# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-26-004465
**Filing Date:** 2026-4
**Character Count:** 57213
**Document Hash:** 863751961b01f6cf0e2daf511e74bcac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-004465.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001099263-26-004465

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23494
- **FILM NUMBER:** 26899738

**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 Short Municipal Income ETF (Series ID: S000095890)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000264672 | T. Rowe Price Short Municipal Income ETF | TMNS            |

## 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 Short Municipal Income ETF

- **b. EDGAR series identifier (if any):** S000095890

- **c. LEI of Series:** 254900HTCHHEFPBIHM53

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

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

- **b. Date as of which information is reported:** 2026-02-28

**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:** $21499762.52

**Total Liabilities:** $2965.80

**Net Assets:** $21496796.72

**Delayed Delivery Securities:** $49818.00

**Cash Not Reported:** $11651.17

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -112.771802 | **1-Year:** -1637.875193 | **5-Year:** -3039.682288 | **10-Year:** -420.314917 | **30-Year:** 0.000000

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

- **3-Month:** 0.000000 | **1-Year:** -91.804167 | **5-Year:** -315.233688 | **10-Year:** -17.114755 | **30-Year:** 0.000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000264672 | 0.39%                | 0.70%                | 0.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $573.52                  | $28840.80                                  |
| Month 2  | $-564.78                 | $89404.52                                  |
| Month 3  | $67.95                   | $101390.60                                 |

### 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 CNTY FL HLTH                             | ALACHUA CNTY FL HLTH FACS AUTH ALAMED 12/28 FIXED 5        | CUSIP: 010685KT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $213196.74    | 0.99%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALACHUA CO FL HLTH FACS SHANDS HSP SR B2 PUT     | ALACHUA CNTY FL HLTH FACS AUTH ALAMED 12/37 ADJUSTABLE VAR | CUSIP: 010685LD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $125627.74    | 0.58%             | 2037-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REDEV HSG                             | ALEXANDRIA VA REDEV   HSG AUTH ALEMFH 12/54 ADJUSTABLE VAR | CUSIP: 015330FC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201077.06    | 0.94%             | 2054-12-01      | Variable      | 3.20%                 | 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        |    100000 | PA      | $101012.06    | 0.47%             | 2030-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AZ ST IDA EQUITABLE SCH REVOL FUND SER A         | ARIZONA ST INDL DEV AUTH NATIO AZSEDU 11/28 FIXED 5        | CUSIP: 04052FDU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $331820.21    | 1.54%             | 2028-11-01      | Fixed         | 5.00%                 | 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        |    125000 | PA      | $134538.29    | 0.63%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HGR EDU-A                              | ARLINGTON TX HGR EDU FIN CORP ARLEDU 08/32 FIXED 4         | CUSIP: 041806D56<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $310356.40    | 1.44%             | 2032-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA URBAN RSDL-B                             | ATLANTA GA URBAN RSDL FIN AUTH ATLMFH 05/29 ADJUSTABLE VAR | CUSIP: 04785VCA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180178.45    | 0.84%             | 2029-05-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| ATLANTA URBAN RSDL                               | ATLANTA GA URBAN RSDL FIN AUTH ATLMFH 09/28 ADJUSTABLE VAR | CUSIP: 04785VBY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55188.84     | 0.26%             | 2028-09-01      | Variable      | 2.90%                 | 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        |    125000 | PA      | $127653.26    | 0.59%             | 2032-12-01      | Variable      | 3.95%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS AL PROJ REV SER C          | BLACK BELT ENERGY GAS DIST AL BBEUTL 02/53 ADJUSTABLE VAR  | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    425000 | PA      | $454781.92    | 2.12%             | 2053-02-01      | 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        |     20000 | PA      | $20874.57     | 0.10%             | 2051-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BURKE CO GA PWR CO PLANT VOGTLE 1ST SER PUT      | BURKE CNTY GA DEV AUTH POLL CO BURPOL 10/32 ADJUSTABLE VAR | CUSIP: 121342QE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60008.65     | 0.28%             | 2032-10-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| BURKE CO GA PWR PLANT VOGTLE 4TH SER PUTBOND     | BURKE CNTY GA DEV AUTH POLL CO BURPOL 10/32 ADJUSTABLE VAR | CUSIP: 121342QJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105284.71    | 0.49%             | 2032-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| CA CMTY CHOICE AUTH PROJ SER F                   | CALIFORNIA CMNTY CHOICE FING A CCEDEV 10/54 ADJUSTABLE VAR | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    400000 | PA      | $439590.32    | 2.04%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CA STATEWIDE DEV-C-1                             | CALIFORNIA ST STWD CMNTYS DEV CASDEV 09/31 FIXED 5         | CUSIP: 13078YXF7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    300000 | PA      | $328554.33    | 1.53%             | 2031-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILI                            | CENTRL TX REGL MOBILITY AUTH R CTXGEN 01/32 FIXED 5        | CUSIP: 155498KW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54600.91     | 0.25%             | 2032-01-01      | Fixed         | 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        |     65000 | PA      | $66378.20     | 0.31%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE MECK HOSP ATRIUM HLTH SR C             | CHARLOTTE MECKLENBURG NC HOSP CHAMED 01/50 ADJUSTABLE VAR  | CUSIP: 160853VE4<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |     45000 | PA      | $48151.31     | 0.22%             | 2050-01-15      | 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        |     50000 | PA      | $51791.48     | 0.24%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE ARPT-D AMT                        | CHICAGO IL O HARE INTERNATIONA CHITRN 01/28 FIXED 5        | CUSIP: 167593E40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203490.42    | 0.95%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE ARPT-D AMT                        | CHICAGO IL O HARE INTERNATIONA CHITRN 01/29 FIXED 5        | CUSIP: 167593E57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76437.53     | 0.36%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE ARPT-C                            | CHICAGO IL O HARE INTERNATIONA CHITRN 01/30 FIXED 5        | CUSIP: 167593C67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46008.81     | 0.21%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HGR EDU FIN                              | CLIFTON TX HGR EDU FIN CORP ED CLIEDU 04/27 FIXED 5        | CUSIP: 187145WS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $323673.90    | 1.51%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HGR EDU                                  | CLIFTON TX HGR EDU FIN CORP ED CLIEDU 08/30 FIXED 5        | CUSIP: 187145QQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55005.75     | 0.26%             | 2030-08-15      | 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        |    150000 | PA      | $165261.56    | 0.77%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BLDG EXCELLENT SCHS SER K            | COLORADO ST BLDG EXCELLENT SCH COSEDU 03/28 FIXED 5        | CUSIP: 19668QJB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61803.66     | 0.29%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CO ST HLTH FACS AUTH                             | COLORADO ST HLTH FACS AUTH REV COSMED 08/27 FIXED 5        | CUSIP: 19648FJM7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51791.48     | 0.24%             | 2027-08-01      | Fixed         | 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        |    100000 | PA      | $100107.92    | 0.47%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST-A-REF                             | CONNECTICUT ST SPL TAX OBLIG R CTSGEN 07/28 FIXED 5        | CUSIP: 207758Y31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106597.28    | 0.50%             | 2028-07-01      | 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: 23503CFL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $224076.56    | 1.04%             | 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: 23503CFK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $536416.15    | 2.50%             | 2050-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV SER A AMT         | DENVER CITY   CNTY CO ARPT REV DENAPT 12/31 FIXED 5        | CUSIP: 249182LE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $69388.18     | 0.32%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & SCH DIST #1 SER A                  | DENVER CITY   CNTY CO SCH DIST DENSCD 12/27 FIXED 5.5      | CUSIP: 249174WG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $68852.34     | 0.32%             | 2027-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CTR HOTEL SENIOR            | DENVER CO CONVENTION CENTER HO DENFAC 12/36 FIXED 5        | CUSIP: 249189DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70620.19     | 0.33%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REV                             | DIST OF COLUMBIA REVENUE DISREV 07/28 FIXED 5              | CUSIP: 25483VVZ4<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     20000 | PA      | $20961.74     | 0.10%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REF GEORGETOWN UNI              | DIST OF COLUMBIA UNIV REVENUE DISHGR 04/31 FIXED 5         | CUSIP: 25484JCX6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     65000 | PA      | $66779.62     | 0.31%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REF GEORGETOWN UNI              | DIST OF COLUMBIA UNIV REVENUE DISHGR 04/33 FIXED 5         | CUSIP: 25484JCZ1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    110000 | PA      | $112831.08    | 0.52%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGY N W WA ELEC REV SER C                     | ENERGY N W WA ELEC REVENUE ENEPWR 07/28 FIXED 5            | CUSIP: 29270C2H7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $213109.74    | 0.99%             | 2028-07-01      | 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        |     35000 | PA      | $35549.84     | 0.17%             | 2028-10-01      | 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 04/32 FIXED 5          | CUSIP: 36005GAQ6<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |     95000 | PA      | $97498.27     | 0.45%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGETOWN ISD-A-REF                             | GEORGETOWN TX INDEP SCH DIST GGTSCD 08/28 FIXED 5          | CUSIP: 373046VT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77967.90     | 0.36%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES WTR SWR DISP SEN LIEN SER C          | GREAT LAKES MI WTR AUTH SEWAGE GRTWTR 07/30 FIXED 5        | CUSIP: 39081HAL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55502.03     | 0.26%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENEVILLE TN HLTH & ED BALLAD SER A            | GREENEVILLE TN HLTH   EDUCTNL GREMED 07/27 FIXED 5         | CUSIP: 396649EK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66993.67     | 0.31%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CO CULTURAL ED                            | HARRIS CNTY TX CULTURAL EDU FA HAREDU 07/26 FIXED 4        | CUSIP: 414009PA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150839.40    | 0.70%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HI ARPTS SYS REV SER A AMT                       | HAWAII ST ARPTS SYS REVENUE HISAPT 07/34 FIXED 5           | CUSIP: 419794ZX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $52408.11     | 0.24%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CO-A                                    | HENNEPIN CNTY MN HEN 12/28 FIXED 5                         | CUSIP: 425507GL8<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    680000 | PA      | $713899.56    | 3.32%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENRICO CO ECO AUTH                              | HENRICO CNTY VA ECON DEV AUTH HENMFH 12/45 ADJUSTABLE VAR  | CUSIP: 42605KAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252649.25    | 1.18%             | 2045-12-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| HOUSTON ARPT SYS REV AMT                         | HOUSTON TX ARPT SYS REVENUE HOUAPT 07/29 FIXED 5           | CUSIP: 442349CE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $173775.99    | 0.81%             | 2029-07-01      | 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        |    125000 | PA      | $132554.71    | 0.62%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IL FIN AUTH-C-UNREFD                             | ILLINOIS ST FIN AUTH REVENUE ILSGEN 02/33 FIXED 5          | CUSIP: 45204FP41<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     65000 | PA      | $66504.17     | 0.31%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IL FIN AUTH-C-UNREFD                             | ILLINOIS ST FIN AUTH REVENUE ILSGEN 02/34 FIXED 5          | CUSIP: 45204FP58<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     45000 | PA      | $46002.42     | 0.21%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH UNIV CHICAGO SER B          | ILLINOIS ST FIN AUTH REVENUE ILSGEN 08/52 ADJUSTABLE VAR   | CUSIP: 45204FTD7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    170000 | PA      | $174853.94    | 0.81%             | 2052-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SER A                                | ILLINOIS ST ILS 05/29 FIXED 5                              | CUSIP: 452152X22<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    300000 | PA      | $316398.09    | 1.47%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IL ST TOLL HWY AUTH SEN REV BONDS SER A          | ILLINOIS ST TOLL HIGHWAY AUTH ILSTRN 01/31 FIXED 5         | CUSIP: 452252NG0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    350000 | PA      | $376300.96    | 1.75%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IN FIN AUTH-D-1-REF                              | INDIANA ST FIN AUTH HLTH SYS R INSMED 10/64 ADJUSTABLE VAR | CUSIP: 45470YGD7<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    270000 | PA      | $291361.13    | 1.36%             | 2064-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| KS ST DEV ADVENTIST HLTH SER B                   | KANSAS ST DEV FIN AUTH HOSP RE KSSMED 11/54 ADJUSTABLE VAR | CUSIP: 48542AFE6<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |     50000 | PA      | $56165.61     | 0.26%             | 2054-11-15      | Variable      | 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        |     50000 | PA      | $51017.47     | 0.24%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KY ST PUB ENERGY GAS SPLY REV SER C              | KENTUCKY ST PUBLIC ENERGY AUTH KYSPWR 02/50 ADJUSTABLE VAR | CUSIP: 74440DCM4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25608.07     | 0.12%             | 2050-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| KY ST PUB ENERGY GAS SPLY REV SER A-1            | KENTUCKY ST PUBLIC ENERGY AUTH KYSPWR 05/55 ADJUSTABLE VAR | CUSIP: 74440DEL4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $107148.44    | 0.50%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPT ARPT AMT                        | LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/34 FIXED 5        | CUSIP: 544445FW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $140159.66    | 0.65%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISA VA INDL DEV-B                             | LOUISA VA INDL DEV AUTH POLL C LOUPOL 11/35 ADJUSTABLE VAR | CUSIP: 546068AZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $376952.67    | 1.75%             | 2035-11-01      | Variable      | 3.12%                 | 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        |     15000 | PA      | $14994.59     | 0.07%             | 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 01/31 FIXED 5        | CUSIP: 55123TAP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $86591.86     | 0.40%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NAT GAS INC REV SER A                | MAIN STREET NATURAL GAS INC GA MAIUTL 05/54 ADJUSTABLE VAR | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $272733.13    | 1.27%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NAT GAS INC REV SER A                | MAIN STREET NATURAL GAS INC GA MAIUTL 06/53 ADJUSTABLE VAR | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    200000 | PA      | $214048.64    | 1.00%             | 2053-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MD ST HHEFA LIFEBRIDGE HEALTH                    | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 07/29 FIXED 5        | CUSIP: 5742183X9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103561.81    | 0.48%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPT REV SR B                  | MET WASHINGTON DC ARPTS AUTH A METAPT 10/27 FIXED 5        | CUSIP: 592647DM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45681.42     | 0.21%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CO FL EXPRSWY SER A                   | MIAMI DADE CNTY FL EXPRESSWAY MIATRN 07/31 FIXED 5         | CUSIP: 593338AV8<br>LEI: 549300NSQPQSO55VM780 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35249.74     | 0.16%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MI ST FIN AUTH REV HENRY FORD HLTH SYS           | MICHIGAN ST FIN AUTH REVENUE MISFIN 11/29 FIXED 5          | CUSIP: 59447TME0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    145000 | PA      | $147600.43    | 0.69%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MI ST FIN AUTH REV HENRY FORD HLTH SYS           | MICHIGAN ST FIN AUTH REVENUE MISFIN 11/31 FIXED 5          | CUSIP: 59447TMG5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152557.13    | 0.71%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MO HLTH & EDU FACS AU REV SER B PUTBOND          | MISSOURI ST HLTH   EDUCTNL FAC MOSMED 05/51 ADJUSTABLE VAR | CUSIP: 60637ATQ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70183.62     | 0.33%             | 2051-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| NJ HSG & MTGE FIN-D2                             | NEW JERSEY ST HSG   MTGE FIN A NJSHSG 07/29 ADJUSTABLE VAR | CUSIP: 646127FW5<br>LEI: 5493002ONULJL0FIGU24 | Long             | DBT              | MUN               | US        |    145000 | PA      | $146227.85    | 0.68%             | 2029-07-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| NEW PORT CORNERS CDD 144A                        | NEW PORT CORNERS CDD FL SPL AS NWPDEV 06/30 FIXED 4        | CUSIP: 648122AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100955.58    | 0.47%             | 2030-06-15      | Fixed         | 4.00%                 | 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        |    200000 | PA      | $200530.88    | 0.93%             | 2063-05-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| NY TRANS FIN AUTH-D-1                            | NEW YORK CITY NY TRANSITIONAL NYCGEN 11/31 FIXED 5         | CUSIP: 64972JYX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $228781.78    | 1.06%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NY ST HSG FIN-F-2                                | NEW YORK ST HSG FIN AGY AFFORD NYSHSG 05/56 ADJUSTABLE VAR | CUSIP: 64987J8A2<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505276.90    | 2.35%             | 2056-05-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| NY ST MTGE AGY-273                               | NEW YORK ST MTGE AGY HOMEOWNER NYSHSG 04/32 FIXED 3.25     | CUSIP: 64988YQ83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $346167.19    | 1.61%             | 2032-04-01      | Fixed         | 3.25%                 | 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        |    400000 | PA      | $400031.44    | 1.86%             | 2030-10-01      | Fixed         | 3.40%                 | 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        |     25000 | PA      | $27019.89     | 0.13%             | 2029-12-01      | 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 12/29 FIXED 5        | CUSIP: 650116DJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $432318.28    | 2.01%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWPORT NEWS DEV-REF                             | NEWPORT NEWS VA ECON DEV AUTH NEWDEV 12/26 FIXED OID 3.125 | CUSIP: 65225PAK2<br>LEI: 549300WZQTRG07G0UZ88 | Long             | DBT              | MUN               | US        |     40000 | PA      | $39999.28     | 0.19%             | 2026-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUTH SR LIEN          | NORTH CAROLINA ST TURNPIKE AUT NCSTRN 01/27 FIXED 5        | CUSIP: 65830RBV0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101942.94    | 0.47%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TUR                            | NORTH CAROLINA ST TURNPIKE AUT NCSTRN 01/32 FIXED 5        | CUSIP: 65830RCA5<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79942.73     | 0.37%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OH ST HSG FIN AGY RSDL REV SUSTBOND SR C         | OHIO ST HSG FIN AGY RSDL MTGE OHSHSG 03/26 FIXED 5         | CUSIP: 67756QN29<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.47%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OR HSG CMNTY SVS-Q                               | OREGON ST HSG   CMNTY SVCS DEP OREHSG 07/44 ADJUSTABLE VAR | CUSIP: 68608ACA6<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100837.58    | 0.47%             | 2044-07-01      | Variable      | 3.12%                 | 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        |    165000 | PA      | $167644.16    | 0.78%             | 2041-07-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| PA HSG FIN AGY                                   | PENNSYLVANIA ST HSG FIN AGY MF PASMFH 01/46 ADJUSTABLE VAR | CUSIP: 708797BM6<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201894.60    | 0.94%             | 2046-01-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA-1ST-REF                             | PENNSYLVANIA ST PAS 01/28 FIXED 5                          | CUSIP: 70914PK35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $276308.79    | 1.29%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK AMT                        | PORT AUTH OF NEW YORK   NEW JE PORTRN 09/31 FIXED 5        | CUSIP: 73358WS47<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    150000 | PA      | $156802.97    | 0.73%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK AMT                        | PORT AUTH OF NEW YORK   NEW JE PORTRN 09/33 FIXED 5        | CUSIP: 73358W3C6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    265000 | PA      | $284062.96    | 1.32%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK AMT                        | PORT AUTH OF NEW YORK   NEW JE PORTRN 09/33 FIXED 5        | CUSIP: 73358WS62<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    200000 | PA      | $208616.76    | 0.97%             | 2033-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REV AMT SER 24B         | PORT OF PORTLAND OR ARPT REVEN PTPAPT 07/30 FIXED 5        | CUSIP: 735240L84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509924.75    | 2.37%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE-AMT-A AMT                        | PORT OF SEATTLE WA REVENUE PTSGEN 05/35 FIXED 5            | CUSIP: 735389D62<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    375000 | PA      | $383700.30    | 1.78%             | 2035-05-01      | Fixed         | 5.00%                 | 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      | $101007.87    | 0.47%             | 2033-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUB FIN AUTH-1                                   | PUBLIC FIN AUTH WI MUNI CTFS PUBGEN 06/63 ADJUST OID VAR   | CUSIP: 74449EAA1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50071.70     | 0.23%             | 2063-06-15      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH-A                                | PUBLIC FIN AUTH WI STUDENT HSG PUBFIN 07/33 FIXED 5        | CUSIP: 74439YGK1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    150000 | PA      | $168434.63    | 0.78%             | 2033-07-01      | 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        |     43000 | PA      | $45930.29     | 0.21%             | 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        |    300000 | PA      | $333183.30    | 1.55%             | 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        |     79000 | PA      | $80848.75     | 0.38%             | 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        |    228000 | PA      | $168555.95    | 0.78%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PR SALES TAX FING SALES TAX REV SER A1           | PUERTO RICO SALES TAX FING COR PRCGEN 07/29 ZEROCPNOID 0   | CUSIP: 74529JQD0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |     17000 | PA      | $15315.26     | 0.07%             | 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        |    242000 | PA      | $203396.33    | 0.95%             | 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        |    261000 | PA      | $202517.89    | 0.94%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RALEIGH NC COMB ENTER SYS REV REF                | RALEIGH NC COMB ENTERPRISE SYS RALGEN 09/26 FIXED 5        | CUSIP: 751100MU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121748.66    | 0.57%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS SP                            | S E ALABAMA ST GAS SPLY DIST G SOUUTL 08/54 ADJUSTABLE VAR | CUSIP: 84131TBA9<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    265000 | PA      | $287493.49    | 1.34%             | 2054-08-01      | Variable      | 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        |    140000 | PA      | $139798.72    | 0.65%             | 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        |    110000 | PA      | $109904.65    | 0.51%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REV AMT SER A             | SALT LAKE CITY UT ARPT REVENUE SALAPT 07/31 FIXED 5        | CUSIP: 795576HB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $147211.27    | 0.68%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SC ST PUB SVC AUTH REV SER A                     | SOUTH CAROLINA ST PUBLIC SVC A SCSUTL 12/26 FIXED 5        | CUSIP: 837151PH6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50338.52     | 0.23%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SC PUB SVC AUTH-A-REF                            | SOUTH CAROLINA ST PUBLIC SVC A SCSUTL 12/33 FIXED 5        | CUSIP: 837151PP8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55326.45     | 0.26%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SE ENERGY AUTH-B                                 | SOUTHEAST ENERGY AUTH AL COOPE SEEPWR 01/54 ADJUSTABLE VAR | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |     75000 | PA      | $80689.72     | 0.38%             | 2054-01-01      | Variable      | 5.00%                 | 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        |     50000 | PA      | $50006.27     | 0.23%             | 2030-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SUMMIT CO DEV FIN-A                              | SUMMIT CNTY OH DEV FIN AUTH ST SUMHSG 07/31 FIXED 5        | CUSIP: 86607LAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $159903.85    | 0.74%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CULTURAL-C-1                             | TARRANT CNTY TX CULTURAL EDU F TAREDU 11/51 ADJUSTABLE VAR | CUSIP: 87638TJW4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    250000 | PA      | $284052.23    | 1.32%             | 2051-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TN ENERGY AQUIST CORP COM REV SER A              | TENNESSEE ENERGY ACQUISITION C TNSUTL 05/52 ADJUSTABLE VAR | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    250000 | PA      | $272457.78    | 1.27%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVIT                            | TEXAS ST PRIV ACTIVITY BOND SU TXSTRN 12/31 FIXED 4        | CUSIP: 882667BC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67819.37     | 0.32%             | 2031-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF NC CHAPEL-A                              | UNIV OF NORTH CAROLINA NC AT C UNCHGR 12/27 FIXED 5        | CUSIP: 914713U91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $524605.95    | 2.44%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VA ST HSG DEV AUTH SER E                         | VIRGINIA ST HSG DEV AUTH VASHSG 10/29 FIXED 3              | CUSIP: 92812WRW6<br>LEI: 549300LW3QBOVLQBP895 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185064.10    | 0.86%             | 2029-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| VA SMALL BFA NATIONAL SNR CAMPUSES               | VIRGINIA ST SMALL BUSINESS FIN VASDEV 01/34 FIXED 5        | CUSIP: 928104MU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $36958.09     | 0.17%             | 2034-01-01      | 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        |     75000 | PA      | $77912.82     | 0.36%             | 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        |     50000 | PA      | $55191.17     | 0.26%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST-R-C-REF                            | WASHINGTON ST WAS 08/30 FIXED 5                            | CUSIP: 93974EZ58<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    200000 | PA      | $224128.02    | 1.04%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WV ST HOSP FIN AUTH UNIV HLTH SYS SR A           | WEST VIRGINIA ST HOSP FIN AUTH WVSMED 06/28 FIXED 5        | CUSIP: 956622L93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30186.24     | 0.14%             | 2028-06-01      | 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        |    205000 | PA      | $229061.61    | 1.07%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WHITING IN ENVR BP PROD N AMER INC A AMT PUT     | WHITING IN ENVRNMNTL FACS REVE WHGFAC 12/44 ADJUSTABLE VAR | CUSIP: 96634RAU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $261647.70    | 1.22%             | 2044-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WI ST H&E ASCENSION HLTH CRED GRP SER A          | WISCONSIN ST HLTH   EDUCTNL FA WISMED 11/28 FIXED 5        | CUSIP: 97712DQH2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90467.26     | 0.42%             | 2028-11-15      | 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        |    100000 | PA      | $100500.06    | 0.47%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST-2-REF                               | WISCONSIN ST WIS 11/27 FIXED 5                             | CUSIP: 97705MJK2<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    145000 | PA      | $149884.56    | 0.70%             | 2027-11-01      | 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        |     95000 | PA      | $96666.66     | 0.45%             | 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        |     25000 | PA      | $25484.98     | 0.12%             | 2033-05-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-06

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President