# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-26-003721
**Filing Date:** 2026-3
**Character Count:** 219376
**Document Hash:** 91fb324a6c97a015680dd95210f9b975
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-003721.hdr.sgml**: 20260330

**ACCESSION NUMBER**: 0001099263-26-003721

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260330

**PERIOD START**: 20261031

**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:** 26812539

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

January 31, 2026 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS‡** | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| **MUNICIPAL SECURITIES 100.0%** | **MUNICIPAL SECURITIES 100.0%** | **MUNICIPAL SECURITIES 100.0%** |
| **ALABAMA 3.6%** |  |  |
| Black Belt Energy Gas Dist., Series F, 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;540 |
| Black Belt Energy Gas District, 4.00%, 6/1/51 (Tender 12/1/31) | 1000 | 1023 |
| Black Belt Energy Gas District, Series A, VRDN, 5.25%, 1/1/54 (Tender 10/1/30) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;150 |
| Southeast Alabama Gas Supply Dist., Series B, VRDN, 5.00%, 6/1/49 (Tender 5/1/32) | &nbsp;&nbsp;&nbsp;&nbsp;955 | 1022 |
| Southeast Energy Auth., A Cooperative Dist., Series A, VRDN, 4.00%, 11/1/51 (Tender 10/1/28) | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;347 |
| Southeast Energy Auth., A Cooperative Dist., Series A-1, 5.50%, 1/1/53 (Tender 12/1/29) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;107 |
| Southeast Energy Auth., A Cooperative Dist., Series B-1, VRDN, 4.00%, 12/1/51 (Tender 12/1/31) | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;403 |
| Southeast Energy Auth., A Cooperative Dist., Series B-1, VRDN, 5.00%, 5/1/53 (Tender 8/1/28) | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;734 |
|  |  | 4326 |
| **ALASKA 0.1%** |  |  |
| Alaska Housing Finance, Series A, 2.15%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;183 |
| **ARIZONA 4.0%** |  |  |
| Arizona IDA, Series A, 4.00%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;180 |
| Arizona IDA, Series A, 4.00%, 7/15/40 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| Arizona IDA, Series A, 4.00%, 7/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;398 |
| Arizona IDA, Series A, 4.50%, 7/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;196 |
| Arizona IDA, Series A, 5.00%, 11/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;427 |
| Arizona IDA, Series A, 5.00%, 11/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| Chandler IDA, Series 2022-2, 5.00%, 9/1/52 (Tender 9/1/27) (2) | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;480 |
| Phoenix Civic Improvement, 5.00%, 7/1/31 (2) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;525 |
| Phoenix Civic Improvement, 5.00%, 7/1/33 (2) | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;339 |
| Phoenix Civic Improvement, Series A, 5.00%, 7/1/33 (2) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;513 |
| Phoenix IDA, Downtown Phoenix Student Housing, Series A, 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| Phoenix IDA, Downtown Phoenix Student Housing, Series A, 5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| Phoenix IDA, Downtown Phoenix Student Housing, Series A, 5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;270 |
| Phoenix IDA, Downtown Phoenix Student Housing, Series A, 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;254 |
| Salt River Project Agricultural Improvement & Power Dist., Series A, 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;520 |
| Salt Verde Financial, 5.00%, 12/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;219 |
|  |  | 4787 |
| **CALIFORNIA 5.1%** |  |  |
| California Community Choice Fin. Auth., Series B, 3.85%, 11/1/41 (Tender 6/1/26) (2) | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| California Community Choice Fin. Auth., Series G, 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| California Community Choice Fin. Auth., Green Bond Energy Project, Series 2024H, VRDN, 5.00%, 1/1/56 (Tender 8/1/33) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;219 |
| California Community Choice Fin. Auth., Green Bond Energy Project, Series E-1, VRDN, 5.00%, 2/1/55 (Tender 9/1/32) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;536 |
| California Infrastructure & Economic Dev. Bank, Series A, 3.25%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;458 |
| California Municipal Fin. Auth., 4.625%, 9/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| California Municipal Fin. Auth., 5.00%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;260 |

---

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T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| California Municipal Fin. Auth., Series A, 4.326%, 11/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;200 |
| California Municipal Fin. Auth., Series A, 5.125%, 11/1/40 (1) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;263 |
| California PFA, 5.00%, 10/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;412 |
| California School Fin. Auth., Series A, 5.00%, 7/1/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| California School Fin. Auth., Series A, 5.00%, 7/1/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| California Statewide CDA, 5.00%, 5/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| California Statewide CDA, Series A, 5.00%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;226 |
| California Statewide CDA, Series A, 5.00%, 9/2/39 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;353 |
| California Statewide CDA, Series B, 5.00%, 9/2/33 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;235 |
| California Statewide CDA, Series C-1, 5.00%, 9/2/39 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;362 |
| California Statewide CDA, Loma Linda Univ. Medical Center, Series A, 5.00%, 12/1/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;235 |
| California Statewide CDA, Statewide Community Infrastructure Program, Series 2024C-1, 5.00%, 9/2/30 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| Central Valley Energy Auth., VRDN, 5.00%, 12/1/55 (Tender 8/1/35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| Los Angeles Dept. of Airports, Series A, 5.00%, 5/15/32 (2) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;226 |
| Los Angeles Dept. of Airports, Series A, 5.00%, 5/15/35 (2) | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;164 |
| Los Angeles Dept. of Airports, Series A, 5.00%, 5/15/35 (2) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| Los Angeles Dept. of Airports, Series B, 5.00%, 5/15/29 (2) | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;206 |
| Los Angeles Dept. of Airports, Series D, 5.00%, 5/15/35 (2) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;155 |
| Los Angeles Dept. of Airports, Series G, 5.00%, 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;242 |
| Sacramento Airport System Revenue, Series C, 5.00%, 7/1/30 (2) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;315 |
| San Francisco City & County Airport Comm-San Francisco International Airport, Series A, 5.00%, 5/1/34 (2) | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;261 |
|  |  | 6110 |
| **COLORADO 5.3%** |  |  |
| Colorado, GO, 6.00%, 12/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;316 |
| Colorado, GO, 6.00%, 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;454 |
| Colorado, GO, 6.00%, 12/15/41 | 1220 | 1416 |
| Colorado, Series A, GO, 5.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;315 |
| Colorado, Series A, GO, 5.00%, 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;183 |
| Colorado HFA, Series A, 5.00%, 5/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;556 |
| Colorado HFA, Series A-1, VRDN, 5.00%, 11/15/58 (Tender 11/15/28) | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;170 |
| Colorado HFA, Series B, VRDN, 5.00%, 5/15/62 (Tender 8/17/26) | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| Colorado HFA, Series B-2, 5.00%, 8/1/49 (Tender 8/1/26) | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;235 |
| Denver City & County Airport, Series A, 5.00%, 12/1/29 (2) | 1445 | 1530 |
| Denver City & County Airport, Series A, 5.00%, 12/1/37 (2) | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;550 |
| Denver City & County Airport, Series A, 5.00%, 12/1/33 (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Denver City & County Airport, Series A, 5.00%, 12/1/34 (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| E-470 Public Highway Auth., Series A, 5.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;386 |
|  |  | 6362 |
| **CONNECTICUT 3.0%** |  |  |
| Connecticut, Series A, GO, 5.00%, 3/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;225 |
| Connecticut, Series B, GO, 5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;520 |
| Connecticut, Series G, GO, 5.00%, 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;484 |
| Connecticut HEFA, Hartford Univ., Series N, 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |

---

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T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| Connecticut Housing Finance Auth., Series F-1, 3.20%, 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;360 |
| Connecticut Special Tax Revenue, Series A, 5.00%, 7/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;547 |
| Connecticut Special Tax Revenue, Series A, 5.25%, 7/1/43 | 1000 | 1109 |
| Connecticut State HEFA, Series A, 5.00%, 7/1/43 (3)(4) | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| Connecticut State HEFA, Series F, 5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
|  |  | 3547 |
| **DELAWARE 1.6%** |  |  |
| Delaware Economic Dev. Auth., Series A, 3.60%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| Delaware HFA, 5.00%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;327 |
| Delaware HFA, Beebe Medical Center, 5.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;415 |
| Delaware HFA, Beebe Medical Center, 5.00%, 6/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Kent County, Series A, 5.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;381 |
| Kent County, Series A, 5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;611 |
|  |  | 1862 |
| **DISTRICT OF COLUMBIA 2.9%** |  |  |
| District of Columbia, Series A, 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;155 |
| District of Columbia Income Tax Revenue, Series A, 5.00%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;113 |
| District of Columbia Water & Sewer Auth., Series A, 5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;248 |
| District of Columbia, Georgetown Univ., 5.00%, 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;153 |
| District of Columbia, Ingleside at Rock Creek, Series A, 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| Metropolitan Washington Airports Auth., 5.00%, 10/1/34 (2) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;226 |
| Metropolitan Washington Airports Auth., Series 2016A, 5.00%, 10/1/31 (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Metropolitan Washington Airports Auth., Series 2022A, 5.00%, 10/1/31 (2) | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;318 |
| Metropolitan Washington Airports Auth., Series A, 5.00%, 10/1/38 (2) | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;428 |
| Metropolitan Washington Airports Auth., Series A, 5.00%, 10/1/35 (2) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;507 |
| Metropolitan Washington Airports Auth. Dulles Toll Road Revenue, Series A, 5.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;299 |
| Metropolitan Washington Airports Auth. Dulles Toll Road Revenue, Series A, 5.00%, 10/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;256 |
| Washington Metropolitan Area Transit Auth., Series A, 5.00%, 7/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;516 |
|  |  | 3411 |
| **FLORIDA 3.2%** |  |  |
| Alachua County HFA, Series B-1, 5.00%, 12/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;476 |
| Ave Maria Stewardship Community Dist., 4.375%, 5/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;253 |
| Florida Dev. Fin., Series A, 5.00%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;177 |
| Florida Dev. Fin., Series A, 5.00%, 2/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;241 |
| Florida Municipal Power Agency, Series A, 5.00%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;341 |
| Florida Municipal Power Agency, Series A, 5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;269 |
| Hillsborough County Aviation Auth., Series B, 5.00%, 10/1/36 (2) | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;697 |
| Miami-Dade County Aviation Revenue, 5.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;488 |
| Miami-Dade County Aviation Revenue, Series A, 5.00%, 10/1/34 (2) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;574 |
| Polk County IDA, 4.825%, 6/15/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| Sarasota County HFA, Series A, 5.00%, 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Sarasota County HFA, Southwest Florida Retirement Centre, Series A, 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;201 |
|  |  | 3848 |

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T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

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| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| **GEORGIA 5.1%** |  |  |
| Atlanta Dept. of Aviation, Series B-1, 5.25%, 7/1/42 (2) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;109 |
| Atlanta Dept. of Aviation, Series C, 5.00%, 7/1/29 (2) | 500 | &nbsp;&nbsp;&nbsp;&nbsp;538 |
| Atlanta Dept. of Aviation, Series C, 5.00%, 7/1/34 (2) | 875 | &nbsp;&nbsp;&nbsp;&nbsp;959 |
| Atlanta Dev. Auth., Series A, 5.25%, 7/1/40 (1) | 125 | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| Atlanta, Water & Wastewater Revenue, 5.00%, 11/1/37 (5) | 500 | &nbsp;&nbsp;&nbsp;&nbsp;575 |
| Bartow County Dev. Auth., 3.95%, 12/1/32 (Tender 3/8/28) | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Burke County Dev. Auth, Series 2013, VRDN, 3.375%, 11/1/53 (Tender 3/12/27) | &nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| Burke County Dev. Auth, Series 2nd, VRDN, 3.80%, 10/1/32 (Tender 5/21/26) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;201 |
| Burke County Dev. Auth, Series 4th, VRDN, 3.80%, 10/1/32 (Tender 5/21/26) | 205 | &nbsp;&nbsp;&nbsp;&nbsp;206 |
| Burke County Dev. Auth., PCR, Georgia Power Plant Vogtle Project, Series 2, VRDN, 3.30%, 12/1/49 (Tender 8/21/29) | 220 | &nbsp;&nbsp;&nbsp;&nbsp;222 |
| Fulton County Dev. Auth, Series A, 5.00%, 4/1/37 | 145 | &nbsp;&nbsp;&nbsp;&nbsp;148 |
| George L Smith II Congress Center Auth., Series A, 2.375%, 1/1/31 | 135 | &nbsp;&nbsp;&nbsp;&nbsp;128 |
| Main Street Natural Gas, Series C, VRDN, 5.00%, 12/1/54 (Tender 12/1/31) | 800 | &nbsp;&nbsp;&nbsp;&nbsp;857 |
| Main Street Natural Gas, Series E-1, VRDN, 5.00%, 12/1/53 (Tender 6/1/31) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;268 |
| Monroe County Dev. Auth., 3.35%, 11/1/48 (Tender 3/27/30) | 150 | &nbsp;&nbsp;&nbsp;&nbsp;152 |
| Monroe County Dev. Auth., Series REMK, 3.875%, 10/1/48 (Tender 3/6/26) | 160 | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| Municipal Electric Auth. of Georgia, Series 2024A, 5.00%, 1/1/30 | 330 | &nbsp;&nbsp;&nbsp;&nbsp;359 |
| Municipal Electric Auth. of Georgia, Series A, 5.00%, 1/1/36 | 700 | &nbsp;&nbsp;&nbsp;&nbsp;759 |
| Savannah Hospital Auth., Series A, 4.00%, 7/1/36 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;251 |
|  |  | 6133 |
| **HAWAII 0.2%** |  |  |
| Hawaii Airports System Revenue, Series D, 5.00%, 7/1/40 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;228 |
| **IDAHO 0.6%** |  |  |
| Idaho HFA, Series A, 5.00%, 3/1/30 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;219 |
| Idaho HFA, Series D, 5.50%, 12/1/26 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;721 |
| **ILLINOIS 1.9%** |  |  |
| Chicago Midway Int'l Airport, Series C, 5.00%, 1/1/30 (2) | 220 | &nbsp;&nbsp;&nbsp;&nbsp;237 |
| Chicago O'Hare International Airport, Series D, 5.00%, 1/1/36 (2) | 340 | &nbsp;&nbsp;&nbsp;&nbsp;345 |
| Chicago O'Hare Int'l. Airport, Senior Lien, Series C, 5.00%, 1/1/27 (2) | &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Illinois, GO, 5.00%, 11/1/37 | &nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| Illinois, Series A, GO, 5.00%, 10/1/30 | 215 | &nbsp;&nbsp;&nbsp;&nbsp;228 |
| Illinois, Series A, GO, 5.00%, 3/1/29 | 295 | &nbsp;&nbsp;&nbsp;&nbsp;316 |
| Illinois, Series B, GO, 5.00%, 10/1/32 | 425 | &nbsp;&nbsp;&nbsp;&nbsp;448 |
| Illinois Fin. Auth., 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Illinois Fin. Auth., Series A, 5.00%, 5/15/32 | 275 | &nbsp;&nbsp;&nbsp;&nbsp;284 |
| Illinois Fin. Auth., Series A, 5.00%, 5/15/36 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| Illinois Fin. Auth., Series B, 5.00%, 10/1/44 (1) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
|  |  | 2306 |
| **INDIANA 0.9%** |  |  |
| Illinois Fin. Auth., Series A-1, 5.00%, 11/15/38 | 450 | &nbsp;&nbsp;&nbsp;&nbsp;509 |

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T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| Illinois Fin. Auth., Series A-1, 5.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Indiana Fin. Auth., Series A, 5.00%, 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;252 |
| Indiana Fin. Auth., Series D, VRDN, 5.00%, 10/1/63 (Tender 10/1/31) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;223 |
|  |  | 1039 |
| **KENTUCKY 0.4%** |  |  |
| Ashland, Series A, 4.00%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, 5.00%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Kentucky Economic DFA, Owensboro Medical Health, Series A, 5.25%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Kentucky Public Energy Auth., Series A-1, 4.00%, 8/1/52 (Tender 8/1/30) | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;176 |
| Kentucky Public Energy Auth., Series A-1, 5.00%, 5/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;423 |
| **LOUISIANA 1.2%** |  |  |
| Louisiana Local Gov't Environmental Facilities & CDA, 3.50%, 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;551 |
| Saint John the Baptist Parish, Marathon Oil, Series 2017B-2, 2.375%, 6/1/37 (Tender 7/1/26) | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;230 |
| Saint John the Baptist Parish, Marathon Oil, Series A-1, VRDN, 4.05%, 6/1/37 (Tender 7/1/26) | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;271 |
| Saint John the Baptist Parish, Marathon Oil, Series A-3, 2.20%, 6/1/37 (Tender 7/1/26) | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;254 |
| Saint John the Baptist Parish, Marathon Oil, Series C, VRDN, 3.30%, 6/1/37 (Tender 7/3/28) | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;177 |
|  |  | 1483 |
| **MARYLAND 4.6%** |  |  |
| Anne Arundel County, GO, 5.00%, 10/1/37 | 1000 | 1168 |
| Baltimore, 3.625%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| Baltimore City, Convention Center Hotel, 5.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Maryland CDA, Series A, 1.75%, 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;467 |
| Maryland CDA, Series B, 3.00%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Maryland CDA, Series C-2, 3.70%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Maryland CDA, Series D-2, 3.30%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;254 |
| Maryland DOT, 2.50%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;239 |
| Maryland Economic Dev., 5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;189 |
| Maryland Economic Dev., Bowie State Univ. Project, 4.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;247 |
| Maryland Economic Dev., Ports America Chesapeake, Series A, 5.00%, 6/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;228 |
| Maryland HHEFA, 4.125%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Maryland HHEFA, 5.25%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Maryland HHEFA, Series A, 5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;399 |
| Maryland HHEFA, Series A, 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;138 |
| Maryland HHEFA, Adventist Healthcare, 4.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| Maryland HHEFA, Adventist Healthcare, 5.00%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| Maryland HHEFA, Adventist Healthcare, 5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;132 |
| Maryland HHEFA, Adventist Healthcare, 5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;164 |
| Rockville, Series A1, 5.00%, 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
| Rockville, Series A-2, 5.00%, 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Rockville, Ingleside at King Farm, Series A-2, 3.375%, 11/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |

---

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| Washington Suburban Sanitary Commission, GO, 2.00%, 12/1/39 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;784 |
|  |  | 5527 |
| **MASSACHUSETTS 1.0%** |  |  |
| Massachusetts, Series A, GO, 5.00%, 4/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;560 |
| Massachusetts Commonwealth, Series C, GO, 2.00%, 9/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;395 |
| Massachusetts DFA, CHF Merrimack, Series A, 4.25%, 7/1/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| Massachusetts HFA, Series B-3, 3.55%, 12/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
|  |  | 1161 |
| **MICHIGAN 2.8%** |  |  |
| Great Lakes Water Auth. Sewage Disposal System Revenue, Series A, 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;781 |
| Great Lakes Water Auth. Water Supply System Revenue, Series A, 5.00%, 7/1/38 | 1000 | 1129 |
| Michigan Fin. Auth., 5.00%, 11/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Michigan Fin. Auth., 5.00%, 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Michigan State HFA, Series B-1, VRDN, 5.00%, 8/15/55 (Tender 6/1/32) | &nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;675 |
| Michigan State Housing Dev. Auth., 2.70%, 10/1/43 (Tender 10/1/28) | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;174 |
| Michigan State Housing Dev. Auth., Series A-1, 3.55%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;275 |
| Michigan Trunk Line Revenue, Series A, 5.00%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;190 |
|  |  | 3331 |
| **MINNESOTA 0.5%** |  |  |
| Minnesota, Series B, GO, 5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| Rochester, Series D, VRDN, 2.50%, 11/15/64 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;300 |
| St Paul Minnesota Housing & Redev. Auth., Series A, 4.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;631 |
| **MISSISSIPPI 0.0%** |  |  |
| Warren County, Int'l Paper, 4.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| **NEBRASKA 1.0%** |  |  |
| Central Plains Energy Project, Series 1, VRDN, 5.00%, 5/1/53 (Tender 10/1/29) | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;184 |
| Central Plains Energy Project, Series A-1, 5.00%, 8/1/55 (Tender 8/1/31) | &nbsp;&nbsp;&nbsp;&nbsp;950 | 1021 |
|  |  | 1205 |
| **NEVADA 0.2%** |  |  |
| Reno, 5.00%, 6/1/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| Sparks Tourism Improvement District No. 1, 3.875%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;203 |
| **NEW HAMPSHIRE 0.3%** |  |  |
| National Fin. Auth., Series 2025-1, 4.086%, 1/20/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| National Fin. Auth., Series 2025-3, 4.794%, 2/20/41 | &nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;392 |
| **NEW JERSEY 0.7%** |  |  |
| New Jersey Economic Dev. Auth., 5.00%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;201 |
| New Jersey Economic Dev. Auth., DRP Urban Renewal, 6.375%, 1/1/35 (1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;209 |

---

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| New Jersey EFA, Stevens Institute of Technology International, Series A, 5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| New Jersey Transportation Trust Fund Auth., Series A, 5.00%, 12/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;826 |
| **NEW YORK 11.9%** |  |  |
| New York City Housing Dev., Series A, 2.70%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| New York City Housing Dev., Series A-2, 3.73%, 5/1/63 (Tender 12/29/28) | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;707 |
| New York City Housing Dev., Series C1A, 3.50%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;530 |
| New York City Housing Dev., Series C-2, VRDN, 3.75%, 5/1/65 (Tender 7/2/29) | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;127 |
| New York City Housing Dev., Series D, VRDN, 4.30%, 11/1/63 (Tender 11/1/28) | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;817 |
| New York City Housing Dev., Series F-2, VRDN, 3.40%, 11/1/64 (Tender 1/2/29) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;303 |
| New York City Housing Dev., Series I, 2.15%, 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| New York City Housing Dev., Series I-1, 2.10%, 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;399 |
| New York City Housing Dev., Series K, 3.95%, 11/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;195 |
| New York City Transitional Fin. Auth., Series D, 5.25%, 5/1/45 | 1075 | 1161 |
| New York City Transitional Fin. Auth., Series F-1, 5.25%, 2/1/47 | 1000 | 1052 |
| New York City Transitional Fin. Auth., Series F-1, 5.50%, 2/1/48 (4) | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;364 |
| New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series A-1, 5.00%, 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;203 |
| New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series C-1, 5.00%, 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;332 |
| New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series F-1, 5.00%, 11/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;833 |
| New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series H-1, 5.00%, 11/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;269 |
| New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series H-1, 5.25%, 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| New York Mortgage Agency, Series 51, 3.40%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
| New York Mortgage Agency Homeowner Mortgage Revenue, Series 232, 2.10%, 4/1/31 (2) | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;574 |
| New York NY, Series B1, GO, 5.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;635 |
| New York State Dormitory Auth., 5.00%, 12/1/37 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| New York State Dormitory Auth., Series A, 5.00%, 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;547 |
| New York State Dormitory Auth., Series A, 5.00%, 3/15/36 | 1075 | 1183 |
| New York State HFA, Series A-1, VRDN, 3.60%, 11/1/44 (Tender 4/1/32) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| New York State HFA, Series D-2, 3.375%, 5/1/65 (Tender 11/1/31) | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| New York State Housing Fin. Agency, Series C, 3.05%, 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| New York Transportation Dev., 5.00%, 12/1/29 (2) | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;177 |
| New York Transportation Dev., 5.00%, 12/1/33 (2) | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;425 |
| New York Transportation Dev., GO, 5.25%, 6/30/38 (2) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| New York Transportation Dev., Series A, 5.00%, 12/1/27 (2) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| New York Transportation Dev., Series A, 5.00%, 12/1/34 (2) | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;563 |
| New York Transportation Dev., Series A, 5.00%, 12/1/35 (2) | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;853 |
| New York Transportation Dev., JFK NTO, 6.00%, 6/30/42 (2) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;112 |
| Port Auth. of New York & New Jersey, Series 214TH, 5.00%, 9/1/30 (2) | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;194 |
| Port Auth. of New York & New Jersey, Series 226, 5.00%, 10/15/38 (2) | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;407 |
| Southold Local Dev., Peconic Landing at Southold Project, 3.50%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |

---

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| State of New York Mortgage Agency Homeowner Mortgage Revenue, Series 262, 3.75%, 4/1/26 (2) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |
|  |  | 14205 |
| **NORTH CAROLINA 1.8%** |  |  |
| Cape Fear Public Utility Auth. Water & Service Revenue, 5.00%, 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 |
| Durham Housing Auth., 500 East Main, VRDN, 3.625%, 4/1/29 (Tender 4/1/28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
| Guilford, GO, 5.00%, 3/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 |
| North Carolina Medical Care Commission, Series A, 3.50%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| North Carolina Medical Care Commission, Lutheran Services for Aging, Series C, 4.00%, 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 |
| North Carolina Medical Care Commission, Penick Village, Series A, 5.00%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 |
| North Carolina Medical Care Commission, Salemtowne, 5.25%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 |
| North Carolina Medical Care Commission, Salemtowne Project, 5.375%, 10/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| North Carolina Municipal Power Agency #1, Series A, 5.00%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 |
|  |  | &nbsp;&nbsp;&nbsp;2137 |
| **OHIO 0.1%** |  |  |
| Norwood OH, 4.375%, 12/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
| **OKLAHOMA 0.8%** |  |  |
| Oklahoma Turnpike Auth., Series A, 5.00%, 1/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 |
| Oklahoma Turnpike Auth., Series A, 5.00%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 |
| **PENNSYLVANIA 0.9%** |  |  |
| Pennsylvania Economic DFA, Bridges Finco Project, 4.125%, 12/31/38 (2) | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 |
| Pennsylvania Economic DFA, Waste Management Project, 4.25%, 7/1/41 (Tender 7/1/27) (2) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |
| Pennsylvania State University, Series A, 5.00%, 9/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 |
| Philadelphia Airport Revenue, Series B, 5.00%, 7/1/35 (2) | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 |
| Philadelphia Auth. for Industrial Dev., Series B-2, VRDN, 3.25%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
|  |  | &nbsp;&nbsp;&nbsp;1027 |
| **PUERTO RICO 4.3%** |  |  |
| Puerto Rico Commonwealth, Series A, GO, Zero Coupon, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 |
| Puerto Rico Commonwealth, Series A1, GO, 4.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Puerto Rico Commonwealth, Series A1, GO, 4.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 |
| Puerto Rico Commonwealth, Series A1, GO, 5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 |
| Puerto Rico Commonwealth, Series A1, GO, 5.75%, 7/1/31 | 1161 | &nbsp;&nbsp;&nbsp;1282 |
| Puerto Rico Commonwealth, Series CW, GO, Zero Coupon, 11/1/43 (6) | &nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 |
| Puerto Rico Sales Tax Fin., Restructured, Series A1, Zero Coupon, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Puerto Rico Sales Tax Fin., Restructured, Series A-1, Zero Coupon, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Puerto Rico Sales Tax Fin., Restructured, Series A-1, Zero Coupon, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 |
| Puerto Rico Sales Tax Fin., Restructured, Series A-1, 4.55%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 |
| Puerto Rico Sales Tax Fin., Restructured, Series A2, 4.329%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 |
| Puerto Rico Sales Tax Fin., Restructured, Series A-2A, 4.55%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 |
|  |  | &nbsp;&nbsp;&nbsp;5187 |

---

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| **SOUTH CAROLINA 1.4%** |  |  |
| South Carolina Jobs-Economic Dev. Auth, Series A, 5.00%, 12/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;264 |
| South Carolina Jobs-Economic Dev. Auth, Series A, 5.25%, 11/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| South Carolina Jobs-Economic Dev. Auth., Series A, 4.00%, 4/1/33 (Tender 4/1/26) (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| South Carolina Jobs-Economic Dev. Auth., Prisma Health Obligated Group, Series A, 5.00%, 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;163 |
| South Carolina Public Service Auth., Series A, 5.00%, 12/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;337 |
| South Carolina Public Service Auth., Series B, 5.00%, 12/1/40 (3) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;245 |
| South Carolina Public Service Auth. Revenue, Series E, 5.50%, 12/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;505 |
| South Carolina State Housing Fin. & Dev. Auth., Series B, 5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
|  |  | 1638 |
| **SOUTH DAKOTA 0.2%** |  |  |
| South Dakota Health & EFA, Series C-2, 5.00%, 11/1/51 (Tender 11/1/32) | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;228 |
| **TENNESSEE 1.8%** |  |  |
| Chattanooga HEHFB, Series A-1, 5.00%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;259 |
| Greeneville Health & Ed. Fac. Board, Ballad Health Obligation Group, Series A, 5.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;114 |
| Metropolitan Gov't. of Nashville-Davidson Health & Ed. Fac. Board, Series A, 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| Metropolitan Nashville Airport Auth., Series B, 5.00%, 7/1/43 (2)(4) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;537 |
| Tennessee Energy Acquisition, Series A, 5.00%, 12/1/35 | 1000 | 1077 |
|  |  | 2168 |
| **TEXAS 11.6%** |  |  |
| Arlington Higher Ed. Fin., Series A, 3.00%, 8/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;194 |
| Austin Convention Enterprises, Series A, 5.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Austin Convention Enterprises, Series A, 5.00%, 1/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| Austin Convention Enterprises, Convention Center, Series A, 5.00%, 1/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Austin Convention Enterprises, Convention Center, Series A, 5.00%, 1/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| Board of Regents of the Univ. of Texas System, Series A, 5.00%, 8/15/43 (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| Central Texas Regional Mobility Auth., Series C, 5.00%, 1/1/27 | 1000 | 1003 |
| Central Texas Turnpike System, Series A, 5.00%, 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;430 |
| Central Texas Turnpike System, Series A, 5.00%, 8/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;569 |
| Clifton Higher Education Fin., 5.00%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;405 |
| Clifton Higher Education Fin., 5.00%, 8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;377 |
| Clifton Higher Education Fin., Series A, 5.00%, 2/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;554 |
| Clifton Higher Education Fin., Series A, 5.00%, 2/15/31 | 1250 | 1382 |
| Clifton Higher Education Fin., Series A, 5.00%, 8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;111 |
| Clifton Higher Education Fin., Series A, 5.00%, 8/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;174 |
| Clifton Higher Education Fin., Series A, 5.00%, 2/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Clifton Higher Education Fin., Series A, 5.25%, 2/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;191 |
| Conroe Independent School Dist., GO, 5.00%, 2/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;809 |
| Cypress-Fairbanks Independent School District, Series B, GO, 5.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;288 |
| Dallas Fort Worth Int'l Airport, Series A-2, 5.00%, 11/1/50 (Tender 11/1/29) (2) | 1000 | 1066 |
| Dallas Fort Worth Int'l Airport, Series A-2, 5.00%, 11/1/50 (Tender 11/1/32) (2) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;221 |

---

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| Denton Independent School Dist., GO, 5.00%, 8/15/48 | 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 |
| Georgetown Independent School District, 5.50%, 2/15/38 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 |
| Harris County Cultural Ed. Fac. Fin., Series A, 3.00%, 10/1/40 (5) | 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 |
| Harris County Cultural Education Facilities Fin., Series B, 5.00%, 7/1/37 | 620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 |
| Hidalgo County Regional Mobility Auth., Series A, 4.00%, 12/1/41 | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 |
| Houston Airport, Series B, 5.25%, 7/15/29 (2) | 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 |
| Houston Airport, Series B, 5.50%, 7/15/35 (2) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
| Houston Independent School Dist., Series A, GO, 5.00%, 2/15/27 | 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 |
| Mission Economic Dev.,Graphic Packaging Int'l, VRDN, 5.00%, 12/1/64 (Tender 6/1/30) (2) | 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 |
| New Hope Cultural Education Facilities Fin., 5.00%, 1/1/27 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 |
| North East Texas Regional Mobility Auth., Series A, 5.00%, 1/1/39 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
| Port of Beaumont Navigation District, Series A, 5.125%, 1/1/44 (1) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| Tarrant County Cultural Education Facilities Fin., Series E, 5.00%, 11/15/52 (Tender 5/15/26) | 435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 |
| Texas Municipal Gas Acquisition & Supply V, VRDN, 5.00%, 1/1/55 (Tender 1/1/34) | 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 |
| Texas Private Activity Bond Surface Transportation, Series 2019-A, 5.00%, 12/31/36 | &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| Texas Private Activity Bond Surface Transportation, Series 2023, 5.50%, 6/30/42 (2) | 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| Waller Consolidated Independent School District, GO, 5.00%, 2/15/41 | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 |
|  |  | 13799 |
| **UTAH 1.2%** |  |  |
| Salt Lake City Airport, Series 2018-A, 5.00%, 7/1/34 (2) | 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 |
| Salt Lake City Airport, Series 2021-A, 5.00%, 7/1/34 (2) | 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
| Salt Lake City Airport, Series A, 5.00%, 7/1/36 (2) | 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 |
| Salt Lake City Airport, Series A, 5.25%, 7/1/39 (2) | 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 |
|  |  | &nbsp;&nbsp;&nbsp;1466 |
| **VIRGINIA 5.6%** |  |  |
| Fairfax County IDA, 5.00%, 5/15/37 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 |
| Fairfax County IDA, Series A, 5.00%, 5/15/31 | 285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 |
| Farmville IDA, 5.375%, 7/1/53 (Tender 7/1/43) (3) | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 |
| Halifax County IDA, Series A, VRDN, 3.80%, 12/1/41 (Tender 5/28/27) | 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 |
| Henrico County Economic Dev. Aut., 4.00%, 10/1/32 | &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Henrico County Economic Dev. Auth., 4.00%, 10/1/33 | 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
| Henrico County Economic Dev. Auth., Series C, 4.00%, 12/1/32 | 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 |
| Lynchburg Economic Dev. Auth., Series A, 5.00%, 1/1/27 | 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 |
| New York Transportation Dev. Auth., 5.00%, 12/1/38 | &nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Newport News Economic Dev. Auth., 3.50%, 12/1/29 | &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Prince William County IDA, 5.00%, 1/1/31 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 |
| Rockingham County Economic Dev. Auth., Series A, 3.00%, 11/1/46 | 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 |
| Virginia College Building Auth., Series A, 5.00%, 2/1/41 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 |
| Virginia Housing Dev. Auth., Series B, 2.80%, 3/1/37 | 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 |
| Virginia Housing Dev. Auth., Series B, 3.80%, 6/1/31 | 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
| Virginia Small Business Fin. Auth, 5.00%, 1/1/37 (2) | &nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Virginia Small Business Fin. Auth, 5.00%, 7/1/37 (2) | &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Virginia Small Business Fin. Auth, Series A, VRDN, 3.15%, 7/1/42 | 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 |
| Virginia Small Business Fin. Auth., Series A, 5.00%, 1/1/32 | 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |

---

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T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| Virginia Small Business Fin. Auth., Series A, 5.00%, 1/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;184 |
| Virginia Small Business Fin. Auth., Elizabeth River Crossings, 4.00%, 7/1/32 (2) | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;253 |
| Virginia Small Business Fin. Auth., 95 Express Lanes Project, 4.00%, 7/1/39 (2) | &nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp;780 |
| Virginia Small Business Fin. Auth., 95 Express Lanes Project, 5.00%, 1/1/32 (2) | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;423 |
| Virginia Small Business Fin. Auth., 95 Express Lanes Project, 5.00%, 7/1/32 (2) | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;417 |
| Wise County IDA, Series A, 3.80%, 11/1/40 (Tender 5/28/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| York County Economic Dev. Auth., Series A, 3.65%, 5/1/33 (Tender 10/1/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
|  |  | 6748 |
| **WASHINGTON 4.0%** |  |  |
| Energy Northwest, Series 2023-A, 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;881 |
| Energy Northwest, Series 2024-A, 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;569 |
| King County, Series B, GO, 5.00%, 12/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;561 |
| Port of Seattle, Series A, 5.00%, 5/1/33 (2) | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;292 |
| Port of Seattle WA, Series B, 5.00%, 7/1/36 (2) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;225 |
| Port of Seattle WA, Series B, 5.00%, 10/1/30 (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| Washington, Series 2024-A, GO, 5.00%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;286 |
| Washington, Series 2025A, GO, 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;570 |
| Washington, Series R, GO, 5.00%, 7/1/38 | 1000 | 1147 |
| Washington State Housing Fin. Commission, Series A, 5.00%, 7/1/45 (1)(5) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
|  |  | 4727 |
| **WEST VIRGINIA 0.5%** |  |  |
| Ohio County Special District Excise Tax, Series A, 5.00%, 6/1/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;155 |
| West Virginia Economic Dev. Auth., Commercial Metals, VRDN, 4.625%, 4/15/55 (Tender 5/15/32) (2) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;256 |
| West Virginia Hospital Fin. Auth., Series A, 5.00%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| West Virginia Hospital Fin. Auth., Series B, 5.00%, 6/1/55 (Tender 6/1/33) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;638 |
| **WISCONSIN 3.7%** |  |  |
| PFA, 5.00%, 11/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| PFA, Series A, 5.00%, 5/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| PFA, Series A, 5.00%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;107 |
| PFA, Series A, 6.00%, 6/15/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| Public Fin. Auth., 5.00%, 11/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Public Fin. Auth., Series A, 4.00%, 7/15/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| Public Fin. Auth., Series A, 5.00%, 6/1/37 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;205 |
| Public Fin. Auth., Series A, 5.00%, 7/1/40 (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| Public Fin. Auth., Series A-2, 2.875%, 5/1/27 (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Wisconsin, Series 2, GO, 5.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;579 |
| Wisconsin, Series B, GO, 5.00%, 5/1/36 | 1500 | 1758 |
| Wisconsin HEFA, Series A, 4.00%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;511 |
| Wisconsin HEFA, Series A, 4.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Wisconsin HEFA, Series A, 5.00%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Wisconsin HEFA, Series A, 5.00%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Wisconsin HEFA, Series A, 5.00%, 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;276 |

---

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| Wisconsin Housing & Economic Dev. Auth. Home Ownership Revenue, Series A, 3.25%, 9/1/26 | 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379 |
| **Total Municipal Securities<br> (Cost $116,471)** |  | &nbsp;&nbsp;&nbsp;**119460** |
| **Total Investments<br> 100.0% of Net Assets (Cost $116,471)** |  | **$119460** |
| **Other Assets Less Liabilities (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(57)** |
| **Net Assets 100.0%** |  | **$119403** |

---

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

(1) 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 $2,948 and represents 2.5% of net assets.

(2) Interest subject to alternative minimum tax.

(3) Insured by Assured Guaranty Municipal Corporation

(4) When-issued security.

(5) Insured by Build America Mutual Assurance Company

(6) 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.

---

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

---

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

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

------

T. Rowe Price Exchange-Traded Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The Intermediate Municipal Income 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 most recent semiannual or annual shareholder report and its prospectus.

#### VALUATION

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

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

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

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

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

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

#### Valuation Techniques
Debt securities 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.

------

T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF

------

Investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good faith by the Valuation Designee. The Valuation Designee has adopted methodologies for determining the fair value of investments for which market quotations are not readily available or deemed unreliable, including the use of other pricing sources. Factors used in determining fair value vary by type of investment and may include market or investment specific considerations. The Valuation Designee typically will afford 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 January 31, 2026, all of the fund's financial instruments were classified as Level 2, based on the inputs used to determine their fair values.

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

#### ETF1133-054Q1

#### 01/26

## 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:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $120598945.60

**Total Liabilities:** $1195834.61

**Net Assets:** $119403110.99

**Delayed Delivery Securities:** $1172170.50

**Cash Not Reported:** $63869.38

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -538.825291 | **1-Year:** -4830.103363 | **5-Year:** -22504.631088 | **10-Year:** -28603.521412 | **30-Year:** -1051.132173

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

- **3-Month:** -63.728913 | **1-Year:** -668.370877 | **5-Year:** -2295.018645 | **10-Year:** -1371.170854 | **30-Year:** -52.616077

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000249324 | 0.34%                | 0.32%                | 0.97%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4944.73                | $27683.27                                  |
| Month 2  | $37447.80                | $-39494.47                                 |
| Month 3  | $-3551.96                | $732281.60                                 |

### 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 CO FL HLTH FACS SHANDS HSP SR B1         | ALACHUA CNTY FL HLTH FACS AUTH ALAMED 12/34 FIXED 5         | CUSIP: 010685KZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $476028.25    | 0.40%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AK ST HSG FIN CORP MTG REV SER A                 | ALASKA ST HSG FIN CORP MTGE RE AKSHSG 06/31 FIXED 2.15      | CUSIP: 01170RHX3<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |    195000 | PA      | $182924.96    | 0.15%             | 2031-06-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| ANNE ARUNDEL CO MD                               | ANNE ARUNDEL CNTY MD AAR 10/37 FIXED 5                      | CUSIP: 03588JJL7<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1168237.30   | 0.98%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AZ ST ED REV PINECREST ACADEMY 144A              | ARIZONA ST INDL DEV AUTH EDU R AZSEDU 07/29 FIXED 4.5       | CUSIP: 04052BRH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $195950.38    | 0.16%             | 2029-07-15      | Fixed         | 4.50%                 | 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        |    395000 | PA      | $397599.69    | 0.33%             | 2030-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AZ ST IDA CADENCE CAMPUS PROJ SER A 144A         | ARIZONA ST INDL DEV AUTH EDU R AZSEDU 07/40 FIXED 4         | CUSIP: 04052BLR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94389.50     | 0.08%             | 2040-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AZ ST IDA EQUITABLE SCH REVOL FUND SER A         | ARIZONA ST INDL DEV AUTH NATIO AZSEDU 11/27 FIXED 4         | CUSIP: 04052FCY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180013.46    | 0.15%             | 2027-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AZ ST IDA SCH REVOL FUND SER A                   | ARIZONA ST INDL DEV AUTH NATIO AZSEDU 11/29 FIXED 5         | CUSIP: 04052FEN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $427202.76    | 0.36%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AZ ST INDL DEV AUTH-A                            | ARIZONA ST INDL DEV AUTH NATIO AZSEDU 11/34 FIXED 5         | CUSIP: 04052FEA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $237581.47    | 0.20%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HGR EDU-A                              | ARLINGTON TX HGR EDU FIN CORP ARLEDU 08/45 FIXED 3          | CUSIP: 041806E63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $194298.25    | 0.16%             | 2045-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ASHLAND MED CTR-A                                | ASHLAND KY MED CENTER REVENUE ASHMED 02/36 FIXED 4          | CUSIP: 044293BE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25004.76     | 0.02%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REV SR C AMT                     | ATLANTA GA ARPT REVENUE ATLAPT 07/29 FIXED 5                | CUSIP: 04780MZN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537643.80    | 0.45%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REV SR C AMT                     | ATLANTA GA ARPT REVENUE ATLAPT 07/34 FIXED 5                | CUSIP: 04780MZT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $958667.33    | 0.80%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA-REV-B-1-AMT AMT                          | ATLANTA GA ARPT REVENUE ATLAPT 07/42 FIXED 5.25             | CUSIP: 04780M2Y4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $109518.42    | 0.09%             | 2042-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ATLANTA DEV AUTH-A 144A                          | ATLANTA GA DEV AUTH STUDENT HS ATLHSG 07/40 FIXED OID 5.25  | CUSIP: 04777LDT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $130100.83    | 0.11%             | 2040-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA WTR & WASTEWTR REV SUB LIEN           | ATLANTA GA WTR   WSTWTR REVENU ATLUTL 11/37 FIXED 5         | CUSIP: 047870TA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $575324.90    | 0.48%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN CONV CNT 1ST TIER SER A                   | AUSTIN CONVENTION ENTERPRISES AUSFAC 01/27 FIXED 5          | CUSIP: 052409DJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35348.59     | 0.03%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN CONV CNT 1ST TIER SER A                   | AUSTIN CONVENTION ENTERPRISES AUSFAC 01/28 FIXED 5          | CUSIP: 052409DK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $131191.32    | 0.11%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN CONV CNT 1ST TIER SER A                   | AUSTIN CONVENTION ENTERPRISES AUSFAC 01/33 FIXED 5          | CUSIP: 052409DQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100755.52    | 0.08%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN CONV CNT 1ST TIER SER A                   | AUSTIN CONVENTION ENTERPRISES AUSFAC 01/34 FIXED 5          | CUSIP: 052409DR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55379.69     | 0.05%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AVE MARIA STEWARDSHIP                            | AVE MARIA FL STEWARDSHIP CMNTY AVMDEV 05/35 FIXED 4.375     | CUSIP: 05355ABZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252825.45    | 0.21%             | 2035-05-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CO-REF                                 | BALTIMORE CNTY MD REVENUE BALGEN 01/37 FIXED OID 3.625      | CUSIP: 059151BX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $84546.66     | 0.07%             | 2037-01-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD CONVENTION CENTER HTL               | BALTIMORE MD CONVENTION CENTER BALFAC 09/31 FIXED 5         | CUSIP: 05921PBX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76347.63     | 0.06%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BARTOW CO GA DEV PWR CO PLT BOWEN PROJ           | BARTOW CNTY GA DEV AUTH BTWPOL 12/32 ADJUSTABLE VAR         | CUSIP: 069643BN3<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15294.50     | 0.01%             | 2032-12-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS AL PROJ REV SER A          | BLACK BELT ENERGY GAS DIST AL BBEUTL 01/54 ADJUSTABLE VAR   | CUSIP: 09182TCQ8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    140000 | PA      | $149855.16    | 0.13%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DST SPLY REV               | BLACK BELT ENERGY GAS DIST AL BBEUTL 06/51 ADJUSTABLE VAR   | CUSIP: 09182NBR0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022991.80   | 0.86%             | 2051-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS                            | BLACK BELT ENERGY GAS DIST AL BBEUTL 12/35 FIXED 5          | CUSIP: 09182TGW1<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    500000 | PA      | $539648.90    | 0.45%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURKE CO GA PWR CO PLANT VOGTLE 2ND SER          | BURKE CNTY GA DEV AUTH POLL CO BURPOL 10/32 ADJUSTABLE VAR  | CUSIP: 121342QF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200592.14    | 0.17%             | 2032-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| BURKE CO GA DEV AUTH POLL CNTRL REV SR 4         | BURKE CNTY GA DEV AUTH POLL CO BURPOL 10/32 ADJUSTABLE VAR  | CUSIP: 121342QG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $205606.94    | 0.17%             | 2032-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| BURKE CO GA PWR PLANT VOGTLE 1ST SER 201         | BURKE CNTY GA DEV AUTH POLL CO BURPOL 11/53 ADJUSTABLE VAR  | CUSIP: 121342QL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95629.26     | 0.08%             | 2053-11-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| BURKE CO GA PWR CO PLANT VOGTLE 2ND SER          | BURKE CNTY GA DEV AUTH POLL CO BURPOL 12/49 ADJUSTABLE VAR  | CUSIP: 121342QN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $222273.30    | 0.19%             | 2049-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| CA CMTY CHOICE AUTH CLEAN ENGY PJ SR H           | CALIFORNIA CMNTY CHOICE FING A CCEDEV 01/56 ADJUSTABLE VAR  | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    200000 | PA      | $219380.52    | 0.18%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CA CMTY CHOICE AUTH CLEAN ENGY PJ SR E-1         | CALIFORNIA CMNTY CHOICE FING A CCEDEV 02/55 ADJUSTABLE VAR  | CUSIP: 13013JEP7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    500000 | PA      | $536129.45    | 0.45%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CA CMNTY CHOICE-G                                | CALIFORNIA CMNTY CHOICE FING A CCEDEV 12/35 FIXED 5         | CUSIP: 13013JHJ8<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    125000 | PA      | $138970.46    | 0.12%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CA PUB FIN AUTH REV HENRY MAYO NEWHALL           | CALIFORNIA PUBLIC FIN AUTH REV CASGEN 10/37 FIXED 5         | CUSIP: 13057EAK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $412249.47    | 0.35%             | 2037-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN KIPP SOC PUB A 144A           | CALIFORNIA SCH FIN AUTH SCH FA CASSCD 07/27 FIXED 5         | CUSIP: 13059TGU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102530.43    | 0.09%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA SCH FIN KIPP SOC PUB A 144A           | CALIFORNIA SCH FIN AUTH SCH FA CASSCD 07/28 FIXED 5         | CUSIP: 13059TGV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104419.73    | 0.09%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CA ST INFA & ECON ACAD OF SCIENCES SR A          | CALIFORNIA ST INFRASTRUCTURE CASDEV 08/29 FIXED 3.25        | CUSIP: 13034A5B2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    450000 | PA      | $457588.85    | 0.38%             | 2029-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CA MUNI FIN AUTH-A-1                             | CALIFORNIA ST MUNI FIN AUTH MU CASGEN 11/40 ADJUSTABLE VAR  | CUSIP: 13050WAD3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    199603 | PA      | $199506.62    | 0.17%             | 2040-11-20      | Variable      | 4.33%                 | No            |                  2 | On Loan: No      |
| CA ST FIN REV CA BAPTIST UNIV SR A 144A          | CALIFORNIA ST MUNI FIN AUTH RE CASFIN 11/40 FIXED 5.125     | CUSIP: 13048V3E6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262983.10    | 0.22%             | 2040-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CA FIN SOLID WST DISP REV SER B AMT PUT          | CALIFORNIA ST MUNI FIN AUTH SO CASPOL 11/41 ADJUSTABLE VAR  | CUSIP: 13048RAN7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30004.63     | 0.03%             | 2041-11-01      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| CA MUNI FIN AUTH                                 | CALIFORNIA ST MUNI FIN AUTH SP CASGEN 09/35 FIXED OID 4.625 | CUSIP: 13051ANC8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102847.71    | 0.09%             | 2035-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CA ST FIN AUTH STU HSG W VILL HOUSE PROJ         | CALIFORNIA ST MUNI FIN AUTH ST CASFIN 05/37 FIXED 5         | CUSIP: 13049YBF7<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259544.03    | 0.22%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CA STWD CMNTY DEV AUTH REV SER C1                | CALIFORNIA ST STWD CMNTYS DEV CASDEV 09/30 FIXED 5          | CUSIP: 13078YVN2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107654.87    | 0.09%             | 2030-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CA STWD CMNTYS DEV-B                             | CALIFORNIA ST STWD CMNTYS DEV CASDEV 09/33 FIXED 5          | CUSIP: 13078YWU5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    215000 | PA      | $235152.96    | 0.20%             | 2033-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CA STATEWIDE DEV-C-1                             | CALIFORNIA ST STWD CMNTYS DEV CASDEV 09/39 FIXED 5          | CUSIP: 13078YXP5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    345000 | PA      | $362015.95    | 0.30%             | 2039-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CA STWD CMNTY DEV INFRASTRUCTURE SER A           | CALIFORNIA ST STWD CMNTYS DEV CASDEV 09/39 FIXED 5          | CUSIP: 13078YVE2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    330000 | PA      | $352588.67    | 0.30%             | 2039-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CA STWD CMNTY STU HSG IRVINE ARPTS SER A         | CALIFORNIA ST STWD CMNTYS DEVA CASDEV 05/30 FIXED 5         | CUSIP: 13078RGW4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    220000 | PA      | $225960.75    | 0.19%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CA STWD CMNTY STU HSG CHF IRVINE LLC             | CALIFORNIA ST STWD CMNTYS DEVA CASDEV 05/40 FIXED 5         | CUSIP: 13078RGJ3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10030.26     | 0.01%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CA ST STWD CMNTY LOMA LINDA UNI A 144A           | CALIFORNIA STWD CMNTYS DEV AUT CASGEN 12/28 FIXED 5         | CUSIP: 13080SVH4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    225000 | PA      | $235166.90    | 0.20%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPE FEAR NC PUB UTILITY WTR & SWR REV           | CAPE FEAR NC PUBLIC UTILITY AU CAPUTL 04/40 FIXED 5         | CUSIP: 139391FY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $169715.93    | 0.14%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL PLAINS ENERGY NE PROJ 5 SER 1            | CENTRL PLAINS ENERGY PROJ NE G CENPWR 05/53 ADJUSTABLE VAR  | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    175000 | PA      | $184036.14    | 0.15%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CNTRL PLAINS ENRGY-A1                            | CENTRL PLAINS ENERGY PROJ NE G CENPWR 08/55 ADJUSTABLE VAR  | CUSIP: 154872AY1<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |    950000 | PA      | $1020511.57   | 0.85%             | 2055-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH REV SER C           | CENTRL TX REGL MOBILITY AUTH R CTXGEN 01/27 FIXED 5         | CUSIP: 155498LY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003278.20   | 0.84%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL VLY CA ENERGY COMMODITY SPLY REV          | CENTRL VLY CA ENERGY AUTH COMM CTVPWR 12/55 ADJUSTABLE VAR  | CUSIP: 15569DAA0<br>LEI: 254900G5IPQ9MA3FRJ55 | Long             | DBT              | MUN               | US        |     75000 | PA      | $81057.35     | 0.07%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL CORP PROJ AMT SR 2022-2         | CHANDLER AZ INDL DEV AUTH INDL CHADEV 09/52 ADJUSTABLE VAR  | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $479658.27    | 0.40%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH                              | CHATTANOOGA TN HLTH EDUCTNL  H CHAMED 08/27 FIXED 5         | CUSIP: 162410DY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $258973.28    | 0.22%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MDWY ARPT REV SER C AMT               | CHICAGO IL MIDWAY ARPT REVENUE CHIAPT 01/30 FIXED 5         | CUSIP: 167562TB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $236883.68    | 0.20%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL OHARE INTL ARPT REV REF AMT C         | CHICAGO IL O HARE INTERNATIONA CHITRN 01/27 FIXED 5         | CUSIP: 1675935K4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76554.61     | 0.06%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE ARPT-D AMT                        | CHICAGO IL O HARE INTERNATIONA CHITRN 01/36 FIXED 5         | CUSIP: 167593F49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $344583.71    | 0.29%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HGR EDU-A                                | CLIFTON TX HGR EDU FIN CORP ED CLIEDU 02/31 FIXED 5         | CUSIP: 187145UZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1381476.63   | 1.16%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HGR EDU-A                                | CLIFTON TX HGR EDU FIN CORP ED CLIEDU 02/37 FIXED 5         | CUSIP: 187145VF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $553986.70    | 0.46%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HGR EDU-A                                | CLIFTON TX HGR EDU FIN CORP ED CLIEDU 02/40 FIXED 5         | CUSIP: 187145VJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $65037.73     | 0.05%             | 2040-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HGR EDU-A                                | CLIFTON TX HGR EDU FIN CORP ED CLIEDU 02/45 FIXED 5.25      | CUSIP: 187145VP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $190857.37    | 0.16%             | 2045-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLIFTON HGR EDU FIN                              | CLIFTON TX HGR EDU FIN CORP ED CLIEDU 04/41 FIXED 5         | CUSIP: 187145XG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $404865.53    | 0.34%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HGR EDU-A-REF                            | CLIFTON TX HGR EDU FIN CORP ED CLIEDU 08/36 FIXED 5         | CUSIP: 187145SP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $110506.88    | 0.09%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HGR EDU                                  | CLIFTON TX HGR EDU FIN CORP ED CLIEDU 08/36 FIXED 5         | CUSIP: 187145QW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $376952.38    | 0.32%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HGR EDU-A-REF                            | CLIFTON TX HGR EDU FIN CORP ED CLIEDU 08/39 FIXED 5         | CUSIP: 187145SS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $173596.94    | 0.15%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMNTY DEV ADMIN MD MF DEV REV SUST SR D2         | 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      | $253842.93    | 0.21%             | 2029-01-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| CMNTY DEV ADMIN MD MF DEV REV SUS SR C2          | CMNTY DEV ADMIN MD MF DEV REVE COMMFH 01/29 FIXED 3.7       | CUSIP: 20364NDF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50958.98     | 0.04%             | 2029-01-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| COLORADO ST COPS SER A                           | COLORADO ST COPS COSCTF 09/31 FIXED 5                       | CUSIP: 196711QK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $315281.91    | 0.26%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST COPS RURAL SER A                     | COLORADO ST COPS COSCTF 12/29 FIXED 5                       | CUSIP: 196711QZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $182851.30    | 0.15%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST COPS                                 | COLORADO ST COPS COSCTF 12/38 FIXED 6                       | CUSIP: 196711UW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $453788.22    | 0.38%             | 2038-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST COPS                                 | COLORADO ST COPS COSCTF 12/39 FIXED 6                       | CUSIP: 196711UX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $316449.50    | 0.27%             | 2039-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST COPS                                 | COLORADO ST COPS COSCTF 12/41 FIXED 6                       | CUSIP: 196711UZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1416359.85   | 1.19%             | 2041-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST REF INTERMOUNTAIN HLTH SR A          | COLORADO ST HLTH FACS AUTH REV COSMED 05/37 FIXED 5         | CUSIP: 19648FYD0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $555463.50    | 0.47%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST REF INTERMOUNTAIN HLTH SR B          | COLORADO ST HLTH FACS AUTH REV COSMED 05/62 ADJUSTABLE VAR  | CUSIP: 19648FVK7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    165000 | PA      | $167323.04    | 0.14%             | 2062-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CO ST HLTH FACS HOSP REV COMMON SR B-2 PUT       | COLORADO ST HLTH FACS AUTH REV COSMED 08/49 ADJUSTABLE VAR  | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    235000 | PA      | $235248.75    | 0.20%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CO ST HLTH FACS AUTH REV SER A-1                 | COLORADO ST HLTH FACS AUTH REV COSMED 11/58 ADJUSTABLE VAR  | CUSIP: 19648FXD1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    160000 | PA      | $169599.34    | 0.14%             | 2058-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SER A                             | CONNECTICUT ST CTS 03/41 FIXED 5                            | CUSIP: 20772KA90<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    200000 | PA      | $225234.02    | 0.19%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST REF SER B                         | CONNECTICUT ST CTS 11/31 FIXED 5                            | CUSIP: 20772KTD1<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    455000 | PA      | $519822.53    | 0.44%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SUST BONDS SER G                  | CONNECTICUT ST CTS 11/39 FIXED 5                            | CUSIP: 20772KYN3<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    425000 | PA      | $484063.70    | 0.41%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CT ST HLTH & EDU AUTH REV UNI HTFRD SR N         | CONNECTICUT ST HLTH   EDUCTNL CTSHGR 07/31 FIXED 5          | CUSIP: 20775DDS8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |     95000 | PA      | $96904.20     | 0.08%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CT ST HLTH & EDU AUTH                            | CONNECTICUT ST HLTH   EDUCTNL CTSHGR 07/43 FIXED 5          | CUSIP: 20775DN40<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    175000 | PA      | $189804.83    | 0.16%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CT ST HLTH & EDU REV MASONICARE SER F            | CONNECTICUT ST HLTH   EDUCTNL CTSMED 07/27 FIXED 5          | CUSIP: 20774YV53<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15099.47     | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CT ST HSG FIN-F1                                 | CONNECTICUT ST HSG FIN AUTH HS CTSHSG 11/33 FIXED 3.2       | CUSIP: 20775CXK5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    360000 | PA      | $360049.61    | 0.30%             | 2033-11-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CT ST SPL TAX OBLIG REV SER A                    | CONNECTICUT ST SPL TAX OBLIG R CTSGEN 07/43 FIXED 5.25      | CUSIP: 207758Q63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108869.00   | 0.93%             | 2043-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST-A-REF                             | CONNECTICUT ST SPL TAX OBLIG R CTSGEN 07/44 FIXED 5         | CUSIP: 2077582B8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $547511.95    | 0.46%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONROE TX INDEP SCH DIST                         | CONROE TX INDEP SCH DIST CONSCD 02/38 FIXED 5               | CUSIP: 2084185D1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $809341.34    | 0.68%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CYPRESS FAIRBANKS TX SCH BLDG REF SER B          | CYPRESS FAIRBANKS TX INDEP SCH CYSSCD 02/36 FIXED 5         | CUSIP: 232769PM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $287689.25    | 0.24%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS FORT WORTH-A-2 AMT                        | DALLAS FORT WORTH TX INTERNATI DALAPT 11/50 ADJUSTABLE VAR  | CUSIP: 23503CFK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065640.00   | 0.89%             | 2050-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DALLAS FORT WORTH-A-2 AMT                        | DALLAS FORT WORTH TX INTERNATI DALAPT 11/50 ADJUSTABLE VAR  | CUSIP: 23503CFL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $220903.88    | 0.19%             | 2050-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE ECON DEV-A                              | DELAWARE ST ECON DEV AUTH REVE DESDEV 01/31 FIXED 3.6       | CUSIP: 246387SX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103365.51    | 0.09%             | 2031-01-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST HLTH FACS                            | DELAWARE ST HLTH FACS AUTH REV DESMED 06/26 FIXED 5         | CUSIP: 246388SX1<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |    325000 | PA      | $326977.92    | 0.27%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DE ST HLTH FACS AUTH REV BEEBE MED CNTR          | DELAWARE ST HLTH FACS AUTH REV DESMED 06/31 FIXED 5         | CUSIP: 246388TC6<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |    400000 | PA      | $414969.80    | 0.35%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DE ST HLTH FACS AUTH REV BEEBE MED CNTR          | DELAWARE ST HLTH FACS AUTH REV DESMED 06/43 FIXED 5         | CUSIP: 246388TL6<br>LEI: 549300RXU7M05ZYSJG42 | Long             | DBT              | MUN               | US        |     25000 | PA      | $24869.87     | 0.02%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENTON TX ISD                                    | DENTON TX INDEP SCH DIST DNNSCD 08/48 FIXED 5               | CUSIP: 249002MB9<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | US        |    450000 | PA      | $467005.32    | 0.39%             | 2048-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV SER A AMT         | DENVER CITY   CNTY CO ARPT REV DENAPT 12/29 FIXED 5         | CUSIP: 249182LC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1529668.19   | 1.28%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CITY ARPT REV SUB SYS AMT SR A         | DENVER CITY   CNTY CO ARPT REV DENAPT 12/33 FIXED 5         | CUSIP: 249182LQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36797.37     | 0.03%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV SER A AMT         | DENVER CITY   CNTY CO ARPT REV DENAPT 12/34 FIXED 5         | CUSIP: 249182LR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $47140.62     | 0.04%             | 2034-12-01      | 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        |    530000 | PA      | $549869.12    | 0.46%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DC INC TAX SEC REV SR A                          | DIST OF COLUMBIA INCOME TAX SE DISGEN 06/31 FIXED 5         | CUSIP: 25477GXX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $113202.65    | 0.09%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REV INGLESIDE RC SER A          | DIST OF COLUMBIA REVENUE DISREV 07/37 FIXED 5               | CUSIP: 25483VSE5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    165000 | PA      | $166600.55    | 0.14%             | 2037-07-01      | 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        |    155000 | PA      | $155333.41    | 0.13%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REF GEORGETOWN UNIV             | DIST OF COLUMBIA UNIV REVENUE DISHGR 04/36 FIXED 5          | CUSIP: 25484JDH0<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152724.53    | 0.13%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DC WTR & SWR AUTH SUB LIEN SER A                 | DIST OF COLUMBIA WTR   SWR AUT DISUTL 10/44 FIXED 5         | CUSIP: 254845UE8<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |    230000 | PA      | $247830.64    | 0.21%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DURHAM NC HSG MF HSG REV 500 EAST MAIN           | DURHAM NC HSG AUTH MF HSG REVE DURMFH 04/29 ADJUSTABLE VAR  | CUSIP: 266785AU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86503.35     | 0.07%             | 2029-04-01      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| E-470 CO PUB HWY AUTH SER A                      | E 470 CO PUBLIC HIGHWAY AUTH EHYTRN 09/40 FIXED 5           | CUSIP: 26822LMW1<br>LEI: 549300164ZV2301BC703 | Long             | DBT              | MUN               | US        |    345000 | PA      | $386262.90    | 0.32%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGY NW WA ELEC COLUMBIA GEN SER A             | ENERGY N W WA ELEC REVENUE ENEPWR 07/39 FIXED 5             | CUSIP: 29270C5L5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $881476.42    | 0.74%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGY NW-A-REF                                  | ENERGY N W WA ELEC REVENUE ENEPWR 07/39 FIXED 5             | CUSIP: 29270C5U5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $568709.35    | 0.48%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAIRFAX CO VA INOVA HLTH SYS PRJ SER A           | FAIRFAX CNTY VA INDL DEV AUTH FAIDEV 05/31 FIXED 5          | CUSIP: 303823LM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $286998.36    | 0.24%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAIRFAX CO INDL DEV INOVA HLTH SYS PROJ          | FAIRFAX CNTY VA INDL DEV AUTH FAIDEV 05/37 FIXED 5          | CUSIP: 30382VAR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $555161.40    | 0.46%             | 2037-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARMVILLE VA IDA CONVOCATION CTR PRJ AGM         | FARMVILLE VA INDL DEV AUTH FAC FARIDA 07/53 FIXED 5.375     | CUSIP: 311617BF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528703.10    | 0.44%             | 2053-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN LRN GATE COM SER A            | FLORIDA ST DEV FIN CORP FLSDEV 02/31 FIXED 5                | CUSIP: 340618CV7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    175000 | PA      | $177394.86    | 0.15%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEV FIN LRN GATE COM SER A            | FLORIDA ST DEV FIN CORP FLSDEV 02/38 FIXED 5                | CUSIP: 340618CW5<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    240000 | PA      | $241426.34    | 0.20%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FL ST MUNI PWR AGY SER A                         | FLORIDA ST MUNI PWR AGY FLSPWR 10/28 FIXED 5                | CUSIP: 342816J22<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    335000 | PA      | $340699.82    | 0.29%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FL MUNI PWR AGY-A-REF                            | FLORIDA ST MUNI PWR AGY FLSPWR 10/35 FIXED 5                | CUSIP: 342816U78<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |    235000 | PA      | $268669.72    | 0.23%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FULTON CO GA ST DEV AUTH HOSP REV SER A          | FULTON CNTY GA DEV AUTH HOSP FULMED 04/37 FIXED 5           | CUSIP: 36005GAV5<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    145000 | PA      | $147880.16    | 0.12%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEO SMITH II GA CONV CTR AUTH HTL SER A          | GEO L SMITH II GA CONGRESS CTR GLSFAC 01/31 FIXED 2.375     | CUSIP: 37255MAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $127960.52    | 0.11%             | 2031-01-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| GEORGETOWN ISD-REF                               | GEORGETOWN TX INDEP SCH DIST GGTSCD 02/38 FIXED 5.5         | CUSIP: 373046G96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $595300.10    | 0.50%             | 2038-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES WTR SWR DISP SEN LIEN SER A          | GREAT LAKES MI WTR AUTH SEWAGE GRTWTR 07/37 FIXED 5         | CUSIP: 39081HEQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $780667.65    | 0.65%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AU SENIOR LIEN SER A          | GREAT LAKES MI WTR AUTH WTR SP GRTWTR 07/38 FIXED 5         | CUSIP: 39081JFU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128753.20   | 0.95%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENEVILLE TN HLTH & ED BALLAD SER A            | GREENEVILLE TN HLTH   EDUCTNL GREMED 07/37 FIXED 5          | CUSIP: 396649EV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $113812.50    | 0.10%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUILFORD CO                                      | GUILFORD CNTY NC GUI 03/37 FIXED 5                          | CUSIP: 401784W74<br>LEI: 549300OUKUGQGH8RCL96 | Long             | DBT              | MUN               | US        |    480000 | PA      | $561453.79    | 0.47%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HALIFAX CO IDA VA ELEC & PWR CO SER A            | HALIFAX CNTY VA INDL DEV AUTH HALDEV 12/41 ADJUSTABLE VAR   | CUSIP: 40579PAE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $157433.28    | 0.13%             | 2041-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| HARRIS CO CULTURAL -B                            | HARRIS CNTY TX CULTURAL EDU FA HAREDU 07/37 FIXED 5         | CUSIP: 414009SK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $703169.53    | 0.59%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX CU-BAM                            | HARRIS CNTY TX CULTURAL EDU FA HAREDU 10/40 FIXED 3         | CUSIP: 414009RZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $572943.48    | 0.48%             | 2040-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HI ARPTS SYS REV SER D                           | HAWAII ST ARPTS SYS REVENUE HISAPT 07/40 FIXED 5            | CUSIP: 419794L67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $227807.86    | 0.19%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENRICO CNTY-REF                                 | HENRICO CNTY VA ECON DEV AUTH HENDEV 10/32 FIXED 4          | CUSIP: 42605QGC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50736.78     | 0.04%             | 2032-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HENRICO CNTY VA WESTMINSTER CANTERBURY           | HENRICO CNTY VA ECON DEV AUTH HENDEV 10/33 FIXED 4          | CUSIP: 42605QGV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $123454.08    | 0.10%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HENRICO CO EDA-C                                 | HENRICO CNTY VA ECON DEV AUTH HENDEV 12/32 FIXED OID 4      | CUSIP: 42605QFG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $116405.53    | 0.10%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HIDALGO CO TX MOB TOLL & VEH REGIS SER A         | HIDALGO CNTY TX REGL MOBILITY HMATRN 12/41 FIXED 4          | CUSIP: 42934AAP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $381336.76    | 0.32%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HILLSBORO CO AVI TAMPA FL INTL SER B AMT         | HILLSBOROUGH CNTY FL AVIATION HILTRN 10/36 FIXED 5          | CUSIP: 432308V84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $696843.23    | 0.58%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON-B-REV-REF AMT                            | HOUSTON TX ARPT SYS REVENUE HOUAPT 07/29 FIXED 5.25         | CUSIP: 442349KA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $288335.11    | 0.24%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UNITED AIR TERM SER B AMT             | HOUSTON TX ARPT SYS REVENUE HOUAPT 07/35 FIXED 5.5          | CUSIP: 442349HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $110122.23    | 0.09%             | 2035-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ISD SR A                              | HOUSTON TX INDEP SCH DIST HOUSCD 02/27 FIXED 5              | CUSIP: 442403KV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $531174.00    | 0.44%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ID ST HLTH FAC ST LUKES HLTH SYS SR A            | IDAHO ST HLTH FACS AUTH REVENU IDSMED 03/30 FIXED 5         | CUSIP: 451295B73<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    200000 | PA      | $219378.76    | 0.18%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AU                            | IDAHO ST HLTH FACS AUTH REVENU IDSMED 12/26 FIXED 5.5       | CUSIP: 451295XK0<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    500000 | PA      | $501685.25    | 0.42%             | 2026-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IL ST FIN AUTH REV PLYMOUTH PLACE SER A          | ILLINOIS ST FIN AUTH REVENUE ILSGEN 05/32 FIXED 5           | CUSIP: 45204FHN8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    275000 | PA      | $283752.40    | 0.24%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IL ST FIN AUTH REV PLYMOUTH PLACE SER A          | ILLINOIS ST FIN AUTH REVENUE ILSGEN 05/36 FIXED 5           | CUSIP: 45204FHS7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101351.82    | 0.08%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH CLEAN WTR                   | ILLINOIS ST FIN AUTH REVENUE ILSGEN 07/37 FIXED 5           | CUSIP: 45204EY44<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79836.39     | 0.07%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH SER B 144A                  | ILLINOIS ST FIN AUTH REVENUE ILSGEN 10/44 FIXED 5           | CUSIP: 45204FYU3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100073.93    | 0.08%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SER A                                | ILLINOIS ST ILS 03/29 FIXED 5                               | CUSIP: 452153CQ0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    295000 | PA      | $315901.19    | 0.26%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SER A                                | ILLINOIS ST ILS 10/30 FIXED 5                               | CUSIP: 4521522N0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    215000 | PA      | $227867.99    | 0.19%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SER B                                | ILLINOIS ST ILS 10/32 FIXED 5                               | CUSIP: 4521523E9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    425000 | PA      | $448365.99    | 0.38%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                      | ILLINOIS ST ILS 11/37 FIXED 5                               | CUSIP: 452152N56<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90982.40     | 0.08%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IN FIN AUTH-D-2-REF                              | INDIANA ST FIN AUTH HLTH SYS R INSMED 10/63 ADJUSTABLE VAR  | CUSIP: 45470YGE5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    200000 | PA      | $222717.34    | 0.19%             | 2063-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| IN ST FIN AUTH METHODIST HOSP SER A              | INDIANA ST FIN AUTH HOSP REVEN INSFIN 09/26 FIXED 5         | CUSIP: 45471AUH3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252258.65    | 0.21%             | 2026-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH-A1                              | INDIANA ST FIN AUTH REVENUE INSFIN 11/38 FIXED 5            | CUSIP: 45506EQP1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    450000 | PA      | $509287.14    | 0.43%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA FIN AUTH-A1                              | INDIANA ST FIN AUTH REVENUE INSFIN 11/42 FIXED 5            | CUSIP: 45506EQS5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |     50000 | PA      | $54461.58     | 0.05%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENT STDNT HSG-A                                 | KENT CNTY DE STUDENT HSG   DIN KENHSG 07/30 FIXED 5         | CUSIP: 490237AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $611004.06    | 0.51%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENT CO DE STDNT HSG REV DOVER UNIV SER          | KENT CNTY DE STUDENT HSG   DIN KENHSG 07/32 FIXED 5         | CUSIP: 490237AL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $380567.70    | 0.32%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KY ST ECON OWENSBORO MED HLTH SER A              | KENTUCKY ST ECON DEV FIN AUTH KYSDEV 06/26 FIXED 5          | CUSIP: 49126KJU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60325.34     | 0.05%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KY ST ECON OWENSBORO MED HLTH SER A              | KENTUCKY ST ECON DEV FIN AUTH KYSDEV 06/41 FIXED 5.25       | CUSIP: 49126KKE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55619.68     | 0.05%             | 2041-06-01      | Fixed         | 5.25%                 | 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      | $105934.24    | 0.09%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| KY ST PUB ENERGY GAS SPLY REV SER A-1            | KENTUCKY ST PUBLIC ENERGY AUTH KYSPWR 08/52 ADJUSTABLE VAR  | CUSIP: 74440DDS0<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    175000 | PA      | $176406.62    | 0.15%             | 2052-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| KING COUNTY-B-REF                                | KING CNTY WA KIN 12/42 FIXED 5                              | CUSIP: 49474GAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $561288.00    | 0.47%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LA CA DEPT OF APRTS REV SUB PRIV SER G           | LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/29 FIXED 5         | CUSIP: 544445A82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $242218.04    | 0.20%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LA CA DEPT OF APRTS SUB LA INT SER B AMT         | LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/29 FIXED 5         | CUSIP: 544445BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $206247.28    | 0.17%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LA CA DEPT OF APRTS SUB PRIV SER A AMT           | LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/32 FIXED 5         | CUSIP: 5444452M0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $226241.02    | 0.19%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LA CA DEPT OF APRTS SUB LA INT SER A AMT         | LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/35 FIXED 5         | CUSIP: 544445EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103909.31    | 0.09%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPT OF AMT                          | LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/35 FIXED 5         | CUSIP: 544445SQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $164399.57    | 0.14%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES ARPT-UNRE AMT                        | LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/35 FIXED 5         | CUSIP: 544445S26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $154604.55    | 0.13%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LA LOC GOVT WESTLAKE CHEM CORP                   | LOUISIANA ST LOCAL GOVT ENVRNM LASFAC 11/32 FIXED 3.5       | CUSIP: 54628CDX7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    550000 | PA      | $550841.89    | 0.46%             | 2032-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LYNCHBURG VA ECON HOSP REV CENTRA SER A          | LYNCHBURG VA ECON DEV AUTH HOS LNCMED 01/27 FIXED 5         | CUSIP: 55123TAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $229947.32    | 0.19%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NAT GAS INC REV SER E-1              | MAIN STREET NATURAL GAS INC GA MAIUTL 12/53 ADJUSTABLE VAR  | CUSIP: 56035DGB2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $267794.33    | 0.22%             | 2053-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NAT GAS INC REV SER C                | MAIN STREET NATURAL GAS INC GA MAIUTL 12/54 ADJUSTABLE VAR  | CUSIP: 56035DHT2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    800000 | PA      | $857552.88    | 0.72%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MD ST CMNTY HSG & CMTY DEV SER A                 | MARYLAND ST CMNTY DEV ADMIN DE MDSDEV 03/30 FIXED 1.75      | CUSIP: 57419TGL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $466602.54    | 0.39%             | 2030-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| MD ST CMNTY DEV ADMIN HSG & CMNTY B              | MARYLAND ST CMNTY DEV ADMIN DE MDSMFH 09/34 FIXED 3         | CUSIP: 57419R7V1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $48305.18     | 0.04%             | 2034-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MD DEPT OF TRANSPRTN                             | MARYLAND ST DEPT OF TRANSPRTN MDSTRN 10/33 FIXED 2.5        | CUSIP: 574204N90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $239416.18    | 0.20%             | 2033-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MD ECON DEV TRANSPTRN PROJ SR A                  | MARYLAND ST ECON DEV CORP ECON MDSDEV 06/35 FIXED 5         | CUSIP: 57420NCC3<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    220000 | PA      | $227721.19    | 0.19%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MD ST EDCSH REV SR TOWSON UNIV                   | MARYLAND ST ECON DEV CORP STUD MDSDEV 07/29 FIXED 5         | CUSIP: 57420VQM8<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    185000 | PA      | $189072.96    | 0.16%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MD ECON DEV CORP STD REV BOWIE ST UNIV           | MARYLAND ST ECON DEV CORP STUD MDSDEV 07/35 FIXED 4         | CUSIP: 57420VRF2<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    250000 | PA      | $247022.73    | 0.21%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MD H&H ED FACS ADVENTIST HLTHCRE                 | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 01/27 FIXED 5         | CUSIP: 57421CBP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $132266.47    | 0.11%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MD H&H ED FACS ADVENTIST HLTHCRE                 | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 01/28 FIXED 5         | CUSIP: 57421CBQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51759.13     | 0.04%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MD H&H ED FACS ADVENTIST HLTHCRE                 | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 01/30 FIXED 4         | CUSIP: 57421CBG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $118435.83    | 0.10%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MD HLTH & HGR ED FAC AUTH REV EDENWALD           | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 01/30 FIXED OID 4.125 | CUSIP: 574218ZZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20006.13     | 0.02%             | 2030-01-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MD H&H ED FACS ADVENTIST HLTHCRE                 | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 01/36 FIXED 5         | CUSIP: 57421CBT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $164040.36    | 0.14%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MD HLTH & HGR ED FAC AUTH REV EDENWALD           | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 01/37 FIXED 5.25      | CUSIP: 574218A29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500287.85    | 0.42%             | 2037-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MD ST HLTH & HG PENINSULA REG HLTH SER A         | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 07/34 FIXED 5         | CUSIP: 5742188C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $399224.81    | 0.33%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MD HLTH & HGR EDU-A                              | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 07/41 FIXED 5         | CUSIP: 57421CME1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $137865.69    | 0.12%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MA ST DEV FIN AG MERRIMACK CLG SR A 144A         | MASSACHUSETTS ST DEV FIN AGY R MASDEV 07/34 FIXED OID 4.25  | CUSIP: 57585BBR8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103162.10    | 0.09%             | 2034-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MA ST HSG FIN AGY SUSTAIN BND SR B-3             | MASSACHUSETTS ST HSG FIN AGY MASHSG 12/29 FIXED 3.55        | CUSIP: 57586VDW0<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102618.75    | 0.09%             | 2029-12-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST SER A                           | MASSACHUSETTS ST MAS 04/42 FIXED 5                          | CUSIP: 57582TCK6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    500000 | PA      | $560007.25    | 0.47%             | 2042-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MA CMWLTH-C                                      | MASSACHUSETTS ST MAS 09/38 FIXED OID 2                      | CUSIP: 57582RQ66<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |    490000 | PA      | $395276.29    | 0.33%             | 2038-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASH & DAVID TN HLTH & EDU SR A         | MET GOVT NASHVILLE   DAVIDSONC METHGR 07/35 FIXED 5         | CUSIP: 592041WF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $181395.97    | 0.15%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE ARPT-B AMT                         | MET NASHVILLE TN ARPT AUTH ARP MNVAPT 07/43 FIXED 5         | CUSIP: 592190SR4<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $536556.00    | 0.45%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASH DC ARPTS SER A AMT                      | MET WASHINGTON DC ARPTS AUTH A METAPT 10/31 FIXED 5         | CUSIP: 592647LC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $317361.18    | 0.27%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASH DC ARPTS SER A AMT                      | MET WASHINGTON DC ARPTS AUTH A METAPT 10/31 FIXED 5         | CUSIP: 592647CY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25329.14     | 0.02%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPT SYS REV AMT REF           | MET WASHINGTON DC ARPTS AUTH A METAPT 10/34 FIXED 5         | CUSIP: 592647EL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $226172.23    | 0.19%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASH DC ARPTS SER A AMT                      | MET WASHINGTON DC ARPTS AUTH A METAPT 10/35 FIXED 5         | CUSIP: 592647DD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506500.20    | 0.42%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASH DC ARPTS SER A AMT                      | MET WASHINGTON DC ARPTS AUTH A METAPT 10/38 FIXED 5         | CUSIP: 592647MW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $428159.16    | 0.36%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DC METRO AIRPTS DUL TOL RD 1ST SR LIEN           | MET WASHINGTON DC ARPTS AUTH D METAPT 10/36 FIXED 5         | CUSIP: 592643CR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $299344.82    | 0.25%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DC ARPT DULLES TOLL RD SER A                     | MET WASHINGTON DC ARPTS AUTH D METAPT 10/44 FIXED 5         | CUSIP: 592643CV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255965.43    | 0.21%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CO FL AVIATION REV REF                | MIAMI DADE CNTY FL AVIATION RE MIATRN 10/27 FIXED 5         | CUSIP: 59333PS90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $487546.90    | 0.41%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CO FL AVIATION REV SR A AMT           | MIAMI DADE CNTY FL AVIATION RE MIATRN 10/34 FIXED 5         | CUSIP: 59333P7L6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $573664.95    | 0.48%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MI ST FIN AUTH REV HENRY FORD HLT SYS            | MICHIGAN ST FIN AUTH REVENUE MISFIN 11/32 FIXED 5           | CUSIP: 59447TMH3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55911.32     | 0.05%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MI ST FIN AUTH REV HENRY FORD HLTH SYS           | MICHIGAN ST FIN AUTH REVENUE MISFIN 11/37 FIXED 5           | CUSIP: 59447TMR1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50605.96     | 0.04%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MI ST HOSP FIN AUTH COREWELL HLTH-SR B-1         | MICHIGAN ST HOSP FIN AUTH MISMED 08/55 ADJUSTABLE VAR       | CUSIP: 59465HXE1<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    605000 | PA      | $674573.12    | 0.56%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MI HSG FIN AUTH                                  | MICHIGAN ST HSG DEV AUTH MF HS MISMFH 10/43 ADJUSTABLE VAR  | CUSIP: 59465FAG5<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    175000 | PA      | $174461.82    | 0.15%             | 2043-10-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| MI HSG DEV AUTH-A                                | MICHIGAN ST HSG DEV AUTH RENTA MISHSG 10/31 FIXED 3.55      | CUSIP: 59465PFZ6<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |    275000 | PA      | $275375.87    | 0.23%             | 2031-10-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST TRUNK LIN                            | MICHIGAN ST TRUNK LINE MISTRN 11/35 FIXED 5                 | CUSIP: 5946952S6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $190285.54    | 0.16%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST-B                                   | MINNESOTA ST MNS 08/37 FIXED 5                              | CUSIP: 60412AE25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $131236.16    | 0.11%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSION ECON WDR GRPHC PCK INTER PRJ AMT         | MISSION TX ECON DEV CORP SOL W MISPOL 12/64 ADJUSTABLE VAR  | CUSIP: 605155BW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $300856.32    | 0.25%             | 2064-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MONROE CO GA POLL CNTL SCHERER SR REMK PUTBOND   | MONROE CNTY GA DEV AUTH POLL C MONPOL 10/48 ADJUSTABLE VAR  | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160158.26    | 0.13%             | 2048-10-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AU                            | MONROE CNTY GA DEV AUTH POLL C MONPOL 11/48 ADJUSTABLE VAR  | CUSIP: 610530FZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151968.93    | 0.13%             | 2048-11-01      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| MEAG GA PROJ ONE SUB SER A                       | MUNI ELEC AUTH OF GA MELPWR 01/30 FIXED 5                   | CUSIP: 62620HJH6<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    330000 | PA      | $359509.99    | 0.30%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNI ELEC AUTH GA PROJ 1 SUB SER A               | MUNI ELEC AUTH OF GEORGIA MELPWR 01/36 FIXED 5              | CUSIP: 6262074Z4<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    700000 | PA      | $759275.23    | 0.64%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH CTFS SER A1                 | NATIONAL FIN AUTH NH MUNI CTFS NFADEV 01/41 ADJUST OID VAR  | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     49638 | PA      | $49581.00     | 0.04%             | 2041-01-20      | Variable      | 4.17%                 | No            |                  2 | On Loan: No      |
| NATL FIN-CLASS A-1                               | NATIONAL FIN AUTH NH MUNI CTFS NFADEV 02/41 ADJUSTABLE VAR  | CUSIP: 63607WBR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    324592 | PA      | $342810.28    | 0.29%             | 2041-02-20      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| NEW HOPE CULTURAL ED                             | NEW HOPE CULTURAL ED FACS FIN NHPFAC 01/27 FIXED 5          | CUSIP: 64542UHQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253642.43    | 0.21%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NJ EDA D&W AMT REP PORT RAIL TRM PR 144A         | NEW JERSEY ST ECON DEV AUTH DO NJSDEV 01/35 FIXED OID 6.375 | CUSIP: 64578TAA2<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    200000 | PA      | $208535.20    | 0.17%             | 2035-01-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NJ ECO DEV AUTH                                  | NEW JERSEY ST ECON DEV AUTH SC NJSDEV 11/45 FIXED 5         | CUSIP: 645912GA8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201292.48    | 0.17%             | 2045-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDU FACS SER A                     | NEW JERSEY ST EDUCTNL FACS AUT NJSEDU 07/33 FIXED 5         | CUSIP: 6460666A3<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108406.16    | 0.09%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NJ ST TRNSPRTN TRST FND AUTH SER A               | NEW JERSEY ST TRANSPRTN TRUST NJSTRN 12/34 FIXED 5          | CUSIP: 6461364F5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    290000 | PA      | $308207.27    | 0.26%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NY HSG DEV CORP-C-2                              | NEW YORK CITY NY HSG DEV CORP NYCHSG 05/65 ADJUSTABLE VAR   | CUSIP: 64972KLH6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    125000 | PA      | $127474.68    | 0.11%             | 2065-05-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| NYC HSG DEV CORP -A                              | NEW YORK CITY NY HSG DEV CORP NYCHSG 08/37 FIXED 2.7        | CUSIP: 64966WGS0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |     15000 | PA      | $13397.88     | 0.01%             | 2037-08-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| NYC NY MF HSG REV SUS NGHBRHD BONDS-SR-K         | NEW YORK CITY NY HSG DEV CORP NYCHSG 11/43 FIXED 3.95       | CUSIP: 64972C8S5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    200000 | PA      | $194728.18    | 0.16%             | 2043-11-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| NYC NY HSG DEV CORP REV SUST BND SR F2           | NEW YORK CITY NY HSG DEV CORP NYCHSG 11/64 ADJUSTABLE VAR   | CUSIP: 64972KGU3<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    300000 | PA      | $303021.39    | 0.25%             | 2064-11-01      | Variable      | 3.40%                 | No            |                  2 | On Loan: No      |
| NYC HSG DEV CORP SUST DEV SER A-2                | NEW YORK CITY NY HSG DEV CORP NYCMFH 05/63 ADJUSTABLE VAR   | CUSIP: 64972E4L0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    705000 | PA      | $707201.64    | 0.59%             | 2063-05-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| NYC HSG DEV CORP SUST DEV SER I                  | NEW YORK CITY NY HSG DEV CORP NYCMFH 11/33 FIXED 2.15       | CUSIP: 64972EF61<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |     50000 | PA      | $45373.54     | 0.04%             | 2033-11-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG                             | NEW YORK CITY NY HSG DEV CORP NYCMFH 11/35 FIXED 2.1        | CUSIP: 64972ETQ2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    460000 | PA      | $399143.10    | 0.33%             | 2035-11-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| NYC HSG DEV CORP SUST DEV SER D                  | NEW YORK CITY NY HSG DEV CORP NYCMFH 11/63 ADJUSTABLE VAR   | CUSIP: 64972E7D5<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    800000 | PA      | $816852.08    | 0.68%             | 2063-11-01      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY HSG                             | NEW YORK CITY NY HSG DEV CORPM NYCHSG 11/33 FIXED 3.5       | CUSIP: 64972C4R1<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    530000 | PA      | $530476.74    | 0.44%             | 2033-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NYC TRANSITIONAL -C-1                            | NEW YORK CITY NY TRANSITIONAL NYCGEN 02/37 FIXED 5          | CUSIP: 64971XK64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $331478.04    | 0.28%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NYC TRANSITIONAL FIN                             | NEW YORK CITY NY TRANSITIONAL NYCGEN 02/47 FIXED 5.25       | CUSIP: 64971X7G7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051532.30   | 0.88%             | 2047-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NY CITY TRANS FIN-F-1                            | NEW YORK CITY NY TRANSITIONAL NYCGEN 02/48 FIXED 5.5        | CUSIP: 64972JC71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $363799.55    | 0.30%             | 2048-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NYC NY TRNS FIN AUTH REV SUB SER D               | NEW YORK CITY NY TRANSITIONAL NYCGEN 05/45 FIXED 5.25       | CUSIP: 64972JNL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1161409.47   | 0.97%             | 2045-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NYC NY TRNS FIN AUTH REV SUB SER A-1             | NEW YORK CITY NY TRANSITIONAL NYCGEN 11/36 FIXED 5          | CUSIP: 64972JJT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $202480.13    | 0.17%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NYC TRANSITIONAL-F-1                             | NEW YORK CITY NY TRANSITIONAL NYCGEN 11/38 FIXED 5          | CUSIP: 64972JQF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $832713.56    | 0.70%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NYC NY TRNS FIN AUTH REV SUB SER H-1             | NEW YORK CITY NY TRANSITIONAL NYCGEN 11/44 FIXED 5          | CUSIP: 64972JTC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $268747.83    | 0.23%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NYC NY TRNS FIN AUTH REV SUB SER H-1             | NEW YORK CITY NY TRANSITIONAL NYCGEN 11/45 FIXED 5.25       | CUSIP: 64972JTD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54216.21     | 0.05%             | 2045-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY FISCAL 2020 SER B1                   | NEW YORK NY NYC 10/31 FIXED 5                               | CUSIP: 64966QFD7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    585000 | PA      | $634484.80    | 0.53%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NY ST DORM REV ORNG REGNL MED CEN 144A           | NEW YORK ST DORM AUTH REVENUES NYSHGR 12/37 FIXED 5         | CUSIP: 64990CQC8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98031.50     | 0.08%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NY ST DORM PER INC TAX REV GRP 2 SER A           | NEW YORK ST DORM AUTH ST PERSO NYSGEN 03/43 FIXED 5         | CUSIP: 64990KGQ0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $547332.20    | 0.46%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NY ST DORM PER INC TAX REV SER A                 | NEW YORK ST DORM AUTH ST PERSO NYSHGR 03/36 FIXED 5         | CUSIP: 64990FZR8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1182619.11   | 0.99%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NY ST HSG FIN AGY D-2                            | NEW YORK ST HSG FIN AGY AFFORD NYSHSG 05/65 ADJUSTABLE VAR  | CUSIP: 64987J6Z9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    125000 | PA      | $126179.58    | 0.11%             | 2065-05-01      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| NY ST HSG FIN AGY HSG 62ND ST SER A-1            | NEW YORK ST HSG FIN AGY AFFORD NYSHSG 11/44 ADJUSTABLE VAR  | CUSIP: 64987JZ20<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102355.96    | 0.09%             | 2044-11-01      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| NY HSG FIN AGY-C                                 | NEW YORK ST HSG FIN AGY NYSHSG 11/36 FIXED 3.05             | CUSIP: 64987BNR5<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |     80000 | PA      | $74471.91     | 0.06%             | 2036-11-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| NY ST MTGE AGY HOMEOWNER REV AMT SR 262          | NEW YORK ST MTGE AGY HOMEOWNER NYSHSG 04/26 FIXED 3.75      | CUSIP: 64988YZK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200204.32    | 0.17%             | 2026-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NY ST MTGE AGY HOMEOWNER REV AMT SR 232          | NEW YORK ST MTGE AGY HOMEOWNER NYSHSG 04/31 FIXED 2.1       | CUSIP: 64988YJU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $573579.83    | 0.48%             | 2031-04-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTGE AGY                             | NEW YORK ST MTGE AGY REVENUE NYSHSG 10/30 FIXED 3.4         | CUSIP: 64988RGM8<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    250000 | PA      | $250018.33    | 0.21%             | 2030-10-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| NY ST TRANS DEV FAC JFK INTL ARPT AMT            | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 06/38 FIXED 5.25      | CUSIP: 650116HC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $131153.84    | 0.11%             | 2038-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NY TRANSPRTN DEV CORP AMT                        | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 06/42 FIXED 6         | CUSIP: 650116JE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $112260.48    | 0.09%             | 2042-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NY ST TRANS DEV FAC TERM FOUR AMT SR A           | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 12/27 FIXED 5         | CUSIP: 650116DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $134741.44    | 0.11%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NY ST TRANS DEV CORP AMT                         | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 12/29 FIXED 5         | CUSIP: 650116FD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $177099.12    | 0.15%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NY ST TRANS DEV CORP AMT                         | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 12/33 FIXED 5         | CUSIP: 650116FH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $425219.64    | 0.36%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NY ST TRANS DEV FAC TERM FOUR AMT SR A           | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 12/34 FIXED 5         | CUSIP: 650116DP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $562677.15    | 0.47%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NY ST TRANS DEV FAC TERM FOUR AMT SR A           | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 12/35 FIXED 5         | CUSIP: 650116DQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $852732.80    | 0.71%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWPORT NEWS VA DEV RSDL FACS LIFESPIRE          | NEWPORT NEWS VA ECON DEV AUTH NEWDEV 12/29 FIXED OID 3.5    | CUSIP: 65225PAN6<br>LEI: 549300WZQTRG07G0UZ88 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50010.91     | 0.04%             | 2029-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEWPORT NEWS VA DEV RSDL FACS LIFESPIRE          | NEWPORT NEWS VA ECON DEV AUTH NEWDEV 12/38 FIXED 5          | CUSIP: 65225PAM8<br>LEI: 549300WZQTRG07G0UZ88 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30026.27     | 0.03%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NC ST MED CARE COM HLTH CARE COMM SER C          | NORTH CAROLINA ST MED CARE COM NCSMED 03/31 FIXED 4         | CUSIP: 65821DYR6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258104.05    | 0.22%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NC MED CARE COMM-A                               | NORTH CAROLINA ST MED CARE COM NCSMED 07/26 FIXED OID 3.5   | CUSIP: 65820YNC6<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98469.85     | 0.08%             | 2026-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NC MED CARE COMM RETMT PEN VIL SER A             | NORTH CAROLINA ST MED CARE COM NCSMED 09/34 FIXED 5         | CUSIP: 65820YTM8<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    150000 | PA      | $160565.27    | 0.13%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NC ST MED CARE SALEMTOWNE PROJ                   | NORTH CAROLINA ST MED CARE COM NCSMED 10/37 FIXED OID 5.25  | CUSIP: 65820YLH7<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    335000 | PA      | $335183.28    | 0.28%             | 2037-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NC ST MED CARE SALEMTOWNE PROJ SER 2001          | NORTH CAROLINA ST MED CARE COM NCSMED 10/45 FIXED OID 5.375 | CUSIP: 65820YLG9<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |     35000 | PA      | $34238.54     | 0.03%             | 2045-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NC ST MUNI PWR AGY #1 CATAWBA SR A               | NORTH CAROLINA ST MUNI PWR AGY NCMPWR 01/28 FIXED 5         | CUSIP: 658203X33<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    430000 | PA      | $433052.83    | 0.36%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N E REGL AUTH-A-REF                              | NORTH EAST TX REGL MOBILITY AU NET 01/39 FIXED 5            | CUSIP: 659231BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $111299.81    | 0.09%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORWOOD OH SPL REV ROOKWOOD EXCH PRJ             | NORWOOD OH SPL OBLIG REVENUE NORGEN 12/30 FIXED OID 4.375   | CUSIP: 669681AA6<br>LEI: 5493000KZUQ48Z2VEE89 | Long             | DBT              | MUN               | US        |    110000 | PA      | $111649.71    | 0.09%             | 2030-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OHIO CO COMM-A                                   | OHIO CNTY WV CNTY COMMISSION S OHIGEN 06/33 FIXED 5         | CUSIP: 67732PER5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $155387.33    | 0.13%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OK ST TURNPIKE AUTH SER A                        | OKLAHOMA ST TURNPIKE AUTH OKSTRN 01/40 FIXED 5              | CUSIP: 679111D84<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |    340000 | PA      | $384961.26    | 0.32%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OK ST TURNPIKE AUTH SER A                        | OKLAHOMA ST TURNPIKE AUTH OKSTRN 01/43 FIXED 5              | CUSIP: 679111E34<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |    500000 | PA      | $545408.65    | 0.46%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PA ECO DEV FIN-REMK AMT                          | PENNSYLVANIA ST ECON DEV FING PASDEV 07/41 ADJUSTABLE VAR   | CUSIP: 708692BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101396.60    | 0.08%             | 2041-07-01      | Variable      | 4.25%                 | 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        |    360000 | PA      | $350587.37    | 0.29%             | 2038-12-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PA ST UNIV-A-REF                                 | PENNSYLVANIA ST UNIV PSUHGR 09/39 FIXED 5                   | CUSIP: 7092353Y9<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |    250000 | PA      | $286612.70    | 0.24%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILA PA ARPT REF B AMT                          | PHILADELPHIA PA ARPT REVENUE PHIAPT 07/35 FIXED 5           | CUSIP: 717817UH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $188924.72    | 0.16%             | 2035-07-01      | 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        |    100000 | PA      | $100000.00    | 0.08%             | 2054-07-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| PHOENIX CIVIC IMPT AMT                           | PHOENIX AZ CIVIC IMPT CORP ARP PHOAPT 07/31 FIXED 5         | CUSIP: 71883MNL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524892.00    | 0.44%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT AMT                        | PHOENIX AZ CIVIC IMPT CORP ARP PHOAPT 07/33 FIXED 5         | CUSIP: 71883MKZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512610.15    | 0.43%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHX AZ CIVIC IMPT ARPT REV AMT SR LIEN           | PHOENIX AZ CIVIC IMPT CORP ARP PHOAPT 07/33 FIXED 5         | CUSIP: 71883MNN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $339169.48    | 0.28%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHX AZ STDNT HSG REV AZ ST UNIV PRJ SR A         | PHOENIX AZ INDL DEV AUTH STUDE PHODEV 07/27 FIXED 5         | CUSIP: 71885DCS9<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    265000 | PA      | $270495.17    | 0.23%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHX AZ STDNT HSG REV AZ ST UNIV PRJ SR A         | PHOENIX AZ INDL DEV AUTH STUDE PHODEV 07/31 FIXED 5         | CUSIP: 71885DCW0<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |     30000 | PA      | $30931.59     | 0.03%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHX AZ STDNT HSG REV AZ ST UNIV PRJ SR A         | PHOENIX AZ INDL DEV AUTH STUDE PHODEV 07/33 FIXED 5         | CUSIP: 71885DCY6<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102639.66    | 0.09%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHX AZ STDNT HSG REV AZ ST UNIV PRJ SR A         | PHOENIX AZ INDL DEV AUTH STUDE PHODEV 07/37 FIXED 5         | CUSIP: 71885DDC3<br>LEI: 549300A62PWFBDWB8332 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254073.53    | 0.21%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POLK CO INDL DEV AUTH 144A                       | POLK CNTY FL INDL DEV AUTH CHR POKEDU 06/35 FIXED 4.825     | CUSIP: 731121AA7<br>LEI: 549300UTRO4TAORRAL04 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101350.77    | 0.08%             | 2035-06-15      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK AMT                        | PORT AUTH OF NEW YORK   NEW JE PORTRN 09/30 FIXED 5         | CUSIP: 73358W2Z6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    180000 | PA      | $193687.18    | 0.16%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NY & NJ SER 226 AMT                 | PORT AUTH OF NEW YORK   NEW JE PORTRN 10/38 FIXED 5         | CUSIP: 73358XCJ9<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    380000 | PA      | $407116.15    | 0.34%             | 2038-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT BEAUMONT TX JEFF GULF COAST EN 144A AMT     | PORT BEAUMONT TX NAV DIST DOCK PTBTRN 01/44 FIXED 5.125     | CUSIP: 73360CAQ7<br>LEI: 549300G8PKBXALUKJY33 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98535.68     | 0.08%             | 2044-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REV INTER SER A AMT           | PORT OF SEATTLE WA REVENUE PTSGEN 05/33 FIXED 5             | CUSIP: 735389D47<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    285000 | PA      | $291984.44    | 0.24%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT SEATTLE WA ST INTER LIEN SER B AMT          | PORT OF SEATTLE WA REVENUE PTSGEN 07/36 FIXED 5             | CUSIP: 7353892H0<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    200000 | PA      | $224505.82    | 0.19%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE-B-REF AMT                        | PORT OF SEATTLE WA REVENUE PTSGEN 10/30 FIXED 5             | CUSIP: 735389XJ2<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95310.84     | 0.08%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCE WILLIAM CO VA WESTMNSTER LK RDGE          | PRINCE WILLIAM CNTY VA INDL DE PRIDEV 01/31 FIXED 5         | CUSIP: 741756CA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151249.67    | 0.13%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUB FIN AUTH-A 144A                              | PUBLIC FIN AUTH WI CHRT SCH RE PUBEDU 06/35 FIXED 6         | CUSIP: 744396KP6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $104293.34    | 0.09%             | 2035-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUB FIN AUTH -A 144A                             | PUBLIC FIN AUTH WI EDU REVENUE PUBEDU 07/33 FIXED OID 4     | CUSIP: 74442ENV8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100416.42    | 0.08%             | 2033-07-15      | Fixed         | 4.00%                 | 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        |    200000 | PA      | $205320.38    | 0.17%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUB FIN AUTH-REF                                 | PUBLIC FIN AUTH WI REVENUE PUBGEN 11/38 FIXED 5             | CUSIP: 74442PJ97<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    175000 | PA      | $189636.63    | 0.16%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUB FIN AUTH WI REV KAHALA NUI PROJ              | PUBLIC FIN AUTH WI REVENUE PUBGEN 11/40 FIXED 5             | CUSIP: 74442PK38<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42823.69     | 0.04%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLC FIN AUTH WI MARYS WOODS SER A 144A         | PUBLIC FIN AUTH WI SENIOR LIVI PUBFIN 05/30 FIXED 5         | CUSIP: 74443UAW3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101772.71    | 0.09%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH AMT                              | PUBLIC FIN AUTH WI SOL WST DIS PUBFIN 05/27 FIXED 2.875     | CUSIP: 74445MAB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     10000 | PA      | $9950.05      | 0.01%             | 2027-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| PUB FIN AUTH BIXBY REAL ESTATE PROJ SR A         | PUBLIC FIN AUTH WI STUDENT HSG PUBFIN 06/39 FIXED 5         | CUSIP: 74439YFR7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107414.34    | 0.09%             | 2039-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH-A                                | PUBLIC FIN AUTH WI STUDENT HSG PUBFIN 07/40 FIXED 5         | CUSIP: 74439YGS4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     50000 | PA      | $53745.47     | 0.05%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PR COMWLTH PUBLIC IMPT SER A1                    | PUERTO RICO CMWLTH PRC 07/29 FIXED 5.625                    | CUSIP: 74514L3H8<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    601000 | PA      | $638534.61    | 0.53%             | 2029-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PR COMWLTH PUBLIC IMPT SER A1                    | PUERTO RICO CMWLTH PRC 07/31 FIXED 5.75                     | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1161000 | PA      | $1281702.09   | 1.07%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PR COMWLTH PUBLIC IMPT SER A1                    | PUERTO RICO CMWLTH PRC 07/33 FIXED 4                        | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     39000 | PA      | $39415.28     | 0.03%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PR COMWLTH PUBLIC IMPT CABS SER A                | PUERTO RICO CMWLTH PRC 07/33 ZEROCPNOID 0                   | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    642000 | PA      | $469875.18    | 0.39%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PR COMWLTH PUBLIC IMPT SER A1                    | PUERTO RICO CMWLTH PRC 07/35 FIXED 4                        | CUSIP: 74514L3L9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    274000 | PA      | $275145.21    | 0.23%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PR COMWLTH PUB IMPT CVI-SUBSER CW NT             | PUERTO RICO CMWLTH PRC 11/43 ADJUSTABLE VAR                 | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    561181 | PA      | $367573.62    | 0.31%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| PR SALES TAX FING SALES TAX REV SER A1           | PUERTO RICO SALES TAX FING COR PRCGEN 07/29 ZEROCPNOID 0    | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    321000 | PA      | $287062.28    | 0.24%             | 2029-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PR SALES TAX FING SALES TAX REV SER A1           | PUERTO RICO SALES TAX FING COR PRCGEN 07/31 ZEROCPNOID 0    | CUSIP: 74529JQE8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     72000 | PA      | $59617.04     | 0.05%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PR SALES TAX FING SALES TAX REV SER A1           | PUERTO RICO SALES TAX FING COR PRCGEN 07/33 ZEROCPNOID 0    | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     56000 | PA      | $42820.77     | 0.04%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX RESTRUCT SER A-2           | PUERTO RICO SALES TAX FING COR PRCGEN 07/40 FIXED 4.329     | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    809000 | PA      | $804099.89    | 0.67%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| PUERTO RICO SALES TAX RESTRUCT SER A-2A          | PUERTO RICO SALES TAX FING COR PRCGEN 07/40 FIXED 4.55      | CUSIP: 74529JRQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    320000 | PA      | $320453.44    | 0.27%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| PR SALES TAX FING SALES TAX REV SER A1           | PUERTO RICO SALES TAX FING COR PRCGEN 07/40 FIXED OID 4.55  | CUSIP: 74529JPV1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    500000 | PA      | $500708.50    | 0.42%             | 2040-07-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| RENO NV SPL ASSMNT DIST NO#1 144A                | RENO NV SPL ASSMNT RENGEN 06/28 FIXED 5                     | CUSIP: 759865BU1<br>LEI: 549300M4R5WWSUWY8D52 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102976.99    | 0.09%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCHESTER MN HLTH CARE MAYO CLINIC SER D         | ROCHESTER MN HLTH CARE FACS RE MNHOSP 11/64 ADJUSTABLE VAR  | CUSIP: 771902HS5<br>LEI: 549300006EX3INSHXA95 | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 0.25%             | 2064-11-15      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| ROCKINGHAM CO VA FACS REV SENTARA SER A          | ROCKINGHAM CNTY VA ECON DEV AU RKGDEV 11/46 FIXED 3         | CUSIP: 77345QAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $227134.37    | 0.19%             | 2046-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROCKVILLE MD INGLSDE AT KING SER A2              | ROCKVILLE MD MAYOR   COUNCIL E ROCDEV 11/27 FIXED OID 3.375 | CUSIP: 774223BM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49662.29     | 0.04%             | 2027-11-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ROCKVILLE MD INGLSDE AT KING SER A1              | ROCKVILLE MD MAYOR   COUNCIL E ROCDEV 11/30 FIXED 5         | CUSIP: 774223AY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91840.31     | 0.08%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCKVILLE MD INGLSDE AT KING SER A2              | ROCKVILLE MD MAYOR   COUNCIL E ROCDEV 11/32 FIXED 5         | CUSIP: 774223BS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25468.90     | 0.02%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS SPLY DIST REV SER B           | S E ALABAMA ST GAS SPLY DIST G SOUUTL 06/49 ADJUSTABLE VAR  | CUSIP: 84131TBT8<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    955000 | PA      | $1022318.43   | 0.86%             | 2049-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SACRAMENTO CNTY CA AR AMT                        | SACRAMENTO CNTY CA ARPT SYS RE SACAPT 07/30 FIXED 5         | CUSIP: 786107RP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $315232.65    | 0.26%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ST JOHN THE BAPTIST OIL MARATHON SER A-3 PUTBOND | SAINT JOHN THE BAPTIST PARISH SJBCTF 06/37 ADJUSTABLE VAR   | CUSIP: 79020FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $254312.29    | 0.21%             | 2037-06-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| ST JOHN THE BAPTIST OIL MARATHON SUB B-2 PUT     | SAINT JOHN THE BAPTIST PARISH SJBCTF 06/37 ADJUSTABLE VAR   | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $229543.96    | 0.19%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| ST JOHN THE BAPTIST OIL MARATHON SER C           | SAINT JOHN THE BAPTIST PARISH SJBCTF 06/37 ADJUSTABLE VAR   | CUSIP: 79020FBB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $177096.50    | 0.15%             | 2037-06-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| ST JOHN THE BAPTIST OIL MARATHON A-1 PUT         | SAINT JOHN THE BAPTIST PARISH SJBCTF 06/37 ADJUSTABLE VAR   | CUSIP: 79020FAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $271310.07    | 0.23%             | 2037-06-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| ST PAUL HSG-A-REF                                | SAINT PAUL MN HSG   REDEV AUTH STPHSG 07/33 FIXED 4         | CUSIP: 792905DX6<br>LEI: 549300FQCUW4VH929113 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200059.92    | 0.17%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REV AMT SER A             | SALT LAKE CITY UT ARPT REVENUE SALAPT 07/34 FIXED 5         | CUSIP: 795576JT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $295535.30    | 0.25%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY ARPT-A AMT                        | SALT LAKE CITY UT ARPT REVENUE SALAPT 07/34 FIXED 5         | CUSIP: 795576HE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $338484.77    | 0.28%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REV AMT SER A             | SALT LAKE CITY UT ARPT REVENUE SALAPT 07/36 FIXED 5         | CUSIP: 795576HG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $362545.23    | 0.30%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REV AMT SER A             | SALT LAKE CITY UT ARPT REVENUE SALAPT 07/39 FIXED 5.25      | CUSIP: 795576LW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $469037.27    | 0.39%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SALT RIVER AZ AGRIC IMPT & PWR SER A             | SALT RIVER AZ PROJ AGRIC IMPT SALAGR 01/37 FIXED 5          | CUSIP: 79574CCW1<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |    500000 | PA      | $519932.70    | 0.44%             | 2037-01-01      | Fixed         | 5.00%                 | 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        |    200000 | PA      | $219438.86    | 0.18%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO APRT-A AMT                         | SAN FRANCISCO CA CITY  CNTY AR SFOAPT 05/34 FIXED 5         | CUSIP: 79766DLU1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    245000 | PA      | $261027.66    | 0.22%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FL HLTH VLG ISLE PRJ SER A         | SARASOTA CNTY FL HLTH FACS AUT SARMED 01/37 FIXED 5         | CUSIP: 80329UAY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201177.44    | 0.17%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FL HLTH VLG ISLE PRJ SER A         | SARASOTA CNTY FL HLTH FACS AUT SARMED 01/42 FIXED 5         | CUSIP: 80329UBA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30047.42     | 0.03%             | 2042-01-01      | 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        |    250000 | PA      | $250560.00    | 0.21%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SC JOBS ECO AUTH INTL PPR PRJ AMT SR A PUT       | SOUTH CAROLINA JOBS ECON DEV A SCSENV 04/33 ADJUSTABLE VAR  | CUSIP: 83703DAA5<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15017.62     | 0.01%             | 2033-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SC ST HSG FIN & DEV AUTH MTGE SER B              | SOUTH CAROLINA ST HSG FIN   DE SCSHSG 07/29 FIXED 5         | CUSIP: 83712D3H7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $53920.42     | 0.05%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SC ST JOBS EDA HSP REV PRISMA HLTH SER A         | SOUTH CAROLINA ST JOBS ECON DE SCSMED 05/32 FIXED 5         | CUSIP: 83703FLE0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    155000 | PA      | $162918.45    | 0.14%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SC JOBS EDA BON SECOURS MER HLTH SER A           | SOUTH CAROLINA ST JOBS ECON DE SCSMED 11/42 FIXED 5.25      | CUSIP: 83703EMW2<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |     50000 | PA      | $55589.29     | 0.05%             | 2042-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SC JOBS ECO DEV-A                                | SOUTH CAROLINA ST JOBS ECON DE SCSMED 12/35 FIXED 5         | CUSIP: 837033KV0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264367.75    | 0.22%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SC ST PUB SVC REV SANTEE COOPER SR E             | SOUTH CAROLINA ST PUBLIC SVC A SCSUTL 12/39 FIXED 5.5       | CUSIP: 837151T41<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    450000 | PA      | $504654.48    | 0.42%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SC ST PUB SVC REV SANTEE COOPER SR B             | SOUTH CAROLINA ST PUBLIC SVC A SCSUTL 12/40 FIXED 5         | CUSIP: 8371514Q9<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    220000 | PA      | $244606.45    | 0.20%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SC ST PUB SVC AUTH REV SER A                     | SOUTH CAROLINA ST PUBLIC SVC A SCSUTL 12/45 FIXED 5         | CUSIP: 8371515Q8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    320000 | PA      | $336936.32    | 0.28%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SD HLTH & EDUCTNL-C-2                            | SOUTH DAKOTA ST HLTH   EDUCTNL SDSMED 11/51 ADJUSTABLE VAR  | CUSIP: 83755VW83<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    205000 | PA      | $228263.97    | 0.19%             | 2051-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH VAR PROJ NO.3              | SOUTHEAST ENERGY AUTH AL COMMO SEEPWR 01/53 ADJUSTABLE VAR  | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106922.06    | 0.09%             | 2053-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH SER B-1                    | SOUTHEAST ENERGY AUTH AL COMMO SEEPWR 05/53 ADJUSTABLE VAR  | CUSIP: 84136FBB2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    705000 | PA      | $734129.90    | 0.61%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH SER A                      | SOUTHEAST ENERGY AUTH AL COMMO SEEPWR 11/51 ADJUSTABLE VAR  | CUSIP: 84136FAH0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    340000 | PA      | $346452.86    | 0.29%             | 2051-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH SER B-1                    | SOUTHEAST ENERGY AUTH AL COMMO SEEPWR 12/51 ADJUSTABLE VAR  | CUSIP: 84136FAV9<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    400000 | PA      | $403316.80    | 0.34%             | 2051-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHOLD LOC DEV                                 | SOUTHOLD NY LOCAL DEV CORP REV STHDEV 12/30 FIXED OID 3.5   | CUSIP: 844584AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15000.47     | 0.01%             | 2030-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SPARKS-REV                                       | SPARKS NV TOURISM IMPT DIST  1 SPAGEN 06/28 FIXED 3.875     | CUSIP: 846562AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100513.89    | 0.08%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULT BAYLOR HLTH SR E PUT        | TARRANT CNTY TX CULTURAL EDU F TAREDU 11/52 ADJUSTABLE VAR  | CUSIP: 87638QSF7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    415000 | PA      | $416612.86    | 0.35%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TN ENERGY ACQ CORP-A                             | TENNESSEE ST ENERGY ACQUISITIO TNSUTL 12/35 FIXED 5         | CUSIP: 880443JM9<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077093.70   | 0.90%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TX ST GAS ACQ & SPLY CORP V GAS SPLY REV         | TEXAS ST MUNI GAS ACQUISITION TXSUTL 01/55 ADJUSTABLE VAR   | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |    295000 | PA      | $319177.76    | 0.27%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TX ST BND SURFACE TRANSPRTN CORP REV AMT         | TEXAS ST PRIV ACTIVITY BOND SU TXSTRN 06/42 FIXED 5.5       | CUSIP: 882667CL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $168642.67    | 0.14%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TX ST PRIV ACT NTE MANAGE LANE PROJ SR A         | TEXAS ST PRIV ACTIVITY BOND SU TXSTRN 12/36 FIXED 5         | CUSIP: 882667AV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $79328.13     | 0.07%             | 2036-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TX ST TRANS COMM TRNPKE RV 1ST TIER SR A         | TEXAS ST TRANSPRTN COMMISSION TXSTRN 08/37 FIXED 5          | CUSIP: 88283KBU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $430415.96    | 0.36%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TX ST TRANS COMM TRNPKE REV SR A                 | TEXAS ST TRANSPRTN COMMISSION TXSTRN 08/38 FIXED 5          | CUSIP: 88283KBV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $568546.95    | 0.48%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV TX SYS BRD-A                                | UNIV OF TEXAS TX UNIV REVENUES UNIHGR 08/43 FIXED 5         | CUSIP: 91514APH2<br>LEI: TEHUYFNKZR6XVWLGEU86 | Long             | DBT              | MUN               | US        |     75000 | PA      | $83438.58     | 0.07%             | 2043-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VA ST CBA 21ST CENTURY COLL & EQUIP SR A         | VIRGINIA ST CLG BLDG AUTH EDUC VACHGR 02/41 FIXED 5         | CUSIP: 92778VMZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $275922.25    | 0.23%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VA ST HSG DEV AUTH SER B                         | VIRGINIA ST HSG DEV AUTH VASHSG 03/37 FIXED 2.8             | CUSIP: 92812WDK7<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    650000 | PA      | $587575.95    | 0.49%             | 2037-03-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| VIRGINIA HSG DEV-B                               | VIRGINIA ST HSG DEV AUTH VASHSG 06/31 FIXED 3.8             | CUSIP: 92812WWZ3<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    135000 | PA      | $139359.69    | 0.12%             | 2031-06-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| VA SMALL BFA NATIONAL SNR CAMPUSES               | VIRGINIA ST SMALL BUSINESS FIN VASDEV 01/32 FIXED 5         | CUSIP: 928104MS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $168890.66    | 0.14%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VA BUS REV SNR LIEN 95 EXPRESS PROJ AMT          | VIRGINIA ST SMALL BUSINESS FIN VASDEV 01/32 FIXED 5         | CUSIP: 928104PA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $423333.26    | 0.35%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VA SMALL BUS FIN-A                               | VIRGINIA ST SMALL BUSINESS FIN VASDEV 01/35 FIXED 5         | CUSIP: 928104MV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $184092.39    | 0.15%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VA BUS REV SNR LIEN 95 EXPRESS PROJ AMT          | VIRGINIA ST SMALL BUSINESS FIN VASDEV 01/37 FIXED 5         | CUSIP: 928104PL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $42562.11     | 0.04%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VA ST SMALL BUS AUTH ELIZABETH RVR AMT           | VIRGINIA ST SMALL BUSINESS FIN VASDEV 07/32 FIXED 4         | CUSIP: 928104NM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $252736.81    | 0.21%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VA BUS REV SNR LIEN 95 EXPRESS PROJ AMT          | VIRGINIA ST SMALL BUSINESS FIN VASDEV 07/32 FIXED 5         | CUSIP: 928104PB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $416889.64    | 0.35%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VA BUS REV SNR LIEN 95 EXPRESS PROJ AMT          | VIRGINIA ST SMALL BUSINESS FIN VASDEV 07/37 FIXED 5         | CUSIP: 928104PM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26524.96     | 0.02%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VA BUS REV SNR LIEN 95 EXPRESS PROJ AMT          | VIRGINIA ST SMALL BUSINESS FIN VASDEV 07/39 FIXED 4         | CUSIP: 928104PR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $780195.15    | 0.65%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VA ST SMALL BUS FING HOSP REV SER A DLY          | VIRGINIA ST SMALL BUSINESS FIN VASDEV 07/42 ADJUSTABLE VAR  | CUSIP: 928101AL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 0.67%             | 2042-07-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| WALLER ISD                                       | WALLER TX INDEP SCH DIST WLRSCD 02/41 FIXED 5               | CUSIP: 932493MP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $138128.81    | 0.12%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WARREN CO-REF                                    | WARREN CNTY MS GULF OPPORTUNIT WARIMP 09/32 FIXED 4         | CUSIP: 935031AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $26072.53     | 0.02%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON DC MET ARE                            | WASHINGTON DC MET AREA TRANSIT DCTTRN 07/48 FIXED 5         | CUSIP: 93878YDS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516158.05    | 0.43%             | 2048-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON SUBURBAN                              | WASHINGTON MD SUBURBAN SAN DIS WASUTL 12/39 FIXED 2         | CUSIP: 9401575T3<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $784255.40    | 0.66%             | 2039-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WA HSG BLAKELEY & LAUREL BAM SR A 144A           | WASHINGTON ST HSG FIN COMMISSI WASHSG 07/45 FIXED OID 5     | CUSIP: 93978LJL1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100552.13    | 0.08%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST REF SER R 2025A                    | WASHINGTON ST WAS 07/38 FIXED 5                             | CUSIP: 93974E4Y9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1146788.30   | 0.96%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST BID GRP 1 SER 2024A                | WASHINGTON ST WAS 08/39 FIXED 5                             | CUSIP: 93974EH33<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    255000 | PA      | $286222.71    | 0.24%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST BID GRP 2 SER A                    | WASHINGTON ST WAS 08/42 FIXED 5                             | CUSIP: 93974E2X3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    515000 | PA      | $569714.32    | 0.48%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WV ST COMMERCIAL METALS CO PROJ AMT              | WEST VIRGINIA ST ECON DEV AUTH WVSDEV 04/55 ADJUSTABLE VAR  | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |    250000 | PA      | $255660.78    | 0.21%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP SER A                      | WEST VIRGINIA ST HOSP FIN AUTH WVSMED 06/27 FIXED 5         | CUSIP: 956622K52<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115841.71    | 0.10%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP SER B                      | WEST VIRGINIA ST HOSP FIN AUTH WVSMED 06/55 ADJUSTABLE VAR  | CUSIP: 956622Z23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $110909.59    | 0.09%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WI HLTH & EDU-A                                  | WISCONSIN ST HLTH   EDUCTNL FA WISMED 02/28 FIXED 5         | CUSIP: 97712DTU0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    275000 | PA      | $275501.30    | 0.23%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WI HLTH & EDU-A                                  | WISCONSIN ST HLTH   EDUCTNL FA WISMED 02/36 FIXED 4         | CUSIP: 97712DUC8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50014.86     | 0.04%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WI ST H&E ASCENSION HLTH CRED GRP SER A          | WISCONSIN ST HLTH   EDUCTNL FA WISMED 11/30 FIXED 5         | CUSIP: 97712DQK5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15093.03     | 0.01%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST-A-REF                               | WISCONSIN ST HLTH   EDUCTNL FA WISMED 11/31 FIXED 5         | CUSIP: 97712DQL3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35212.81     | 0.03%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST-A-REF                               | WISCONSIN ST HLTH   EDUCTNL FA WISMED 11/35 FIXED 4         | CUSIP: 97712DQP4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    510000 | PA      | $510750.87    | 0.43%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WI ST HSG & ECON DEV HOME REV BND SR A           | WISCONSIN ST HSG   ECON DEV AU WISGEN 09/26 FIXED 3.25      | CUSIP: 97689QSU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240427.85    | 0.20%             | 2026-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST-B                                   | WISCONSIN ST WIS 05/36 FIXED 5                              | CUSIP: 97705MU78<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1757743.50   | 1.47%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST REF SER 2025-2                      | WISCONSIN ST WIS 05/38 FIXED 5                              | CUSIP: 97705MM85<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    500000 | PA      | $579342.30    | 0.49%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISE CO VA IDA ELEC & PWR CO PROJ SER A          | WISE CNTY VA INDL DEV AUTH SOL WISUTL 11/40 ADJUSTABLE VAR  | CUSIP: 977228AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50784.93     | 0.04%             | 2040-11-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| YORK CO ECO DEV AUTH PCR SER A                   | YORK CNTY VA ECON DEV AUTH POL YORPCR 05/33 ADJUSTABLE VAR  | CUSIP: 98659AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $91393.46     | 0.08%             | 2033-05-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-03

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President