# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-25-000485
**Filing Date:** 2025-9
**Character Count:** 132556
**Document Hash:** 9a1d31feff1d01588849abe2aea09832
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-000485.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001099263-25-000485

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Exchange-Traded Funds, Inc.
- **CENTRAL INDEX KEY:** 0001795351

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23494
- **FILM NUMBER:** 251342194

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

## Series and Classes Contracts Data

### T. Rowe Price Intermediate Municipal Income ETF (Series ID: S000084824)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000249324 | T. Rowe Price Intermediate Municipal Income ETF | TAXE            |

## Nport-Ex

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

July 31, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS‡** | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| **MUNICIPAL SECURITIES 99.0%** | **MUNICIPAL SECURITIES 99.0%** | **MUNICIPAL SECURITIES 99.0%** |
| **ALABAMA 3.3%** |  |  |
| Black Belt Energy Gas District, Series A, VRDN, 5.25%, 1/1/54 (Tender 10/1/30) | &nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| Southeast Alabama Gas Supply Dist., Series B, VRDN, 5.00%, 6/1/49 (Tender 5/1/32) | 715 | &nbsp;&nbsp;&nbsp;&nbsp;755 |
| Southeast Energy Auth., A Cooperative Dist., Series A, VRDN, 4.00%, 11/1/51 (Tender 10/1/28) | 300 | &nbsp;&nbsp;&nbsp;&nbsp;302 |
| Southeast Energy Auth., A Cooperative Dist., Series B-1, VRDN, 4.00%, 12/1/51 (Tender 12/1/31) | 290 | &nbsp;&nbsp;&nbsp;&nbsp;288 |
| Southeast Energy Auth., A Cooperative Dist., Series B-1, VRDN, 5.00%, 5/1/53 (Tender 8/1/28) | 600 | &nbsp;&nbsp;&nbsp;&nbsp;620 |
|  |  | 2007 |
| **ALASKA 0.3%** |  |  |
| Alaska Housing Finance, Series A, 2.15%, 6/1/31 | 195 | &nbsp;&nbsp;&nbsp;&nbsp;176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;176 |
| **ARIZONA 2.4%** |  |  |
| Arizona IDA, Series A, 5.00%, 11/1/29 | 140 | &nbsp;&nbsp;&nbsp;&nbsp;149 |
| Arizona IDA, Series A, 4.00%, 11/1/27 | 180 | &nbsp;&nbsp;&nbsp;&nbsp;180 |
| Chandler IDA, Series 2022-2, VRDN, 5.00%, 9/1/52 (Tender 9/1/27) (1) | 265 | &nbsp;&nbsp;&nbsp;&nbsp;269 |
| Phoenix IDA, Downtown Phoenix Student Housing, Series A, 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| Phoenix IDA, Downtown Phoenix Student Housing, Series A, 5.00%, 7/1/33 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| Salt River Project Agricultural Improvement & Power Dist., Series A, 5.00%, 1/1/37 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;514 |
| Salt Verde Financial, 5.00%, 12/1/37 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;208 |
|  |  | 1453 |
| **CALIFORNIA 6.0%** |  |  |
| California Community Choice Fin. Auth., Green Bond Energy Project, Series 2024H, VRDN, 5.00%, 1/1/56 (Tender 8/1/33) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;217 |
| California Community Choice Fin. Auth., Green Bond Energy Project, Series E-1, VRDN, 5.00%, 2/1/55 (Tender 9/1/32) | 500 | &nbsp;&nbsp;&nbsp;&nbsp;530 |
| California Infrastructure & Economic Dev. Bank, Series A, 3.25%, 8/1/29 | 450 | &nbsp;&nbsp;&nbsp;&nbsp;455 |
| California Municipal Fin. Auth., Series A, 5.125%, 11/1/40 (2) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;251 |
| California School Fin. Auth., Series A, 5.00%, 7/1/27 (2) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| California School Fin. Auth., Series A, 5.00%, 7/1/28 (2) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| California Statewide CDA, Series A, 5.00%, 5/15/30 | 220 | &nbsp;&nbsp;&nbsp;&nbsp;226 |
| California Statewide CDA, Series A, 5.00%, 9/2/39 | 330 | &nbsp;&nbsp;&nbsp;&nbsp;336 |
| California Statewide CDA, Loma Linda Univ. Medical Center, Series A, 5.00%, 12/1/28 (2) | 225 | &nbsp;&nbsp;&nbsp;&nbsp;232 |
| California Statewide CDA, Statewide Community Infrastructure Program, Series 2024C-1, 5.00%, 9/2/30 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;107 |
| Central Valley Energy Auth., VRDN, 5.00%, 12/1/55 (Tender 8/1/35) | &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| Los Angeles Dept. of Airports, Series A, 5.00%, 5/15/32 (1) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;218 |
| Los Angeles Dept. of Airports, Series B, 5.00%, 5/15/29 (1) | 205 | &nbsp;&nbsp;&nbsp;&nbsp;208 |
| Los Angeles Dept. of Airports, Series G, 5.00%, 5/15/29 | 225 | &nbsp;&nbsp;&nbsp;&nbsp;241 |
| Sacramento Airport System Revenue, Series C, 5.00%, 7/1/30 (1) | 300 | &nbsp;&nbsp;&nbsp;&nbsp;314 |
|  |  | 3623 |

---

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| **COLORADO 5.4%** |  |  |
| Colorado, 6.00%, 12/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;282 |
| Colorado, Series A, GO, 5.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp;572 |
| Colorado, Series A, 5.00%, 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| Colorado HFA, Series A-1, VRDN, 5.00%, 11/15/58 (Tender 11/15/28) | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;170 |
| Colorado HFA, Series B, VRDN, 5.00%, 5/15/62 (Tender 8/17/26) | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;168 |
| Colorado HFA, Series B-2, VRDN, 5.00%, 8/1/49 (Tender 8/1/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Denver City & County Airport, Series A, 5.00%, 12/1/29 (1) | 1445 | 1521 |
| E-470 Public Highway Auth., Series A, 5.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;363 |
|  |  | 3277 |
| **CONNECTICUT 2.1%** |  |  |
| Connecticut, Series A, 5.00%, 3/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;211 |
| Connecticut, Series B, 5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;510 |
| Connecticut, Series G, 5.00%, 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;456 |
| Connecticut HEFA, Hartford Univ., Series N, 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Connecticut State HEFA, Series F, 5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
|  |  | 1268 |
| **DELAWARE 1.5%** |  |  |
| Delaware Economic Dev. Auth., Series A, 3.60%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| Delaware HFA, Beebe Medical Center, 5.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;412 |
| Delaware HFA, Beebe Medical Center, 5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Kent County, Series A, 5.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;919 |
| **DISTRICT OF COLUMBIA 2.2%** |  |  |
| District of Columbia Income Tax Revenue, Series A, 5.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;112 |
| District of Columbia Water & Sewer Auth., Series A, 5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;236 |
| District of Columbia, Ingleside at Rock Creek, Series A, 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| Metropolitan Washington Airports Auth., Series A, 5.00%, 10/1/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;310 |
| Metropolitan Washington Airports Auth., Series A, 5.00%, 10/1/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;289 |
| Metropolitan Washington Airports Auth. Dulles Toll Road Revenue, Series A, 5.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;295 |
|  |  | 1362 |
| **FLORIDA 4.3%** |  |  |
| Alachua County HFA, Series B-1, 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;277 |
| Florida Dev. Fin., Series A, 5.00%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;177 |
| Florida Municipal Power Agency, Series A, 5.00%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;344 |
| Hillsborough County Aviation Auth., Series B, 5.00%, 10/1/36 (1) | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;567 |
| Miami-Dade County Aviation Revenue, 5.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;492 |
| Miami-Dade County Aviation Revenue, Series A, 5.00%, 10/1/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;539 |
| Sarasota County HFA, Southwest Florida Retirement Centre, Series A, 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;199 |
|  |  | 2595 |
| **GEORGIA 8.3%** |  |  |
| Atlanta Dept. of Aviation, Series C, 5.00%, 7/1/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;537 |

---

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| Atlanta Dept. of Aviation, Series C, 5.00%, 7/1/34 (1) | 875 | &nbsp;&nbsp;&nbsp;&nbsp;921 |
| Atlanta, Water & Wastewater Revenue, 5.00%, 11/1/37 (3) | 500 | &nbsp;&nbsp;&nbsp;&nbsp;550 |
| Burke County Dev. Auth, Series 2013, VRDN, 3.375%, 11/1/53 (Tender 3/12/27) | &nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| Burke County Dev. Auth, Series 2nd, VRDN, 3.80%, 10/1/32 (Tender 5/21/26) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;201 |
| Burke County Dev. Auth, Series 4th, VRDN, 3.80%, 10/1/32 (Tender 5/21/26) | 125 | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| Burke County Dev. Auth., PCR, Georgia Power Plant Vogtle Project, Series 2, VRDN, 3.30%, 12/1/49 (Tender 8/21/29) | 205 | &nbsp;&nbsp;&nbsp;&nbsp;205 |
| Main Street Natural Gas, Series C, VRDN, 5.00%, 12/1/54 (Tender 12/1/31) | 800 | &nbsp;&nbsp;&nbsp;&nbsp;841 |
| Main Street Natural Gas, Series E-1, VRDN, 5.00%, 12/1/53 (Tender 6/1/31) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;264 |
| Municipal Electric Auth. of Georgia, Series 2019A, 5.00%, 1/1/30 | 205 | &nbsp;&nbsp;&nbsp;&nbsp;219 |
| Municipal Electric Auth. of Georgia, Series 2024A, 5.00%, 1/1/30 | 330 | &nbsp;&nbsp;&nbsp;&nbsp;358 |
| Municipal Electric Auth. of Georgia, Series A, 5.00%, 1/1/36 | 700 | &nbsp;&nbsp;&nbsp;&nbsp;741 |
|  |  | 5058 |
| **HAWAII 1.2%** |  |  |
| City & County of Honolulu, Series A, GO, 5.00%, 7/1/42 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;521 |
| Hawaii Airports System Revenue, Series D, 5.00%, 7/1/40 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;735 |
| **IDAHO 1.2%** |  |  |
| Idaho HFA, Series A, 5.00%, 3/1/30 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;216 |
| Idaho HFA, Series D, 5.50%, 12/1/26 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;718 |
| **ILLINOIS 2.6%** |  |  |
| Chicago Midway Int'l Airport, Series C, 5.00%, 1/1/30 (1) | 220 | &nbsp;&nbsp;&nbsp;&nbsp;236 |
| Chicago O'Hare Int'l Airport, Series A, 5.00%, 1/1/33 | 165 | &nbsp;&nbsp;&nbsp;&nbsp;168 |
| Chicago O'Hare Int'l. Airport, Senior Lien, Series C, 5.00%, 1/1/27 (1) | &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| Illinois, Series A, GO, 5.00%, 10/1/30 | 215 | &nbsp;&nbsp;&nbsp;&nbsp;226 |
| Illinois, Series A, 5.00%, 3/1/29 | 295 | &nbsp;&nbsp;&nbsp;&nbsp;314 |
| Illinois, Series B, GO, 5.00%, 10/1/32 | 425 | &nbsp;&nbsp;&nbsp;&nbsp;442 |
| Illinois Fin. Auth., Series B, 5.00%, 10/1/44 (2) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
|  |  | 1555 |
| **INDIANA 0.8%** |  |  |
| Indiana Fin. Auth., Series A, 5.00%, 9/15/26 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;254 |
| Indiana Fin. Auth., Series D, VRDN, 5.00%, 10/1/63 (Tender 10/1/31) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;470 |
| **KENTUCKY 0.3%** |  |  |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, 5.00%, 6/1/26 | &nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Kentucky Public Energy Auth., Series A-1, VRDN, 5.00%, 5/1/55 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;105 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| **LOUISIANA 1.5%** |  |  |
| Louisiana Local Gov't Environmental Facilities & CDA, 3.50%, 11/1/32 | 550 | &nbsp;&nbsp;&nbsp;&nbsp;526 |
| Saint John the Baptist Parish, Marathon Oil, Series 2017B-2, VRDN, 2.375%, 6/1/37 (Tender 7/1/26) | &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| Saint John the Baptist Parish, Marathon Oil, Series A-1, VRDN, 4.05%, 6/1/37 (Tender 7/1/26) | &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |

---

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| Saint John the Baptist Parish, Marathon Oil, Series A-3, VRDN, 2.20%, 6/1/37 (Tender 7/1/26) | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;134 |
| Saint John the Baptist Parish, Marathon Oil, Series C, VRDN, 3.30%, 6/1/37 (Tender 7/3/28) | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;935 |
| **MARYLAND 7.5%** |  |  |
| Anne Arundel County, 5.00%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;825 |
| Anne Arundel County, 5.00%, 10/1/37 | 1000 | 1106 |
| Baltimore City, Convention Center Hotel, 5.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Maryland CDA, Series A, 1.75%, 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;458 |
| Maryland CDA, Series B, 3.00%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Maryland CDA, Series C-2, 3.70%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Maryland CDA, Series D-2, 3.30%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;253 |
| Maryland DOT, 2.50%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;225 |
| Maryland Economic Dev., 5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| Maryland Economic Dev., Bowie State Univ. Project, 4.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;232 |
| Maryland Economic Dev., Ports America Chesapeake, Series A, 5.00%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;224 |
| Maryland HHEFA, Series A, 5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;389 |
| Maryland HHEFA, Series A, 5.50%, 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Maryland HHEFA, Adventist Healthcare, 5.00%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| Maryland HHEFA, Adventist Healthcare, 4.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;117 |
| Maryland HHEFA, Adventist Healthcare, 5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| Rockville, Series A1, 5.00%, 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| Rockville, Series A-2, 5.00%, 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Rockville, Ingleside at King Farm, Series A-2, 3.375%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
|  |  | 4581 |
| **MASSACHUSETTS 1.2%** |  |  |
| Massachusetts, Series A, 5.00%, 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;525 |
| Massachusetts DFA, CHF Merrimack, Series A, 4.25%, 7/1/34 (2) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| Massachusetts HFA, Series B-3, 3.55%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;724 |
| **MICHIGAN 3.3%** |  |  |
| Great Lakes Water Auth. Sewage Disposal System Revenue, Series A, 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;275 |
| Great Lakes Water Auth. Water Supply System Revenue, Series A, 5.00%, 7/1/38 | 1000 | 1067 |
| Michigan State HFA, Series B-1, VRDN, 5.00%, 8/15/55 (Tender 6/1/32) | &nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;654 |
|  |  | 1996 |
| **MISSISSIPPI 0.0%** |  |  |
| Warren County, Int'l Paper, 4.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| **NEBRASKA 0.3%** |  |  |
| Central Plains Energy Project, Series 1, VRDN, 5.00%, 5/1/53 (Tender 10/1/29) | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;182 |

---

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| **NEVADA 0.2%** |  |  |
| Reno, 5.00%, 6/1/28 (2) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| **NEW HAMPSHIRE 0.1%** |  |  |
| National Fin. Auth., Series 2025-1, 4.087%, 1/20/41 | &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| **NEW JERSEY 0.8%** |  |  |
| New Jersey Economic Dev. Auth., DRP Urban Renewal, 6.375%, 1/1/35 (1)(2) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| New Jersey EFA, Stevens Institute of Technology International, Series A, 5.00%, 7/1/33 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| New Jersey Transportation Trust Fund Auth., Series A, 5.00%, 12/15/34 | 290 | &nbsp;&nbsp;&nbsp;&nbsp;300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| **NEW YORK 10.4%** |  |  |
| New York City Housing Dev., Series A-2, VRDN, 3.73%, 5/1/63 (Tender 12/29/28) | 260 | &nbsp;&nbsp;&nbsp;&nbsp;261 |
| New York City Housing Dev., Series C-2, VRDN, 3.75%, 5/1/65 (Tender 7/2/29) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| New York City Housing Dev., Series D, VRDN, 4.30%, 11/1/63 (Tender 11/1/28) | 800 | &nbsp;&nbsp;&nbsp;&nbsp;818 |
| New York City Housing Dev., Series F-2, VRDN, 3.40%, 11/1/64 (Tender 1/2/29) | 300 | &nbsp;&nbsp;&nbsp;&nbsp;302 |
| New York City Housing Dev., Series K, 3.95%, 11/1/43 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;136 |
| New York City Transitional Fin. Auth., Series F-1, 5.00%, 11/1/38 | 630 | &nbsp;&nbsp;&nbsp;&nbsp;675 |
| New York City Transitional Fin. Auth., Series G1, 5.00%, 5/1/42 | 160 | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series E, 5.00%, 11/1/36 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;274 |
| New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series H-1, 5.00%, 11/1/44 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;257 |
| New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series H-1, 5.25%, 11/1/45 | &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| New York Mortgage Agency Homeowner Mortgage Revenue, Series 232, 2.10%, 4/1/31 (1) | 610 | &nbsp;&nbsp;&nbsp;&nbsp;544 |
| New York NY, Series B1, 5.00%, 10/1/31 | 585 | &nbsp;&nbsp;&nbsp;&nbsp;632 |
| New York State Dormitory Auth., Series A, 5.00%, 3/15/43 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;514 |
| New York State Dormitory Auth., Series A, 5.00%, 3/15/36 | 750 | &nbsp;&nbsp;&nbsp;&nbsp;799 |
| New York State HFA, Series A-1, VRDN, 3.60%, 11/1/44 (Tender 4/1/32) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| New York Transportation Dev., JFK NTO, 6.00%, 6/30/42 (1) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| Port Auth. of New York & New Jersey, Series 226, 5.00%, 10/15/38 (1) | 355 | &nbsp;&nbsp;&nbsp;&nbsp;364 |
| Southold Local Dev., Peconic Landing at Southold Project, 3.50%, 12/1/30 | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| State of New York Mortgage Agency Homeowner Mortgage Revenue, Series 262, 3.75%, 4/1/26 (1) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;201 |
|  |  | 6317 |
| **NORTH CAROLINA 2.0%** |  |  |
| Cape Fear Public Utility Auth. Water & Service Revenue, 5.00%, 4/1/40 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| Durham Housing Auth., 500 East Main, VRDN, 3.625%, 4/1/29 (Tender 4/1/28) | &nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| North Carolina Medical Care Commission, Lutheran Services for Aging, Series C, 4.00%, 3/1/31 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;249 |
| North Carolina Medical Care Commission, Penick Village, Series A, 5.00%, 9/1/34 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;153 |
| North Carolina Medical Care Commission, Salemtowne, 5.25%, 10/1/37 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;144 |

---

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| North Carolina Municipal Power Agency #1, Series A, 5.00%, 1/1/28 | 430 | &nbsp;&nbsp;&nbsp;&nbsp;434 |
|  |  | 1226 |
| **OHIO 0.2%** |  |  |
| Norwood OH, 4.375%, 12/1/30 | 140 | &nbsp;&nbsp;&nbsp;&nbsp;141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;141 |
| **OKLAHOMA 1.3%** |  |  |
| Oklahoma Turnpike Auth., Series A, 5.00%, 1/1/43 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;517 |
| Oklahoma Turnpike Auth., Series A, 5.00%, 1/1/40 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;783 |
| **PENNSYLVANIA 0.8%** |  |  |
| Pennsylvania State University, Series A, 5.00%, 9/1/39 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;271 |
| Philadelphia Airport Revenue, Series B, 5.00%, 7/1/35 (1) | 185 | &nbsp;&nbsp;&nbsp;&nbsp;187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;458 |
| **PUERTO RICO 3.1%** |  |  |
| Puerto Rico Commonwealth, Series A1, GO, 5.625%, 7/1/29 | 213 | &nbsp;&nbsp;&nbsp;&nbsp;226 |
| Puerto Rico Commonwealth, Series A1, GO, 5.75%, 7/1/31 | 306 | &nbsp;&nbsp;&nbsp;&nbsp;332 |
| Puerto Rico Commonwealth, Series A1, GO, 4.00%, 7/1/35 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;239 |
| Puerto Rico Sales Tax Fin., Restructured, Series A1, Zero Coupon, 7/1/33 | &nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Puerto Rico Sales Tax Fin., Restructured, Series A2, 4.329%, 7/1/40 | 809 | &nbsp;&nbsp;&nbsp;&nbsp;752 |
| Puerto Rico Sales Tax Fin., Restructured, Series A-2A, 4.55%, 7/1/40 | 320 | &nbsp;&nbsp;&nbsp;&nbsp;302 |
|  |  | 1871 |
| **SOUTH CAROLINA 2.1%** |  |  |
| South Carolina Jobs-Economic Dev. Auth, Series A, 5.25%, 11/1/42 | &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| South Carolina Jobs-Economic Dev. Auth., Prisma Health Obligated Group, Series A, 5.00%, 5/1/32 | 125 | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| South Carolina Public Service Auth., Series A, 5.00%, 12/1/45 | 320 | &nbsp;&nbsp;&nbsp;&nbsp;321 |
| South Carolina Public Service Auth. Revenue, Series E, 5.50%, 12/1/39 | 415 | &nbsp;&nbsp;&nbsp;&nbsp;446 |
| South Carolina State Housing Fin. & Dev. Auth., Series A, 5.00%, 7/1/26 | 240 | &nbsp;&nbsp;&nbsp;&nbsp;245 |
| South Carolina State Housing Fin. & Dev. Auth., Series B, 5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
|  |  | 1248 |
| **TENNESSEE 0.4%** |  |  |
| Greeneville Health & Ed. Fac. Board, Ballad Health Obligation Group, Series A, 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| Metropolitan Gov't. of Nashville-Davidson Health & Ed. Fac. Board, Series A, 5.00%, 7/1/35 | 180 | &nbsp;&nbsp;&nbsp;&nbsp;181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;272 |
| **TEXAS 10.2%** |  |  |
| Austin Convention Enterprises, Convention Center, Series A, 5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Austin Convention Enterprises, Convention Center, Series A, 5.00%, 1/1/28 | 130 | &nbsp;&nbsp;&nbsp;&nbsp;132 |
| Central Texas Regional Mobility Auth., Series C, 5.00%, 1/1/27 | 650 | &nbsp;&nbsp;&nbsp;&nbsp;656 |
| Central Texas Regional Mobility Auth. Revenue, 5.00%, 1/1/27 | 390 | &nbsp;&nbsp;&nbsp;&nbsp;394 |
| Central Texas Turnpike System, Series A, 5.00%, 8/15/37 | 350 | &nbsp;&nbsp;&nbsp;&nbsp;376 |
| Central Texas Turnpike System, Series A, 5.00%, 8/15/38 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;265 |

---

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| Clifton Higher Education Finance, Series A, 5.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;531 |
| Conroe Independent School Dist., 5.00%, 2/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;758 |
| Harris County Cultural Education Facilities Fin., Series B, 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;664 |
| Hidalgo County Regional Mobility Auth., Series A, 4.00%, 12/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;351 |
| Houston Airport, Series B, 5.50%, 7/15/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| Houston Independent School Dist., Series A, 5.00%, 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;537 |
| Mission Economic Dev.,Graphic Packaging Int'l, VRDN, 5.00%, 12/1/64 (Tender 6/1/30) (1) | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;295 |
| North Texas Tollway Auth., Series A, 5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;207 |
| Texas Municipal Gas Acquisition & Supply V, VRDN, 5.00%, 1/1/55 (Tender 1/1/34) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;263 |
| Texas Private Activity Bond Surface Transportation, Series 2019-A, 5.00%, 12/31/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| Texas Private Activity Bond Surface Transportation, Series 2023, 5.50%, 6/30/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;162 |
| Texas Transportation Commission, Central Texas Turnpike, Series A, 5.00%, 8/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;273 |
| Waller Consolidated Independent School District, 5.00%, 2/15/41 (4) | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;131 |
|  |  | 6213 |
| **UTAH 0.7%** |  |  |
| Salt Lake City Airport, Series A, 5.25%, 7/1/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;416 |
| **VIRGINIA 4.5%** |  |  |
| Halifax County IDA, Series A, VRDN, 3.80%, 12/1/41 (Tender 5/28/27) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;142 |
| Henrico County Economic Dev. Auth., Series C, 4.00%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Lynchburg Economic Dev. Auth., Series A, 5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;196 |
| Prince William County IDA, 5.00%, 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| Prince William County IDA, 5.00%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;151 |
| Virginia Housing Dev. Auth., Series B, 2.80%, 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;423 |
| Virginia Housing Dev. Auth., Series B, 3.80%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;137 |
| Virginia Small Business Fin. Auth., Series A, 5.00%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;168 |
| Virginia Small Business Fin. Auth., Elizabeth River Crossings, 4.00%, 7/1/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;236 |
| Virginia Small Business Fin. Auth., 95 Express Lanes Project, 5.00%, 1/1/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;254 |
| Virginia Small Business Fin. Auth., 95 Express Lanes Project, 4.00%, 7/1/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;521 |
| Virginia Small Business Fin. Auth., 95 Express Lanes Project, 5.00%, 7/1/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;401 |
|  |  | 2744 |
| **WASHINGTON 5.0%** |  |  |
| Energy Northwest, Series A, 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;803 |
| Port of Seattle, Series A, 5.00%, 5/1/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;290 |
| Port of Seattle WA, Series B, 5.00%, 7/1/36 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;211 |
| Washington, Series 2, GO, 5.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;547 |
| Washington, Series R, 5.00%, 7/1/38 | 1000 | 1084 |
| Washington State Housing Fin. Commission, Series A, 5.00%, 7/1/45 (2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
|  |  | 3033 |
| **WEST VIRGINIA 0.6%** |  |  |
| West Virginia Economic Dev. Auth., Commercial Metals, VRDN, 4.625%, 4/15/55 (Tender 5/15/32) (1) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;244 |

---

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| West Virginia Hospital Fin. Auth., Series B, VRDN, 5.00%, 6/1/55 (Tender 6/1/33) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 |
| **WISCONSIN 0.9%** |  |  |
| PFA, Series A, 5.00%, 5/15/30 (2) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |
| PFA, Series A, 5.00%, 6/15/39 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| Wisconsin Housing & Economic Dev. Auth. Home Ownership Revenue, Series A, 3.25%, 9/1/26 | 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 |
| **Total Municipal Securities<br> (Cost $60,113)** |  | &nbsp;&nbsp;&nbsp;**60119** |
| **Total Investments<br> 99.0% of Net Assets (Cost $60,113)** |  | **$60119** |
| **Other Assets Less Liabilities 1.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**577** |
| **Net Assets 100.0%** |  | **$60696** |

---

‡ Par is denominated in U.S. dollars unless otherwise noted.

(1) Interest subject to alternative minimum tax.

(2) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. Total
value of such securities at period-end amounts to $1,285 and represents 2.1% of net assets.

(3) Insured by Build America Mutual Assurance Company

(4) When-issued security.

---

| | |
|:---|:---|
| CDA | Community Development Administration/Authority |
| DFA | Development Finance Authority |
| DOT | Department of Transportation |
| EFA | Educational Facility Authority |
| GO | General Obligation |
| HEFA | Health & Educational Facility Authority |
| HFA | Health Facility Authority |
| HHEFA | Health & Higher Educational Facility Authority |
| IDA | Industrial Development Authority/Agency |
| PCR | Pollution Control Revenue |
| PFA | Public Finance Authority/Agency |
| VRDN | Variable Rate Demand Note under which the holder has the right to sell the security to the issuer or the issuer's agent at a predetermined price on specified dates; such specified dates are considered the effective maturity for purposes of the fund's weighted average maturity; rate shown is effective rate at period-end and maturity date shown is final maturity. Certain VRDN rates are not based on a published reference rate and spread but may adjust periodically. |

---

The accompanying notes are an integral part of this portfolio of investments.

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

------

T. Rowe Price Intermediate Municipal Income ETF (the fund) is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board *Accounting Standards Codification* Topic 946. The accompanying Portfolio of Investments was prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). For additional information on the fund's significant accounting policies and investment related disclosures, please refer to the fund's most recent semiannual or annual shareholder report and its prospectus.

#### VALUATION

#### Fair Value
The fund's financial instruments are valued at the close of the New York Stock Exchange (NYSE), normally 4 p.m. Eastern Time, each day the NYSE is open for business, and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fund's Board of Directors (the Board) has designated T. Rowe Price Associates, Inc. as the fund's valuation designee (Valuation Designee). Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The duties and responsibilities of the Valuation Designee are performed by its Valuation Committee. The Valuation Designee provides periodic reporting to the Board on valuation matters.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date

Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads)

Level 3 – unobservable inputs (including the Valuation Designee's assumptions in determining fair value)

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

#### Valuation Techniques
Debt securities generally are traded in the over-the-counter (OTC) market and are valued at prices furnished by independent pricing services or by broker dealers who make markets in such securities. When valuing securities, the independent pricing services consider factors such as, but not limited to, the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities.

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

Investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good faith by the Valuation Designee. The Valuation Designee has adopted methodologies for determining the fair value of investments for which market quotations are not readily available or deemed unreliable, including the use of other pricing sources. Factors used in determining fair value vary by type of investment and may include market or investment specific considerations. The Valuation Designee typically will afford greatest weight to actual prices in arm's length transactions, to the extent they represent orderly transactions between market participants, transaction information can be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Designee may also consider other valuation methods such as market-based valuation multiples; a discount or premium from market value of a similar, freely traded security of the same issuer; discounted cash flows; yield to maturity; or some combination. Fair value determinations are reviewed on a regular basis. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions. Fair value prices determined by the Valuation Designee could differ from those of other market participants, and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security.

#### Valuation Inputs
On July 31, 2025, all of the fund's financial instruments were classified as Level 2, based on the inputs used to determine their fair values.

#### OTHER MATTERS
Unpredictable environmental, political, social and economic events, including but not limited to, environmental or natural disasters, war and conflict, terrorism, geopolitical and regulatory developments (including trading and tariff arrangements), and public health epidemics or threats, may significantly affect the economy and the markets and issuers in which a fund invests. The extent and duration of such events and resulting market disruptions cannot be predicted. These and other similar events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others, and exacerbate other pre-existing political, social, and economic risks. The fund's performance could be negatively impacted if the value of a portfolio holding were harmed by these or such events.

#### ETF1133-054Q3

#### 07/25

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** T. Rowe Price Exchange-Traded Funds, Inc.

- **b. Investment Company Act file number:** 811-23494

- **c. CIK number of Registrant:** 0001795351

- **d. LEI of Registrant:** 549300XZPUK24E1UMH17

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

  - **Street Address 1:** 1307 Point Street

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

  - **Telephone number:** 410-345-2000

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

- **a. Name of Series:** T. Rowe Price Intermediate Municipal Income ETF

- **b. EDGAR series identifier (if any):** S000084824

- **c. LEI of Series:** 254900S69BZ45RIX6U95

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $60839587.55

**Total Liabilities:** $143660.42

**Net Assets:** $60695927.13

**Delayed Delivery Securities:** $131577.50

**Cash Not Reported:** $128438.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -129.836016 | **1-Year:** -2591.882282 | **5-Year:** -10987.210957 | **10-Year:** -15755.433197 | **30-Year:** -439.685730

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

- **3-Month:** -2.401616 | **1-Year:** -283.088957 | **5-Year:** -859.590097 | **10-Year:** -1041.975124 | **30-Year:** -32.557967

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000249324 | 0.31%                | 0.88%                | 0.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-56332.16               | $48978.64                                  |
| Month 2  | $4958.74                 | $301132.96                                 |
| Month 3  | $1.26                    | $-109136.10                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alachua County Health Facilities Authority                                       | ALACHUA CNTY FL HLTH FACS AUTH ALAMED 12/34 FIXED 5         | CUSIP: 010685KZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $276963.50    | 0.46%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Housing Finance Corp                                                      | ALASKA ST HSG FIN CORP MTGE RE AKSHSG 06/31 FIXED 2.15      | CUSIP: 01170RHX3<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    195000 | PA      | $175967.38    | 0.29%             | 2031-06-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                        | ANNE ARUNDEL CNTY MD AAR 10/29 FIXED 5                      | CUSIP: 03588JJC7<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |    750000 | PA      | $824629.65    | 1.36%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                        | ANNE ARUNDEL CNTY MD AAR 10/37 FIXED 5                      | CUSIP: 03588JJL7<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106443.50   | 1.82%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH NATIO AZSEDU 11/27 FIXED 4         | CUSIP: 04052FCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180274.86    | 0.30%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | ARIZONA ST INDL DEV AUTH NATIO AZSEDU 11/29 FIXED 5         | CUSIP: 04052FEN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $148563.14    | 0.24%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                        | ATLANTA GA ARPT REVENUE ATLAPT 07/29 FIXED 5                | CUSIP: 04780MZN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537153.45    | 0.88%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                        | ATLANTA GA ARPT REVENUE ATLAPT 07/34 FIXED 5                | CUSIP: 04780MZT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $921189.85    | 1.52%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | ATLANTA GA WTR   WSTWTR REVENU ATLUTL 11/37 FIXED 5         | CUSIP: 047870TA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $549920.25    | 0.91%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises Inc                                                | AUSTIN CONVENTION ENTERPRISES AUSFAC 01/27 FIXED 5          | CUSIP: 052409DJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35428.20     | 0.06%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Austin Convention Enterprises Inc                                                | AUSTIN CONVENTION ENTERPRISES AUSFAC 01/28 FIXED 5          | CUSIP: 052409DK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $131462.89    | 0.22%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | BALTIMORE MD CONVENTION CENTER BALFAC 09/31 FIXED 5         | CUSIP: 05921PBX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76030.94     | 0.13%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | BLACK BELT ENERGY GAS DIST AL BBEUTL 01/54 ADJUSTABLE VAR   | CUSIP: 09182TCQ8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42325.10     | 0.07%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                        | BURKE CNTY GA DEV AUTH POLL CO BURPOL 10/32 ADJUSTABLE VAR  | CUSIP: 121342QF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200955.50    | 0.33%             | 2032-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                        | BURKE CNTY GA DEV AUTH POLL CO BURPOL 10/32 ADJUSTABLE VAR  | CUSIP: 121342QG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125597.19    | 0.21%             | 2032-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                        | BURKE CNTY GA DEV AUTH POLL CO BURPOL 11/53 ADJUSTABLE VAR  | CUSIP: 121342QL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95087.98     | 0.16%             | 2053-11-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| Development Authority of Burke County/The                                        | BURKE CNTY GA DEV AUTH POLL CO BURPOL 12/49 ADJUSTABLE VAR  | CUSIP: 121342QN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $204924.48    | 0.34%             | 2049-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING A CCEDEV 01/56 ADJUSTABLE VAR  | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    200000 | PA      | $216804.66    | 0.36%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | CALIFORNIA CMNTY CHOICE FING A CCEDEV 02/55 ADJUSTABLE VAR  | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $530452.45    | 0.87%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA SCH FIN AUTH SCH FA CASSCD 07/27 FIXED 5         | CUSIP: 13059TGU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103077.86    | 0.17%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                              | CALIFORNIA SCH FIN AUTH SCH FA CASSCD 07/28 FIXED 5         | CUSIP: 13059TGV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104798.50    | 0.17%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | CALIFORNIA ST INFRASTRUCTURE CASDEV 08/29 FIXED 3.25        | CUSIP: 13034A5B2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    450000 | PA      | $454726.08    | 0.75%             | 2029-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | CALIFORNIA ST MUNI FIN AUTH RE CASFIN 11/40 FIXED 5.125     | CUSIP: 13048V3E6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250469.63    | 0.41%             | 2040-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEV CASDEV 09/30 FIXED 5          | CUSIP: 13078YVN2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107071.04    | 0.18%             | 2030-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEV CASDEV 09/39 FIXED 5          | CUSIP: 13078YVE2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    330000 | PA      | $336462.75    | 0.55%             | 2039-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEVA CASDEV 05/30 FIXED 5         | CUSIP: 13078RGW4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    220000 | PA      | $225601.02    | 0.37%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA STWD CMNTYS DEV AUT CASGEN 12/28 FIXED 5         | CUSIP: 13080SVH4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    225000 | PA      | $232050.53    | 0.38%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cape Fear Public Utility Authority                                               | CAPE FEAR NC PUBLIC UTILITY AU CAPUTL 04/40 FIXED 5         | CUSIP: 139391FY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $160386.44    | 0.26%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | CENTRL PLAINS ENERGY PROJ NE G CENPWR 05/53 ADJUSTABLE VAR  | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    175000 | PA      | $182056.81    | 0.30%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | CENTRL TX REGL MOBILITY AUTH R CTXGEN 01/27 FIXED 5         | CUSIP: 155498LY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $655616.78    | 1.08%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | CENTRL TX REGL MOBILITY AUTH R CTXGEN 01/27 FIXED 5         | CUSIP: 155498EE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $393451.42    | 0.65%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Valley Energy Authority                                                  | CENTRL VLY CA ENERGY AUTH COMM CTVPWR 12/55 ADJUSTABLE VAR  | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |     75000 | PA      | $80074.22     | 0.13%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chandler Industrial Development Authority                                        | CHANDLER AZ INDL DEV AUTH INDL CHADEV 09/52 ADJUSTABLE VAR  | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $269552.14    | 0.44%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Midway International Airport                                             | CHICAGO IL MIDWAY ARPT REVENUE CHIAPT 01/30 FIXED 5         | CUSIP: 167562TB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $235428.84    | 0.39%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O Hare International Airport                                             | CHICAGO IL O HARE INTERNATIONA CHITRN 01/27 FIXED 5         | CUSIP: 1675935K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77125.03     | 0.13%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O Hare International Airport                                             | CHICAGO IL O HARE INTERNATIONA CHITRN 01/33 FIXED 5         | CUSIP: 167593ZD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $168405.40    | 0.28%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp                                            | CLIFTON TX HGR EDU FIN CORP ED CLIEDU 02/37 FIXED 5         | CUSIP: 187145VF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530880.75    | 0.87%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                    | CMNTY DEV ADMIN MD MF DEV REVE COMMFH 01/29 FIXED 3.3       | CUSIP: 20364NCK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252651.70    | 0.42%             | 2029-01-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                    | CMNTY DEV ADMIN MD MF DEV REVE COMMFH 01/29 FIXED 3.7       | CUSIP: 20364NDF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50752.27     | 0.08%             | 2029-01-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | COLORADO ST COPS COSCTF 09/31 FIXED 5                       | CUSIP: 196711QK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $572406.85    | 0.94%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | COLORADO ST COPS COSCTF 12/29 FIXED 5                       | CUSIP: 196711QZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $181376.45    | 0.30%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Colorado                                                                | COLORADO ST COPS COSCTF 12/39 FIXED 6                       | CUSIP: 196711UX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $281467.93    | 0.46%             | 2039-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REV COSMED 05/62 ADJUSTABLE VAR  | CUSIP: 19648FVK7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    165000 | PA      | $168392.78    | 0.28%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REV COSMED 08/49 ADJUSTABLE VAR  | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20161.03     | 0.03%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | COLORADO ST HLTH FACS AUTH REV COSMED 11/58 ADJUSTABLE VAR  | CUSIP: 19648FXD1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    160000 | PA      | $169710.90    | 0.28%             | 2058-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST CTS 03/41 FIXED 5                            | CUSIP: 20772KA90<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    200000 | PA      | $211417.32    | 0.35%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST CTS 11/31 FIXED 5                            | CUSIP: 20772KTD1<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    455000 | PA      | $509861.81    | 0.84%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST CTS 11/39 FIXED 5                            | CUSIP: 20772KYN3<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    425000 | PA      | $455999.76    | 0.75%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH   EDUCTNL CTSHGR 07/31 FIXED 5          | CUSIP: 20775DDS8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75484.01     | 0.12%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | CONNECTICUT ST HLTH   EDUCTNL CTSMED 07/27 FIXED 5          | CUSIP: 20774YV53<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15098.44     | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Independent School District                                               | CONROE TX INDEP SCH DIST CONSCD 02/38 FIXED 5               | CUSIP: 2084185D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $758346.79    | 1.25%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | DELAWARE ST ECON DEV AUTH REVE DESDEV 01/31 FIXED 3.6       | CUSIP: 246387SX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102285.48    | 0.17%             | 2031-01-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Delaware State Health Facilities Authority                                       | DELAWARE ST HLTH FACS AUTH REV DESMED 06/31 FIXED 5         | CUSIP: 246388TC6<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |    400000 | PA      | $411871.56    | 0.68%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware State Health Facilities Authority                                       | DELAWARE ST HLTH FACS AUTH REV DESMED 06/43 FIXED 5         | CUSIP: 246388TL6<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |     25000 | PA      | $23931.69     | 0.04%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | DENVER CITY   CNTY CO ARPT REV DENAPT 12/29 FIXED 5         | CUSIP: 249182LC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1520920.73   | 2.51%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Income Tax Revenue                                          | DIST OF COLUMBIA INCOME TAX SE DISGEN 06/31 FIXED 5         | CUSIP: 25477GXX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $111787.22    | 0.18%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | DIST OF COLUMBIA REVENUE DISREV 07/37 FIXED 5               | CUSIP: 25483VSE5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    120000 | PA      | $119709.41    | 0.20%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                     | DIST OF COLUMBIA WTR   SWR AUT DISUTL 10/44 FIXED 5         | CUSIP: 254845UE8<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |    230000 | PA      | $236305.45    | 0.39%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Durham Housing Authority                                                         | DURHAM NC HSG AUTH MF HSG REVE DURMFH 04/29 ADJUSTABLE VAR  | CUSIP: 266785AU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85936.06     | 0.14%             | 2029-04-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| E-470 Public Highway Authority                                                   | E 470 CO PUBLIC HIGHWAY AUTH EHYTRN 09/40 FIXED 5           | CUSIP: 26822LMW1<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |    345000 | PA      | $362897.84    | 0.60%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | ENERGY N W WA ELEC REVENUE ENEPWR 07/39 FIXED 5             | CUSIP: 29270C5L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $803422.14    | 1.32%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp                                                 | FLORIDA ST DEV FIN CORP FLSDEV 02/31 FIXED 5                | CUSIP: 340618CV7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    175000 | PA      | $177661.91    | 0.29%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | FLORIDA ST MUNI PWR AGY FLSPWR 10/28 FIXED 5                | CUSIP: 342816J22<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    335000 | PA      | $343820.11    | 0.57%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                       | GREAT LAKES MI WTR AUTH SEWAGE GRTWTR 07/37 FIXED 5         | CUSIP: 39081HEQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $275060.70    | 0.45%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Lakes Water Authority Water Supply System Revenue                          | GREAT LAKES MI WTR AUTH WTR SP GRTWTR 07/38 FIXED 5         | CUSIP: 39081JFU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067085.30   | 1.76%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greeneville Health & Educational Facilities Board                                | GREENEVILLE TN HLTH   EDUCTNL GREMED 07/37 FIXED 5          | CUSIP: 396649EV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91373.83     | 0.15%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Halifax County Industrial Development Authority                                  | HALIFAX CNTY VA INDL DEV AUTH HALDEV 12/41 ADJUSTABLE VAR   | CUSIP: 40579PAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $142107.39    | 0.23%             | 2041-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                         | HARRIS CNTY TX CULTURAL EDU FA HAREDU 07/37 FIXED 5         | CUSIP: 414009SK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $664418.91    | 1.09%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                          | HAWAII ST ARPTS SYS REVENUE HISAPT 07/40 FIXED 5            | CUSIP: 419794L67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $214328.88    | 0.35%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Henrico County Economic Development Authority                                    | HENRICO CNTY VA ECON DEV AUTH HENDEV 12/32 FIXED OID 4      | CUSIP: 42605QFG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40044.66     | 0.07%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hidalgo County Regional Mobility Authority                                       | HIDALGO CNTY TX REGL MOBILITY HMATRN 12/41 FIXED 4          | CUSIP: 42934AAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $351212.04    | 0.58%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Aviation Authority                                           | HILLSBOROUGH CNTY FL AVIATION HILTRN 10/36 FIXED 5          | CUSIP: 432308V84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $566769.32    | 0.93%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | HONOLULU CITY   CNTY HI HON 07/42 FIXED 5                   | CUSIP: 438687ZD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520990.35    | 0.86%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | HOUSTON TX ARPT SYS REVENUE HOUAPT 07/35 FIXED 5.5          | CUSIP: 442349HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105693.69    | 0.17%             | 2035-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Houston Independent School District                                              | HOUSTON TX INDEP SCH DIST HOUSCD 02/27 FIXED 5              | CUSIP: 442403KV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $536806.31    | 0.88%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | IDAHO ST HLTH FACS AUTH REVENU IDSMED 03/30 FIXED 5         | CUSIP: 451295B73<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    200000 | PA      | $216539.62    | 0.36%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                | IDAHO ST HLTH FACS AUTH REVENU IDSMED 12/26 FIXED 5.5       | CUSIP: 451295XK0<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501547.75    | 0.83%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE ILSGEN 10/44 FIXED 5           | CUSIP: 45204FYU3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $92069.56     | 0.15%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST ILS 03/29 FIXED 5                               | CUSIP: 452153CQ0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    295000 | PA      | $314333.77    | 0.52%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST ILS 10/30 FIXED 5                               | CUSIP: 4521522N0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    215000 | PA      | $225701.73    | 0.37%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | ILLINOIS ST ILS 10/32 FIXED 5                               | CUSIP: 4521523E9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    425000 | PA      | $442211.65    | 0.73%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HLTH SYS R INSMED 10/63 ADJUSTABLE VAR  | CUSIP: 45470YGE5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    200000 | PA      | $216105.18    | 0.36%             | 2063-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | INDIANA ST FIN AUTH HOSP REVEN INSFIN 09/26 FIXED 5         | CUSIP: 45471AUH3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253994.20    | 0.42%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Kent DE                                                                | KENT CNTY DE STUDENT HSG   DIN KENHSG 07/32 FIXED 5         | CUSIP: 490237AL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $380415.56    | 0.63%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | KENTUCKY ST ECON DEV FIN AUTH KYSDEV 06/26 FIXED 5          | CUSIP: 49126KJU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60595.02     | 0.10%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | KENTUCKY ST PUBLIC ENERGY AUTH KYSPWR 05/55 ADJUSTABLE VAR  | CUSIP: 74440DEL4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104907.78    | 0.17%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/29 FIXED 5         | CUSIP: 544445A82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $241251.10    | 0.40%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/29 FIXED 5         | CUSIP: 544445BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $207651.06    | 0.34%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles Department of Airports                                       | LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/32 FIXED 5         | CUSIP: 5444452M0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $217811.12    | 0.36%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | LOUISIANA ST LOCAL GOVT ENVRNM LASFAC 11/32 FIXED 3.5       | CUSIP: 54628CDX7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    550000 | PA      | $525576.76    | 0.87%             | 2032-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Lynchburg Economic Development Authority                                         | LYNCHBURG VA ECON DEV AUTH HOS LNCMED 01/27 FIXED 5         | CUSIP: 55123TAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $195924.81    | 0.32%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA MAIUTL 12/53 ADJUSTABLE VAR  | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264086.85    | 0.44%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                                      | MAIN STREET NATURAL GAS INC GA MAIUTL 12/54 ADJUSTABLE VAR  | CUSIP: 56035DHT2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    800000 | PA      | $840737.68    | 1.39%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                    | MARYLAND ST CMNTY DEV ADMIN DE MDSDEV 03/30 FIXED 1.75      | CUSIP: 57419TGL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $457783.82    | 0.75%             | 2030-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                    | MARYLAND ST CMNTY DEV ADMIN DE MDSMFH 09/34 FIXED 3         | CUSIP: 57419R7V1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $45559.29     | 0.08%             | 2034-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                                   | MARYLAND ST DEPT OF TRANSPRTN MDSTRN 10/33 FIXED 2.5        | CUSIP: 574204N90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $225449.90    | 0.37%             | 2033-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP ECON MDSDEV 06/35 FIXED 5         | CUSIP: 57420NCC3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    220000 | PA      | $223902.73    | 0.37%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP STUD MDSDEV 07/29 FIXED 5         | CUSIP: 57420VQM8<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    185000 | PA      | $189628.98    | 0.31%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp                                               | MARYLAND ST ECON DEV CORP STUD MDSDEV 07/35 FIXED 4         | CUSIP: 57420VRF2<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    250000 | PA      | $231771.48    | 0.38%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 01/26 FIXED 5.5       | CUSIP: 574218S46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40305.15     | 0.07%             | 2026-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 01/27 FIXED 5         | CUSIP: 57421CBP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $133141.27    | 0.22%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 01/28 FIXED 5         | CUSIP: 57421CBQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51987.58     | 0.09%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 01/30 FIXED 4         | CUSIP: 57421CBG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $117406.55    | 0.19%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 07/34 FIXED 5         | CUSIP: 5742188C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $388723.46    | 0.64%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY R MASDEV 07/34 FIXED OID 4.25  | CUSIP: 57585BBR8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98315.87     | 0.16%             | 2034-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                             | MASSACHUSETTS ST HSG FIN AGY MASHSG 12/29 FIXED 3.55        | CUSIP: 57586VDW0<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101051.10    | 0.17%             | 2029-12-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | MASSACHUSETTS ST MAS 04/42 FIXED 5                          | CUSIP: 57582TCK6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    500000 | PA      | $524446.45    | 0.86%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd | MET GOVT NASHVILLE   DAVIDSONC METHGR 07/35 FIXED 5         | CUSIP: 592041WF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $181008.83    | 0.30%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH A METAPT 10/31 FIXED 5         | CUSIP: 592647LC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $309809.91    | 0.51%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Aviation Revenue                      | MET WASHINGTON DC ARPTS AUTH A METAPT 10/38 FIXED 5         | CUSIP: 592647MW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $289605.71    | 0.48%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue              | MET WASHINGTON DC ARPTS AUTH D METAPT 10/36 FIXED 5         | CUSIP: 592643CR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $294740.42    | 0.49%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI DADE CNTY FL AVIATION RE MIATRN 10/27 FIXED 5         | CUSIP: 59333PS90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $492204.72    | 0.81%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Aviation Revenue                                         | MIAMI DADE CNTY FL AVIATION RE MIATRN 10/34 FIXED 5         | CUSIP: 59333P7L6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $538700.20    | 0.89%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | MICHIGAN ST HOSP FIN AUTH MISMED 08/55 ADJUSTABLE VAR       | CUSIP: 59465HXE1<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    605000 | PA      | $653513.07    | 1.08%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp                                                | MISSION TX ECON DEV CORP SOL W MISPOL 12/64 ADJUSTABLE VAR  | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $294484.94    | 0.49%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GA MELPWR 01/30 FIXED 5                   | CUSIP: 62620HJH6<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    330000 | PA      | $358089.63    | 0.59%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GEORGIA MELPWR 01/30 FIXED 5              | CUSIP: 6262073X0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    205000 | PA      | $218691.66    | 0.36%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | MUNI ELEC AUTH OF GEORGIA MELPWR 01/36 FIXED 5              | CUSIP: 6262074Z4<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    700000 | PA      | $741553.33    | 1.22%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | N TX TOLLWAY AUTH REVENUE NRTTRN 01/27 FIXED 5              | CUSIP: 66285WUX2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    205000 | PA      | $207071.75    | 0.34%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS NFADEV 01/41 ADJUST OID VAR  | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     49856 | PA      | $47060.58     | 0.08%             | 2041-01-20      | Variable      | 4.09%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | NEW JERSEY ST ECON DEV AUTH DO NJSDEV 01/35 FIXED OID 6.375 | CUSIP: 64578TAA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101567.62    | 0.17%             | 2035-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUT NJSEDU 07/33 FIXED 5         | CUSIP: 6460666A3<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106219.94    | 0.18%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | NEW JERSEY ST TRANSPRTN TRUST NJSTRN 12/34 FIXED 5          | CUSIP: 6461364F5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    290000 | PA      | $300500.84    | 0.50%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP NYCHSG 05/65 ADJUSTABLE VAR   | CUSIP: 64972KLH6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101324.70    | 0.17%             | 2065-05-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP NYCHSG 11/43 FIXED 3.95       | CUSIP: 64972C8S5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    150000 | PA      | $136122.02    | 0.22%             | 2043-11-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP NYCHSG 11/64 ADJUSTABLE VAR   | CUSIP: 64972KGU3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301958.58    | 0.50%             | 2064-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP NYCMFH 05/63 ADJUSTABLE VAR   | CUSIP: 64972E4L0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    260000 | PA      | $261058.46    | 0.43%             | 2063-05-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp                                           | NEW YORK CITY NY HSG DEV CORP NYCMFH 11/63 ADJUSTABLE VAR   | CUSIP: 64972E7D5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    800000 | PA      | $818285.84    | 1.35%             | 2063-11-01      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL NYCGEN 05/42 FIXED 5          | CUSIP: 64972JHU5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    160000 | PA      | $165922.54    | 0.27%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL NYCGEN 11/36 FIXED 5          | CUSIP: 64972JPD4<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    250000 | PA      | $273545.18    | 0.45%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL NYCGEN 11/38 FIXED 5          | CUSIP: 64972JQF8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    630000 | PA      | $675009.66    | 1.11%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL NYCGEN 11/44 FIXED 5          | CUSIP: 64972JTC2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    250000 | PA      | $256823.50    | 0.42%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                                     | NEW YORK NY CITY TRANSITIONAL NYCGEN 11/45 FIXED 5.25       | CUSIP: 64972JTD0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52258.76     | 0.09%             | 2045-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | NEW YORK NY NYC 10/31 FIXED 5                               | CUSIP: 64966QFD7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    585000 | PA      | $631855.81    | 1.04%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSO NYSGEN 03/43 FIXED 5         | CUSIP: 64990KGQ0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514463.75    | 0.85%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | NEW YORK ST DORM AUTH ST PERSO NYSHGR 03/36 FIXED 5         | CUSIP: 64990FZR8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    750000 | PA      | $798857.40    | 1.32%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | NEW YORK ST HSG FIN AGY AFFORD NYSHSG 11/44 ADJUSTABLE VAR  | CUSIP: 64987JZ20<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100348.58    | 0.17%             | 2044-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue                     | NEW YORK ST MTGE AGY HOMEOWNER NYSHSG 04/26 FIXED 3.75      | CUSIP: 64988YZK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200565.90    | 0.33%             | 2026-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency Homeowner Mortgage Revenue                     | NEW YORK ST MTGE AGY HOMEOWNER NYSHSG 04/31 FIXED 2.1       | CUSIP: 64988YJU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $543498.47    | 0.90%             | 2031-04-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                                         | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 06/42 FIXED 6         | CUSIP: 650116JE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106498.15    | 0.18%             | 2042-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COM NCSMED 03/31 FIXED 4         | CUSIP: 65821DYR6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $248808.58    | 0.41%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COM NCSMED 09/34 FIXED 5         | CUSIP: 65820YTM8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152989.10    | 0.25%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                           | NORTH CAROLINA ST MED CARE COM NCSMED 10/37 FIXED OID 5.25  | CUSIP: 65820YLH7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    150000 | PA      | $143676.30    | 0.24%             | 2037-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Municipal Power Agency No 1                                       | NORTH CAROLINA ST MUNI PWR AGY NCMPWR 01/28 FIXED 5         | CUSIP: 658203X33<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    430000 | PA      | $434357.66    | 0.72%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Norwood OH                                                               | NORWOOD OH SPL OBLIG REVENUE NORGEN 12/30 FIXED OID 4.375   | CUSIP: 669681AA6<br>LEI: 5493000KZUQ48Z2VEE89 | Long             | DBT              | MUN               | US        |    140000 | PA      | $140561.32    | 0.23%             | 2030-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                      | OKLAHOMA ST TURNPIKE AUTH OKSTRN 01/40 FIXED 5              | CUSIP: 679111D84<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |    250000 | PA      | $265364.68    | 0.44%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Turnpike Authority                                                      | OKLAHOMA ST TURNPIKE AUTH OKSTRN 01/43 FIXED 5              | CUSIP: 679111E34<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |    500000 | PA      | $517311.70    | 0.85%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University/The                                                | PENNSYLVANIA ST UNIV PSUHGR 09/39 FIXED 5                   | CUSIP: 7092353Y9<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |    250000 | PA      | $271115.30    | 0.45%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Airport Revenue                                          | PHILADELPHIA PA ARPT REVENUE PHIAPT 07/35 FIXED 5           | CUSIP: 717817UH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $187360.56    | 0.31%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The              | PHOENIX AZ INDL DEV AUTH STUDE PHODEV 07/31 FIXED 5         | CUSIP: 71885DCW0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30778.61     | 0.05%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the City of Phoenix Arizona/The              | PHOENIX AZ INDL DEV AUTH STUDE PHODEV 07/33 FIXED 5         | CUSIP: 71885DCY6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101744.37    | 0.17%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | PORT AUTH OF NEW YORK   NEW JE PORTRN 10/38 FIXED 5         | CUSIP: 73358XCJ9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    355000 | PA      | $363769.57    | 0.60%             | 2038-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE PTSGEN 05/33 FIXED 5             | CUSIP: 735389D47<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    285000 | PA      | $290413.06    | 0.48%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE PTSGEN 07/36 FIXED 5             | CUSIP: 7353892H0<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    200000 | PA      | $210457.92    | 0.35%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prince William County Industrial Development Authority                           | PRINCE WILLIAM CNTY VA INDL DE PRIDEV 01/26 FIXED 5         | CUSIP: 741756BZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75215.70     | 0.12%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Prince William County Industrial Development Authority                           | PRINCE WILLIAM CNTY VA INDL DE PRIDEV 01/31 FIXED 5         | CUSIP: 741756CA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151003.31    | 0.25%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI SENIOR LIVI PUBFIN 05/30 FIXED 5         | CUSIP: 74443UAW3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101079.73    | 0.17%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | PUBLIC FIN AUTH WI STUDENT HSG PUBFIN 06/39 FIXED 5         | CUSIP: 74439YFR7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102749.32    | 0.17%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH PRC 07/29 FIXED 5.625                    | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    213000 | PA      | $225496.80    | 0.37%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH PRC 07/31 FIXED 5.75                     | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    306000 | PA      | $332196.57    | 0.55%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | PUERTO RICO CMWLTH PRC 07/35 FIXED 4                        | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    250000 | PA      | $238422.05    | 0.39%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING COR PRCGEN 07/33 ZEROCPNOID 0    | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     28000 | PA      | $20251.50     | 0.03%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING COR PRCGEN 07/40 FIXED 4.329     | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    809000 | PA      | $752203.59    | 1.24%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue                           | PUERTO RICO SALES TAX FING COR PRCGEN 07/40 FIXED 4.55      | CUSIP: 74529JRQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    320000 | PA      | $302330.72    | 0.50%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| City of Reno NV                                                                  | RENO NV SPL ASSMNT RENGEN 06/28 FIXED 5                     | CUSIP: 759865BU1<br>LEI: 549300M4R5WWSUWY8D52 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102879.62    | 0.17%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rockville MD                                                             | ROCKVILLE MD MAYOR   COUNCIL E ROCDEV 11/27 FIXED OID 3.375 | CUSIP: 774223BM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49041.47     | 0.08%             | 2027-11-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| City of Rockville MD                                                             | ROCKVILLE MD MAYOR   COUNCIL E ROCDEV 11/30 FIXED 5         | CUSIP: 774223AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91094.09     | 0.15%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Rockville MD                                                             | ROCKVILLE MD MAYOR   COUNCIL E ROCDEV 11/32 FIXED 5         | CUSIP: 774223BS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25143.61     | 0.04%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District/The                                        | S E ALABAMA ST GAS SPLY DIST G SOUUTL 06/49 ADJUSTABLE VAR  | CUSIP: 84131TBT8<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    715000 | PA      | $755175.14    | 1.24%             | 2049-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Sacramento CA Airport System Revenue                                   | SACRAMENTO CNTY CA ARPT SYS RE SACAPT 07/30 FIXED 5         | CUSIP: 786107RP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $314387.85    | 0.52%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist LA                                                 | SAINT JOHN THE BAPTIST PARISH SJBCTF 06/37 ADJUSTABLE VAR   | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175929.64    | 0.29%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist LA                                                 | SAINT JOHN THE BAPTIST PARISH SJBCTF 06/37 ADJUSTABLE VAR   | CUSIP: 79020FAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25208.46     | 0.04%             | 2037-06-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist LA                                                 | SAINT JOHN THE BAPTIST PARISH SJBCTF 06/37 ADJUSTABLE VAR   | CUSIP: 79020FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $133887.20    | 0.22%             | 2037-06-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist LA                                                 | SAINT JOHN THE BAPTIST PARISH SJBCTF 06/37 ADJUSTABLE VAR   | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $74499.41     | 0.12%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | SALT LAKE CITY UT ARPT REVENUE SALAPT 07/39 FIXED 5.25      | CUSIP: 795576LW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $415890.36    | 0.69%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District                     | SALT RIVER AZ PROJ AGRIC IMPT SALAGR 01/37 FIXED 5          | CUSIP: 79574CCW1<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |    500000 | PA      | $513946.30    | 0.85%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salt Verde Financial Corp                                                        | SALT VERDE AZ FINANCIAL CORP S SLTPWR 12/37 FIXED OID 5     | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    200000 | PA      | $207746.56    | 0.34%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sarasota County Health Facilities Authority                                      | SARASOTA CNTY FL HLTH FACS AUT SARMED 01/37 FIXED 5         | CUSIP: 80329UAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199075.44    | 0.33%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                     | SOUTH CAROLINA ST HSG FIN   DE SCSHSG 07/26 FIXED 5         | CUSIP: 83712D4E3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $245256.62    | 0.40%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                     | SOUTH CAROLINA ST HSG FIN   DE SCSHSG 07/29 FIXED 5         | CUSIP: 83712D3H7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53985.01     | 0.09%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS ECON DE SCSMED 05/32 FIXED 5         | CUSIP: 83703FLE0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    125000 | PA      | $129813.38    | 0.21%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | SOUTH CAROLINA ST JOBS ECON DE SCSMED 11/42 FIXED 5.25      | CUSIP: 83703EMW2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |     50000 | PA      | $52145.43     | 0.09%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC A SCSUTL 12/39 FIXED 5.5       | CUSIP: 837151T41<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    415000 | PA      | $446454.05    | 0.74%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC A SCSUTL 12/45 FIXED 5         | CUSIP: 8371515Q8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    320000 | PA      | $320791.65    | 0.53%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMO SEEPWR 05/53 ADJUSTABLE VAR  | CUSIP: 84136FBB2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    600000 | PA      | $620226.06    | 1.02%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMO SEEPWR 11/51 ADJUSTABLE VAR  | CUSIP: 84136FAH0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301351.50    | 0.50%             | 2051-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | SOUTHEAST ENERGY AUTH AL COMMO SEEPWR 12/51 ADJUSTABLE VAR  | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    290000 | PA      | $288286.19    | 0.47%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Southold Local Development Corp                                                  | SOUTHOLD NY LOCAL DEV CORP REV STHDEV 12/30 FIXED OID 3.5   | CUSIP: 844584AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $14572.98     | 0.02%             | 2030-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp V                                  | TEXAS ST MUNI GAS ACQUISITION TXSUTL 01/55 ADJUSTABLE VAR   | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |    250000 | PA      | $263112.48    | 0.43%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                          | TEXAS ST PRIV ACTIVITY BOND SU TXSTRN 06/42 FIXED 5.5       | CUSIP: 882667CL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $162217.34    | 0.27%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Texas Private Activity Bond Surface Transportation Corp                          | TEXAS ST PRIV ACTIVITY BOND SU TXSTRN 12/36 FIXED 5         | CUSIP: 882667AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77373.82     | 0.13%             | 2036-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                    | TEXAS ST TRANSPRTN COMMISSION TXSTRN 08/37 FIXED 5          | CUSIP: 88283KBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $376233.90    | 0.62%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                    | TEXAS ST TRANSPRTN COMMISSION TXSTRN 08/38 FIXED 5          | CUSIP: 88283KBV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265319.50    | 0.44%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                    | TEXAS ST TRANSPRTN COMMISSION TXSTRN 08/39 FIXED 5          | CUSIP: 88283KBH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $272945.57    | 0.45%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH VASHSG 03/37 FIXED 2.8             | CUSIP: 92812WDK7<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    510000 | PA      | $423147.15    | 0.70%             | 2037-03-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Virginia Housing Development Authority                                           | VIRGINIA ST HSG DEV AUTH VASHSG 06/31 FIXED 3.8             | CUSIP: 92812WWZ3<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    135000 | PA      | $136591.26    | 0.23%             | 2031-06-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FIN VASDEV 01/32 FIXED 5         | CUSIP: 928104PA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $253955.26    | 0.42%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FIN VASDEV 01/32 FIXED 5         | CUSIP: 928104MS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $168073.86    | 0.28%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FIN VASDEV 07/32 FIXED 4         | CUSIP: 928104NM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $236318.59    | 0.39%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FIN VASDEV 07/32 FIXED 5         | CUSIP: 928104PB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $400649.77    | 0.66%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | VIRGINIA ST SMALL BUSINESS FIN VASDEV 07/39 FIXED 4         | CUSIP: 928104PR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $520833.51    | 0.86%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Waller Consolidated Independent School District                                  | WALLER TX INDEP SCH DIST WLRSCD 02/41 FIXED 5               | CUSIP: 932493MP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $130489.40    | 0.21%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Warren MS                                                              | WARREN CNTY MS GULF OPPORTUNIT WARIMP 09/32 FIXED 4         | CUSIP: 935031AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25090.62     | 0.04%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | WASHINGTON ST HSG FIN COMMISSI WASHSG 07/45 FIXED OID 5     | CUSIP: 93978LJL1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98436.03     | 0.16%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | WASHINGTON ST WAS 07/38 FIXED 5                             | CUSIP: 93974E4Y9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083577.50   | 1.79%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                     | WEST VIRGINIA ST ECON DEV AUTH WVSDEV 04/55 ADJUSTABLE VAR  | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    250000 | PA      | $243597.80    | 0.40%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                         | WEST VIRGINIA ST HOSP FIN AUTH WVSMED 06/55 ADJUSTABLE VAR  | CUSIP: 956622Z23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106470.00    | 0.18%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue        | WISCONSIN ST HSG   ECON DEV AU WISGEN 09/26 FIXED 3.25      | CUSIP: 97689QSU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    360000 | PA      | $360868.14    | 0.59%             | 2026-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                               | WISCONSIN ST WIS 05/38 FIXED 5                              | CUSIP: 97705MM85<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    500000 | PA      | $546461.10    | 0.90%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-02

**Name of Applicant:** T. Rowe Price Exchange-Traded Funds, Inc.

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President