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          <maturityDt>2048-03-01</maturityDt>
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      <invstOrSec>
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          <isin value="US665444LQ68"/>
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          <isin value="US26444CHF23"/>
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        <curCd>USD</curCd>
        <valUSD>1005927.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <debtSec>
          <maturityDt>2058-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
        <lei>549300DI4V4CIPMX7K35</lei>
        <title>Minnesota Health &amp; Education Facilities Authority</title>
        <cusip>60416JEL0</cusip>
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          <isin value="US60416JEL08"/>
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        <balance>420000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>393955.09000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-01</maturityDt>
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        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
        <lei>549300DI4V4CIPMX7K35</lei>
        <title>Minnesota Health &amp; Education Facilities Authority</title>
        <cusip>60416JHZ6</cusip>
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          <isin value="US60416JHZ66"/>
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        <balance>1825000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1882210.10000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MINNEAPOLIS-SAINT PAUL MN MET</name>
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          <isin value="US603827YY61"/>
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        <valUSD>840043.30000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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        <name>BETHEL MN CHRT SCH LEASE REVEN</name>
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          <isin value="US086759AL15"/>
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        <balance>895000.00000000</balance>
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        <valUSD>761660.30000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.25000000</annualizedRt>
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        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
        <lei>549300DI4V4CIPMX7K35</lei>
        <title>Minnesota Health &amp; Education Facilities Authority</title>
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          <isin value="US60416JHE38"/>
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        <balance>475000.00000000</balance>
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        <valUSD>532749.12000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-03-01</maturityDt>
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        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
        <lei>549300DI4V4CIPMX7K35</lei>
        <title>Minnesota Health &amp; Education Facilities Authority</title>
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          <isin value="US60416JEJ51"/>
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        <balance>175000.00000000</balance>
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        <name>DULUTH MN ECON DEV AUTH REVENU</name>
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          <isin value="US26444VAH33"/>
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          <isin value="US958697KL75"/>
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        <name>SAINT PAUL MN HSG &amp; REDEV AUTH</name>
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          <isin value="US771902HE69"/>
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        <name>NTHRN MN MUNI PWR AGY ELEC SYS</name>
        <lei>254900QIGSDY3UDQ9778</lei>
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        <name>CENTRL MN MUNI PWR AGY</name>
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        <name>APPLE VY MN SENIOR HSG REVENUE</name>
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          <maturityDt>2037-11-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isin value="US603827YX88"/>
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        <curCd>USD</curCd>
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          <maturityDt>2036-01-01</maturityDt>
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          <isin value="US620646AC35"/>
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        <name>DULUTH MN ECON DEV AUTH HLTH C</name>
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          <isin value="US26444CKE11"/>
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        <name>RICHFIELD MN INDEP SCH DIST #2</name>
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          <isin value="US763342TW27"/>
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          <maturityDt>2036-02-01</maturityDt>
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        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
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        <name>SAINT PAUL MN PORT AUTH DIST E</name>
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        <name>WARREN/ALVARADO/OSLO MN INDEPS</name>
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        <name>DULUTH MN ECON DEV AUTH REVENU</name>
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      <invstOrSec>
        <name>MOUNTAIN LAKE MN ELEC REVENUE</name>
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      <invstOrSec>
        <name>WADENA MN REVENUE</name>
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        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
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          <maturityDt>2037-03-01</maturityDt>
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        <name>WRIGHT CNTY MN COPS</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-12-01</maturityDt>
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          <annualizedRt>3.00000000</annualizedRt>
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        <curCd>USD</curCd>
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      <invstOrSec>
        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
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          <isin value="US60416H3P74"/>
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        <name>DULUTH MN INDEP SCH DIST #709</name>
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          <maturityDt>2027-02-01</maturityDt>
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      <invstOrSec>
        <name>RICE CNTY MN</name>
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          <maturityDt>2048-02-01</maturityDt>
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        <name>SAINT PAUL MN PORT AUTH DIST E</name>
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        <name>MINNEAPOLIS MN REVENUE</name>
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        <name>SAINT PAUL MN PORT AUTH LEASE</name>
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        <name>CENTRL MN MUNI PWR AGY</name>
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      <invstOrSec>
        <name>LAKE CRYSTAL MN PUBLIC UTILITI</name>
        <lei>N/A</lei>
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          <isin value="US509539CC46"/>
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        <curCd>USD</curCd>
        <valUSD>314260.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>SAINT PAUL MN HSG &amp; REDEV AUTH</name>
        <lei>549300FQCUW4VH929113</lei>
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        <cusip>852297AW0</cusip>
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          <isin value="US852297AW08"/>
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        <curCd>USD</curCd>
        <valUSD>250157.58000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MINNESOTA ST HSG FIN AGY</name>
        <lei>549300R89XDTQBK4GE22</lei>
        <title>Minnesota Housing Finance Agency</title>
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          <isin value="US60416URM98"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>102569.87000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.10000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
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        <title>Minnesota Health &amp; Education Facilities Authority</title>
        <cusip>60416JBF6</cusip>
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          <isin value="US60416JBF66"/>
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        <balance>920000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>900785.06000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WARREN/ALVARADO/OSLO MN INDEPS</name>
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        <title>Warren-Alvarado-Oslo Independent School District No 2176/MN</title>
        <cusip>934664CE1</cusip>
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          <isin value="US934664CE17"/>
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        <balance>1120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1111962.99000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.62500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NTHRN MN MUNI PWR AGY ELEC SYS</name>
        <lei>254900QIGSDY3UDQ9778</lei>
        <title>Northern Municipal Power Agency</title>
        <cusip>665444KV6</cusip>
        <identifiers>
          <isin value="US665444KV62"/>
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        <balance>235000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>240603.41000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MINNESOTA ST HSG FIN AGY</name>
        <lei>549300R89XDTQBK4GE22</lei>
        <title>Minnesota Housing Finance Agency</title>
        <cusip>60416SMZ0</cusip>
        <identifiers>
          <isin value="US60416SMZ01"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9995.64000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.50000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RAMSEY CNTY MN</name>
        <lei>N/A</lei>
        <title>County of Ramsey MN</title>
        <cusip>751622XA4</cusip>
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          <isin value="US751622XA49"/>
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        <balance>580000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>571013.19000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.37500000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SAINT PAUL MN HSG &amp; REDEV AUTH</name>
        <lei>549300FQCUW4VH929113</lei>
        <title>Housing &amp; Redevelopment Authority of The City of St Paul Minnesota</title>
        <cusip>852297BH2</cusip>
        <identifiers>
          <isin value="US852297BH22"/>
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        <balance>500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>500174.80000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HENNEPIN CNTY MN</name>
        <lei>254900YDNULMQREFAU43</lei>
        <title>County of Hennepin MN</title>
        <cusip>425507LC2</cusip>
        <identifiers>
          <isin value="US425507LC26"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3250175.40000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>BAYTOWN TWP MN LEASE</name>
        <lei>N/A</lei>
        <title>Township of Baytown MN</title>
        <cusip>073225AX2</cusip>
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          <isin value="US073225AX23"/>
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        <balance>1550000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1348561.69000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>RAMSEY MN CHRT SCH LEASE REVEN</name>
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        <title>City of Ramsey MN</title>
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          <isin value="US751814AA28"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-06-01</maturityDt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AURORA MN INDEP SCH DIST #2711</name>
        <lei>N/A</lei>
        <title>Aurora Independent School District No 2711</title>
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          <isin value="US051820FF09"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-02-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>WADENA MN REVENUE</name>
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        <title>City of Wadena MN</title>
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          <isin value="US930256AG76"/>
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        <balance>365000.00000000</balance>
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          <maturityDt>2032-12-01</maturityDt>
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      <invstOrSec>
        <name>DULUTH MN INDEP SCH DIST #709</name>
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        <title>Duluth Independent School District No 709</title>
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          <isin value="US264474HM22"/>
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        <name>WAITE PARK MN</name>
        <lei>N/A</lei>
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          <isin value="US930727P974"/>
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          <maturityDt>2050-12-15</maturityDt>
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      <invstOrSec>
        <name>CENTRL MN MUNI PWR AGY</name>
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          <isin value="US154136BD63"/>
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        <name>SAINT PAUL MN HSG &amp; REDEV AUTH</name>
        <lei>549300FQCUW4VH929113</lei>
        <title>Housing &amp; Redevelopment Authority of The City of St Paul Minnesota</title>
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        <name>HASTINGS MN INDEP SCH DIST #20</name>
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          <ticker value="PGLXX"/>
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          <maturityDt>2043-03-01</maturityDt>
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        <name>MAPLE GROVE MN HLTH CARE FACS</name>
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          <maturityDt>2030-05-01</maturityDt>
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        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
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        <title>Minnesota Health &amp; Education Facilities Authority</title>
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        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
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        <title>Minnesota Health &amp; Education Facilities Authority</title>
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        <name>HENNEPIN CNTY MN REGL RAILROAD</name>
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        <name>GUAM GOVT BUSINESS PRIVILEGE T</name>
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          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MINNEAPOLIS-SAINT PAUL MN MET</name>
        <lei>N/A</lei>
        <title>Minneapolis-St Paul Metropolitan Airports Commission</title>
        <cusip>603827M86</cusip>
        <identifiers>
          <isin value="US603827M868"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1020240.99000000</valUSD>
        <pctVal>0.594719796150</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GUAM GOVT</name>
        <lei>N/A</lei>
        <title>Territory of Guam</title>
        <cusip>40065BCQ4</cusip>
        <identifiers>
          <isin value="US40065BCQ41"/>
        </identifiers>
        <balance>335000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>353884.29000000</valUSD>
        <pctVal>0.206286548837</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MINNESOTA ST HGR EDU FACS AUTH</name>
        <lei>549300DI4V4CIPMX7K35</lei>
        <title>Minnesota Health &amp; Education Facilities Authority</title>
        <cusip>60416JDA5</cusip>
        <identifiers>
          <isin value="US60416JDA51"/>
        </identifiers>
        <balance>5100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4782796.83000000</valUSD>
        <pctVal>2.787992232863</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAYTOWN TWP MN LEASE</name>
        <lei>N/A</lei>
        <title>Township of Baytown MN</title>
        <cusip>073225AW4</cusip>
        <identifiers>
          <isin value="US073225AW40"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>279977.55000000</valUSD>
        <pctVal>0.163204765437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MINNESOTA ST HSG FIN AGY</name>
        <lei>549300R89XDTQBK4GE22</lei>
        <title>Minnesota Housing Finance Agency</title>
        <cusip>60416URL1</cusip>
        <identifiers>
          <isin value="US60416URL16"/>
        </identifiers>
        <balance>165000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>168950.93000000</valUSD>
        <pctVal>0.098485028178</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MINNEAPOLIS-SAINT PAUL MN MET</name>
        <lei>N/A</lei>
        <title>Minneapolis-St Paul Metropolitan Airports Commission</title>
        <cusip>603827H66</cusip>
        <identifiers>
          <isin value="US603827H660"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2054849.60000000</valUSD>
        <pctVal>1.197814778283</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROCHESTER MN HLTH CARE FACS RE</name>
        <lei>549300006EX3INSHXA95</lei>
        <title>City of Rochester MN</title>
        <cusip>771902HF3</cusip>
        <identifiers>
          <isin value="US771902HF35"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1428435.75000000</valUSD>
        <pctVal>0.832665053042</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDEPENDENCE MN CHRT SCH LEASE</name>
        <lei>N/A</lei>
        <title>City of Independence MN</title>
        <cusip>45362RAL1</cusip>
        <identifiers>
          <isin value="US45362RAL15"/>
        </identifiers>
        <balance>650000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>507178.30000000</valUSD>
        <pctVal>0.295644831117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTRL MN MUNI PWR AGY</name>
        <lei>N/A</lei>
        <title>Central Minnesota Municipal Power Agency</title>
        <cusip>154136BA2</cusip>
        <identifiers>
          <isin value="US154136BA25"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>289507.29000000</valUSD>
        <pctVal>0.168759850055</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAINT PAUL MN HSG &amp; REDEV AUTH</name>
        <lei>549300FQCUW4VH929113</lei>
        <title>Housing &amp; Redevelopment Authority of The City of St Paul Minnesota</title>
        <cusip>792909FK4</cusip>
        <identifiers>
          <isin value="US792909FK47"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>983158.30000000</valUSD>
        <pctVal>0.573103521120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STHRN MINNESOTA ST MUNI PWR AG</name>
        <lei>N/A</lei>
        <title>Southern Minnesota Municipal Power Agency</title>
        <cusip>843375F76</cusip>
        <identifiers>
          <isin value="US843375F763"/>
        </identifiers>
        <balance>1815000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1847849.87000000</valUSD>
        <pctVal>1.077150309363</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WARREN/ALVARADO/OSLO MN INDEPS</name>
        <lei>N/A</lei>
        <title>Warren-Alvarado-Oslo Independent School District No 2176/MN</title>
        <cusip>934664CA9</cusip>
        <identifiers>
          <isin value="US934664CA94"/>
        </identifiers>
        <balance>625000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>622960.44000000</valUSD>
        <pctVal>0.363136660375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>



    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-01-27</ncom:dateSigned>
      <ncom:nameOfApplicant>Putnam ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer, US Fund Administration and Oversight</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
