# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-26-004459
**Filing Date:** 2026-4
**Character Count:** 74314
**Document Hash:** c0a271e79ec1ba1f6abc11448664122d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-004459.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001099263-26-004459

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**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:** 26899729

**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 U.S. High Yield ETF (Series ID: S000077051)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000237191 | T. Rowe Price U.S. High Yield ETF | THYF            |

## Nport-Ex

T. ROWE PRICE U.S. HIGH YIELD ETF

------

February 28, 2026 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS‡** | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **BANK LOANS 5.3% (1)** | **BANK LOANS 5.3% (1)** | **BANK LOANS 5.3% (1)** |
| **Consumer Goods 1.5%** |  |  |
| Varsity Brands, FRN, 3M TSFR + 3.00%, 6.672%, 8/26/31 | 7388 | &nbsp;&nbsp;&nbsp;7365 |
| Varsity Brands, FRN, 1M TSFR + 3.00%, 8/26/31 (2) | 4299 | &nbsp;&nbsp;&nbsp;4251 |
|  |  | 11616 |
| **Health Care 1.0%** |  |  |
| Endo Luxembourg Finance I, FRN, 1M TSFR + 3.75%, 7.423%, 4/23/31 | 7571 | &nbsp;&nbsp;&nbsp;7573 |
|  |  | &nbsp;&nbsp;&nbsp;7573 |
| **Retail 0.9%** |  |  |
| LSF9 Atlantis Holdings, FRN, 3M TSFR + 3.75%, 7.422%, 3/29/29 | 7341 | &nbsp;&nbsp;&nbsp;7309 |
|  |  | &nbsp;&nbsp;&nbsp;7309 |
| **Technology & Electronics 1.9%** |  |  |
| Bending Spoons US, FRN, 1M TSFR + 5.88%, 9.543%, 3/7/31 | 8566 | &nbsp;&nbsp;&nbsp;7881 |
| Ellucian Holdings, FRN, 1M TSFR + 4.75%, 8.423%, 11/22/32 | 7375 | &nbsp;&nbsp;&nbsp;7080 |
|  |  | 14961 |
| **Total Bank Loans<br> (Cost $42,178)** |  | **41459** |
| **CORPORATE BONDS 90.2%** | **CORPORATE BONDS 90.2%** | **CORPORATE BONDS 90.2%** |
| **Automotive 1.0%** |  |  |
| Aston Martin Capital Holdings, 10.00%, 3/31/29 (3) | 9715 | &nbsp;&nbsp;&nbsp;7875 |
|  |  | &nbsp;&nbsp;&nbsp;7875 |
| **Basic Industry 7.0%** |  |  |
| Celanese US Holdings, 7.375%, 2/15/34 | 7884 | &nbsp;&nbsp;&nbsp;8093 |
| Chemours, 7.875%, 3/15/34 (3)(4) | 2770 | &nbsp;&nbsp;&nbsp;2764 |
| First Quantum Minerals, 6.375%, 2/15/36 (3) | 5796 | &nbsp;&nbsp;&nbsp;5827 |
| First Quantum Minerals, 8.00%, 3/1/33 (3) | 1785 | &nbsp;&nbsp;&nbsp;1906 |
| First Quantum Minerals, 8.625%, 6/1/31 (3) | 7534 | &nbsp;&nbsp;&nbsp;7898 |
| Ivanhoe Mines, 7.875%, 1/23/30 (3) | 5985 | &nbsp;&nbsp;&nbsp;6215 |
| K Hovnanian Enterprises, 8.375%, 10/1/33 (3) | 7575 | &nbsp;&nbsp;&nbsp;7775 |
| LGI Homes, 8.75%, 12/15/28 (3) | 6980 | &nbsp;&nbsp;&nbsp;7284 |
| Quikrete Holdings, 6.75%, 3/1/33 (3) | 7210 | &nbsp;&nbsp;&nbsp;7493 |
|  |  | 55255 |
| **Capital Goods 2.4%** |  |  |
| Bombardier, 7.25%, 7/1/31 (3) | 7095 | &nbsp;&nbsp;&nbsp;7542 |
| Mauser Packaging Solutions Holding, 7.875%, 4/15/30 (3) | 7840 | &nbsp;&nbsp;&nbsp;8025 |
| TransDigm, 6.00%, 1/15/33 (3) | 3752 | &nbsp;&nbsp;&nbsp;3820 |
|  |  | 19387 |
| **Consumer Goods 1.1%** |  |  |
| HLF Financing, 4.875%, 6/1/29 (3) | 8907 | &nbsp;&nbsp;&nbsp;8535 |
|  |  | &nbsp;&nbsp;&nbsp;8535 |

---

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T. ROWE PRICE U.S. HIGH YIELD ETF

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---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **Energy 14.4%** |  |  |
| Aethon United / Aethon United Finance, 7.50%, 10/1/29 (3) | &nbsp;&nbsp;&nbsp;7275 | &nbsp;&nbsp;&nbsp;&nbsp;7658 |
| Ascent Resources Utica Holdings / ARU Finance, 6.625%, 7/15/33 (3) | &nbsp;&nbsp;&nbsp;7465 | &nbsp;&nbsp;&nbsp;&nbsp;7731 |
| Crescent Energy Finance, 8.375%, 1/15/34 (3) | &nbsp;&nbsp;&nbsp;7869 | &nbsp;&nbsp;&nbsp;&nbsp;8124 |
| Enbridge, VR, 8.25%, 1/15/84 (5) | &nbsp;&nbsp;&nbsp;7105 | &nbsp;&nbsp;&nbsp;&nbsp;7654 |
| Energy Transfer, VR, 6.50%, 2/15/56 (5) | &nbsp;&nbsp;&nbsp;4285 | &nbsp;&nbsp;&nbsp;&nbsp;4336 |
| Energy Transfer, VR, 6.75%, 2/15/56 (5) | &nbsp;&nbsp;&nbsp;4285 | &nbsp;&nbsp;&nbsp;&nbsp;4374 |
| Excelerate Energy, 8.00%, 5/15/30 (3) | &nbsp;&nbsp;&nbsp;7430 | &nbsp;&nbsp;&nbsp;&nbsp;7876 |
| Ithaca Energy North Sea, 8.125%, 10/15/29 (3) | &nbsp;&nbsp;&nbsp;7420 | &nbsp;&nbsp;&nbsp;&nbsp;7805 |
| Kodiak Gas Services, 6.50%, 10/1/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 |
| PBF Holding, 7.875%, 9/15/30 (3) | &nbsp;&nbsp;&nbsp;7385 | &nbsp;&nbsp;&nbsp;&nbsp;7388 |
| PBF Holding, 9.875%, 3/15/30 (3)(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 |
| Permian Resources Operating, 7.00%, 1/15/32 (3) | &nbsp;&nbsp;&nbsp;7155 | &nbsp;&nbsp;&nbsp;&nbsp;7508 |
| South Bow Canadian Infrastructure Holdings, VR, 7.50%, 3/1/55 (5) | 14595 | &nbsp;&nbsp;&nbsp;15490 |
| Sunoco, VR, 7.875% (3)(5)(7) | &nbsp;&nbsp;&nbsp;7660 | &nbsp;&nbsp;&nbsp;&nbsp;7940 |
| USA Compression Partners / USA Compression Finance, 6.25%, 10/1/33 (3) | &nbsp;&nbsp;&nbsp;8608 | &nbsp;&nbsp;&nbsp;&nbsp;8739 |
| Venture Global Plaquemines LNG, 6.75%, 1/15/36 (3) | &nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp;1423 |
| Weatherford International, 6.75%, 10/15/33 (3) | &nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp;7934 |
|  |  | 113709 |
| **Financial Services 7.0%** |  |  |
| APH Somerset Investor 2 / APH2 Somerset Investor 2 / APH3 Somerset Investor 2, 7.875%, 11/1/29 (3) | &nbsp;&nbsp;&nbsp;8710 | &nbsp;&nbsp;&nbsp;&nbsp;8441 |
| Aretec Group, 10.00%, 8/15/30 (3) | &nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp;9373 |
| Bread Financial Holdings, 6.75%, 5/15/31 (3) | &nbsp;&nbsp;&nbsp;9541 | &nbsp;&nbsp;&nbsp;&nbsp;9737 |
| Encore Capital Group, 6.625%, 4/15/31 (3) | &nbsp;&nbsp;&nbsp;7865 | &nbsp;&nbsp;&nbsp;&nbsp;7958 |
| FirstCash, 6.875%, 3/1/32 (3) | &nbsp;&nbsp;&nbsp;4261 | &nbsp;&nbsp;&nbsp;&nbsp;4402 |
| OneMain Finance, 6.50%, 3/15/33 | &nbsp;&nbsp;&nbsp;7928 | &nbsp;&nbsp;&nbsp;&nbsp;7864 |
| Osaic Holdings, 6.75%, 8/1/32 (3) | &nbsp;&nbsp;&nbsp;7530 | &nbsp;&nbsp;&nbsp;&nbsp;7599 |
|  |  | &nbsp;&nbsp;&nbsp;55374 |
| **Health Care 4.9%** |  |  |
| 1261229 BC, 10.00%, 4/15/32 (3) | &nbsp;&nbsp;&nbsp;7420 | &nbsp;&nbsp;&nbsp;&nbsp;7708 |
| CHS / Community Health Systems, 9.75%, 1/15/34 (3) | &nbsp;&nbsp;&nbsp;7554 | &nbsp;&nbsp;&nbsp;&nbsp;7959 |
| Genmab AS / Genmab Finance, 7.25%, 12/15/33 (3) | &nbsp;&nbsp;&nbsp;5555 | &nbsp;&nbsp;&nbsp;&nbsp;5893 |
| Heartland Dental / Heartland Dental Finance, 10.50%, 4/30/28 (3) | &nbsp;&nbsp;&nbsp;2194 | &nbsp;&nbsp;&nbsp;&nbsp;2275 |
| IQVIA, 6.25%, 6/1/32 (3) | &nbsp;&nbsp;&nbsp;4990 | &nbsp;&nbsp;&nbsp;&nbsp;5142 |
| Tenet Healthcare, 5.50%, 11/15/32 (3) | &nbsp;&nbsp;&nbsp;9770 | &nbsp;&nbsp;&nbsp;&nbsp;9897 |
|  |  | &nbsp;&nbsp;&nbsp;38874 |
| **Insurance 2.8%** |  |  |
| Alliant Holdings Intermediate / Alliant Holdings Co-Issuer, 7.00%, 1/15/31 (3) | &nbsp;&nbsp;&nbsp;7155 | &nbsp;&nbsp;&nbsp;&nbsp;7269 |
| Asurion and Asurion Co-Issuer, 8.00%, 12/31/32 (3) | &nbsp;&nbsp;&nbsp;7598 | &nbsp;&nbsp;&nbsp;&nbsp;7994 |
| HUB International, 7.25%, 6/15/30 (3) | &nbsp;&nbsp;&nbsp;6390 | &nbsp;&nbsp;&nbsp;&nbsp;6590 |
|  |  | &nbsp;&nbsp;&nbsp;21853 |
| **Leisure 4.6%** |  |  |
| Caesars Entertainment, 6.00%, 10/15/32 (3)(6) | &nbsp;&nbsp;&nbsp;7895 | &nbsp;&nbsp;&nbsp;&nbsp;7718 |

---

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T. ROWE PRICE U.S. HIGH YIELD ETF

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---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Hilton Domestic Operating, 5.75%, 9/15/33 (3) | &nbsp;&nbsp;&nbsp;7720 | &nbsp;&nbsp;&nbsp;7905 |
| Odeon Finco, 12.75%, 11/1/27 (3) | &nbsp;&nbsp;&nbsp;2720 | &nbsp;&nbsp;&nbsp;2763 |
| Six Flags Entertainment, 7.25%, 5/15/31 (3)(6) | &nbsp;&nbsp;&nbsp;7998 | &nbsp;&nbsp;&nbsp;7855 |
| Voyager Parent, 9.25%, 7/1/32 (3) | &nbsp;&nbsp;&nbsp;9310 | &nbsp;&nbsp;&nbsp;9939 |
|  |  | 36180 |
| **Media 8.8%** |  |  |
| CCO Holdings / CCO Holdings Capital, 7.00%, 2/1/33 (3) | &nbsp;&nbsp;&nbsp;7890 | &nbsp;&nbsp;&nbsp;8068 |
| CCO Holdings / CCO Holdings Capital, 7.375%, 3/1/31 (3)(6) | &nbsp;&nbsp;&nbsp;8550 | &nbsp;&nbsp;&nbsp;8822 |
| Deluxe, 8.125%, 9/15/29 (3) | &nbsp;&nbsp;&nbsp;7315 | &nbsp;&nbsp;&nbsp;7671 |
| Directv Financing, 8.875%, 2/1/30 (3) | &nbsp;&nbsp;&nbsp;5060 | &nbsp;&nbsp;&nbsp;5072 |
| Directv Financing, A1, 8.875%, 2/1/30 (3) | &nbsp;&nbsp;&nbsp;5087 | &nbsp;&nbsp;&nbsp;5091 |
| Getty Images, 10.50%, 11/15/30 (3) | &nbsp;&nbsp;&nbsp;3956 | &nbsp;&nbsp;&nbsp;3500 |
| Gray Media, 7.25%, 8/15/33 (3) | &nbsp;&nbsp;&nbsp;3015 | &nbsp;&nbsp;&nbsp;3114 |
| Gray Media, 10.50%, 7/15/29 (3) | &nbsp;&nbsp;&nbsp;5364 | &nbsp;&nbsp;&nbsp;5753 |
| Midcontinent Communications, 8.00%, 8/15/32 (3)(6) | &nbsp;&nbsp;&nbsp;7131 | &nbsp;&nbsp;&nbsp;6707 |
| Sinclair Television Group, 8.125%, 2/15/33 (3) | &nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;3956 |
| Univision Communications, 9.375%, 8/1/32 (3) | &nbsp;&nbsp;&nbsp;5515 | &nbsp;&nbsp;&nbsp;5831 |
| Warnermedia Holdings, 5.05%, 3/15/42 | &nbsp;&nbsp;&nbsp;7966 | &nbsp;&nbsp;&nbsp;5597 |
|  |  | 69182 |
| **Real Estate 5.0%** |  |  |
| Anywhere Real Estate Group / Anywhere Co-Issuer, 7.00%, 4/15/30 (3) | &nbsp;&nbsp;&nbsp;9736 | &nbsp;&nbsp;&nbsp;9839 |
| Blackstone Mortgage Trust, 7.75%, 12/1/29 (3) | &nbsp;&nbsp;&nbsp;6880 | &nbsp;&nbsp;&nbsp;7342 |
| Brookfield Property REIT, 4.50%, 4/1/27 (3) | &nbsp;&nbsp;&nbsp;6729 | &nbsp;&nbsp;&nbsp;6635 |
| VICI Properties, 5.625%, 5/15/52 | 16620 | 15632 |
|  |  | 39448 |
| **Retail 1.9%** |  |  |
| Hudson Automotive Group, 8.00%, 5/15/32 (3) | &nbsp;&nbsp;&nbsp;6873 | &nbsp;&nbsp;&nbsp;7341 |
| LCM Investments Holdings II, 8.25%, 8/1/31 (3) | &nbsp;&nbsp;&nbsp;7035 | &nbsp;&nbsp;&nbsp;7409 |
| Saks Global Enterprises, 11.00%, 12/15/29 (3)(8) | &nbsp;&nbsp;&nbsp;6710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
|  |  | 14758 |
| **Services 4.2%** |  |  |
| Avis Budget Car Rental / Avis Budget Finance, 8.25%, 1/15/30 (3)(6) | 10906 | 11028 |
| Herc Holdings, 6.00%, 3/15/34 (3) | &nbsp;&nbsp;&nbsp;8120 | &nbsp;&nbsp;&nbsp;8167 |
| Hertz, 12.625%, 7/15/29 (3) | &nbsp;&nbsp;&nbsp;3920 | &nbsp;&nbsp;&nbsp;3610 |
| Williams Scotsman, 7.375%, 10/1/31 (3) | &nbsp;&nbsp;&nbsp;9780 | 10235 |
|  |  | 33040 |
| **Technology & Electronics 5.1%** |  |  |
| Black Pearl Compute, 6.125%, 2/15/31 (3) | &nbsp;&nbsp;&nbsp;2752 | &nbsp;&nbsp;&nbsp;2818 |
| Cloud Software Group, 6.625%, 8/15/33 (3)(6) | &nbsp;&nbsp;&nbsp;7990 | &nbsp;&nbsp;&nbsp;7540 |
| Cloud Software Group, 8.25%, 6/30/32 (3) | &nbsp;&nbsp;&nbsp;9445 | &nbsp;&nbsp;&nbsp;9453 |
| Kioxia Holdings, 6.625%, 7/24/33 (3) | &nbsp;&nbsp;&nbsp;3810 | &nbsp;&nbsp;&nbsp;4017 |
| McAfee, 7.375%, 2/15/30 (3) | &nbsp;&nbsp;&nbsp;9560 | &nbsp;&nbsp;&nbsp;7821 |

---

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T. ROWE PRICE U.S. HIGH YIELD ETF

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---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| WULF Compute, 7.75%, 10/15/30 (3) | &nbsp;&nbsp;&nbsp;7781 | &nbsp;&nbsp;&nbsp;&nbsp;8239 |
|  |  | &nbsp;&nbsp;&nbsp;39888 |
| **Telecommunications 7.9%** |  |  |
| Digicel International Finance / Difl US, 8.625%, 8/1/32 (3) | &nbsp;&nbsp;&nbsp;7534 | &nbsp;&nbsp;&nbsp;&nbsp;7821 |
| EchoStar, 10.75%, 11/30/29 | &nbsp;&nbsp;&nbsp;7840 | &nbsp;&nbsp;&nbsp;&nbsp;8562 |
| Iliad Holding SASU, 7.00%, 4/15/32 (3) | &nbsp;&nbsp;&nbsp;7335 | &nbsp;&nbsp;&nbsp;&nbsp;7541 |
| Level 3 Financing, 6.875%, 6/30/33 (3) | &nbsp;&nbsp;&nbsp;7550 | &nbsp;&nbsp;&nbsp;&nbsp;7819 |
| Level 3 Financing, 7.00%, 3/31/34 (3) | &nbsp;&nbsp;&nbsp;4552 | &nbsp;&nbsp;&nbsp;&nbsp;4731 |
| Uniti Group / Uniti Group Finance 2019 / CSL Capital, 8.625%, 6/15/32 (3)(6) | &nbsp;&nbsp;&nbsp;7438 | &nbsp;&nbsp;&nbsp;&nbsp;7538 |
| VZ Secured Financing, 7.50%, 1/15/33 (3) | &nbsp;&nbsp;&nbsp;7690 | &nbsp;&nbsp;&nbsp;&nbsp;7554 |
| Windstream Services, 7.50%, 10/15/33 (3) | &nbsp;&nbsp;&nbsp;5067 | &nbsp;&nbsp;&nbsp;&nbsp;5271 |
| Windstream Services / Windstream Escrow Finance, 8.25%, 10/1/31 (3) | &nbsp;&nbsp;&nbsp;5145 | &nbsp;&nbsp;&nbsp;&nbsp;5411 |
|  |  | &nbsp;&nbsp;&nbsp;62248 |
| **Transportation 6.4%** |  |  |
| Avianca Midco 2, 9.625%, 2/14/30 (3) | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;5049 |
| Azul Secured Finance, 9.875%, 2/15/31 (3) | &nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;4529 |
| JetBlue Airways / JetBlue Loyalty, 9.875%, 9/20/31 (3) | 11175 | &nbsp;&nbsp;&nbsp;11344 |
| Latam Airlines Group, 7.625%, 1/7/31 (3) | &nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp;2807 |
| Latam Airlines Group, 7.875%, 4/15/30 (3) | &nbsp;&nbsp;&nbsp;8470 | &nbsp;&nbsp;&nbsp;&nbsp;8837 |
| OneSky Flight, 8.875%, 12/15/29 (3) | &nbsp;&nbsp;&nbsp;9250 | &nbsp;&nbsp;&nbsp;&nbsp;9841 |
| RXO, 6.375%, 5/15/31 (3) | &nbsp;&nbsp;&nbsp;7939 | &nbsp;&nbsp;&nbsp;&nbsp;7730 |
|  |  | &nbsp;&nbsp;&nbsp;50137 |
| **Utility 5.7%** |  |  |
| Edison International, VR, 7.875%, 6/15/54 (5) | &nbsp;&nbsp;&nbsp;5375 | &nbsp;&nbsp;&nbsp;&nbsp;5599 |
| Edison International, VR, 8.125%, 6/15/53 (5) | &nbsp;&nbsp;&nbsp;5840 | &nbsp;&nbsp;&nbsp;&nbsp;6074 |
| Hawaiian Electric, 6.00%, 10/1/33 (3) | &nbsp;&nbsp;&nbsp;7575 | &nbsp;&nbsp;&nbsp;&nbsp;7721 |
| NRG Energy, VR, 10.25% (3)(5)(7) | &nbsp;&nbsp;&nbsp;3552 | &nbsp;&nbsp;&nbsp;&nbsp;3918 |
| Talen Energy Supply, 6.50%, 2/1/36 (3) | &nbsp;&nbsp;&nbsp;8256 | &nbsp;&nbsp;&nbsp;&nbsp;8487 |
| Vistra, VR, 8.00% (3)(5)(7) | &nbsp;&nbsp;&nbsp;7223 | &nbsp;&nbsp;&nbsp;&nbsp;7351 |
| Xcel Energy, VR, 5.75%, 12/3/56 (4)(5) | &nbsp;&nbsp;&nbsp;5567 | &nbsp;&nbsp;&nbsp;&nbsp;5565 |
|  |  | &nbsp;&nbsp;&nbsp;44715 |
| **Total Corporate Bonds<br> (Cost $708,304)** |  | **710458** |
| **SHORT-TERM INVESTMENTS 4.2%** | **SHORT-TERM INVESTMENTS 4.2%** | **SHORT-TERM INVESTMENTS 4.2%** |
| **Money Market Funds 4.2%** |  |  |
| T. Rowe Price Government Reserve Fund, 3.73% (9)(10) | 32564 | &nbsp;&nbsp;&nbsp;32564 |
| **Total Short-Term Investments<br> (Cost $32,564)** |  | &nbsp;&nbsp;&nbsp;**32564** |

---

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T. ROWE PRICE U.S. HIGH YIELD ETF

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| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **SECURITIES LENDING COLLATERAL 3.3%** | **SECURITIES LENDING COLLATERAL 3.3%** | **SECURITIES LENDING COLLATERAL 3.3%** |
| **Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company 3.3%** |  |  |
| **Money Market Funds 3.3%** |  |  |
| T. Rowe Price Treasury Reserve Fund, 3.67%(9)(10) | 26079 | &nbsp;&nbsp;&nbsp;&nbsp;26079 |
| **Total Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company** |  | &nbsp;&nbsp;&nbsp;&nbsp;**26079** |
| **Total Securities Lending Collateral<br> (Cost $26,079)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**26079** |
| **Total Investments in Securities<br> 103.0% of Net Assets (Cost $809,125)** |  | **$810560** |
| **Other Assets Less Liabilities (3.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(23330)** |
| **Net Assets 100.0%** |  | **$787230** |

---

---

| | |
|:---|:---|
| ‡ | Par/Shares are denominated in U.S. dollars unless otherwise noted. |
| (1) | 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. |
| (2) | All or a portion of this loan is unsettled as of February 28, 2026. The interest rate for unsettled loans will be determined upon settlement after period end. |
| (3) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. Total value of such securities at period-end amounts to $615,618 and represents 78.2% of net assets. |
| (4) | When-issued security. |
| (5) | 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. |
| (6) | All or a portion of this security is on loan at February 28, 2026. |
| (7) | Perpetual security with no stated maturity date. |
| (8) | Obligor has failed to make a scheduled interest and/or principal payment or is in default. |
| (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) |
| FRN | Floating Rate Note |
| 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. |

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T. ROWE PRICE U.S. HIGH YIELD ETF

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#### 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 nine months ended February 28, 2026. 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;$— | $— | $960++ |
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;—++ |
| Totals | $—# | $— | &nbsp;&nbsp;$960+ |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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> 2/28/26** |
| T. Rowe Price Government Reserve Fund | $21268 | ¤ | ¤ | &nbsp;&nbsp;$32564 |
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | ¤ | ¤ | &nbsp;&nbsp;&nbsp;&nbsp;26079 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $58,643^ |

---

---

| |
|:---|
| Excludes earnings on securities lending collateral, which are subject to rebates and fees. |
| Capital gain distributions from underlying Price funds represented $0 of the net realized gain (loss). |
| Investment income comprised $960 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 $58,643. |

---

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

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T. ROWE PRICE U.S. HIGH YIELD ETF

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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 U.S. High Yield ETF (the fund) is an open-end management investment company established by the corporation and follows accounting and reporting guidance of the Financial Accounting Standards Board *Accounting Standards Codification* Topic 946. The accompanying Portfolio of Investments was prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). For additional information on the fund's significant accounting policies and investment related disclosures, please refer to the fund's most recent semiannual or annual shareholder report and its prospectus.

#### VALUATION

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

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

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

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

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

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

#### Valuation Techniques
Debt securities are generally traded in the over-the-counter (OTC) market and are valued at prices furnished by independent pricing services or by broker dealers who make markets in such securities. When valuing securities, the independent pricing services consider factors such as, but not limited to, the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities.

Investments in mutual funds are valued at the mutual fund's closing NAV per share on the day of valuation.

------

T. ROWE PRICE U.S. HIGH YIELD ETF

------

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

#### Valuation Inputs
The following table summarizes the fund's financial instruments, based on the inputs used to determine their fair values on February 28, 2026 (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;$751917 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$751917 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;32564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32564 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;26079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26079 |
| Total | &nbsp;&nbsp;$58643 | &nbsp;&nbsp;$751917 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$810560 |

---

<sup>1</sup> Includes Bank Loans and Corporate Bonds.

#### 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.

#### ETF1046-054Q3

#### 02/26

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

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

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

- **a. Name of Series:** T. Rowe Price U.S. High Yield ETF

- **b. EDGAR series identifier (if any):** S000077051

- **c. LEI of Series:** 549300BA4BIBITWKOB05

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $822141309.54

**Total Liabilities:** $36206593.02

**Net Assets:** $785934716.52

**Delayed Delivery Securities:** $16473530.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000 | **1-Year:** -1080.562953 | **5-Year:** -739.792426 | **10-Year:** -3807.322641 | **30-Year:** -16257.090106

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

- **3-Month:** -3004.239241 | **1-Year:** -48448.613345 | **5-Year:** -148620.309114 | **10-Year:** -28464.858491 | **30-Year:** -1617.444231

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237191 | 0.87%                | 0.36%                | 0.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1620650.25             | $3896761.83                                |
| Month 2  | $1439257.24              | $-2717289.58                               |
| Month 3  | $623905.33               | $-3646230.58                               |

### 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 144A                     | 1261229 BC LTD SR SECURED 144A 04/32 10                | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   7420000 | PA      | $7708164.60   | 0.98%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| AETHON UN/AETHIN UN FIN 144A            | AETHON UN/AETHIN UN FIN SR UNSECURED 144A 10/29 7.5    | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7275000 | PA      | $7657647.54   | 0.97%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER 144A           | ALLIANT HOLD / CO ISSUER SR SECURED 144A 01/31 7       | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7155000 | PA      | $7269236.16   | 0.92%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ANYWHERE REAL EST/CO-ISS 144A           | ANYWHERE REAL EST/CO ISS SECURED 144A 04/30 7          | CUSIP: 75606DAS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9736349 | PA      | $9839527.62   | 1.25%             | 2030-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| APH/APH2/APH3/AQUARIAN 144A             | APH/APH2/APH3/AQUARIAN SR UNSECURED 144A 11/29 7.875   | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8710000 | PA      | $8440969.70   | 1.07%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ARETEC ESCROW ISSUER 2 144A             | ARETEC GROUP INC SR SECURED 144A 08/30 10              | CUSIP: 04020JAA4<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |   8800000 | PA      | $9372695.38   | 1.19%             | 2030-08-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN 144A           | ASCENT RESOURCES/ARU FIN COMPANY GUAR 144A 07/33 6.625 | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7465000 | PA      | $7730935.18   | 0.98%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL 144A           | ASTON MARTIN CAPITAL HOL SR SECURED 144A 03/29 10      | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |   9715000 | PA      | $7875483.21   | 1.00%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ASURION LLC/ASURION CO 144A             | ASURION LLC/ASURION CO SR SECURED 144A 12/32 8         | CUSIP: 045941AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7598000 | PA      | $7993537.14   | 1.02%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 PLC 144A                | AVIANCA MIDCO 2 PLC SR SECURED 144A 02/30 9.625        | CUSIP: 05369YAA7<br>LEI: 213800AMPX5VKH9AMX10 | Long             | DBT              | CORP              | GB        |   5000000 | PA      | $5049134.65   | 0.64%             | 2030-02-14      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE 144A            | AVIS BUDGET CAR/FINANCE COMPANY GUAR 144A 01/30 8.25   | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10906000 | PA      | $11028448.86  | 1.40%             | 2030-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| AZUL SECURED FINANCE LLP 144A           | AZUL SECURED FINANCE LLP SR SECURED 144A 02/31 9.875   | CUSIP: 05501WAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4528499.67   | 0.58%             | 2031-02-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| BENDING SPOONS TL B 1L BANKDEBT         | BENDING SPOONS US INC TERM LOAN                        | CUSIP: 08167PAD8<br>LEI: 9845008E9B4A982B2F23 | Long             | LON              | CORP              | US        |   8566000 | PA      | $7880720.00   | 1.00%             | 2031-03-07      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| BLACK PEARL COMPUTE LLC 144A            | BLACK PEARL COMPUTE LLC SR SECURED 144A 02/31 6.125    | CUSIP: 09216NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2752000 | PA      | $2817959.58   | 0.36%             | 2031-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR 144A             | BLACKSTONE MORTGAGE TR SR SECURED 144A 12/29 7.75      | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   6880000 | PA      | $7341980.10   | 0.93%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC 144A                     | BOMBARDIER INC SR UNSECURED 144A 07/31 7.25            | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   7095000 | PA      | $7541921.85   | 0.96%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS 144A              | BREAD FINANCIAL HLDGS COMPANY GUAR 144A 05/31 6.75     | CUSIP: 018581AR9<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |   9541000 | PA      | $9736990.17   | 1.24%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PPTY REIT INC 144A           | BROOKFIELD PPTY REIT INC SR SECURED 144A 04/27 4.5     | CUSIP: 11284DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6729000 | PA      | $6634691.92   | 0.84%             | 2027-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC 144A              | CAESARS ENTERTAIN INC COMPANY GUAR 144A 10/32 6        | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   7895000 | PA      | $7717362.50   | 0.98%             | 2032-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| CCO HLDGS LLC/CAP CORP 144A             | CCO HLDGS LLC/CAP CORP SR UNSECURED 144A 02/33 7       | CUSIP: 1248EPCU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7890000 | PA      | $8068156.52   | 1.03%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP 144A             | CCO HLDGS LLC/CAP CORP SR UNSECURED 144A 03/31 7.375   | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8550000 | PA      | $8822298.26   | 1.12%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| CELANESE US HOLDINGS LLC                | CELANESE US HOLDINGS LLC COMPANY GUAR 02/34 7.375      | CUSIP: 15089QBD5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   7884000 | PA      | $8093236.39   | 1.03%             | 2034-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO 144A                        | CHEMOURS CO COMPANY GUAR 144A 03/34 7.875              | CUSIP: 163851AL2<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   2770000 | PA      | $2763518.01   | 0.35%             | 2034-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS 144A           | CHS/COMMUNITY HEALTH SYS SR SECURED 144A 01/34 9.75    | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   7554000 | PA      | $7958592.54   | 1.01%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC 144A             | CLOUD SOFTWARE GRP INC SR SECURED 144A 06/32 8.25      | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   9445000 | PA      | $9453281.00   | 1.20%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC 144A             | CLOUD SOFTWARE GRP INC SR SECURED 144A 08/33 6.625     | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   7990000 | PA      | $7540403.10   | 0.96%             | 2033-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: —       |
| HUDSON AUTOMOTIVE GROUP 144A            | COUGAR JV SUBSIDIARY LLC SR UNSECURED 144A 05/32 8     | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6873000 | PA      | $7340520.64   | 0.93%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE 144A            | CRESCENT ENERGY FINANCE COMPANY GUAR 144A 01/34 8.375  | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   7869000 | PA      | $8123727.01   | 1.03%             | 2034-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP 144A                        | DELUXE CORP SR SECURED 144A 09/29 8.125                | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   7315000 | PA      | $7670849.59   | 0.98%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIFL US LLC 144A           | DIG INTL FIN/DIFL US LLC SR SECURED 144A 08/32 8.625   | CUSIP: 25381MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   7534000 | PA      | $7821321.90   | 1.00%             | 2032-08-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC 144A              | DIRECTV FINANCING LLC SR SECURED 144A 02/30 8.875      | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5060000 | PA      | $5072112.98   | 0.65%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC 144A              | DIRECTV FINANCING LLC SR SECURED 144A 02/30 8.875      | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5087000 | PA      | $5090845.26   | 0.65%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                | DISCOVERY HOLDINGS INC COMPANY GUAR 03/42 5.05         | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |   7966000 | PA      | $5597017.47   | 0.71%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                           | ECHOSTAR CORP SR SECURED 11/29 10.75                   | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   7840000 | PA      | $8562518.56   | 1.09%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                    | EDISON INTERNATIONAL JR SUBORDINA 06/53 VAR            | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   5840000 | PA      | $6074117.83   | 0.77%             | 2053-06-15      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                    | EDISON INTERNATIONAL JR SUBORDINA 06/54 VAR            | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   5375000 | PA      | $5598416.18   | 0.71%             | 2054-06-15      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| ELLUCIAN HOLDINGS INC TL 2L BANKDEBT    | ELLUCIAN HOLDINGS, INC. 2024 2ND LIEN TERM LOAN        | CUSIP: 28917XAE0<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |   7375000 | PA      | $7080000.00   | 0.90%             | 2032-11-22      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                            | ENBRIDGE INC SUBORDINATED 01/84 VAR                    | CUSIP: 29250NBS3<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   7105000 | PA      | $7653829.42   | 0.97%             | 2084-01-15      | Variable      | 8.25%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC 144A           | ENCORE CAPITAL GROUP INC SR SECURED 144A 04/31 6.625   | CUSIP: 292554AS1<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |   7865000 | PA      | $7958654.14   | 1.01%             | 2031-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HLDNG TL B 1L BANKDEBT     | ENDO LUX FINAN COMPANY I SARL 2024 1ST LIEN TERM LOAN  | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |   7571325 | PA      | $7573217.48   | 0.96%             | 2031-04-23      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                      | ENERGY TRANSFER LP JR SUBORDINA 02/56 VAR              | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   4285000 | PA      | $4336127.93   | 0.55%             | 2056-02-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                      | ENERGY TRANSFER LP JR SUBORDINA 02/56 VAR              | CUSIP: 29273VBH2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   4285000 | PA      | $4374047.70   | 0.56%             | 2056-02-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| EXCELERATE ENERGY LP 144A               | EXCELERATE ENERGY LP COMPANY GUAR 144A 05/30 8         | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |   7430000 | PA      | $7876116.67   | 1.00%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L 144A           | FIRST QUANTUM MINERALS L COMPANY GUAR 144A 02/36 6.375 | CUSIP: 335934AY1<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   5796000 | PA      | $5827061.63   | 0.74%             | 2036-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L 144A           | FIRST QUANTUM MINERALS L COMPANY GUAR 144A 03/33 8     | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   1785000 | PA      | $1905775.01   | 0.24%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L 144A           | FIRST QUANTUM MINERALS L COMPANY GUAR 144A 06/31 8.625 | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   7534000 | PA      | $7897749.73   | 1.00%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC 144A                      | FIRSTCASH INC COMPANY GUAR 144A 03/32 6.875            | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   4261000 | PA      | $4401720.63   | 0.56%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GENMAB A/S/GENMAB FIN 144A              | GENMAB A/S/GENMAB FIN COMPANY GUAR 144A 12/33 7.25     | CUSIP: 37230JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |   5555000 | PA      | $5893351.55   | 0.75%             | 2033-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GETTY IMAGES INC 144A                   | GETTY IMAGES INC SR SECURED 144A 11/30 10.5            | CUSIP: 374276AR4<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |   3956000 | PA      | $3499449.43   | 0.45%             | 2030-11-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GRAY TELEVISION INC 144A                | GRAY MEDIA INC SR SECURED 144A 07/29 10.5              | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   5364000 | PA      | $5753035.31   | 0.73%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC 144A                     | GRAY MEDIA INC SR SECURED 144A 08/33 7.25              | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   3015000 | PA      | $3114221.96   | 0.40%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HAWAIIAN ELEC CO 144A                   | HAWAIIAN ELEC CO SR UNSECURED 144A 10/33 6             | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |   7575000 | PA      | $7721290.22   | 0.98%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC 144A                  | HERC HOLDINGS INC COMPANY GUAR 144A 03/34 6            | CUSIP: 42704LAK0<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   8120000 | PA      | $8166778.18   | 1.04%             | 2034-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE 144A                     | HERTZ CORP/THE SR SECURED 144A 07/29 12.625            | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |   3920000 | PA      | $3610028.35   | 0.46%             | 2029-07-15      | Fixed         | 12.62%                | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN 144A           | HILTON DOMESTIC OPERATIN COMPANY GUAR 144A 09/33 5.75  | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   7720000 | PA      | $7904602.18   | 1.01%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI 144A           | HLF FIN SARL LLC/HERBALI COMPANY GUAR 144A 06/29 4.875 | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8907000 | PA      | $8534814.77   | 1.09%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HRT DNT / HRT DNT FIN 144A              | HRT DNT / HRT DNT FIN SR SECURED 144A 04/28 10.5       | CUSIP: 42239PAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2194000 | PA      | $2274708.20   | 0.29%             | 2028-04-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD 144A              | HUB INTERNATIONAL LTD SR SECURED 144A 06/30 7.25       | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   6390000 | PA      | $6590061.63   | 0.84%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS 144A                  | ILIAD HOLDING SAS SR SECURED 144A 04/32 7              | CUSIP: 449691AG9<br>LEI: 9695009BGMXB527HV965 | Long             | DBT              | CORP              | FR        |   7335000 | PA      | $7540769.86   | 0.96%             | 2032-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| IQVIA INC 144A                          | IQVIA INC COMPANY GUAR 144A 06/32 6.25                 | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   4990000 | PA      | $5141872.80   | 0.65%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ITHACA ENERGY NORTH 144A                | ITHACA ENERGY NORTH SR UNSECURED 144A 10/29 8.125      | CUSIP: 46567TAC8<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |   7420000 | PA      | $7805136.88   | 0.99%             | 2029-10-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| IVANHOE MINES LTD 144A                  | IVANHOE MINES LTD COMPANY GUAR 144A 01/30 7.875        | CUSIP: 46579RAE4<br>LEI: 5299006XZISURYIA4G32 | Long             | DBT              | CORP              | CA        |   5985000 | PA      | $6215137.85   | 0.79%             | 2030-01-23      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY 144A            | JETBLUE AIRWAYS/LOYALTY SR SECURED 144A 09/31 9.875    | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |  11175000 | PA      | $11344046.24  | 1.44%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES 144A            | K HOVNANIAN ENTERPRISES COMPANY GUAR 144A 10/33 8.375  | CUSIP: 48251UAQ1<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |   7575000 | PA      | $7774858.65   | 0.99%             | 2033-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| KIOXIA HOLDINGS CORP 144A               | KIOXIA HOLDINGS CORP COMPANY GUAR 144A 07/33 6.625     | CUSIP: 49726JAB4<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |   3810000 | PA      | $4016639.88   | 0.51%             | 2033-07-24      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC 144A            | KODIAK GAS SERVICES LLC COMPANY GUAR 144A 10/33 6.5    | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |    906000 | PA      | $934450.18    | 0.12%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LATAM AIRLINES GROUP SA 144A            | LATAM AIRLINES GROUP SA SR SECURED 144A 01/31 7.625    | CUSIP: 51817RAE6<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |   2680000 | PA      | $2807098.81   | 0.36%             | 2031-01-07      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| LATAM AIRLINES GROUP SA 144A            | LATAM AIRLINES GROUP SA SR SECURED 144A 04/30 7.875    | CUSIP: 51817RAD8<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |   8470000 | PA      | $8836933.36   | 1.12%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS 144A           | LCM INVESTMENTS HOLDINGS SR UNSECURED 144A 08/31 8.25  | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |   7035000 | PA      | $7408766.81   | 0.94%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC 144A              | LEVEL 3 FINANCING INC SR SECURED 144A 03/34 7          | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   4551387 | PA      | $4730738.91   | 0.60%             | 2034-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC 144A              | LEVEL 3 FINANCING INC SR SECURED 144A 06/33 6.875      | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   7550000 | PA      | $7818546.71   | 0.99%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC 144A                      | LGI HOMES INC COMPANY GUAR 144A 12/28 8.75             | CUSIP: 50187TAH9<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |   6980000 | PA      | $7284163.69   | 0.93%             | 2028-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| VICTRA TL B 1L BANKDEBT                 | LSF9 ATLANTIS HOLDINGS LLC 2025 TERM LOAN B            | CUSIP: 50226BAN8<br>LEI: 549300KWDYQKQSF0MQ18 | Long             | LON              | CORP              | US        |   7341114 | PA      | $7309033.67   | 0.93%             | 2029-03-29      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT 144A             | MAUSER PACKAGING SOLUT SR SECURED 144A 04/30 7.875     | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   7840000 | PA      | $8024780.88   | 1.02%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CONDOR MERGER SUB INC 144A              | MCAFEE CORP SR UNSECURED 144A 02/30 7.375              | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |   9560000 | PA      | $7821203.78   | 1.00%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MIDCONTINENT COMMUNICATI 144A           | MIDCONTINENT COMMUNICATI SR UNSECURED 144A 08/32 8     | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |   7131000 | PA      | $6706817.39   | 0.85%             | 2032-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: —       |
| NRG ENERGY INC 144A                     | NRG ENERGY INC JR SUBORDINA 144A 12/99 VAR             | CUSIP: 629377CU4<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   3552000 | PA      | $3917958.19   | 0.50%             | 2174-09-15      | Variable      | 10.25%                | No            |                  2 | On Loan: No      |
| ODEON FINCO PLC 144A                    | ODEON FINCO PLC SR SECURED 144A 11/27 12.75            | CUSIP: 67585LAA3<br>LEI: 9845003ECF9901CC5382 | Long             | DBT              | CORP              | GB        |   2720000 | PA      | $2763334.20   | 0.35%             | 2027-11-01      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                    | ONEMAIN FINANCE CORP COMPANY GUAR 03/33 6.5            | CUSIP: 682691AM2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   7928000 | PA      | $7863792.56   | 1.00%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ONESKY FLIGHT LLC 144A                  | ONESKY FLIGHT LLC SR UNSECURED 144A 12/29 8.875        | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |   9250000 | PA      | $9841487.55   | 1.25%             | 2029-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC 144A                 | OSAIC HOLDINGS INC SR SECURED 144A 08/32 6.75          | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |   7530000 | PA      | $7599332.63   | 0.97%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC 144A                 | PBF HOLDING CO LLC COMPANY GUAR 144A 03/30 9.875       | CUSIP: 69318FAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $795266.75    | 0.10%             | 2030-03-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: —       |
| PBF HOLDING CO LLC 144A                 | PBF HOLDING CO LLC COMPANY GUAR 144A 09/30 7.875       | CUSIP: 69318FAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7385000 | PA      | $7387578.69   | 0.94%             | 2030-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC 144A           | PERMIAN RESOURC OPTG LLC COMPANY GUAR 144A 01/32 7     | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   7155000 | PA      | $7507596.18   | 0.96%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC 144A              | QUIKRETE HOLDINGS INC SR UNSECURED 144A 03/33 6.75     | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   7210000 | PA      | $7493045.49   | 0.95%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RXO INC 144A                            | RXO INC COMPANY GUAR 144A 05/31 6.375                  | CUSIP: 74982TAA1<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |   7939000 | PA      | $7729954.46   | 0.98%             | 2031-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRISES 144A            | SAKS GLOBAL ENTERPRS LLC SR SECURED 144A 12/29 11      | CUSIP: 79380MAA3<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |   6710000 | PA      | $8387.50      | 0.00%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU 144A           | SINCLAIR TELEVISION GROU SR SECURED 144A 02/33 8.125   | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3956341.80   | 0.50%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT 144A            | SIX FLAGS ENTERTAINME COMPANY GUAR 144A 05/31 7.25     | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   7998000 | PA      | $7855164.36   | 1.00%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| SOUTH BOW CAN INFRA HOLD                | SOUTH BOW CAN INFRA HOLD COMPANY GUAR 03/55 VAR        | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |  14595000 | PA      | $15490164.33  | 1.97%             | 2055-03-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP 144A                          | SUNOCO LP JR SUBORDINA 144A 12/99 VAR                  | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   7660000 | PA      | $7940240.64   | 1.01%             | 2174-03-18      | Variable      | 7.88%                 | 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        |  32564372 | NS      | $32564371.59  | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC 144A            | TALEN ENERGY SUPPLY LLC COMPANY GUAR 144A 02/36 6.5    | CUSIP: 87422VAN8<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |   8256000 | PA      | $8487365.81   | 1.08%             | 2036-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP 144A              | TENET HEALTHCARE CORP SR SECURED 144A 11/32 5.5        | CUSIP: 88033GDW7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   9770000 | PA      | $9897412.62   | 1.26%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC 144A                      | TRANSDIGM INC SR SECURED 144A 01/33 6                  | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   3752000 | PA      | $3820596.20   | 0.49%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GRS - SECURITY LENDING COLLATERAL       | TREASURY RESERVE FUND - Collateral                     | CUSIP: 76105YYY9<br>LEI: 5493002Y0IYARJVQ5N24 | Long             | STIV             | RF                | US        |  23267382 | NS      | $23267382.50  | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL 144A            | UNITI GROUP/CSL CAPITAL COMPANY GUAR 144A 06/32 8.625  | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7438000 | PA      | $7538157.21   | 0.96%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: —       |
| WINDSTREAM SERVICES LLC 144A            | UNITI SERVICES LLC SR SECURED 144A 10/33 7.5           | CUSIP: 97382BAB5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |   5067000 | PA      | $5271509.34   | 0.67%             | 2033-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS 144A           | UNIVISION COMMUNICATIONS SR SECURED 144A 08/32 9.375   | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   5515000 | PA      | $5830525.67   | 0.74%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN 144A           | USA COM PART/USA COM FIN COMPANY GUAR 144A 10/33 6.25  | CUSIP: 91740PAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8608000 | PA      | $8738752.42   | 1.11%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VARSITY BRANDS INC TL B 1L USD BANKDEBT | VARSITY BRANDS INC 2025 1ST LIEN TERM LOAN             | CUSIP: 92227QAG1<br>LEI: 254900PLBJA0I5NSTT38 | Long             | LON              | CORP              | US        |   7387875 | PA      | $7364824.83   | 0.94%             | 2031-08-26      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| N/A                                     | VARSITY BRANDS INC 2026 ADD ON TERM LOAN B             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4299000 | PA      | $4250636.25   | 0.54%             | 2031-08-26      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE 144A              | VENTURE GLOBAL PLAQUE SR SECURED 144A 01/36 6.75       | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1335000 | PA      | $1423498.11   | 0.18%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                      | VICI PROPERTIES LP SR UNSECURED 05/52 5.625            | CUSIP: 925650AE3<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |  16620000 | PA      | $15631422.62  | 1.99%             | 2052-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP 144A                        | VISTRA CORP JR SUBORDINA 144A VAR                      | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   7223000 | PA      | $7350388.95   | 0.94%             | 2174-04-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC 144A                 | VOYAGER PARENT LLC SR SECURED 144A 07/32 9.25          | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |   9310000 | PA      | $9939343.80   | 1.26%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV 144A            | VZ SECURED FINANCING BV SR SECURED 144A 01/33 7.5      | CUSIP: 91845AAB1<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |   7690000 | PA      | $7553723.74   | 0.96%             | 2033-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA 144A           | WEATHERFORD INTERNATIONA COMPANY GUAR 144A 10/33 6.75  | CUSIP: 947075AW7<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   7600000 | PA      | $7934421.89   | 1.01%             | 2033-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC 144A              | WILLIAMS SCOTSMAN INC SR SECURED 144A 10/31 7.375      | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |   9780000 | PA      | $10234966.38  | 1.30%             | 2031-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES/ESCR 144A           | WINDSTREAM SERVICES/ESCR SR SECURED 144A 10/31 8.25    | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5145000 | PA      | $5410568.44   | 0.69%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| WULF COMPUTE LLC 144A                   | WULF COMPUTE LLC SR SECURED 144A 10/30 7.75            | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7781000 | PA      | $8238528.17   | 1.05%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                         | XCEL ENERGY INC JR SUBORDINA 12/56 VAR                 | CUSIP: 98389BBF6<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |   5567000 | PA      | $5565271.45   | 0.71%             | 2056-12-03      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President