# EDGAR Filing Document

**Accession Number:** 0000794612
**File Stem:** 0002071691-25-003349
**Filing Date:** 2025-10
**Character Count:** 83072
**Document Hash:** be209f71ccc4cdc765e4879eaf64c8c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-003349.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0002071691-25-003349

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260531

**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:** 251418343

**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:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-31

**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:** $174918652.66

**Total Liabilities:** $714384.45

**Net Assets:** $174204268.21

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -607.32000000 | **5-Year:** -4600.25000000 | **10-Year:** -56916.84000000 | **30-Year:** -45771.83000000

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

- **3-Month:** -0.08000000 | **1-Year:** -15.28000000 | **5-Year:** -343.59000000 | **10-Year:** -4603.62000000 | **30-Year:** -5867.87000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000039836 | 0.65%                | -0.52%               | 0.80%                |
| Class ID C000060573 | 0.73%                | -0.44%               | 0.88%                |
| Class ID C000017144 | 0.71%                | -0.46%               | 0.86%                |
| Class ID C000202929 | 0.73%                | -0.44%               | 0.89%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-317.17                 | $841791.97                                 |
| Month 2  | $-5003.09                | $-1224205.88                               |
| Month 3  | $3796.23                 | $952477.16                                 |

**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      | $173553.73    | 0.10%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 8-N                      | CUSIP: 60416HY99<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |     85000 | PA      | $86272.18     | 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      | $1955905.21   | 1.12%             | 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      | $249978.53    | 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      | $3009914.70   | 1.73%             | 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      | $1383185.63   | 0.79%             | 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      | $218908.89    | 0.13%             | 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      | $4167135.82   | 2.39%             | 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      | $955937.10    | 0.55%             | 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        |   4546423 | PA      | $3552165.66   | 2.04%             | 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      | $750476.06    | 0.43%             | 2035-12-01      | Fixed         | 5.00%                 | 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      | $2001058.00   | 1.15%             | 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      | $973235.40    | 0.56%             | 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      | $1282101.26   | 0.74%             | 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      | $221458.13    | 0.13%             | 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      | $1487711.70   | 0.85%             | 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      | $749012.24    | 0.43%             | 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      | $433375.04    | 0.25%             | 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      | $214769.73    | 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      | $592500.88    | 0.34%             | 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      | $507461.30    | 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      | $2907883.85   | 1.67%             | 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      | $670152.29    | 0.38%             | 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      | $2118870.80   | 1.22%             | 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      | $1997595.80   | 1.15%             | 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      | $1467039.22   | 0.84%             | 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      | $162427.53    | 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        |     10000 | PA      | $9989.93      | 0.01%             | 2046-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2017                     | CUSIP: 60416JAR1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    410000 | PA      | $382926.63    | 0.22%             | 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      | $1481338.63   | 0.85%             | 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      | $865588.58    | 0.50%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2023                     | CUSIP: 60416JGV6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $694520.40    | 0.40%             | 2048-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2018 A                   | CUSIP: 60416JBG4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    580000 | PA      | $534037.84    | 0.31%             | 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      | $2011651.00   | 1.15%             | 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      | $435995.38    | 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      | $402068.60    | 0.23%             | 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      | $3511335.10   | 2.02%             | 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      | $739251.40    | 0.42%             | 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      | $1406501.78   | 0.81%             | 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      | $402576.48    | 0.23%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2017                     | CUSIP: 60416H3Z5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $862825.80    | 0.50%             | 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      | $1811139.30   | 1.04%             | 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      | $1510344.75   | 0.87%             | 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      | $594990.72    | 0.34%             | 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      | $642799.74    | 0.37%             | 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      | $2175869.00   | 1.25%             | 2055-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2017                     | CUSIP: 60416H3P7<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $495577.40    | 0.28%             | 2037-03-01      | Fixed         | 4.00%                 | 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      | $4067149.60   | 2.33%             | 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      | $524849.77    | 0.30%             | 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      | $1197120.21   | 0.69%             | 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      | $728124.12    | 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      | $3698664.55   | 2.12%             | 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      | $1037337.50   | 0.60%             | 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      | $508580.15    | 0.29%             | 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      | $527929.23    | 0.30%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 8-K                      | CUSIP: 60416HX90<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $810628.90    | 0.47%             | 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      | $1126520.24   | 0.65%             | 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      | $1081487.30   | 0.62%             | 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      | $1884531.01   | 1.08%             | 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      | $836474.18    | 0.48%             | 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        |     75000 | PA      | $75020.42     | 0.04%             | 2026-08-01      | Fixed         | 4.50%                 | 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      | $1041397.85   | 0.60%             | 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      | $1873217.32   | 1.08%             | 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      | $269063.88    | 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      | $653885.83    | 0.38%             | 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      | $287104.69    | 0.16%             | 2043-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2021                     | CUSIP: 60416JEH9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    475000 | PA      | $484234.90    | 0.28%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2021                     | CUSIP: 60416JDA5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   5100000 | PA      | $4389225.75   | 2.52%             | 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      | $345931.74    | 0.20%             | 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      | $250102.18    | 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      | $437041.40    | 0.25%             | 2053-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2021                     | CUSIP: 60416JEL0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    420000 | PA      | $370991.59    | 0.21%             | 2036-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2021                     | CUSIP: 60416JCY4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1692133.20   | 0.97%             | 2038-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2019                     | CUSIP: 60416JCC2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020201.60   | 0.59%             | 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      | $986172.90    | 0.57%             | 2058-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2023                     | CUSIP: 60416JHD5<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    500000 | PA      | $545389.30    | 0.31%             | 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      | $486969.56    | 0.28%             | 2034-02-01      | None          | 0.00%                 | 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      | $3139840.80   | 1.80%             | 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      | $499966.00    | 0.29%             | 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      | $466631.85    | 0.27%             | 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      | $1578701.54   | 0.91%             | 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      | $3195997.50   | 1.83%             | 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      | $502969.33    | 0.29%             | 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        |    140656 | PA      | $119836.57    | 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      | $206015.14    | 0.12%             | 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      | $250887.70    | 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      | $1900332.12   | 1.09%             | 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      | $567271.10    | 0.33%             | 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      | $2953913.88   | 1.70%             | 2045-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2021                     | CUSIP: 60416JDV9<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    360000 | PA      | $294456.49    | 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      | $271458.60    | 0.16%             | 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      | $2134263.65   | 1.23%             | 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      | $1506600.90   | 0.86%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2023                     | CUSIP: 60416JGU8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    600000 | PA      | $561443.52    | 0.32%             | 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      | $250409.48    | 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        |   2195000 | PA      | $2178726.93   | 1.25%             | 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      | $177303.04    | 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      | $347638.13    | 0.20%             | 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      | $344992.62    | 0.20%             | 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      | $183432.60    | 0.11%             | 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      | $940938.70    | 0.54%             | 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        |    600000 | PA      | $600198.96    | 0.34%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2021                     | CUSIP: 60416JEP1<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    425000 | PA      | $399226.98    | 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      | $829223.16    | 0.48%             | 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      | $413069.25    | 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      | $864609.40    | 0.50%             | 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      | $242141.03    | 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      | $507162.45    | 0.29%             | 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      | $170950.11    | 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      | $954205.90    | 0.55%             | 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        |    420000 | PA      | $420105.34    | 0.24%             | 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      | $99099.07     | 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      | $2137291.55   | 1.23%             | 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      | $482218.23    | 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      | $936588.50    | 0.54%             | 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      | $167504.24    | 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      | $2794983.40   | 1.60%             | 2053-03-01      | 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      | $2290179.00   | 1.31%             | 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      | $1821863.37   | 1.05%             | 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      | $1809386.57   | 1.04%             | 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        |    870861 | NS      | $870861.48    | 0.50%             |  |  |  | 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      | $273626.58    | 0.16%             | 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      | $424378.57    | 0.24%             | 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      | $1424115.65   | 0.82%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2019                     | CUSIP: 60416JCX6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1260287.10   | 0.72%             | 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      | $100863.73    | 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      | $513030.75    | 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      | $151807.84    | 0.09%             | 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      | $258554.48    | 0.15%             | 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      | $2116370.81   | 1.21%             | 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      | $464427.00    | 0.27%             | 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      | $1773279.20   | 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      | $499998.85    | 0.29%             | 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      | $383136.44    | 0.22%             | 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      | $250204.63    | 0.14%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2018 A                   | CUSIP: 60416JBF6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    920000 | PA      | $862846.01    | 0.50%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2016 A                   | CUSIP: 60416H2R4<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    750000 | PA      | $492796.28    | 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      | $489609.30    | 0.28%             | 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      | $246113.89    | 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      | $1001030.10   | 0.57%             | 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      | $888759.80    | 0.51%             | 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      | $260126.62    | 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      | $1083156.50   | 0.62%             | 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      | $279882.36    | 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      | $247835.98    | 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      | $1154663.25   | 0.66%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2021                     | CUSIP: 60416JEN6<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    245000 | PA      | $205937.54    | 0.12%             | 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      | $321297.42    | 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        |     80619 | PA      | $69073.65     | 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      | $402255.44    | 0.23%             | 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      | $252149.08    | 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      | $956154.00    | 0.55%             | 2043-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2017                     | CUSIP: 60416H6L3<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $878984.80    | 0.50%             | 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      | $201048.88    | 0.12%             | 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      | $2495316.50   | 1.43%             | 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      | $995791.95    | 0.57%             | 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      | $1476120.45   | 0.85%             | 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      | $1613448.37   | 0.93%             | 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      | $404007.57    | 0.23%             | 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      | $756732.53    | 0.43%             | 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      | $220901.47    | 0.13%             | 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      | $101202.72    | 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      | $1834316.20   | 1.05%             | 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      | $382363.70    | 0.22%             | 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      | $513503.17    | 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      | $1928067.86   | 1.11%             | 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      | $3143115.00   | 1.80%             | 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      | $401914.42    | 0.23%             | 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      | $838078.73    | 0.48%             | 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      | $880711.37    | 0.51%             | 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      | $1313923.65   | 0.75%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                    | Minnesota Health & Education Facilities Authority, Series 2018 A                   | CUSIP: 60416JBJ8<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |    300000 | PA      | $277442.61    | 0.16%             | 2045-10-01      | Fixed         | 5.00%                 | 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      | $503931.45    | 0.29%             | 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      | $240937.28    | 0.14%             | 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      | $371217.15    | 0.21%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer