# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-26-004466
**Filing Date:** 2026-4
**Character Count:** 183580
**Document Hash:** 51b05ae30854f6ab7e409ec0e89db92f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-004466.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001099263-26-004466

**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:** 26899739

**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 Multi-Sector Income ETF (Series ID: S000095889)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000264671 | T. Rowe Price Multi-Sector Income ETF | TMSF            |

## Nport-Ex

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

February 28, 2026 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS‡** | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **ASSET-BACKED SECURITIES 10.3%** | **ASSET-BACKED SECURITIES 10.3%** | **ASSET-BACKED SECURITIES 10.3%** |
| **Car Loan 1.0%** |  |  |
| Avis Budget Rental Car Funding AESOP, Series 2022-4A, Class B, 5.46%, 2/20/29 (1) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| CarMax Auto Owner Trust, Series 2025-1, Class C, 5.26%, 10/15/30 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| Drive Auto Receivables Trust, Series 2024-2, Class D, 4.94%, 5/17/32 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;306 |
| **Other Asset-Backed Securities 9.3%** |  |  |
| Amur Equipment Finance Receivables XIII, Series 2024-1A, Class B, 5.37%, 1/21/31 (1) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| Battalion XXI, Series 2021-21A, Class AR, CLO, FRN, 3M TSFR + 1.15%, 4.822%, 7/15/34 (1) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
| Cedar Funding XV, Series 2022-15A, Class AR, CLO, FRN, 3M TSFR + 1.28%, 4.917%, 1/20/39 (1) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
| Crossroads Asset Trust, Series 2024-A, Class B, 5.94%, 8/20/30 (1) | &nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| Eldridge, Series 2025-2A, Class A1, CLO, FRN, 3M TSFR + 1.28%, 4.916%, 1/20/39 (1) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;251 |
| Hilton Grand Vacations Trust, Series 2023-1A, Class C, 6.94%, 1/25/38 (1) | &nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| Kings Park, Series 2021-1A, Class A1R, CLO, FRN, 3M TSFR + 1.20%, 4.87%, 1/21/39 (1) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
| Madison Park Funding LI, Series 2021-51A, Class A1R, FRN, 3M TSFR + 1.23%, 4.898%, 10/19/38 (1) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
| Madison Park Funding XXXV, Series 2019-35A, Class A1R2, FRN, 3M TSFR + 1.22%, 4.799%, 2/13/39 (1) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
| Magnetite XXXVII, Series 2023-37A, Class A1R, FRN, 3M TSFR + 1.20%, 4.868%, 10/25/38 (1) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
| Northwoods Capital XV, Series 2017-15A, Class A1R3, FRN, 3M TSFR + 1.31%, 5.047%, 3/20/38 (1) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;251 |
| Regatta XVI Funding, Series 2019-2A, Class A1R2, FRN, 3M TSFR + 1.19%, 4.84%, 4/15/39 (1) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
| Trinitas X, Series 2019-10A, Class AR2, CLO, FRN, 3M TSFR + 1.14%, 4.812%, 1/15/35 (1) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
| Wendy's Funding, Series 2025-1A, Class A2I, 5.422%, 12/15/55 (1) | &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;51 |
|  |  | 2772 |
| **Total Asset-Backed Securities<br> (Cost $3,070)** |  | **3078** |
| **BANK LOANS 0.9% (2)** | **BANK LOANS 0.9% (2)** | **BANK LOANS 0.9% (2)** |
| **INDUSTRIAL 0.9%** |  |  |
| **Technology 0.9%** |  |  |
| Avalara, FRN, 3M TSFR + 2.75%, 6.422%, 3/26/32 | &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| Cloud Software Group, FRN, 3M TSFR + 3.25%, 8/13/32 (3) | &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| Proofpoint, FRN, 3M TSFR + 3.00%, 8/31/28 (3) | &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| Storable, FRN, 1M TSFR + 4.50%, 4/16/31 (3) | &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;67 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;264 |
| Total Industrial |  | &nbsp;&nbsp;&nbsp;&nbsp;264 |
| **Total Bank Loans<br> (Cost $276)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**264** |

---

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **COMMON STOCKS 0.5%** | **COMMON STOCKS 0.5%** | **COMMON STOCKS 0.5%** |
| **FINANCIAL INSTITUTIONS 0.5%** |  |  |
| **Finance Companies 0.5%** |  |  |
| Ares Capital | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Blackstone Secured Lending Fund | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Golub Capital BDC | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Sixth Street Specialty Lending | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;154 |
| Total Financial Institutions |  | &nbsp;&nbsp;&nbsp;&nbsp;154 |
| **Total Common Stocks<br> (Cost $178)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**154** |
| **CONVERTIBLE BONDS 1.2%** | **CONVERTIBLE BONDS 1.2%** | **CONVERTIBLE BONDS 1.2%** |
| **FINANCIAL INSTITUTIONS 0.9%** |  |  |
| **Banking 0.9%** |  |  |
| Barclays Bank, Series MSFT, 1.00%, 2/16/29 | 110 | &nbsp;&nbsp;&nbsp;&nbsp;113 |
| JPMorgan Chase Financial, 0.50%, 6/15/27 | 138 | &nbsp;&nbsp;&nbsp;&nbsp;166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;279 |
| Total Financial Institutions |  | &nbsp;&nbsp;&nbsp;&nbsp;279 |
| **INDUSTRIAL 0.3%** |  |  |
| **Consumer Cyclical 0.3%** |  |  |
| Alibaba Group Holding, Zero Coupon, 9/15/32 | &nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| Total Industrial |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| **Total Convertible Bonds<br> (Cost $370)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**373** |
| **CORPORATE BONDS 48.8%** | **CORPORATE BONDS 48.8%** | **CORPORATE BONDS 48.8%** |
| **FINANCIAL INSTITUTIONS 8.8%** |  |  |
| **Banking 4.1%** |  |  |
| Bank of America, VR, 5.819%, 9/15/29 (4) | 144 | &nbsp;&nbsp;&nbsp;&nbsp;150 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, VR, 5.875%, 9/13/34 (4) | 229 | &nbsp;&nbsp;&nbsp;&nbsp;231 |
| Ceska sporitelna, VR, 5.737%, 3/8/28 (EUR) (4) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| Fifth Third Bancorp, VR, 4.895%, 9/6/30 (4) | 105 | &nbsp;&nbsp;&nbsp;&nbsp;107 |
| PNC Financial Services Group, VR, 5.575%, 1/29/36 (4) | &nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| Shinhan Bank, 5.75%, 4/15/34 | 217 | &nbsp;&nbsp;&nbsp;&nbsp;231 |
| Wells Fargo, VR, 3.526%, 3/24/28 (4) | &nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| Wells Fargo, VR, 5.15%, 4/23/31 (4) | 258 | &nbsp;&nbsp;&nbsp;&nbsp;267 |
|  |  | 1235 |
| **Brokerage Asset Managers Exchanges 1.2%** |  |  |
| Hightower Holding, 9.125%, 1/31/30 (1) | &nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| Jane Street Group, 7.125%, 4/30/31 (1) | 247 | &nbsp;&nbsp;&nbsp;&nbsp;256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;358 |

---

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **Finance Companies 1.0%** |  |  |
| Navient, 9.375%, 7/25/30 | 231 | &nbsp;&nbsp;&nbsp;&nbsp;234 |
| UWM Holdings, 6.625%, 2/1/30 (1) | &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;308 |
| **Insurance 0.9%** |  |  |
| Alliant Holdings Intermediate / Alliant Holdings Co-Issuer, 7.00%, 1/15/31 (1) | 189 | &nbsp;&nbsp;&nbsp;&nbsp;192 |
| Equitable America Global Funding, 4.70%, 9/15/32 (1) | &nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;281 |
| **Real Estate Investment Trusts 1.6%** |  |  |
| Apollo Commercial Real Estate Finance, 4.625%, 6/15/29 (1) | 154 | &nbsp;&nbsp;&nbsp;&nbsp;153 |
| MPT Operating Partnership / MPT Finance, 8.50%, 2/15/32 (1) | 186 | &nbsp;&nbsp;&nbsp;&nbsp;199 |
| Service Properties Trust, 5.50%, 12/15/27 | 110 | &nbsp;&nbsp;&nbsp;&nbsp;111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;463 |
| Total Financial Institutions |  | 2645 |
| **INDUSTRIAL 37.5%** |  |  |
| **Basic Industry 4.1%** |  |  |
| CVR Partners / CVR Nitrogen Finance, 6.125%, 6/15/28 (1) | 149 | &nbsp;&nbsp;&nbsp;&nbsp;149 |
| Graphic Packaging International, 3.75%, 2/1/30 (1) | 275 | &nbsp;&nbsp;&nbsp;&nbsp;260 |
| Klabin Austria GmbH, 5.75%, 4/3/29 | 281 | &nbsp;&nbsp;&nbsp;&nbsp;286 |
| Qnity Electronics, 5.75%, 8/15/32 (1) | 251 | &nbsp;&nbsp;&nbsp;&nbsp;257 |
| Sasol Financing USA, 6.50%, 9/27/28 | 288 | &nbsp;&nbsp;&nbsp;&nbsp;286 |
|  |  | 1238 |
| **Capital Goods 3.3%** |  |  |
| Boeing, 3.10%, 5/1/26 | 108 | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| Builders FirstSource, 6.75%, 5/15/35 (1) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;261 |
| CP Atlas Buyer, 9.75%, 7/15/30 (1) | 193 | &nbsp;&nbsp;&nbsp;&nbsp;193 |
| Madison IAQ, 5.875%, 6/30/29 (1) | 107 | &nbsp;&nbsp;&nbsp;&nbsp;107 |
| Quikrete Holdings, 6.75%, 3/1/33 (1) | 191 | &nbsp;&nbsp;&nbsp;&nbsp;198 |
| Trident TPI Holdings, 12.75%, 12/31/28 (1) | 102 | &nbsp;&nbsp;&nbsp;&nbsp;105 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;972 |
| **Communications 5.2%** |  |  |
| CCO Holdings / CCO Holdings Capital, 4.25%, 1/15/34 (1) | 147 | &nbsp;&nbsp;&nbsp;&nbsp;128 |
| Charter Communications Operating / Charter Communications Operating Capital, 5.05%, 3/30/29 | &nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
| Charter Communications Operating / Charter Communications Operating Capital, 6.384%, 10/23/35 | &nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| CMG Media, 8.875%, 6/18/29 (1) | 123 | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| DISH Network, 11.75%, 11/15/27 (1) | 102 | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| EchoStar, 10.75%, 11/30/29 | &nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| Getty Images, 10.50%, 11/15/30 (1) | 196 | &nbsp;&nbsp;&nbsp;&nbsp;173 |
| Midas Opco Holdings, 5.625%, 8/15/29 (1) | 206 | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| Rogers Communications, VR, 7.125%, 4/15/55 (4) | 214 | &nbsp;&nbsp;&nbsp;&nbsp;227 |
| T-Mobile USA, 3.875%, 4/15/30 | &nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |

---

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| VEON Holdings, 3.375%, 11/25/27 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;288 |
|  |  | 1572 |
| **Consumer Cyclical 7.8%** |  |  |
| Adient Global Holdings, 8.25%, 4/15/31 (1) | 190 | &nbsp;&nbsp;&nbsp;&nbsp;199 |
| Advance Auto Parts, 7.00%, 8/1/30 (1) | 253 | &nbsp;&nbsp;&nbsp;&nbsp;259 |
| Carvana, 9.00%, 6/1/31, (14.00% PIK until 8/15/25 then 9.00% Cash to maturity) (1)(5) | 335 | &nbsp;&nbsp;&nbsp;&nbsp;367 |
| General Motors Financial, 4.20%, 10/27/28 | 122 | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| Hyundai Capital America, 4.90%, 6/23/28 (1) | 106 | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| Hyundai Capital America, 5.15%, 3/27/30 (1) | &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| Match Group Holdings II, 6.125%, 9/15/33 (1) | 254 | &nbsp;&nbsp;&nbsp;&nbsp;253 |
| Melco Resorts Finance, 5.75%, 7/21/28 | 287 | &nbsp;&nbsp;&nbsp;&nbsp;287 |
| Rivian Holdings / Rivian / Rivian Automotive, 10.00%, 1/15/31 (1) | &nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| Six Flags Entertainment, 7.25%, 5/15/31 (1) | 214 | &nbsp;&nbsp;&nbsp;&nbsp;210 |
| Uber Technologies, 4.30%, 1/15/30 | 162 | &nbsp;&nbsp;&nbsp;&nbsp;163 |
| Zhongsheng Group Holdings, 5.98%, 1/30/28 | 223 | &nbsp;&nbsp;&nbsp;&nbsp;225 |
|  |  | 2345 |
| **Consumer Non-Cyclical 4.2%** |  |  |
| Amneal Pharmaceuticals, 6.875%, 8/1/32 (1) | 188 | &nbsp;&nbsp;&nbsp;&nbsp;198 |
| Chobani Holdco II, 8.75%, 10/1/29, (8.75% Cash or 9.50% PIK) (1)(5) | 101 | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| CHS / Community Health Systems, 10.875%, 1/15/32 (1) | 112 | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| CVS Health, 5.125%, 2/21/30 | 137 | &nbsp;&nbsp;&nbsp;&nbsp;141 |
| CVS Health, VR, 6.75%, 12/10/54 (4) | 244 | &nbsp;&nbsp;&nbsp;&nbsp;254 |
| HCA, 3.50%, 9/1/30 | 235 | &nbsp;&nbsp;&nbsp;&nbsp;228 |
| LifePoint Health, 11.00%, 10/15/30 (1) | 181 | &nbsp;&nbsp;&nbsp;&nbsp;197 |
|  |  | 1244 |
| **Energy 8.2%** |  |  |
| Aethon United / Aethon United Finance, 7.50%, 10/1/29 (1) | 145 | &nbsp;&nbsp;&nbsp;&nbsp;153 |
| AmeriGas Partners / AmeriGas Finance, 9.375%, 6/1/28 (1) | 185 | &nbsp;&nbsp;&nbsp;&nbsp;191 |
| Civitas Resources, 9.625%, 6/15/33 (1) | 205 | &nbsp;&nbsp;&nbsp;&nbsp;227 |
| Comstock Resources, 6.75%, 3/1/29 (1) | 151 | &nbsp;&nbsp;&nbsp;&nbsp;151 |
| Crescent Energy Finance, 7.625%, 4/1/32 (1) | 234 | &nbsp;&nbsp;&nbsp;&nbsp;236 |
| Diamondback Energy, 5.75%, 4/18/54 | 120 | &nbsp;&nbsp;&nbsp;&nbsp;117 |
| Hilcorp Energy I / Hilcorp Finance, 6.00%, 2/1/31 (1) | 240 | &nbsp;&nbsp;&nbsp;&nbsp;234 |
| NGL Energy Partners, 8.125%, 2/15/29 (1) | 148 | &nbsp;&nbsp;&nbsp;&nbsp;153 |
| Occidental Petroleum, 8.875%, 7/15/30 | 116 | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| ONEOK, 4.25%, 9/24/27 | 126 | &nbsp;&nbsp;&nbsp;&nbsp;127 |
| Raizen Fuels Finance, 6.45%, 3/5/34 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| Raizen Fuels Finance, 6.95%, 3/5/54 | 280 | &nbsp;&nbsp;&nbsp;&nbsp;117 |
| Tallgrass Energy Partners, 7.375%, 2/15/29 (1) | 145 | &nbsp;&nbsp;&nbsp;&nbsp;150 |
| Transocean Aquila, 8.00%, 9/30/28 (1) | 147 | &nbsp;&nbsp;&nbsp;&nbsp;150 |
| Venture Global LNG, VR, 9.00% (1)(4)(6) | &nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| Vital Energy, 7.875%, 4/15/32 (1) | 157 | &nbsp;&nbsp;&nbsp;&nbsp;160 |
|  |  | 2460 |

---

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **Industrial Other 0.5%** |  |  |
| Booz Allen Hamilton, 4.00%, 7/1/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| **Technology 4.2%** |  |  |
| Broadcom, 4.60%, 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| Cadence Design Systems, 4.20%, 9/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| Fortinet, 2.20%, 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Kaspi.KZ JSC, 6.25%, 3/26/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 |
| McAfee, 7.375%, 2/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| Minerva Merger, 6.50%, 2/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 |
| Neptune Bidco, 9.29%, 4/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 |
| Oracle, 4.45%, 9/26/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 |
| Synopsys, 4.85%, 4/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
|  |  | &nbsp;&nbsp;&nbsp;1267 |
| Total Industrial |  | 11246 |
| **UTILITY 2.5%** |  |  |
| **Electric 2.5%** |  |  |
| Niagara Mohawk Power, 4.647%, 10/3/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| NRG Energy, 10.25% (1)(4)(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 |
| Talen Energy Supply, 6.25%, 2/1/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |
| Vistra, VR, 8.00% (1)(4)(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| Vistra Operations, 6.00%, 4/15/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| XPLR Infrastructure Operating Partners, 7.25%, 1/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 |
| Total Utility |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 |
| **Total Corporate Bonds<br> (Cost $14,686)** |  | **14650** |
| **FOREIGN GOVERNMENT OBLIGATIONS & MUNICIPALITIES 12.8%** | **FOREIGN GOVERNMENT OBLIGATIONS & MUNICIPALITIES 12.8%** | **FOREIGN GOVERNMENT OBLIGATIONS & MUNICIPALITIES 12.8%** |
| **Owned No Guarantee 1.8%** |  |  |
| Ecopetrol, 8.375%, 1/19/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Petroleos de Venezuela, 9.00%, 11/17/21 (7)(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| Petroleos Mexicanos, 8.75%, 6/2/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 |
| Uzbek Industrial & Construction Bank ATB, 21.00%, 7/24/27 (UZS) | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 |
| **Sovereign 8.8%** |  |  |
| Argentina Republic Government International Bonds, 5.00%, 1/9/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
| Brazil Government International Bonds, 6.625%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
| Bulgaria Government International Bonds, 5.00%, 3/5/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Colombia Government International Bonds, 8.50%, 4/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 |
| Colombia Government International Bonds, 5.375%, 1/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 |
| Ivory Coast Government International Bonds, 6.875%, 4/1/28 (XOF) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
| Mexico Government International Bonds, 6.125%, 2/9/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 |
| North Macedonia Government International Bonds, 6.96%, 3/13/27 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |

---

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Paraguay Government International Bonds, 2.739%, 1/29/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;203 |
| Republic of Poland Government International Bonds, 4.875%, 10/4/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| Romania Government International Bonds, 5.125%, 9/24/31 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;128 |
| Romania Government International Bonds, 5.375%, 6/7/33 (EUR) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp;290 |
| Sri Lanka Government International Bonds, 9.50%, 5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| Sri Lanka Government International Bonds, 9.75%, 2/15/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| Turkiye Government International Bonds, 5.15%, 3/10/34 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;119 |
| Ukraine Government International Bonds, STEP, 7.75%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Ukraine Government International Bonds, STEP, 7.75%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Ukraine Government International Bonds, STEP, 7.75%, 2/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
|  |  | 2637 |
| **Treasuries 2.2%** |  |  |
| Malaysia Government Bonds, 3.844%, 4/15/33 (MYR) | &nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp;453 |
| Nigeria OMO Bills, 22.044%, 3/10/26 (NGN) | 290000 | &nbsp;&nbsp;&nbsp;&nbsp;212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;665 |
| **Total Foreign Government Obligations & Municipalities<br> (Cost $3,730)** |  | **3831** |
| **MUNICIPAL SECURITIES 0.6%** | **MUNICIPAL SECURITIES 0.6%** | **MUNICIPAL SECURITIES 0.6%** |
| **Puerto Rico 0.3%** |  |  |
| Puerto Rico Commonwealth, Series CW, GO, VR, 11/1/43 (9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| **Virginia 0.3%** |  |  |
| Tobacco Settlement Fin., Series A-1, 6.706%, 6/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| **Total Municipal Securities<br> (Cost $169)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**180** |
| **NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 2.7%** | **NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 2.7%** | **NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 2.7%** |
| **Collateralized Mortgage Obligations 1.4%** |  |  |
| Connecticut Avenue Securities Trust, Series 2025-R06, Class 1M1, CMO, ARM, FRN, SOFR30A + 0.95%, 4.617%, 9/25/45 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| Freddie Mac STACR REMIC Trust, Series 2022-DNA2, Class 1MB, CMO, ARM, FRN, SOFR30A + 2.40%, 6.067%, 2/25/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Freddie Mac STACR REMIC Trust, Series 2023-HQA3, Class A1, CMO, ARM, FRN, SOFR30A + 1.85%, 5.517%, 11/25/43 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
| Freddie Mac STACR REMIC Trust, Series 2023-HQA3, Class M1, CMO, ARM, FRN, SOFR30A + 1.85%, 5.517%, 11/25/43 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| JP Morgan Mortgage Trust, Series 2025-HE3, Class A1, CMO, ARM, FRN, SOFR30A + 1.35%, 5.012%, 3/20/56 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| New Residential Mortgage Loan Trust, Series 2025-NQM6, Class A1, CMO, ARM, 5.085%, 10/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| Structured Agency Credit Risk, Series 2026-DNA1, Class M1, CMO, ARM, FRN, SOFR30A + 1.00%, 4.658%, 2/25/46 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;424 |

---

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **Commercial Mortgage-Backed Securities 1.3%** |  |  |
| BX Trust, Series 2025-VOLT, Class A, ARM, FRN, 1M TSFR + 1.70%, 5.36%, 12/15/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| MAD Commercial Mortgage Trust, Series 2025-11MD, Class B, ARM, 5.265%, 10/15/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| NYC Commercial Mortgage Trust, Series 2025-28L, Class B, ARM, 5.007%, 11/5/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| TEXAS Commercial Mortgage Trust, Series 2025-TWR, Class A1, ARM, FRN, 1M TSFR + 1.29%, 4.953%, 4/15/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;402 |
| **Total Non-U.S. Government Mortgage-Backed Securities<br> (Cost $824)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**826** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (EXCLUDING MORTGAGE-BACKED) 12.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (EXCLUDING MORTGAGE-BACKED) 12.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (EXCLUDING MORTGAGE-BACKED) 12.1%** |
| **U.S. Treasury Obligations 12.1%** |  |  |
| U.S. Treasury Bills, 3.604%, 5/19/26 | 3045 | 3021 |
| U.S. Treasury Bills, 3.622%, 5/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp;605 |
|  |  | 3626 |
| **Total U.S. Government Agency Obligations (Excluding Mortgage-Backed)<br> (Cost $3,626)** |  | **3626** |
| **EXCHANGE-TRADED FUNDS 7.1%** | **EXCHANGE-TRADED FUNDS 7.1%** | **EXCHANGE-TRADED FUNDS 7.1%** |
| **EXCHANGE-TRADED FUNDS 7.1%** |  |  |
| T. Rowe Price Floating Rate ETF, 6.51% (10)(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | 2131 |
| **Total Exchange-Traded Funds<br> (Cost $2,182)** |  | **2131** |
| **SHORT-TERM INVESTMENTS 3.1%** | **SHORT-TERM INVESTMENTS 3.1%** | **SHORT-TERM INVESTMENTS 3.1%** |
| **Money Market Funds 3.1%** |  |  |
| T. Rowe Price Government Reserve Fund, 3.73% (11)(12) | &nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp;933 |
| **Total Short-Term Investments<br> (Cost $933)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**933** |

---

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

(Amounts in 000s, except for contracts)

---

| |
|:---|
| **OPTIONS PURCHASED 0.2%** |
| **Exchange-Traded Options Purchased 0.0%** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Contracts** | **Notional Amount** | **$ Value** |
| U.S. Treasury ten year futures contracts, Put, 3/27/26 @ $111.00 (7) | 7 | 797 |  |
| U.S. Treasury ten year futures contracts, Put, 3/27/26 @ $110.00 (7) | 7 | 797 |  |
| U.S. Treasury ten year futures contracts, Put, 3/27/26 @ $110.50 (7) | 7 | 797 |  |
| Total Exchange-Traded Options Purchased (Cost $8) | Total Exchange-Traded Options Purchased (Cost $8) | Total Exchange-Traded Options Purchased (Cost $8) |  |
| **OTC Options Purchased 0.2%** | **OTC Options Purchased 0.2%** | **OTC Options Purchased 0.2%** | **OTC Options Purchased 0.2%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Contracts** | **Notional Amount** | **$ Value** |
| Deutsche Bank | 10 Year Interest Rate Swap 7/5/36 Receive Fixed 3.83% Annually, Pay Variable 3.68% (SOFR) Annually, 5/5/26 @ 3.83% \*(7) | 1 | 825 | 22 |
| Goldman Sachs | 10 Year Interest Rate Swap 7/5/36 Receive Fixed 3.83% Annually, Pay Variable 3.68% (SOFR) Annually, 5/5/26 @ 3.83% \*(7) | 1 | 825 | 22 |
| Total OTC Options Purchased (Cost $19) | Total OTC Options Purchased (Cost $19) | Total OTC Options Purchased (Cost $19) | Total OTC Options Purchased (Cost $19) | 44 |
| **Total Options Purchased (Cost $27)** | **Total Options Purchased (Cost $27)** | **Total Options Purchased (Cost $27)** | **Total Options Purchased (Cost $27)** | 44 |

---

---

| | |
|:---|:---|
| **Total Investments in Securities<br> 100.3% of Net Assets (Cost $30,071)** | **$30090** |
| **Other Assets Less Liabilities (0.3%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(82)** |
| **Net Assets 100.0%** | **$30008** |

---

---

| | |
|:---|:---|
| ‡ | Par/Shares and Notional Amount are denominated in U.S. dollars unless otherwise noted. |
| \* | Exercise Spread |
| (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 $12,710 and represents 42.4% 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 February 28, 2026. The interest rate for unsettled loans will be determined upon settlement after period end. |
| (4) | 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. |
| (5) | Security has the ability to pay in-kind or pay in cash. When applicable, separate rates of such payments are disclosed. |
| (6) | Perpetual security with no stated maturity date. |
| (7) | Non-income producing |
| (8) | Obligor has failed to make a scheduled interest and/or principal payment or is in default. |
| (9) | Contingent value instrument that only pays out if a portion of the territory's Sales and Use Tax outperforms the projections in the Oversight Board's Certified Fiscal Plan. |
| (10) | SEC 30-day yield |
| (11) | Affiliated Companies |
| (12) | Seven-day yield |

---

1M TSFR One month term SOFR (Secured overnight financing rate)

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

---

| | |
|:---|:---|
| 3M TSFR | Three month term SOFR (Secured overnight financing rate) |
| ARM | Adjustable Rate Mortgage (ARM); rate shown is effective rate at period-end. The rates for certain ARMs are not based on a published reference rate and spread but may be determined using a formula based on the rates of the underlying loans. |
| BRL | Brazilian Real |
| BRL CDI | One day Brazilian interbank deposit rate |
| CHF | Swiss Franc |
| CLO | Collateralized Loan Obligation |
| CLP | Chilean Peso |
| CMO | Collateralized Mortgage Obligation |
| COP | Colombian Peso |
| CPI | Consumer Price Index |
| CZK | Czech Koruna |
| EGP | Egyptian Pound |
| ETF | Exchange-Traded Fund |
| EUR | Euro |
| FRN | Floating Rate Note |
| GBP | British Pound |
| GO | General Obligation |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| KZT | Kazakhstani Tenge |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PIK | Payment-in-kind |
| PLN | Polish Zloty |
| SGD | Singapore Dollar |
| SOFR | Secured overnight financing rate |
| SOFR30A | 30-day Average term SOFR (Secured Overnight Financing Rate) |
| STEP | Stepped coupon bond for which the coupon rate of interest adjusts on specified date(s); rate shown is effective rate at period-end. |
| TBA | To-Be-Announced |
| TRY | Turkish Lira |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | U.S. Dollar |
| UZS | Uzbekistani Sum |
| 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. |
| XOF | Cfa Franc Bceao |

---

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| **TBA Sale Commitments (7.0)%** | **TBA Sale Commitments (7.0)%** | **TBA Sale Commitments (7.0)%** |
| **U.S. Government & Agency Mortgage-Backed Securities (7.0)%** | **U.S. Government & Agency Mortgage-Backed Securities (7.0)%** | **U.S. Government & Agency Mortgage-Backed Securities (7.0)%** |
| **U.S. Government Agency Obligations (7.0)%** |  |  |
| UMBS, TBA |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 3/12/56 | 255 | &nbsp;&nbsp;&nbsp;&nbsp;(211) |
| &nbsp;&nbsp;&nbsp;2.50%, 3/12/56 | 245 | &nbsp;&nbsp;&nbsp;&nbsp;(212) |
| &nbsp;&nbsp;&nbsp;3.00%, 3/12/56 | 235 | &nbsp;&nbsp;&nbsp;&nbsp;(213) |
| &nbsp;&nbsp;&nbsp;4.00%, 3/12/56 | 510 | &nbsp;&nbsp;&nbsp;&nbsp;(496) |
| &nbsp;&nbsp;&nbsp;4.50%, 3/12/56 | 495 | &nbsp;&nbsp;&nbsp;&nbsp;(490) |
| &nbsp;&nbsp;&nbsp;5.00%, 3/15/56 | 485 | &nbsp;&nbsp;&nbsp;&nbsp;(487) |
|  |  | (2109) |
| Total TBA Sales Commitments<br> (Proceeds $(2074)) |  | (2109) |

---

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

(Amounts in 000s, except for contracts)

---

| |
|:---|
| **OPTIONS WRITTEN 0.0%** |
| **Exchange-Traded Options Written 0.0%** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Contracts** | **Notional<br> Amount** | **$ Value** |
| U.S. Treasury ten year futures contracts, Call, 3/27/26 @ $113.50 | &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;(5) |
| U.S. Treasury ten year futures contracts, Call, 3/27/26 @ $114.00 | 10 | 1138 | &nbsp;&nbsp;&nbsp;(5) |
| U.S. Treasury ten year futures contracts, Call, 3/27/26 @ $114.50 | &nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;(3) |
| **Total Options Written (Premiums $(10))** | **Total Options Written (Premiums $(10))** | **Total Options Written (Premiums $(10))** | **(13)** |

---

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

(Amounts in 000s)

**SWAPS 0.3%** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Notional<br> Amount** | **$ Value** | **Upfront<br> Payments/<br> $(Receipts)** | **Unrealized<br> $ Gain/(Loss)** |
| **BILATERAL SWAPS (0.1)%** | **BILATERAL SWAPS (0.1)%** | **BILATERAL SWAPS (0.1)%** | **BILATERAL SWAPS (0.1)%** | **BILATERAL SWAPS (0.1)%** |
| **Credit Default Swaps, Protection Sold (0.1)%** | **Credit Default Swaps, Protection Sold (0.1)%** | **Credit Default Swaps, Protection Sold (0.1)%** | **Credit Default Swaps, Protection Sold (0.1)%** | **Credit Default Swaps, Protection Sold (0.1)%** |
| Goldman Sachs, Protection Sold (Relevant Credit: Markit CMBX.NA.BBB-.18, 30 Year Index), Receive 3.00% Monthly, Pay upon credit default, 12/17/57 | &nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;(2) |
| Morgan Stanley, Protection Sold (Relevant Credit: Markit CMBX.NA.BBB-.18, 30 Year Index), Receive 3.00% Monthly, Pay upon credit default, 12/15/57 | 137 | (11) | &nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;(2) |
| Morgan Stanley, Protection Sold (Relevant Credit: Markit CMBX.NA.BBB-.18, 30 Year Index), Receive 3.00% Monthly, Pay upon credit default, 12/17/57 | 350 | (28) | (22) | &nbsp;&nbsp;&nbsp;(6) |
| **Total Bilateral Credit Default Swaps, Protection Sold** | **Total Bilateral Credit Default Swaps, Protection Sold** |  | **(35)** | **(10)** |
| **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%** |
| Goldman Sachs, Receive Underlying Reference: US Depressed Cyclicals Total Return Index Monthly, Pay Variable 3.68% (SOFR + 0.00%) Monthly, 1/19/27 | 546 | &nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;12 |
| Goldman Sachs, Receive Underlying Reference: X1 US Alts Total Return Index Monthly, Pay Variable 3.68% (SOFR + 0.00%) Monthly, 1/18/28 | &nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Goldman Sachs, Receive Underlying Reference: X1 US Alts Total Return Index Monthly, Pay Variable 3.68% (SOFR + 0.00%) Monthly, 1/19/28 | 166 | (17) | &nbsp;&nbsp;&nbsp;— | (17) |
| **Total Bilateral Total Return Swaps** | **Total Bilateral Total Return Swaps** |  | &nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;**(5)** |
| **Total Bilateral Swaps** | **Total Bilateral Swaps** |  | **(35)** | **(15)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Notional<br> Amount** | **$ Value** | **Initial<br> $ Value** | **Unrealized<br> $ Gain/(Loss)** |
| **CENTRALLY CLEARED SWAPS 0.5%** | **CENTRALLY CLEARED SWAPS 0.5%** | **CENTRALLY CLEARED SWAPS 0.5%** | **CENTRALLY CLEARED SWAPS 0.5%** | **CENTRALLY CLEARED SWAPS 0.5%** |
| **Credit Default Swaps, Protection Sold 0.5%** | **Credit Default Swaps, Protection Sold 0.5%** | **Credit Default Swaps, Protection Sold 0.5%** | **Credit Default Swaps, Protection Sold 0.5%** | **Credit Default Swaps, Protection Sold 0.5%** |
| Protection Sold (Relevant Credit: Markit CDX.NA.HY.S45, 5 Year Index), Receive 5.00% Quarterly, Pay upon credit default, 12/20/30 | 1904 | 148 | 117 | 31 |
| **Total Centrally Cleared Credit Default Swaps, Protection Sold** | **Total Centrally Cleared Credit Default Swaps, Protection Sold** | **Total Centrally Cleared Credit Default Swaps, Protection Sold** | **Total Centrally Cleared Credit Default Swaps, Protection Sold** | **31** |
| **Interest Rate Swaps 0.0%** | **Interest Rate Swaps 0.0%** | **Interest Rate Swaps 0.0%** | **Interest Rate Swaps 0.0%** | **Interest Rate Swaps 0.0%** |
| 10 Year Interest Rate Swap, Receive Fixed 13.08% At Maturity, Pay Variable 14.90% (BRL CDI) Maturity, 1/2/35 (BRL) | &nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1 |
| **Total Centrally Cleared Interest Rate Swaps** | **Total Centrally Cleared Interest Rate Swaps** | **Total Centrally Cleared Interest Rate Swaps** | **Total Centrally Cleared Interest Rate Swaps** | &nbsp;&nbsp;&nbsp;**1** |

---

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

(Amounts in 000s)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Notional<br> Amount** | **$ Value** | **Initial<br> $ Value** | **Unrealized<br> $ Gain/(Loss)** |
| **Zero-Coupon Inflation Swaps 0.0%** | **Zero-Coupon Inflation Swaps 0.0%** | **Zero-Coupon Inflation Swaps 0.0%** | **Zero-Coupon Inflation Swaps 0.0%** | **Zero-Coupon Inflation Swaps 0.0%** |
| 5 Year Zero-Coupon Inflation Swap, Pay Fixed 2.451% At Maturity, Receive Variable (Change in CPI) At Maturity, 11/21/30 | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;(1) |  | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| 5 Year Zero-Coupon Inflation Swap, Pay Fixed 2.443% At Maturity, Receive Variable (Change in CPI) At Maturity, 11/24/30 | 2000 | &nbsp;&nbsp;(9) |  | &nbsp;&nbsp;&nbsp;&nbsp;(9) |
| 5 Year Zero-Coupon Inflation Swap, Pay Fixed 2.366% At Maturity, Receive Variable (Change in CPI) At Maturity, 2/27/31 | &nbsp;&nbsp;&nbsp;&nbsp;200 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Centrally Cleared Zero-Coupon Inflation Swaps** |  |  |  | &nbsp;&nbsp;&nbsp;**(10)** |
| **Total Centrally Cleared Swaps** | **Total Centrally Cleared Swaps** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**22** |
| **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **$(35)** |
| **Variation margin receivable (payable) on centrally cleared swaps** | **Variation margin receivable (payable) on centrally cleared swaps** | **Variation margin receivable (payable) on centrally cleared swaps** | **Variation margin receivable (payable) on centrally cleared swaps** | **$(13)** |

---

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

(Amounts in 000s)

**FORWARD CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** | **Receive** |  | **Deliver** |  | **Unrealized<br> Gain/(Loss)** |
| Bank of America | 3/6/26 | COP | 194028 | USD | 51 | &nbsp;&nbsp;&nbsp;$1 |
| Bank of America | 3/6/26 | USD | 120 | COP | 465930 | &nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Bank of America | 4/10/26 | USD | 26 | IDR | 442899 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Barclays Bank | 3/6/26 | COP | 547044 | USD | 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Barclays Bank | 4/10/26 | USD | 15 | IDR | 254016 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Barclays Bank | 4/16/26 | TRY | 5550 | USD | 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| BNP Paribas | 3/3/26 | BRL | 786 | USD | 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| BNP Paribas | 3/3/26 | USD | 153 | BRL | 786 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Deutsche Bank | 3/6/26 | COP | 245770 | USD | 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Deutsche Bank | 3/16/26 | EGP | 24797 | USD | 499 | &nbsp;&nbsp;&nbsp;&nbsp;12 |
| Deutsche Bank | 4/10/26 | USD | 276 | INR | 25200 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Deutsche Bank | 4/17/26 | CZK | 5798 | USD | 283 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Goldman Sachs | 3/3/26 | BRL | 336 | USD | 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Goldman Sachs | 3/3/26 | BRL | 748 | USD | 132 | &nbsp;&nbsp;&nbsp;&nbsp;14 |
| Goldman Sachs | 3/3/26 | BRL | 696 | USD | 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Goldman Sachs | 3/3/26 | USD | 125 | BRL | 696 | &nbsp;&nbsp;&nbsp;(10) |
| Goldman Sachs | 3/3/26 | USD | 145 | BRL | 748 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Goldman Sachs | 3/3/26 | USD | 65 | BRL | 336 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Goldman Sachs | 3/6/26 | COP | 1206430 | USD | 323 | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Goldman Sachs | 6/2/26 | BRL | 146 | USD | 28 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| HSBC Bank | 3/6/26 | COP | 203302 | USD | 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| HSBC Bank | 3/6/26 | USD | 95 | COP | 352768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| HSBC Bank | 3/6/26 | USD | 10 | COP | 36989 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| HSBC Bank | 3/6/26 | USD | 55 | COP | 207060 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| HSBC Bank | 5/15/26 | USD | 20 | PLN | 73 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| HSBC Bank | 6/5/26 | COP | 352768 | USD | 93 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| HSBC Bank | 6/5/26 | COP | 207060 | USD | 54 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| HSBC Bank | 6/5/26 | COP | 36990 | USD | 10 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 3/3/26 | BRL | 332 | USD | 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| JPMorgan Chase | 3/3/26 | BRL | 65 | USD | 13 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 3/3/26 | USD | 12 | BRL | 65 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 3/3/26 | USD | 64 | BRL | 332 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 3/6/26 | COP | 664480 | USD | 177 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 3/6/26 | COP | 73979 | USD | 19 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 3/9/26 | USD | 426 | MYR | 1766 | &nbsp;&nbsp;&nbsp;(28) |
| JPMorgan Chase | 3/16/26 | EGP | 1498 | USD | 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| JPMorgan Chase | 3/16/26 | EGP | 2900 | USD | 60 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 4/10/26 | KRW | 200731 | USD | 140 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 4/16/26 | TRY | 821 | USD | 18 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 4/24/26 | JPY | 28395 | USD | 187 | &nbsp;&nbsp;&nbsp;&nbsp;(4) |
| JPMorgan Chase | 4/24/26 | JPY | 55121 | USD | 363 | &nbsp;&nbsp;&nbsp;&nbsp;(8) |
| JPMorgan Chase | 4/24/26 | JPY | 8653 | USD | 56 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 4/24/26 | USD | 18 | CHF | 14 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 5/22/26 | USD | 12 | EUR | 10 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 5/22/26 | USD | 23 | GBP | 17 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Morgan Stanley | 4/17/26 | MXN | 2535 | USD | 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Royal Bank of Canada | 3/13/26 | USD | 139 | SGD | 178 | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Royal Bank of Canada | 4/10/26 | USD | 26 | INR | 2359 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Royal Bank of Canada | 4/17/26 | MXN | 1180 | USD | 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Royal Bank of Canada | 5/8/26 | CLP | 45392 | USD | 53 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Royal Bank of Canada | 5/8/26 | CLP | 91239 | USD | 105 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Societe Generale SA | 3/6/26 | KZT | 35517 | USD | 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Societe Generale SA | 3/6/26 | USD | 570 | COP | 2160581 | &nbsp;&nbsp;&nbsp;&nbsp;(6) |
| Societe Generale SA | 5/8/26 | CLP | 44939 | USD | 52 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Societe Generale SA | 5/8/26 | CLP | 14229 | USD | 17 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Standard Chartered | 4/10/26 | USD | 260 | IDR | 4390021 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Standard Chartered | 4/17/26 | USD | 280 | CZK | 5798 | &nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

(Amounts in 000s)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** | **Receive** |  | **Deliver** |  | **Unrealized<br> Gain/(Loss)** |
| Standard Chartered | 4/24/26 | USD | 280 | CHF | 219 | &nbsp;&nbsp;$(6) |
| State Street | 3/6/26 | COP | 536712 | USD | 143 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 3/6/26 | USD | 69 | COP | 263791 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| State Street | 4/24/26 | JPY | 23008 | USD | 151 | &nbsp;&nbsp;&nbsp;&nbsp;(3) |
| State Street | 4/24/26 | JPY | 11481 | USD | 75 | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| State Street | 4/24/26 | USD | 210 | JPY | 32921 | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| State Street | 5/15/26 | USD | 285 | PLN | 1009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| State Street | 5/22/26 | USD | 129 | GBP | 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Toronto Dominion | 3/6/26 | COP | 59423 | USD | 15 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| UBS | 3/3/26 | BRL | 476 | USD | 92 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| UBS | 3/3/26 | BRL | 965 | USD | 187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| UBS | 3/3/26 | USD | 91 | BRL | 476 | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| UBS | 3/3/26 | USD | 186 | BRL | 965 | &nbsp;&nbsp;&nbsp;&nbsp;(3) |
| UBS | 5/22/26 | USD | 1010 | EUR | 847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| UBS | 6/2/26 | BRL | 476 | USD | 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| UBS | 6/2/26 | BRL | 965 | USD | 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **$(11)** |

---

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

---

| |
|:---|
| **FUTURES CONTRACTS** |
| ($000s) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Expiration<br> Date** | **Notional<br> Amount** | **Value and<br> Unrealized<br> Gain (Loss)** |
| Short, 2 Euro-Bund contracts | 06/26 | &nbsp;&nbsp;&nbsp;&nbsp;(305) | $(1) |
| Long, 15 U.S. Treasury Notes ten year contracts | 06/26 | &nbsp;&nbsp;1699 | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Long, 2 Ultra U.S. Treasury Bonds contracts | 06/26 | &nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Long, 19 Ultra U.S. Treasury Notes ten year contracts | 06/26 | &nbsp;&nbsp;2206 | &nbsp;&nbsp;&nbsp;12 |
| Short, 15 U.S. Treasury Notes five year contracts | 06/26 | (1647) | &nbsp;&nbsp;&nbsp;&nbsp;(5) |
| Long, 1 U.S. Treasury Notes two year contracts | 06/26 | &nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Short, 11 Three Month SOFR Futures contracts | 03/27 | (2661) | &nbsp;&nbsp;&nbsp;&nbsp;(5) |
| **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | &nbsp;&nbsp;&nbsp;**—** |
| **Variation margin receivable (payable) on open futures contracts** | **Variation margin receivable (payable) on open futures contracts** | **Variation margin receivable (payable) on open futures contracts** | **$12** |

---

------

T. ROWE PRICE MULTI-SECTOR INCOME 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 period 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 Floating Rate ETF | $(3) | $(51) | &nbsp;&nbsp;$42 |
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13 |
| Totals | $(3)# | $(51) | $55+ |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 Floating Rate ETF | &nbsp;&nbsp;&nbsp;&nbsp;$— | 2460 | 278 | &nbsp;&nbsp;$2131 |
| T. Rowe Price Government Reserve Fund | &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;933 |
|  | &nbsp;&nbsp;&nbsp;Total |  |  | $3,064^ |

---

---

| |
|:---|
| Capital gain distributions from underlying Price funds represented $0 of the net realized gain (loss). |
| Investment income comprised $55 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 $3,115. |

---

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

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

------

T. Rowe Price Exchange-Traded Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The Multi-Sector Income ETF (the fund) is an open-end management investment company established by the corporation and follows accounting and reporting guidance of the Financial Accounting Standards Board *Accounting Standards Codification* Topic 946. The accompanying Portfolio of Investments was prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). For additional information on the fund's significant accounting policies and investment related disclosures, please refer to the fund's most recent semiannual shareholder report and its prospectus.

#### VALUATION

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

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

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

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

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

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

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

------

T. ROWE PRICE MULTI-SECTOR INCOME 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. 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. Listed options, and OTC options with a listed equivalent, are valued at the mean of the closing bid and asked prices and exchange-traded options on futures contracts are valued at closing settlement prices. 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. Futures contracts are valued at closing settlement prices.

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):

------

T. ROWE PRICE MULTI-SECTOR INCOME ETF

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total Value** |
| **Assets** |  |  |  |  |
| Fixed Income Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$26828 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$26828 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;2131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;3218 | &nbsp;&nbsp;&nbsp;&nbsp;26872 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30090 |
| Swaps\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| Forward Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| Futures Contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &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;23 |
| Total | &nbsp;&nbsp;$3241 | &nbsp;&nbsp;$26999 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$30240 |
| **Liabilities** |  |  |  |  |
| TBA Sale Commitments | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$2109 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2109 |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &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;13 |
| Swaps\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| Forward Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| Futures Contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &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;11 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;$24 | &nbsp;&nbsp;$2275 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2299 |

---

<sup>1</sup> Includes Asset-Backed Securities, Bank Loans, Convertible Bonds, Corporate Bonds, Foreign Government Obligations & Municipalities, Municipal Securities, Non-U.S. Government Mortgage-Backed Securities and U.S. Government Agency Obligations (Excluding Mortgage-Backed).

\* The fair value presented includes cumulative gain (loss) on open futures contracts and centrally cleared swaps; however, the net value reflected on the accompanying Portfolio of Investments is only the unsettled variation margin receivable (payable) at that date.

#### 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.

#### ETF1257-054Q3

#### 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 Multi-Sector Income ETF

- **b. EDGAR series identifier (if any):** S000095889

- **c. LEI of Series:** 254900DHMPW04QYP3Q03

**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:** $32511947.04

**Total Liabilities:** $2503509.87

**Net Assets:** $30008437.17

**Delayed Delivery Securities:** $249875.00

**Stand-by Commitments:** $7340534.70

**Cash Not Reported:** $170097.07

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -3.778715 | **1-Year:** -608.243710 | **5-Year:** -1477.222168 | **10-Year:** 202.475474 | **30-Year:** -140.793768

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

- **3-Month:** -73.384022 | **1-Year:** -946.158532 | **5-Year:** -2443.223969 | **10-Year:** -677.999930 | **30-Year:** -217.492816

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000264671 | 0.62%                | 0.70%                | -0.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-273.95                 | $51786.53                                  |
| Month 2  | $-4814.82                | $81515.31                                  |
| Month 3  | $22074.83                | $-223302.71                                |

**Designated Index Information**

- **Index Name:** Bloomberg Barclays US Agg Total Return Value Unhedged USD (Returns)

- **Index Identifier:** LBUSTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                    | 3 MONTH SOFR FUT  DEC26 XCME 20270316                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |        -11 | NC      | $-5362.50     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | 5694264533 TROWE SWAPTION 3.83 CALL USD 2026050                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |          1 | NC      | $21854.73     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | 5694264547 TROWE SWAPTION 3.83 CALL USD 2026050                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |          1 | NC      | $21854.73     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS 144A            | ADIENT GLOBAL HOLDINGS COMPANY GUAR 144A 04/31 8.25                                                                                       | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |     190000 | PA      | $198545.34    | 0.66%             | 2031-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS 144A                | ADVANCE AUTO PARTS COMPANY GUAR 144A 08/30 7                                                                                              | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     253000 | PA      | $259391.86    | 0.86%             | 2030-08-01      | Fixed         | 7.00%                 | 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        |     145000 | PA      | $152626.65    | 0.51%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING CB 0.0 9/15 CVT  | ALIBABA GROUP HOLDING SR UNSECURED REGS 09/32 0.0000                                                                                      | CUSIP: TC91Y8ZU4<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |      92000 | PA      | $94440.39     | 0.31%             | 2032-09-15      | None          | 0.00%                 | 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        |     189000 | PA      | $192017.56    | 0.64%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP 144A            | AMERIGAS PART/FIN CORP SR UNSECURED 144A 06/28 9.375                                                                                      | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     185000 | PA      | $191058.34    | 0.64%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L 144A          | AMNEAL PHARMACEUTICALS L SR SECURED 144A 08/32 6.875                                                                                      | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |     188000 | PA      | $198079.77    | 0.66%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| APOLLO CMMRL REAL EST FI 144A          | APOLLO CMMRL REAL EST FI SR SECURED 144A 06/29 4.625                                                                                      | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |     154000 | PA      | $153338.43    | 0.51%             | 2029-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL CORP                      | ARES CAPITAL CORP COMMON STOCK USD.001                                                                                                    | CUSIP: 04010L103<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | EC               | CORP              | US        |       2170 | NS      | $40405.40     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MINERVA MERGER SUB INC 144A            | ATHENAHEALTH GROUP INC SR UNSECURED 144A 02/30 6.5                                                                                        | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |     109000 | PA      | $102482.80    | 0.34%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AVALARA TL B 1L BANKDEBT               | AVALARA INC 2025 TERM LOAN                                                                                                                | CUSIP: 05338KAD9<br>LEI: 549300Q16CMW239SS315 | Long             | LON              | CORP              | US        |      70000 | PA      | $64824.90     | 0.22%             | 2032-03-26      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| AESOP 2022-4A B 144A                   | AVIS BUDGET RENTAL CAR FUNDING AESOP 2022 4A B 144A                                                                                       | CUSIP: 05377RFQ2<br>LEI: IHXLB8SL0QWSSG2VG640 | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $102085.45    | 0.34%             | 2029-02-20      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| AXIS 2024-1A B 144A                    | AXIS EQUIPMENT FINANCE RECEIVA AXIS 2024 1A B 144A                                                                                        | CUSIP: 03237CAC6<br>LEI: 254900O8ABFLU3FOSN14 | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $101836.70    | 0.34%             | 2031-01-21      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                   | BANK OF AMERICA CORP SR UNSECURED 09/29 VAR                                                                                               | CUSIP: 06051GLS6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     144000 | PA      | $150161.67    | 0.50%             | 2029-09-15      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC CB 1% 02/29          | BARCLAYS BANK PLC SR UNSECURED 02/29 1                                                                                                    | CUSIP: 06744EDH7<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |     110000 | PA      | $113031.88    | 0.38%             | 2029-02-16      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| BATLN 2021-21A AR 144A                 | BATTALION CLO LTD BATLN 2021 21A AR 144A                                                                                                  | CUSIP: 07134WAN3<br>LEI: 549300EOF4JL75TYXX49 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250272.75    | 0.83%             | 2034-07-15      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                 | BBVA MEX BANCA GRUPO TX SUBORDINATED REGS 09/34 VAR                                                                                       | CUSIP: 05533U9G5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |     229000 | PA      | $230937.18    | 0.77%             | 2034-09-13      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE SECURED LENDING F           | BLACKSTONE SECURED LENDING F COMMON STOCK USD.001                                                                                         | CUSIP: 09261X102<br>LEI: 549300KM7KWQHVBNH962 | Long             | EC               | CORP              | US        |       1684 | NS      | $40213.92     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO                              | BOEING CO SR UNSECURED 05/26 3.1                                                                                                          | CUSIP: 097023CH6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     108000 | PA      | $107789.81    | 0.36%             | 2026-05-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC 144A           | BOOZ ALLEN HAMILTON INC COMPANY GUAR 144A 07/29 4                                                                                         | CUSIP: 09951LAB9<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |     151000 | PA      | $147720.08    | 0.49%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                           | BROADCOM INC SR UNSECURED 07/30 4.6                                                                                                       | CUSIP: 11135FCK5<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      77000 | PA      | $78668.49     | 0.26%             | 2030-07-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC 144A          | BUILDERS FIRSTSOURCE INC COMPANY GUAR 144A 05/35 6.75                                                                                     | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     250000 | PA      | $261077.18    | 0.87%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BULGARIA                               | BULGARIA SR UNSECURED REGS 03/37 5                                                                                                        | CUSIP: 12015K8R7<br>LEI: 529900PG0XCL4LICL838 | Long             | DBT              | NUSS              | BG        |      34000 | PA      | $34351.11     | 0.11%             | 2037-03-05      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BX 2025-VOLT A 144A                    | BX TRUST BX 2025 VOLT A 144A                                                                                                              | CUSIP: 05619PAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100093.75    | 0.33%             | 2044-12-15      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| CADENCE DESIGN SYS INC                 | CADENCE DESIGN SYS INC SR UNSECURED 09/27 4.2                                                                                             | CUSIP: 127387AM0<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | DBT              | CORP              | US        |      74000 | PA      | $74357.57     | 0.25%             | 2027-09-10      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CARMX 2025-1 C                         | CARMAX AUTO OWNER TRUST CARMX 2025 1 C                                                                                                    | CUSIP: 14319WAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $103041.84    | 0.34%             | 2030-10-15      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| CARVANA CO 144A                        | CARVANA CO SR SECURED 144A 06/31 9                                                                                                        | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |     335000 | PA      | $367200.48    | 1.22%             | 2031-06-01      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP 144A            | CCO HLDGS LLC/CAP CORP SR UNSECURED 144A 01/34 4.25                                                                                       | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     147000 | PA      | $128311.16    | 0.43%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CEDF 2022-15A AR 144A                  | CEDAR FUNDING LTD CEDF 2022 15A AR 144A                                                                                                   | CUSIP: 15032QAL6<br>LEI: 5493002XZZZCKFWQIL45 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250328.00    | 0.83%             | 2039-01-20      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| CESKA SPORITELNA AS                    | CESKA SPORITELNA AS REGS 03/28 VAR                                                                                                        | CUSIP: 1251869C2<br>LEI: 9KOGW2C2FCIOJQ7FF485 | Long             | DBT              | CORP              | CZ        |     100000 | PA      | $121801.77    | 0.41%             | 2028-03-08      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP               | CHARTER COMM OPT LLC/CAP SR SECURED 03/29 5.05                                                                                            | CUSIP: 161175BR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      91000 | PA      | $92382.58     | 0.31%             | 2029-03-30      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP               | CHARTER COMM OPT LLC/CAP SR SECURED 10/35 6.384                                                                                           | CUSIP: 161175AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      80000 | PA      | $83527.56     | 0.28%             | 2035-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CHOBANI HOLDCO II LLC 144A             | CHOBANI HOLDCO II LLC SR UNSECURED 144A 10/29 8.75                                                                                        | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     101000 | PA      | $104425.19    | 0.35%             | 2029-10-01      | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS 144A          | CHS/COMMUNITY HEALTH SYS SR SECURED 144A 01/32 10.875                                                                                     | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     112000 | PA      | $121540.70    | 0.41%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| CITRIX TL B 1L BANKDEBT                | CLOUD SOFTWARE GROUP INC 2025 TERM LOAN B 2032                                                                                            | CUSIP: 88632NBL3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | LON              | CORP              | US        |      70000 | PA      | $64785.00     | 0.22%             | 2032-08-13      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION 144A             | CMG MEDIA CORPORATION SECURED 144A 06/29 8.875                                                                                            | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     123000 | PA      | $108014.73    | 0.36%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC 144A            | COMSTOCK RESOURCES INC COMPANY GUAR 144A 03/29 6.75                                                                                       | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     151000 | PA      | $150532.90    | 0.50%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC 144A                | CP ATLAS BUYER INC SR SECURED 144A 07/30 9.75                                                                                             | CUSIP: 12597YAC3<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |     193000 | PA      | $193084.57    | 0.64%             | 2030-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE 144A           | CRESCENT ENERGY FINANCE COMPANY GUAR 144A 04/32 7.625                                                                                     | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     234000 | PA      | $236477.01    | 0.79%             | 2032-04-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC 144A                  | CRESCENT ENERGY FINANCE COMPANY GUAR 144A 04/32 7.875                                                                                     | CUSIP: 516806AK2<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     157000 | PA      | $159619.81    | 0.53%             | 2032-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| XROAD 2024-A B 144A                    | CROSSROADS ASSET TRUST XROAD 2024 A B 144A                                                                                                | CUSIP: 227927AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      42000 | PA      | $42918.05     | 0.14%             | 2030-08-20      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| CVR PARTNERS/CVR NITROGE 144A          | CVR PARTNERS/CVR NITROGE SR SECURED 144A 06/28 6.125                                                                                      | CUSIP: 12663QAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     149000 | PA      | $148871.05    | 0.50%             | 2028-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                        | CVS HEALTH CORP JR SUBORDINA 12/54 VAR                                                                                                    | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     244000 | PA      | $254367.66    | 0.85%             | 2054-12-10      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                        | CVS HEALTH CORP SR UNSECURED 02/30 5.125                                                                                                  | CUSIP: 126650DT4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     137000 | PA      | $141251.79    | 0.47%             | 2030-02-21      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENERGY INC                 | DIAMONDBACK ENERGY INC COMPANY GUAR 04/54 5.75                                                                                            | CUSIP: 25278XBA6<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |     120000 | PA      | $117064.10    | 0.39%             | 2054-04-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP 144A                 | DISH NETWORK CORP SR SECURED 144A 11/27 11.75                                                                                             | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |     102000 | PA      | $105353.68    | 0.35%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| DRIVE 2024-2 D                         | DRIVE AUTO RECEIVABLES TRUST DRIVE 2024 2 D                                                                                               | CUSIP: 26207AAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     100000 | PA      | $101095.73    | 0.34%             | 2032-05-17      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                          | ECHOSTAR CORP SR SECURED 11/29 10.75                                                                                                      | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |      93000 | PA      | $101570.69    | 0.34%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| ECOPETROL SA                           | ECOPETROL SA SR UNSECURED 01/36 8.375                                                                                                     | CUSIP: 279158AV1<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |      59000 | PA      | $60619.20     | 0.20%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ELD 2025-2A A1 144A                    | ELDRIDGE CLO LTD ELD 2025 2A A1 144A                                                                                                      | CUSIP: 28473AAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250682.00    | 0.84%             | 2039-01-20      | Floating      | 4.92%                 | No            |                  2 | On Loan: No      |
| EQUITABLE AMERICA GLOBAL 144A          | EQUITABLE AMERICA GLOBAL SECURED 144A 09/32 4.7                                                                                           | CUSIP: 29446Q2E2<br>LEI: 98450066CCBIACF06694 | Long             | DBT              | CORP              | US        |      90000 | PA      | $89563.87     | 0.30%             | 2032-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| N/A                                    | EURO-BUND FUTURE  MAR26 XEUR 20260306                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | DE        |         -2 | NC      | $-5624.42     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| CAS 2025-R06 1M1 144A                  | FANNIE MAE   CAS CAS 2025 R06 1M1 144A                                                                                                    | CUSIP: 20754YAB7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      85133 | PA      | $85329.64     | 0.28%             | 2045-09-25      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| BRAZIL                                 | FED REPUBLIC OF BRAZIL SR UNSECURED 03/35 6.625                                                                                           | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     200000 | PA      | $209975.47    | 0.70%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FIFTH THIRD BANCORP                    | FIFTH THIRD BANCORP SR UNSECURED 09/30 VAR                                                                                                | CUSIP: 316773DM9<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | DBT              | CORP              | US        |     105000 | PA      | $107169.65    | 0.36%             | 2030-09-06      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| FNMA 30 YR TBA MAR                     | FNMA TBA 30 YR 2 SINGLE FAMILY MORTGAGE                                                                                                   | CUSIP: 01F020638<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |    -255000 | PA      | $-211258.58   | -0.70%            | 2051-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FNMA 30 YR TBA MAR                     | FNMA TBA 30 YR 2.5 SINGLE FAMILY MORTGAGE                                                                                                 | CUSIP: 01F022634<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |    -245000 | PA      | $-212255.75   | -0.71%            | 2044-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FNMA 30 YR TBA MAR                     | FNMA TBA 30 YR 3 SINGLE FAMILY MORTGAGE                                                                                                   | CUSIP: 01F030637<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |    -235000 | PA      | $-212577.24   | -0.71%            | 2041-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FNMA 30 YR TBA MAR                     | FNMA TBA 30 YR 4 SINGLE FAMILY MORTGAGE                                                                                                   | CUSIP: 01F040636<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |    -510000 | PA      | $-495796.50   | -1.65%            | 2039-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FNMA 30 YR TBA MAR                     | FNMA TBA 30 YR 4.5 SINGLE FAMILY MORTGAGE                                                                                                 | CUSIP: 01F042632<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |    -495000 | PA      | $-489477.78   | -1.63%            | 2034-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FNMA 30 YR TBA MAR                     | FNMA TBA 30 YR 5 SINGLE FAMILY MORTGAGE                                                                                                   | CUSIP: 01F050635<br>LEI: N/A                  | Short            | ABS-MBS          | USGSE             | US        |    -485000 | PA      | $-487172.80   | -1.62%            | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORTINET INC                           | FORTINET INC SR UNSECURED 03/31 2.2                                                                                                       | CUSIP: 34959EAB5<br>LEI: 549300O0QJWDBAS0QX03 | Long             | DBT              | CORP              | US        |      67000 | PA      | $60705.05     | 0.20%             | 2031-03-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| STACR 2022-DNA2 M1B 144A               | FREDDIE MAC   STACR STACR 2022 DNA2 M1B 144A                                                                                              | CUSIP: 35564KRF8<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | USGSE             | US        |      60000 | PA      | $60712.80     | 0.20%             | 2042-02-25      | Floating      | 6.07%                 | No            |                  2 | On Loan: No      |
| STACR 2023-HQA3 A1 144A                | FREDDIE MAC   STACR STACR 2023 HQA3 A1 144A                                                                                               | CUSIP: 35564K3F4<br>LEI: 529900ZTXRUUVE8G8W08 | Long             | ABS-MBS          | USGSE             | US        |      86434 | PA      | $87132.94     | 0.29%             | 2043-11-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| STACR 2023-HQA3 M1 144A                | FREDDIE MAC   STACR STACR 2023 HQA3 M1 144A                                                                                               | CUSIP: 35564K3G2<br>LEI: 529900ZTXRUUVE8G8W08 | Long             | ABS-MBS          | USGSE             | US        |      42365 | PA      | $42563.37     | 0.14%             | 2043-11-25      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| STACR 2026-DNA1 M1 144A                | FREDDIE MAC   STACR STACR 2026 DNA1 M1 144A                                                                                               | CUSIP: 35564UCR6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      35000 | PA      | $35001.21     | 0.12%             | 2046-02-25      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                 | GENERAL MOTORS FINL CO SR UNSECURED 10/28 4.2                                                                                             | CUSIP: 37045XFL5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     122000 | PA      | $122457.15    | 0.41%             | 2028-10-27      | Fixed         | 4.20%                 | 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        |     196000 | PA      | $173380.20    | 0.58%             | 2030-11-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL BDC INC                  | GOLUB CAPITAL BDC INC COMMON STOCK USD.001                                                                                                | CUSIP: 38173M102<br>LEI: 2549005WE0QLGK9APF78 | Long             | EC               | CORP              | US        |       3247 | NS      | $38931.53     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAPHIC PACKAGING INTERN 144A          | GRAPHIC PACKAGING INTERN COMPANY GUAR 144A 02/30 3.75                                                                                     | CUSIP: 38869AAD9<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |     275000 | PA      | $259725.11    | 0.87%             | 2030-02-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HCA INC                                | HCA INC COMPANY GUAR 09/30 3.5                                                                                                            | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     235000 | PA      | $227643.91    | 0.76%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HIGHTOWER HOLDING LLC 144A             | HIGHTOWER HOLDING LLC SR UNSECURED 144A 01/30 9.125                                                                                       | CUSIP: 43118DAB6<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |      98000 | PA      | $101743.19    | 0.34%             | 2030-01-31      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP 144A          | HILCORP ENERGY I/HILCORP SR UNSECURED 144A 02/31 6                                                                                        | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     240000 | PA      | $234108.00    | 0.78%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HGVT 2023-1A C 144A                    | HILTON GRAND VACATIONS TRUST HGVT 2023 1A C 144A                                                                                          | CUSIP: 432917AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      74583 | PA      | $76722.91     | 0.26%             | 2038-01-25      | Fixed         | 6.94%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA 144A           | HYUNDAI CAPITAL AMERICA SR UNSECURED 144A 03/30 5.15                                                                                      | CUSIP: 44891ADQ7<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |      70000 | PA      | $72357.35     | 0.24%             | 2030-03-27      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA 144A           | HYUNDAI CAPITAL AMERICA SR UNSECURED 144A 06/28 4.9                                                                                       | CUSIP: 44891ADV6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     106000 | PA      | $107905.93    | 0.36%             | 2028-06-23      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COTE D'IVOIR               | IVORY COAST SR UNSECURED REGS 04/28 6.875                                                                                                 | CUSIP: TC8D423Y2<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |   65500000 | PA      | $119416.45    | 0.40%             | 2028-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN 144A           | JANE STREET GRP/JSG FIN SR SECURED 144A 04/31 7.125                                                                                       | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     247000 | PA      | $255887.47    | 0.85%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| JPMMT 2025-HE3 A1 144A                 | JP MORGAN MORTGAGE TRUST JPMMT 2025 HE3 A1 144A                                                                                           | CUSIP: 46660CAA5<br>LEI: 529900FDW9QWEZPAFE21 | Long             | ABS-O            | CORP              | US        |      22626 | PA      | $22606.37     | 0.08%             | 2056-03-20      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE FINANCIAL CB            | JPMORGAN CHASE FINANCIAL SR UNSECURED 06/27 0.5                                                                                           | CUSIP: 48133DL24<br>LEI: 549300NJFDJOFYVV6789 | Long             | DBT              | CORP              | US        |     138000 | PA      | $165796.61    | 0.55%             | 2027-06-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| JSC KASPI.KZ                           | KASPI.KZ JSC SR UNSECURED REGS 03/30 6.25                                                                                                 | CUSIP: 4662819A2<br>LEI: 2549003YU6FARG8OAZ13 | Long             | DBT              | CORP              | KZ        |     222000 | PA      | $228758.86    | 0.76%             | 2030-03-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KINGP 2021-1A A1R 144A                 | KINGS PARK CLO LTD KINGP 2021 1A A1R 144A                                                                                                 | CUSIP: 496094AQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250197.00    | 0.83%             | 2039-01-21      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| KLABIN AUSTRIA GMBH                    | KLABIN AUSTRIA GMBH COMPANY GUAR REGS 04/29 5.75                                                                                          | CUSIP: 49836A9A4<br>LEI: 984500578YEA8DD41B09 | Long             | DBT              | CORP              | AT        |     281000 | PA      | $286598.70    | 0.96%             | 2029-04-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC 144A              | LIFEPOINT HEALTH INC SR SECURED 144A 10/30 11                                                                                             | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |     181000 | PA      | $196663.90    | 0.66%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| N/A                                    | Long: 666117707 TRS USD R E TRS SOUSDCYC 1Y 01/19/2027/ Short: 666117707 TRS USD P V 12MSOFR TRS SOUSDCYC 1Y 01/19/2027                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | GB        |          1 | NC      | $6266.57      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | Long: 668719938 CDS USD R F  3.00000 5668719938FEE CMBX/ Short: 668719938 CDS USD P V 01MEVENT 5668719938PRO CMBX                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              | CORP              | GB        |          1 | NC      | $-11117.62    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | Long: 670578812 CDS USD R F  3.00000 5670578812FEE CMBX/ Short: 670578812 CDS USD P V 01MEVENT 5670578812PRO CMBX                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              | CORP              | GB        |          1 | NC      | $-6042.19     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | Long: 671792040 CDS USD R F  3.00000 5671792040FEE CMBX/ Short: 671792040 CDS USD P V 01MEVENT 5671792040PRO CMBX                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              | CORP              | GB        |          1 | NC      | $-5558.81     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | Long: 671792137 CDS USD R F  3.00000 5671792137FEE CMBX/ Short: 671792137 CDS USD P V 01MEVENT 5671792137PRO CMBX                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              | CORP              | GB        |          1 | NC      | $-5478.25     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | Long: 671792475 CDS USD R F  3.00000 5671792475FEE CMBX/ Short: 671792475 CDS USD P V 01MEVENT 5671792475PRO CMBX                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              | CORP              | GB        |          1 | NC      | $-5478.25     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | Long: 672922006 CDS USD R F  3.00000 5672922006FEE CMBX/ Short: 672922006 CDS USD P V 01MEVENT 5672922006PRO CMBX                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              | CORP              | GB        |          1 | NC      | $-5558.81     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | Long: 672922197 CDS USD R F  3.00000 5672922197FEE CMBX/ Short: 672922197 CDS USD P V 01MEVENT 5672922197PRO CMBX                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              | CORP              | GB        |          1 | NC      | $-5478.25     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | Long: 677161823 TRS USD R E TRS SOUSDCYC 1Y 01/19/2027/ Short: 677161823 TRS USD P V 12MSOFR TRS SOUSDCYC 1Y 01/19/2027                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | GB        |          1 | NC      | $3680.95      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | Long: 684518610 TRS USD R E TRS SOUSDCYC 1Y 01/19/2027/ Short: 684518610 TRS USD P V 12MSOFR TRS SOUSDCYC 1Y 01/19/2027                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | GB        |          1 | NC      | $2347.73      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | Long: 694467068 TRS USD R E TRS SOUSFALT 2Y 01/19/2028/ Short: 694467068 TRS USD P V 12MSOFR TRS SOUSFALT 2Y 01/19/2028                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | GB        |          1 | NC      | $-17506.11    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | Long: 714814454 TRS USD R E TRS SOUSFALT 2Y 01/18/2028/ Short: 714814454 TRS USD P V 12MSOFR TRS SOUSFALT 2Y 01/18/2028                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | GB        |          1 | NC      | $172.24       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | Long: B16302009 IRS USD R V 12MUSCPI 5716302009INF CCPINFLATIONZERO/ Short: B16302009 IRS USD P F  2.36620 5716302009FIX CCPINFLATIONZERO | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DO               | CORP              | US        |          1 | NC      | $84.62        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | Long: B18290669 IRS USD R V 12MUSCPI 5618290669INF CCPINFLATIONZERO/ Short: B18290669 IRS USD P F  2.45120 5618290669FIX CCPINFLATIONZERO | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DO               | CORP              | US        |          1 | NC      | $-599.47      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | Long: B23235043 IRS USD R V 12MUSCPI 5623235043INF CCPINFLATIONZERO/ Short: B23235043 IRS USD P F  2.44320 5623235043FIX CCPINFLATIONZERO | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DO               | CORP              | US        |          1 | NC      | $-8945.98     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | Long: S14489561 IRS BRL R F 13.08080 5714489561 FIX CCPNDFPREDISWAP/ Short: S14489561 IRS BRL P V 12MBRCDI 5714489561 FLO CCPNDFPREDISWAP | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |          1 | NC      | $296.97       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                    | Long: S71123036 CDS USD R F  5.00000 5571123036FEE CCPCDX/ Short: S71123036 CDS USD P V 03MEVENT 5571123036PRO CCPCDX                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              | CORP              | US        |          1 | NC      | $147530.36    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| MAD 2025-11MD B 144A                   | MADISON AVENUE TRUST MAD 2025 11MD B 144A                                                                                                 | CUSIP: 55616AAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $101318.25    | 0.34%             | 2042-10-15      | Variable      | 5.26%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC 144A                   | MADISON IAQ LLC SR UNSECURED 144A 06/29 5.875                                                                                             | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |     107000 | PA      | $106768.83    | 0.36%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MDPK 2019-35A A1R2 144A                | MADISON PARK FUNDING LTD MDPK 2019 35A A1R2 144A                                                                                          | CUSIP: 55819MBC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $249730.25    | 0.83%             | 2039-02-13      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| MDPK 2021-51A A1R 144A                 | MADISON PARK FUNDING LTD MDPK 2021 51A A1R 144A                                                                                           | CUSIP: 55821GAQ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250582.75    | 0.84%             | 2038-10-19      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| MAGNE 2023-37A A1R 144A                | MAGNETITE CLO LTD MAGNE 2023 37A A1R 144A                                                                                                 | CUSIP: 55952AAL3<br>LEI: 529900QDM2RO966NLE49 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250453.00    | 0.83%             | 2038-10-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| MALAYSIA                               | MALAYSIA GOVERNMENT BONDS 04/33 3.844                                                                                                     | CUSIP: 5609949S6<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    1720000 | PA      | $453723.90    | 1.51%             | 2033-04-15      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC 144A            | MATCH GROUP HLD II LLC SR UNSECURED 144A 09/33 6.125                                                                                      | CUSIP: 57667JAC6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     254000 | PA      | $253452.59    | 0.84%             | 2033-09-15      | Fixed         | 6.12%                 | 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        |     120000 | PA      | $98174.11     | 0.33%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE                  | MELCO RESORTS FINANCE SR UNSECURED REGS 07/28 5.75                                                                                        | CUSIP: 58547D9F8<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     287000 | PA      | $286725.53    | 0.96%             | 2028-07-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC 144A           | MIDAS OPCO HOLDINGS LLC COMPANY GUAR 144A 08/29 5.625                                                                                     | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |     206000 | PA      | $189595.23    | 0.63%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL 144A           | MPT OPER PARTNERSP/FINL SR SECURED 144A 02/32 8.5                                                                                         | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     186000 | PA      | $199097.18    | 0.66%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                           | NAVIENT CORP SR UNSECURED 07/30 9.375                                                                                                     | CUSIP: 63938CAN8<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     231000 | PA      | $233808.23    | 0.78%             | 2030-07-25      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC 144A              | NEPTUNE BIDCO US INC SR SECURED 144A 04/29 9.29                                                                                           | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     202000 | PA      | $202612.68    | 0.68%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| NRZT 2025-NQM6 A1 144A                 | NEW RESIDENTIAL MORTGAGE LOAN NRZT 2025 NQM6 A1 144A                                                                                      | CUSIP: 64832KAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      97689 | PA      | $98388.12     | 0.33%             | 2065-10-25      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| NGL ENERGY PARTNERS LP 144A            | NGL ENRGY OP/FIN CORP SR SECURED 144A 02/29 8.125                                                                                         | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     148000 | PA      | $153447.82    | 0.51%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NIAGARA MOHAWK POWER 144A              | NIAGARA MOHAWK POWER SR UNSECURED 144A 10/30 4.647                                                                                        | CUSIP: 653522DT6<br>LEI: 3T97Y9RR5EN5Y18QHB56 | Long             | DBT              | CORP              | US        |      81000 | PA      | $82301.69     | 0.27%             | 2030-10-03      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| NIGERIA T- BILL                        | NIGERIA OMO BILL BILLS 03/26 0.00000                                                                                                      | CUSIP: TC65FW7J2<br>LEI: 549300G1JG004Y3K8S97 | Long             | DBT              | NUSS              | NG        |  290000000 | PA      | $211846.15    | 0.71%             | 2026-03-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NORTH MACEDONIA                        | NORTH MACEDONIA SR UNSECURED REGS 03/27 6.96                                                                                              | CUSIP: 5569929H0<br>LEI: 635400RD1N6RVNCE4958 | Long             | DBT              | NUSS              | MK        |     100000 | PA      | $121919.06    | 0.41%             | 2027-03-13      | Fixed         | 6.96%                 | No            |                  2 | On Loan: No      |
| WOODS 2017-15A A1R3 144A               | NORTHWOODS CAPITAL LTD WOODS 2017 15A A1R3 144A                                                                                           | CUSIP: 66860GBJ2<br>LEI: 549300YIKFTAGHX8G333 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250718.75    | 0.84%             | 2038-03-20      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC 144A                    | NRG ENERGY INC JR SUBORDINA 144A 12/99 VAR                                                                                                | CUSIP: 629377CU4<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     238000 | PA      | $262520.85    | 0.87%             | 2174-09-15      | Variable      | 10.25%                | No            |                  2 | On Loan: No      |
| NYC 2025-28L B 144A                    | NYC COMMERCIAL MORTGAGE TRUST NYC 2025 28L B 144A                                                                                         | CUSIP: 67123JAC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100873.29    | 0.34%             | 2038-11-05      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR               | OCCIDENTAL PETROLEUM COR SR UNSECURED 07/30 8.875                                                                                         | CUSIP: 674599EA9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     116000 | PA      | $134762.38    | 0.45%             | 2030-07-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                              | ONEOK INC COMPANY GUAR 09/27 4.25                                                                                                         | CUSIP: 682680CB7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |     126000 | PA      | $126583.13    | 0.42%             | 2027-09-24      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                            | ORACLE CORP SR UNSECURED 09/30 4.45                                                                                                       | CUSIP: 68389XDH5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     331000 | PA      | $324431.40    | 1.08%             | 2030-09-26      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA SA              | PETROLEOS DE VENEZUELA S COMPANY GUAR REGS 11/21 9                                                                                        | CUSIP: 71654R9K8<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |     123000 | PA      | $46014.22     | 0.15%             | 2026-11-17      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                    | PETROLEOS MEXICANOS COMPANY GUAR 06/29 8.75                                                                                               | CUSIP: 71654QDL3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     188000 | PA      | $202299.17    | 0.67%             | 2029-06-02      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SERVICES                 | PNC FINANCIAL SERVICES SR UNSECURED 01/36 VAR                                                                                             | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      71000 | PA      | $74784.34     | 0.25%             | 2036-01-29      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| PROOFPOINT TL B 1L BANKDEBT            | PROOFPOINT INC 2025 FUNGIBLE TERM LOAN                                                                                                    | CUSIP: 74345HAJ0<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |      70000 | PA      | $66904.60     | 0.22%             | 2028-08-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| PR COMWLTH PUB IMPT CVI-SUBSER CW NT   | PUERTO RICO CMWLTH PRC 11/43 ADJUSTABLE VAR                                                                                               | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     140400 | PA      | $95822.99     | 0.32%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.               | PURCHASED BRL/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | BR        |          1 | NC      | $4223.99      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                 | PURCHASED BRL/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | BR        |          1 | NC      | $2559.53      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                 | PURCHASED BRL/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | BR        |          1 | NC      | $1552.92      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International            | PURCHASED BRL/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | BR        |          1 | NC      | $4545.15      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International            | PURCHASED BRL/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | BR        |          1 | NC      | $-10.48       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                         | PURCHASED BRL/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | BR        |          1 | NC      | $9133.34      | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International            | PURCHASED BRL/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | BR        |          1 | NC      | $14044.25     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                       | PURCHASED CLP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CL        |          1 | NC      | $-534.39      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                   | PURCHASED CLP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CL        |          1 | NC      | $-485.76      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                       | PURCHASED CLP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CL        |          1 | NC      | $-302.58      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                   | PURCHASED CLP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CL        |          1 | NC      | $-1019.10     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA N.A.                     | PURCHASED COP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CO        |          1 | NC      | $-1204.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.               | PURCHASED COP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CO        |          1 | NC      | $-212.83      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TORONTO DOMINION BANK                  | PURCHASED COP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CO        |          1 | NC      | $479.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.               | PURCHASED COP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CO        |          1 | NC      | $240.04       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.          | PURCHASED COP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CO        |          1 | NC      | $-67.03       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA N.A.                     | PURCHASED COP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CO        |          1 | NC      | $799.04       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                   | PURCHASED COP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CO        |          1 | NC      | $1122.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                      | PURCHASED COP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CO        |          1 | NC      | $1481.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International            | PURCHASED COP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CO        |          1 | NC      | $-2014.10     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                       | PURCHASED COP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CO        |          1 | NC      | $847.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                       | PURCHASED CZK/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CZ        |          1 | NC      | $86.11        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.               | PURCHASED EGP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | EG        |          1 | NC      | $724.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.               | PURCHASED EGP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | EG        |          1 | NC      | $-476.96      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                       | PURCHASED EGP/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | EG        |          1 | NC      | $11694.42     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.               | PURCHASED JPY/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | JP        |          1 | NC      | $-4170.90     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.               | PURCHASED JPY/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | JP        |          1 | NC      | $74.66        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.          | PURCHASED JPY/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | JP        |          1 | NC      | $-1543.92     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.          | PURCHASED JPY/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | JP        |          1 | NC      | $-2687.34     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.               | PURCHASED JPY/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | JP        |          1 | NC      | $-8096.45     | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.               | PURCHASED KRW/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | KR        |          1 | NC      | $-368.12      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                       | PURCHASED KZT/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | KZ        |          1 | NC      | $3891.92      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                   | PURCHASED MXN/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | MX        |          1 | NC      | $3213.47      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. International PLC | PURCHASED MXN/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | MX        |          1 | NC      | $7054.59      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                      | PURCHASED TRY/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | TR        |          1 | NC      | $2187.32      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.               | PURCHASED TRY/ SOLD USD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | TR        |          1 | NC      | $141.80       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International            | PURCHASED USD/ SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | BR        |          1 | NC      | $-10337.13    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                 | PURCHASED USD/ SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | BR        |          1 | NC      | $-2679.81     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.               | PURCHASED USD/ SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | BR        |          1 | NC      | $-339.45      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                 | PURCHASED USD/ SOLD BRL                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | BR        |          1 | NC      | $-1624.83     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.               | PURCHASED USD/ SOLD CHF                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CH        |          1 | NC      | $-95.93       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                | PURCHASED USD/ SOLD CHF                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CH        |          1 | NC      | $-6349.29     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA N.A.                     | PURCHASED USD/ SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CO        |          1 | NC      | $1082.27      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                       | PURCHASED USD/ SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CO        |          1 | NC      | $-5801.27     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.          | PURCHASED USD/ SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CO        |          1 | NC      | $-909.40      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                   | PURCHASED USD/ SOLD COP                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CO        |          1 | NC      | $-3976.65     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                | PURCHASED USD/ SOLD CZK                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CZ        |          1 | NC      | $-2835.39     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                 | PURCHASED USD/ SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | KY        |          1 | NC      | $5814.62      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.               | PURCHASED USD/ SOLD EUR                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | KY        |          1 | NC      | $-6.76        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.          | PURCHASED USD/ SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | GB        |          1 | NC      | $850.63       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.               | PURCHASED USD/ SOLD GBP                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | GB        |          1 | NC      | $132.74       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered Bank                | PURCHASED USD/ SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | ID        |          1 | NC      | $-1216.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America N.A.                   | PURCHASED USD/ SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | ID        |          1 | NC      | $-4.36        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                      | PURCHASED USD/ SOLD IDR                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | ID        |          1 | NC      | $-37.13       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                       | PURCHASED USD/ SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | IN        |          1 | NC      | $-557.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                   | PURCHASED USD/ SOLD INR                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | IN        |          1 | NC      | $-9.01        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.          | PURCHASED USD/ SOLD JPY                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | JP        |          1 | NC      | $-1775.79     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.               | PURCHASED USD/ SOLD MYR                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | MY        |          1 | NC      | $-27902.84    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA N.A.                     | PURCHASED USD/ SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | PL        |          1 | NC      | $19.20        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.          | PURCHASED USD/ SOLD PLN                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | PL        |          1 | NC      | $2736.31      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                   | PURCHASED USD/ SOLD SGD                                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | SG        |          1 | NC      | $-1624.98     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC 144A             | QNITY ELECTRONICS INC SR SECURED 144A 08/32 5.75                                                                                          | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |     251000 | PA      | $256817.06    | 0.86%             | 2032-08-15      | Fixed         | 5.75%                 | 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        |     191000 | PA      | $198498.15    | 0.66%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                   | RAIZEN FUELS FINANCE COMPANY GUAR REGS 03/34 6.45                                                                                         | CUSIP: 75102X9B4<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     200000 | PA      | $89091.84     | 0.30%             | 2034-03-05      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| RAIZEN FUELS FINANCE                   | RAIZEN FUELS FINANCE COMPANY GUAR REGS 03/54 6.95                                                                                         | CUSIP: 75102X9A6<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     280000 | PA      | $117223.13    | 0.39%             | 2054-03-05      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| REG16 2019-2A A1R2 144A                | REGATTA XVI FUNDING LTD. REG16 2019 2A A1R2 144A                                                                                          | CUSIP: 75888TAY1<br>LEI: 254900XPJFGKL5R4O429 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $249730.25    | 0.83%             | 2039-04-15      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                  | REPUBLIC OF ARGENTINA SR UNSECURED 01/38 VAR                                                                                              | CUSIP: 040114HU7<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     158000 | PA      | $124010.43    | 0.41%             | 2038-01-09      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COLOMBIA                               | REPUBLIC OF COLOMBIA SR UNSECURED 01/29 5.375                                                                                             | CUSIP: 195325ET8<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     400000 | PA      | $399665.28    | 1.33%             | 2029-01-21      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| COLOMBIA                               | REPUBLIC OF COLOMBIA SR UNSECURED 04/35 8.5                                                                                               | CUSIP: 195325ES0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     285000 | PA      | $312893.22    | 1.04%             | 2035-04-25      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PARAGUAY                               | REPUBLIC OF PARAGUAY SR UNSECURED REGS 01/33 2.739                                                                                        | CUSIP: 6991499H5<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |     225000 | PA      | $202684.84    | 0.68%             | 2033-01-29      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| POLAND                                 | REPUBLIC OF POLAND SR UNSECURED 10/33 4.875                                                                                               | CUSIP: 731011AV4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     162000 | PA      | $166261.52    | 0.55%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SRI LANKA 144A                         | REPUBLIC OF SRI LANKA SR UNSECURED 144A 02/38 VAR                                                                                         | CUSIP: 85227S9U2<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      68000 | PA      | $67939.48     | 0.23%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                  | REPUBLIC OF SRI LANKA SR UNSECURED REGS 05/36 VAR                                                                                         | CUSIP: TC67J2UB1<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |      72000 | PA      | $71833.31     | 0.24%             | 2036-05-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| TURKEY                                 | REPUBLIC OF TURKIYE SR UNSECURED 03/34 5.15                                                                                               | CUSIP: YI6861383<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     100000 | PA      | $119398.16    | 0.40%             | 2034-03-10      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| RIVIAN HLD/AUTO LLC 144A               | RIVIAN HLD/AUTO LLC SR SECURED 144A 01/31 10                                                                                              | CUSIP: 76954LAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      83000 | PA      | $78523.49     | 0.26%             | 2031-01-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN               | ROGERS COMMUNICATIONS IN SUBORDINATED 04/55 VAR                                                                                           | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     214000 | PA      | $226597.07    | 0.76%             | 2055-04-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| ROMANIA 144A                           | ROMANIA SR UNSECURED 144A 06/33 5.375                                                                                                     | CUSIP: TC3DTC4B7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     237000 | PA      | $290419.76    | 0.97%             | 2033-06-07      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                | ROMANIA SR UNSECURED REGS 09/31 5.125                                                                                                     | CUSIP: TC8M3M352<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     104000 | PA      | $128268.60    | 0.43%             | 2031-09-24      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                | SASOL FINANCING USA LLC COMPANY GUAR 09/28 6.5                                                                                            | CUSIP: 80386WAB1<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     288000 | PA      | $286051.08    | 0.95%             | 2028-09-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST               | SERVICE PROPERTIES TRUST COMPANY GUAR 12/27 5.5                                                                                           | CUSIP: 81761LAB8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |     110000 | PA      | $110365.20    | 0.37%             | 2027-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SHINHAN BANK                           | SHINHAN BANK SUBORDINATED REGS 04/34 5.75                                                                                                 | CUSIP: 8245899H0<br>LEI: 5493003P813VL21KG928 | Long             | DBT              | CORP              | KR        |     217000 | PA      | $231489.87    | 0.77%             | 2034-04-15      | Fixed         | 5.75%                 | 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        |     214000 | PA      | $210178.19    | 0.70%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SIXTH STREET SPECIALTY LENDING INC     | SIXTH STREET SPECIALTY LENDI COMMON STOCK USD.01                                                                                          | CUSIP: 83012A109<br>LEI: 549300TX61566GJWCN05 | Long             | EC               | CORP              | US        |       1997 | NS      | $34588.04     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CIVITAS RESOURCES INC 144A             | SM ENERGY CO COMPANY GUAR 144A 06/33 9.625                                                                                                | CUSIP: 17888HAD5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     205000 | PA      | $226627.39    | 0.76%             | 2033-06-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| STORABLE TL 1L BANKKDEBT               | STORABLE INTERMEDIATE HOLDINGS 2025 TERM LOAN B                                                                                           | CUSIP: 86210LAD0<br>LEI: 2549000AWFN27KOH3F59 | Long             | LON              | CORP              | US        |      70000 | PA      | $66762.50     | 0.22%             | 2031-04-16      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                           | SYNOPSYS INC SR UNSECURED 04/30 4.85                                                                                                      | CUSIP: 871607AC1<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |      95000 | PA      | $97295.98     | 0.32%             | 2030-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                       | T MOBILE USA INC COMPANY GUAR 04/30 3.875                                                                                                 | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |      76000 | PA      | $75408.74     | 0.25%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TRP FLOATING RATE ETF                  | T ROWE PRICE FLOATING RATE ETF T ROWE PRICE FLOATING RT ETF                                                                               | CUSIP: 87283Q883<br>LEI: 5493005Y3VRUR59CUG92 | Long             | EC               | RF                | US        |      33600 | NS      | $1680672.00   | 5.60%             |  |  |  | No            |                  1 | On Loan: No      |
| T. Rowe Price Government Reserve Fund  | T. Rowe Price Government Reserve Fund                                                                                                     | CUSIP: 000000000<br>LEI: 5493002Y0IYARJVQ5N24 | Long             | STIV             | RF                | US        |     932981 | NS      | $932981.16    | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC 144A           | TALEN ENERGY SUPPLY LLC COMPANY GUAR 144A 02/34 6.25                                                                                      | CUSIP: 87422VAM0<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |     196000 | PA      | $199431.61    | 0.66%             | 2034-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN 144A           | TALLGRASS NRG PRTNR/FIN SR UNSECURED 144A 02/29 7.375                                                                                     | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     145000 | PA      | $150321.97    | 0.50%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TEXAS 2025-TWR A 144A                  | TEXAS COMMERCIAL MORTGAGE TRUS TEXAS 2025 TWR A 144A                                                                                      | CUSIP: 88231WAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     100000 | PA      | $100031.22    | 0.33%             | 2042-04-15      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| TOBACCO STL FIN CORP TXBL SER A-1      | TOBACCO SETTLEMENT FING CORP V TOBGEN 06/46 FIXED OID 6.706                                                                               | CUSIP: 88880NAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     105000 | PA      | $83983.39     | 0.28%             | 2046-06-01      | Fixed         | 6.71%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN AQUILA LTD 144A             | TRANSOCEAN AQUILA LTD SR SECURED 144A 09/28 8                                                                                             | CUSIP: 893790AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     146785 | PA      | $150504.73    | 0.50%             | 2028-09-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| U S TREASURY BILL                      | TREASURY BILL 05/26 0.00000                                                                                                               | CUSIP: 912797QN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     609000 | PA      | $604567.66    | 2.01%             | 2026-05-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| U S TREASURY BILL                      | TREASURY BILL 05/26 0.00000                                                                                                               | CUSIP: 912797TS6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    3045000 | PA      | $3021446.10   | 10.07%            | 2026-05-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC 144A          | TRIDENT TPI HOLDINGS INC COMPANY GUAR 144A 12/28 12.75                                                                                    | CUSIP: 89616RAC3<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |     102000 | PA      | $104701.43    | 0.35%             | 2028-12-31      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| TRNTS 2019-10A AR2 144A                | TRINITAS CLO LTD TRNTS 2019 10A AR2 144A                                                                                                  | CUSIP: 89640AAW6<br>LEI: 549300W90X4BIMRJ8H82 | Long             | ABS-CBDO         | CORP              | KY        |     250000 | PA      | $250161.75    | 0.83%             | 2035-01-15      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                  | UBER TECHNOLOGIES INC SR UNSECURED 01/30 4.3                                                                                              | CUSIP: 90353TAN0<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     162000 | PA      | $162983.00    | 0.54%             | 2030-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                     | UKRAINE GOVERNMENT SR UNSECURED REGS 02/35 VAR                                                                                            | CUSIP: TC93R0JA7<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      45000 | PA      | $27517.57     | 0.09%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE                                | UKRAINE GOVERNMENT SR UNSECURED REGS 02/36 VAR                                                                                            | CUSIP: 9037249B0<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      23000 | PA      | $13843.18     | 0.05%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| UKRAINE                                | UKRAINE GOVERNMENT SR UNSECURED REGS 02/36 VAR                                                                                            | CUSIP: 9037248Y1<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      42000 | PA      | $23926.13     | 0.08%             | 2036-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                  | UNITED MEXICAN STATES SR UNSECURED 02/38 6.125                                                                                            | CUSIP: 91087BBR0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     200000 | PA      | $202731.07    | 0.68%             | 2038-02-09      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| N/A                                    | US 10YR FUT OPTN  APR26C 113.5 EXP 03/27/2026                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |         -7 | NC      | $-5140.63     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | US 10YR FUT OPTN  APR26C 114 EXP 03/27/2026                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |        -10 | NC      | $-5000.00     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | US 10YR FUT OPTN  APR26C 114.5 EXP 03/27/2026                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |         -7 | NC      | $-2406.25     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | US 10YR FUT OPTN  APR26P 110 EXP 03/27/2026                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |          7 | NC      | $7.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | US 10YR FUT OPTN  APR26P 110.5 EXP 03/27/2026                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |          7 | NC      | $7.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | US 10YR FUT OPTN  APR26P 111 EXP 03/27/2026                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |          7 | NC      | $109.38       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | US 10YR NOTE (CBT)JUN26 XCBT 20260618                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |         15 | NC      | $7609.38      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | US 10YR ULTRA FUT JUN26 XCBT 20260618                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |         19 | NC      | $12375.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | US 2YR NOTE (CBT) JUN26 XCBT 20260630                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |          1 | NC      | $414.07       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | US 5YR NOTE (CBT) JUN26 XCBT 20260630                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |        -15 | NC      | $-4790.48     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                    | US ULTRA BOND CBT JUN26 XCBT 20260618                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |          2 | NC      | $2312.50      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UWM HOLDINGS LLC 144A                  | UWM HOLDINGS LLC COMPANY GUAR 144A 02/30 6.625                                                                                            | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      75000 | PA      | $74421.93     | 0.25%             | 2030-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| UZBEK INDUSTRIAL AND CON               | UZBEK INDUSTRIAL AND CON SR UNSECURED REGS 07/27 21                                                                                       | CUSIP: TC2XYJP20<br>LEI: 213800C2NIFPFTXYIU69 | Long             | DBT              | CORP              | UZ        | 2500000000 | PA      | $219717.37    | 0.73%             | 2027-07-24      | Fixed         | 21.00%                | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC 144A            | VENTURE GLOBAL LNG INC JR SUBORDINA 144A 12/99 VAR                                                                                        | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      80000 | PA      | $69939.50     | 0.23%             | 2174-03-30      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| VEON HOLDINGS BV                       | VEON MIDCO BV COMPANY GUAR REGS 11/27 3.375                                                                                               | CUSIP: TC5QQ6AG4<br>LEI: 213800GOFSH7EPKBRE50 | Long             | DBT              | CORP              | NL        |     300000 | PA      | $287836.94    | 0.96%             | 2027-11-25      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP 144A                       | VISTRA CORP JR SUBORDINA 144A VAR                                                                                                         | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |      76000 | PA      | $77340.38     | 0.26%             | 2174-04-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC 144A          | VISTRA OPERATIONS CO LLC SR SECURED 144A 04/34 6                                                                                          | CUSIP: 92840VAS1<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      57000 | PA      | $60370.46     | 0.20%             | 2034-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                  | WELLS FARGO + COMPANY SR UNSECURED 03/28 VAR                                                                                              | CUSIP: 95000U2V4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      52000 | PA      | $51723.60     | 0.17%             | 2028-03-24      | Variable      | 3.53%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                  | WELLS FARGO + COMPANY SR UNSECURED 04/31 VAR                                                                                              | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     258000 | PA      | $267041.16    | 0.89%             | 2031-04-23      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| WEN 2025-1A A2I 144A                   | WENDYS FUNDING LLC WEN 2025 1A A2I 144A                                                                                                   | CUSIP: 95058XAR9<br>LEI: 5493009DRVSTWJOXUL48 | Long             | ABS-O            | CORP              | US        |      50000 | PA      | $51086.25     | 0.17%             | 2055-12-15      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OPERATING 144A            | XPLR INFRAST OPERATING SR UNSECURED 144A 01/29 7.25                                                                                       | CUSIP: 65342QAM4<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |      74000 | PA      | $76684.46     | 0.26%             | 2029-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ZHONGSHENG GROUP                       | ZHONGSHENG GROUP SR UNSECURED REGS 01/28 5.98                                                                                             | CUSIP: 5329969C1<br>LEI: 3003005VYMEBAJNJ2Y26 | Long             | DBT              | CORP              | KY        |     223000 | PA      | $224946.26    | 0.75%             | 2028-01-30      | Fixed         | 5.98%                 | 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