# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001795351-25-000325
**Filing Date:** 2025-6
**Character Count:** 77344
**Document Hash:** 0548e15ab11deef65749b8f35f9e7af1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001795351-25-000325.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001795351-25-000325

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**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:** 251072512

**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            |

## 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:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $51794255.97

**Total Liabilities:** $1208434.14

**Net Assets:** $50585821.83

**Delayed Delivery Securities:** $3383324.40

**Cash Not Reported:** $21627.95

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -32.785615 | **1-Year:** -2113.024648 | **5-Year:** -8478.307149 | **10-Year:** -13266.671881 | **30-Year:** -569.524475

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

- **3-Month:** -2.161939 | **1-Year:** -267.691603 | **5-Year:** -550.968285 | **10-Year:** -832.259997 | **30-Year:** -36.474994

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000249324 | 0.99%                | -1.27%               | -0.41%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3092.26                | $175648.83                                 |
| Month 2  | $-4077.98                | $-415200.11                                |
| Month 3  | $-7229.85                | $-24528.48                                 |

### 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      | $276221.29    | 0.55%             | 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      | $170774.47    | 0.34%             | 2031-06-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Albemarle County Economic Development Authority                                  | ALBEMARLE CNTY VA ECON DEV AUT ALBMED 10/48 ADJUSTABLE VAR  | CUSIP: 012663AM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1910000.00   | 3.78%             | 2048-10-01      | Variable      | 2.65%                 | 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        |   1000000 | PA      | $1083694.10   | 2.14%             | 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      | $1120427.50   | 2.21%             | 2037-10-01      | Fixed         | 5.00%                 | 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      | $147052.07    | 0.29%             | 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      | $525759.10    | 1.04%             | 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      | $915891.90    | 1.81%             | 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      | $550002.80    | 1.09%             | 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      | $35117.36     | 0.07%             | 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      | $130040.46    | 0.26%             | 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      | $75573.84     | 0.15%             | 2031-09-01      | Fixed         | 5.00%                 | 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      | $200817.06    | 0.40%             | 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      | $125639.75    | 0.25%             | 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 12/49 ADJUSTABLE VAR  | CUSIP: 121342QN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $122840.89    | 0.24%             | 2049-12-01      | Variable      | 3.30%                 | 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      | $526697.60    | 1.04%             | 2055-02-01      | Variable      | 5.00%                 | 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      | $213965.02    | 0.42%             | 2056-01-01      | Variable      | 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      | $447684.66    | 0.89%             | 2029-08-01      | Fixed         | 3.25%                 | 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      | $102398.31    | 0.20%             | 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      | $103276.27    | 0.20%             | 2028-07-01      | 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      | $224351.73    | 0.44%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | CALIFORNIA ST STWD CMNTYS DEV CA STWD CMNTYS DEV A          | CUSIP: 13078YVE2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    330000 | PA      | $339511.43    | 0.67%             | 2039-09-02      | Fixed         | 5.00%                 | 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      | $105218.70    | 0.21%             | 2030-09-02      | 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      | $228635.57    | 0.45%             | 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      | $162868.94    | 0.32%             | 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      | $180958.52    | 0.36%             | 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: 155498EE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $394205.25    | 0.78%             | 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      | $79200.69     | 0.16%             | 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      | $269134.95    | 0.53%             | 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      | $230461.66    | 0.46%             | 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      | $76785.34     | 0.15%             | 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      | $168502.01    | 0.33%             | 2033-01-01      | Fixed         | 5.00%                 | 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      | $168261.67    | 0.33%             | 2062-05-15      | 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      | $167577.92    | 0.33%             | 2058-11-15      | Variable      | 5.00%                 | 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      | $563919.84    | 1.11%             | 2031-09-01      | 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      | $248200.15    | 0.49%             | 2029-01-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST CTS 03/41 FIXED 5                            | CUSIP: 20772KA90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $215409.40    | 0.43%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | CONNECTICUT ST CTS 11/39 FIXED 5                            | CUSIP: 20772KYN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $363795.43    | 0.72%             | 2039-11-15      | 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      | $15044.56     | 0.03%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | CONNECTICUT ST SPL TAX OBLIG R CTSGEN 07/39 FIXED 5         | CUSIP: 207758Q22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $378706.13    | 0.75%             | 2039-07-01      | 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      | $74557.75     | 0.15%             | 2031-07-01      | 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        |    380000 | PA      | $417056.54    | 0.82%             | 2038-02-15      | Fixed         | 5.00%                 | 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      | $408164.48    | 0.81%             | 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      | $23972.55     | 0.05%             | 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        |    530000 | PA      | $548199.67    | 1.08%             | 2029-12-01      | 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        |     70000 | PA      | $69834.60     | 0.14%             | 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      | $243968.22    | 0.48%             | 2044-10-01      | Fixed         | 5.00%                 | 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        |    315000 | PA      | $337416.94    | 0.67%             | 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        |    360000 | PA      | $388390.03    | 0.77%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairfax County Water Authority                                                   | FAIRFAX CNTY VA WTR AUTH WTR R FAIWTR 04/42 FIXED 4         | CUSIP: 303891M69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $487340.90    | 0.96%             | 2042-04-01      | Fixed         | 4.00%                 | 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      | $176180.57    | 0.35%             | 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      | $341167.25    | 0.67%             | 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      | $278693.40    | 0.55%             | 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      | $1087284.90   | 2.15%             | 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      | $91290.67     | 0.18%             | 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        |     60000 | PA      | $60474.16     | 0.12%             | 2041-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Harris County Health Facilities Development Corp                                 | HARRIS CNTY TX HLTH FACS DEV C HARMED 12/41 ADJUSTABLE VAR  | CUSIP: 41315RGU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.59%             | 2041-12-01      | Variable      | 2.60%                 | 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      | $216000.50    | 0.43%             | 2040-07-01      | Fixed         | 5.00%                 | 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      | $358998.32    | 0.71%             | 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        |    275000 | PA      | $292703.13    | 0.58%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Honolulu HI                                                     | HONOLULU CITY   CNTY HI HONOLULU CO A                       | CUSIP: 438687ZD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534253.55    | 1.06%             | 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      | $102061.40    | 0.20%             | 2035-07-15      | Fixed         | 5.50%                 | 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      | $214494.44    | 0.42%             | 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      | $500864.35    | 0.99%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | ILLINOIS ST FIN AUTH REVENUE ILSGEN 08/43 ADJUSTABLE VAR    | CUSIP: 45200FZT9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 3.95%             | 2043-08-01      | Variable      | 2.60%                 | 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      | $94825.76     | 0.19%             | 2044-10-01      | 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      | $223504.93    | 0.44%             | 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      | $440106.12    | 0.87%             | 2032-10-01      | 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      | $308900.19    | 0.61%             | 2029-03-01      | Fixed         | 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      | $253223.63    | 0.50%             | 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      | $378558.79    | 0.75%             | 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        |     50000 | PA      | $50397.28     | 0.10%             | 2026-06-01      | 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      | $213744.26    | 0.42%             | 2032-05-15      | 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      | $207063.74    | 0.41%             | 2029-05-15      | 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        |     50000 | PA      | $47303.39     | 0.09%             | 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      | $195362.33    | 0.39%             | 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      | $262146.50    | 0.52%             | 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        |    670000 | PA      | $693243.31    | 1.37%             | 2054-12-01      | Variable      | 5.00%                 | 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      | $44943.02     | 0.09%             | 2034-09-01      | Fixed         | 3.00%                 | 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      | $441907.59    | 0.87%             | 2030-03-01      | Fixed         | 1.75%                 | 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      | $224720.03    | 0.44%             | 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      | $188160.56    | 0.37%             | 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      | $230254.75    | 0.46%             | 2035-07-01      | 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      | $387093.11    | 0.77%             | 2034-07-01      | 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        |     25000 | PA      | $25743.01     | 0.05%             | 2028-01-01      | Fixed         | 5.00%                 | 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      | $536492.65    | 1.06%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | MASSACHUSETTS ST DEV FIN AGY R MASDEV 03/48 ADJUSTABLE VAR  | CUSIP: 57584Y8H5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    650000 | PA      | $650000.00    | 1.28%             | 2048-03-01      | Variable      | 2.55%                 | 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      | $97897.35     | 0.19%             | 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      | $99443.42     | 0.20%             | 2029-12-01      | Fixed         | 3.55%                 | 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      | $181163.07    | 0.36%             | 2035-07-01      | 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      | $295125.51    | 0.58%             | 2036-10-01      | 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      | $304837.23    | 0.60%             | 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        |    240000 | PA      | $249069.12    | 0.49%             | 2038-10-01      | 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      | $532685.55    | 1.05%             | 2034-10-01      | 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      | $486851.47    | 0.96%             | 2027-10-01      | 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        |    280000 | PA      | $298533.93    | 0.59%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                          | MONTGOMERY CNTY MD MON 11/37 ADJUSTABLE VAR                 | CUSIP: 6133408D3<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 0.49%             | 2037-11-01      | Variable      | 2.45%                 | 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      | $216029.27    | 0.43%             | 2030-01-01      | Fixed         | 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      | $352228.93    | 0.70%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | NATIONAL FIN AUTH NH MUNI CTFS NFADEV 01/41 FIXED 4.168     | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     49965 | PA      | $47439.70     | 0.09%             | 2041-01-20      | Fixed         | 4.17%                 | 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      | $105783.49    | 0.21%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | NEW JERSEY ST EDUCTNL FACS AUT NJSEDU 07/25 FIXED 5         | CUSIP: 646066K41<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50083.00     | 0.10%             | 2025-07-01      | 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      | $299706.01    | 0.59%             | 2034-12-15      | Fixed         | 5.00%                 | 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      | $623584.20    | 1.23%             | 2031-10-01      | Fixed         | 5.00%                 | 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        |    250000 | PA      | $250160.90    | 0.49%             | 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        |    635000 | PA      | $642042.59    | 1.27%             | 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      | $169199.70    | 0.33%             | 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      | $276601.40    | 0.55%             | 2036-11-01      | 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      | $262636.40    | 0.52%             | 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      | $53462.25     | 0.11%             | 2045-11-01      | Fixed         | 5.25%                 | 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      | $294235.59    | 0.58%             | 2064-11-01      | Variable      | 3.40%                 | 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        |     25000 | PA      | $24736.24     | 0.05%             | 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 04/31 FIXED 2.1       | CUSIP: 64988YJU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $526736.34    | 1.04%             | 2031-04-01      | Fixed         | 2.10%                 | 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      | $199893.02    | 0.40%             | 2026-04-01      | Fixed         | 3.75%                 | 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      | $804435.60    | 1.59%             | 2036-03-15      | 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      | $528988.80    | 1.05%             | 2043-03-15      | 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        |    120000 | PA      | $116144.38    | 0.23%             | 2037-10-01      | Fixed         | 5.25%                 | 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      | $149369.22    | 0.30%             | 2034-09-01      | Fixed         | 5.00%                 | 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      | $243838.50    | 0.48%             | 2031-03-01      | Fixed         | 4.00%                 | 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      | $207629.80    | 0.41%             | 2027-01-01      | 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      | $137852.75    | 0.27%             | 2030-12-01      | Fixed         | 4.38%                 | 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      | $529715.05    | 1.05%             | 2043-01-01      | 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      | $186655.27    | 0.37%             | 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      | $30415.85     | 0.06%             | 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      | $100870.49    | 0.20%             | 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      | $367163.76    | 0.73%             | 2038-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | PORT OF SEATTLE WA REVENUE PORT OF SEATTLE WA B             | CUSIP: 7353892H0<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    200000 | PA      | $211085.92    | 0.42%             | 2036-07-01      | 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      | $288494.24    | 0.57%             | 2033-05-01      | 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      | $75185.24     | 0.15%             | 2026-01-01      | 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      | $103784.87    | 0.21%             | 2039-06-15      | 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      | $103851.69    | 0.21%             | 2055-05-01      | Variable      | 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      | $100360.99    | 0.20%             | 2030-05-15      | 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        |    200000 | PA      | $207886.52    | 0.41%             | 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        |    295000 | PA      | $312754.60    | 0.62%             | 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      | $232683.03    | 0.46%             | 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      | $19657.78     | 0.04%             | 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      | $759615.97    | 1.50%             | 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      | $302074.94    | 0.60%             | 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      | $101613.45    | 0.20%             | 2028-06-01      | Fixed         | 5.00%                 | 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      | $90490.15     | 0.18%             | 2030-11-01      | 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      | $48407.83     | 0.10%             | 2027-11-01      | Fixed         | 3.38%                 | 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      | $25051.62     | 0.05%             | 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        |    115000 | PA      | $112835.38    | 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: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $137660.92    | 0.27%             | 2037-06-01      | Variable      | 3.30%                 | 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        |    330000 | PA      | $347336.68    | 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      | $514956.85    | 1.02%             | 2037-01-01      | 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      | $200100.18    | 0.40%             | 2037-01-01      | 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      | $128743.89    | 0.25%             | 2032-05-01      | 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      | $53147.87     | 0.11%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                     | SOUTH CAROLINA ST HSG FIN   DE SCSHSG 07/26 FIXED 5         | CUSIP: 83712D4E3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $245352.82    | 0.49%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | SOUTH CAROLINA ST PUBLIC SVC A SCSUTL 12/41 FIXED 5         | CUSIP: 8371515L9<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257977.45    | 0.51%             | 2041-12-01      | Fixed         | 5.00%                 | 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        |    375000 | PA      | $408592.88    | 0.81%             | 2039-12-01      | Fixed         | 5.50%                 | 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        |    670000 | PA      | $700534.92    | 1.38%             | 2049-06-01      | Variable      | 5.00%                 | 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        |    270000 | PA      | $265447.53    | 0.52%             | 2051-12-01      | Variable      | 4.00%                 | 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      | $616283.64    | 1.22%             | 2053-05-01      | Variable      | 5.00%                 | 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      | $259883.65    | 0.51%             | 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 12/36 FIXED 5         | CUSIP: 882667AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77680.84     | 0.15%             | 2036-12-31      | Fixed         | 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      | $164666.14    | 0.33%             | 2042-06-30      | Fixed         | 5.50%                 | 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      | $276609.97    | 0.55%             | 2039-08-15      | 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      | $228788.97    | 0.45%             | 2032-07-01      | Fixed         | 4.00%                 | 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      | $249467.57    | 0.49%             | 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 5         | CUSIP: 928104PB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $394278.96    | 0.78%             | 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      | $526801.55    | 1.04%             | 2039-07-01      | Fixed         | 4.00%                 | 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      | $422122.87    | 0.83%             | 2037-03-01      | Fixed         | 2.80%                 | 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      | $1096315.60   | 2.17%             | 2038-07-01      | Fixed         | 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      | $359674.13    | 0.71%             | 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      | $555374.05    | 1.10%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-02

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President