# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-26-000818
**Filing Date:** 2026-1
**Character Count:** 70821
**Document Hash:** b7a6e3f04e731870a344b11ede11b8f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-000818.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001099263-26-000818

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260228

**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:** 26565009

**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 High Income Municipal ETF (Series ID: S000095886)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000264668 | T. Rowe Price High Income Municipal ETF | THYM            |

## Nport-Ex

T. ROWE PRICE HIGH INCOME MUNICIPAL ETF

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November 30, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS‡** | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| **MUNICIPAL SECURITIES 105.1%** | **MUNICIPAL SECURITIES 105.1%** | **MUNICIPAL SECURITIES 105.1%** |
| **ALABAMA 4.3%** |  |  |
| Columbia Industrial Development Board, Series A, VRDN, 2.90%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Mobile County IDA, Series 2024B, 4.75%, 12/1/54 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| Southeast Alabama Gas Supply District, Series A, 5.00%, 8/1/54 (Tender 4/1/32) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| Southeast Energy Auth. A Cooperative District, Series H, 5.00%, 11/1/35 (2) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;917 |
| **ARIZONA 8.5%** |  |  |
| Arizona Health Facilities Auth., Series C, VRDN, 2.85%, 1/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Arizona IDA, Series A, 5.00%, 7/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;185 |
| Arizona IDA, Series A, 4.00%, 7/15/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;204 |
| Arizona IDA, Series A, 5.00%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| IDA of Phoenix Arizona, Series B, VRDN, 2.25%, 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Salt Verde Financial, 5.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;222 |
| Sierra Vista IDA, 5.00%, 6/15/64 (3) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;88 |
|  |  | 1802 |
| **CALIFORNIA 4.4%** |  |  |
| California Community Housing Agency, Series A-1, 3.00%, 8/1/56 (3) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| California Municipal Fin. Auth., Series A, 5.50%, 7/1/65 (2) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;134 |
| California Municipal Fin. Auth., Series A-P3, 5.00%, 7/1/40 (3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;198 |
| California Statewide CDA, Series C-1, 5.00%, 9/2/40 (2) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;313 |
| Golden State Tobacco Securitization, Series B-2, Zero Coupon, 6/1/66 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;215 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;928 |
| **COLORADO 3.3%** |  |  |
| Denver City & County Airport System Revenue, Series A, 5.00%, 12/1/37 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| Denver Convention Center Hotel Auth., 5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| University of Colorado Hospital Auth., Series B, VRDN, 2.85%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;704 |
| **DISTRICT OF COLUMBIA 1.4%** |  |  |
| District of Columbia, Series A, 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| District of Columbia, Series A, 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;301 |
| **FLORIDA 3.3%** |  |  |
| Firethorn Community Dev. District, 5.60%, 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| Hillsborough County IDA, Series D, VRDN, 3.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| New Port Corners Community Dev. District, 5.50%, 6/15/55 (3) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;700 |
| **GEORGIA 1.5%** |  |  |
| George L Smith II Congress Center Auth., Series A, 4.00%, 1/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| Savannah Hospital Auth., Series A, 4.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;322 |

---

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T. ROWE PRICE HIGH INCOME MUNICIPAL ETF

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| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| **ILLINOIS 2.8%** |  |  |
| Chicago O'Hare International Airport, Series A, 5.50%, 1/1/59 (1) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| Illinois Fin. Auth., Series A, 5.625%, 8/1/53 (3) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| Illinois Fin. Auth., Series B, VRDN, 2.80%, 7/15/55 | 400 | &nbsp;&nbsp;&nbsp;&nbsp;400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;606 |
| **INDIANA 2.3%** |  |  |
| Indiana Fin. Auth., VRDN, 2.75%, 10/1/40 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| **IOWA 3.3%** |  |  |
| Iowa Fin. Auth., Series B-1, VRDN, 2.85%, 2/15/39 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Iowa Tobacco Settlement Auth., Series A2, 4.00%, 6/1/39 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;696 |
| **KANSAS 0.5%** |  |  |
| Manhattan, Series A, 5.50%, 6/1/60 (2) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| **KENTUCKY 1.5%** |  |  |
| Kentucky Economic DFA, Series A, 5.00%, 6/1/45 | 220 | &nbsp;&nbsp;&nbsp;&nbsp;220 |
| Kentucky Public Energy Auth., Series A, 5.00%, 5/1/55 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;326 |
| **MARYLAND 10.2%** |  |  |
| Maryland Economic Dev., Series B, 5.25%, 6/30/52 (1) | 450 | &nbsp;&nbsp;&nbsp;&nbsp;449 |
| Maryland HHEFA, 4.00%, 7/1/45 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;137 |
| Maryland HHEFA, Series B, 4.00%, 1/1/51 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| Maryland HHEFA, Series B, VRDN, 2.80%, 6/1/46 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Montgomery County, Series E, GO, VRDN, 2.70%, 11/1/37 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Washington Suburban Sanitary Commission, Series A, BAN, VRDN, 2.85%, 6/1/27 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
|  |  | 2171 |
| **MICHIGAN 0.5%** |  |  |
| Grand Rapids Economic Dev., Series A, 6.125%, 11/1/60 (2) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| **MISSOURI 4.7%** |  |  |
| HEFA of Missouri, Series B, VRDN, 2.70%, 3/1/40 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| HEFA of Missouri, Series B-2, VRDN, 2.80%, 10/1/35 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
|  |  | 1000 |
| **NEW HAMPSHIRE 0.6%** |  |  |
| New Hampshire Business Fin. Auth., Series 2, 4.25%, 7/20/41 | &nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| New Hampshire Business Fin. Auth., Series A, 5.625%, 7/1/46 (3) | &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| **NEW JERSEY 2.0%** |  |  |
| New Jersey Economic Dev. Auth., 5.125%, 1/1/34 (1) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;201 |

---

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T. ROWE PRICE HIGH INCOME MUNICIPAL ETF

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| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| New Jersey Economic Dev. Auth., Lions Gate, 5.25%, 1/1/44 | &nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Tobacco Settlement Fin., Series B, 5.00%, 6/1/46 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;428 |
| **NEW YORK 11.4%** |  |  |
| Genesee County Funding, Series A, 5.50%, 12/1/55 (2) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| New York City, Series A-4, GO, VRDN, 2.90%, 8/1/44 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| New York City Municipal Water Fin. Auth., Series CC, VRDN, 2.85%, 6/15/53 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| New York City Transitional Fin. Auth. Future Tax Secured Revenue, Series B, 5.00%, 5/1/51 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;208 |
| New York City Transitional Fin. Auth. Future Tax Secured Revenue, Series D-1, 5.50%, 11/1/45 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;215 |
| New York City Transitional Fin. Auth. Future Tax Secured Revenue, Series E-1, 3.625%, 2/1/42 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;185 |
| New York State Dormitory Auth., 5.00%, 12/1/31 (3) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;202 |
| New York Transportation Dev., 5.25%, 8/1/31 (1) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;207 |
| New York Transportation Dev., 5.00%, 10/1/40 (1) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| New York Transportation Dev., 6.00%, 6/30/59 (1) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;213 |
|  |  | 2436 |
| **OHIO 10.3%** |  |  |
| Buckeye Tobacco Settlement Fin. Auth., Series B-2, 5.00%, 6/1/55 | 400 | &nbsp;&nbsp;&nbsp;&nbsp;337 |
| Columbus-Franklin County Fin. Auth., Series A, 6.05%, 1/1/46 (2)(3) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| Cuyahoga County, 5.00%, 2/15/37 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;201 |
| Ohio, Series A, VRDN, 2.85%, 1/15/46 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Ohio Air Quality Dev. Auth., 4.25%, 1/15/38 (1)(3) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;200 |
| Ohio Air Quality Dev. Auth., 5.00%, 7/1/49 (1)(3) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| Ohio Higher Educational Facility Commission, VRDN, 2.85%, 1/1/43 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Summit County DFA, 6.00%, 12/1/58 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;266 |
|  |  | 2195 |
| **PENNSYLVANIA 8.2%** |  |  |
| Allentown Neighborhood Improvement Zone Dev. Auth., 5.00%, 5/1/33 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| Allentown Neighborhood Improvement Zone Dev. Auth., City Center Project, 5.375%, 5/1/42 (3) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| Berks County Municipal Auth., Series A-3, 5.00%, 6/30/39 | 222 | &nbsp;&nbsp;&nbsp;&nbsp;200 |
| Butler County Hospital Auth., 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Pennsylvania Economic Dev. Fin. Auth., Bridges Finco Project, 4.125%, 12/31/38 (1) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;193 |
| Pennsylvania Higher Educational Facilities Auth., Series D-2, VRDN, 2.85%, 11/1/61 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Philadelphia Auth. for Industrial Dev., 5.00%, 11/1/47 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| Philadelphia Auth. for Industrial Dev., Series B-2, VRDN, 2.85%, 7/1/54 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
|  |  | 1755 |
| **PUERTO RICO 3.1%** |  |  |
| Puerto Rico Commonwealth, GO, VR, 11/1/51 (4) | 418 | &nbsp;&nbsp;&nbsp;&nbsp;273 |
| Puerto Rico Commonwealth, GO, VR, 11/1/51 (4) | &nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Puerto Rico Electric Power Auth., Series A, 4.80%, 7/1/29 (5) | &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Puerto Rico Electric Power Auth., Series CCC, 5.00%, 7/1/28 (5) | &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Puerto Rico Electric Power Auth., Series DDD, 5.00%, 7/1/25 (5) | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |

---

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T. ROWE PRICE HIGH INCOME MUNICIPAL ETF

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| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| Puerto Rico Electric Power Auth., Series TT, 4.20%, 7/1/19 (5) | &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Puerto Rico Electric Power Auth., Series WW, 5.50%, 7/1/19 (5) | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Puerto Rico Electric Power Auth., Series XX, 5.25%, 7/1/35 (5) | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Puerto Rico Electric Power Auth., Series XX, 5.25%, 7/1/40 (5) | &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Puerto Rico Electric Power Auth., Series ZZ, 4.50%, 7/1/23 (5) | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Puerto Rico Electric Power Auth., Series ZZ, 5.25%, 7/1/24 (5) | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Puerto Rico Sales Tax Fin., Restructured, Series A-1, 4.75%, 7/1/53 | &nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Puerto Rico Sales Tax Fin., Restructured, Series A-1, 4.50%, 7/1/34 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| Puerto Rico Sales Tax Fin., Restructured, Series A-1, Zero Coupon, 7/1/46 | 269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;656 |
| **SOUTH CAROLINA 1.4%** |  |  |
| Medical University Hospital Auth., 5.25%, 5/15/46 (2) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;208 |
| South Carolina Jobs-Economic Dev. Auth., 5.375%, 4/1/56 (2) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;308 |
| **TEXAS 5.8%** |  |  |
| Arlington Higher Education Fin., 5.75%, 6/15/55 (3) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| Gulf Coast IDA, VRDN, 2.85%, 11/1/41 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Harris County Cultural Education Facilities Fin., 5.00%, 12/1/45 | 160 | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| Harris County Toll Road Revenue, Series A, 4.00%, 8/15/49 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| Houston Airport System Revenue, Series A, 4.00%, 7/1/41 (1) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| Port Beaumont Navigation District, Series A, 3.625%, 1/1/35 (3) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| Texas Private Activity Bond Surface Transportation, 5.00%, 6/30/58 (1) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;195 |
|  |  | 1233 |
| **UTAH 0.5%** |  |  |
| Salt Lake City Airport Revenue, Series A, 5.25%, 7/1/53 (1) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| **VIRGINIA 3.3%** |  |  |
| Hanover County Economic Dev. Auth., 5.00%, 7/1/51 | &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Tobacco Settlement Fin., Series B1, 5.00%, 6/1/47 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| Virginia Small Business Fin. Auth., Transform Project, 5.00%, 12/31/47 (1) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| Virginia Small Business Fin. Auth., Transform Project, 5.00%, 12/31/56 (1) | 380 | &nbsp;&nbsp;&nbsp;&nbsp;365 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;700 |
| **WISCONSIN 6.0%** |  |  |
| PFA, Series A, 5.00%, 6/1/37 (3) | 150 | &nbsp;&nbsp;&nbsp;&nbsp;152 |
| PFA, Series A, 5.00%, 6/1/52 (3) | &nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| PFA, Series B, VRDN, 2.75%, 10/1/55 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| PFA, Series C, 4.30%, 11/1/30 (1) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |

---

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T. ROWE PRICE HIGH INCOME MUNICIPAL ETF

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| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| University of Wisconsin Hospitals & Clinics, Series B, VRDN, 2.85%, 4/1/48 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1279 |
| **Total Municipal Securities<br> (Cost $22,360)** |  | &nbsp;&nbsp;&nbsp;**22389** |
| **Total Investments<br> 105.1% of Net Assets (Cost $22,360)** |  | **$22389** |
| **Other Assets Less Liabilities (5.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(1086)** |
| **Net Assets 100.0%** |  | **$21303** |

---

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| | |
|:---|:---|
| ‡ | Par is denominated in U.S. dollars unless otherwise noted. |
| (1) | Interest subject to alternative minimum tax. |
| (2) | When-issued security. |
| (3) | 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 $1,852 and represents 8.7% of net assets. |
| (4) | Contingent value instrument that only pays out if a portion of the territory's Sales and Use Tax outperforms the projections in the Oversight Board's Certified Fiscal Plan. |
| (5) | Obligor has failed to make a scheduled interest and/or principal payment or is in default. |
| BAN | Bond Anticipation Note |
| CDA | Community Development Administration/Authority |
| DFA | Development Finance Authority |
| GO | General Obligation |
| HEFA | Health & Educational Facility Authority |
| HHEFA | Health & Higher Educational Facility Authority |
| IDA | Industrial Development Authority/Agency |
| PFA | Public Finance Authority/Agency |
| VR | Variable Rate; rate shown is effective rate at period-end. The rates for certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and based on current market conditions. |
| 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. |

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The accompanying notes are an integral part of this Portfolio of Investments.

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T. ROWE PRICE HIGH INCOME MUNICIPAL ETF

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Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

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T. Rowe Price Exchange-Traded Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The High Income Municipal ETF (the fund) is an open-end management investment company established by the corporation 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 prospectus.

#### VALUATION

#### Fair Value
The fund's financial instruments are valued at the close of the NYSE 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 are generally 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.

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

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T. ROWE PRICE HIGH INCOME MUNICIPAL ETF

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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 the 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 November 30, 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.

#### ETF1254-054Q3

#### 11/25

## 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 High Income Municipal ETF

- **b. EDGAR series identifier (if any):** S000095886

- **c. LEI of Series:** 254900IAXRMS6C2LLA91

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $22676197.97

**Total Liabilities:** $1373571.55

**Net Assets:** $21302626.42

**Delayed Delivery Securities:** $1371575.00

**Cash Not Reported:** $94860.97

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -39.818263 | **1-Year:** -323.584491 | **5-Year:** -727.750272 | **10-Year:** -2675.018641 | **30-Year:** -2338.177320

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

- **3-Month:** 0.000000 | **1-Year:** -127.957595 | **5-Year:** -369.773291 | **10-Year:** -1001.715055 | **30-Year:** -988.259819

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000264668 |  |  | 0.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $28266.01                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALLENTOWN PA NBRHD IMPT ZN AUTH FWD DEV      | ALLENTOWN PA NEIGHBORHOOD IMPT ALTDEV 05/33 FIXED 5         | CUSIP: 018444BV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $108177.35    | 0.51%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLENTOWN PA NBRHD IMPT ZN CITY CTR 144A     | ALLENTOWN PA NEIGHBORHOOD IMPT ALTDEV 05/42 FIXED OID 5.375 | CUSIP: 018444BF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101166.24    | 0.47%             | 2042-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AZ ST BANNER HLTH SER C DLY                  | ARIZONA ST HLTH FACS AUTH AZSMED 01/46 ADJUSTABLE VAR       | CUSIP: 040507QB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2046-01-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV A 144A                   | ARIZONA ST INDL DEV AUTH EDU R AZSEDU 07/30 FIXED 4         | CUSIP: 04052BLQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $204412.29    | 0.96%             | 2030-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AZ ST ED REV DORAL ACA NV SR A               | ARIZONA ST INDL DEV AUTH EDU R AZSEDU 07/49 FIXED 5         | CUSIP: 04052BHZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $184675.26    | 0.87%             | 2049-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AZ ST INDL DEV AUTH-A                        | ARIZONA ST INDL DEV AUTH NATIO AZSEDU 11/42 FIXED 5         | CUSIP: 04052FEJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103086.68    | 0.48%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HGR EDU-REF 144A                   | ARLINGTON TX HGR EDU FIN CORP ARLEDU 06/55 FIXED OID 5.75   | CUSIP: 041807PV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100994.56    | 0.47%             | 2055-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BERKS CNTY PA EXCH TOWER HLTH PJ SR A3       | BERKS CNTY PA MUNI AUTH BERFAC 06/39 FIXED 5                | CUSIP: 084538JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    222000 | PA      | $199809.59    | 0.94%             | 2039-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOB STLMT SR B-2 CL 2             | BUCKEYE OH TOBACCO SETTLEMENT BUCGEN 06/55 FIXED 5          | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $336824.84    | 1.58%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUTLER CNTY HOSP AUTH                        | BUTLER CNTY PA HOSP AUTH BUTMED 07/35 FIXED 5               | CUSIP: 123592DQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $54998.82     | 0.26%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CA CMNTY HSG AGY EMERALD PARK SR A1 144A     | CALIFORNIA CMNTY HSG AGY ESSEN CCHHSG 08/56 FIXED 3         | CUSIP: 13013FAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $68324.80     | 0.32%             | 2056-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CA MUNI FIN AUTH-A                           | CALIFORNIA ST MUNI FIN AUTH CH CASFIN 07/65 FIXED OID 5.5   | CUSIP: 13048DDQ8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    140000 | PA      | $133700.43    | 0.63%             | 2065-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CA MUNI FIN CLAREMONT STD HSG A-P3 144A      | CALIFORNIA ST MUNI FIN AUTH ST CASFIN 07/40 FIXED 5         | CUSIP: 13049YEQ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    200000 | PA      | $198099.74    | 0.93%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CA STATEWIDE DEV-C-1                         | CALIFORNIA ST STWD CMNTYS DEV CASDEV 09/40 FIXED 5          | CUSIP: 13078YXQ3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    300000 | PA      | $313114.74    | 1.47%             | 2040-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO OHARE INTL ARPT SNR LN SR A AMT      | CHICAGO IL O HARE INTERNATIONA CHITRN 01/59 FIXED 5.5       | CUSIP: 1675934T6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103962.93    | 0.49%             | 2059-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLUMBIA AL CNTRL PWR CO PROJ SR A DLY       | COLUMBIA AL INDL DEV BRD POLLC CMBDEV 12/37 ADJUSTABLE VAR  | CUSIP: 197210AZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2037-12-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| COLUMBUS-FRANKLIN-A 144A                     | COLUMBUS FRANKLIN CNTY OH FIN COLMFH 01/46 FIXED 6.05       | CUSIP: 19910XAR7<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100139.66    | 0.47%             | 2046-01-01      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA CO HOSP                             | CUYAHOGA CNTY OH HOSP REVENUE CUYMED 02/37 FIXED 5          | CUSIP: 2322655P9<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201553.92    | 0.95%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV SER A AMT     | DENVER CITY   CNTY CO ARPT REV DENAPT 12/37 FIXED 5         | CUSIP: 249182LT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103412.52    | 0.49%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CTR HOTEL SENIOR        | DENVER CO CONVENTION CENTER HO DENFAC 12/36 FIXED 5         | CUSIP: 249189DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100869.14    | 0.47%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DC-KIPP-SER A-REF                            | DIST OF COLUMBIA REVENUE DISREV 07/42 FIXED 5               | CUSIP: 25483VTD6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201581.94    | 0.95%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REV INGLESIDE RC SER A      | DIST OF COLUMBIA REVENUE DISREV 07/42 FIXED OID 5           | CUSIP: 25483VSF2<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99668.29     | 0.47%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIRETHORN CDD                                | FIRETHORN CDD FL CAPITAL IMPT FTNGEN 05/55 FIXED 5.6        | CUSIP: 31832AAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100090.90    | 0.47%             | 2055-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| GENESEE CO CORP-A                            | GENESEE CNTY NY FUNDING CORP GEFDEV 12/55 FIXED 5.5         | CUSIP: 371669BF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104696.04    | 0.49%             | 2055-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GEO SMITH II GA CONV CTR AUTH HTL SER A      | GEO L SMITH II GA CONGRESS CTR GLSFAC 01/54 FIXED 4         | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $121674.68    | 0.57%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN ST TOBACCO SEC TOBACCO SUB SR B-2     | GOLDEN ST TOBACCO SECURITIZATI GLDGEN 06/66 ZEROCPNOID 0    | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $214428.00    | 1.01%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GRAND RAPIDS ECON DEV                        | GRAND RAPIDS MI ECON DEV CORP GRADEV 11/60 FIXED OID 6.125  | CUSIP: 386246HK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99502.65     | 0.47%             | 2060-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GULF COAST TX IDA EXXON MOBIL DLY            | GULF COAST TX INDL DEV AUTH GULDEV 11/41 ADJUSTABLE VAR     | CUSIP: 402207AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2041-11-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| HANOVER CO VA EDA COVENANT WOODS REF         | HANOVER CNTY VA ECON DEV AUTHR HANDEV 07/51 FIXED 5         | CUSIP: 41077CAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $70555.31     | 0.33%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CO TX CUL EDU METHODIST HOSP          | HARRIS CNTY TX CULTURAL EDU FA HAREDU 12/45 FIXED 5         | CUSIP: 414009KE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160032.86    | 0.75%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX TOLL REV FIRST LIEN SER A     | HARRIS CNTY TX TOLL ROAD REVEN HARTRN 08/49 FIXED OID 4     | CUSIP: 41423PDY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $92860.71     | 0.44%             | 2049-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH FL BAYCARE HLTH SYS D DLY       | HILLSBOROUGH CNTY FLA INDL DEV HILMEC 11/42 ADJUSTABLE VAR  | CUSIP: 43233KAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2042-11-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REV SUB SR A AMT         | HOUSTON TX ARPT SYS REVENUE HOUAPT 07/41 FIXED 4            | CUSIP: 442349FZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $90942.86     | 0.43%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IL ST FIN AUTH NW MEM HLTHCARE SR B DLY      | ILLINOIS ST FIN AUTH REVENUE ILSGEN 07/55 ADJUSTABLE VAR    | CUSIP: 45204FME2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 1.88%             | 2055-07-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH SER A 144A              | ILLINOIS ST FIN AUTH REVENUE ILSGEN 08/53 FIXED OID 5.625   | CUSIP: 45204FUE3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102358.02    | 0.48%             | 2053-08-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| IN ST FIN DUKE ENERGY A5 DLY                 | INDIANA ST FIN AUTH ENVRNMNTL INSENV 10/40 ADJUSTABLE VAR   | CUSIP: 455054AF3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2040-10-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| IA ST AUTH REV UNI POINT HTH SR B-1 DLY      | IOWA ST FIN AUTH HLTH FACS REV IASMED 02/39 ADJUSTABLE VAR  | CUSIP: 462466ES8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2039-02-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| KY ST ECON OWENSBORO MED HLTH SER A          | KENTUCKY ST ECON DEV FIN AUTH KYSDEV 06/45 FIXED 5          | CUSIP: 49126KKF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $220299.51    | 1.03%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KY ST PUB ENERGY GAS SPLY REV SER A-1        | KENTUCKY ST PUBLIC ENERGY AUTH KYSPWR 05/55 ADJUSTABLE VAR  | CUSIP: 74440DEL4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106166.49    | 0.50%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MANHATTAN HLTH-A                             | MANHATTAN KS HLTH CARE FAC REV MANMED 06/60 FIXED OID 5.5   | CUSIP: 563017EM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99855.54     | 0.47%             | 2060-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MD ST ECON PRPLE LINE LT RAIL SR BP3 AMT     | MARYLAND ST ECON DEV CORP PRIV MDSDEV 06/52 FIXED 5.25      | CUSIP: 57422JBZ0<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    450000 | PA      | $449236.89    | 2.11%             | 2052-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MD H&H ED FACS ADVENTIST HLTHCRE SER B       | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 01/51 FIXED 4         | CUSIP: 57421CDC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $85033.56     | 0.40%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MD ST JOHNS HOPKINS HEALTH SYS SR B DLY      | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 06/46 ADJUSTABLE VAR  | CUSIP: 57421CGC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2046-06-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| MD ST H&H ED FACS REV FREDERICK HLTH SYS     | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 07/45 FIXED 4         | CUSIP: 57421CAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $136753.47    | 0.64%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MED UNIV HOSP AUTH                           | MED UNIV SC HOSP AUTH HOSP MTG MDUMED 05/46 FIXED 5.25      | CUSIP: 58463YBM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207949.52    | 0.98%             | 2046-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH WASH UNIV SER B DLY         | MISSOURI ST HLTH   EDUCTNL FAC MOSMED 03/40 ADJUSTABLE VAR  | CUSIP: 606901WS1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2040-03-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| MO HHE ST LOUIS UNIV B2 DLY                  | MISSOURI ST HLTH   EDUCTNL FAC MOSMED 10/35 ADJUSTABLE VAR  | CUSIP: 6069014P8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2035-10-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| MOBILE CO AL WST DISP PROJ SR B AMT          | MOBILE CNTY AL INDL DEV AUTH S MOBPOL 12/54 FIXED OID 4.75  | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $93276.71     | 0.44%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CO MD VARIABLE SR E DLY           | MONTGOMERY CNTY MD MON 11/37 ADJUSTABLE VAR                 | CUSIP: 6133408D3<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2037-11-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH CTFS SR 2024-1 CLASS A     | NATIONAL FIN AUTH NH MUNI CTFS NFADEV 07/41 FIXED OID 4.25  | CUSIP: 63607WAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     98158 | PA      | $98006.33     | 0.46%             | 2041-07-20      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH VISTA PRJ SR A 144A     | NATIONAL FIN AUTH NH REVENUE NFADEV 07/46 FIXED 5.625       | CUSIP: 63607YAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25053.72     | 0.12%             | 2046-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NJ ECON DEV AUTH GOETHALS BRIDGE AMT         | NEW JERSEY ST ECON DEV AUTH RE NJSDEV 01/34 FIXED OID 5.125 | CUSIP: 6459182A0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200335.66    | 0.94%             | 2034-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NJ ST EDA LIONS GATE PROJ                    | NEW JERSEY ST ECON DEV AUTH RE NJSDEV 01/44 FIXED OID 5.25  | CUSIP: 64577BAR5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     35000 | PA      | $33066.33     | 0.16%             | 2044-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW PORT CORNERS CDD 144A                    | NEW PORT CORNERS CDD FL SPL AS NWPDEV 06/55 FIXED 5.5       | CUSIP: 648122AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100089.17    | 0.47%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NYC NY WTR SWR 2ND GEN RES SER CC DLY        | NEW YORK CITY NY MUNI WTR FIN NYUTL 06/53 ADJUSTABLE VAR    | CUSIP: 64972GC85<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2053-06-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| NYC TRANSTNL FIN-E-1                         | NEW YORK CITY NY TRANSITIONAL NYCGEN 02/42 FIXED OID 3.625  | CUSIP: 64971WTY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $184576.40    | 0.87%             | 2042-02-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NY TRANSITIONAL FIN-B                        | NEW YORK CITY NY TRANSITIONAL NYCGEN 05/51 FIXED 5          | CUSIP: 64972JXR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207733.68    | 0.98%             | 2051-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NYC TRNTL FIN AUTH FUT TX SUB SER D-1        | NEW YORK CITY NY TRANSITIONAL NYCGEN 11/45 FIXED 5.5        | CUSIP: 64971X4D7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $215428.68    | 1.01%             | 2045-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY VAR SER A-4 REMK DAILY           | NEW YORK NY NYCGEN 08/44 ADJUSTABLE VAR                     | CUSIP: 64966SMP8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2044-08-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| NY ST DORM REV ORNG REGNL MED CEN 144A       | NEW YORK ST DORM AUTH REVENUES NYSHGR 12/31 FIXED 5         | CUSIP: 64990CPW5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    200000 | PA      | $202114.54    | 0.95%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NY TRANSPRTN DEV CORP AMT                    | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 06/59 FIXED 6         | CUSIP: 650116JQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $212507.50    | 1.00%             | 2059-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NY ST TRANS DEV FAC AMER AIRLNS ARPT AMT     | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 08/31 FIXED OID 5.25  | CUSIP: 650116CV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207386.34    | 0.97%             | 2031-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NY ST TRANS DEV FAC LAGUARDIA ARPT AMT       | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 10/40 FIXED 5         | CUSIP: 650116CZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101449.52    | 0.48%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OH AIR QLTY DEV AUTH PRAT PAPER 144A AMT     | OHIO ST AIR QUALITY DEV AUTH E OHSDEV 01/38 FIXED 4.25      | CUSIP: 67754AAD6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200269.86    | 0.94%             | 2038-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OHIO ST AIR QUAL ADV METALLUR 144A AMT       | OHIO ST AIR QUALITY DEV AUTH E OHSDEV 07/49 FIXED 5         | CUSIP: 67754AAF1<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |    100000 | PA      | $91016.28     | 0.43%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OH HI ED CLEVND CLINIC B4 DLY                | OHIO ST HGR EDUCTNL FAC COMMIS OHSHGR 01/43 ADJUSTABLE VAR  | CUSIP: 67756AH96<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2043-01-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| OH ST HOSP REV UNIV HLTH SYS SER A DLY       | OHIO ST HOSP REVENUE OHSMED 01/46 ADJUSTABLE VAR            | CUSIP: 67756CDD7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2046-01-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| PA ECON DEV FING AMT                         | PENNSYLVANIA ST ECON DEV FING PASDEV 12/38 FIXED OID 4.125  | CUSIP: 70869PHW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $193083.04    | 0.91%             | 2038-12-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PA ST HGR EDU RV TJ UNIV PA SER D2 DAILY     | PENNSYLVANIA ST HGR EDUCTNL FA PASHGR 11/61 ADJUSTABLE VAR  | CUSIP: 70917TSU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2061-11-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA AUTH                            | PHILADELPHIA PA AUTH FOR INDL PHIDEV 11/47 FIXED 5          | CUSIP: 71781XDA8<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    100000 | PA      | $97937.18     | 0.46%             | 2047-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHIL PA CHILDRENS HOSP PRJ B-2 DLY           | PHILADELPHIA PA AUTH FOR INDL PHIMED 07/54 ADJUSTABLE VAR   | CUSIP: 717901CE0<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2054-07-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ HLTH FACS MAYO CLINIC SR B DL     | PHOENIX AZ INDL DEV AUTH HLTHC PHOMED 11/52 ADJUSTABLE VAR  | CUSIP: 71884SAC4<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2052-11-15      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX JEFF GULF COAST EN 144A AMT | PORT BEAUMONT TX NAV DIST DOCK PTBTRN 01/35 FIXED 3.625     | CUSIP: 73360CAC8<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    100000 | PA      | $93152.75     | 0.44%             | 2035-01-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH W CELANESE PJ SR C AMT       | PUBLIC FIN AUTH WI EXEMPT FACS PUBFIN 11/30 FIXED 4.3       | CUSIP: 74443QAD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99727.29     | 0.47%             | 2030-11-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| PUB FIN AUTH WI HLTHCARE SYS SER B DLY       | PUBLIC FIN AUTH WI HLTHCARE SY PUBMED 10/55 ADJUSTABLE VAR  | CUSIP: 74447GAC4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2055-10-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| PFA WI REV SEARSTONE CCRC PROJ SER A 144A    | PUBLIC FIN AUTH WI REVENUE PUBGEN 06/37 FIXED 5             | CUSIP: 74442PTP0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152565.30    | 0.72%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PFA WI REV SEARSTONE CCRC PROJ SER A 144A    | PUBLIC FIN AUTH WI REVENUE PUBGEN 06/52 FIXED 5             | CUSIP: 74442PTR6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     30000 | PA      | $26792.63     | 0.13%             | 2052-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PR COMWLTH CVI-SUBSER CW HTA 98 TXBL         | PUERTO RICO CMWLTH PRC 11/51 ADJUSTABLE VAR                 | CUSIP: 74514L4C8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    417984 | PA      | $272734.51    | 1.28%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| PR COMWLTH SUBSER PRIFA RUM TXBL             | PUERTO RICO CMWLTH PRC 11/51 ADJUSTABLE VAR                 | CUSIP: 74514L4G9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     38406 | PA      | $22371.28     | 0.11%             | 2051-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| PREPA-SER TT-PSA                             | PUERTO RICO ELEC PWR AUTH PW 07/19 4.2                      | CUSIP: 74526YAU9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | US        |     25000 | PA      | $16625.00     | 0.08%             | 2026-07-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| PR ELEC-WW                                   | PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/19 FIXED 5.5       | CUSIP: 74526QX23<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     20000 | PA      | $13300.00     | 0.06%             | 2026-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PR ELEC-REF-DDD                              | PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/21 FIXED 5         | CUSIP: 74526QK84<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $9975.00      | 0.05%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRE ELEC                                     | PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/23 FIXED OID 4.5   | CUSIP: 74526QM25<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     20000 | PA      | $13300.00     | 0.06%             | 2026-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PR ELEC PWR AUTH REV SER ZZ-RSA-1            | PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/24 FIXED 5.25      | CUSIP: 74526QN57<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     20000 | PA      | $13300.00     | 0.06%             | 2026-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PR ELEC PWR-CCC                              | PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/28 FIXED 5         | CUSIP: 74526QS60<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     25000 | PA      | $16625.00     | 0.08%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PR ELEC PWR-A                                | PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/29 FIXED OID 4.8   | CUSIP: 74526QT28<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     75000 | PA      | $49875.00     | 0.23%             | 2029-07-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PR ELEC PWR AUTH REV SER XX-RSA-1            | PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/35 FIXED OID 5.25  | CUSIP: 74526QU91<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     15000 | PA      | $9975.00      | 0.05%             | 2035-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PR ELEC PWR AUTH REV SER XX-RSA-1            | PUERTO RICO ELEC PWR AUTH PWRR PRCPWR 07/40 FIXED OID 5.25  | CUSIP: 74526QV66<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |     10000 | PA      | $6650.00      | 0.03%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PR SALES TAX FING SALES TAX REV SER A1       | PUERTO RICO SALES TAX FING COR PRCGEN 07/34 FIXED OID 4.5   | CUSIP: 74529JPU3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    100000 | PA      | $100026.68    | 0.47%             | 2034-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PR SALES TAX FING SALES TAX REV SER A1       | PUERTO RICO SALES TAX FING COR PRCGEN 07/46 ZEROCPNOID 0    | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    269000 | PA      | $91258.20     | 0.43%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PR SALES TAX FING SALES TAX REV SER A1       | PUERTO RICO SALES TAX FING COR PRCGEN 07/53 FIXED OID 4.75  | CUSIP: 74529JPW9<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     21000 | PA      | $19946.33     | 0.09%             | 2053-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS SP                        | S E ALABAMA ST GAS SPLY DIST G SOUUTL 08/54 ADJUSTABLE VAR  | CUSIP: 84131TBA9<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108154.63    | 0.51%             | 2054-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REV AMT SER A         | SALT LAKE CITY UT ARPT REVENUE SALAPT 07/53 FIXED 5.25      | CUSIP: 795576MD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102896.47    | 0.48%             | 2053-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SALT VERDE AZ FNL CORP SNR GAS REV           | SALT VERDE AZ FINANCIAL CORP S SLTPWR 12/37 FIXED OID 5     | CUSIP: 79575EAS7<br>LEI: 549300VEWOZY6TQOIF03 | Long             | DBT              | MUN               | US        |    205000 | PA      | $222411.41    | 1.04%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAVANNAH-A-REF                               | SAVANNAH GA HOSP AUTH SAVMED 07/36 FIXED 4                  | CUSIP: 804833FB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199853.06    | 0.94%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SIERRA VISTA AZ ED REV AMER PROJ 144A        | SIERRA VISTA AZ INDL DEV AUTH SIEDEV 06/64 FIXED OID 5      | CUSIP: 82652UAY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $87581.25     | 0.41%             | 2064-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SC JOBS ECON DEV AUTH                        | SOUTH CAROLINA ST JOBS ECON DE SCSDEV 04/56 FIXED OID 5.375 | CUSIP: 837031J79<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100036.66    | 0.47%             | 2056-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY-H                           | SOUTHEAST ENERGY AUTHORITY A C SEEPWR 11/35 FIXED 5         | CUSIP: 84136HDM2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    200000 | PA      | $215854.28    | 1.01%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUMMIT CO OH UNIV OF AKRON PARKING PROJ      | SUMMIT CNTY OH DEV FIN AUTH PK SUMDEV 12/58 FIXED OID 6     | CUSIP: 86607JAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $265615.33    | 1.25%             | 2058-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACT NTE MBL SEG 3C REV AMT     | TEXAS ST PRIV ACTIVITY BOND SU TXSTRN 06/58 FIXED 5         | CUSIP: 882667AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195200.06    | 0.92%             | 2058-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT-A2                        | TOBACCO SETTLEMENT AUTH IA TOB TOBGEN 06/39 FIXED 4         | CUSIP: 888805CD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195527.12    | 0.92%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOB SETTLE FING CORP NJ SER B                | TOBACCO SETTLEMENT FING CORP N TOBGEN 06/46 FIXED 5         | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $194153.74    | 0.91%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO STLMNT SNR B1                        | TOBACCO SETTLEMENT FING CORP V TOBGEN 06/47 FIXED OID 5     | CUSIP: 88880NAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $165757.16    | 0.78%             | 2047-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV WI HOSPS & CLINIC SER B DLY             | UNIV HOSPS   CLINICS AUTH WI UNVMED 04/48 ADJUSTABLE VAR    | CUSIP: 915260CL5<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2048-04-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| UNIV OF COLORADO HOSP REV SR B DLY           | UNIV OF COLORADO CO HOSP AUTH UCOMED 11/35 ADJUSTABLE VAR   | CUSIP: 914183BJ6<br>LEI: GQ60RLZ5ZEBY2J9KLI75 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2035-11-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| VA SML BFA PRIV TRAN 66 P3 PROJ AMT          | VIRGINIA SMALL BUSINESS FING A VASDEV 12/47 FIXED 5         | CUSIP: 928097AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97800.01     | 0.46%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VA SML BFA PRIV TRAN 66 P3 PROJ AMT          | VIRGINIA SMALL BUSINESS FING A VASDEV 12/56 FIXED 5         | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $365361.56    | 1.72%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WA SUBURB SAN DIST MD VAR-BANS SR A DLY      | WASHINGTON SUBURBAN SAN DIST M WASUTL 06/27 ADJUSTABLE VAR  | CUSIP: 940158HT8<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.35%             | 2027-06-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-05

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President