# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-25-001842
**Filing Date:** 2025-10
**Character Count:** 231944
**Document Hash:** 8c75dd1c8617ce0d701d212c48690fd5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-001842.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001099263-25-001842

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20260531

**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:** 251424325

**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 Floating Rate ETF (Series ID: S000077050)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000237190 | T. Rowe Price Floating Rate ETF | TFLR            |

## Nport-Ex

T. ROWE PRICE FLOATING RATE ETF

------

August 31, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS‡** | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **ASSET-BACKED SECURITIES 0.0%** | **ASSET-BACKED SECURITIES 0.0%** | **ASSET-BACKED SECURITIES 0.0%** |
| **Miscellaneous 0.0%** |  |  |
| Frontier Issuer, Series 2024-1, Class C, 11.16%, 6/20/54 (1) | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| **Total Asset-Backed Securities<br> (Cost $28)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28** |
| **BANK LOANS 89.0% (2)** | **BANK LOANS 89.0% (2)** | **BANK LOANS 89.0% (2)** |
| **Aerospace & Defense 3.1%** |  |  |
| Bleriot US Bidco, FRN, 3M TSFR + 2.50%, 6.808%, 10/31/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp;945 |
| Brown Group Holding, FRN, 3M TSFR + 2.75%, 7.027%, 7/1/31 (3) | 2105 | &nbsp;&nbsp;&nbsp;2104 |
| Dynasty Acquisition, B-1, FRN, 1M TSFR + 2.00%, 6.316%, 10/31/31 | 1356 | &nbsp;&nbsp;&nbsp;1358 |
| Dynasty Acquisition, B-2, FRN, 1M TSFR + 2.00%, 6.316%, 10/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;517 |
| Kaman, FRN, 3M TSFR + 2.75%, 1.584%, 2/26/32 (4) | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Kaman, FRN, 3M TSFR + 2.75%, 6.910%, 2/26/32 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;325 |
| KKR Apple Bidco, FRN, 1M TSFR + 2.50%, 6.816%, 9/23/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;783 | &nbsp;&nbsp;&nbsp;&nbsp;783 |
| TransDigm, FRN, 3M TSFR + 2.50%, 6.796%, 2/28/31 (3) | 2823 | &nbsp;&nbsp;&nbsp;2825 |
| TransDigm, FRN, 3M TSFR + 2.50%, 6.796%, 1/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;195 |
| TransDigm, FRN, 1M TSFR + 2.50%, 6.853%, 8/19/32 (3) | 1745 | &nbsp;&nbsp;&nbsp;1745 |
| TransDigm, FRN, 3M TSFR + 2.75%, 7.046%, 8/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;415 |
| TransDigm, FRN, 3M TSFR + 2.75%, 7.046%, 3/22/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp;644 |
|  |  | 11886 |
| **Airlines 0.8%** |  |  |
| American Airlines, FRN, 3M TSFR + 3.25%, 5/28/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;200 |
| American Airlines, FRN, 3M TSFR + 2.25%, 6.575%, 4/20/28 (3) | 2845 | &nbsp;&nbsp;&nbsp;2835 |
| SkyMiles IP, FRN, 3M TSFR + 3.75%, 8.075%, 10/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
|  |  | &nbsp;&nbsp;&nbsp;3132 |
| **Automotive 2.3%** |  |  |
| Autokiniton US Holdings, FRN, 1M TSFR + 4.00%, 8.430%, 4/6/28 (3) | 1205 | &nbsp;&nbsp;&nbsp;1174 |
| Belron Finance, FRN, 3M TSFR + 2.50%, 6.742%, 10/16/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp;849 |
| Clarios Global, FRN, 1M TSFR + 2.50%, 6.816%, 5/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;677 | &nbsp;&nbsp;&nbsp;&nbsp;677 |
| Clarios Global, FRN, 1M TSFR + 2.75%, 7.066%, 1/28/32 | 2450 | &nbsp;&nbsp;&nbsp;2450 |
| Mavis Tire Express Services, FRN, 3M TSFR + 3.00%, 7.199%, 5/4/28 | 2447 | &nbsp;&nbsp;&nbsp;2452 |
| Wand NewCo 3, FRN, 1M TSFR + 2.50%, 6.816%, 1/30/31 (3) | 1117 | &nbsp;&nbsp;&nbsp;1114 |
|  |  | &nbsp;&nbsp;&nbsp;8716 |
| **Broadcasting 3.0%** |  |  |
| Clear Channel Outdoor Holdings, FRN, 1M TSFR + 4.00%, 8.430%, 8/21/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;&nbsp;891 |
| CMG Media, FRN, 3M TSFR + 3.50%, 7.896%, 6/18/29 (3) | 2521 | &nbsp;&nbsp;&nbsp;2419 |
| EW Scripps, FRN, 1M TSFR + 3.35%, 7.615%, 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp;327 |
| EW Scripps, FRN, 1M TSFR + 5.75%, 10.015%, 6/30/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;959 | &nbsp;&nbsp;&nbsp;&nbsp;962 |
| Gray Television, FRN, 1M TSFR + 5.25%, 9.530%, 6/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Neptune Bidco US, FRN, 3M TSFR + 5.00%, 9.429%, 4/11/29 (3) | 2918 | &nbsp;&nbsp;&nbsp;2830 |
| Nexstar Broadcasting, FRN, 1M TSFR + 2.50%, 6.816%, 6/28/32 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;876 |
| Sinclair Television Group, FRN, 3M TSFR + 3.30%, 7.870%, 12/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;341 |
| Townsquare Media, FRN, 3M TSFR + 5.00%, 9.195%, 2/19/30 (5) | &nbsp;&nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp;398 |
| Univision Communications, FRN, 1M TSFR + 3.25%, 7.680%, 1/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;&nbsp;839 |

---

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T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Univision Communications, FRN, 1M TSFR + 3.50%, 7.930%, 1/31/29 | 1349 | &nbsp;&nbsp;&nbsp;1344 |
| Univision Communications, FRN, 3M TSFR + 4.25%, 8.546%, 6/24/29 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 |
|  |  | 11469 |
| **Building Products 1.5%** |  |  |
| Chamberlain Group, FRN, 1M TSFR + 3.25%, 7.666%, 11/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 |
| Chariot Buyer, FRN, 1M TSFR + 3.00%, 7/23/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 |
| CP Atlas Buyer, FRN, 1M TSFR + 5.25%, 9.566%, 7/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 |
| MI Windows & Doors, FRN, 1M TSFR + 2.75%, 7.066%, 3/28/31 | &nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 |
| Quikrete Holdings, FRN, 1M TSFR + 2.25%, 6.566%, 1/30/32 (3) | 2431 | &nbsp;&nbsp;&nbsp;2429 |
| QXO, FRN, 3M TSFR + 3.00%, 7.296%, 4/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 |
|  |  | &nbsp;&nbsp;&nbsp;5574 |
| **Cable Operators 1.1%** |  |  |
| Cable One, FRN, 1M TSFR + 2.00%, 6.430%, 5/3/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 |
| CSC Holdings, FRN, 1M TSFR + 4.50%, 8.650%, 1/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 |
| CSC Holdings, FRN, 3M TSFR + 1.50%, 9.000%, 4/15/27 | 1765 | &nbsp;&nbsp;&nbsp;1724 |
| DirecTV Financing, FRN, 1M TSFR + 5.50%, 2/18/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| DirecTV Financing, FRN, 3M TSFR + 5.25%, 9.820%, 8/2/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 |
| Radiate Holdco, FRN, 1M TSFR + 3.50%, 9.430%, 9/25/29, (1.50% PIK and 1M TSFR + 3.50% Cash) | &nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 |
|  |  | &nbsp;&nbsp;&nbsp;4248 |
| **Chemicals 1.5%** |  |  |
| Nouryon Finance, FRN, 1M TSFR + 3.25%, 7.424%, 4/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
| Nouryon Finance, FRN, 1M TSFR + 3.25%, 7.500%, 4/3/28 (3) | 1967 | &nbsp;&nbsp;&nbsp;1969 |
| PMHC II, FRN, 3M TSFR + 4.25%, 8.728%, 4/23/29 | &nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 |
| Qnity Electronics, FRN, 1M TSFR + 2.00%, 8/12/32 (3) | 1280 | &nbsp;&nbsp;&nbsp;1276 |
| W.R. Grace, FRN, 3M TSFR + 3.00%, 7.195%, 8/8/32 (5) | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 |
| Windsor Holdings III, FRN, 1M TSFR + 2.75%, 7.073%, 8/1/30 | 1049 | &nbsp;&nbsp;&nbsp;1049 |
|  |  | &nbsp;&nbsp;&nbsp;5488 |
| **Consumer Products 0.5%** |  |  |
| 19th Holdings Golf, FRN, 1M TSFR + 3.25%, 7.573%, 2/7/29 | &nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 |
| ABG Intermediate Holdings 2, FRN, 1M TSFR + 2.25%, 6.566%, 12/21/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 |
| Peloton Interactive, FRN, 1M TSFR + 5.50%, 9.816%, 5/30/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 |
|  |  | &nbsp;&nbsp;&nbsp;1743 |
| **Container 1.5%** |  |  |
| Albea Beauty Holdings, FRN, 3M EURIBOR + 5.00%, 6.980%, 12/31/27 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 |
| Charter NEX US, FRN, 1M TSFR + 2.75%, 6.925%, 11/29/30 | 4105 | &nbsp;&nbsp;&nbsp;4122 |
| Pregis TopCo, FRN, 1M TSFR + 4.00%, 8.316%, 2/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| Proampac PG Borrower, FRN, 3M TSFR + 4.00%, 8.263%, 9/15/28 (3) | 1305 | &nbsp;&nbsp;&nbsp;1303 |
|  |  | &nbsp;&nbsp;&nbsp;5710 |
| **Energy 2.4%** |  |  |
| Brazos Delaware II, FRN, 1M TSFR + 2.50%, 2/11/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 |
| CPPIB OVM Member US, FRN, 3M TSFR + 2.50%, 6.796%, 8/20/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 |
| Epic Crude Services, FRN, 3M TSFR + 2.50%, 6.828%, 10/15/31 (3) | 1145 | &nbsp;&nbsp;&nbsp;1148 |

---

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T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Goodnight Water Solutions, FRN, 1M TSFR + 4.00%, 8.316%, 6/4/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 |
| Hilcorp Energy I, FRN, 1M TSFR + 2.00%, 6.150%, 2/11/30 | &nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 |
| M6 ETX Holdings II Midco, FRN, 1M TSFR + 3.00%, 7.316%, 4/1/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 |
| NGL Energy Partners, FRN, 1M TSFR + 3.75%, 8.066%, 2/3/31 (3) | 1945 | &nbsp;&nbsp;&nbsp;1948 |
| NorthRiver Midstream Finance, FRN, 3M TSFR + 2.25%, 6.541%, 8/16/30 | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 |
| Prairie ECI Acquiror, FRN, 1M TSFR + 3.75%, 8.066%, 8/1/29 (3) | 1576 | &nbsp;&nbsp;&nbsp;1585 |
| Waterbridge Midstream Operating, FRN, 1M TSFR + 4.00%, 8.174%, 5/10/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 |
|  |  | &nbsp;&nbsp;&nbsp;9055 |
| **Entertainment & Leisure 3.7%** |  |  |
| AMC Entertainment Holdings, FRN, 1M TSFR + 7.00%, 11.340%, 1/4/29 (3) | 2446 | &nbsp;&nbsp;&nbsp;2449 |
| Cinemark USA, FRN, 1M TSFR + 2.25%, 6.560%, 5/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 |
| Crown Finance US, FRN, 1M TSFR + 4.50%, 8.780%, 12/2/31 (3) | 2573 | &nbsp;&nbsp;&nbsp;2569 |
| Delta 2 (LUX), FRN, 3M TSFR + 2.00%, 6.291%, 9/10/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 |
| Delta 2 (LUX), FRN, 3M TSFR + 2.00%, 6.296%, 9/10/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 |
| EOC Borrower, FRN, 1M TSFR + 3.00%, 7.316%, 3/24/32 (3) | 2725 | &nbsp;&nbsp;&nbsp;2730 |
| SeaWorld Parks & Entertainment, FRN, 1M TSFR + 2.00%, 6.316%, 12/4/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 |
| UFC Holdings, FRN, 3M TSFR + 2.25%, 6.465%, 11/21/31 (3) | 3846 | &nbsp;&nbsp;&nbsp;3855 |
| United Talent Agency, FRN, 1M TSFR + 3.50%, 7.650%, 6/10/32 (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
|  |  | 13793 |
| **Financial 15.4%** |  |  |
| Acrisure, FRN, 1M TSFR + 3.00%, 7.316%, 11/6/30 (3) | 2136 | &nbsp;&nbsp;&nbsp;2133 |
| Acrisure, FRN, 1M TSFR + 3.25%, 7.566%, 6/5/32 | 2163 | &nbsp;&nbsp;&nbsp;2160 |
| Advisor Group, FRN, 1M TSFR + 3.00%, 7.316%, 7/30/32 (3) | 2472 | &nbsp;&nbsp;&nbsp;2469 |
| Alera Group, FRN, 1M TSFR + 3.25%, 7.566%, 5/30/32 (3) | 3210 | &nbsp;&nbsp;&nbsp;3221 |
| Alera Group, FRN, 1M TSFR + 5.50%, 9.816%, 5/30/33 | 4185 | &nbsp;&nbsp;&nbsp;4331 |
| AmWINS Group, FRN, 1M TSFR + 2.25%, 6.566%, 1/30/32 (3) | 1071 | &nbsp;&nbsp;&nbsp;1070 |
| Apollo Commercial Real Estate Finance, FRN, 1M TSFR + 3.25%, 7.400%, 6/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 |
| BCPE Pequod Buyer, FRN, 1M TSFR + 3.00%, 7.316%, 11/25/31 (3) | 1656 | &nbsp;&nbsp;&nbsp;1658 |
| Blackstone Mortgage Trust, FRN, 1M TSFR + 3.00%, 7.316%, 12/10/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 |
| Citadel Securities, FRN, 1M TSFR + 2.00%, 6.316%, 10/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
| Citco Funding, FRN, 3M TSFR + 2.75%, 6.806%, 4/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 |
| Claros Mortgage Trust, FRN, 1M TSFR + 4.50%, 8.916%, 8/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 |
| Edelman Financial Center, FRN, 1M TSFR + 3.00%, 7.316%, 4/7/28 (3) | 1736 | &nbsp;&nbsp;&nbsp;1738 |
| Edelman Financial Center, FRN, 1M TSFR + 5.25%, 9.566%, 10/6/28 (3) | 2104 | &nbsp;&nbsp;&nbsp;2105 |
| Focus Financial Partners, FRN, 1M TSFR + 2.75%, 7.066%, 9/15/31 (3) | 4813 | &nbsp;&nbsp;&nbsp;4810 |
| GEN II Fund Services, FRN, 6M TSFR + 2.75%, 6.967%, 11/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 |
| GTCR Everest Borrower, FRN, 3M TSFR + 2.75%, 7.064%, 9/5/31 (3) | 1270 | &nbsp;&nbsp;&nbsp;1272 |
| HighTower Holdings, FRN, 3M TSFR + 2.75%, 7.071%, 2/3/32 | 3587 | &nbsp;&nbsp;&nbsp;3580 |
| HUB International, FRN, 3M TSFR + 2.25%, 6.575%, 6/20/30 | 5494 | &nbsp;&nbsp;&nbsp;5503 |
| Jane Street Group, FRN, 3M TSFR + 2.00%, 6.199%, 12/15/31 (3) | 2320 | &nbsp;&nbsp;&nbsp;2311 |
| Jones DesLauriers Insurance Management, FRN, 3M TSFR + 2.75%, 7.058%, 3/15/30 | 1248 | &nbsp;&nbsp;&nbsp;1239 |
| KREF Holdings X, FRN, 1M TSFR + 3.25%, 6.675%, 3/5/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 |
| OneDigital Borrower, FRN, 1M TSFR + 3.00%, 7.316%, 7/2/31 (3) | 2304 | &nbsp;&nbsp;&nbsp;2302 |
| OneDigital Borrower, FRN, 1M TSFR + 5.25%, 9.566%, 7/2/32 (3) | 1600 | &nbsp;&nbsp;&nbsp;1614 |
| RFS Opco, FRN, 3M TSFR + 0.00%, 4/4/31 (4)(5) | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 |

---

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T. ROWE PRICE FLOATING RATE ETF

------

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| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| RFS Opco, FRN, 3M TSFR + 4.75%, 9.046%, 4/4/31 (5) | &nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 |
| RFS Opco, FRN, 3M TSFR + 4.75%, 9.060%, 4/4/31 (5) | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 |
| Ryan Specialty Group, FRN, 1M TSFR + 2.00%, 6.316%, 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 |
| Sedgwick Claims Management Services, FRN, 1M TSFR + 2.50%, 6.816%, 7/31/31 (3) | 4803 | &nbsp;&nbsp;&nbsp;4816 |
| Truist Insurance Holdings, FRN, 3M TSFR + 2.75%, 7.046%, 5/6/31 (3) | 1535 | &nbsp;&nbsp;&nbsp;1535 |
| Truist Insurance Holdings, FRN, 3M TSFR + 4.75%, 9.046%, 5/6/32 | 4228 | &nbsp;&nbsp;&nbsp;4313 |
| USI, FRN, 3M TSFR + 2.25%, 6.546%, 11/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 |
| USI, FRN, 3M TSFR + 2.25%, 6.546%, 9/29/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
|  |  | 58089 |
| **Food 1.1%** |  |  |
| 1440 Food Topco, FRN, 1M TSFR + 5.00%, 9.316%, 10/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 |
| Celsius Holdings, FRN, 3M TSFR + 3.25%, 7.541%, 4/1/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 |
| Chobani, FRN, 1M TSFR + 2.50%, 6.816%, 10/25/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 |
| Primo Brands, FRN, 3M TSFR + 2.25%, 6.546%, 3/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 |
| Sazerac, FRN, 1M TSFR + 2.50%, 6.692%, 7/9/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 |
| Simply Good Foods USA, FRN, 1M TSFR + 2.00%, 6.316%, 3/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 |
|  |  | &nbsp;&nbsp;&nbsp;4095 |
| **Gaming 1.4%** |  |  |
| Caesars Entertainment, FRN, 1M TSFR + 2.25%, 6.566%, 2/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 |
| Caesars Entertainment, FRN, 1M TSFR + 2.25%, 6.566%, 2/6/31 | 1359 | &nbsp;&nbsp;&nbsp;1353 |
| Light & Wonder International, FRN, 1M TSFR + 2.25%, 6.610%, 4/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 |
| Ontario Gaming GTA, FRN, 3M TSFR + 4.25%, 8.546%, 8/1/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 |
| Playtika Holding, FRN, 1M TSFR + 2.75%, 7.180%, 3/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 |
| Spectacle Gary Holdings, FRN, 3M TSFR + 4.25%, 8.696%, 12/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 |
| Voyager Parent, FRN, 3M TSFR + 4.75%, 9.041%, 7/1/32 (3) | 1005 | &nbsp;&nbsp;&nbsp;1006 |
|  |  | &nbsp;&nbsp;&nbsp;5416 |
| **Health Care 7.5%** |  |  |
| Amneal Pharmaceuticals, FRN, 1M TSFR + 3.50%, 7.816%, 8/2/32 (5) | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |
| Athenahealth Group, FRN, 1M TSFR + 2.75%, 7.066%, 2/15/29 | 1520 | &nbsp;&nbsp;&nbsp;1518 |
| Auris Luxembourg III, FRN, 3M TSFR + 3.50%, 7.810%, 2/28/29 | &nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 |
| Bausch & Lomb, FRN, 1M TSFR + 4.25%, 8.566%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 |
| Bausch Health, FRN, 1M TSFR + 6.25%, 10.566%, 10/8/30 | 1765 | &nbsp;&nbsp;&nbsp;1739 |
| Ceva Sante Animale, FRN, 3M TSFR + 2.75%, 6.976%, 11/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 |
| Concentra Health Services, FRN, 1M TSFR + 2.00%, 6.316%, 7/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 |
| Dechra Pharmaceuticals Holdings, FRN, 6M TSFR + 3.25%, 7.447%, 1/27/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 |
| Hanger, FRN, 1M TSFR + 3.50%, 4.146%, 10/23/31 (3)(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Hanger, FRN, 1M TSFR + 3.50%, 7.816%, 10/23/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 |
| Heartland Dental, FRN, 1M TSFR + 3.75%, 8.066%, 8/7/32 (3) | 1528 | &nbsp;&nbsp;&nbsp;1527 |
| Inception Holdco, FRN, 3M TSFR + 3.75%, 8.046%, 4/18/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 |
| Insulet, FRN, 1M TSFR + 2.00%, 6.316%, 8/4/31 | &nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 |
| IVC Acquisition, FRN, 3M TSFR + 3.75%, 8.046%, 12/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 |
| LifePoint Health, FRN, 3M TSFR + 3.75%, 8.068%, 5/17/31 | 1430 | &nbsp;&nbsp;&nbsp;1418 |
| Loire Finco Luxembourg, FRN, 3M TSFR + 4.00%, 8.308%, 1/21/30 | &nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 |
| Medline Borrower, FRN, 1M TSFR + 2.00%, 6.316%, 10/21/28 (3) | 2320 | &nbsp;&nbsp;&nbsp;2320 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Medline Borrower, FRN, 1M TSFR + 2.00%, 6.316%, 10/23/30 (3) | 3555 | &nbsp;&nbsp;&nbsp;3555 |
| Opal Bidco, FRN, 6M TSFR + 3.25%, 7.435%, 4/28/32 (3) | 3750 | &nbsp;&nbsp;&nbsp;3769 |
| Paradigm Parent, FRN, 3M TSFR + 4.50%, 8.822%, 4/16/32 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 |
| Parexel International, FRN, 1M TSFR + 2.50%, 6.816%, 11/15/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 |
| QuidelOrtho, FRN, 1M TSFR + 4.00%, 8/14/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 |
| SAM Bidco SAS, FRN, 3M TSFR + 4.00%, 8.296%, 12/13/27 (5) | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 |
| Star Parent, FRN, 3M TSFR + 4.00%, 8.296%, 9/27/30 | &nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 |
| Surgery Center Holdings, FRN, 1M TSFR + 2.50%, 6.816%, 12/19/30 (3) | 2558 | &nbsp;&nbsp;&nbsp;2559 |
| Team Health Holdings, FRN, 3M TSFR + 4.50%, 8.796%, 6/30/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 |
| US Renal Care, FRN, 1M TSFR + 5.00%, 9.430%, 6/28/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |
| Waystar Technologies, FRN, 1M TSFR + 2.00%, 10/22/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| Waystar Technologies, FRN, 1M TSFR + 2.00%, 6.316%, 10/22/29 | 1013 | &nbsp;&nbsp;&nbsp;1013 |
|  |  | 28157 |
| **Information Technology 16.1%** |  |  |
| Applied Systems, FRN, 3M TSFR + 2.25%, 6.446%, 2/24/31 (3) | 4384 | &nbsp;&nbsp;&nbsp;4377 |
| Applied Systems, FRN, 3M TSFR + 4.50%, 8.796%, 2/23/32 (3) | 2135 | &nbsp;&nbsp;&nbsp;2184 |
| Arches Buyer, FRN, 1M TSFR + 3.25%, 7.666%, 12/6/27 (3) | 1350 | &nbsp;&nbsp;&nbsp;1351 |
| Avalara, FRN, 3M TSFR + 3.25%, 7.546%, 3/26/32 (3) | 3090 | &nbsp;&nbsp;&nbsp;3107 |
| Boxer Parent, FRN, 3M TSFR + 3.00%, 7.199%, 7/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 |
| Boxer Parent, FRN, 3M TSFR + 5.75%, 9.949%, 7/30/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 |
| Central Parent, FRN, 3M TSFR + 3.25%, 7.546%, 7/6/29 | &nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 |
| Cloud Software Group, FRN, 3M TSFR + 3.25%, 7.483%, 3/21/31 (3) | 1062 | &nbsp;&nbsp;&nbsp;1064 |
| Cloud Software Group, FRN, 3M TSFR + 3.25%, 7.483%, 8/13/32 (3) | 3125 | &nbsp;&nbsp;&nbsp;3129 |
| Cloudera, FRN, 1M TSFR + 3.75%, 8.166%, 10/8/28 | 1269 | &nbsp;&nbsp;&nbsp;1237 |
| Cloudera, FRN, 1M TSFR + 6.00%, 10.416%, 10/8/29 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 |
| CommScope, FRN, 1M TSFR + 4.75%, 12/17/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 |
| ConnectWise, FRN, 3M TSFR + 3.50%, 8.057%, 9/29/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 |
| Delivery Hero, FRN, 3M TSFR + 5.00%, 9.226%, 12/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 |
| Delta TopCo, FRN, 1M TSFR + 2.75%, 7.023%, 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 |
| Delta TopCo, FRN, 3M TSFR + 5.25%, 9.421%, 11/29/30 | 1230 | &nbsp;&nbsp;&nbsp;1227 |
| Disco Parent, FRN, 3M TSFR + 3.25%, 7.484%, 8/1/32 (3)(5) | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 |
| ECI Macola Max Holding, FRN, 3M TSFR + 2.75%, 7.068%, 5/31/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 |
| Ellucian Holdings, FRN, 1M TSFR + 2.75%, 7.066%, 10/9/29 (3) | 3385 | &nbsp;&nbsp;&nbsp;3387 |
| Ellucian Holdings, FRN, 1M TSFR + 4.75%, 9.066%, 11/22/32 | 1988 | &nbsp;&nbsp;&nbsp;2043 |
| Epicor Software, FRN, 1M TSFR + 2.50%, 6.816%, 5/30/31 (3) | 5329 | &nbsp;&nbsp;&nbsp;5340 |
| Fleet Midco I, FRN, 6M TSFR + 2.50%, 6.542%, 2/21/31 (5) | &nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 |
| Go Daddy Operating, FRN, 1M TSFR + 1.75%, 6.066%, 11/9/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| IGT Holding IV AB, FRN, 3M TSFR + 3.50%, 7.796%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
| Javelin Buyer, FRN, 3M TSFR + 5.00%, 9.199%, 12/6/32 | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 |
| Kaseya, FRN, 1M TSFR + 3.25%, 7.566%, 3/20/32 | 1140 | &nbsp;&nbsp;&nbsp;1142 |
| Kaseya, FRN, 1M TSFR + 5.00%, 9.316%, 3/20/33 | 2545 | &nbsp;&nbsp;&nbsp;2547 |
| LIFTOFF , FRN, 1M TSFR + 4.00%, 8/7/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 |
| McAfee, FRN, 1M TSFR + 3.00%, 7.223%, 3/1/29 (3) | 3152 | &nbsp;&nbsp;&nbsp;2998 |
| MH Sub I, FRN, 1M TSFR + 4.25%, 8.566%, 5/3/28 (3) | 1444 | &nbsp;&nbsp;&nbsp;1337 |
| MH Sub I, FRN, 1M TSFR + 4.25%, 8.566%, 12/31/31 (3) | 1034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 |
| MH Sub I, FRN, 1M TSFR + 6.25%, 10.566%, 2/23/29 (3) | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| ORION US Finco, FRN, 1M TSFR + 3.50%, 5/20/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936 |
| ORION US Finco, FRN, 1M TSFR + 5.50%, 5/20/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 |
| Polaris Newco, FRN, 3M EURIBOR + 3.75%, 5.776%, 6/2/28 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 |
| Polaris Newco, FRN, 3M TSFR + 3.75%, 8.320%, 6/2/28 | 1188 | &nbsp;&nbsp;&nbsp;1127 |
| Project Alpha Intermediate Holding, FRN, 3M TSFR + 3.25%, 7.546%, 10/26/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 |
| Project Alpha Intermediate Holding, FRN, 3M TSFR + 5.00%, 9.296%, 5/9/33 | 2446 | &nbsp;&nbsp;&nbsp;2435 |
| Proofpoint, FRN, 1M TSFR + 3.00%, 7.316%, 8/31/28 | 1950 | &nbsp;&nbsp;&nbsp;1958 |
| RealPage, FRN, 3M TSFR + 3.00%, 7.557%, 4/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 |
| RealPage, FRN, 3M TSFR + 3.75%, 8.046%, 4/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 |
| Sandisk, FRN, 1M TSFR + 3.00%, 7.341%, 2/20/32 (3) | 1497 | &nbsp;&nbsp;&nbsp;1491 |
| SolarWinds Holdings, FRN, 1M TSFR + 4.00%, 8.360%, 4/16/32 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 |
| SS&C Technologies, FRN, 1M TSFR + 2.00%, 6.316%, 5/9/31 | &nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
| Twitter, 9.500%, 10/26/29 (3) | 1885 | &nbsp;&nbsp;&nbsp;1852 |
| Twitter, FRN, 3M TSFR + 6.50%, 10.958%, 10/26/29 (3) | 2096 | &nbsp;&nbsp;&nbsp;2047 |
|  |  | 60821 |
| **Manufacturing 5.4%** |  |  |
| Alliance Laundry Systems, FRN, 1M TSFR + 2.25%, 6.591%, 8/19/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 |
| CPM Holdings, FRN, 1M TSFR + 4.50%, 8.780%, 9/28/28 (3) | 1133 | &nbsp;&nbsp;&nbsp;1106 |
| Engineered Machinery Holdings, FRN, 3M TSFR + 3.50%, 8.057%, 5/19/28 | 2093 | &nbsp;&nbsp;&nbsp;2105 |
| Engineered Machinery Holdings, FRN, 3M TSFR + 6.00%, 10.557%, 5/21/29 | 1459 | &nbsp;&nbsp;&nbsp;1459 |
| Engineered Machinery Holdings, FRN, 3M TSFR + 6.50%, 11.057%, 5/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 |
| Filtration Group, FRN, 1M TSFR + 2.75%, 7.066%, 10/21/28 | 4161 | &nbsp;&nbsp;&nbsp;4178 |
| LTI Holdings, FRN, 1M TSFR + 4.25%, 8.566%, 7/29/29 (3) | 4657 | &nbsp;&nbsp;&nbsp;4671 |
| Madison IAQ, FRN, 6M TSFR + 2.50%, 6.702%, 6/21/28 | 1369 | &nbsp;&nbsp;&nbsp;1371 |
| Madison IAQ, FRN, 6M TSFR + 3.25%, 7.452%, 5/6/32 | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
| Madison Safety & Flow, FRN, 1M TSFR + 2.75%, 7.066%, 9/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 |
| Pro Mach Group, FRN, 1M TSFR + 2.75%, 7.066%, 8/31/28 (3) | 1674 | &nbsp;&nbsp;&nbsp;1678 |
| Titan Acquisition, FRN, 3M TSFR + 4.50%, 8.731%, 2/15/29 (3) | 2005 | &nbsp;&nbsp;&nbsp;2010 |
|  |  | 20219 |
| **Metals & Mining 0.4%** |  |  |
| Arsenal AIC Parent, FRN, 1M TSFR + 2.75%, 7.066%, 8/18/30 | 1539 | &nbsp;&nbsp;&nbsp;1538 |
| **Miscellaneous 1.4%** |  |  |
| Alliant Holdings Intermediate, FRN, 1M TSFR + 2.50%, 6.823%, 9/19/31 (3) | 4039 | &nbsp;&nbsp;&nbsp;4029 |
| Life Time Fitness, FRN, 1M TSFR + 2.00%, 6.250%, 11/5/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 |
| Watlow Electric Manufacturing, FRN, 3M TSFR + 3.00%, 7.308%, 3/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 |
|  |  | &nbsp;&nbsp;&nbsp;5407 |
| **Other Telecommunications 2.1%** |  |  |
| Frontier Communications, FRN, 1M TSFR + 2.50%, 6.650%, 7/1/31 (3) | 1863 | &nbsp;&nbsp;&nbsp;1860 |
| Level 3 Financing, FRN, 1M TSFR + 4.25%, 8.566%, 3/29/32 (3) | 2830 | &nbsp;&nbsp;&nbsp;2841 |
| Lumen Technologies, FRN, 1M TSFR + 2.35%, 6.780%, 4/16/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 |
| Lumen Technologies, FRN, 1M TSFR + 2.35%, 6.780%, 4/15/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 |
| Lumen Technologies, FRN, 1M TSFR + 6.00%, 10.316%, 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
| QualityTech, FRN, 1M TSFR + 3.50%, 7.723%, 11/4/31 (5) | &nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Zayo Group Holdings, FRN, 1M TSFR + 3.00%, 7.430%, 3/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;897 |
|  |  | 7816 |
| **Restaurants 0.7%** |  |  |
| Dave & Buster's, FRN, 3M TSFR + 3.25%, 7.563%, 6/29/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;913 | &nbsp;&nbsp;&nbsp;&nbsp;881 |
| IRB Holding, FRN, 1M TSFR + 2.50%, 6.816%, 12/15/27 (3) | 1664 | 1662 |
|  |  | 2543 |
| **Retail 1.0%** |  |  |
| Boots Group Bidco, FRN, 3M TSFR + 3.50%, 7/17/32 (3) | 1640 | 1643 |
| LSF9 Atlantis Holdings, FRN, 3M TSFR + 4.25%, 8.546%, 3/31/29 (3) | 1039 | 1041 |
| Petco Health & Wellness, FRN, 1M TSFR + 3.25%, 7.807%, 3/3/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;347 |
| PetSmart, FRN, 1M TSFR + 4.00%, 8.360%, 8/18/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;&nbsp;&nbsp;908 |
|  |  | 3939 |
| **Satellites 0.5%** |  |  |
| Connect Finco, FRN, 1M TSFR + 4.50%, 8.816%, 9/27/29 (3) | 1358 | 1338 |
| Iridium Satellite, FRN, 1M TSFR + 2.25%, 6.566%, 9/20/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;510 |
| ViaSat, FRN, 1M TSFR + 4.50%, 5/30/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
|  |  | 1907 |
| **Services 8.5%** |  |  |
| AAL Delaware Holdco, FRN, 1M TSFR + 2.75%, 7.066%, 7/30/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp;918 |
| Albion Financing 3, FRN, 3M TSFR + 3.00%, 7.215%, 5/1/31 (3) | 1724 | 1728 |
| Allied Universal Holdco, FRN, 1M TSFR + 3.25%, 8/6/32 (3) | 4185 | 4197 |
| Anticimex International AB, B1, FRN, 3M TSFR + 3.40%, 7.760%, 11/16/28 (3) | 1082 | 1082 |
| Anticimex International AB, B6, FRN, 3M TSFR + 3.40%, 7.760%, 11/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Ascend Learning, FRN, 1M TSFR + 3.00%, 7.316%, 12/11/28 (3) | 1525 | 1524 |
| Ascend Learning, FRN, 1M TSFR + 5.75%, 10.166%, 12/10/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp;952 |
| Boost Newco Borrower, FRN, 3M TSFR + 2.00%, 6.296%, 1/31/31 (3) | 1287 | 1287 |
| Clearwater Analytics, FRN, 6M TSFR + 2.25%, 6.460%, 4/21/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;575 |
| Crown Subsea Communications Holding, FRN, 3M TSFR + 3.50%, 7.818%, 1/30/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp;540 |
| Dayforce, FRN, 3M TSFR + 2.00%, 6.308%, 3/1/31 (3)(5) | &nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp;902 |
| EG America, FRN, 3M TSFR + 3.50%, 7.699%, 2/7/28 (3) | 1068 | 1072 |
| Fortress Intermediate 3, FRN, 1M TSFR + 3.00%, 7.255%, 6/27/31 | 1428 | 1430 |
| Fugue Finance, FRN, 3M TSFR + 2.75%, 6.949%, 1/9/32 | &nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp;292 |
| Genuine Financial Holdings, FRN, 1M TSFR + 3.25%, 7.566%, 9/27/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp;589 |
| Hertz, B, FRN, 3M TSFR + 3.50%, 8.070%, 6/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;584 |
| Hertz, C, FRN, 3M TSFR + 3.50%, 8.070%, 6/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;115 |
| Homeserve USA Holding, FRN, 1M TSFR + 2.00%, 6.340%, 10/21/30 | &nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;355 |
| Icon Parent, FRN, 6M TSFR + 5.00%, 9.205%, 11/12/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp;774 |
| Instructure Holdings, FRN, 1M TSFR + 2.75%, 7.090%, 11/13/31 | 1167 | 1167 |
| Mermaid Bidco, FRN, 3M TSFR + 3.25%, 7.571%, 7/3/31 (3) | 1336 | 1337 |
| Project Boost Purchaser, FRN, 3M TSFR + 2.75%, 7.068%, 7/2/31 (3) | 1228 | 1226 |
| Recess Holdings, FRN, 3M TSFR + 3.75%, 8.069%, 2/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;316 |
| Renaissance Holding, FRN, 1M TSFR + 4.00%, 8.316%, 4/5/30 | &nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp;232 |
| Sabre GLBL, FRN, 1M TSFR + 5.00%, 9.416%, 6/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp;303 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Sabre GLBL, FRN, 1M TSFR + 6.00%, 10.416%, 11/15/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 |
| Shift4 Payments, FRN, 3M TSFR + 2.75%, 7.048%, 6/30/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 |
| Staples, FRN, 3M TSFR + 5.75%, 10.046%, 9/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 |
| TK Elevator Midco GmbH, FRN, 6M TSFR + 3.00%, 7.197%, 4/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 |
| UKG, FRN, 3M TSFR + 2.50%, 6.810%, 2/10/31 (3) | 5799 | &nbsp;&nbsp;&nbsp;&nbsp;5795 |
| Wash MultiFamily Acquisition, FRN, 1M TSFR + 3.25%, 8/9/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 |
|  |  | &nbsp;&nbsp;&nbsp;32094 |
| **Utilities 4.2%** |  |  |
| Alpha Generation, FRN, 1M TSFR + 2.00%, 6.316%, 9/30/31 (3) | 1963 | &nbsp;&nbsp;&nbsp;&nbsp;1959 |
| Cogentrix Finance Holdco I, FRN, 3M TSFR + 2.25%, 6.565%, 2/26/32 (3) | 1808 | &nbsp;&nbsp;&nbsp;&nbsp;1812 |
| Compass Power Generation, FRN, 1M TSFR + 3.25%, 7.566%, 4/14/29 | &nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 |
| Constellation Renewables, FRN, 3M TSFR + 2.25%, 6.449%, 12/15/27 | 1233 | &nbsp;&nbsp;&nbsp;&nbsp;1232 |
| Cornerstone Generation, FRN, 3M TSFR + 3.25%, 7.476%, 8/11/32 (3) | 2130 | &nbsp;&nbsp;&nbsp;&nbsp;2143 |
| Edgewater Generation, FRN, 1M TSFR + 3.00%, 7.316%, 8/1/30 | 1620 | &nbsp;&nbsp;&nbsp;&nbsp;1624 |
| Hamilton Projects Acquiror, FRN, 1M TSFR + 2.50%, 6.816%, 5/30/31 (3) | 1116 | &nbsp;&nbsp;&nbsp;&nbsp;1119 |
| INNIO Group Holding GmbH, FRN, 1M TSFR + 2.25%, 6.610%, 11/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| MRP Buyer, FRN, 1M TSFR + 3.25%, 2.876%, 6/4/32 (3)(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| MRP Buyer, FRN, 1M TSFR + 3.25%, 7.566%, 6/4/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 |
| Pike, FRN, 1M TSFR + 3.00%, 7.430%, 1/21/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 |
| Talen Energy Supply, FRN, 3M TSFR + 2.50%, 6.733%, 5/17/30 | 1204 | &nbsp;&nbsp;&nbsp;&nbsp;1206 |
| Talen Energy Supply, FRN, 3M TSFR + 2.50%, 6.733%, 12/13/31 | 2231 | &nbsp;&nbsp;&nbsp;&nbsp;2236 |
| TerraForm Power Operating, FRN, 3M TSFR + 2.00%, 6.296%, 5/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 |
|  |  | &nbsp;&nbsp;&nbsp;15837 |
| **Wireless Communications 1.9%** |  |  |
| Asurion, FRN, 1M TSFR + 3.25%, 7.680%, 7/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
| Asurion, FRN, 1M TSFR + 4.00%, 8.416%, 8/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 |
| Asurion, FRN, 1M TSFR + 4.25%, 8.666%, 8/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 |
| Asurion, FRN, 1M TSFR + 5.25%, 9.680%, 1/31/28 (3) | 2010 | &nbsp;&nbsp;&nbsp;&nbsp;1953 |
| Asurion, FRN, 1M TSFR + 5.25%, 9.680%, 1/20/29 | 2891 | &nbsp;&nbsp;&nbsp;&nbsp;2738 |
| Asurion, B-12, FRN, 1M TSFR + 4.25%, 8.566%, 9/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 |
| Asurion, B-13, FRN, 1M TSFR + 4.25%, 8.566%, 9/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7032 |
| **Total Bank Loans<br> (Cost $336,187)** |  | **335724** |
| **CORPORATE BONDS 8.6%** | **CORPORATE BONDS 8.6%** | **CORPORATE BONDS 8.6%** |
| **Aerospace & Defense 0.1%** |  |  |
| TransDigm, 6.75%, 8/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 |
| **Automotive 0.8%** |  |  |
| Ford Motor Credit, FRN, SOFR + 2.95%, 7.384%, 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 |
| Rivian Holdings / Rivian / Rivian Automotive, 10.00%, 1/15/31 (1) | 2950 | &nbsp;&nbsp;&nbsp;&nbsp;2781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3193 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **Broadcasting 0.7%** |  |  |
| Gray Media, 9.625%, 7/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;531 |
| Gray Media, 10.50%, 7/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;517 |
| Neptune Bidco, 9.29%, 4/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;774 |
| Univision Communications, 7.375%, 6/30/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;146 |
| Univision Communications, 9.375%, 8/1/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp;574 |
|  |  | 2542 |
| **Building Products 0.1%** |  |  |
| CP Atlas Buyer, 9.75%, 7/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;552 |
| **Cable Operators 0.3%** |  |  |
| CSC Holdings, 11.25%, 5/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;798 |
| DirecTV Financing, 10.00%, 2/15/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;387 |
|  |  | 1185 |
| **Energy 0.3%** |  |  |
| NGL Energy Partners, 8.125%, 2/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
| Venture Global LNG, VR, 9.00%, (1)(6)(7) | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;367 |
| Venture Global LNG, 9.50%, 2/1/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;258 |
| Venture Global LNG, 9.875%, 2/1/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;163 |
| Venture Global Plaquemines LNG, 7.50%, 5/1/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;268 |
|  |  | 1148 |
| **Entertainment & Leisure 0.1%** |  |  |
| Carnival, 7.00%, 8/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;132 |
| NCL, 8.125%, 1/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;246 |
| **Financial 1.6%** |  |  |
| Acrisure / Acrisure Finance, 8.50%, 6/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;562 |
| Alliant Holdings Intermediate, 6.75%, 4/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;509 |
| Aretec Escrow Issuer 2, 10.00%, 8/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;288 |
| Hightower Holding, 9.125%, 1/31/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;599 |
| HUB International, 7.25%, 6/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;596 |
| HUB International, 7.375%, 1/31/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;482 |
| Jones DesLauriers Insurance Management, 8.50%, 3/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;976 |
| Jones DesLauriers Insurance Management, 10.50%, 12/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;653 |
| Navient, 9.375%, 7/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;808 |
| Ryan Specialty Group, 4.375%, 2/1/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;154 |
| USI, 7.50%, 1/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp;557 |
|  |  | 6184 |
| **Health Care 0.9%** |  |  |
| 1261229 BC, 10.00%, 4/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;301 |
| CHS / Community Health Systems, 10.875%, 1/15/32 (1) | 1020 | 1076 |
| LifePoint Health, 9.875%, 8/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;464 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| LifePoint Health, 11.00%, 10/15/30 (1) | 1385 | 1524 |
|  |  | 3365 |
| **Information Technology 1.2%** |  |  |
| Cloud Software Group, 6.625%, 8/15/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;365 |
| Cloud Software Group, 8.25%, 6/30/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;664 |
| Cloud Software Group, 9.00%, 9/30/29 (1) | 2715 | 2820 |
| X.AI / X.AI Co Issuer, 12.50%, 6/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;522 |
|  |  | 4371 |
| **Metals & Mining 0.1%** |  |  |
| Arsenal AIC Parent, 11.50%, 10/1/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;367 |
| **Other Telecommunications 0.7%** |  |  |
| Level 3 Financing, 4.875%, 6/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;308 |
| Level 3 Financing, 6.875%, 6/30/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;333 |
| Level 3 Financing, 7.00%, 3/31/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp;957 |
| Level 3 Financing, 10.00%, 10/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;729 |
| Level 3 Financing, 10.75%, 12/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;300 |
|  |  | 2627 |
| **Printing & Publishing 0.1%** |  |  |
| Getty Images, 11.25%, 2/21/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;456 |
| **Real Estate Investment Trust Securities 0.0%** |  |  |
| Service Properties Trust, 8.625%, 11/15/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| **Services 0.8%** |  |  |
| Allied Universal Holdco, 7.875%, 2/15/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;315 |
| eG Global Finance, 12.00%, 11/30/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;730 |
| GTCR W-2 Merger Sub, 7.50%, 1/15/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;424 |
| Sabre GLBL, 10.75%, 11/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;574 |
| Sabre GLBL, 11.125%, 7/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;465 |
| UKG, 6.875%, 2/1/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;361 |
|  |  | 2869 |
| **Telephones 0.1%** |  |  |
| Verizon Communications, FRN, SOFRINDX + 0.79%, 5.151%, 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;185 |
| **Utilities 0.7%** |  |  |
| NRG Energy, VR, 10.25%, (1)(6)(7) | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;490 |
| Talen Energy Supply, 8.625%, 6/1/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;799 |
| Vistra, VR, 8.00%, (1)(6)(7) | &nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;200 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Vistra, VR, 8.875%, (1)(6)(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489 |
| **Total Corporate Bonds<br> (Cost $32,002)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**32262** |
| **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** |
| **Financial 0.1%** |  |  |
| AH Parent, Series A, Acquisition Date: 9/27/24, Cost $246 (5)(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
| **Total Preferred Stocks<br> (Cost $355)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**360** |
| **SHORT-TERM INVESTMENTS 10.9%** | **SHORT-TERM INVESTMENTS 10.9%** | **SHORT-TERM INVESTMENTS 10.9%** |
| **Money Market Funds 10.9%** |  |  |
| T. Rowe Price Government Reserve Fund, 4.37% (9)(10) | 41180 | &nbsp;&nbsp;&nbsp;&nbsp;41180 |
| **Total Short-Term Investments<br> (Cost $41,180)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**41180** |
| **Total Investments in Securities<br> 108.6% of Net Assets (Cost $409,752)** |  | **$409554** |
| **Other Assets Less Liabilities (8.6%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(32567)** |
| **Net Assets 100.0%** |  | **$376987** |

---

‡ Par/Shares and Notional Amount are 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 $30,363 and represents 8.1% of net assets.

(2) Bank loan positions may involve multiple underlying tranches. In those instances, the position presented reflects the aggregate of those respective underlying tranches and the
rate presented reflects the weighted average rate of the settled positions.

(3) All or a portion of this loan is unsettled as of August 31, 2025. The interest rate for unsettled loans will be determined upon settlement after period end.

(4) All or a portion of the position represents an unfunded commitment; a liability to fund the commitment has been recognized. The fund's total unfunded commitments at August 31,
2025, was $332 and was valued at $331 (0.0% of net assets).

(5) Level 3 in fair value hierarchy.

(6) Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Reference rate and spread are provided if the rate
is currently floating.

(7) Perpetual security with no stated maturity date.

(8) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date
represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The fund may have registration rights for certain
restricted securities. Any costs related to such registration are generally borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at period-end amounts to $360 and
represents 0.1% of net assets.

(9) Seven-day yield

(10) Affiliated Companies

---

| | |
|:---|:---|
| 1M TSFR | One month term SOFR (Secured overnight financing rate) |
| 3M TSFR | Three month term SOFR (Secured overnight financing rate) |
| 3M EURIBOR | Three month EURIBOR (Euro interbank offered rate) |
| 6M TSFR | Six month term SOFR (Secured overnight financing rate) |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | |
|:---|:---|
| EUR | Euro |
| FRN | Floating Rate Note |
| PIK | Payment-in-kind |
| SOFR | Secured overnight financing rate |
| SOFRINDX | SOFR (Secured overnight financing rate) Index |
| USD | U.S. Dollar |
| VR | Variable Rate; rate shown is effective rate at period-end. The rates for certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and based on current market conditions. |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

(Amounts in 000s)

**SWAPS 0.0%** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Notional<br> Amount** | **$ Value** | **Upfront<br> Payments/<br> $(Receipts)** | **Unrealized<br> $ Gain/(Loss)** |
| **BILATERAL SWAPS 0.0%** | **BILATERAL SWAPS 0.0%** | **BILATERAL SWAPS 0.0%** | **BILATERAL SWAPS 0.0%** | **BILATERAL SWAPS 0.0%** |
| **Total Return Swaps 0.0%** | **Total Return Swaps 0.0%** | **Total Return Swaps 0.0%** | **Total Return Swaps 0.0%** | **Total Return Swaps 0.0%** |
| JP Morgan, Receive Underlying Reference: iBoxx USD Liquid Leveraged Loans Total Return Index At Maturity, Pay Variable 4.34% (USD SOFR) Quarterly, 9/20/25 | 709 | 19 |  | 19 |
| JP Morgan, Receive Underlying Reference: iBoxx USD Liquid Leveraged Loans Total Return Index At Maturity, Pay Variable 4.34% (USD SOFR) Quarterly, 12/20/25 | 385 | 10 |  | 10 |
| JP Morgan, Receive Underlying Reference: iBoxx USD Liquid Leveraged Loans Total Return Index At Maturity, Pay Variable 4.34% (USD SOFR) Quarterly, 9/20/25 | 775 | 21 |  | 21 |
| JP Morgan, Receive Underlying Reference: iBoxx USD Liquid Leveraged Loans Total Return Index At Maturity, Pay Variable 4.34% (USD SOFR) Quarterly, 3/20/26 | 725 | &nbsp;&nbsp;&nbsp;9 |  | &nbsp;&nbsp;&nbsp;9 |
| JP Morgan, Receive Underlying Reference: iBoxx USD Liquid Leveraged Loans Total Return Index At Maturity, Pay Variable 4.34% (USD SOFR) Quarterly, 12/20/25 | 725 | &nbsp;&nbsp;&nbsp;9 |  | &nbsp;&nbsp;&nbsp;9 |
| **Total Bilateral Total Return Swaps** | **Total Bilateral Total Return Swaps** |  | **—** | **68** |
| **Total Bilateral Swaps** | **Total Bilateral Swaps** |  | **—** | **68** |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

(Amounts in 000s)

**FORWARD CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** | **Receive** |  | **Deliver** |  | **Unrealized<br> Gain/(Loss)** |
| Standard Chartered | 11/21/25 | USD | 1098 | EUR | 936 | $(1) |
| **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **$(1)** |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

#### AFFILIATED COMPANIES
($000s)

The fund may invest in certain securities that are considered affiliated companies. As defined by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or a company that is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the three months ended August 31, 2025. Net realized gain (loss), investment income, change in net unrealized gain/loss, and purchase and sales cost reflect all activity for the period then ended.

---

| | | | |
|:---|:---|:---|:---|
| **Affiliate** | **Net Realized Gain<br> (Loss)** | **Changes in Net<br> Unrealized<br> Gain/Loss** | **Investment<br> Income** |
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp;$— | $— | &nbsp;&nbsp;$428 |
| Totals | $—# | $— | $428+ |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** |
| **Affiliate** | **Value<br> 5/31/25** | **Purchase<br> Cost** | **Sales<br> Cost** | **Value<br> 8/31/25** |
| T. Rowe Price Government Reserve Fund | $29322 | ¤ | ¤ | &nbsp;&nbsp;$41180 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $41,180^ |

---

---

| |
|:---|
| Capital gain distributions from mutual funds represented $0 of the net realized gain (loss). |
| Investment income comprised $428 of dividend income and $0 of interest income. |
| Purchase and sale information not shown for cash management funds. |
| The cost basis of investments in affiliated companies was $41,180. |

---

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

------

T. ROWE PRICE FLOATING RATE 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 T. Rowe Price Floating Rate 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 generally are traded in the over-the-counter (OTC) market and are valued at prices furnished by independent pricing services or by broker dealers who make markets in such securities. When valuing securities, the independent pricing services consider factors such as, but not limited to, the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities.

------

T. ROWE PRICE FLOATING RATE ETF

------

Equity securities, including exchange-traded funds, listed or regularly traded on a securities exchange or in the over-the-counter (OTC) market are valued at the last quoted sale price or, for certain markets, the official closing price at the time the valuations are made. OTC Bulletin Board securities are valued at the mean of the closing bid and asked prices. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed securities not traded on a particular day are valued at the mean of the closing bid and asked prices for domestic securities.

Investments denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as provided by an outside pricing service.

Investments in mutual funds are valued at the mutual fund's closing NAV per share on the day of valuation. Swaps are valued at prices furnished by an independent pricing service or independent swap dealers. Forward currency exchange contracts are valued using the prevailing forward exchange rate.

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

#### Valuation Inputs
The following table summarizes the fund's financial instruments, based on the inputs used to determine their fair values on August 31, 2025 (for further detail by category, please refer to the accompanying Portfolio of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total Value** |
| **Assets** |  |  |  |  |
| Fixed Income Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$32290 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$32290 |
| Bank Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;331018 | &nbsp;&nbsp;&nbsp;&nbsp;4706 | &nbsp;&nbsp;&nbsp;&nbsp;335724 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;41180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41180 |
| Total Securities | &nbsp;&nbsp;&nbsp;&nbsp;41180 | &nbsp;&nbsp;&nbsp;&nbsp;363308 | &nbsp;&nbsp;&nbsp;&nbsp;5066 | &nbsp;&nbsp;&nbsp;&nbsp;409554 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| Total | &nbsp;&nbsp;$41180 | &nbsp;&nbsp;$363376 | &nbsp;&nbsp;$5066 | &nbsp;&nbsp;$409622 |
| **Liabilities** |  |  |  |  |
| Forward Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1 |

---

<sup>1</sup> Includes Asset-Backed Securities and Corporate Bonds.

------

T. ROWE PRICE FLOATING RATE ETF

------

Following is a reconciliation of the fund's Level 3 holdings for the period ended August 31, 2025. Gain (loss) reflects both realized and change in unrealized gain/loss on Level 3 holdings during the period, if any. The change in unrealized gain/loss on Level 3 instruments held at August 31, 2025, totaled $7,000 for the period ended August 31, 2025. During the period, transfers out of level 3 were because observable market data became available for the security.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Beginning<br> Balance<br> 5/31/24** | &nbsp;&nbsp;**Gain<br> (Loss)<br> During<br> Period** | &nbsp;&nbsp;**Total<br> Purchases** | &nbsp;&nbsp;**Total<br> Sales** | &nbsp;&nbsp;**Transfer Out of Level 3** | &nbsp;&nbsp;**Ending<br> Balance<br> 8/31/25** |
| Investment in Securities |  |  |  |  |  |  |
| Bank Loans | &nbsp;&nbsp;$10861 | &nbsp;&nbsp;$17 | &nbsp;&nbsp;$3724 | &nbsp;&nbsp;$(4593) | &nbsp;&nbsp;$(5303) | &nbsp;&nbsp;$4706 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
| Total | &nbsp;&nbsp;$11221 | &nbsp;&nbsp;$17 | &nbsp;&nbsp;$3724 | &nbsp;&nbsp;$(4593) | &nbsp;&nbsp;$(5303) | &nbsp;&nbsp;$5066 |

---

#### 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.

#### ETF1047-054Q1

#### 08/25

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

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

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

- **a. Name of Series:** T. Rowe Price Floating Rate ETF

- **b. EDGAR series identifier (if any):** S000077050

- **c. LEI of Series:** 5493005Y3VRUR59CUG92

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-31

**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:** $413697533.21

**Total Liabilities:** $36718227.37

**Net Assets:** $376979305.84

**Delayed Delivery Securities:** $900077.56

**Cash Not Reported:** $538134.49

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -20.281985 | **1-Year:** -55.609742 | **5-Year:** -205.763717 | **10-Year:** -25.596724 | **30-Year:** 0.000000

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

- **3-Month:** -2139.176777 | **1-Year:** -16390.640744 | **5-Year:** -105054.050656 | **10-Year:** -25457.690070 | **30-Year:** -400.529027

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237190 | 0.83%                | 0.74%                | 0.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-47899.28               | $701304.39                                 |
| Month 2  | $-41632.30               | $298047.69                                 |
| Month 3  | $19688.01                | $-175674.37                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 1261229 BC Ltd                                                 | 1261229 BC LTD SR SECURED 144A 04/32 10                                                                           | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    290000 | PA      | $300875.00    | 0.08%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| 1440 Foods Topco LLC                                           | 1440 FOOD TOPCO LLC TERM LOAN B                                                                                   | CUSIP: 68239HAB8<br>LEI: 25490024DAA5SE6DQ846 | Long             | LON              | CORP              | US        |    319035 | PA      | $310861.43    | 0.08%             | 2031-10-31      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| 19th Holdings Golf LLC                                         | 19TH HOLDINGS GOLF LLC 2022 TERM LOAN B                                                                           | CUSIP: 68250XAB7<br>LEI: 549300INS30LLUJP0S18 | Long             | LON              | CORP              | US        |    272994 | PA      | $271173.54    | 0.07%             | 2029-02-07      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Acuren Delaware Holdco Inc                                     | AAL DELAWARE HOLDCO INC 2025 TERM LOAN                                                                            | CUSIP: 00036YAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    918440 | PA      | $918440.31    | 0.24%             | 2031-07-30      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| ABG Intermediate Holdings 2 LLC                                | ABG INTERMEDIATE HOLDS 2 LLC 2024 1ST LIEN TERM LOAN B                                                            | CUSIP: 00076VBL3<br>LEI: 54930020NXD0RJB64985 | Long             | LON              | CORP              | US        |    748948 | PA      | $747195.40    | 0.20%             | 2028-12-21      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Acrisure LLC / Acrisure Finance Inc                            | ACRISURE LLC / FIN INC SR UNSECURED 144A 06/29 8.5                                                                | CUSIP: 00489LAM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    535000 | PA      | $561750.00    | 0.15%             | 2029-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Acrisure LLC                                                   | ACRISURE LLC 2024 1ST LIEN TERM LOAN B6                                                                           | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |   2136302 | PA      | $2132969.85   | 0.57%             | 2030-11-06      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Acrisure LLC                                                   | ACRISURE LLC 2025 TERM LOAN B                                                                                     | CUSIP: 00488PAX3<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |   2163317 | PA      | $2159942.24   | 0.57%             | 2032-06-05      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | ADVISOR GROUP INC 2025 TERM LOAN                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2472000 | PA      | $2469256.08   | 0.66%             | 2032-07-30      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | AH PARENT, INC. SERIES A TC3I9NQ04                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       360 | NS      | $360417.60    | 0.10%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                            | ALBEA BEAUTY HOLDINGS S A 2023 EUR TERM LOAN B2                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |    170000 | PA      | $199380.19    | 0.05%             | 2027-12-31      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| Aggreko Holdings Inc                                           | ALBION FINANCING 3 SARL 2025 USD TERM LOAN                                                                        | CUSIP: 01330EAD0<br>LEI: 213800VFJ5CIN2NUQ821 | Long             | LON              | CORP              | LU        |   1723912 | PA      | $1727687.83   | 0.46%             | 2031-05-01      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| Alera Group Inc                                                | ALERA GROUP INC 2025 2ND LIEN TERM LOAN                                                                           | CUSIP: 01451PAD8<br>LEI: 2549003D76KZAKICNX26 | Long             | LON              | CORP              | US        |   4185000 | PA      | $4331475.00   | 1.15%             | 2033-05-31      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| Alera Group Inc                                                | ALERA GROUP INC 2025 TERM LOAN                                                                                    | CUSIP: 01451PAB2<br>LEI: 2549003D76KZAKICNX26 | Long             | LON              | CORP              | US        |   3210000 | PA      | $3221299.20   | 0.85%             | 2032-05-30      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Alliance Laundry Systems LLC                                   | ALLIANCE LAUNDRY SYSTEMS LLC 2024 TERM LOAN B                                                                     | CUSIP: 01862LBA5<br>LEI: 549300YBOGK6MBI5ND34 | Long             | LON              | CORP              | US        |    470000 | PA      | $469304.40    | 0.12%             | 2031-08-19      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer | ALLIANT HOLD / CO ISSUER SR SECURED 144A 04/28 6.75                                                               | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $508750.00    | 0.13%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC                              | ALLIANT HOLDNGS INTRMDIATE LLC 2025 TERM LOAN B                                                                   | CUSIP: 01881UAN5<br>LEI: 5493006Q26653NF8SI73 | Long             | LON              | CORP              | US        |   4038835 | PA      | $4028979.88   | 1.07%             | 2031-09-19      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                                    | ALLIED UNIVERSAL HOLDCO LLC 2025 USD TERM LOAN B                                                                  | CUSIP: 01957TAX5<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |   4185000 | PA      | $4196885.40   | 1.11%             | 2032-08-06      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                                    | ALLIED UNIVERSAL HOLDCO SR SECURED 144A 02/31 7.875                                                               | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |    300000 | PA      | $314625.00    | 0.08%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Alpha Generation LLC                                           | ALPHA GENERATION LLC TERM LOAN B                                                                                  | CUSIP: 02072UAC6<br>LEI: 254900K5V62L4YGVKF49 | Long             | LON              | CORP              | US        |   1962806 | PA      | $1958723.46   | 0.52%             | 2031-09-30      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| AMC Entertainment Holdings Inc                                 | AMC ENTERTAINMENT HLDINGS INC 2024 TERM LOAN                                                                      | CUSIP: 00164CAD7<br>LEI: 549300ZO77UNR6NRBR11 | Long             | LON              | CORP              | US        |   2445783 | PA      | $2448571.58   | 0.65%             | 2029-01-04      | Floating      | 11.34%                | No            |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd                                      | AMERICAN AIRLINES INC 2025 TERM LOAN                                                                              | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2844688 | PA      | $2834475.25   | 0.75%             | 2028-04-20      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd                                      | AMERICAN AIRLINES INC 2025 TERM LOAN B                                                                            | CUSIP: 02376CBT1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    199500 | PA      | $200435.66    | 0.05%             | 2032-05-28      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Amneal Pharmaceuticals LLC                                     | AMNEAL PHARMACEUTICALS LLC 2025 TERM LOAN B                                                                       | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |    290000 | PA      | $291450.00    | 0.08%             | 2032-08-02      | Floating      | 7.82%                 | No            |                  3 | On Loan: No      |
| AmWINS Group Inc                                               | AMWINS GROUP INC 2025 TERM LOAN B                                                                                 | CUSIP: 03234TBA5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | LON              | CORP              | US        |   1071100 | PA      | $1070253.39   | 0.28%             | 2032-01-30      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | ANTICIMEX INTERNATIONAL AB 2021 USD TERM LOAN B1                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | SE        |   1081456 | PA      | $1082299.80   | 0.29%             | 2028-11-16      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| Anticimex Global AB                                            | ANTICIMEX INTERNATIONAL AB 2024 TERM LOAN B6                                                                      | CUSIP: 03703HAB2<br>LEI: 54930005SBU6WYFBEB41 | Long             | LON              | CORP              | SE        |     89412 | PA      | $89495.80     | 0.02%             | 2028-11-16      | Floating      | 7.76%                 | No            |                  2 | On Loan: No      |
| Apollo Commercial Real Estate Finance Inc                      | APOLLO COM REAL ESTATE FIN INC 2025 TERM LOAN B                                                                   | CUSIP: 03768DAE7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | LON              | CORP              | US        |    475000 | PA      | $478861.75    | 0.13%             | 2030-06-13      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| Applied Systems Inc                                            | APPLIED SYSTEMS INC 2024 1ST LIEN TERM LOAN                                                                       | CUSIP: 03827FBD2<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |   4384421 | PA      | $4376748.38   | 1.16%             | 2031-02-24      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Applied Systems Inc                                            | APPLIED SYSTEMS INC 2024 2ND LIEN TERM LOAN                                                                       | CUSIP: 03827FBC4<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |   2135214 | PA      | $2184324.10   | 0.58%             | 2032-02-23      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| Arches Buyer Inc                                               | ARCHES BUYER INC 2021 TERM LOAN B                                                                                 | CUSIP: 03952HAD6<br>LEI: 2549009ADY4208OH2Y47 | Long             | LON              | CORP              | US        |   1349907 | PA      | $1351068.11   | 0.36%             | 2027-12-06      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Aretec Group Inc                                               | ARETEC GROUP INC SR SECURED 144A 08/30 10                                                                         | CUSIP: 04020JAA4<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |    265000 | PA      | $288518.75    | 0.08%             | 2030-08-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Arsenal AIC Parent LLC                                         | ARSENAL AIC PARENT LLC 2025 TERM LOAN B                                                                           | CUSIP: 04287KAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1538564 | PA      | $1538087.04   | 0.41%             | 2030-08-18      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Arsenal AIC Parent LLC                                         | ARSENAL AIC PARENT LLC UNSECURED 144A 10/31 11.5                                                                  | CUSIP: 04288BAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $367125.00    | 0.10%             | 2031-10-01      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Ascend Learning LLC                                            | ASCEND LEARNING LLC 2021 2ND LIEN TERM LOAN                                                                       | CUSIP: 04349HAM6<br>LEI: 549300T466HKRLVCD610 | Long             | LON              | CORP              | US        |    952699 | PA      | $951746.06    | 0.25%             | 2029-12-10      | Floating      | 10.17%                | No            |                  2 | On Loan: No      |
| Ascend Learning LLC                                            | ASCEND LEARNING LLC 2025 REPRICED TERM LOAN B                                                                     | CUSIP: 04349HAN4<br>LEI: 549300T466HKRLVCD610 | Long             | LON              | CORP              | US        |   1525181 | PA      | $1523746.88   | 0.40%             | 2028-12-11      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                    | ASURION CORPORATION 2023 TERM LOAN B11                                                                            | CUSIP: 04649VBC3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    298262 | PA      | $297841.73    | 0.08%             | 2028-08-19      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                    | ASURION LLC 2021 2ND LIEN TERM LOAN B3                                                                            | CUSIP: 04649VAZ3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   2010000 | PA      | $1952835.60   | 0.52%             | 2028-01-31      | Floating      | 9.68%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                    | ASURION LLC 2021 SECOND LIEN TERM LOAN B4                                                                         | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   2890905 | PA      | $2738670.26   | 0.73%             | 2029-01-20      | Floating      | 9.68%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                    | ASURION LLC 2021 TERM LOAN B9                                                                                     | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    112799 | PA      | $112751.75    | 0.03%             | 2027-07-31      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                    | ASURION LLC 2022 TERM LOAN B10                                                                                    | CUSIP: 04649VBB5<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    792608 | PA      | $789262.86    | 0.21%             | 2028-08-19      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                    | ASURION LLC 2024 TERM LOAN B12                                                                                    | CUSIP: 04649VBD1<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    198500 | PA      | $195863.92    | 0.05%             | 2030-09-19      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                    | ASURION LLC 2025 TERM LOAN B13                                                                                    | CUSIP: 04649VBE9<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    956307 | PA      | $944831.70    | 0.25%             | 2030-09-19      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| AthenaHealth Group Inc                                         | ATHENAHEALTH INC 2022 TERM LOAN B                                                                                 | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |   1519641 | PA      | $1518061.00   | 0.40%             | 2029-02-15      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | AURIS LUXEMBOURG III SARL 2025 USD TERM LOAN B                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |    376574 | PA      | $376103.55    | 0.10%             | 2029-02-28      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| Autokiniton US Holdings Inc                                    | AUTOKINITON US HOLDINGS, INC. 2024 TERM LOAN B                                                                    | CUSIP: 05278HAC0<br>LEI: 254900EHNKMJ1OSEZL85 | Long             | LON              | CORP              | US        |   1205000 | PA      | $1174368.90   | 0.31%             | 2028-04-06      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| Avalara Inc                                                    | AVALARA INC 2025 TERM LOAN B                                                                                      | CUSIP: 05338KAB3<br>LEI: 549300Q16CMW239SS315 | Long             | LON              | CORP              | US        |   3090000 | PA      | $3107180.40   | 0.82%             | 2032-03-26      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Bausch + Lomb Corp                                             | BAUSCH + LOMB CORPORATION 2025 TERM LOAN B                                                                        | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |    935000 | PA      | $935168.31    | 0.25%             | 2031-01-15      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| 1261229 BC Ltd                                                 | BAUSCH HEALTH COMPANIES INC 2025 TERM LOAN B                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |   1765000 | PA      | $1739019.20   | 0.46%             | 2030-10-08      | Floating      | 10.57%                | No            |                  2 | On Loan: No      |
| BCPE Pequod Buyer Inc                                          | BCPE PEQUOD BUYER INC USD TERM LOAN B                                                                             | CUSIP: 05624AAB8<br>LEI: 254900HEEOS2IWC84V94 | Long             | LON              | CORP              | US        |   1656075 | PA      | $1657548.91   | 0.44%             | 2031-11-25      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Belron Finance 2019 LLC                                        | BELRON FINANCE 2019 LLC 2025 REPRICED TERM LOAN B                                                                 | CUSIP: 08078UAN3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    845473 | PA      | $849066.42    | 0.23%             | 2031-10-16      | Floating      | 6.74%                 | No            |                  2 | On Loan: No      |
| Blackstone Mortgage Trust Inc                                  | BLACKSTONE MORTGAGE TRUST INC 2025 TERM LOAN B6                                                                   | CUSIP: 09259GAH6<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | LON              | CORP              | US        |    641491 | PA      | $643626.78    | 0.17%             | 2030-12-10      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Bleriot US Bidco Inc                                           | BLERIOT US BIDCO INC. 2023 TERM LOAN B                                                                            | CUSIP: 09353TAJ9<br>LEI: 254900ALCQ2A2VYD5Z08 | Long             | LON              | CORP              | US        |    942860 | PA      | $944547.78    | 0.25%             | 2030-10-31      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                                       | BOOST NEWCO BORROWER LLC 2025 USD TERM LOAN B2                                                                    | CUSIP: 92943EAG1<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |   1286638 | PA      | $1286959.94   | 0.34%             | 2031-01-31      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                                       | BOOST NEWCO BORROWER LLC SR SECURED 144A 01/31 7.5                                                                | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |    400000 | PA      | $424000.00    | 0.11%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | BOOTS GROUP BIDCO LTD USD TERM LOAN                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |   1640000 | PA      | $1643411.20   | 0.44%             | 2032-07-16      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| Boxer Parent Co Inc                                            | BOXER PARENT COMPANY INC 2024 2ND LIEN TERM LOAN                                                                  | CUSIP: 05988HAL1<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |    830000 | PA      | $811325.00    | 0.22%             | 2032-07-30      | Floating      | 9.95%                 | No            |                  2 | On Loan: No      |
| Boxer Parent Co Inc                                            | BOXER PARENT COMPANY INC 2025 USD TERM LOAN B                                                                     | CUSIP: 05988HAQ0<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |    269325 | PA      | $268832.14    | 0.07%             | 2031-07-30      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| Brazos Delaware II LLC                                         | BRAZOS DELAWARE II LLC 2025 TERM LOAN B                                                                           | CUSIP: 10620UAL6<br>LEI: 549300V1BTYXZRGYUU04 | Long             | LON              | CORP              | US        |    615688 | PA      | $615879.27    | 0.16%             | 2030-02-11      | Floating      | 7.36%                 | No            |                  2 | On Loan: No      |
| Brown Group Holding LLC                                        | BROWN GROUP HOLDING, LLC 2022 TERM LOAN B2                                                                        | CUSIP: 11565HAD8<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |   2104681 | PA      | $2104281.28   | 0.56%             | 2031-07-01      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Cable One Inc                                                  | CABLE ONE INC 2021 TERM LOAN B4                                                                                   | CUSIP: 12685LAG5<br>LEI: 549300648QS85T0XSH18 | Long             | LON              | CORP              | US        |    310000 | PA      | $303567.50    | 0.08%             | 2028-05-03      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                                      | CAESARS ENTERTAINMENT CORP TERM LOAN B                                                                            | CUSIP: 12768EAG1<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |    750933 | PA      | $748117.08    | 0.20%             | 2030-02-06      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc                                      | CAESARS ENTERTAINMENT INC. 2024 TERM LOAN B1                                                                      | CUSIP: 12768EAH9<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |   1358429 | PA      | $1353334.79   | 0.36%             | 2031-02-06      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Carnival Corp                                                  | CARNIVAL CORP SR SECURED 144A 08/29 7                                                                             | CUSIP: 143658BW1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    125000 | PA      | $131562.50    | 0.03%             | 2029-08-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Celsius Holdings Inc                                           | CELSIUS HOLDINGS INC TERM LOAN                                                                                    | CUSIP: 15118XAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    900000 | PA      | $906750.00    | 0.24%             | 2032-04-01      | Floating      | 7.54%                 | No            |                  2 | On Loan: No      |
| Central Parent LLC                                             | CENTRAL PARENT INC 2024 TERM LOAN B                                                                               | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    304234 | PA      | $253870.83    | 0.07%             | 2029-07-06      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | CEVA SANTE ANIMALE 2025 USD TERM LOAN B                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |    207930 | PA      | $208102.42    | 0.06%             | 2030-11-08      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| Chariot Buyer LLC                                              | CHAMBERLAIN GROUP INC 2025 TERM LOAN B                                                                            | CUSIP: 15963CAE6<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |    900000 | PA      | $900000.00    | 0.24%             | 2032-07-23      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Chariot Buyer LLC                                              | CHAMBERLAIN GROUP INC TERM LOAN B                                                                                 | CUSIP: 15963CAC0<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |    589174 | PA      | $588967.80    | 0.16%             | 2028-11-03      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Charter Next Generation Inc                                    | CHARTER NEX US INC 2024 TERM LOAN B1                                                                              | CUSIP: 16125TAM4<br>LEI: 549300KRNU8RNVGYXG75 | Long             | LON              | CORP              | US        |   4105589 | PA      | $4121559.55   | 1.09%             | 2030-11-29      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Chobani LLC                                                    | CHOBANI LLC 2025 REPRICED TERM LOAN B                                                                             | CUSIP: 17026YAK5<br>LEI: 549300ISVDMZ91KNTR38 | Long             | LON              | CORP              | US        |    962911 | PA      | $964316.94    | 0.26%             | 2027-10-25      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                               | CHS/COMMUNITY HEALTH SYS SR SECURED 144A 01/32 10.875                                                             | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1076100.00   | 0.29%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Cinemark USA Inc                                               | CINEMARK USA INC 2025 TERM LOAN B                                                                                 | CUSIP: 172442AV7<br>LEI: 54930008H2137JSCPQ09 | Long             | LON              | CORP              | US        |    260097 | PA      | $260227.11    | 0.07%             | 2030-05-24      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Citadel Securities Global Holdings LLC                         | CITADEL SECURITIES LP 2024 FIRST LIEN TERM LOAN                                                                   | CUSIP: 17288YAN2<br>LEI: 549300NV5RXBUS3X7L47 | Long             | LON              | CORP              | US        |    231350 | PA      | $231879.38    | 0.06%             | 2031-10-31      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | CITCO FUNDING LLC 2024 TERM LOAN B                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    267220 | PA      | $268110.10    | 0.07%             | 2028-04-27      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                              | CLARIOS GLOBAL LP 2024 USD TERM LOAN B                                                                            | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | CA        |    676776 | PA      | $676438.01    | 0.18%             | 2030-05-06      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                              | CLARIOS GLOBAL LP 2025 USD TERM LOAN B                                                                            | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | CA        |   2450000 | PA      | $2450000.00   | 0.65%             | 2032-01-28      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Claros Mortgage Trust Inc                                      | CLAROS MORTGAGE TRUST, INC. 2021 TERM LOAN B                                                                      | CUSIP: 18269PAC6<br>LEI: 549300Z9LU2CZ3K30C16 | Long             | LON              | CORP              | US        |    309925 | PA      | $299852.85    | 0.08%             | 2026-08-09      | Floating      | 8.92%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc                             | CLEAR CHANNEL OUTDOOR HOLD INC 2024 TERM LOAN                                                                     | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |    890795 | PA      | $890572.60    | 0.24%             | 2028-08-21      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| Clearwater Analytics LLC                                       | CLEARWATER ANALYTICS LLC 2025 TERM LOAN B                                                                         | CUSIP: 18512EAF9<br>LEI: 894500N8DN2JO5ZDRQ11 | Long             | LON              | CORP              | US        |    575000 | PA      | $575362.25    | 0.15%             | 2032-04-21      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                       | CLOUD SOFTWARE GROUP INC 2025 TERM LOAN B 2031                                                                    | CUSIP: 88632NBK5<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |   1061983 | PA      | $1064415.33   | 0.28%             | 2031-03-24      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                       | CLOUD SOFTWARE GROUP INC 2025 TERM LOAN B 2032                                                                    | CUSIP: 88632NBL3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |   3125000 | PA      | $3129437.50   | 0.83%             | 2032-08-13      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                       | CLOUD SOFTWARE GRP INC SECURED 144A 09/29 9                                                                       | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   2715000 | PA      | $2820206.25   | 0.75%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                       | CLOUD SOFTWARE GRP INC SR SECURED 144A 06/32 8.25                                                                 | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    620000 | PA      | $663400.00    | 0.18%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                       | CLOUD SOFTWARE GRP INC SR SECURED 144A 08/33 6.625                                                                | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    360000 | PA      | $364950.00    | 0.10%             | 2033-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Cloudera Inc                                                   | CLOUDERA, INC. 2021 2ND LIEN TERM LOAN                                                                            | CUSIP: 74339VAE8<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |    400000 | PA      | $351124.00    | 0.09%             | 2029-10-08      | Floating      | 10.42%                | No            |                  2 | On Loan: No      |
| Cloudera Inc                                                   | CLOUDERA, INC. 2021 TERM LOAN                                                                                     | CUSIP: 74339VAB4<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |   1269207 | PA      | $1236690.15   | 0.33%             | 2028-10-08      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| CMG Media Corp                                                 | CMG MEDIA CORPORATION 2024 TERM LOAN                                                                              | CUSIP: 88145LAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2521500 | PA      | $2419379.69   | 0.64%             | 2029-06-18      | Floating      | 7.90%                 | No            |                  2 | On Loan: No      |
| Cogentrix Finance Holdco I LLC                                 | COGENTRIX FINANCE HOLDCO I LLC REPRICED TERM LOAN B                                                               | CUSIP: 19239LAC0<br>LEI: 254900V51P55ABN4UU67 | Long             | LON              | CORP              | US        |   1807831 | PA      | $1811971.27   | 0.48%             | 2032-02-26      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | COMMSCOPE INC 2024 TERM LOAN                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    675000 | PA      | $686178.00    | 0.18%             | 2029-12-17      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Compass Power Generation LLC                                   | COMPASS POWER GENERATION LLC 2025 TERM LOAN B                                                                     | CUSIP: 20451VAG8<br>LEI: 5493001FXZ2XUTES8E29 | Long             | LON              | CORP              | US        |    376592 | PA      | $378828.67    | 0.10%             | 2029-04-14      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Concentra Health Services Inc                                  | CONCENTRA HEALTH SERVICES INC 2025 REPRICED TERM LOAN B                                                           | CUSIP: 20602RAD2<br>LEI: 984500GB84105F75DE32 | Long             | LON              | CORP              | US        |    585882 | PA      | $588078.90    | 0.16%             | 2031-07-26      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Connect Finco SARL                                             | CONNECT FINCO SARL 2024 EXTENDED TERM LOAN B                                                                      | CUSIP: 000000000<br>LEI: 2594001KNYIQ456J2792 | Long             | LON              | CORP              | LU        |   1357524 | PA      | $1338016.35   | 0.35%             | 2029-09-28      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| ConnectWise LLC                                                | CONNECTWISE LLC 2021 TERM LOAN B                                                                                  | CUSIP: 20786NAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    598102 | PA      | $599758.45    | 0.16%             | 2028-09-29      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| Constellation Renewables LLC                                   | CONSTELLATION RENEWABLES, LLC 2020 TERM LOAN                                                                      | CUSIP: 30204KAD8<br>LEI: 5493004JBPWTPTK8LB51 | Long             | LON              | CORP              | US        |   1233428 | PA      | $1232403.82   | 0.33%             | 2027-12-15      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| Cornerstone Generation LLC                                     | CORNERSTONE GENERATION LLC TERM LOAN B                                                                            | CUSIP: 21924NAB4<br>LEI: 254900JBGAU2N55LVN75 | Long             | LON              | CORP              | US        |   2130000 | PA      | $2142780.00   | 0.57%             | 2031-10-28      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| CP Atlas Buyer Inc                                             | CP ATLAS BUYER INC 2025 TERM LOAN                                                                                 | CUSIP: 12658HAL6<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | LON              | CORP              | US        |    935000 | PA      | $897132.50    | 0.24%             | 2030-07-08      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| CP Atlas Buyer Inc                                             | CP ATLAS BUYER INC SR SECURED 144A 07/30 9.75                                                                     | CUSIP: 12597YAC3<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |    535000 | PA      | $551718.75    | 0.15%             | 2030-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CPM Holdings Inc                                               | CPM HOLDINGS, INC. 2023 TERM LOAN                                                                                 | CUSIP: 12620BAR1<br>LEI: 549300FBUISJCXV8IB65 | Long             | LON              | CORP              | US        |   1133266 | PA      | $1105874.79   | 0.29%             | 2028-09-28      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| CPPIB OVM Member US LLC                                        | CPPIB OVM MEMBER US LLC TERM LOAN B                                                                               | CUSIP: 12673CAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    566825 | PA      | $567652.61    | 0.15%             | 2031-08-20      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| Crown Finance US Inc                                           | CROWN FINANCE US INC 2025 TERM LOAN B                                                                             | CUSIP: 22834KAV3<br>LEI: 254900ABTWPQTCKKR839 | Long             | LON              | CORP              | US        |   2572525 | PA      | $2569309.53   | 0.68%             | 2031-12-02      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| Crown Subsea Communications Holding Inc                        | CROWN SUBSEA COMM HOLDING INC 2025 TERM LOAN B                                                                    | CUSIP: 22860EAK8<br>LEI: 5493003AYLUE132FIO27 | Long             | LON              | CORP              | US        |    536412 | PA      | $540269.02    | 0.14%             | 2031-01-30      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                               | CSC HOLDINGS LLC COMPANY GUAR 144A 05/28 11.25                                                                    | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    800000 | PA      | $798000.00    | 0.21%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                               | CSC HOLDINGS, LLC 2019 TERM LOAN B5                                                                               | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |   1765278 | PA      | $1723687.96   | 0.46%             | 2027-04-15      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                               | CSC HOLDINGS, LLC 2022 TERM LOAN B6                                                                               | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    933200 | PA      | $929551.42    | 0.25%             | 2028-01-18      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| Dave & Buster s Inc                                            | DAVE + BUSTERS INC 2024 TERM LOAN B                                                                               | CUSIP: 23833EAX2<br>LEI: 549300JAVWTAY1FT5Z45 | Long             | LON              | CORP              | US        |    913434 | PA      | $880842.78    | 0.23%             | 2029-06-29      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| Dayforce Inc                                                   | DAYFORCE INC 2025 TERM LOAN B                                                                                     | CUSIP: 23958CAD9<br>LEI: 549300T64GVCHFJ8L449 | Long             | LON              | CORP              | US        |    902428 | PA      | $902427.57    | 0.24%             | 2031-03-01      | Floating      | 6.31%                 | No            |                  3 | On Loan: No      |
| Dechra Finance US LLC                                          | DECHRA PHAREUTCALS HOLD LTD USD TERM LOAN B                                                                       | CUSIP: 24343EAB1<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    559203 | PA      | $560600.66    | 0.15%             | 2032-01-27      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| Delivery Hero Finco LLC                                        | DELIVERY HERO SE 2024 USD TERM LOAN B                                                                             | CUSIP: 000000000<br>LEI: 529900KR9IO53KSCSQ67 | Long             | LON              | CORP              | DE        |    848578 | PA      | $855477.37    | 0.23%             | 2029-12-12      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | DELTA 2 LUX SARL 2024 TERM LOAN B1                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |    923333 | PA      | $922566.96    | 0.24%             | 2031-09-30      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | DELTA 2 LUX SARL 2024 TERM LOAN B2                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |    461667 | PA      | $461283.49    | 0.12%             | 2031-09-30      | Floating      | 6.29%                 | No            |                  2 | On Loan: No      |
| Delta Topco Inc                                                | DELTA TOPCO INC 2025 TERM LOAN B                                                                                  | CUSIP: 24780DAJ6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    346338 | PA      | $344942.63    | 0.09%             | 2029-11-30      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| Delta Topco Inc                                                | DELTA TOPCO, INC 2024 2ND LIEN TERM LOAN                                                                          | CUSIP: 24780DAH0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1230000 | PA      | $1226925.00   | 0.33%             | 2030-11-29      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC / Directv Financing Co-Obligor Inc       | DIRECTV FIN LLC/COINC SR SECURED 144A 02/31 10                                                                    | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $387075.00    | 0.10%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Directv Financing LLC                                          | DIRECTV FINANCING LLC 2024 TERM LOAN                                                                              | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    706198 | PA      | $700463.34    | 0.19%             | 2029-08-02      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                                          | DIRECTV FINANCING LLC 2025 TERM LOAN B                                                                            | CUSIP: 25460HAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     26961 | PA      | $26206.56     | 0.01%             | 2031-02-18      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | DISCO PARENT INC 2025 TERM LOAN B                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    975000 | PA      | $979875.00    | 0.26%             | 2032-08-01      | Floating      | 7.48%                 | No            |                  3 | On Loan: No      |
| N/A                                                            | DYNASTY ACQUISITION CO INC 2024 1ST LIEN TERM LOAN B1                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1356305 | PA      | $1358326.12   | 0.36%             | 2031-10-31      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co Inc                                     | DYNASTY ACQUISITION CO INC 2024 1ST LIEN TERM LOAN B2                                                             | CUSIP: 26812CAP1<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |    515895 | PA      | $516663.90    | 0.14%             | 2031-10-31      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| EW Scripps Co/The                                              | E W SCRIPPS COMPANY THE 2025 TERM LOAN B2                                                                         | CUSIP: 26928BAQ2<br>LEI: 549300U1OW41QPKYW028 | Long             | LON              | CORP              | US        |    959125 | PA      | $962127.24    | 0.26%             | 2028-06-30      | Floating      | 10.01%                | No            |                  2 | On Loan: No      |
| ECI Macola/Max Holding LLC                                     | ECI MACOLA MAX HOLDING LLC 2025 TERM LOAN                                                                         | CUSIP: 26825UAN1<br>LEI: 549300MZ2LKM75L5EI42 | Long             | LON              | CORP              | US        |    617975 | PA      | $619519.97    | 0.16%             | 2030-05-31      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Edelman Financial Engines Center LLC/The                       | EDELMAN FINANCIAL CENTER LLC 2024 2ND LIEN TERM LOAN                                                              | CUSIP: 27943TAC3<br>LEI: 549300Z31KZXNP05U733 | Long             | LON              | CORP              | US        |   2103610 | PA      | $2104935.19   | 0.56%             | 2028-10-06      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Edelman Financial Engines Center LLC/The                       | EDELMAN FINANCIAL CENTER LLC 2024 TERM LOAN                                                                       | CUSIP: 27943UAM8<br>LEI: 549300Z31KZXNP05U733 | Long             | LON              | CORP              | US        |   1736418 | PA      | $1737894.30   | 0.46%             | 2028-04-07      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Edgewater Generation LLC                                       | EDGEWATER GENERATION LLC 2025 REPRICED TERM LOAN                                                                  | CUSIP: 28031FAM2<br>LEI: 5493004PLDT1L28SWG83 | Long             | LON              | CORP              | US        |   1620247 | PA      | $1623617.60   | 0.43%             | 2030-08-01      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| EG America LLC                                                 | EG AMERICA LLC 2025 USD REPRICED TERM LOAN                                                                        | CUSIP: 000000000<br>LEI: 549300BY1CRYVPEG9R57 | Long             | LON              | CORP              | US        |   1068151 | PA      | $1072252.91   | 0.28%             | 2028-02-07      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| EG Global Finance PLC                                          | EG GLOBAL FINANCE PLC SR SECURED 144A 11/28 12                                                                    | CUSIP: 28228PAC5<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |    660000 | PA      | $729546.84    | 0.19%             | 2028-11-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Ellucian Holdings Inc                                          | ELLUCIAN HOLDINGS, INC. 2024 1ST LIEN TERM LOAN B                                                                 | CUSIP: 28917XAB6<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |   3385003 | PA      | $3387135.17   | 0.90%             | 2029-10-09      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Ellucian Holdings Inc                                          | ELLUCIAN HOLDINGS, INC. 2024 2ND LIEN TERM LOAN                                                                   | CUSIP: 28917XAE0<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |   1988059 | PA      | $2042730.96   | 0.54%             | 2032-11-22      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| Engineered Machinery Holdings Inc                              | ENGINEERED MACHINERY HLGS INC 2021 USD 2ND LI INCR TL                                                             | CUSIP: 26658NAN9<br>LEI: 5493008AR0NPSLW8EW07 | Long             | LON              | CORP              | US        |    497745 | PA      | $497745.26    | 0.13%             | 2029-05-21      | Floating      | 11.06%                | No            |                  2 | On Loan: No      |
| Engineered Machinery Holdings Inc                              | ENGINEERED MACHINERY HOLD INC 2021 USD 2ND LIEN TL                                                                | CUSIP: 26658NAQ2<br>LEI: 5493008AR0NPSLW8EW07 | Long             | LON              | CORP              | US        |   1459069 | PA      | $1459069.02   | 0.39%             | 2029-05-21      | Floating      | 10.56%                | No            |                  2 | On Loan: No      |
| Engineered Machinery Holdings Inc                              | ENGNRED MCHNRY HLDNGS INC 2021 USD INCREMENTAL TL                                                                 | CUSIP: 26658NAP4<br>LEI: 5493008AR0NPSLW8EW07 | Long             | LON              | CORP              | US        |   2093561 | PA      | $2105159.27   | 0.56%             | 2028-05-19      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| EOC Borrower LLC                                               | EOC BORROWER LLC TERM LOAN B                                                                                      | CUSIP: 26875YAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2725000 | PA      | $2729550.75   | 0.72%             | 2032-03-24      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| EPIC Crude Services LP                                         | EPIC CRUDE SERVICES LP 2025 TERM LOAN B                                                                           | CUSIP: 29428XAJ9<br>LEI: 549300FRS682IQ7J9S42 | Long             | LON              | CORP              | US        |   1145000 | PA      | $1148217.40   | 0.30%             | 2031-10-15      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Epicor Software Corp                                           | EPICOR SOFTWARE CORPORATION 2024 TERM LOAN F                                                                      | CUSIP: 29426NAZ7<br>LEI: JGNXVGGGXR4O1L5I7S73 | Long             | LON              | CORP              | US        |   5328611 | PA      | $5339801.27   | 1.42%             | 2031-05-30      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| EW Scripps Co/The                                              | EW SCRIPPS COMPANY THE 2025 TERM LOAN B3                                                                          | CUSIP: 26928BAR0<br>LEI: 549300U1OW41QPKYW028 | Long             | LON              | CORP              | US        |    339150 | PA      | $326431.88    | 0.09%             | 2029-11-30      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| Filtration Group Corp                                          | FILTRATION GROUP CORPORATION 2025 USD TERM LOAN                                                                   | CUSIP: 31732FAX4<br>LEI: 549300ZA0D9WN5ECE978 | Long             | LON              | CORP              | US        |   4161031 | PA      | $4177508.34   | 1.11%             | 2028-10-23      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Fleet US Bidco Inc                                             | FLEET MIDCO I LIMITED 2024 1ST LIEN TERM LOAN B                                                                   | CUSIP: 33902UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    463464 | PA      | $463463.67    | 0.12%             | 2031-02-21      | Floating      | 6.54%                 | No            |                  3 | On Loan: No      |
| Focus Financial Partners LLC                                   | FOCUS FINANCIAL PARTNERS LLC 2025 FUNGIBLE TERM LOAN B8                                                           | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |   4813473 | PA      | $4809621.91   | 1.28%             | 2031-09-15      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co LLC                                       | FORD MOTOR CREDIT CO LLC SR UNSECURED 03/26 VAR                                                                   | CUSIP: 345397C50<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    410000 | PA      | $412162.75    | 0.11%             | 2026-03-06      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| Fortress Intermediate 3 Inc                                    | FORTRESS INTERMEDIATE 3 INC 2025 TERM LOAN B                                                                      | CUSIP: 34966LAD6<br>LEI: 254900NLAZ3JQJW5JP75 | Long             | LON              | CORP              | US        |   1428160 | PA      | $1429945.31   | 0.38%             | 2031-06-27      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings LLC                           | FRONTIER COMMUNICATIONS CORP 2025 TERM LOAN B                                                                     | CUSIP: 35906EAU4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1863519 | PA      | $1860406.67   | 0.49%             | 2031-07-01      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| Frontier Issuer LLC                                            | FRONTIER ISSUER LLC FYBR 2024 1 C 144A                                                                            | CUSIP: 35910EAP9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     25075 | PA      | $28247.57     | 0.01%             | 2054-06-20      | Fixed         | 11.16%                | No            |                  2 | On Loan: No      |
| N/A                                                            | FUGUE FINANCE BV 2025 REPRICED TERM LOAN                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |    290428 | PA      | $290895.44    | 0.08%             | 2032-01-09      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| PEX Holdings LLC                                               | GEN II FUND SERVICES LLC 2024 TERM LOAN B                                                                         | CUSIP: 69381MAB1<br>LEI: 2138006XMWHEBFQ55Z05 | Long             | LON              | CORP              | US        |    354112 | PA      | $353963.77    | 0.09%             | 2031-11-26      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| HireRight Holdings Corp                                        | GENUINE FINANCIAL HLDGS LLC 2025 TERM LOAN B                                                                      | CUSIP: 37190DAN3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    627493 | PA      | $588720.03    | 0.16%             | 2030-09-27      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Getty Images Inc                                               | GETTY IMAGES INC SR SECURED 144A 02/30 11.25                                                                      | CUSIP: 374276AM5<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |    485000 | PA      | $455900.00    | 0.12%             | 2030-02-21      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| Go Daddy Operating Co LLC                                      | GO DADDY OPERATING CO LLC 2024 TERM LOAN B8                                                                       | CUSIP: 38017BAX4<br>LEI: 5493005GJOH8HLL11157 | Long             | LON              | CORP              | US        |      4962 | PA      | $4962.95      | 0.00%             | 2029-11-09      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| Goodnight Water Solutions Holdings LLC                         | GOODNIGHT WATER SOLUTIONS LLC 2024 TERM LOAN B                                                                    | CUSIP: 38238YAC3<br>LEI: 254900CZJ6KUEVU9QV27 | Long             | LON              | CORP              | US        |    399213 | PA      | $400542.64    | 0.11%             | 2029-06-04      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Gray Media Inc                                                 | GRAY MEDIA INC SECURED 144A 07/32 9.625                                                                           | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    530000 | PA      | $531325.00    | 0.14%             | 2032-07-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Gray Media Inc                                                 | GRAY MEDIA INC SR SECURED 144A 07/29 10.5                                                                         | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    475000 | PA      | $516562.50    | 0.14%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Gray Media Inc                                                 | GRAY TELEVISION INC 2024 TERM LOAN B                                                                              | CUSIP: 389376BC7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |     12983 | PA      | $12968.65     | 0.00%             | 2029-06-04      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| GTCR Everest Borrower LLC                                      | GTCR EVEREST BORROWER LLC ADD ON TERM LOAN B                                                                      | CUSIP: 36269YAD7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1270100 | PA      | $1272183.09   | 0.34%             | 2031-09-05      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | HAMILTON PROJECTS ACQRR LLC 2025 TERM LOAN                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1116378 | PA      | $1119169.08   | 0.30%             | 2031-05-30      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | HANGER INC 2024 DELAYED DRAW TERM LOAN                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     62748 | PA      | $62865.62     | 0.02%             | 2031-10-23      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | HANGER INC 2024 TERM LOAN B                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    486304 | PA      | $487218.40    | 0.13%             | 2031-10-23      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Heartland Dental LLC                                           | HEARTLAND DENTAL LLC 2025 TERM LOAN                                                                               | CUSIP: 42236WAX5<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |   1528451 | PA      | $1527182.01   | 0.41%             | 2032-08-07      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Hertz Corp/The                                                 | HERTZ CORPORATION 2021 TERM LOAN B                                                                                | CUSIP: 000000000<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |    685439 | PA      | $584336.50    | 0.16%             | 2028-06-30      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | HERTZ CORPORATION 2021 TERM LOAN C                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    134561 | PA      | $114713.50    | 0.03%             | 2028-06-30      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Hightower Holding LLC                                          | HIGHTOWER HOLDING LLC SR UNSECURED 144A 01/30 9.125                                                               | CUSIP: 43118DAB6<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |    560000 | PA      | $599200.00    | 0.16%             | 2030-01-31      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Hightower Holding LLC                                          | HIGHTOWER HOLDINGS LLC 2025 1ST LIEN TERM LOAN B                                                                  | CUSIP: 43117LAP8<br>LEI: 254900MKOSB7RTMA9K12 | Long             | LON              | CORP              | US        |   3587237 | PA      | $3580528.99   | 0.95%             | 2032-02-03      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                            | HILCORP ENERGY I LP TERM LOAN B                                                                                   | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |    299250 | PA      | $299250.00    | 0.08%             | 2030-02-11      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| HomeServe USA Holding Corp                                     | HOMESERVE USA HOLDING CORP 2024 TERM LOAN B                                                                       | CUSIP: 43761EAD0<br>LEI: 254900UCR2BMZVFOR729 | Long             | LON              | CORP              | US        |    355983 | PA      | $355220.87    | 0.09%             | 2030-10-21      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                                          | HUB INTERNATIONAL LIMITED 2025 TERM LOAN B                                                                        | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |   5493536 | PA      | $5502710.49   | 1.46%             | 2030-06-20      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                                          | HUB INTERNATIONAL LTD SR SECURED 144A 06/30 7.25                                                                  | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    570000 | PA      | $595650.00    | 0.16%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                                          | HUB INTERNATIONAL LTD SR UNSECURED 144A 01/32 7.375                                                               | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    460000 | PA      | $481850.00    | 0.13%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| IGT Holding IV AB                                              | IGT HOLDING IV AB 2025 USD TERM LOAN B5                                                                           | CUSIP: 000000000<br>LEI: 549300S0NZ6VQU5JU607 | Long             | LON              | CORP              | SE        |    110000 | PA      | $110619.30    | 0.03%             | 2031-09-01      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| IVI America LLC                                                | INCEPTION HOLDCO SARL 2025 USD TERM LOAN B                                                                        | CUSIP: 45073SAB1<br>LEI: 549300V0LY56J9HGCK92 | Long             | LON              | CORP              | LU        |    727958 | PA      | $730083.14    | 0.19%             | 2031-04-18      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Innio North America Holding Inc                                | INNIO GROUP HOLDING GMBH 2024 USD 1ST LIEN TERM LOAN B                                                            | CUSIP: 000000000<br>LEI: 549300R5GWIY8X0FZE07 | Long             | LON              | CORP              | AT        |     98222 | PA      | $98140.85     | 0.03%             | 2028-11-02      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Icon Parent Inc                                                | INSTRUCTURE HOLDINGS INC 2024 2ND LIEN TERM LOAN                                                                  | CUSIP: 45115MAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    765000 | PA      | $773606.25    | 0.21%             | 2032-11-12      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | INSTRUCTURE HOLDINGS INC 2025 REPRICED TERM LOAN                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1167075 | PA      | $1167355.10   | 0.31%             | 2031-11-13      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| Insulet Corp                                                   | INSULET CORPORATION 2025 TERM LOAN                                                                                | CUSIP: 45784QAF6<br>LEI: 549300TZTYD2PYN92D43 | Long             | LON              | CORP              | US        |    342837 | PA      | $344622.75    | 0.09%             | 2031-08-04      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| IRB Holding Corp                                               | IRB HOLDING CORP 2024 1ST LIEN TERM LOAN B                                                                        | CUSIP: 44988LAL1<br>LEI: 549300HVW4WNWYBXN830 | Long             | LON              | CORP              | US        |   1663554 | PA      | $1661923.34   | 0.44%             | 2027-12-15      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Iridium Satellite LLC                                          | IRIDIUM SATELLITE LLC 2024 TERM LOAN B                                                                            | CUSIP: 46269KAT1<br>LEI: 254900615BJ7139TFM33 | Long             | LON              | CORP              | US        |    512327 | PA      | $509581.40    | 0.14%             | 2030-09-20      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| VetStrategy Canada Holdings Inc                                | IVC ACQUISITION LTD 2025 USD REPRICED TERM LOAN B                                                                 | CUSIP: 000000000<br>LEI: 254900WZMD2JOGND1Z32 | Long             | LON              | CORP              | GB        |    326273 | PA      | $327904.67    | 0.09%             | 2028-12-12      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC                                          | JANE STREET GROUP LLC 2024 TERM LOAN B1                                                                           | CUSIP: 47077DAM2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | LON              | CORP              | US        |   2319812 | PA      | $2311321.77   | 0.61%             | 2031-12-15      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | JAVELIN BUYER INC 2024 2ND LIEN TERM LOAN                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    610000 | PA      | $604284.30    | 0.16%             | 2032-12-06      | Floating      | 9.20%                 | No            |                  2 | On Loan: No      |
| Jones Deslauriers Insurance Management Inc                     | JONES DESLAURIERS INSURA SR SECURED 144A 03/30 8.5                                                                | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    925000 | PA      | $975875.00    | 0.26%             | 2030-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Jones Deslauriers Insurance Management Inc                     | JONES DESLAURIERS INSURA SR UNSECURED 144A 12/30 10.5                                                             | CUSIP: 48020RAA3<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    615000 | PA      | $652668.75    | 0.17%             | 2030-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Jones Deslauriers Insurance Management Inc                     | JONES DESLUIR INSRNC MGMT INC 2025 TERM LOAN B                                                                    | CUSIP: C4900AAM9<br>LEI: 549300JQIWNFU00E5424 | Long             | LON              | CORP              | CA        |   1247752 | PA      | $1238917.73   | 0.33%             | 2030-03-15      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | KAMAN CORPORATION 2025 DELAYED DRAW TERM LOAN                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     30181 | PA      | $30238.15     | 0.01%             | 2032-02-26      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | KAMAN CORPORATION 2025 TERM LOAN B                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    324828 | PA      | $325438.26    | 0.09%             | 2032-02-26      | Floating      | 6.95%                 | No            |                  2 | On Loan: No      |
| Kaseya Inc                                                     | KASEYA INC 2025 1L TERM LOAN B                                                                                    | CUSIP: 48578AAB4<br>LEI: 254900MISXMLRZ63NH46 | Long             | LON              | CORP              | US        |   1140200 | PA      | $1141944.51   | 0.30%             | 2032-03-20      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Kaseya Inc                                                     | KASEYA INC 2025 2ND LIEN TERM LOAN B                                                                              | CUSIP: 48578AAE8<br>LEI: 254900MISXMLRZ63NH46 | Long             | LON              | CORP              | US        |   2545000 | PA      | $2547392.30   | 0.68%             | 2033-03-20      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| Apple Bidco LLC                                                | KKR APPLE BIDCO LLC 2025 TERM LOAN                                                                                | CUSIP: 48254EAG6<br>LEI: 2549001SCJD3WEYJFM53 | Long             | LON              | CORP              | US        |    782691 | PA      | $782542.18    | 0.21%             | 2031-09-23      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| KREF Holdings X LLC                                            | KREF HOLDINGS X LLC 2025 TERM LOAN B                                                                              | CUSIP: 48266YAE3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    608838 | PA      | $608837.50    | 0.16%             | 2032-03-05      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                                          | LEVEL 3 FINANCING INC 2025 TERM LOAN B                                                                            | CUSIP: 52729KAT3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |   2830000 | PA      | $2841206.80   | 0.75%             | 2032-03-29      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                                          | LEVEL 3 FINANCING INC SECURED 144A 06/29 4.875                                                                    | CUSIP: 527298CB7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    330000 | PA      | $307725.00    | 0.08%             | 2029-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                                          | LEVEL 3 FINANCING INC SECURED 144A 10/32 10                                                                       | CUSIP: 527298CK7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    730000 | PA      | $729087.50    | 0.19%             | 2032-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                                          | LEVEL 3 FINANCING INC SR SECURED 144A 03/34 7                                                                     | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    955000 | PA      | $957387.50    | 0.25%             | 2034-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                                          | LEVEL 3 FINANCING INC SR SECURED 144A 06/33 6.875                                                                 | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    330000 | PA      | $332475.00    | 0.09%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                                          | LEVEL 3 FINANCING INC SR SECURED 144A 12/30 10.75                                                                 | CUSIP: 527298BZ5<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    266677 | PA      | $300344.97    | 0.08%             | 2030-12-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| N/A                                                            | LIFE TIME FITNESS INC 2025 TERM LOAN                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    871050 | PA      | $870683.72    | 0.23%             | 2031-11-05      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                           | LIFEPOINT HEALTH INC 2024 1ST LIEN TERM LOAN B                                                                    | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |   1429839 | PA      | $1417871.72   | 0.38%             | 2031-05-17      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                           | LIFEPOINT HEALTH INC SR SECURED 144A 08/30 9.875                                                                  | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    430000 | PA      | $464400.00    | 0.12%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                           | LIFEPOINT HEALTH INC SR SECURED 144A 10/30 11                                                                     | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   1385000 | PA      | $1523500.00   | 0.40%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Light & Wonder International Inc                               | LIGHT + WONDR INTRNATIONAL INC 2024 TERM LOAN B2                                                                  | CUSIP: 80875AAW1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |    600417 | PA      | $600602.78    | 0.16%             | 2029-04-16      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| Loire Finco Luxembourg Sarl                                    | LOIRE FINCO LUXEMBOURG SARL 2025 USD TERM LOAN B                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |    533512 | PA      | $536180.06    | 0.14%             | 2030-01-21      | Floating      | 8.31%                 | No            |                  2 | On Loan: No      |
| Victra Holdings LLC                                            | LSF9 ATLANTIS HOLDINGS LLC 2025 REPRICED TERM LOAN B                                                              | CUSIP: 50226BAM0<br>LEI: 549300KWDYQKQSF0MQ18 | Long             | LON              | CORP              | US        |   1038929 | PA      | $1040549.27   | 0.28%             | 2029-03-31      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| LTI Holdings Inc                                               | LTI HOLDINGS INC 2024 TERM LOAN B                                                                                 | CUSIP: 50217UBF3<br>LEI: 5493003GUY3WBOTOAP97 | Long             | LON              | CORP              | US        |   4656627 | PA      | $4670224.71   | 1.24%             | 2029-07-29      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                         | LUMEN TECHNOLOGIES INC 2024 EXTENDED TERM LOAN B1                                                                 | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    781028 | PA      | $775826.62    | 0.21%             | 2029-04-16      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                         | LUMEN TECHNOLOGIES INC 2024 EXTENDED TERM LOAN B2                                                                 | CUSIP: 55024EAG0<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    480000 | PA      | $476601.60    | 0.13%             | 2030-04-15      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                         | LUMEN TECHNOLOGIES, INC. 2024 TERM LOAN A                                                                         | CUSIP: 55024EAD7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    569775 | PA      | $579888.17    | 0.15%             | 2028-06-01      | Floating      | 10.32%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                       | Long: 249906285 TRS USD R E 110319851RET IBOXXTRS/ Short: 249906285 TRS USD P V 00MSOFR 110319851INT IBOXXTRS     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $18639.40     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                       | Long: 349954068 TRS USD R E GB00B4Q2XT74 RET IBOXXTRS/ Short: 349954068 TRS USD P V 00MSOFR 111978249INT IBOXXTRS | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $10440.58     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                                       | Long: 349954291 TRS USD R E GB00B4Q2XT74 RET IBOXXTRS/ Short: 349954291 TRS USD P V 00MSOFR 111978253INT IBOXXTRS | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCR              | CORP              | GB        |         1 | NC      | $21220.09     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                            | Long: 458713767 TRS USD R E 5458713767RET IBOXXTRS/ Short: 458713767 TRS USD P V 12MSOFR 5458713767INT IBOXXTRS   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              | CORP              | GB        |         1 | NC      | $8908.85      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                            | Long: 459716072 TRS USD R E 5459716072RET IBOXXTRS/ Short: 459716072 TRS USD P V 12MSOFR 5459716072INT IBOXXTRS   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              | CORP              | GB        |         1 | NC      | $8787.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| M6 ETX Holdings II Midco LLC                                   | M6 ETX HOLDINGS II MIDCO LLC 2025 TERM LOAN B                                                                     | CUSIP: 55285DAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    844000 | PA      | $848371.92    | 0.23%             | 2032-04-01      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                                | MADISON IAQ LLC 2025 TERM LOAN B                                                                                  | CUSIP: 55759VAD0<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |    295000 | PA      | $296250.80    | 0.08%             | 2032-05-06      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                                | MADISON IAQ LLC TERM LOAN                                                                                         | CUSIP: 55759VAB4<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |   1369530 | PA      | $1371009.54   | 0.36%             | 2028-06-21      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| Madison Safety & Flow LLC                                      | MADISON SAFETY + FLOW LLC 2025 TERM LOAN B                                                                        | CUSIP: 55822DAM3<br>LEI: 5493007D2J7BBIFYBY65 | Long             | LON              | CORP              | US        |    376652 | PA      | $377782.34    | 0.10%             | 2031-09-26      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Mavis Tire Express Services Topco Corp                         | MAVIS TIRE EXPRESS SERV CORP 2025 REPRICED TERM LOAN                                                              | CUSIP: 57777YAG1<br>LEI: 254900NVDM4GTLBL9E56 | Long             | LON              | CORP              | US        |   2447225 | PA      | $2452339.76   | 0.65%             | 2028-05-04      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| McAfee Corp                                                    | MCAFEE LLC 2024 USD 1ST LIEN TERM LOAN B                                                                          | CUSIP: 57906HAF4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | LON              | CORP              | US        |   3151497 | PA      | $2997861.08   | 0.80%             | 2029-03-01      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                            | MEDLINE BORROWER LP 2025 INCREMENTAL TERM LOAN B                                                                  | CUSIP: 58503UAJ2<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |   3555000 | PA      | $3555000.00   | 0.94%             | 2030-10-23      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                            | MEDLINE BORROWER LP 2025 TERM LOAN B                                                                              | CUSIP: 58503UAH6<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |   2320000 | PA      | $2319768.00   | 0.62%             | 2028-10-21      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Mermaid Bidco Inc                                              | MERMAID BIDCO INC 2024 USD TERM LOAN B                                                                            | CUSIP: 59012CAL9<br>LEI: 254900765HT42I3EW691 | Long             | LON              | CORP              | US        |   1336185 | PA      | $1337107.08   | 0.35%             | 2031-07-03      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                                   | MH SUB I LLC 2021 2ND LIEN TERM LOAN                                                                              | CUSIP: 55303BAD5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |   1100000 | PA      | $949894.00    | 0.25%             | 2029-02-23      | Floating      | 10.57%                | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                                   | MH SUB I LLC 2023 TERM LOAN                                                                                       | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |   1444455 | PA      | $1336929.99   | 0.35%             | 2028-05-03      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                                   | MH SUB I LLC 2024 TERM LOAN B4                                                                                    | CUSIP: 45567YAP0<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |   1034125 | PA      | $891933.18    | 0.24%             | 2031-12-31      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| MI Windows And Doors LLC                                       | MI WINDOWS AND DOORS LLC 2024 TERM LOAN B2                                                                        | CUSIP: 55336CAK8<br>LEI: 2549001JQBGDT0WEQ156 | Long             | LON              | CORP              | US        |    575614 | PA      | $577864.20    | 0.15%             | 2031-03-28      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | MRP BUYER LLC DELAYED DRAW TERM LOAN                                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     73952 | PA      | $72718.84     | 0.02%             | 2032-06-04      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | MRP BUYER LLC TERM LOAN                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    581048 | PA      | $571362.31    | 0.15%             | 2032-06-04      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Navient Corp                                                   | NAVIENT CORP SR UNSECURED 07/30 9.375                                                                             | CUSIP: 63938CAN8<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    740000 | PA      | $808450.00    | 0.21%             | 2030-07-25      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| NCL Corp Ltd                                                   | NCL CORPORATION LTD SR SECURED 144A 01/29 8.125                                                                   | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    109000 | PA      | $114450.00    | 0.03%             | 2029-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Neptune Bidco US Inc                                           | NEPTUNE BIDCO US INC 2022 USD TERM LOAN B                                                                         | CUSIP: 64069JAC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |   2917587 | PA      | $2830059.44   | 0.75%             | 2029-04-11      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| Neptune Bidco US Inc                                           | NEPTUNE BIDCO US INC SR SECURED 144A 04/29 9.29                                                                   | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    780000 | PA      | $774150.00    | 0.21%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc                                              | NEXSTAR BROADCASTING INC 2025 TERM LOAN B5                                                                        | CUSIP: 65336RBB3<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |    880000 | PA      | $875872.80    | 0.23%             | 2032-06-28      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| NGL Energy Operating LLC                                       | NGL ENERGY PARTNERS LP 2024 TERM LOAN B                                                                           | CUSIP: 62922KAF7<br>LEI: 5493008CQD36WWZJ3O79 | Long             | LON              | CORP              | US        |   1945150 | PA      | $1948068.02   | 0.52%             | 2031-02-03      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| NGL Energy Operating LLC / NGL Energy Finance Corp             | NGL ENRGY OP/FIN CORP SR SECURED 144A 02/29 8.125                                                                 | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $91687.50     | 0.02%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Northriver Midstream Finance LP                                | NORTHRIVER MIDSTREAM FINANCE L 2023 USD TERM LOAN B                                                               | CUSIP: 66679PAB1<br>LEI: 549300SOLNLY3BL6GF18 | Long             | LON              | CORP              | CA        |    864872 | PA      | $865278.53    | 0.23%             | 2030-08-16      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| Nouryon Finance BV                                             | NOURYON FINANCE BV 2024 USD INC TERM LOAN B                                                                       | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |    108295 | PA      | $108464.18    | 0.03%             | 2028-04-03      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Nouryon Finance BV                                             | NOURYON FINANCE BV 2024 USD TERM LOAN B                                                                           | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |   1966432 | PA      | $1968890.28   | 0.52%             | 2028-04-03      | Floating      | 7.50%                 | No            |                  2 | On Loan: No      |
| NRG Energy Inc                                                 | NRG ENERGY INC JR SUBORDINA 144A 12/99 VAR                                                                        | CUSIP: 629377CU4<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    445000 | PA      | $489500.00    | 0.13%             | 2173-09-15      | Variable      | 10.25%                | No            |                  2 | On Loan: No      |
| OneDigital Borrower LLC                                        | ONEDIGITAL BORROWER LLC 2024 2ND LIEN TERM LOAN                                                                   | CUSIP: 68252HAB0<br>LEI: 2549009GTKWWAO1E9X77 | Long             | LON              | CORP              | US        |   1600000 | PA      | $1614000.00   | 0.43%             | 2032-07-02      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| OneDigital Borrower LLC                                        | ONEDIGITAL BORROWER LLC 2025 REPRICED TERM LOAN                                                                   | CUSIP: 68277FAN9<br>LEI: 2549009GTKWWAO1E9X77 | Long             | LON              | CORP              | US        |   2303867 | PA      | $2301977.97   | 0.61%             | 2031-07-02      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Ontario Gaming GTA LP                                          | ONTARIO GAMING GTA LP TERM LOAN B                                                                                 | CUSIP: 000000000<br>LEI: 894500EC9KLZLOC3V025 | Long             | LON              | CORP              | CA        |    567053 | PA      | $547915.36    | 0.15%             | 2030-08-01      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| Opal US LLC                                                    | OPAL BIDCO SAS USD TERM LOAN B                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3750000 | PA      | $3768750.00   | 1.00%             | 2032-04-28      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| Orion US Finco Inc                                             | ORION US FINCO INC. 1ST LIEN TERM LOAN                                                                            | CUSIP: 68631KAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    930000 | PA      | $936147.30    | 0.25%             | 2032-05-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Orion US Finco Inc                                             | ORION US FINCO INC. 2ND LIEN TERM LOAN                                                                            | CUSIP: 68631KAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    365000 | PA      | $366368.75    | 0.10%             | 2033-05-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Paradigm Parent LLC                                            | PARADIGM PARENT LLC 1ST LIEN TERM LOAN                                                                            | CUSIP: 69902BAB5<br>LEI: 254900EDT9YE5UFH3458 | Long             | LON              | CORP              | US        |    330000 | PA      | $295297.20    | 0.08%             | 2032-04-19      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| Phoenix Newco Inc                                              | PAREXEL INTERNATIONAL CORP 2025 TERM LOAN B                                                                       | CUSIP: 71911KAE4<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |    730750 | PA      | $731129.49    | 0.19%             | 2028-11-15      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Peloton Interactive Inc                                        | PELOTON INTERACTIVE INC 2024 TERM LOAN B                                                                          | CUSIP: 70614EAG5<br>LEI: 5493002YS021166W0339 | Long             | LON              | CORP              | US        |    713643 | PA      | $724348.06    | 0.19%             | 2029-05-30      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| Petco Health & Wellness Co Inc                                 | PETCO HEALTH AND WELLNESS COMP 2021 TERM LOAN B                                                                   | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    360000 | PA      | $346651.20    | 0.09%             | 2028-03-03      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| PetSmart LLC                                                   | PETSMART INC 2025 USD TERM LOAN B                                                                                 | CUSIP: 71677HAN5<br>LEI: 894500NGJMHSFNESGA67 | Long             | LON              | CORP              | US        |    918150 | PA      | $908399.00    | 0.24%             | 2032-08-08      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| Pike Corp                                                      | PIKE CORPORATION 2021 INCREMENTAL TERM LOAN B                                                                     | CUSIP: 72108PAR5<br>LEI: 549300P4EKEP6HK0NC58 | Long             | LON              | CORP              | US        |    489319 | PA      | $491726.56    | 0.13%             | 2028-01-21      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| Playtika Holding Corp                                          | PLAYTIKA HOLDING CORP. 2021 TERM LOAN                                                                             | CUSIP: 72814CAF5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | LON              | CORP              | US        |    191869 | PA      | $188898.40    | 0.05%             | 2028-03-13      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| Vibrantz Technologies Inc                                      | PMHC II INC 2022 TERM LOAN B                                                                                      | CUSIP: 69346EAG2<br>LEI: 549300GYZ1T3S8OPH343 | Long             | LON              | CORP              | US        |    685367 | PA      | $541583.59    | 0.14%             | 2029-04-23      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| Polaris Newco LLC                                              | POLARIS NEWCO LLC EUR TERM LOAN B                                                                                 | CUSIP: 73108RAC2<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |    785073 | PA      | $857939.46    | 0.23%             | 2028-06-02      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Polaris Newco LLC                                              | POLARIS NEWCO, LLC USD TERM LOAN B                                                                                | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |   1188386 | PA      | $1126804.24   | 0.30%             | 2028-06-02      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Prairie Acquiror LP                                            | PRAIRIE ECI ACQUIROR LP 2025 REPRICED TERM LOAN B                                                                 | CUSIP: 73955HAF1<br>LEI: 254900Q6KU2LVSIISH22 | Long             | LON              | CORP              | US        |   1576040 | PA      | $1584708.52   | 0.42%             | 2029-08-01      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Pregis TopCo LLC                                               | PREGIS TOPCO CORPORATION 2025 REFINANCING TERM LOAN                                                               | CUSIP: 74045BAG2<br>LEI: 549300LJXHJYHS1GM034 | Long             | LON              | CORP              | US        |     85000 | PA      | $85701.25     | 0.02%             | 2029-02-01      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Primo Brands Corp                                              | PRIMO BRANDS CORPORATION 2025 TERM LOAN B                                                                         | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |    976667 | PA      | $977477.78    | 0.26%             | 2028-03-31      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Pro Mach Group Inc                                             | PRO MACH GROUP INC 2025 TERM LOAN B                                                                               | CUSIP: 74273JAK9<br>LEI: 5493008SZGSVUCSNB151 | Long             | LON              | CORP              | US        |   1674010 | PA      | $1678060.71   | 0.45%             | 2028-08-31      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Proampac PG Borrower LLC                                       | PROAMPAC PG BORROWER LLC 2024 TERM LOAN                                                                           | CUSIP: 74274NAL7<br>LEI: 549300ZI6LTXYFEY1578 | Long             | LON              | CORP              | US        |   1304592 | PA      | $1302961.04   | 0.35%             | 2028-09-15      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | PROJECT ALPHA INTERME HLDG INC 2025 2ND LIEN INC TL                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2445562 | PA      | $2434875.35   | 0.65%             | 2033-05-09      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| Project Alpha Intermediate Holding Inc                         | PROJECT ALPHA INTMDT HLDNG INC 2024 1ST LIEN TERM LOAN B                                                          | CUSIP: 74339DAN8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    529971 | PA      | $531237.97    | 0.14%             | 2030-10-26      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Project Boost Purchaser LLC                                    | PROJECT BOOST PURCHASER LLC 2025 REFINANCING TERM LOAN                                                            | CUSIP: 74339NAG1<br>LEI: 254900SVSL94NTLSDY26 | Long             | LON              | CORP              | US        |   1137635 | PA      | $1136019.82   | 0.30%             | 2031-07-02      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Proofpoint Inc                                                 | PROOFPOINT INC 2024 TERM LOAN                                                                                     | CUSIP: 74345HAG6<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |   1949487 | PA      | $1958279.67   | 0.52%             | 2028-08-31      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                                        | PURCHASED USD/ SOLD EUR                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | KY        |         1 | NC      | $-1246.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Qnity Electronics Inc                                          | QNITY ELECTRONICS INC TERM LOAN B                                                                                 | CUSIP: 74737SAB9<br>LEI: 254900RSUG4J9TFFZX53 | Long             | LON              | CORP              | US        |   1280000 | PA      | $1276006.40   | 0.34%             | 2032-08-12      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | QUALITYTECH LP TERM LOAN B                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    384038 | PA      | $384997.59    | 0.10%             | 2031-10-30      | Floating      | 7.84%                 | No            |                  3 | On Loan: No      |
| N/A                                                            | QUIDELORTHO CORP TERM LOAN                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    440000 | PA      | $434500.00    | 0.12%             | 2032-08-14      | Floating      | 8.34%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                          | QUIKRETE HOLDINGS INC 2025 TERM LOAN B                                                                            | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   2430626 | PA      | $2429118.87   | 0.64%             | 2032-01-30      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| QXO Building Products Inc                                      | QXO INC TERM LOAN B                                                                                               | CUSIP: 07368RAJ0<br>LEI: 549300HDXQWWCBOYXP31 | Long             | LON              | CORP              | US        |    179444 | PA      | $180930.24    | 0.05%             | 2032-04-30      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Radiate Holdco LLC                                             | RADIATE HOLDCO LLC 2025 FLFO TERM LOAN                                                                            | CUSIP: 75025KAK4<br>LEI: 5493000GQJ5RDX9DNJ71 | Long             | LON              | CORP              | US        |    693617 | PA      | $564139.17    | 0.15%             | 2029-09-25      | Floating      | 7.93%                 | No            |                  2 | On Loan: No      |
| RealPage Inc                                                   | REALPAGE INC 2024 INCREMENTAL TERM LOAN                                                                           | CUSIP: 75605VAH5<br>LEI: 5493001RSFZX4122A604 | Long             | LON              | CORP              | US        |    448875 | PA      | $449647.07    | 0.12%             | 2028-04-24      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| RealPage Inc                                                   | REALPAGE, INC. 1ST LIEN TERM LOAN                                                                                 | CUSIP: 75605VAD4<br>LEI: 5493001RSFZX4122A604 | Long             | LON              | CORP              | US        |    262128 | PA      | $261682.10    | 0.07%             | 2028-04-24      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| Recess Holdings Inc                                            | RECESS HOLDINGS INC 2025 REPRICED TERM LOAN                                                                       | CUSIP: 72811HAJ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    315000 | PA      | $316379.70    | 0.08%             | 2030-02-20      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | RED PLANET BORROWER LLC 2025 TERM LOAN B                                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    760000 | PA      | $749550.00    | 0.20%             | 2032-08-07      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Renaissance Holdings Corp                                      | RENAISSANCE HOLDING CORP 2024 1ST LIEN TERM LOAN                                                                  | CUSIP: 75972JAK0<br>LEI: 549300UKKEC0Y6TXNF09 | Long             | LON              | CORP              | US        |    269184 | PA      | $231835.07    | 0.06%             | 2030-04-05      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| RFS OPCO LLC                                                   | RFS OPCO LLC                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    190000 | PA      | $189525.00    | 0.05%             | 2031-04-04      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| N/A                                                            | RFS OPCO LLC DELAYED DRAW TERM LOAN                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    134662 | PA      | $133706.40    | 0.04%             | 2031-04-04      | Floating      | 9.06%                 | No            |                  3 | On Loan: No      |
| RFS OPCO LLC                                                   | RFS OPCO LLC TERM LOAN                                                                                            | CUSIP: 74970UAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    163762 | PA      | $162599.79    | 0.04%             | 2031-04-04      | Floating      | 9.05%                 | No            |                  3 | On Loan: No      |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC           | RIVIAN HLD/AUTO LLC SR SECURED 144A 01/31 10                                                                      | CUSIP: 76954LAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2950000 | PA      | $2780375.00   | 0.74%             | 2031-01-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Ryan Specialty LLC                                             | RYAN SPECIALTY GROUP LLC 2024 USD TERM LOAN B                                                                     | CUSIP: 78350UAJ4<br>LEI: 549300K52N7QBO3PYY45 | Long             | LON              | CORP              | US        |    228850 | PA      | $229364.91    | 0.06%             | 2031-09-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Ryan Specialty LLC                                             | RYAN SPECIALTY GROUP SR SECURED 144A 02/30 4.375                                                                  | CUSIP: 78351MAA0<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |    160000 | PA      | $154400.00    | 0.04%             | 2030-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc                                                 | SABRE GLBL INC 2024 TERM LOAN B1                                                                                  | CUSIP: 78571YBK5<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |    569034 | PA      | $542005.36    | 0.14%             | 2029-11-15      | Floating      | 10.42%                | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc                                                 | SABRE GLBL INC SR SECURED 144A 07/30 11.125                                                                       | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    475000 | PA      | $465500.00    | 0.12%             | 2030-07-15      | Fixed         | 11.12%                | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc                                                 | SABRE GLBL INC SR SECURED 144A 11/29 10.75                                                                        | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    591000 | PA      | $574008.75    | 0.15%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc                                                 | SABRE GLBL INC. 2022 1ST LIEN TERM LOAN B                                                                         | CUSIP: 78571YBJ8<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | LON              | CORP              | US        |    321833 | PA      | $303327.19    | 0.08%             | 2028-06-30      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | SAM BIDCO SAS 2024 USD TERM LOAN B7                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |    185000 | PA      | $186387.50    | 0.05%             | 2027-12-13      | Floating      | 8.30%                 | No            |                  3 | On Loan: No      |
| Sandisk Corp/DE                                                | SANDISK CORP TERM LOAN B                                                                                          | CUSIP: 80004YAC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1496648 | PA      | $1491035.49   | 0.40%             | 2032-02-20      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| Sazerac Co Inc                                                 | SAZERAC COMPANY INC TERM LOAN B                                                                                   | CUSIP: 80583EAN6<br>LEI: 9QU0CG1O4LSOB6IFK895 | Long             | LON              | CORP              | US        |    710000 | PA      | $713805.60    | 0.19%             | 2032-07-09      | Floating      | 6.69%                 | No            |                  2 | On Loan: No      |
| SeaWorld Parks & Entertainment Inc                             | SEAWORLD PARKS + ENTRTNMNT INC 2024 TERM LOAN B3                                                                  | CUSIP: 78488CAL4<br>LEI: 549300UZV72O3371JJ53 | Long             | LON              | CORP              | US        |    477168 | PA      | $476175.14    | 0.13%             | 2031-12-04      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Sedgwick Claims Management Services Inc                        | SEDGWICK CLAIMS MGMT SRVCS INC 2023 TERM LOAN B                                                                   | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |   4803337 | PA      | $4815345.46   | 1.28%             | 2031-07-31      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                                       | SERVICE PROPERTIES TRUST SR SECURED 144A 11/31 8.625                                                              | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106250.00    | 0.03%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | SHIFT4 PAYMENTS LLC 2025 TERM LOAN                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    570000 | PA      | $574514.40    | 0.15%             | 2032-06-30      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Simply Good Foods USA Inc                                      | SIMPLY GOOD FOODS USA, INC. 2023 TERM LOAN B                                                                      | CUSIP: 04761PAJ4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    221484 | PA      | $221829.42    | 0.06%             | 2027-03-17      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group Inc                                  | SINCLAIR TELEVISION GROUP INC 2025 TERM LOAN B6                                                                   | CUSIP: 829229AU7<br>LEI: 549300CQGEN0CH65UD62 | Long             | LON              | CORP              | US        |    380000 | PA      | $341430.00    | 0.09%             | 2029-12-31      | Floating      | 7.87%                 | No            |                  2 | On Loan: No      |
| SkyMiles IP Ltd                                                | SKYMILES IP LTD. 2020 SKYMILES TERM LOAN B                                                                        | CUSIP: 24736CBS2<br>LEI: 2549008L7P4I8VB90936 | Long             | LON              | CORP              | US        |     96796 | PA      | $97022.09     | 0.03%             | 2027-10-20      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| Starlight Parent LLC                                           | SOLARWINDS HOLDINGS INC 2025 TERM LOAN                                                                            | CUSIP: 85554UAB0<br>LEI: 254900ZM34IBOK68V949 | Long             | LON              | CORP              | US        |    360000 | PA      | $354826.80    | 0.09%             | 2032-04-16      | Floating      | 8.36%                 | No            |                  2 | On Loan: No      |
| HRNI Holdings LLC                                              | SPECTACLE GARY HOLDINGS LLC 2021 TERM LOAN B                                                                      | CUSIP: 40443NAC4<br>LEI: 549300V1ELIRK8JURN28 | Long             | LON              | CORP              | US        |    999123 | PA      | $970818.22    | 0.26%             | 2028-12-11      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Inc                                          | SS+C TECHNOLOGIES INC 2024 TERM LOAN B8                                                                           | CUSIP: 78466DBJ2<br>LEI: 549300KY09TR3J12JU49 | Long             | LON              | CORP              | US        |    145567 | PA      | $145783.47    | 0.04%             | 2031-05-09      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Staples Inc                                                    | STAPLES INC 2024 TERM LOAN B                                                                                      | CUSIP: 855031AU4<br>LEI: XQM2JINI1UL7642TU573 | Long             | LON              | CORP              | US        |    263145 | PA      | $240777.37    | 0.06%             | 2029-09-04      | Floating      | 10.05%                | No            |                  2 | On Loan: No      |
| Star Parent Inc                                                | STAR PARENT INC TERM LOAN B                                                                                       | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |    268270 | PA      | $266593.62    | 0.07%             | 2030-09-27      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Surgery Center Holdings Inc                                    | SURGERY CENTER HOLDINGS INC 2025 TERM LOAN B                                                                      | CUSIP: 86880NBD4<br>LEI: 54930054EVI5HWPPW113 | Long             | LON              | CORP              | US        |   2557950 | PA      | $2558819.48   | 0.68%             | 2030-12-19      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| T. Rowe Price Government Reserve Fund                          | T. Rowe Price Government Reserve Fund                                                                             | CUSIP: 000000000<br>LEI: 5493002Y0IYARJVQ5N24 | Long             | STIV             | RF                | US        |  41180038 | NS      | $41180037.63  | 10.92%            |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Supply LLC                                        | TALEN ENERGY SUPPLY LLC 2024 INCREMENTAL TERM LOAN B                                                              | CUSIP: 87422LAY6<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | LON              | CORP              | US        |   2230870 | PA      | $2236447.11   | 0.59%             | 2031-12-13      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                        | TALEN ENERGY SUPPLY LLC SR SECURED 144A 06/30 8.625                                                               | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    750000 | PA      | $798750.00    | 0.21%             | 2030-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                        | TALEN ENERGY SUPPLY, LLC 2023 TERM LOAN B                                                                         | CUSIP: 87422LAV2<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | LON              | CORP              | US        |   1203624 | PA      | $1206127.82   | 0.32%             | 2030-05-17      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| Team Health Holdings Inc                                       | TEAM HEALTH HOLDINGS INC 2025 TERM LOAN B                                                                         | CUSIP: 87817JAH1<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | LON              | CORP              | US        |    945000 | PA      | $940671.90    | 0.25%             | 2028-06-30      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| TerraForm Power Operating LLC                                  | TERRAFORM POWER OPERATING, LLC 2023 TERM LOAN B                                                                   | CUSIP: 88103NAL4<br>LEI: 5493000S2OLR3UT5BE13 | Long             | LON              | CORP              | US        |    895039 | PA      | $892801.80    | 0.24%             | 2029-05-21      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| Husky Injection Molding Systems Ltd                            | TITAN ACQUISITION LIMITED 2024 TERM LOAN B                                                                        | CUSIP: C8856UAE8<br>LEI: 5493003ZDHRVP2N4C109 | Long             | LON              | CORP              | CA        |   2004861 | PA      | $2010193.50   | 0.53%             | 2029-02-15      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| TK Elevator US Newco Inc                                       | TK ELEVATOR MIDCO GMBH 2025 USD TERM LOAN B                                                                       | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | DE        |    716129 | PA      | $718449.60    | 0.19%             | 2030-04-30      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| UFC Holdings LLC                                               | TKO WORLDWIDE HOLDINGS, LLC 2024 TERM LOAN B4                                                                     | CUSIP: 90266UAK9<br>LEI: 549300JEOTH7UMZ3C491 | Long             | LON              | CORP              | US        |   3845922 | PA      | $3854960.17   | 1.02%             | 2031-11-21      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Townsquare Media Inc                                           | TOWNSQUARE MEDIA INC 2025 TERM LOAN                                                                               | CUSIP: 89223EAG8<br>LEI: 549300XBA8C68H0DR538 | Long             | LON              | CORP              | US        |    447188 | PA      | $397996.88    | 0.11%             | 2030-02-19      | Floating      | 9.19%                 | No            |                  3 | On Loan: No      |
| TransDigm Inc                                                  | TRANSDIGM INC 2024 TERM LOAN                                                                                      | CUSIP: 89364MCD4<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    194398 | PA      | $194520.03    | 0.05%             | 2032-01-19      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                                  | TRANSDIGM INC 2024 TERM LOAN I                                                                                    | CUSIP: 89364MCC6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    414002 | PA      | $414971.11    | 0.11%             | 2028-08-24      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                                  | TRANSDIGM INC 2024 TERM LOAN K                                                                                    | CUSIP: 89364MCB8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |    642716 | PA      | $644201.18    | 0.17%             | 2030-03-22      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                                  | TRANSDIGM INC 2025 TERM LOAN M                                                                                    | CUSIP: 89364MCE2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   1745000 | PA      | $1745401.35   | 0.46%             | 2032-08-13      | Floating      | 6.85%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                                  | TRANSDIGM INC SR SECURED 144A 08/28 6.75                                                                          | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    370000 | PA      | $377400.00    | 0.10%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                                  | TRANSDIGM, INC. 2023 TERM LOAN J                                                                                  | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   2823277 | PA      | $2825055.49   | 0.75%             | 2031-02-28      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| CRC Insurance Group LLC                                        | TRUIST INSURANCE HOLDINGS LLC 2024 TERM LOAN B                                                                    | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1534931 | PA      | $1534931.22   | 0.41%             | 2031-05-06      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| CRC Insurance Group LLC                                        | TRUIST INSURANCE HOLDINGS LLC 2ND LIEN TERM LOAN                                                                  | CUSIP: 89788VAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4228182 | PA      | $4312746.04   | 1.14%             | 2032-05-06      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| US Renal Care Inc                                              | U S RENAL CARE INC 2023 SUPERPRIORITY TERM LOAN                                                                   | CUSIP: 90290PAS3<br>LEI: 54930058SS5MF69JGN89 | Long             | LON              | CORP              | US        |    399097 | PA      | $385228.52    | 0.10%             | 2028-06-28      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                                        | UKG INC SR SECURED 144A 02/31 6.875                                                                               | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |    350000 | PA      | $360937.50    | 0.10%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UKG Inc                                                        | UKG, INC, 2024 TERM LOAN B                                                                                        | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |   5799365 | PA      | $5794551.93   | 1.54%             | 2031-02-10      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| United Talent Agency LLC                                       | UNITED TALENT AGENCY LLC 2025 TERM LOAN B                                                                         | CUSIP: 91301QAN7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     69250 | PA      | $69596.00     | 0.02%             | 2032-06-10      | Floating      | 7.65%                 | No            |                  3 | On Loan: No      |
| Univision Communications Inc                                   | UNIVISION COMMUNICATIONS INC 2022 FIRST LIEN TERM LOAN B                                                          | CUSIP: 914908BD9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |    229573 | PA      | $229343.15    | 0.06%             | 2029-06-24      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                   | UNIVISION COMMUNICATIONS INC 2022 TERM LOAN B                                                                     | CUSIP: 914908BB3<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |    844214 | PA      | $838937.58    | 0.22%             | 2029-01-31      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                   | UNIVISION COMMUNICATIONS INC. 2024 TERM LOAN B                                                                    | CUSIP: 914908BG2<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |   1348757 | PA      | $1344265.56   | 0.36%             | 2029-01-31      | Floating      | 7.93%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                   | UNIVISION COMMUNICATIONS SR SECURED 144A 06/30 7.375                                                              | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    145000 | PA      | $146087.50    | 0.04%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                   | UNIVISION COMMUNICATIONS SR SECURED 144A 08/32 9.375                                                              | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    545000 | PA      | $573612.50    | 0.15%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| USI Inc/NY                                                     | USI INC 2024 TERM LOAN C                                                                                          | CUSIP: 90351NAQ8<br>LEI: 2549006D7UF7072T7I27 | Long             | LON              | CORP              | US        |      9925 | PA      | $9911.01      | 0.00%             | 2030-09-29      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| USI Inc/NY                                                     | USI INC 2024 TERM LOAN D                                                                                          | CUSIP: 90351NAR6<br>LEI: 2549006D7UF7072T7I27 | Long             | LON              | CORP              | US        |    297606 | PA      | $297141.69    | 0.08%             | 2029-11-21      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| USI Inc/NY                                                     | USI INC/NY SR UNSECURED 144A 01/32 7.5                                                                            | CUSIP: 90346KAB5<br>LEI: 2549006D7UF7072T7I27 | Long             | DBT              | CORP              | US        |    527000 | PA      | $557302.50    | 0.15%             | 2032-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc                                         | VENTURE GLOBAL LNG INC JR SUBORDINA 144A 12/99 VAR                                                                | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    370000 | PA      | $366762.50    | 0.10%             | 2174-03-30      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc                                         | VENTURE GLOBAL LNG INC SR SECURED 144A 02/29 9.5                                                                  | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    235000 | PA      | $258206.25    | 0.07%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc                                         | VENTURE GLOBAL LNG INC SR SECURED 144A 02/32 9.875                                                                | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    150000 | PA      | $163125.00    | 0.04%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                             | VENTURE GLOBAL PLAQUE SR SECURED 144A 05/33 7.5                                                                   | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    245000 | PA      | $268581.25    | 0.07%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc                                     | VERIZON COMMUNICATIONS SR UNSECURED 03/26 VAR                                                                     | CUSIP: 92343VGE8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    185000 | PA      | $185319.13    | 0.05%             | 2026-03-20      | Floating      | 5.15%                 | No            |                  2 | On Loan: No      |
| Viasat Inc                                                     | VIASAT INC 2023 TERM LOAN                                                                                         | CUSIP: 92555WAF2<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | LON              | CORP              | US        |     60000 | PA      | $59446.80     | 0.02%             | 2030-05-30      | Floating      | 8.94%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                                    | VISTRA CORP JR SUBORDINA 144A 12/99 VAR                                                                           | CUSIP: 92840MAD4<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    920000 | PA      | $1000500.00   | 0.27%             | 2174-07-15      | Variable      | 8.88%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                                    | VISTRA CORP JR SUBORDINA 144A VAR                                                                                 | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    196000 | PA      | $199920.00    | 0.05%             | 2174-04-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Voyager Parent LLC                                             | VOYAGER PARENT LLC TERM LOAN B                                                                                    | CUSIP: 92921HAC9<br>LEI: 2549002DYVI4ACSV4V71 | Long             | LON              | CORP              | US        |   1005000 | PA      | $1006065.30   | 0.27%             | 2032-07-01      | Floating      | 9.04%                 | No            |                  2 | On Loan: No      |
| WR Grace Holdings LLC                                          | W R GRACE + CO CONN 2025 TERM LOAN B                                                                              | CUSIP: 92943HAD1<br>LEI: 549300WNOVFRGYOAEB12 | Long             | LON              | CORP              | US        |    545000 | PA      | $544318.75    | 0.14%             | 2032-08-08      | Floating      | 7.19%                 | No            |                  3 | On Loan: No      |
| Wand NewCo 3 Inc                                               | WAND NEWCO 3 INC 2025 REPRICED TERM LOAN B                                                                        | CUSIP: 93369PAM6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |   1117026 | PA      | $1114379.14   | 0.30%             | 2031-01-30      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| Wash Bidco Inc                                                 | WASH MULTIFAMILY PARENT INC TERM LOAN B                                                                           | CUSIP: 93710RAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    635000 | PA      | $636193.80    | 0.17%             | 2032-08-09      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| WaterBridge NDB Operating LLC                                  | WATERBRIDGE MIDSTREAM OPR LLC 2024 TERM LOAN B                                                                    | CUSIP: 94120YAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    774456 | PA      | $777600.49    | 0.21%             | 2029-05-10      | Floating      | 8.17%                 | No            |                  2 | On Loan: No      |
| Watlow Electric Manufacturing Co                               | WATLOW ELECTRIC MANUFCTRING CO TERM LOAN B                                                                        | CUSIP: 94254PAC4<br>LEI: 54930089QP6NQUHLU558 | Long             | LON              | CORP              | US        |    507379 | PA      | $507115.56    | 0.13%             | 2028-03-02      | Floating      | 7.31%                 | No            |                  2 | On Loan: No      |
| Waystar Technologies Inc                                       | WAYSTAR TECHNOLOGIES INC 2025 FUNG ADD ON TERM LOAN B                                                             | CUSIP: 63939WAP8<br>LEI: 549300BIRBTAWWHCSZ09 | Long             | LON              | CORP              | US        |     52441 | PA      | $52463.18     | 0.01%             | 2029-10-22      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Waystar Technologies Inc                                       | WAYSTAR TECHNOLOGIES INC 2025 TERM LOAN B                                                                         | CUSIP: 63939WAN3<br>LEI: 549300BIRBTAWWHCSZ09 | Long             | LON              | CORP              | US        |   1012572 | PA      | $1012996.87   | 0.27%             | 2029-10-22      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Windsor Holdings III LLC                                       | WINDSOR HOLDINGS III LLC 2025 USD TERM LOAN B                                                                     | CUSIP: 97360BAH8<br>LEI: 254900IXUJZ9H146T437 | Long             | LON              | CORP              | US        |   1048887 | PA      | $1049327.87   | 0.28%             | 2030-08-01      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| X Corp                                                         | X CORP 2025 FIXED TERM LOAN                                                                                       | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1885000 | PA      | $1851673.20   | 0.49%             | 2029-10-26      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| X Corp                                                         | X CORP TERM LOAN                                                                                                  | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2096109 | PA      | $2047458.00   | 0.54%             | 2029-10-26      | Floating      | 10.96%                | No            |                  2 | On Loan: No      |
| X.AI LLC / X.AI Co Issuer Corp                                 | X.AI LLC/X.AI CO ISSUER SR SECURED 06/30 12.5                                                                     | CUSIP: 983984AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $522375.00    | 0.14%             | 2030-06-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| Zayo Group Holdings Inc                                        | ZAYO GROUP HOLDINGS INC USD TERM LOAN                                                                             | CUSIP: 98919XAB7<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | LON              | CORP              | US        |    930000 | PA      | $897450.00    | 0.24%             | 2027-03-09      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-02

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President