULUTH ECONOMIC DEVELOPMENT AUTHORITY                                       | FX.RT. MUNI BOND     | CUSIP: 26444CJN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $567211.59    | 0.38%             | 2044-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DULUTH ECONOMIC DEVELOPMENT AUTHORITY                                       | FX.RT. MUNI BOND     | CUSIP: 26444CKE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $336680.70    | 0.23%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA HOUSING FINANCE AGENCY                                            | FX.RT. MUNI BOND     | CUSIP: 60416TGW2<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   3085000 | PA      | $2974429.28   | 2.00%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITY OF APPLE VALLEY MN                                                     | FX.RT. MUNI BOND     | CUSIP: 03800RBG0<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    400000 | PA      | $302672.28    | 0.20%             | 2061-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF INDEPENDENCE MN                                                     | FX.RT. MUNI BOND     | CUSIP: 45362RAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $478239.32    | 0.32%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL MINNESOTA MUNICIPAL POWER AGENCY                                    | FX.RT. MUNI BOND     | CUSIP: 154136AZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $341139.90    | 0.23%             | 2035-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL MINNESOTA MUNICIPAL POWER AGENCY                                    | FX.RT. MUNI BOND     | CUSIP: 154136AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $724242.17    | 0.49%             | 2034-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL MINNESOTA MUNICIPAL POWER AGENCY                                    | FX.RT. MUNI BOND     | CUSIP: 154136BA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $272017.62    | 0.18%             | 2036-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL MINNESOTA MUNICIPAL POWER AGENCY                                    | FX.RT. MUNI BOND     | CUSIP: 154136BB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $266982.39    | 0.18%             | 2037-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL MINNESOTA MUNICIPAL POWER AGENCY                                    | FX.RT. MUNI BOND     | CUSIP: 154136AX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $184309.28    | 0.12%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL MINNESOTA MUNICIPAL POWER AGENCY                                    | FX.RT. MUNI BOND     | CUSIP: 154136AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $241768.51    | 0.16%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL MINNESOTA MUNICIPAL POWER AGENCY                                    | FX.RT. MUNI BOND     | CUSIP: 154136BD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $336359.82    | 0.23%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL MINNESOTA MUNICIPAL POWER AGENCY                                    | FX.RT. MUNI BOND     | CUSIP: 154136AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $395416.39    | 0.27%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL MINNESOTA MUNICIPAL POWER AGENCY                                    | FX.RT. MUNI BOND     | CUSIP: 154136AW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $282201.28    | 0.19%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MINNEAPOLIS MN                                                      | FX.RT. MUNI BOND     | CUSIP: 60374VEV1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   4510000 | PA      | $4391309.43   | 2.95%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WINONA INDEPENDENT SCHOOL DISTRICT NO 861                                   | FX.RT. MUNI BOND     | CUSIP: 975237GM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1137484.16   | 0.76%             | 2031-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER INDEPENDENT SCHOOL DISTRICT NO 535                                | FX.RT. MUNI BOND     | CUSIP: 771614UK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1927441.81   | 1.29%             | 2032-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY OF RICE MN                                                           | FX.RT. MUNI BOND     | CUSIP: 762698LA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1998020.20   | 1.34%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS-ST PAUL METROPOLITAN AIRPORTS COMMISSION                        | FX.RT. MUNI BOND     | CUSIP: 603827H66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2062433.60   | 1.38%             | 2052-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF DEEPHAVEN MN                                                        | MUNI ORIG ISSUE DISC | CUSIP: 24380HAR3<br>LEI: 5493005IOLNBTFT2MD86 | Long             | DBT              | MUN               | US        |    500000 | PA      | $496270.25    | 0.33%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MINNESOTA OFFICE OF HIGHER EDUCATION                                        | MUNI ORIG ISSUE DISC | CUSIP: 60416MBL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $282816.90    | 0.19%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MINNEAPOLIS MN                                                      | MUNI ORIG ISSUE DISC | CUSIP: 60374VED1<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |    500000 | PA      | $481106.60    | 0.32%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CITY OF RAMSEY MN                                                           | MUNI ORIG ISSUE DISC | CUSIP: 751814AA2<br>LEI: 549300PYUDKBK3S78343 | Long             | DBT              | MUN               | US        |    600000 | PA      | $588454.08    | 0.39%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITY OF OTSEGO MN                                                           | MUNI ORIG ISSUE DISC | CUSIP: 689149AC6<br>LEI: 549300C7IZXQ4JXHZS47 | Long             | DBT              | MUN               | US        |    200000 | PA      | $175863.94    | 0.12%             | 2044-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSING  AND  REDEVELOPMENT AUTHORITY OF THE CITY OF ST PAUL MINNESOTA      | MUNI ORIG ISSUE DISC | CUSIP: 79289TES7<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    350000 | PA      | $297638.92    | 0.20%             | 2043-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY                                   | MUNI ORIG ISSUE DISC | CUSIP: 6459182D4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    260000 | PA      | $260473.51    | 0.17%             | 2043-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CITY OF FOREST LAKE MN                                                      | MUNI ORIG ISSUE DISC | CUSIP: 345856AE8<br>LEI: 549300YEG0ZNW83BJB14 | Long             | DBT              | MUN               | US        |    290000 | PA      | $289016.00    | 0.19%             | 2026-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MINNESOTA MUNICIPAL GAS AGENCY                                              | MUNI PUT BOND ACT    | CUSIP: 60406UAM9<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4007996.40   | 2.69%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN MINNESOTA MUNICIPAL POWER AGENCY                                   | MUNI. ZERO           | CUSIP: 843375QL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1939756.20   | 1.30%             | 2024-01-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CENTENNIAL INDEPENDENT SCHOOL DISTRICT NO 12                                | MUNI. ZERO           | CUSIP: 172648MK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $698712.53    | 0.47%             | 2025-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SHAKOPEE INDEPENDENT SCHOOL DISTRICT NO 720                                 | MUNI. ZERO           | CUSIP: 819190VY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3355000 | PA      | $2534533.07   | 1.70%             | 2030-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AURORA INDEPENDENT SCHOOL DISTRICT NO 2711                                  | MUNI. ZERO           | CUSIP: 051820FF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    940000 | PA      | $761814.54    | 0.51%             | 2029-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HASTINGS INDEPENDENT SCHOOL DISTRICT NO 200                                 | MUNI. ZERO           | CUSIP: 418542PR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $785978.70    | 0.53%             | 2030-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SARTELL-ST STEPHEN INDEPENDENT SCHOOL DISTRICT NO 748                       | MUNI. ZERO           | CUSIP: 803820LC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $454152.58    | 0.30%             | 2034-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | SHORT TERM INV FUND  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    110000 | NS      | $110000.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| PUTNAM SHORT TERM INVESTMENT FUND                                           | SHORT TERM INV FUND  | CUSIP: 74676P664<br>LEI: 5493003MK0Q7JP8CPP42 | Long             | STIV             | PF                | US        |     94320 | NS      | $94320.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY AND CO. INTERNATIONAL                                        | Spread Swap          | CUSIP: N/A<br>LEI: 4PQUHN3JPFGFNF3BB653       | N/A              | DIR              | CORP              | US        |   1100000 | NC      | $4048.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIBANK N.A.                                                               | Spread Swap          | CUSIP: N/A<br>LEI: E57ODZWZ7FF32TWEFA76       | N/A              | DIR              | CORP              | US        |   1500000 | NC      | $116727.00    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                    | U.S. T BILLS         | CUSIP: 912796YX1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000 | PA      | $49975.13     | 0.03%             | 2022-12-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED STATES OF AMERICA                                                    | U.S. T BILLS         | CUSIP: 912796ZJ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $99566.31     | 0.07%             | 2023-01-10      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MINNEAPOLIS MN/ST PAUL HOUSING  AND  REDEVELOPMENT AUTHORITY        | VAR.RT.MUNI NOTE NT  | CUSIP: 603695FU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.67%             | 2035-11-15      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| CITY OF MINNETONKA MN                                                       | VAR.RT.MUNI NOTE NT  | CUSIP: 60418EAG4<br>LEI: 549300NQZ4FEG58M2309 | Long             | DBT              | MUN               | US        |    575000 | PA      | $575000.00    | 0.39%             | 2034-05-15      | Variable      | 1.84%                 | No            |                  2 | On Loan: No      |
| CITY OF ROCHESTER MN                                                        | VAR.RT.MUNI NOTE NT  | CUSIP: 771902FB4<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.67%             | 2038-11-15      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-26

**Name of Applicant:** Putnam Investments Inc

**Signature:** Janet C. Smith

**Name of Signer:** NPORT

**Title:** Principal Financial Officer