# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-25-001844
**Filing Date:** 2025-10
**Character Count:** 354118
**Document Hash:** f6b19cd2d2c4295fa89def2516cd7654
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-001844.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001099263-25-001844

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20260531

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23494
- **FILM NUMBER:** 251424327

**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 Ultra Short-Term Bond ETF (Series ID: S000072799)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000229340 | T. Rowe Price Ultra Short-Term Bond ETF | TBUX            |

## Nport-Ex

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

August 31, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS‡** | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **ASSET-BACKED SECURITIES 23.6%** | **ASSET-BACKED SECURITIES 23.6%** | **ASSET-BACKED SECURITIES 23.6%** |
| **Auto Backed 11.2%** |  |  |
| Ally Auto Receivables Trust, Series 2023-A, Class B, 6.01%, 1/17/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| Ally Bank Auto Credit-Linked Notes, Series 2024-A, Class A2, 5.681%, 5/17/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp;336 |
| Ally Bank Auto Credit-Linked Notes, Series 2024-A, Class B, 5.827%, 5/17/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| Ally Bank Auto Credit-Linked Notes, Series 2024-B, Class A2, 4.97%, 9/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp;173 |
| Ally Bank Auto Credit-Linked Notes, Series 2024-B, Class B, 5.117%, 9/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;392 |
| Ally Bank Auto Credit-Linked Notes, Series 2025-A, Class B, 4.648%, 6/15/33 (1) | 1045 | 1047 |
| ARI Fleet Lease Trust, Series 2023-B, Class A2, 6.05%, 7/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;92 |
| ARI Fleet Lease Trust, Series 2024-A, Class A2, 5.30%, 11/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;288 |
| ARI Fleet Lease Trust, Series 2024-B, Class A2, 5.54%, 4/15/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;266 |
| ARI Fleet Lease Trust, Series 2025-A, Class A2, 4.38%, 1/17/34 (1) | 1430 | 1433 |
| Bayview Opportunity Master Fund VII, Series 2024-CAR1, Class A, FRN, SOFR30A + 1.10%, 5.448%, 12/26/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| Carvana Auto Receivables Trust, Series 2021-N2, Class A2, 0.97%, 3/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| Carvana Auto Receivables Trust, Series 2021-N4, Class A2, 1.80%, 9/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| Carvana Auto Receivables Trust, Series 2021-N4, Class B, 1.24%, 9/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Carvana Auto Receivables Trust, Series 2021-P3, Class A4, 1.03%, 6/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;314 |
| Carvana Auto Receivables Trust, Series 2022-N1, Class A2, 3.21%, 12/11/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| Carvana Auto Receivables Trust, Series 2022-P1, Class B, 3.00%, 2/10/28 | 1750 | 1719 |
| Carvana Auto Receivables Trust, Series 2022-P2, Class B, 5.08%, 4/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;222 |
| Carvana Auto Receivables Trust, Series 2023-N1, Class C, 5.92%, 7/10/29 (1) | 2090 | 2106 |
| Carvana Auto Receivables Trust, Series 2023-N3, Class A, 6.41%, 9/10/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Carvana Auto Receivables Trust, Series 2023-P1, Class B, 6.21%, 4/10/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;187 |
| Carvana Auto Receivables Trust, Series 2024-N1, Class A3, 5.60%, 3/10/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;260 |
| Carvana Auto Receivables Trust, Series 2024-N1, Class B, 5.63%, 5/10/30 (1) | 1415 | 1432 |
| Carvana Auto Receivables Trust, Series 2024-N2, Class A3, 5.71%, 7/10/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;136 |
| Carvana Auto Receivables Trust, Series 2024-N2, Class B, 5.67%, 9/10/30 (1) | 2665 | 2707 |
| Carvana Auto Receivables Trust, Series 2024-N3, Class B, 4.67%, 12/10/30 (1) | 1000 | 1002 |
| Carvana Auto Receivables Trust, Series 2024-P2, Class A2, 5.63%, 11/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| Carvana Auto Receivables Trust, Series 2024-P2, Class A3, 5.33%, 7/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;268 |
| Carvana Auto Receivables Trust, Series 2024-P4, Class A2, 4.62%, 2/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp;529 |
| Carvana Auto Receivables Trust, Series 2024-P4, Class A3, 4.64%, 1/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;478 |
| Carvana Auto Receivables Trust, Series 2025-N1, Class A2, 4.78%, 5/10/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp;433 |
| Carvana Auto Receivables Trust, Series 2025-N1, Class A3, 4.91%, 8/10/29 (1) | 1000 | 1009 |
| Carvana Auto Receivables Trust, Series 2025-P2, Class A2, 4.56%, 8/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;796 |
| Carvana Auto Receivables Trust, Series 2025-P2, Class A3, 4.55%, 8/12/30 | 1180 | 1191 |
| Chase Auto Credit Linked Notes, Series 2025-1, Class B, 4.753%, 2/25/33 (1) | 1013 | 1019 |
| Dell Equipment Finance Trust, Series 2024-2, Class A3, 4.50%, 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;335 |
| Drive Auto Receivables Trust, Series 2021-3, Class D, 1.94%, 6/15/29 (1) | 2090 | 2061 |
| Drive Auto Receivables Trust, Series 2024-1, Class B, 5.31%, 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;312 |
| Drive Auto Receivables Trust, Series 2024-2, Class B, 4.52%, 7/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;266 |
| Drive Auto Receivables Trust, Series 2025-1, Class A3, 4.73%, 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;715 |
| Drive Auto Receivables Trust, Series 2025-1, Class B, 4.79%, 9/15/32 | 1000 | 1009 |
| Enterprise Fleet Financing, Series 2022-3, Class A2, 4.38%, 7/20/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| Enterprise Fleet Financing, Series 2023-2, Class A2, 5.56%, 4/22/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;164 |

---

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T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

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| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Enterprise Fleet Financing, Series 2023-3, Class A2, 6.40%, 3/20/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;157 |
| Enterprise Fleet Financing, Series 2024-1, Class A2, 5.23%, 3/20/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;331 |
| Enterprise Fleet Financing, Series 2024-2, Class A2, 5.74%, 12/20/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;219 |
| Enterprise Fleet Financing, Series 2024-3, Class A2, 5.31%, 4/20/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;110 |
| Enterprise Fleet Financing, Series 2025-1, Class A2, 4.65%, 10/20/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;502 |
| Enterprise Fleet Financing, Series 2025-2, Class A2, 4.51%, 2/22/28 (1) | 1010 | 1013 |
| Exeter Automobile Receivables Trust, Series 2021-1A, Class E, 2.21%, 2/15/28 (1) | 1381 | 1376 |
| Exeter Automobile Receivables Trust, Series 2022-1A, Class D, 3.02%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| Exeter Automobile Receivables Trust, Series 2023-4A, Class B, 6.31%, 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Exeter Automobile Receivables Trust, Series 2024-1A, Class B, 5.29%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp;385 |
| Exeter Automobile Receivables Trust, Series 2024-2A, Class B, 5.61%, 4/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;148 |
| Exeter Automobile Receivables Trust, Series 2024-4A, Class B, 5.29%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp;357 |
| Exeter Automobile Receivables Trust, Series 2025-3A, Class A3, 4.78%, 7/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| Exeter Automobile Receivables Trust, Series 2025-3A, Class B, 4.86%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;537 |
| Exeter Automobile Receivables Trust, Series 2025-4A, Class B, 4.40%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;843 |
| Exeter Select Automobile Receivables Trust, Series 2025-1, Class A3, 4.69%, 4/15/30 | 2405 | 2425 |
| Ford Credit Auto Lease Trust, Series 2023-B, Class B, 6.20%, 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| Ford Credit Auto Owner Trust, Series 2020-2, Class C, 1.74%, 4/15/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;119 |
| Ford Credit Auto Owner Trust, Series 2021-1, Class B, 1.61%, 10/17/33 (1) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;981 |
| Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class B, 5.31%, 5/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;904 |
| Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class D, 6.62%, 5/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| Ford Credit Floorplan Master Owner Trust A, Series 2024-1, Class B, 5.48%, 4/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;304 |
| Ford Credit Floorplan Master Owner Trust A, Series 2024-3, Class A1, 4.30%, 9/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;588 |
| Ford Credit Floorplan Master Owner Trust A, Series 2024-3, Class B, 4.50%, 9/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;396 |
| GM Financial Automobile Leasing Trust, Series 2023-2, Class B, 5.54%, 5/20/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| GM Financial Automobile Leasing Trust, Series 2025-1, Class A4, 4.70%, 2/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;757 |
| GM Financial Automobile Leasing Trust, Series 2025-1, Class B, 4.89%, 2/20/29 | 1235 | 1248 |
| GM Financial Automobile Leasing Trust, Series 2025-2, Class B, 4.80%, 4/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;707 |
| GMF Floorplan Owner Revolving Trust, Series 2024-3A, Class B, 4.92%, 11/15/28 (1) | 1200 | 1206 |
| Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.153%, 5/20/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;962 |
| Huntington Bank Auto Credit-Linked Notes, Series 2024-2, Class B1, 5.442%, 10/20/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp;426 |
| Huntington Bank Auto Credit-Linked Notes, Series 2025-1, Class B1, 4.957%, 3/21/33 (1) | 2208 | 2220 |
| Huntington Bank Auto Credit-Linked Notes, Series 2025-2, Class B1, 4.835%, 9/20/33 (1) | 2640 | 2646 |
| Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A3, 5.02%, 3/15/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;261 |
| Hyundai Auto Lease Securitization Trust, Series 2024-A, Class B, 5.35%, 5/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| Hyundai Auto Lease Securitization Trust, Series 2025-B, Class B, 4.94%, 8/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;922 |
| Navistar Financial Dealer Note Master Owner Trust, Series 2024-1, Class A, 5.59%, 4/25/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| Octane Receivables Trust, Series 2023-1A, Class A, 5.87%, 5/21/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| Octane Receivables Trust, Series 2023-1A, Class B, 5.96%, 7/20/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;201 |

---

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T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

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| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Octane Receivables Trust, Series 2023-3A, Class A2, 6.44%, 3/20/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 |
| Octane Receivables Trust, Series 2023-3A, Class B, 6.48%, 7/20/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 |
| Octane Receivables Trust, Series 2023-3A, Class C, 6.74%, 8/20/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 |
| Santander Bank Auto Credit-Linked Notes, Series 2023-B, Class B, 5.64%, 12/15/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 |
| Santander Bank Auto Credit-Linked Notes, Series 2024-B, Class A2, 4.911%, 1/18/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 |
| Santander Bank Auto Credit-Linked Notes, Series 2024-B, Class B, 4.965%, 1/18/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
| Santander Drive Auto Receivables Trust, Series 2022-3, Class C, 4.49%, 8/15/29 | 1636 | &nbsp;&nbsp;&nbsp;1636 |
| Santander Drive Auto Receivables Trust, Series 2023-1, Class B, 4.98%, 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Santander Drive Auto Receivables Trust, Series 2023-3, Class A3, 5.61%, 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Santander Drive Auto Receivables Trust, Series 2023-4, Class A3, 5.73%, 4/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| Santander Drive Auto Receivables Trust, Series 2024-1, Class B, 5.23%, 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 |
| Santander Drive Auto Receivables Trust, Series 2024-2, Class B, 5.78%, 7/16/29 | 1000 | &nbsp;&nbsp;&nbsp;1016 |
| Santander Drive Auto Receivables Trust, Series 2024-5, Class A2, 4.88%, 9/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
| Santander Drive Auto Receivables Trust, Series 2024-5, Class A3, 4.62%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 |
| Santander Drive Auto Receivables Trust, Series 2025-1, Class B, 4.88%, 3/17/31 | 2200 | &nbsp;&nbsp;&nbsp;2223 |
| SBNA Auto Lease Trust, Series 2024-A, Class A4, 5.24%, 1/22/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.56%, 11/22/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
| SBNA Auto Lease Trust, Series 2024-B, Class A4, 5.55%, 12/20/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 |
| SBNA Auto Lease Trust, Series 2024-C, Class A3, 4.56%, 2/22/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 |
| SBNA Auto Lease Trust, Series 2024-C, Class A4, 4.42%, 3/20/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 |
| SBNA Auto Lease Trust, Series 2025-A, Class A3, 4.83%, 4/20/28 (1) | 2000 | &nbsp;&nbsp;&nbsp;2013 |
| SBNA Auto Receivables Trust, Series 2024-A, Class A3, 5.32%, 12/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 |
| SBNA Auto Receivables Trust, Series 2025-SF1, Class B, 5.12%, 3/17/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038%, 7/25/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 |
| Securitized Term Auto Receivables Trust, Series 2025-B, Class B, 4.925%, 12/29/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 |
| SFS Auto Receivables Securitization Trust, Series 2025-1A, Class A3, 4.75%, 7/22/30 (1) | 1750 | &nbsp;&nbsp;&nbsp;1770 |
| Stellantis Financial Underwritten Enhanced Lease, Series 2025-BA, Class B, 4.47%, 7/20/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 |
| Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-AA, Class A2, 4.63%, 7/20/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 |
| US Bank, Series 2023-1, Class B, 6.789%, 8/25/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 |
| USB Auto Owner Trust, Series 2025-1A, Class A2, 4.51%, 6/15/28 (1) | 1250 | &nbsp;&nbsp;&nbsp;1254 |
| Volkswagen Auto Lease Trust, Series 2024-A, Class A3, 5.21%, 6/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 |
| Wheels Fleet Lease Funding 1, Series 2024-1A, Class A1, 5.49%, 2/18/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 |
| World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 |
| World Omni Select Auto Trust, Series 2023-A, Class C, 6.00%, 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 |
|  |  | 69683 |
| **Collateralized Debt Obligations 7.9%** |  |  |
| Alinea CLO, Series 2018-1A, Class BR, FRN, 3M TSFR + 1.15%, 5.475%, 7/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| Atrium XIII, Series 13A, Class AR, FRN, 3M TSFR + 1.15%, 5.469%, 11/21/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 |
| Battalion CLO IX, Series 2015-9A, Class ARR, FRN, 3M TSFR + 0.96%, 5.274%, 7/15/31 (1) | 4000 | &nbsp;&nbsp;&nbsp;3995 |
| Battalion CLO VIII, Series 2015-8A, Class A2R3, FRN, 3M TSFR + 1.00%, 5.329%, 7/18/30 (1) | 4000 | &nbsp;&nbsp;&nbsp;4000 |

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T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

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| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Battalion CLO XII, Series 2018-12A, Class ARR, FRN, 3M TSFR + 0.93%, 5.115%, 5/17/31 (1) | 1596 | 1595 |
| Battalion CLO XV, Series 2020-15A, Class A1RR, FRN, 3M TSFR + 0.98%, 5.302%, 1/17/33 (1) | 2297 | 2297 |
| BlueMountain CLO, Series 2015-3A, Class A1R, FRN, 3M TSFR + 1.26%, 5.587%, 4/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| BlueMountain CLO, Series 2016-3A, Class A1R2, FRN, 3M TSFR + 1.20%, 5.411%, 11/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp;214 |
| BlueMountain CLO, Series 2018-3A, Class A1R, FRN, 3M TSFR + 1.19%, 5.508%, 10/25/30 (1) | 1566 | 1569 |
| Carlyle Global Market Strategies CLO, Series 2014-2RA, Class A1, FRN, 3M TSFR + 1.31%, 5.523%, 5/15/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;236 |
| Chenango Park CLO, Series 2018-1A, Class A2R, FRN, 3M TSFR + 1.45%, 5.768%, 4/15/30 (1) | 1565 | 1569 |
| CIFC Funding, Series 2013-2A, Class A1L2, FRN, 3M TSFR + 1.26%, 5.591%, 10/18/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp;367 |
| CIFC Funding, Series 2016-1A, Class AR3, FRN, 3M TSFR + 1.00%, 5.325%, 10/21/31 (1) | 1423 | 1422 |
| Crown Point CLO 7, Series 2018-7A, Class AR, FRN, 3M TSFR + 1.23%, 5.556%, 10/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp;243 |
| Dryden 45 Senior Loan Fund, Series 2016-45A, Class BRR, FRN, 3M TSFR + 1.65%, 5.968%, 10/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;796 |
| Dryden 53 CLO, Series 2017-53A, Class AR, FRN, 3M TSFR + 1.00%, 5.302%, 1/15/31 (1) | 2433 | 2435 |
| Dryden 80 CLO, Series 2019-80A, Class ARR, FRN, 3M TSFR + 0.95%, 5.155%, 1/17/33 (1) | 3000 | 3000 |
| Fortress Credit BSL VII, Series 2019-1A, Class A1R, FRN, 3M TSFR + 1.09%, 5.409%, 7/23/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp;412 |
| Fortress Credit BSL VIII, Series 2019-2A, Class A1AR, FRN, 3M TSFR + 1.05%, 5.375%, 10/20/32 (1) | 1426 | 1426 |
| Highbridge Loan Management, Series 5A-2015, Class A1R3, FRN, 3M TSFR + 1.06%, 5.378%, 10/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp;422 |
| KKR CLO 18, Series 18, Class A1R2, FRN, 3M TSFR + 1.05%, 5.221%, 10/18/35 (1) | 3040 | 3040 |
| KKR CLO 49, Series 49A, Class X, FRN, 3M TSFR + 1.10%, 5.425%, 10/20/37 (1) | &nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp;917 |
| Madison Park Funding XXXV, Series 2019-35A, Class A1R, FRN, 3M TSFR + 1.25%, 5.577%, 4/20/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;881 | &nbsp;&nbsp;&nbsp;&nbsp;882 |
| Marble Point CLO XII, Series 2018-2A, Class A12R, FRN, 3M TSFR + 1.20%, 5.526%, 1/20/32 (1) | 1127 | 1127 |
| Marble Point CLO XV, Series 2019-1A, Class A1R2, FRN, 3M TSFR + 1.04%, 5.359%, 7/23/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;660 |
| Northwoods Capital XIV-B, Series 2018-14BA, Class AR, FRN, 3M TSFR + 1.25%, 5.478%, 11/13/31 (1) | 2937 | 2941 |
| Octagon Investment Partners 39, Series 2018-3A, Class AR, FRN, 3M TSFR + 1.15%, 5.475%, 10/20/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp;487 |
| Octagon Investment Partners XXI, Series 2014-1A, Class AAR4, FRN, 3M TSFR + 0.81%, 5.043%, 2/14/31 (1) | 1284 | 1284 |
| OZLM XV, Series 2016-15A, Class A1R3, FRN, 3M TSFR + 1.05%, 5.332%, 4/20/33 (1) | 3000 | 3003 |
| OZLM XV, Series 2018-20A, Class A2, FRN, 3M TSFR + 1.91%, 6.237%, 4/20/31 (1) | 1655 | 1658 |
| OZLM XXI, Series 2017-21A, Class A1R, FRN, 3M TSFR + 1.15%, 5.475%, 1/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Romark CLO II, Series 2018-2A, Class A1R, FRN, 3M TSFR + 1.14%, 5.458%, 7/25/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;421 |

---

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Symphony CLO XVI, Series 2015-16A, Class ARR, FRN, 3M TSFR + 1.20%, 5.518%, 10/15/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 |
| Symphony CLO XXIII, Series 2020-23A, Class AR2, FRN, 3M TSFR + 0.90%, 5.218%, 1/15/34 (1) | 1802 | &nbsp;&nbsp;&nbsp;1800 |
| THL Credit Wind River CLO, Series 2015-1A, Class A1R3, FRN, 3M TSFR + 1.20%, 5.525%, 10/20/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| THL Credit Wind River CLO, Series 2019-3A, Class AR2, FRN, 3M TSFR + 1.06%, 5.378%, 4/15/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 |
| TIAA CLO I, Series 2016-1A, Class ARR, FRN, 3M TSFR + 1.25%, 5.576%, 7/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 |
| Trinitas CLO IX, Series 2018-9A, Class BRRR, FRN, 3M TSFR + 1.70%, 6.026%, 1/20/32 (1) | 2475 | &nbsp;&nbsp;&nbsp;2480 |
| Trinitas CLO IX, Series 2018-9A, Class ARRR, FRN, 3M TSFR + 1.20%, 5.525%, 1/20/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |
| Voya CLO, Series 2018-3A, Class A1R2, FRN, 3M TSFR + 1.20%, 5.518%, 10/15/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 |
|  |  | 49282 |
| **Equipment Lease Heavy Duty 1.9%** |  |  |
| Amur Equipment Finance Receivables XIII, Series 2024-1A, Class B, 5.37%, 1/21/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 |
| Amur Equipment Finance Receivables XIV, Series 2024-2A, Class A2, 5.19%, 7/21/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 |
| Amur Equipment Finance Receivables XV, Series 2025-1A, Class A2, 4.70%, 9/22/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 |
| Auxilior Term Funding, Series 2023-1A, Class A2, 6.18%, 12/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| Auxilior Term Funding, Series 2024-1A, Class A2, 5.84%, 3/15/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Crossroads Asset Trust, Series 2024-A, Class A2, 5.90%, 8/20/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |
| Dell Equipment Finance Trust, Series 2023-2, Class A3, 5.65%, 1/22/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| Dell Equipment Finance Trust, Series 2024-2, Class B, 4.82%, 8/22/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
| Dell Equipment Finance Trust, Series 2025-1, Class A3, 4.61%, 2/24/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 |
| Kubota Credit Owner Trust, Series 2024-2A, Class A2, 5.45%, 4/15/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Kubota Credit Owner Trust, Series 2024-2A, Class A3, 5.26%, 11/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 |
| Kubota Credit Owner Trust, Series 2025-1A, Class A2, 4.61%, 12/15/27 (1) | 1750 | &nbsp;&nbsp;&nbsp;1756 |
| M&T Equipment Notes, Series 2025-1A, Class A2, 4.70%, 12/16/27 (1) | 1060 | &nbsp;&nbsp;&nbsp;1066 |
| MMAF Equipment Finance, Series 2023-A, Class A2, 5.79%, 11/13/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| PEAC Solutions Receivables, Series 2025-1A, Class A2, 4.94%, 10/20/28 (1) | 1450 | &nbsp;&nbsp;&nbsp;1459 |
| Post Road Equipment Finance, Series 2024-1A, Class A2, 5.59%, 11/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Post Road Equipment Finance, Series 2025-1A, Class A2, 4.90%, 5/15/31 (1) | 1250 | &nbsp;&nbsp;&nbsp;1259 |
| SCF Equipment Trust, Series 2025-1A, Class A2, 4.82%, 7/22/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 |
| Verdant Receivables, Series 2024-1A, Class A2, 5.68%, 12/12/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| Verdant Receivables, Series 2025-1A, Class A2, 4.85%, 3/13/28 (1) | 1810 | &nbsp;&nbsp;&nbsp;1817 |
|  |  | 11807 |
| **Miscellaneous 0.1%** |  |  |
| Santander Drive Auto Receivables Trust, Series 2023-5, Class B, 6.16%, 12/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 |
| **Other Asset-Backed Securities 2.4%** |  |  |
| Affirm Asset Securitization Trust, Series 2025-X1, Class A, 5.08%, 4/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 |
| Affirm Master Trust, Series 2025-2A, Class A, 4.67%, 7/15/33 (1) | 1695 | &nbsp;&nbsp;&nbsp;1704 |
| Amur Equipment Finance Receivables X, Series 2022-1A, Class B, 2.20%, 1/20/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
| Amur Equipment Finance Receivables X, Series 2022-1A, Class D, 2.91%, 8/21/28 (1) | 3080 | &nbsp;&nbsp;&nbsp;3071 |

---

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| BRE Grand Islander Timeshare Issuer, Series 2019-A, Class A, 3.28%, 9/26/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Dell Equipment Finance Trust, Series 2023-3, Class C, 6.17%, 4/23/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 |
| Dell Equipment Finance Trust, Series 2024-2, Class A3, 4.59%, 8/22/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 |
| Dell Equipment Finance Trust, Series 2024-2, Class C, 4.99%, 8/22/30 (1) | 1650 | &nbsp;&nbsp;&nbsp;&nbsp;1664 |
| DLLAA, Series 2023-1A, Class A2, 5.93%, 7/20/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| DLLAA, Series 2023-1A, Class A3, 5.64%, 2/22/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 |
| HPEFS Equipment Trust, Series 2022-2A, Class D, 4.94%, 3/20/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 |
| HPEFS Equipment Trust, Series 2023-2A, Class B, 6.25%, 1/21/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 |
| HPEFS Equipment Trust, Series 2023-2A, Class C, 6.48%, 1/21/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 |
| HPEFS Equipment Trust, Series 2024-2A, Class A2, 5.50%, 10/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
| HPEFS Equipment Trust, Series 2024-2A, Class B, 5.35%, 10/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 |
| Kubota Credit Owner Trust, Series 2023-2A, Class A3, 5.28%, 1/18/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 |
| M&T Equipment Notes, Series 2023-1A, Class A3, 5.74%, 7/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 |
| M&T Equipment Notes, Series 2023-1A, Class A4, 5.75%, 7/15/30 (1) | 1593 | &nbsp;&nbsp;&nbsp;&nbsp;1620 |
| MVW, Series 2020-1A, Class A, 1.74%, 10/20/37 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| MVW, Series 2021-1WA, Class A, 1.14%, 1/22/41 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Navient Private Education Refi Loan Trust, Series 2021-CA, Class A, 1.06%, 10/15/69 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Nelnet Student Loan Trust, Series 2021-DA, Class AFL, FRN, 1M TSFR + 0.80%, 5.145%, 4/20/62 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Octane Receivables Trust, Series 2023-2A, Class A2, 5.88%, 6/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Octane Receivables Trust, Series 2024-3A, Class A2, 4.94%, 5/20/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 |
| Santander Bank Auto Credit-Linked Notes, Series 2023-A, Class B, 6.493%, 6/15/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| SFS Auto Receivables Securitization Trust, Series 2024-1A, Class A3, 4.95%, 5/21/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 |
| Sierra Timeshare Receivables Funding, Series 2021-1A, Class C, 1.79%, 11/20/37 (1) | &nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 |
| Verdant Receivables, Series 2023-1A, Class A2, 6.24%, 1/13/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 |
| Verizon Master Trust, Series 2024-6, Class B, 4.42%, 8/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 |
|  |  | &nbsp;&nbsp;&nbsp;14819 |
| **Student Loans 0.1%** |  |  |
| Navient Private Education, Series 2019-D, Class A2B, FRN, 1M TSFR + 1.16%, 5.528%, 12/15/59 (1) | &nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 |
| Navient Private Education Refi Loan Trust, Series 2019-A, Class A2A, 3.42%, 1/15/43 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Navient Private Education Refi Loan Trust, Series 2020-FA, Class A, 1.22%, 7/15/69 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Navient Private Education Refi Loan Trust, Series 2020-GA, Class A, 1.17%, 9/16/69 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Navient Private Education Refi Loan Trust, Series 2020-HA, Class A, 1.31%, 1/15/69 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Navient Private Education Refi Loan Trust, Series 2021-GA, Class A, 1.58%, 4/15/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 |
| **Total Asset-Backed Securities<br> (Cost $145,665)** |  | **146260** |

---

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **CORPORATE BONDS 45.5%** | **CORPORATE BONDS 45.5%** | **CORPORATE BONDS 45.5%** |
| **Aerospace & Defense 0.8%** |  |  |
| Boeing, 2.70%, 2/1/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 |
| Boeing, 3.10%, 5/1/26 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 |
| Rolls-Royce, 5.75%, 10/15/27 (1) | 3000 | &nbsp;&nbsp;&nbsp;3076 |
|  |  | &nbsp;&nbsp;&nbsp;5042 |
| **Airlines 0.1%** |  |  |
| Delta Air Lines, 4.95%, 7/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 |
| **Automotive 5.1%** |  |  |
| American Honda Finance, FRN, SOFR + 0.72%, 5.074%, 10/5/26 | 2500 | &nbsp;&nbsp;&nbsp;2506 |
| American Honda Finance, FRN, SOFR + 0.87%, 5.22%, 7/9/27 | 2200 | &nbsp;&nbsp;&nbsp;2207 |
| Daimler Truck Finance North America, 4.30%, 8/12/27 (1) | 1940 | &nbsp;&nbsp;&nbsp;1943 |
| Daimler Truck Finance North America, 5.125%, 9/25/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 |
| Daimler Truck Finance North America, 5.15%, 1/16/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 |
| Ford Motor Credit, 2.70%, 8/10/26 | 1950 | &nbsp;&nbsp;&nbsp;1909 |
| Ford Motor Credit, 5.125%, 11/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 |
| Ford Motor Credit, 5.918%, 3/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 |
| Ford Motor Credit, 6.95%, 6/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 |
| General Motors, 6.125%, 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 |
| General Motors Financial, 5.00%, 7/15/27 | 2500 | &nbsp;&nbsp;&nbsp;2530 |
| General Motors Financial, FRN, SOFR + 1.04%, 5.406%, 2/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 |
| General Motors Financial, 6.05%, 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 |
| Hyundai Capital America, 1.30%, 1/8/26 (1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 |
| Hyundai Capital America, 2.375%, 10/15/27 (1) | 2000 | &nbsp;&nbsp;&nbsp;1919 |
| Hyundai Capital America, 4.85%, 3/25/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 |
| Hyundai Capital America, FRN, SOFR + 1.12%, 5.479%, 6/23/27 (1) | 1500 | &nbsp;&nbsp;&nbsp;1501 |
| LG Energy Solution, 5.375%, 7/2/27 | 1700 | &nbsp;&nbsp;&nbsp;1725 |
| Mercedes-Benz Finance North America, 4.80%, 11/13/26 (1) | 1200 | &nbsp;&nbsp;&nbsp;1209 |
| Nissan Motor, 3.522%, 9/17/25 (1) | 1445 | &nbsp;&nbsp;&nbsp;1444 |
| Stellantis Finance US, 1.711%, 1/29/27 (1) | 1325 | &nbsp;&nbsp;&nbsp;1271 |
| Stellantis Finance US, 5.35%, 3/17/28 (1) | 1200 | &nbsp;&nbsp;&nbsp;1213 |
| TML Holdings Pte, 4.35%, 6/9/26 | 1720 | &nbsp;&nbsp;&nbsp;1714 |
| Volkswagen Group of America Finance, 4.625%, 11/13/25 (1) | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 |
| Volkswagen Group of America Finance, 4.85%, 8/15/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 |
| Volkswagen Group of America Finance, 4.90%, 8/14/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 |
| Volkswagen Group of America Finance, 4.95%, 3/25/27 (1) | 2000 | &nbsp;&nbsp;&nbsp;2013 |
| Volkswagen Group of America Finance, 6.00%, 11/16/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 |
|  |  | 31389 |
| **Banking 12.3%** |  |  |
| ABN AMRO Bank, 4.80%, 4/18/26 (1) | 2200 | &nbsp;&nbsp;&nbsp;2201 |
| ABN AMRO Bank, VR, 6.339%, 9/18/27 (1)(3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |
| Banco Bilbao Vizcaya Argentaria, VR, 5.862%, 9/14/26 (3) | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 |
| Banco Santander, VR, 5.552%, 3/14/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |

---

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Bank of America, VR, 5.08%, 1/20/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;201 |
| Bank of Ireland Group, VR, 6.253%, 9/16/26 (1)(3) | 2400 | 2400 |
| Bank of Montreal, FRN, SOFRINDX + 0.88%, 5.234%, 9/10/27 | 3000 | 3011 |
| Bank of Nova Scotia, 4.50%, 12/16/25 | 1885 | 1885 |
| Banque Federative du Credit Mutuel, 4.935%, 1/26/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;401 |
| Banque Federative du Credit Mutuel, 5.088%, 1/23/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;218 |
| Banque Federative du Credit Mutuel, 5.896%, 7/13/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;405 |
| Barclays, 4.375%, 1/12/26 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;200 |
| Barclays, VR, 4.837%, 9/10/28 (3) | 1000 | 1008 |
| Barclays, 5.20%, 5/12/26 | 1650 | 1656 |
| Barclays, VR, 5.674%, 3/12/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;204 |
| BPCE, VR, 1.652%, 10/6/26 (1)(3) | 2250 | 2244 |
| BPCE, 3.50%, 10/23/27 (1) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;981 |
| CaixaBank, VR, 6.684%, 9/13/27 (1)(3) | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;563 |
| Capital One, 3.45%, 7/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp;477 |
| Capital One Financial, 3.75%, 7/28/26 | 3175 | 3155 |
| Capital One Financial, 4.20%, 10/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;499 |
| Citibank, FRN, SOFR + 0.78%, 5.137%, 5/29/27 | 2250 | 2264 |
| Citigroup, 5.50%, 9/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp;676 |
| Commonwealth Bank of Australia, 4.50%, 12/9/25 (1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;699 |
| Cooperatieve Rabobank, 3.75%, 7/21/26 | 1850 | 1838 |
| Credit Agricole, VR, 5.23%, 1/9/29 (1)(3) | 1495 | 1518 |
| Danske Bank, VR, 1.621%, 9/11/26 (1)(3) | 1810 | 1809 |
| Danske Bank, VR, 4.298%, 4/1/28 (1)(3) | 1000 | 1000 |
| Danske Bank, VR, 6.259%, 9/22/26 (1)(3) | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;235 |
| Deutsche Bank, VR, 2.129%, 11/24/26 (3) | 1250 | 1243 |
| Deutsche Bank, VR, 7.146%, 7/13/27 (3) | 1000 | 1023 |
| Discover Financial Services, 4.10%, 2/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;201 |
| Emirates NBD Bank PJSC, 1.638%, 1/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;446 |
| Fifth Third Bank, 3.85%, 3/15/26 | 3800 | 3787 |
| First Abu Dhabi Bank PJSC, 5.125%, 10/13/27 | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;847 |
| HDFC Bank, 5.196%, 2/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;687 |
| HDFC Bank, 5.686%, 3/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;790 |
| HSBC Holdings, VR, 4.292%, 9/12/26 (3) | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;575 |
| HSBC Holdings, VR, 4.899%, 3/3/29 (3) | 1235 | 1252 |
| HSBC Holdings, VR, 5.597%, 5/17/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;408 |
| ING Groep, 4.55%, 10/2/28 | 2000 | 2022 |
| Intesa Sanpaolo, 7.00%, 11/21/25 (1) | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;753 |
| Lloyds Banking Group, 4.582%, 12/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;899 |
| Lloyds Banking Group, 4.65%, 3/24/26 | 3350 | 3353 |
| Manufacturers & Traders Trust, VR, 4.762%, 7/6/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;786 |
| Morgan Stanley Bank, FRN, SOFR + 0.94%, 5.293%, 7/14/28 | 1500 | 1509 |
| Nationwide Building Society, 4.00%, 9/14/26 (1) | 1300 | 1291 |
| Nationwide Building Society, VR, 6.557%, 10/18/27 (1)(3) | 1460 | 1495 |
| PNC Bank, FRN, SOFR + 0.73%, 5.08%, 7/21/28 | 1500 | 1500 |
| Santander Holdings USA, 3.244%, 10/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;247 |
| Santander Holdings USA, VR, 5.807%, 9/9/26 (3) | 1000 | 1000 |

---

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Santander UK Group Holdings, VR, 1.673%, 6/14/27 (3) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 |
| Santander UK Group Holdings, VR, 2.469%, 1/11/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 |
| Santander UK Group Holdings, VR, 6.833%, 11/21/26 (3) | 1000 | &nbsp;&nbsp;&nbsp;1007 |
| Societe Generale, 4.25%, 8/19/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 |
| Societe Generale, VR, 5.249%, 5/22/29 (1)(3) | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 |
| Societe Generale, FRN, SOFR + 1.10%, 5.454%, 2/19/27 (1) | 1510 | &nbsp;&nbsp;&nbsp;1513 |
| Societe Generale, VR, 5.50%, 4/13/29 (1)(3) | 1000 | &nbsp;&nbsp;&nbsp;1021 |
| Societe Generale, VR, 5.519%, 1/19/28 (1)(3) | 1625 | &nbsp;&nbsp;&nbsp;1645 |
| Standard Chartered, 4.30%, 2/19/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 |
| Standard Chartered, VR, 5.545%, 1/21/29 (1)(3) | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 |
| Standard Chartered, VR, 5.688%, 5/14/28 (1)(3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |
| Standard Chartered, VR, 6.17%, 1/9/27 (1)(3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 |
| Standard Chartered, VR, 6.187%, 7/6/27 (1)(3) | 1900 | &nbsp;&nbsp;&nbsp;1928 |
| State Bank of India/London, 2.49%, 1/26/27 | 1530 | &nbsp;&nbsp;&nbsp;1493 |
| UBS Group, VR, 6.327%, 12/22/27 (1)(3) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 |
| UniCredit, VR, 2.569%, 9/22/26 (1)(3) | 1375 | &nbsp;&nbsp;&nbsp;1373 |
| US Bank / Cincinnati, FRN, SOFR + 0.91%, 5.263%, 5/15/28 | 2250 | &nbsp;&nbsp;&nbsp;2259 |
| Wells Fargo, VR, 5.707%, 4/22/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 |
|  |  | 76166 |
| **Beverages 0.6%** |  |  |
| Keurig Dr Pepper, FRN, SOFR + 0.58%, 4.933%, 11/15/26 | 3500 | &nbsp;&nbsp;&nbsp;3501 |
|  |  | &nbsp;&nbsp;&nbsp;3501 |
| **Building & Real Estate 0.2%** |  |  |
| Emaar Sukuk, 3.635%, 9/15/26 | 1295 | &nbsp;&nbsp;&nbsp;1283 |
|  |  | &nbsp;&nbsp;&nbsp;1283 |
| **Cable Operators 0.1%** |  |  |
| Cox Communications, 3.35%, 9/15/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 |
| **Chemicals 0.9%** |  |  |
| Celanese US Holdings, 1.40%, 8/5/26 | 1452 | &nbsp;&nbsp;&nbsp;1392 |
| Celanese US Holdings, 6.665%, 7/15/27 | 1349 | &nbsp;&nbsp;&nbsp;1383 |
| EQUATE Petrochemical, 4.25%, 11/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 |
| International Flavors & Fragrances, 1.23%, 10/1/25 (1) | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 |
| MEGlobal, 2.625%, 4/28/28 | 1641 | &nbsp;&nbsp;&nbsp;1560 |
|  |  | &nbsp;&nbsp;&nbsp;5555 |
| **Consumer Products 0.2%** |  |  |
| LG Electronics, 5.625%, 4/24/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 |
| Mattel, 3.375%, 4/1/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 |
|  |  | &nbsp;&nbsp;&nbsp;1458 |
| **Drugs 0.5%** |  |  |
| BNP Paribas, 4.375%, 9/28/25 (1) | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 |
| BNP Paribas, 4.375%, 5/12/26 (1) | 2000 | &nbsp;&nbsp;&nbsp;1995 |

---

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| BNP Paribas, 4.625%, 3/13/27 (1) | 1000 | &nbsp;&nbsp;&nbsp;1003 |
|  |  | &nbsp;&nbsp;&nbsp;3348 |
| **Energy 2.7%** |  |  |
| Abu Dhabi National Energy, 4.375%, 6/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 |
| Colorado Interstate Gas / Colorado Interstate Issuing, 4.15%, 8/15/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 |
| Continental Resources, 2.268%, 11/15/26 (1) | 1556 | &nbsp;&nbsp;&nbsp;1512 |
| EQT, 3.125%, 5/15/26 (1) | 1034 | &nbsp;&nbsp;&nbsp;1020 |
| MPLX, 4.125%, 3/1/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997 |
| Newfield Exploration, 5.375%, 1/1/26 | 1000 | &nbsp;&nbsp;&nbsp;1000 |
| Occidental Petroleum, 3.20%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 |
| Occidental Petroleum, 3.40%, 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 |
| Occidental Petroleum, 5.00%, 8/1/27 | 1000 | &nbsp;&nbsp;&nbsp;1010 |
| Occidental Petroleum, 8.50%, 7/15/27 | 1968 | &nbsp;&nbsp;&nbsp;2074 |
| ONEOK, 4.85%, 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 |
| ONEOK, 5.55%, 11/1/26 | 1221 | &nbsp;&nbsp;&nbsp;1236 |
| SA Global Sukuk, 1.602%, 6/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 |
| Sabine Pass Liquefaction, 5.875%, 6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 |
| South Bow USA Infrastructure Holdings, 4.911%, 9/1/27 | 1865 | &nbsp;&nbsp;&nbsp;1881 |
| Targa Resources, 5.20%, 7/1/27 | 1404 | &nbsp;&nbsp;&nbsp;1427 |
| Targa Resources Partner, 5.00%, 1/15/28 | 1200 | &nbsp;&nbsp;&nbsp;1209 |
|  |  | 16772 |
| **Entertainment & Leisure 0.5%** |  |  |
| Royal Caribbean Cruises, 5.50%, 8/31/26 (1) | 1750 | &nbsp;&nbsp;&nbsp;1754 |
| Royal Caribbean Cruises, 5.50%, 4/1/28 (1) | 1600 | &nbsp;&nbsp;&nbsp;1630 |
|  |  | &nbsp;&nbsp;&nbsp;3384 |
| **Exploration & Production 0.1%** |  |  |
| Lundin Energy, 2.00%, 7/15/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 |
| **Financial 1.7%** |  |  |
| Ally Financial, VR, 5.737%, 5/15/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 |
| Ally Financial, 5.75%, 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 |
| Bank Mandiri Persero, 5.50%, 4/4/26 | 1360 | &nbsp;&nbsp;&nbsp;1371 |
| Hongkong Land Finance Cayman Islands, 4.50%, 10/7/25 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
| LPL Holdings, 4.90%, 4/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 |
| LPL Holdings, 5.70%, 5/20/27 | 3680 | &nbsp;&nbsp;&nbsp;3750 |
| QNB Finance, 1.375%, 1/26/26 | 1160 | &nbsp;&nbsp;&nbsp;1144 |
| Western Union, 1.35%, 3/15/26 | 2134 | &nbsp;&nbsp;&nbsp;2096 |
|  |  | 10677 |
| **Food Processing 0.2%** |  |  |
| Conagra Brands, 4.85%, 11/1/28 | 1452 | &nbsp;&nbsp;&nbsp;1466 |
|  |  | &nbsp;&nbsp;&nbsp;1466 |
| **Food/Tobacco 1.3%** |  |  |
| BAT Capital, 3.557%, 8/15/27 | 2100 | &nbsp;&nbsp;&nbsp;2072 |

---

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| BAT Capital, 4.70%, 4/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 |
| Imperial Brands Finance, 3.50%, 7/26/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 |
| Imperial Brands Finance, 4.50%, 6/30/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 |
| Kraft Heinz Foods, 3.875%, 5/15/27 | 4000 | &nbsp;&nbsp;&nbsp;3969 |
| KT&G, 5.00%, 5/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 |
|  |  | &nbsp;&nbsp;&nbsp;8083 |
| **Gaming 0.3%** |  |  |
| Gohl Capital, 4.25%, 1/24/27 | 1035 | &nbsp;&nbsp;&nbsp;1024 |
| Sands China, 3.80%, 1/8/26 | 1030 | &nbsp;&nbsp;&nbsp;1026 |
|  |  | &nbsp;&nbsp;&nbsp;2050 |
| **Gas & Gas Transmission 0.8%** |  |  |
| National Fuel Gas, 3.95%, 9/15/27 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 |
| National Fuel Gas, 5.50%, 10/1/26 | 2708 | &nbsp;&nbsp;&nbsp;2736 |
| Valero Energy, 4.35%, 6/1/28 | 1408 | &nbsp;&nbsp;&nbsp;1413 |
|  |  | &nbsp;&nbsp;&nbsp;5138 |
| **Health Care 2.9%** |  |  |
| Centene, 4.25%, 12/15/27 | 2612 | &nbsp;&nbsp;&nbsp;2540 |
| HCA, 4.50%, 2/15/27 | 1750 | &nbsp;&nbsp;&nbsp;1753 |
| HCA, 5.25%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 |
| HCA, 5.375%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 |
| HCA, 5.875%, 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 |
| Highmark, 1.45%, 5/10/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 |
| Icon Investments Six DAC, 5.809%, 5/8/27 | &nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 |
| PRA Health Sciences, 2.875%, 7/15/26 (1) | 2250 | &nbsp;&nbsp;&nbsp;2205 |
| Royalty Pharma, 1.20%, 9/2/25 | 1740 | &nbsp;&nbsp;&nbsp;1740 |
| Solventum, 5.45%, 2/25/27 | 1835 | &nbsp;&nbsp;&nbsp;1872 |
| UnitedHealth Group, 3.70%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 |
| UnitedHealth Group, 4.40%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 |
| UnitedHealth Group, 4.60%, 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
| Utah Acquisition Sub, 3.95%, 6/15/26 | 2854 | &nbsp;&nbsp;&nbsp;2836 |
|  |  | 17895 |
| **Home Builders 0.5%** |  |  |
| Amrize Finance, 3.50%, 9/22/26 (1) | 1500 | &nbsp;&nbsp;&nbsp;1481 |
| Holcim Finance US, 4.60%, 4/7/27 (1) | 1550 | &nbsp;&nbsp;&nbsp;1548 |
|  |  | &nbsp;&nbsp;&nbsp;3029 |
| **Industrial - Other 0.2%** |  |  |
| AGCO, 5.45%, 3/21/27 | 1132 | &nbsp;&nbsp;&nbsp;1146 |
|  |  | &nbsp;&nbsp;&nbsp;1146 |
| **Information Technology 1.0%** |  |  |
| Intel, 2.60%, 5/19/26 | &nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 |
| Intel, 4.875%, 2/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 |
| Marvell Technology, 1.65%, 4/15/26 | 2500 | &nbsp;&nbsp;&nbsp;2453 |
| NXP / NXP Funding / NXP USA, 3.875%, 6/18/26 | 2000 | &nbsp;&nbsp;&nbsp;1990 |

---

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| NXP / NXP Funding / NXP USA, 4.30%, 8/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;805 |
|  |  | 6044 |
| **Insurance 1.4%** |  |  |
| Athene Global Funding, 4.95%, 1/7/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;757 |
| Brighthouse Financial Global Funding, 1.55%, 5/24/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;367 |
| Brown & Brown, 4.70%, 6/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;278 |
| CNA Financial, 4.50%, 3/1/26 | 1200 | 1200 |
| CNO Global Funding, 1.75%, 10/7/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;680 |
| Corebridge Financial, 3.65%, 4/5/27 | 2947 | 2920 |
| Jackson National Life Global Funding, 5.55%, 7/2/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp;557 |
| Unum Group, 3.875%, 11/5/25 | 1097 | 1094 |
| Voya Financial, 3.65%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;895 |
|  |  | 8748 |
| **Investment Dealers 0.3%** |  |  |
| Bank of America, 6.22%, 9/15/26 | 2097 | 2138 |
|  |  | 2138 |
| **Manufacturing 1.5%** |  |  |
| CNH Industrial Capital, 1.45%, 7/15/26 | 1108 | 1080 |
| FMC, 3.20%, 10/1/26 | 3319 | 3270 |
| Fortive, 3.15%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;446 |
| Regal Rexnord, 6.05%, 2/15/26 | 3433 | 3449 |
| Regal Rexnord, 6.05%, 4/15/28 | 1100 | 1137 |
|  |  | 9382 |
| **Metals & Mining 0.9%** |  |  |
| ABJA Investment, 5.45%, 1/24/28 | 1100 | 1121 |
| ArcelorMittal, 4.55%, 3/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp;626 |
| Corp Nacional del Cobre de Chile, 3.625%, 8/1/27 | 1760 | 1729 |
| Freeport Indonesia PT, 4.763%, 4/14/27 | 1700 | 1705 |
| Freeport-McMoRan, 4.375%, 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;400 |
| Freeport-McMoRan, 5.00%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| Freeport-McMoRan, 5.25%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;229 |
|  |  | 5854 |
| **Oil Field Services 0.3%** |  |  |
| Energy Transfer, 5.50%, 6/1/27 | 1500 | 1523 |
|  |  | 1523 |
| **Other Telecommunications 0.7%** |  |  |
| Axiata SPV2, 4.357%, 3/24/26 | 1200 | 1200 |
| KT, 4.375%, 1/3/29 (1) | 1380 | 1387 |
| NTT Finance, 4.567%, 7/16/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;&nbsp;841 |
| NTT Finance, FRN, SOFR + 1.08%, 5.427%, 7/16/28 (1) | 1165 | 1181 |
|  |  | 4609 |

---

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **Petroleum 0.6%** |  |  |
| Energy Transfer, 3.90%, 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;468 |
| Marathon Petroleum, 3.80%, 4/1/28 | 1100 | 1088 |
| Pertamina Persero PT, 1.40%, 2/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;522 |
| Tengizchevroil Finance International, 4.00%, 8/15/26 | 1740 | 1725 |
|  |  | 3803 |
| **Pharmaceuticals 0.7%** |  |  |
| Bayer US Finance, 6.125%, 11/21/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;875 |
| Bayer US Finance II, 4.25%, 12/15/25 (1) | 1940 | 1937 |
| EMD Finance, 4.125%, 8/15/28 (1) | 1455 | 1455 |
|  |  | 4267 |
| **Real Estate Investment Trust Securities 1.6%** |  |  |
| Brixmor Operating Partnership, 3.90%, 3/15/27 | 2525 | 2513 |
| Brixmor Operating Partnership, 4.125%, 6/15/26 | 1100 | 1097 |
| CubeSmart, 3.125%, 9/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;152 |
| CubeSmart, 4.00%, 11/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;923 |
| Essex Portfolio, 3.375%, 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp;943 |
| Healthcare Realty Holdings, 3.50%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;292 |
| Healthpeak OP, 3.25%, 7/15/26 | 1500 | 1485 |
| Kilroy Realty, 4.375%, 10/1/25 | 1306 | 1306 |
| Scentre Group Trust 1 / Scentre Group Trust 2, 3.25%, 10/28/25 (1) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;997 |
|  |  | 9708 |
| **Retail 0.8%** |  |  |
| 7-Eleven, 0.95%, 2/10/26 (1) | 1150 | 1132 |
| CVS Health, 1.30%, 8/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;378 |
| CVS Health, 2.875%, 6/1/26 | 1480 | 1460 |
| CVS Health, 4.30%, 3/25/28 | 1550 | 1551 |
| Ross Stores, 0.875%, 4/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;488 |
|  |  | 5009 |
| **Supermarkets 0.3%** |  |  |
| Cencosud, 4.375%, 7/17/27 (1) | 1720 | 1715 |
|  |  | 1715 |
| **Transportation 0.6%** |  |  |
| GATX, 5.40%, 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;253 |
| Penske Truck Leasing / PTL Finance, 3.40%, 11/15/26 (1) | 3062 | 3025 |
| Penske Truck Leasing / PTL Finance, 1.70%, 6/15/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;558 |
| Penske Truck Leasing / PTL Finance, 5.35%, 1/12/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
|  |  | 3897 |
| **Utilities 1.3%** |  |  |
| Ameren, 1.75%, 3/15/28 | 1129 | 1065 |
| Enel Finance International NV, 2.125%, 7/12/28 (1) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;942 |
| Enel Finance International NV, 7.05%, 10/14/25 (1) | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;401 |

---

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| FirstEnergy, 3.90%, 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp;1095 |
| NextEra Energy Capital Holdings, 4.685%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 |
| Pacific Gas & Electric, 3.15%, 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 |
| Pacific Gas & Electric, 3.30%, 12/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 |
| Sempra, 3.25%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 |
| Southern California Edison, 4.90%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 |
| Southwestern Electric Power, 2.75%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 |
| Spectra Energy Partners, 3.375%, 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8336 |
| **Wireless Communications 1.5%** |  |  |
| American Tower, 3.125%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp;2117 |
| Crown Castle, 1.05%, 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;1265 | &nbsp;&nbsp;&nbsp;&nbsp;1229 |
| Crown Castle, 2.90%, 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 |
| Crown Castle, 3.80%, 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 |
| Crown Castle, 4.00%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 |
| Rogers Communications, 3.625%, 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 |
| Rogers Communications, 5.00%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 |
| SBA Tower Trust, 1.631%, 5/15/51 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 |
| SBA Tower Trust, 1.84%, 4/15/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;1845 | &nbsp;&nbsp;&nbsp;&nbsp;1768 |
| SBA Tower Trust, 1.884%, 7/15/50 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9240 |
| **Total Corporate Bonds<br> (Cost $281,351)** |  | **282864** |
| **FOREIGN GOVERNMENT OBLIGATIONS & MUNICIPALITIES 1.1%** | **FOREIGN GOVERNMENT OBLIGATIONS & MUNICIPALITIES 1.1%** | **FOREIGN GOVERNMENT OBLIGATIONS & MUNICIPALITIES 1.1%** |
| **Foreign Govt & Muni (Excl Canadian) 1.1%** |  |  |
| Japan Treasury Discount Bill, 0.43%, 10/27/25 (JPY) | 817650 | &nbsp;&nbsp;&nbsp;&nbsp;5560 |
| Saudi Government International Bonds, 5.125%, 1/13/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;1376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6936 |
| **Total Foreign Government Obligations & Municipalities<br> (Cost $6,770)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**6936** |
| **NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 9.0%** | **NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 9.0%** | **NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 9.0%** |
| **Commercial Mortgage-Backed Securities 1.4%** |  |  |
| BX Trust, Series 2021-RISE, Class A, ARM, FRN, 1M TSFR + 0.86%, 5.225%, 11/15/36 (1) | &nbsp;&nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp;1208 |
| CSAIL Commercial Mortgage Trust, Series 2016-C7, Class A4, ARM, 3.21%, 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| FREMF Mortgage Trust, Series 2015-K51, Class C, 4.136%, 10/25/48 (1) | &nbsp;&nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp;1923 |
| FREMF Mortgage Trust, Series 2016-K52, Class B, ARM, 4.152%, 1/25/49 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 |
| FREMF Mortgage Trust, Series 2016-K53, Class B, ARM, 4.187%, 3/25/49 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 |
| FREMF Mortgage Trust, Series 2016-K59, Class B, ARM, 3.688%, 11/25/49 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 |
| FREMF Mortgage Trust, Series 2018-K733, Class B, ARM, 4.326%, 9/25/25 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2016-NINE, Class A, ARM, 2.949%, 9/6/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 |
| Lstar Commercial Mortgage Trust, Series 2016-4, Class AS, ARM, 3.188%, 3/10/49 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 |
| ONE Mortgage Trust, Series 2021-PARK, Class A, FRN, 1M TSFR + 0.81%, 5.178%, 3/15/36 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |

---

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class A, FRN, 1M TSFR + 1.39%, 5.755%, 5/15/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp;445 |
| TX Trust, Series 2024-HOU, Class A, FRN, 1M TSFR + 1.59%, 5.954%, 6/15/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;300 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-LC25, Class A4, ARM, 3.64%, 12/15/59 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;641 |
|  |  | 8562 |
| **Whole Loans Backed 7.6%** |  |  |
| AMSR Trust, Series 2020-SFR5, Class A, 1.379%, 11/17/37 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| AMSR Trust, Series 2020-SFR5, Class D, 2.18%, 11/17/37 (1) | 2110 | 2095 |
| AMSR Trust, Series 2021-SFR4, Class A, 2.117%, 12/17/38 (1) | 2000 | 1941 |
| AMSR Trust, Series 2021-SFR4, Class B, 2.417%, 12/17/38 (1) | 4000 | 3892 |
| Angel Oak Mortgage Trust, Series 2019-5, Class A1, CMO, ARM, 2.593%, 10/25/49 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Angel Oak Mortgage Trust, Series 2021-2, Class A1, CMO, ARM, 0.985%, 4/25/66 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Angel Oak Mortgage Trust, Series 2021-5, Class A1, CMO, ARM, 0.951%, 7/25/66 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| Angel Oak Mortgage Trust, Series 2022-1, Class A1, CMO, ARM, 2.881%, 12/25/66 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Angel Oak Mortgage Trust, Series 2023-6, Class A1, CMO, ARM, 6.50%, 12/25/67 (1) | &nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp;&nbsp;&nbsp;673 |
| BINOM Securitization Trust, Series 2021-INV1, Class A1, CMO, ARM, 2.034%, 6/25/56 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| COLT Funding, Series 2021-4, Class A1, CMO, ARM, 1.397%, 10/25/66 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| COLT Mortgage Loan Trust, Series 2020-3, Class A1, CMO, ARM, 1.506%, 4/27/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| COLT Mortgage Loan Trust, Series 2025-8, Class A1, CMO, ARM, 5.48%, 8/25/70 (1) | 1195 | 1204 |
| Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M1, CMO, ARM, FRN, SOFR30A + 0.85%, 5.198%, 12/25/41 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M1, CMO, ARM, FRN, SOFR30A + 1.90%, 6.249%, 4/25/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, CMO, ARM, FRN, SOFR30A + 1.90%, 6.25%, 6/25/43 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, CMO, ARM, FRN, SOFR30A + 1.70%, 6.049%, 7/25/43 (1) | &nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;115 |
| Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M1, CMO, ARM, FRN, SOFR30A + 1.10%, 5.448%, 2/25/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M1, CMO, ARM, FRN, SOFR30A + 1.15%, 5.50%, 3/25/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp;363 |
| Connecticut Avenue Securities Trust, Series 2024-R05, Class 2M1, CMO, ARM, FRN, SOFR30A + 1.00%, 5.348%, 7/25/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| Connecticut Avenue Securities Trust, Series 2025-R03, Class 2A1, CMO, ARM, FRN, SOFR30A + 1.45%, 5.799%, 3/25/45 (1) | &nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp;310 |
| Connecticut Avenue Securities Trust, Series 2025-R04, Class 1A1, CMO, ARM, FRN, SOFR30A + 1.00%, 5.348%, 5/25/45 (1) | 1069 | 1070 |
| Connecticut Avenue Securities Trust, Series 2025-R05, Class 2M1, CMO, ARM, FRN, SOFR30A + 1.20%, 5.548%, 7/25/45 (1) | 2185 | 2191 |
| EFMT, Series 2023-1, Class A1, CMO, ARM, 5.732%, 2/25/68 (1) | &nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| EFMT, Series 2024-INV2, Class A1, CMO, ARM, 5.035%, 10/25/69 (1) | &nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp;870 |
| EFMT, Series 2024-NQM1, Class A1B, CMO, ARM, 5.81%, 11/25/69 (1) | &nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp;553 |
| EFMT, Series 2025-INV2, Class A1, CMO, ARM, 5.387%, 5/26/70 (1) | 1441 | 1449 |
| Finance of America HECM Buyout, Series 2024-HB1, Class A1A, 4.00%, 10/1/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp;723 |
| FirstKey Homes Trust, Series 2020-SFR1, Class B, 1.74%, 8/17/37 (1) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;998 |
| Freddie Mac STACR REMIC Trust, Series 2022-DNA2, Class M1A, CMO, ARM, FRN, SOFR30A + 1.30%, 5.649%, 2/25/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |

---

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Freddie Mac STACR REMIC Trust, Series 2022-DNA5, Class M1A, CMO, ARM, FRN, SOFR30A + 2.95%, 7.299%, 6/25/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;110 |
| Freddie Mac STACR REMIC Trust, Series 2023-HQA3, Class A1, CMO, ARM, FRN, SOFR30A + 1.85%, 6.199%, 11/25/43 (1) | &nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class A1, CMO, ARM, FRN, SOFR30A + 1.25%, 5.598%, 5/25/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;269 |
| Freddie Mac STACR REMIC Trust, Series 2024-DNA3, Class A1, CMO, ARM, FRN, SOFR30A + 1.05%, 5.398%, 10/25/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;306 |
| Freddie Mac STACR REMIC Trust, Series 2024-HQA1, Class A1, CMO, ARM, FRN, SOFR30A + 1.25%, 5.598%, 3/25/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp;412 |
| Freddie Mac STACR REMIC Trust, Series 2025-DNA1, Class A1, CMO, ARM, FRN, SOFR30A + 0.95%, 5.298%, 1/25/45 (1) | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;325 |
| Freddie Mac STACR REMIC Trust, Series 2025-DNA2, Class A1, CMO, ARM, FRN, SOFR30A + 1.10%, 5.448%, 5/25/45 (1) | &nbsp;&nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp;&nbsp;889 |
| Freddie Mac STACR REMIC Trust, Series 2025-HQA1, Class M1, CMO, ARM, FRN, SOFR30A + 1.15%, 5.498%, 2/25/45 (1) | 1662 | 1663 |
| GS Mortgage-Backed Securities Trust, Series 2025-NQM3, Class A1, CMO, ARM, 5.137%, 11/25/65 (1) | 1810 | 1813 |
| HOMES Trust, Series 2024-AFC1, Class A1, CMO, ARM, 5.224%, 8/25/59 (1) | 1049 | 1050 |
| HOMES Trust, Series 2025-NQM4, Class A1, CMO, ARM, 5.22%, 8/25/70 (1) | 1805 | 1810 |
| JP Morgan Mortgage Trust, Series 2025-DSC2, Class A1, CMO, ARM, 5.195%, 10/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;969 |
| JP Morgan Mortgage Trust, Series 2025-DSC2, Class A1B, CMO, ARM, 5.195%, 10/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;488 |
| MFA Trust, Series 2020-NQM1, Class A1, CMO, ARM, 2.479%, 3/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;317 |
| MFA Trust, Series 2020-NQM2, Class A3, CMO, ARM, 1.947%, 4/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| MFA Trust, Series 2020-NQM3, Class A1, CMO, ARM, 1.014%, 1/26/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp;228 |
| MFA Trust, Series 2020-NQM3, Class A2, CMO, ARM, 1.324%, 1/26/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| MFA Trust, Series 2023-NQM3, Class A1, CMO, ARM, 6.617%, 7/25/68 (1) | &nbsp;&nbsp;&nbsp;&nbsp;997 | 1005 |
| MFA Trust, Series 2023-NQM4, Class A1, CMO, ARM, 6.105%, 12/25/68 (1) | 1106 | 1112 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC2, Class A1, CMO, ARM, 5.443%, 7/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;226 |
| OBX Trust, Series 2019-EXP1, Class 2A1B, CMO, ARM, FRN, 1M TSFR + 1.06%, 5.417%, 1/25/59 (1) | &nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp;963 |
| OBX Trust, Series 2022-NQM1, Class A1, CMO, ARM, 2.305%, 11/25/61 (1) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;117 |
| OBX Trust, Series 2023-NQM3, Class A1, CMO, ARM, 5.949%, 2/25/63 (1) | &nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp;763 |
| OBX Trust, Series 2025-NQM13, Class A1, CMO, ARM, 5.441%, 5/25/65 (1) | 1490 | 1501 |
| OBX Trust, Series 2025-NQM14, Class A1B, CMO, ARM, 5.162%, 7/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp;305 |
| OBX Trust, Series 2025-NQM14, Class A1F, CMO, ARM, FRN, SOFR30A + 1.20%, 5.548%, 7/25/65 (1) | 1681 | 1681 |
| OBX Trust, Series 2025-NQM15, Class A1, CMO, ARM, 5.143%, 7/27/65 (1) | 1925 | 1933 |
| Progress Residential Trust, Series 2021-SFR3, Class A, 1.637%, 5/17/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp;627 |
| Progress Residential Trust, Series 2021-SFR3, Class D, 2.288%, 5/17/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;652 |
| Progress Residential Trust, Series 2021-SFR8, Class A, 1.51%, 10/17/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp;427 |
| Progress Residential Trust, Series 2021-SFR8, Class C, 1.931%, 10/17/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;272 |
| Towd Point Mortgage Trust, Series 2019-HY3, Class M1, CMO, ARM, FRN, 1M TSFR + 1.61%, 5.937%, 10/25/59 (1) | 1000 | 1023 |
| Verus Securitization Trust, Series 2021-2, Class A1, CMO, ARM, 1.031%, 2/25/66 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Verus Securitization Trust, Series 2021-4, Class A1, CMO, ARM, 0.938%, 7/25/66 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| Verus Securitization Trust, Series 2021-R3, Class A1, CMO, ARM, 1.02%, 4/25/64 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| Verus Securitization Trust, Series 2023-3, Class A1, CMO, ARM, 5.93%, 3/25/68 (1) | &nbsp;&nbsp;&nbsp;&nbsp;803 | &nbsp;&nbsp;&nbsp;&nbsp;805 |

---

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Verus Securitization Trust, Series 2023-8, Class A1, CMO, ARM, 6.259%, 12/25/68 (1) | &nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| Verus Securitization Trust, Series 2023-INV1, Class A1, CMO, ARM, 5.999%, 2/25/68 (1) | 1307 | &nbsp;&nbsp;&nbsp;1307 |
| Verus Securitization Trust, Series 2023-INV3, Class A1, CMO, ARM, 6.876%, 11/25/68 (1) | &nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 |
| Verus Securitization Trust, Series 2024-1, Class A1, CMO, ARM, 5.712%, 1/25/69 (1) | &nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 |
| Verus Securitization Trust, Series 2024-INV1, Class A1, CMO, ARM, 6.116%, 3/25/69 (1) | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 |
| Verus Securitization Trust, Series 2025-7, Class A1B, CMO, ARM, 5.129%, 8/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 |
| Vista Point Securitization Trust, Series 2020-2, Class A1, CMO, ARM, 1.475%, 4/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
|  |  | 47568 |
| **Total Non-U.S. Government Mortgage-Backed Securities<br> (Cost $55,929)** |  | **56130** |
| **U.S. GOVERNMENT & AGENCY MORTGAGE-BACKED SECURITIES 1.6%** | **U.S. GOVERNMENT & AGENCY MORTGAGE-BACKED SECURITIES 1.6%** | **U.S. GOVERNMENT & AGENCY MORTGAGE-BACKED SECURITIES 1.6%** |
| **U.S. Government Agency Obligations 1.6%** |  |  |
| Federal Home Loan Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 10/1/54 - 3/1/55 | 3738 | &nbsp;&nbsp;&nbsp;3824 |
| &nbsp;&nbsp;&nbsp;6.50%, 1/1/54 - 1/1/55 | 3571 | &nbsp;&nbsp;&nbsp;3714 |
| Federal National Mortgage Assn. |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 10/1/54 | 1301 | &nbsp;&nbsp;&nbsp;1329 |
| &nbsp;&nbsp;&nbsp;6.50%, 9/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 |
|  |  | &nbsp;&nbsp;&nbsp;9606 |
| **Total U.S. Government & Agency Mortgage-Backed Securities<br> (Cost $9,533)** |  | &nbsp;&nbsp;&nbsp;**9606** |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS (EXCLUDING MORTGAGE-BACKED) 2.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (EXCLUDING MORTGAGE-BACKED) 2.8%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS (EXCLUDING MORTGAGE-BACKED) 2.8%** |
| **U.S. Treasury Obligations 2.8%** |  |  |
| U.S. Treasury Bills, 4.212%, 10/14/25 | 4500 | &nbsp;&nbsp;&nbsp;4478 |
| U.S. Treasury Bills, 4.227%, 12/4/25 (4) | 2510 | &nbsp;&nbsp;&nbsp;2484 |
| U.S. Treasury Bills, 4.294%, 9/16/25 | 4500 | &nbsp;&nbsp;&nbsp;4492 |
| U.S. Treasury Notes, 4.125%, 1/31/27 | 1640 | &nbsp;&nbsp;&nbsp;1648 |
| U.S. Treasury Notes, 4.125%, 2/28/27 | 1880 | &nbsp;&nbsp;&nbsp;1891 |
| U.S. Treasury Notes, 4.25%, 12/31/26 | 1625 | &nbsp;&nbsp;&nbsp;1635 |
| U.S. Treasury Notes, 4.375%, 7/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 |
| U.S. Treasury Notes, 4.875%, 11/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 |
|  |  | 17325 |
| **Total U.S. Government Agency Obligations (Excluding Mortgage-Backed)<br> (Cost $17,294)** |  | **17325** |
| **SHORT-TERM INVESTMENTS 15.6%** | **SHORT-TERM INVESTMENTS 15.6%** | **SHORT-TERM INVESTMENTS 15.6%** |
| **Commercial Paper 15.6%** |  |  |
| **4(2) 15.6% (5)** |  |  |
| Bacardi-Martini BV, 4.703%, 9/2/25 | 3000 | &nbsp;&nbsp;&nbsp;2998 |
| Bacardi-Martini BV, 4.771%, 9/29/25 | 3000 | &nbsp;&nbsp;&nbsp;2987 |
| Bacardi-Martini BV, 4.938%, 10/9/25 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 |

---

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Brunswick, 5.105%, 9/4/25 | 6100 | &nbsp;&nbsp;&nbsp;6095 |
| Canadian Natural Resources, 4.726%, 9/25/25 | 5800 | &nbsp;&nbsp;&nbsp;5780 |
| Crown Castle, 5.004%, 9/11/25 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 |
| CVS Health, 5.032%, 9/8/25 | 3300 | &nbsp;&nbsp;&nbsp;3296 |
| Edison International, 4.602%, 9/2/25 | 1700 | &nbsp;&nbsp;&nbsp;1699 |
| Edison International, 4.838%, 9/11/25 | 2500 | &nbsp;&nbsp;&nbsp;2496 |
| FMC, 5.278%, 9/18/25 | 2300 | &nbsp;&nbsp;&nbsp;2293 |
| Fortune Brands Innovations, 4.614%, 9/4/25 | 3200 | &nbsp;&nbsp;&nbsp;3198 |
| Fortune Brands Innovations, 4.637%, 9/17/25 | 2500 | &nbsp;&nbsp;&nbsp;2494 |
| Gotham Funding, 4.332%, 9/2/25 | 7300 | &nbsp;&nbsp;&nbsp;7296 |
| Harley-Davidson Financial Services, 4.921%, 9/12/25 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 |
| Harley-Davidson Financial Services, 4.946%, 10/3/25 | 4700 | &nbsp;&nbsp;&nbsp;4679 |
| Ovintiv, 4.979%, 9/22/25 | 2000 | &nbsp;&nbsp;&nbsp;1993 |
| Plains All American Pipeline, 4.554%, 9/5/25 | 5000 | &nbsp;&nbsp;&nbsp;4996 |
| Quanta Services, 4.582%, 9/2/25 | 7700 | &nbsp;&nbsp;&nbsp;7696 |
| Southern California Edison, 4.836%, 10/14/25 | 2000 | &nbsp;&nbsp;&nbsp;1988 |
| Southern California Edison, 4.838%, 10/24/25 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 |
| Stanley Black & Decker, 4.586%, 9/22/25 | 5000 | &nbsp;&nbsp;&nbsp;4985 |
| Syngenta Wilmington, 4.873%, 9/2/25 | 5500 | &nbsp;&nbsp;&nbsp;5497 |
| Targa Resources, 4.502%, 9/2/25 | 3000 | &nbsp;&nbsp;&nbsp;2998 |
| Targa Resources, 4.669%, 9/18/25 | 2200 | &nbsp;&nbsp;&nbsp;2194 |
| Western Midstream Operating, 4.773%, 9/3/25 | 4250 | &nbsp;&nbsp;&nbsp;4247 |
| Western Union, 4.492%, 9/2/25 | 5500 | &nbsp;&nbsp;&nbsp;5497 |
| WPP CP, 4.595%, 9/24/25 | 4300 | &nbsp;&nbsp;&nbsp;4286 |
| WPP CP, 4.641%, 9/17/25 | 1800 | &nbsp;&nbsp;&nbsp;1796 |
|  |  | 96970 |
| **Money Market Funds 0.0%** |  |  |
| T. Rowe Price Government Reserve Fund, 4.37% (6)(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Total Short-Term Investments<br> (Cost $97,005)** |  | **96971** |
| **SECURITIES LENDING COLLATERAL 0.2%** | **SECURITIES LENDING COLLATERAL 0.2%** | **SECURITIES LENDING COLLATERAL 0.2%** |
| **Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company 0.2%** |  |  |
| **Money Market Funds 0.2%** |  |  |
| T. Rowe Price Government Reserve Fund, 4.37% (6)(7) | 1140 | &nbsp;&nbsp;&nbsp;1140 |
| **Total Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company** |  | &nbsp;&nbsp;&nbsp;**1140** |
| **Total Securities Lending Collateral<br> (Cost $1,140)** |  | &nbsp;&nbsp;&nbsp;**1140** |

---

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T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

(Amount in 000s, except for contracts)

---

| |
|:---|
| **Options Purchased 0.0%** |
| **OTC Options Purchased 0.0%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Contracts** | **Notional<br> Amount** | **$ Value** |
| JPMorgan Chase | Credit Default Swap, Protection Bought (Relevant Credit: Markit CDX.NA.IG.S44, 5 Year Index, 6/20/30), Pay 1.00% Quarterly, Receive upon credit default, 10/15/25 @ 0.60%\* (8) | 1 | 22691 | 14 |
| JPMorgan Chase | Credit Default Swap, Protection Bought (Relevant Credit: Markit CDX.NA.IG.S44, 5 Year Index, 6/20/30), Pay 1.00% Quarterly, Receive upon credit default, 9/17/25 @ 0.60%\* (8) | 1 | 22000 | &nbsp;&nbsp;&nbsp;4 |
| **Total Options Purchased (Cost $34)** | **Total Options Purchased (Cost $34)** | **Total Options Purchased (Cost $34)** |  | **18** |

---

---

| | |
|:---|:---|
| **Total Investments in Securities<br> 99.4% of Net Assets (Cost $614,721)** | **$617250** |
| **Other Assets Less Liabilities 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3904** |
| **Net Assets 100.0%** | **$621154** |

---

---

| | |
|:---|:---|
| ‡ | 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 $266,510 and represents 42.9% of net assets. |
| (2) | All or a portion of this security is on loan at August 31, 2025. |
| (3) | 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. |
| (4) | At August 31, 2025, all or a portion of this security is pledged as collateral and/or margin deposit to cover future funding obligations. |
| (5) | Commercial paper exempt from registration under Section 4(2) of the Securities Act of 1933 and may be resold in transactions exempt from registration only to dealers in that program or other "accredited investors" -- total value of such securities at period-end amounts to $96,970 and represents 15.6% of net assets. |
| (6) | Seven-day yield |
| (7) | Affiliated Companies |
| (8) | Non-income producing. |

---

---

| | |
|:---|:---|
| 1M TSFR | One month term SOFR (Secured overnight financing rate) |
| 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. |
| CLO | Collateralized Loan Obligation |
| CMO | Collateralized Mortgage Obligation |
| FRN | Floating Rate Note |
| JPY | Japanese Yen |
| SOFR | Secured overnight financing rate |
| SOFR30A | 30-day Average term SOFR (Secured Overnight Financing Rate) |

---

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

---

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

---

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

(Amounts in 000s, except for contracts)

---

| |
|:---|
| **OPTIONS WRITTEN 0.0%** |
| **OTC Options Written 0.0%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Contracts** | **Notional<br> Amount** | **$ Value** |
| JPMorgan Chase | Credit Default Swap, Protection Sold (Relevant Credit: Markit CDX.NA.IG.S44, 5 Year Index, 6/20/30), Receive 1.00% Quarterly, Pay upon credit default, 10/15/25 @ 0.70%\* | 1 | (22691) | (7) |
| Total OTC Options Written (Premiums $(8)) | Total OTC Options Written (Premiums $(8)) | Total OTC Options Written (Premiums $(8)) | Total OTC Options Written (Premiums $(8)) | (7) |
| **Total Options Written (Premiums $(8))** | **Total Options Written (Premiums $(8))** | **Total Options Written (Premiums $(8))** | **Total Options Written (Premiums $(8))** | **(7)** |

---

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T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

(Amounts in 000s)

**FORWARD CURRENCY EXCHANGE CONTRACTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** | **Receive** |  | **Deliver** |  | **Unrealized<br> Gain/(Loss)** |
| State Street | 10/27/25 | USD | 5541 | JPY | 817650 | $(56) |
| **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **$(56)** |

---

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T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Expiration<br> Date** | **Notional<br> Amount** | **Value and<br> Unrealized<br> Gain (Loss)** |
| Short, 6 U.S. Treasury Long Bonds contracts | 12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(683) | &nbsp;&nbsp;$(2) |
| Short, 6 U.S. Treasury Notes ten year contracts | 12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(672) | &nbsp;&nbsp;&nbsp;&nbsp;(3) |
| Short, 9 Ultra U.S. Treasury Notes ten year contracts | 12/25 | &nbsp;&nbsp;&nbsp;(1026) | &nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Short, 149 U.S. Treasury Notes five year contracts | 12/25 | (16279) | &nbsp;&nbsp;&nbsp;(31) |
| Short, 102 U.S. Treasury Notes two year contracts | 12/25 | (21245) | &nbsp;&nbsp;&nbsp;(27) |
| Short, 41 Three Month SOFR Futures contracts | 03/27 | &nbsp;&nbsp;&nbsp;(9913) | &nbsp;&nbsp;&nbsp;(32) |
| **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1** |
| **Variation margin receivable (payable) on open futures contracts** | **Variation margin receivable (payable) on open futures contracts** | **Variation margin receivable (payable) on open futures contracts** | **$(98)** |

---

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T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

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#### AFFILIATED COMPANIES
($000s)

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

---

| | | | |
|:---|:---|:---|:---|
| **Affiliate** | **Net Realized Gain<br> (Loss)** | **Changes in Net<br> Unrealized<br> Gain/Loss** | **Investment<br> Income** |
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp;$— | $— | $3++ |
| Totals | $—# | $— | &nbsp;&nbsp;$3+ |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** |
| **Affiliate** | **Value<br> 5/31/25** | **Purchase<br> Cost** | **Sales<br> Cost** | **Value<br> 8/31/25** |
| T. Rowe Price Government Reserve Fund | $1101 | ¤ | ¤ | &nbsp;&nbsp;$1141 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $1,141^ |

---

---

| |
|:---|
| Excludes earnings on securities lending collateral, which are subject to rebates and fees. |
| Capital gain distributions from mutual funds represented $0 of the net realized gain (loss). |
| Investment income comprised $3 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 $1,141. |

---

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

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

------

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

#### VALUATION

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

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

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

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

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

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

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

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

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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 greatest weight to actual prices in arm's length transactions, to the extent they represent orderly transactions between market participants, transaction information can be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Designee may also consider other valuation methods such as market-based valuation multiples; a discount or premium from market value of a similar, freely traded security of the same issuer; discounted cash flows; yield to maturity; or some combination. Fair value determinations are reviewed on a regular basis. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions. Fair value prices determined by the Valuation Designee could differ from those of other market participants, and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total Value** |
| **Assets** |  |  |  |  |
| Fixed Income Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$519121 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$519121 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96970 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96971 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Total | &nbsp;&nbsp;$1141 | &nbsp;&nbsp;$616109 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$617250 |
| **Liabilities** |  |  |  |  |
| Options Written | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7 |
| Forward Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Futures Contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;$99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$63 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$162 |

---

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

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

------

T. ROWE PRICE ULTRA SHORT-TERM BOND ETF

------

#### 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.

#### ETF990-054Q1

#### 08/25

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

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

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

- **a. Name of Series:** T. Rowe Price Ultra Short-Term Bond ETF

- **b. EDGAR series identifier (if any):** S000072799

- **c. LEI of Series:** 549300XEFO03D2YJGG72

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $621740161.44

**Total Liabilities:** $4321139.40

**Net Assets:** $617419022.04

**Delayed Delivery Securities:** $16745380.34

**Cash Not Reported:** $371401.30

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -4337.137270 | **1-Year:** -44054.171911 | **5-Year:** -12588.069465 | **10-Year:** -380.172752 | **30-Year:** 0.000000

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

- **3-Month:** -26.694772 | **1-Year:** -300.111046 | **5-Year:** -45.769279 | **10-Year:** 0.000000 | **30-Year:** 0.000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229340 | 0.55%                | 0.39%                | 0.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $125949.75               | $829919.99                                 |
| Month 2  | $53470.02                | $182508.07                                 |
| Month 3  | $-71781.74               | $693624.10                                 |

### 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        |       -41 | NC      | $-31572.15    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                 | 5509757237 TROWE CDSOPT PUT USD 0.6 20250917           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              | CORP              | US        |         1 | NC      | $3837.68      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                 | 5531461512 TROWE CDSOPT PUT USD 0.6 20251015           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              | CORP              | US        |         1 | NC      | $14210.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                 | 5531461520 TROWE CDSOPT PUT USD 0.7 20251015           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCR              | CORP              | US        |         1 | NC      | $-6956.83     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| 7-Eleven Inc                                                        | 7 ELEVEN INC SR UNSECURED 144A 02/26 0.95              | CUSIP: 817826AC4<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1131965.70   | 0.18%             | 2026-02-10      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| ABJA Investment Co Pte Ltd                                          | ABJA INVESTMENT CO SR UNSECURED REGS 01/28 5.45        | CUSIP: 000000000<br>LEI: 254900E6OE5YJ9WCCU19 | Long             | DBT              | CORP              | SG        |   1100000 | PA      | $1120911.00   | 0.18%             | 2028-01-24      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                                    | ABN AMRO BANK NV 144A 09/27 VAR                        | CUSIP: 00084DBA7<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $204019.20    | 0.03%             | 2027-09-18      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                                    | ABN AMRO BANK NV SUBORDINATED 144A 04/26 4.8           | CUSIP: 00084DAL4<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |   2200000 | PA      | $2200558.80   | 0.36%             | 2026-04-18      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Abu Dhabi National Energy Co PJSC                                   | ABU DHABI NATIONAL ENERG SR UNSECURED REGS 06/26 4.375 | CUSIP: 000000000<br>LEI: 213800UNJSVQFNUYYW03 | Long             | DBT              | CORP              | AE        |    660000 | PA      | $659205.10    | 0.11%             | 2026-06-22      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Affirm Asset Securitization Trust 2025-X1                           | AFFIRM INC AFFRM 2025 X1 A 144A                        | CUSIP: 00834MAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    549943 | PA      | $550637.88    | 0.09%             | 2030-04-15      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Affirm Master Trust                                                 | AFFIRM MASTER TRUST AFRMT 2025 2A A 144A               | CUSIP: 00833BAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1695000 | PA      | $1704426.40   | 0.28%             | 2033-07-15      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| AGCO Corp                                                           | AGCO CORP COMPANY GUAR 03/27 5.45                      | CUSIP: 001084AR3<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | DBT              | CORP              | US        |   1132000 | PA      | $1145925.86   | 0.19%             | 2027-03-21      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Aker BP ASA                                                         | AKER BP ASA SR UNSECURED 144A 07/26 2                  | CUSIP: 55037AAA6<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    300000 | PA      | $291957.00    | 0.05%             | 2026-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Alinea CLO 2018-1 Ltd                                               | ALINEA CLO LTD ALINE 2018 1A BR 144A                   | CUSIP: 016269AG7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250087.62    | 0.04%             | 2031-07-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| ALLY AUTO RECEIVABLES TRUST 2023-A                                  | ALLY AUTO RECEIVABLES TRUST ALLYA 2023 A B 144A        | CUSIP: 02008NAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     51658 | PA      | $51797.22     | 0.01%             | 2034-01-17      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes Series 2024-A                    | ALLY BANK AUTO CREDIT LINKED N ABCLN 2024 A A2 144A    | CUSIP: 02007GZ48<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330525 | PA      | $335890.74    | 0.05%             | 2032-05-17      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes Series 2024-A                    | ALLY BANK AUTO CREDIT LINKED N ABCLN 2024 A B 144A     | CUSIP: 02007GZ55<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    141250 | PA      | $143412.10    | 0.02%             | 2032-05-17      | Fixed         | 5.83%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes Series 2024-B                    | ALLY BANK AUTO CREDIT LINKED N ABCLN 2024 B A2 144A    | CUSIP: 02007G4B6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    171441 | PA      | $172873.92    | 0.03%             | 2032-09-15      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes Series 2024-B                    | ALLY BANK AUTO CREDIT LINKED N ABCLN 2024 B B 144A     | CUSIP: 02007G4C4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    388828 | PA      | $391830.33    | 0.06%             | 2032-09-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Ally Bank Auto Credit-Linked Notes Series 2025-A                    | ALLY BANK AUTO CREDIT LINKED N ABCLN 2025 A B 144A     | CUSIP: 02007G5E9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1045000 | PA      | $1047334.84   | 0.17%             | 2033-06-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc                                                  | ALLY FINANCIAL INC SR UNSECURED 05/29 VAR              | CUSIP: 02005NBZ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    640000 | PA      | $664600.96    | 0.11%             | 2029-05-15      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc                                                  | ALLY FINANCIAL INC SUBORDINATED 11/25 5.75             | CUSIP: 02005NBF6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500673.50    | 0.08%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ameren Corp                                                         | AMEREN CORP SR UNSECURED 03/28 1.75                    | CUSIP: 023608AK8<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |   1129000 | PA      | $1064578.13   | 0.17%             | 2028-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp                                         | AMERICAN HONDA FINANCE SR UNSECURED 07/27 VAR          | CUSIP: 02665WGE5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2206710.00   | 0.36%             | 2027-07-09      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| American Honda Finance Corp                                         | AMERICAN HONDA FINANCE SR UNSECURED 10/26 VAR          | CUSIP: 02665WFN6<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2505875.00   | 0.41%             | 2026-10-05      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| American Tower Corp                                                 | AMERICAN TOWER CORP SR UNSECURED 01/27 3.125           | CUSIP: 03027XAM2<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $2116472.90   | 0.34%             | 2027-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Amrize Finance US LLC                                               | AMRIZE FINANCE US LLC COMPANY GUAR 144A 04/27 4.6      | CUSIP: 43475RAA4<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1547363.45   | 0.25%             | 2027-04-07      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Amrize Finance US LLC                                               | AMRIZE FINANCE US LLC COMPANY GUAR 144A 09/26 3.5      | CUSIP: 43475RAL0<br>LEI: 529900FB2F1WKLFNGY62 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1481250.00   | 0.24%             | 2026-09-22      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMSR 2020-SFR5 Trust                                                | AMSR TRUST AMSR 2020 SFR5 A 144A                       | CUSIP: 03217JAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     67011 | PA      | $66555.02     | 0.01%             | 2037-11-17      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| AMSR 2020-SFR5 Trust                                                | AMSR TRUST AMSR 2020 SFR5 D 144A                       | CUSIP: 03217JAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2110000 | PA      | $2095436.15   | 0.34%             | 2037-11-17      | Fixed         | 2.18%                 | No            |                  2 | On Loan: No      |
| AMSR 2021-SFR4 Trust                                                | AMSR TRUST AMSR 2021 SFR4 A 144A                       | CUSIP: 66982FAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1941024.00   | 0.31%             | 2038-12-17      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| AMSR 2021-SFR4 Trust                                                | AMSR TRUST AMSR 2021 SFR4 B 144A                       | CUSIP: 66982FAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3891828.40   | 0.63%             | 2038-12-17      | Fixed         | 2.42%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust 2019-5                                     | ANGEL OAK MORTGAGE TRUST AOMT 2019 5 A1 144A           | CUSIP: 03464KAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     22292 | PA      | $22019.51     | 0.00%             | 2049-10-25      | Variable      | 2.59%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust 2021-2                                     | ANGEL OAK MORTGAGE TRUST AOMT 2021 2 A1 144A           | CUSIP: 03465DAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75097 | PA      | $64814.14     | 0.01%             | 2066-04-25      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust 2021-5                                     | ANGEL OAK MORTGAGE TRUST AOMT 2021 5 A1 144A           | CUSIP: 03465HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89860 | PA      | $78571.40     | 0.01%             | 2066-07-25      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust 2022-1                                     | ANGEL OAK MORTGAGE TRUST AOMT 2022 1 A1 144A           | CUSIP: 03464BAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     81374 | PA      | $76415.93     | 0.01%             | 2066-12-25      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust 2023-6                                     | ANGEL OAK MORTGAGE TRUST AOMT 2023 6 A1 144A           | CUSIP: 03464UAA4<br>LEI: 254900QAUT3NUZVCSB04 | Long             | ABS-MBS          | CORP              | US        |    666365 | PA      | $672647.14    | 0.11%             | 2067-12-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| ArcelorMittal SA                                                    | ARCELORMITTAL SR UNSECURED 03/26 4.55                  | CUSIP: 03938LBA1<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    627000 | PA      | $626330.36    | 0.10%             | 2026-03-11      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust 2023-B                                        | ARI FLEET LEASE TRUST ARIFL 2023 B A2 144A             | CUSIP: 04033GAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90816 | PA      | $91571.22     | 0.01%             | 2032-07-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust 2024-A                                        | ARI FLEET LEASE TRUST ARIFL 2024 A A2 144A             | CUSIP: 00218KAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    285964 | PA      | $287572.38    | 0.05%             | 2032-11-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust 2024-B                                        | ARI FLEET LEASE TRUST ARIFL 2024 B A2 144A             | CUSIP: 04033HAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    264093 | PA      | $266066.04    | 0.04%             | 2033-04-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| ARI Fleet Lease Trust 2025-A                                        | ARI FLEET LEASE TRUST ARIFL 2025 A A2 144A             | CUSIP: 04033CAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1430000 | PA      | $1432618.19   | 0.23%             | 2034-01-17      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                               | ATHENE GLOBAL FUNDING SECURED 144A 01/27 4.95          | CUSIP: 04685A4E8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    750000 | PA      | $756938.25    | 0.12%             | 2027-01-07      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding 2023-1 LLC                                    | AUXILIOR TERM FUNDING LLC XCAP 2023 1A A2 144A         | CUSIP: 05335JAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     73266 | PA      | $73828.27     | 0.01%             | 2028-12-15      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| Auxilior Term Funding 2024-1 LLC                                    | AUXILIOR TERM FUNDING LLC XCAP 2024 1A A2 144A         | CUSIP: 05335FAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     47574 | PA      | $47801.70     | 0.01%             | 2027-03-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| Axiata SPV2 Bhd                                                     | AXIATA SPV2 BHD SR UNSECURED REGS 03/26 4.357          | CUSIP: 000000000<br>LEI: 254900P49KQFQ10AF282 | Long             | DBT              | CORP              | MY        |   1200000 | PA      | $1200133.56   | 0.19%             | 2026-03-24      | Fixed         | 4.36%                 | No            |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables X LLC                            | AXIS EQUIPMENT FINANCE RECEIVA AXIS 2022 1A B 144A     | CUSIP: 03236VAC5<br>LEI: 549300K5Y88MV8B4M421 | Long             | ABS-O            | CORP              | US        |    297252 | PA      | $296531.14    | 0.05%             | 2028-01-20      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables X LLC                            | AXIS EQUIPMENT FINANCE RECEIVA AXIS 2022 1A D 144A     | CUSIP: 03236VAE1<br>LEI: 549300K5Y88MV8B4M421 | Long             | ABS-O            | CORP              | US        |   3080000 | PA      | $3071191.82   | 0.50%             | 2028-08-21      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables XIII LLC                         | AXIS EQUIPMENT FINANCE RECEIVA AXIS 2024 1A B 144A     | CUSIP: 03237CAC6<br>LEI: 254900O8ABFLU3FOSN14 | Long             | ABS-O            | CORP              | US        |    870000 | PA      | $888899.71    | 0.14%             | 2031-01-21      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables XIV LLC                          | AXIS EQUIPMENT FINANCE RECEIVA AXIS 2024 2A A2 144A    | CUSIP: 03238BAB9<br>LEI: 254900VBZK8DVZNJFJ70 | Long             | ABS-O            | CORP              | US        |    383147 | PA      | $387561.22    | 0.06%             | 2031-06-20      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Amur Equipment Finance Receivables XV LLC                           | AXIS EQUIPMENT FINANCE RECEIVA AXIS 2025 1A A2 144A    | CUSIP: 03237FAB1<br>LEI: 254900UXD59DZRJ7U848 | Long             | ABS-O            | CORP              | US        |    985000 | PA      | $994499.64    | 0.16%             | 2031-09-22      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | BACARDI MARTINI B V                                    | CUSIP: 05634EW24<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2998402.50   | 0.49%             | 2025-09-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | BACARDI MARTINI B V                                    | CUSIP: 05634EX98<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $497232.50    | 0.08%             | 2025-10-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | BACARDI MARTINI B V                                    | CUSIP: 05634EWV0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2987445.00   | 0.48%             | 2025-09-29      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                                  | BANCO BILBAO VIZCAYA ARG 09/26 VAR                     | CUSIP: 05946KAK7<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |    800000 | PA      | $800524.00    | 0.13%             | 2026-09-14      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                  | BANCO SANTANDER SA 03/28 VAR                           | CUSIP: 05964HBA2<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $203541.00    | 0.03%             | 2028-03-14      | Variable      | 5.55%                 | No            |                  2 | On Loan: No      |
| Bank Mandiri Persero Tbk PT                                         | BANK MANDIRI PT SR UNSECURED REGS 04/26 5.5            | CUSIP: 000000000<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | DBT              | CORP              | ID        |   1360000 | PA      | $1370719.70   | 0.22%             | 2026-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                | BANK OF AMERICA CORP SR UNSECURED 01/27 VAR            | CUSIP: 06051GLE7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200784.80    | 0.03%             | 2027-01-20      | Variable      | 5.08%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                                | BANK OF AMERICA CORP SUBORDINATED 09/26 6.22           | CUSIP: 59022CAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2097000 | PA      | $2138011.03   | 0.35%             | 2026-09-15      | Fixed         | 6.22%                 | No            |                  2 | On Loan: No      |
| Bank of Ireland Group PLC                                           | BANK OF IRELAND GROUP SR UNSECURED 144A 09/26 VAR      | CUSIP: 06279JAC3<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |   2400000 | PA      | $2400062.40   | 0.39%             | 2026-09-16      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                    | BANK OF MONTREAL SR UNSECURED 09/27 VAR                | CUSIP: 06368L8M1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   3000000 | PA      | $3011250.00   | 0.49%             | 2027-09-10      | Floating      | 5.23%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia/The                                             | BANK OF NOVA SCOTIA SUBORDINATED 12/25 4.5             | CUSIP: 064159HB5<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   1885000 | PA      | $1885397.74   | 0.31%             | 2025-12-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA                               | BANQUE FED CRED MUTUEL 144A 01/26 4.935                | CUSIP: 06675FAZ0<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $400724.40    | 0.06%             | 2026-01-26      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA                               | BANQUE FED CRED MUTUEL 144A 01/27 5.088                | CUSIP: 06675FBC0<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    215000 | PA      | $217686.00    | 0.04%             | 2027-01-23      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel SA                               | BANQUE FED CRED MUTUEL 144A 07/26 5.896                | CUSIP: 06675FBA4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $405460.80    | 0.07%             | 2026-07-13      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                        | BARCLAYS PLC SR UNSECURED 01/26 4.375                  | CUSIP: 06738EAN5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $199945.00    | 0.03%             | 2026-01-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                        | BARCLAYS PLC SR UNSECURED 03/28 VAR                    | CUSIP: 06738ECP8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $203874.80    | 0.03%             | 2028-03-12      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                        | BARCLAYS PLC SR UNSECURED 09/28 VAR                    | CUSIP: 06738ECT0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1008358.00   | 0.16%             | 2028-09-10      | Variable      | 4.84%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                        | BARCLAYS PLC SUBORDINATED 05/26 5.2                    | CUSIP: 06738EAP0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1650000 | PA      | $1656360.75   | 0.27%             | 2026-05-12      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp                                                    | BAT CAPITAL CORP COMPANY GUAR 04/27 4.7                | CUSIP: 05526DBP9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    400000 | PA      | $402154.40    | 0.07%             | 2027-04-02      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BAT Capital Corp                                                    | BAT CAPITAL CORP COMPANY GUAR 08/27 3.557              | CUSIP: 05526DBB0<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2071620.60   | 0.34%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| Battalion CLO VIII Ltd                                              | BATTALION CLO LTD BATLN 2015 8A A2R3 144A              | CUSIP: 07132ACL5<br>LEI: 549300WH2OE0BGHQQP83 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $4000000.00   | 0.65%             | 2030-07-18      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Battalion CLO IX Ltd                                                | BATTALION CLO LTD BATLN 2015 9A ARR 144A               | CUSIP: 07132EAS4<br>LEI: 549300JMWGEYZEC6GK98 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3995124.68   | 0.65%             | 2031-07-15      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| Battalion CLO XII Ltd                                               | BATTALION CLO LTD BATLN 2018 12A ARR 144A              | CUSIP: 07133RAW5<br>LEI: 549300JIE0P78OIZGS60 | Long             | ABS-CBDO         | CORP              | KY        |   1595914 | PA      | $1594816.32   | 0.26%             | 2031-05-17      | Floating      | 5.12%                 | No            |                  2 | On Loan: No      |
| Battalion Clo XV Ltd                                                | BATTALION CLO LTD BATLN 2020 15A A1RR 144A             | CUSIP: 07131AAM6<br>LEI: 549300CJP8HGT746II19 | Long             | ABS-CBDO         | CORP              | KY        |   2296918 | PA      | $2296918.81   | 0.37%             | 2033-01-17      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                                             | BAYER US FINANCE II LLC COMPANY GUAR 144A 12/25 4.25   | CUSIP: 07274NAJ2<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $1936692.30   | 0.31%             | 2025-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance LLC                                                | BAYER US FINANCE LLC COMPANY GUAR 144A 11/26 6.125     | CUSIP: 07274EAH6<br>LEI: 54930093Q75GSEM74I71 | Long             | DBT              | CORP              | US        |    860000 | PA      | $875531.60    | 0.14%             | 2026-11-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fund VII 2024-CAR1 LLC                   | BAYVIEW OPPORTUNITY MASTER FUN BVCLN 2024 CAR1 A 144A  | CUSIP: 07336QAA0<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-O            | CORP              | US        |    122079 | PA      | $122421.36    | 0.02%             | 2031-12-26      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| BINOM Securitization Trust 2021-INV1                                | BINOM SECURITIZATION TRUST BINOM 2021 INV1 A1 144A     | CUSIP: 05552UAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     49342 | PA      | $44889.34     | 0.01%             | 2056-06-25      | Variable      | 2.03%                 | No            |                  2 | On Loan: No      |
| BlueMountain CLO 2015-3 Ltd                                         | BLUEMOUNTAIN CLO LTD BLUEM 2015 3A A1R 144A            | CUSIP: 09628JAL5<br>LEI: 5493009UJ1T6R11V4458 | Long             | ABS-CBDO         | CORP              | KY        |    101188 | PA      | $101312.38    | 0.02%             | 2031-04-20      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| BlueMountain CLO 2016-3 Ltd                                         | BLUEMOUNTAIN CLO LTD BLUEM 2016 3A A1R2 144A           | CUSIP: 09628VAW4<br>LEI: 549300EYIDIF4X8MHI21 | Long             | ABS-CBDO         | CORP              | KY        |    213451 | PA      | $213554.41    | 0.03%             | 2030-11-15      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| BlueMountain CLO 2018-3 Ltd                                         | BLUEMOUNTAIN CLO LTD BLUEM 2018 3A A1R 144A            | CUSIP: 09630AAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1566238 | PA      | $1568667.68   | 0.25%             | 2030-10-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                      | BNP PARIBAS SUBORDINATED 144A 03/27 4.625              | CUSIP: 05581KAC5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1003105.00   | 0.16%             | 2027-03-13      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                      | BNP PARIBAS SUBORDINATED 144A 05/26 4.375              | CUSIP: 05565AAR4<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |   2000000 | PA      | $1995500.00   | 0.32%             | 2026-05-12      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                      | BNP PARIBAS SUBORDINATED 144A 09/25 4.375              | CUSIP: 05581KAA9<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    350000 | PA      | $349776.00    | 0.06%             | 2025-09-28      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Boeing Co/The                                                       | BOEING CO SR UNSECURED 02/27 2.7                       | CUSIP: 097023CM5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $977081.00    | 0.16%             | 2027-02-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Boeing Co/The                                                       | BOEING CO SR UNSECURED 05/26 3.1                       | CUSIP: 097023CH6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $989113.00    | 0.16%             | 2026-05-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                             | BPCE SA 144A 10/26 VAR                                 | CUSIP: 05583JAH5<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   2250000 | PA      | $2244321.00   | 0.36%             | 2026-10-06      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                             | BPCE SA 144A 10/27 3.5                                 | CUSIP: 05583JAC6<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $980785.00    | 0.16%             | 2027-10-23      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BRE Grand Islander Timeshare Issuer 2019-A LLC                      | BRE GRAND ISLANDER TIMESHARE I HGVGI 2019 A A 144A     | CUSIP: 05588UAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     58687 | PA      | $57997.38     | 0.01%             | 2033-09-26      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Brighthouse Financial Global Funding                                | BRIGHTHSE FIN GLBL FUND SECURED 144A 05/26 1.55        | CUSIP: 10921U2C1<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |    375000 | PA      | $366646.50    | 0.06%             | 2026-05-24      | Fixed         | 1.55%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                                    | BRIXMOR OPERATING PART SR UNSECURED 03/27 3.9          | CUSIP: 11120VAE3<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |   2525000 | PA      | $2512523.98   | 0.41%             | 2027-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                                    | BRIXMOR OPERATING PART SR UNSECURED 06/26 4.125        | CUSIP: 11120VAC7<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1096716.50   | 0.18%             | 2026-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Brown & Brown Inc                                                   | BROWN + BROWN INC SR UNSECURED 06/28 4.7               | CUSIP: 115236AJ0<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    275000 | PA      | $277797.03    | 0.04%             | 2028-06-23      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | BRUNSWICK CORP                                         | CUSIP: 11704MW45<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6100000 | PA      | $6094989.46   | 0.99%             | 2025-09-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BX Trust 2021-RISE                                                  | BX TRUST BX 2021 RISE A 144A                           | CUSIP: 12434EAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1208821 | PA      | $1208065.10   | 0.20%             | 2036-11-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| CaixaBank SA                                                        | CAIXABANK SA 144A 09/27 VAR                            | CUSIP: 12803RAB0<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |    550000 | PA      | $563008.60    | 0.09%             | 2027-09-13      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | CANADIAN NATURAL RESOU 09/25 ZCP                       | CUSIP: 13638WWR9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   5300000 | PA      | $5281288.35   | 0.86%             | 2025-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | CANADIAN NATURAL RESOU 09/25 ZCP                       | CUSIP: 13638WWR9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    500000 | PA      | $498234.75    | 0.08%             | 2025-09-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp                                          | CAPITAL ONE FINANCIAL CO SR UNSECURED 02/27 4.1        | CUSIP: 254709AM0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    201000 | PA      | $200542.73    | 0.03%             | 2027-02-09      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp                                          | CAPITAL ONE FINANCIAL CO SUBORDINATED 07/26 3.75       | CUSIP: 14040HBK0<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   3175000 | PA      | $3155429.30   | 0.51%             | 2026-07-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp                                          | CAPITAL ONE FINANCIAL CO SUBORDINATED 10/25 4.2        | CUSIP: 14040HBJ3<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    500000 | PA      | $499244.00    | 0.08%             | 2025-10-29      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Capital One NA                                                      | CAPITAL ONE NA SR UNSECURED 07/26 3.45                 | CUSIP: 25466AAJ0<br>LEI: 207ALC1P1YM0OVDV0K75 | Long             | DBT              | CORP              | US        |    481000 | PA      | $476987.02    | 0.08%             | 2026-07-27      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategies CLO 2014-2R Ltd                    | CARLYLE GLOBAL MARKET STRATEGI CGMS 2014 2RA A1 144A   | CUSIP: 14314LAC9<br>LEI: 549300K65HYRGER5BW54 | Long             | ABS-O            | CORP              | KY        |    236077 | PA      | $236210.81    | 0.04%             | 2031-05-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2021-N2                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2021 N2 A2        | CUSIP: 14686KAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     95442 | PA      | $93857.39     | 0.02%             | 2028-03-10      | Fixed         | 0.97%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2021-N4                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2021 N4 A2        | CUSIP: 14687HAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     52558 | PA      | $51472.94     | 0.01%             | 2028-09-11      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2021-N4                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2021 N4 B         | CUSIP: 14687HAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4305 | PA      | $4169.52      | 0.00%             | 2028-09-11      | Fixed         | 1.24%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2021-P3                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2021 P3 A4        | CUSIP: 14687JAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    318132 | PA      | $313884.44    | 0.05%             | 2027-06-10      | Fixed         | 1.03%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2022-N1                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2022 N1 A2 144A   | CUSIP: 14686GAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    134907 | PA      | $133340.62    | 0.02%             | 2028-12-11      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2022-P1                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2022 P1 B         | CUSIP: 14688DAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1718561.60   | 0.28%             | 2028-02-10      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2022-P2                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2022 P2 B         | CUSIP: 14686JAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220000 | PA      | $221895.12    | 0.04%             | 2028-04-10      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2023-N1                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2023 N1 C 144A    | CUSIP: 14688FAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2090000 | PA      | $2106249.54   | 0.34%             | 2029-07-10      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2023-N3                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2023 N3 A 144A    | CUSIP: 14686RAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5601 | PA      | $5603.59      | 0.00%             | 2027-09-10      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2023-P1                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2023 P1 B 144A    | CUSIP: 14688EAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    180000 | PA      | $186797.36    | 0.03%             | 2029-04-10      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2024-N1                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2024 N1 A3 144A   | CUSIP: 14687QAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    259656 | PA      | $260401.56    | 0.04%             | 2028-03-10      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2024-N1                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2024 N1 B 144A    | CUSIP: 14687QAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1415000 | PA      | $1431656.11   | 0.23%             | 2030-05-10      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2024-N2                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2024 N2 A3 144A   | CUSIP: 14687VAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    135000 | PA      | $135922.44    | 0.02%             | 2028-07-10      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2024-N2                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2024 N2 B 144A    | CUSIP: 14687VAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2665000 | PA      | $2707061.16   | 0.44%             | 2030-09-10      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2024-N3                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2024 N3 B 144A    | CUSIP: 14687WAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1002479.20   | 0.16%             | 2030-12-10      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2024-P2                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2024 P2 A2        | CUSIP: 14688PAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     57943 | PA      | $57997.63     | 0.01%             | 2027-11-10      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2024-P2                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2024 P2 A3        | CUSIP: 14688PAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    265000 | PA      | $267594.40    | 0.04%             | 2029-07-10      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2024-P4                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2024 P4 A2        | CUSIP: 14076LAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    528511 | PA      | $528859.29    | 0.09%             | 2028-02-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2024-P4                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2024 P4 A3        | CUSIP: 14076LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    475000 | PA      | $477664.47    | 0.08%             | 2030-01-10      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2025-N1                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2025 N1 A2 144A   | CUSIP: 14688XAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    432259 | PA      | $432888.27    | 0.07%             | 2028-05-10      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2025-N1                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2025 N1 A3 144A   | CUSIP: 14688XAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1009006.60   | 0.16%             | 2029-08-10      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2025-P2                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2025 P2 A2        | CUSIP: 14688YAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    795000 | PA      | $796477.67    | 0.13%             | 2028-08-10      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust 2025-P2                              | CARVANA AUTO RECEIVABLES TRUST CRVNA 2025 P2 A3        | CUSIP: 14688YAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1180000 | PA      | $1191282.57   | 0.19%             | 2030-08-12      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                            | CELANESE US HOLDINGS LLC COMPANY GUAR 07/27 6.665      | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   1349000 | PA      | $1382725.00   | 0.22%             | 2027-07-15      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                            | CELANESE US HOLDINGS LLC COMPANY GUAR 08/26 1.4        | CUSIP: 15089QAK0<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   1452000 | PA      | $1392105.00   | 0.23%             | 2026-08-05      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Cencosud SA                                                         | CENCOSUD SA COMPANY GUAR 144A 07/27 4.375              | CUSIP: 15132HAH4<br>LEI: 549300NLTGCFV7482429 | Long             | DBT              | CORP              | CL        |   1720000 | PA      | $1714599.20   | 0.28%             | 2027-07-17      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Centene Corp                                                        | CENTENE CORP SR UNSECURED 12/27 4.25                   | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |   2612000 | PA      | $2540546.13   | 0.41%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chase Auto Credit Linked Notes Series 2025-1                        | CHASE AUTO CREDIT LINKED NOTES CACLN 2025 1 B 144A     | CUSIP: 46591HCS7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1012767 | PA      | $1019222.02   | 0.17%             | 2033-02-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chenango Park CLO Ltd                                               | CHENANGO PARK CLO, LTD. CHPRK 2018 1A A2R 144A         | CUSIP: 16409TAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1565000 | PA      | $1568653.26   | 0.25%             | 2030-04-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| CIFC Funding 2013-II Ltd                                            | CIFC FUNDING LTD CIFC 2013 2A A1L2 144A                | CUSIP: 12549BAY4<br>LEI: 2549009RG3XZEWMXDF59 | Long             | ABS-CBDO         | CORP              | KY        |    366347 | PA      | $366932.60    | 0.06%             | 2030-10-18      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| CIFC Funding 2016-I Ltd                                             | CIFC FUNDING LTD CIFC 2016 1A AR3 144A                 | CUSIP: 17180TBL5<br>LEI: 54930076OPDXR0U68E20 | Long             | ABS-CBDO         | CORP              | KY        |   1422852 | PA      | $1422377.36   | 0.23%             | 2031-10-21      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| Citibank NA                                                         | CITIBANK NA SR UNSECURED 05/27 VAR                     | CUSIP: 17325FBQ0<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2263848.75   | 0.37%             | 2027-05-29      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc                                                       | CITIGROUP INC SUBORDINATED 09/25 5.5                   | CUSIP: 172967HB0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    676000 | PA      | $675950.65    | 0.11%             | 2025-09-13      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CNA Financial Corp                                                  | CNA FINANCIAL CORP SR UNSECURED 03/26 4.5              | CUSIP: 126117AT7<br>LEI: 549300YX2GSZD7YG1R84 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1200496.80   | 0.19%             | 2026-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CNH Industrial Capital LLC                                          | CNH INDUSTRIAL CAP LLC COMPANY GUAR 07/26 1.45         | CUSIP: 12592BAM6<br>LEI: 549300PNSJ5B81UMVO28 | Long             | DBT              | CORP              | US        |   1108000 | PA      | $1080026.32   | 0.17%             | 2026-07-15      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| CNO Global Funding                                                  | CNO GLOBAL FUNDING SECURED 144A 10/26 1.75             | CUSIP: 18977W2A7<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |    700000 | PA      | $680073.80    | 0.11%             | 2026-10-07      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Corp Nacional del Cobre de Chile                                    | CODELCO INC SR UNSECURED REGS 08/27 3.625              | CUSIP: 000000000<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |   1760000 | PA      | $1729147.20   | 0.28%             | 2027-08-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Colorado Interstate Gas Co LLC / Colorado Interstate Issuing Corp   | COLORADO INT GAS CO/ISS COMPANY GUAR 144A 08/26 4.15   | CUSIP: 196500AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    636000 | PA      | $633263.29    | 0.10%             | 2026-08-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| COLT 2020-3 Mortgage Loan Trust                                     | COLT FUNDING LLC COLT 2020 3 A1 144A                   | CUSIP: 12597QAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    123815 | PA      | $121899.37    | 0.02%             | 2065-04-27      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| COLT 2021-4 Mortgage Loan Trust                                     | COLT FUNDING LLC COLT 2021 4 A1 144A                   | CUSIP: 19688GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     63900 | PA      | $54839.73     | 0.01%             | 2066-10-25      | Variable      | 1.40%                 | No            |                  2 | On Loan: No      |
| COLT 2025-8 Mortgage Loan Trust                                     | COLT FUNDING LLC COLT 2025 8 A1 144A                   | CUSIP: 19689DAA7<br>LEI: 2138009IZ4NQZAKAEN75 | Long             | ABS-MBS          | CORP              | US        |   1195000 | PA      | $1204317.30   | 0.20%             | 2070-08-25      | Variable      | 5.48%                 | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                                      | COMMONWEALTH BANK AUST SUBORDINATED 144A 12/25 4.5     | CUSIP: 2027A0HR3<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | DBT              | CORP              | AU        |    700000 | PA      | $699237.00    | 0.11%             | 2025-12-09      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| Conagra Brands Inc                                                  | CONAGRA BRANDS INC SR UNSECURED 11/28 4.85             | CUSIP: 205887CC4<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |   1452000 | PA      | $1466383.51   | 0.24%             | 2028-11-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Continental Resources Inc/OK                                        | CONTINENTAL RESOURCES COMPANY GUAR 144A 11/26 2.268    | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |   1556000 | PA      | $1512014.99   | 0.24%             | 2026-11-15      | Fixed         | 2.27%                 | No            |                  2 | On Loan: No      |
| Cooperatieve Rabobank UA                                            | COOPERATIEVE RABOBANK UA COMPANY GUAR 07/26 3.75       | CUSIP: 21684AAF3<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |   1850000 | PA      | $1837932.45   | 0.30%             | 2026-07-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc                                            | COREBRIDGE FINANCIAL INC SR UNSECURED 04/27 3.65       | CUSIP: 21871XAD1<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   2947000 | PA      | $2919967.17   | 0.47%             | 2027-04-05      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Cox Communications Inc                                              | COX COMMUNICATIONS INC SR UNSECURED 144A 09/26 3.35    | CUSIP: 224044CG0<br>LEI: 5493001NEDZNIFRP2R92 | Long             | DBT              | CORP              | US        |    350000 | PA      | $345762.90    | 0.06%             | 2026-09-15      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                                  | CREDIT AGRICOLE SA 144A 01/29 VAR                      | CUSIP: 22535WAP2<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | DBT              | CORP              | FR        |   1495000 | PA      | $1517818.19   | 0.25%             | 2029-01-09      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| Crossroads Asset Trust 2024-A                                       | CROSSROADS ASSET TRUST XROAD 2024 A A2 144A            | CUSIP: 227927AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    157637 | PA      | $159631.89    | 0.03%             | 2030-08-20      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | CROWN CASTLE 09/25 ZCP                                 | CUSIP: 22823PWB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998196.20    | 0.16%             | 2025-09-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc                                                    | CROWN CASTLE INC SR UNSECURED 02/28 3.8                | CUSIP: 22822VAK7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    650000 | PA      | $642254.60    | 0.10%             | 2028-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc                                                    | CROWN CASTLE INC SR UNSECURED 03/27 2.9                | CUSIP: 22822VAZ4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    750000 | PA      | $734631.00    | 0.12%             | 2027-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc                                                    | CROWN CASTLE INC SR UNSECURED 03/27 4                  | CUSIP: 22822VAE1<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    773000 | PA      | $769335.98    | 0.12%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc                                                    | CROWN CASTLE INC SR UNSECURED 07/26 1.05               | CUSIP: 22822VAV3<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   1265000 | PA      | $1229048.70   | 0.20%             | 2026-07-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| Crown Point CLO 7 Ltd                                               | CROWN POINT CLO 7, LTD CRNPT 2018 7A AR 144A           | CUSIP: 22846MAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    243404 | PA      | $243423.61    | 0.04%             | 2031-10-20      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| CSAIL 2016-C7 Commercial Mortgage Trust                             | CSAIL COMMERCIAL MORTGAGE TRUS CSAIL 2016 C7 A4        | CUSIP: 12637UAV1<br>LEI: 5493006MX7HG5PC85C29 | Long             | ABS-MBS          | CORP              | US        |    103725 | PA      | $102889.85    | 0.02%             | 2049-11-15      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| CubeSmart LP                                                        | CUBESMART LP COMPANY GUAR 09/26 3.125                  | CUSIP: 22966RAD8<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              | CORP              | US        |    154000 | PA      | $151844.92    | 0.02%             | 2026-09-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CubeSmart LP                                                        | CUBESMART LP COMPANY GUAR 11/25 4                      | CUSIP: 22966RAC0<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              | CORP              | US        |    925000 | PA      | $923179.60    | 0.15%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | CVS CORPORATION                                        | CUSIP: 12665JW88<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3295527.51   | 0.53%             | 2025-09-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                     | CVS HEALTH CORP SR UNSECURED 03/28 4.3                 | CUSIP: 126650CX6<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1550637.05   | 0.25%             | 2028-03-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                     | CVS HEALTH CORP SR UNSECURED 06/26 2.875               | CUSIP: 126650CU2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1480000 | PA      | $1459996.32   | 0.24%             | 2026-06-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                     | CVS HEALTH CORP SR UNSECURED 08/27 1.3                 | CUSIP: 126650DM9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    400000 | PA      | $377649.20    | 0.06%             | 2027-08-21      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC                             | DAIMLER TRUCK FINAN NA COMPANY GUAR 144A 01/26 5.15    | CUSIP: 233853AP5<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300828.90    | 0.05%             | 2026-01-16      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC                             | DAIMLER TRUCK FINAN NA COMPANY GUAR 144A 08/27 4.3     | CUSIP: 233853BG4<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $1942814.94   | 0.31%             | 2027-08-12      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Daimler Truck Finance North America LLC                             | DAIMLER TRUCK FINAN NA COMPANY GUAR 144A 09/27 5.125   | CUSIP: 233853AY6<br>LEI: 5493003HSDTSCZRXBA58 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203212.80    | 0.03%             | 2027-09-25      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                     | DANSKE BANK A/S 144A 04/28 VAR                         | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   1000000 | PA      | $999619.00    | 0.16%             | 2028-04-01      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                     | DANSKE BANK A/S 144A 09/26 VAR                         | CUSIP: 23636AAZ4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |   1810000 | PA      | $1808716.71   | 0.29%             | 2026-09-11      | Variable      | 1.62%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                     | DANSKE BANK A/S 144A 09/26 VAR                         | CUSIP: 23636ABE0<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    235000 | PA      | $235091.18    | 0.04%             | 2026-09-22      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust 2023-2                                 | DELL EQUIPMENT FINANCE TRUST DEFT 2023 2 A3 144A       | CUSIP: 24703GAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     47314 | PA      | $47519.36     | 0.01%             | 2029-01-22      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust 2023-3                                 | DELL EQUIPMENT FINANCE TRUST DEFT 2023 3 C 144A        | CUSIP: 24702EAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    315000 | PA      | $318555.81    | 0.05%             | 2029-04-23      | Fixed         | 6.17%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust 2024-2                                 | DELL EQUIPMENT FINANCE TRUST DEFT 2024 2 A3 144A       | CUSIP: 24704EAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $261540.89    | 0.04%             | 2030-08-22      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust 2024-2                                 | DELL EQUIPMENT FINANCE TRUST DEFT 2024 2 B 144A        | CUSIP: 24704EAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    105000 | PA      | $105874.43    | 0.02%             | 2030-08-22      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust 2024-2                                 | DELL EQUIPMENT FINANCE TRUST DEFT 2024 2 C 144A        | CUSIP: 24704EAJ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1650000 | PA      | $1663694.18   | 0.27%             | 2030-08-22      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust 2025-1                                 | DELL EQUIPMENT FINANCE TRUST DEFT 2025 1 A3 144A       | CUSIP: 24703UAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    565000 | PA      | $570568.81    | 0.09%             | 2031-02-24      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc                                                 | DELTA AIR LINES INC SR UNSECURED 07/28 4.95            | CUSIP: 247361A24<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    565000 | PA      | $570912.16    | 0.09%             | 2028-07-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG/New York NY                                        | DEUTSCHE BANK NY 07/27 VAR                             | CUSIP: 25160PAN7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1000000 | PA      | $1022694.00   | 0.17%             | 2027-07-13      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG/New York NY                                        | DEUTSCHE BANK NY 11/26 VAR                             | CUSIP: 251526CE7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1250000 | PA      | $1243397.50   | 0.20%             | 2026-11-24      | Variable      | 2.13%                 | No            |                  2 | On Loan: No      |
| DLLAA 2023-1 LLC                                                    | DLLAA LLC DLLAA 2023 1A A2 144A                        | CUSIP: 23292HAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       105 | PA      | $105.28       | 0.00%             | 2026-07-20      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| DLLAA 2023-1 LLC                                                    | DLLAA LLC DLLAA 2023 1A A3 144A                        | CUSIP: 23292HAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    325000 | PA      | $328798.99    | 0.05%             | 2028-02-22      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust 2021-3                                 | DRIVE AUTO RECEIVABLES TRUST DRIVE 2021 3 D 144A       | CUSIP: 262081AF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2089940 | PA      | $2060540.29   | 0.33%             | 2029-06-15      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust 2024-1                                 | DRIVE AUTO RECEIVABLES TRUST DRIVE 2024 1 B            | CUSIP: 26208WAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    310000 | PA      | $311795.68    | 0.05%             | 2029-01-16      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust 2024-2                                 | DRIVE AUTO RECEIVABLES TRUST DRIVE 2024 2 A3           | CUSIP: 26207AAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    335000 | PA      | $335332.45    | 0.05%             | 2028-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust 2024-2                                 | DRIVE AUTO RECEIVABLES TRUST DRIVE 2024 2 B            | CUSIP: 26207AAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    265000 | PA      | $265534.00    | 0.04%             | 2029-07-16      | Fixed         | 4.52%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                        | DRIVE AUTO RECEIVABLES TRUST DRIVE 2025 1 A3           | CUSIP: 262102AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    710000 | PA      | $714781.92    | 0.12%             | 2032-09-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust                                        | DRIVE AUTO RECEIVABLES TRUST DRIVE 2025 1 B            | CUSIP: 262102AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1008756.90   | 0.16%             | 2032-09-15      | Fixed         | 4.79%                 | No            |                  2 | On Loan: No      |
| Dryden 45 Senior Loan Fund                                          | DRYDEN SENIOR LOAN FUND DRSLF 2016 45A BRR 144A        | CUSIP: 26244MBA9<br>LEI: 54930046L20VLJKPVV31 | Long             | ABS-CBDO         | CORP              | KY        |    795000 | PA      | $795750.37    | 0.13%             | 2030-10-15      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Dryden 53 CLO Ltd                                                   | DRYDEN SENIOR LOAN FUND DRSLF 2017 53A AR 144A         | CUSIP: 26243EAP6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2433327 | PA      | $2434917.25   | 0.39%             | 2031-01-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Dryden 80 CLO Ltd                                                   | DRYDEN SENIOR LOAN FUND DRSLF 2019 80A ARR 144A        | CUSIP: 26245JBA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3000000.00   | 0.49%             | 2033-01-17      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | EDISON INTERNATIONAL                                   | CUSIP: 28103AWB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2495860.50   | 0.40%             | 2025-09-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | EDISON INTERNATIONAL 09/25 ZCP                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1699135.72   | 0.28%             | 2025-09-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EFMT 2023-1                                                         | ELLINGTON FINANCIAL MORTGAGE T EFMT 2023 1 A1 144A     | CUSIP: 26844QAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    121616 | PA      | $121370.35    | 0.02%             | 2068-02-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| EFMT 2024-INV2                                                      | ELLINGTON FINANCIAL MORTGAGE T EFMT 2024 INV2 A1 144A  | CUSIP: 26844LAA6<br>LEI: 254900QTMZ2ZHRYMFA85 | Long             | ABS-MBS          | CORP              | US        |    873876 | PA      | $870423.69    | 0.14%             | 2069-10-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| EFMT 2024-NQM1                                                      | ELLINGTON FINANCIAL MORTGAGE T EFMT 2024 NQM1 A1B 144A | CUSIP: 26845DAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    547850 | PA      | $553157.31    | 0.09%             | 2069-11-25      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| EFMT 2025-INV2                                                      | ELLINGTON FINANCIAL MORTGAGE T EFMT 2025 INV2 A1 144A  | CUSIP: 281914AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1441168 | PA      | $1449059.08   | 0.23%             | 2070-05-26      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| Emaar Sukuk Ltd                                                     | EMAAR SUKUK LTD SR UNSECURED REGS 09/26 3.635          | CUSIP: 000000000<br>LEI: 549300NZHOOO6634T541 | Long             | DBT              | CORP              | KY        |   1295000 | PA      | $1282775.20   | 0.21%             | 2026-09-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| EMD Finance LLC                                                     | EMD FINANCE LLC COMPANY GUAR 144A 08/28 4.125          | CUSIP: 26867LAN0<br>LEI: 529900C8KS5G529A0B76 | Long             | DBT              | CORP              | US        |   1455000 | PA      | $1455224.07   | 0.24%             | 2028-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Emirates NBD Bank PJSC                                              | EMIRATES NBD BANK PJSC SR UNSECURED REGS 01/26 1.638   | CUSIP: 000000000<br>LEI: 54930029BCN8HF3B1286 | Long             | DBT              | CORP              | AE        |    450000 | PA      | $445779.41    | 0.07%             | 2026-01-13      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| Enel Finance International NV                                       | ENEL FINANCE INTL NV COMPANY GUAR 144A 07/28 2.125     | CUSIP: 29278GAN8<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |   1000000 | PA      | $941478.00    | 0.15%             | 2028-07-12      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Enel Finance International NV                                       | ENEL FINANCE INTL NV COMPANY GUAR 144A 10/25 7.05      | CUSIP: 29278GAZ1<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $401010.40    | 0.06%             | 2025-10-14      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                  | ENERGY TRANSFER LP SR UNSECURED 06/27 5.5              | CUSIP: 29278NAN3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1523127.00   | 0.25%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                  | ENERGY TRANSFER LP SR UNSECURED 07/26 3.9              | CUSIP: 86765BAT6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    470000 | PA      | $468193.32    | 0.08%             | 2026-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing 2022-3 LLC                               | ENTERPRISE FLEET FINANCING LLC EFF 2022 3 A2 144A      | CUSIP: 29374FAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     81565 | PA      | $81539.82     | 0.01%             | 2029-07-20      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing 2023-2 LLC                               | ENTERPRISE FLEET FINANCING LLC EFF 2023 2 A2 144A      | CUSIP: 29375NAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    162795 | PA      | $163843.16    | 0.03%             | 2030-04-22      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing 2023-3 LLC                               | ENTERPRISE FLEET FINANCING LLC EFF 2023 3 A2 144A      | CUSIP: 29374LAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    154850 | PA      | $157165.65    | 0.03%             | 2030-03-20      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing 2024-1 LLC                               | ENTERPRISE FLEET FINANCING LLC EFF 2024 1 A2 144A      | CUSIP: 29375PAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    328473 | PA      | $331074.07    | 0.05%             | 2030-03-20      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing 2024-2 LLC                               | ENTERPRISE FLEET FINANCING LLC EFF 2024 2 A2 144A      | CUSIP: 29375RAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    217506 | PA      | $218588.50    | 0.04%             | 2026-12-20      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing 2024-3 LLC                               | ENTERPRISE FLEET FINANCING LLC EFF 2024 3 A2 144A      | CUSIP: 29375QAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    108969 | PA      | $109542.41    | 0.02%             | 2027-04-20      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing 2025-1 LLC                               | ENTERPRISE FLEET FINANCING LLC EFF 2025 1 A2 144A      | CUSIP: 29390HAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $501762.80    | 0.08%             | 2027-10-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Enterprise Fleet Financing 2025-2 LLC                               | ENTERPRISE FLEET FINANCING LLC EFF 2025 2 A2 144A      | CUSIP: 29375TAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1010000 | PA      | $1013459.45   | 0.16%             | 2028-02-22      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| EQT Corp                                                            | EQT CORP SR UNSECURED 144A 05/26 3.125                 | CUSIP: 26884LAM1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1034000 | PA      | $1020191.96   | 0.17%             | 2026-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| EQUATE Petrochemical Co KSC                                         | EQUATE PETROCHEMICAL CO COMPANY GUAR REGS 11/26 4.25   | CUSIP: 000000000<br>LEI: 635400J73BDO4TTGXD45 | Long             | DBT              | CORP              | KW        |    520000 | PA      | $517228.40    | 0.08%             | 2026-11-03      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Essex Portfolio LP                                                  | ESSEX PORTFOLIO LP COMPANY GUAR 04/26 3.375            | CUSIP: 29717PAQ0<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |    950000 | PA      | $943371.85    | 0.15%             | 2026-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2021-2                          | EXETER AUTOMOBILE RECEIVABLES EART 2021 1A E 144A      | CUSIP: 30166RAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1380578 | PA      | $1376483.92   | 0.22%             | 2028-02-15      | Fixed         | 2.21%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2023-4                          | EXETER AUTOMOBILE RECEIVABLES EART 2023 4A B           | CUSIP: 30166TAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14857 | PA      | $14867.25     | 0.00%             | 2027-10-15      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2024-1                          | EXETER AUTOMOBILE RECEIVABLES EART 2024 1A B           | CUSIP: 30167PAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    383339 | PA      | $384515.39    | 0.06%             | 2028-08-15      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2024-2                          | EXETER AUTOMOBILE RECEIVABLES EART 2024 2A B           | CUSIP: 30166DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    147642 | PA      | $147940.13    | 0.02%             | 2028-04-17      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2024-4                          | EXETER AUTOMOBILE RECEIVABLES EART 2024 4A B           | CUSIP: 30166UAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    355000 | PA      | $356516.42    | 0.06%             | 2030-08-15      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                 | EXETER AUTOMOBILE RECEIVABLES EART 2025 3A A3          | CUSIP: 30166XAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    505000 | PA      | $508476.52    | 0.08%             | 2029-07-16      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust                                 | EXETER AUTOMOBILE RECEIVABLES EART 2025 3A B           | CUSIP: 30166XAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    530000 | PA      | $536776.00    | 0.09%             | 2030-02-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables Trust 2025-4                          | EXETER AUTOMOBILE RECEIVABLES EART 2025 4A B           | CUSIP: 30167KAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    840000 | PA      | $842670.61    | 0.14%             | 2030-05-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Exeter Select Automobile Receivables Trust 2025-1                   | EXETER SELECT AUTOMOBILE RECEI ESART 2025 1 A3         | CUSIP: 30185AAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2405000 | PA      | $2425477.85   | 0.39%             | 2030-04-15      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2021-R03                        | FANNIE MAE   CAS CAS 2021 R03 1M1 144A                 | CUSIP: 20754AAA1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     12872 | PA      | $12872.24     | 0.00%             | 2041-12-25      | Floating      | 5.20%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2022-R05                        | FANNIE MAE   CAS CAS 2022 R05 2M1 144A                 | CUSIP: 20754DAA5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     37135 | PA      | $37262.78     | 0.01%             | 2042-04-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2023-R05                        | FANNIE MAE   CAS CAS 2023 R05 1M1 144A                 | CUSIP: 207942AA1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     31082 | PA      | $31345.99     | 0.01%             | 2043-06-25      | Floating      | 6.25%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2023-R06                        | FANNIE MAE   CAS CAS 2023 R06 1M1 144A                 | CUSIP: 20754EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    113917 | PA      | $114604.65    | 0.02%             | 2043-07-25      | Floating      | 6.05%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2024-R02                        | FANNIE MAE   CAS CAS 2024 R02 1M1 144A                 | CUSIP: 20754GAA8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    209310 | PA      | $209374.00    | 0.03%             | 2044-02-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2024-R03                        | FANNIE MAE   CAS CAS 2024 R03 2M1 144A                 | CUSIP: 207941AA3<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    363103 | PA      | $363329.20    | 0.06%             | 2044-03-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2024-R05                        | FANNIE MAE   CAS CAS 2024 R05 2M1 144A                 | CUSIP: 20754XAB9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     59000 | PA      | $58999.53     | 0.01%             | 2044-07-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2025-R03                        | FANNIE MAE   CAS CAS 2025 R03 2A1 144A                 | CUSIP: 20754VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    307476 | PA      | $309862.36    | 0.05%             | 2045-03-25      | Floating      | 5.80%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2025-R04                        | FANNIE MAE   CAS CAS 2025 R04 1A1 144A                 | CUSIP: 20755TAA9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1068678 | PA      | $1070441.93   | 0.17%             | 2045-05-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2025-R05                        | FANNIE MAE   CAS CAS 2025 R05 2M1 144A                 | CUSIP: 20753CAB6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2184841 | PA      | $2190528.28   | 0.35%             | 2045-07-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | FED HM LN PC POOL QX4293 FR 01/55 FIXED 6.5            | CUSIP: 31425YXX0<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    806669 | PA      | $839041.96    | 0.14%             | 2055-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | FED HM LN PC POOL RJ0713 FR 01/54 FIXED 6.5            | CUSIP: 3142GQYK2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1286056 | PA      | $1338900.51   | 0.22%             | 2054-01-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | FED HM LN PC POOL SD6767 FR 10/54 FIXED 6              | CUSIP: 3132DUQU4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2126841 | PA      | $2177209.56   | 0.35%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | FED HM LN PC POOL SD7265 FR 10/54 FIXED 6.5            | CUSIP: 3132DVCA1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1477979 | PA      | $1536263.04   | 0.25%             | 2054-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | FED HM LN PC POOL SL0666 FR 03/55 FIXED 6              | CUSIP: 31427MW49<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1611494 | PA      | $1646944.14   | 0.27%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fifth Third Bank NA                                                 | FIFTH THIRD BANK NA SUBORDINATED 03/26 3.85            | CUSIP: 31677AAB0<br>LEI: QFROUN1UWUYU0DVIWD51 | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3786582.20   | 0.61%             | 2026-03-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Finance of America HECM Buyout 2024-HB1                             | FINANCE OF AMERICA HECM BUYOUT FAHB 2024 HB1 A1A 144A  | CUSIP: 31737DAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    726114 | PA      | $722829.24    | 0.12%             | 2034-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| First Abu Dhabi Bank PJSC                                           | FIRST ABU DHABI BANK PJS SR UNSECURED REGS 10/27 5.125 | CUSIP: 000000000<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | DBT              | CORP              | AE        |    830000 | PA      | $847017.12    | 0.14%             | 2027-10-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp                                                    | FIRSTENERGY CORP SR UNSECURED 07/27 3.9                | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |   1104000 | PA      | $1094908.56   | 0.18%             | 2027-07-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| FirstKey Homes 2020-SFR1 Trust                                      | FIRSTKEY HOMES 2020 SFR1 TRUST FKH 2020 SFR1 B 144A    | CUSIP: 33767MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $997691.10    | 0.16%             | 2037-08-17      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | FMC  CORP                                              | CUSIP: 34410WWJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2293366.57   | 0.37%             | 2025-09-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FMC Corp                                                            | FMC CORP SR UNSECURED 10/26 3.2                        | CUSIP: 302491AT2<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   3319000 | PA      | $3269493.80   | 0.53%             | 2026-10-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | FNMA POOL FS9627 FN 09/54 FIXED VAR                    | CUSIP: 3140XRVV4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    710308 | PA      | $738414.93    | 0.12%             | 2054-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | FNMA POOL MA5498 FN 10/54 FIXED 6                      | CUSIP: 31418FDC8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1300590 | PA      | $1329116.64   | 0.22%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Lease Trust 2023-B                                 | FORD CREDIT AUTO LEASE TRUST FORDL 2023 B B            | CUSIP: 34529NAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    180000 | PA      | $181284.88    | 0.03%             | 2027-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust 2020-REV2                              | FORD CREDIT AUTO OWNER TRUST/F FORDR 2020 2 C 144A     | CUSIP: 34532JAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120000 | PA      | $119499.28    | 0.02%             | 2033-04-15      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust 2021-REV1                              | FORD CREDIT AUTO OWNER TRUST/F FORDR 2021 1 B 144A     | CUSIP: 345340AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $981194.30    | 0.16%             | 2033-10-17      | Fixed         | 1.61%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust A                          | FORD CREDIT FLOORPLAN MASTER O FORDF 2023 1 B 144A     | CUSIP: 34528QHX5<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |    900000 | PA      | $904059.45    | 0.15%             | 2028-05-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust A                          | FORD CREDIT FLOORPLAN MASTER O FORDF 2023 1 D 144A     | CUSIP: 34528QHZ0<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100949.86    | 0.02%             | 2028-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust A                          | FORD CREDIT FLOORPLAN MASTER O FORDF 2024 1 B 144A     | CUSIP: 34528QJC9<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $304395.54    | 0.05%             | 2029-04-15      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust A                          | FORD CREDIT FLOORPLAN MASTER O FORDF 2024 3 A1 144A    | CUSIP: 34528QJK1<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |    585000 | PA      | $587538.84    | 0.10%             | 2029-09-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Ford Credit Floorplan Master Owner Trust A                          | FORD CREDIT FLOORPLAN MASTER O FORDF 2024 3 B 144A     | CUSIP: 34528QJM7<br>LEI: 5493001DTG5N7T8BG747 | Long             | ABS-O            | CORP              | US        |    395000 | PA      | $396473.31    | 0.06%             | 2029-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co LLC                                            | FORD MOTOR CREDIT CO LLC SR UNSECURED 03/28 5.918      | CUSIP: 345397G72<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    435000 | PA      | $441882.14    | 0.07%             | 2028-03-20      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co LLC                                            | FORD MOTOR CREDIT CO LLC SR UNSECURED 06/26 6.95       | CUSIP: 345397D26<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    375000 | PA      | $380310.00    | 0.06%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co LLC                                            | FORD MOTOR CREDIT CO LLC SR UNSECURED 08/26 2.7        | CUSIP: 345397B77<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1908648.30   | 0.31%             | 2026-08-10      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co LLC                                            | FORD MOTOR CREDIT CO LLC SR UNSECURED 11/26 5.125      | CUSIP: 345397F81<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    550000 | PA      | $550805.75    | 0.09%             | 2026-11-05      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fortive Corp                                                        | FORTIVE CORPORATION SR UNSECURED 06/26 3.15            | CUSIP: 34959JAG3<br>LEI: 549300MU9YQJYHDQEF63 | Long             | DBT              | CORP              | US        |    450000 | PA      | $445891.50    | 0.07%             | 2026-06-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Bsl VII Ltd                                         | FORTRESS CREDIT BSL LIMITED FCBSL 2019 1A A1R 144A     | CUSIP: 34956NAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    412445 | PA      | $412491.54    | 0.07%             | 2032-07-23      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| Fortress Credit BSL VIII Ltd                                        | FORTRESS CREDIT BSL LIMITED FCBSL 2019 2A A1AR 144A    | CUSIP: 34962DAN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1426385 | PA      | $1426418.97   | 0.23%             | 2032-10-20      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | FORTUNE BRANDS INNOVATIONS INC 09/25 ZCP               | CUSIP: 34965GWH5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2494049.25   | 0.40%             | 2025-09-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | FORTUNE BRANDS INNOVATIONS INC 09/25 ZCP               | CUSIP: 34965GW44<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3200000 | PA      | $3197596.16   | 0.52%             | 2025-09-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STACR REMIC Trust 2022-DNA2                             | FREDDIE MAC   STACR STACR 2022 DNA2 M1A 144A           | CUSIP: 35564KRE1<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-MBS          | USGSE             | US        |     73624 | PA      | $73761.99     | 0.01%             | 2042-02-25      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STACR REMIC Trust 2022-DNA5                             | FREDDIE MAC   STACR STACR 2022 DNA5 M1A 144A           | CUSIP: 35564KYN3<br>LEI: 5493000IS349P4O9HR58 | Long             | ABS-MBS          | USGSE             | US        |    108208 | PA      | $110396.47    | 0.02%             | 2042-06-25      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STACR REMIC Trust 2023-HQA3                             | FREDDIE MAC   STACR STACR 2023 HQA3 A1 144A            | CUSIP: 35564K3F4<br>LEI: 529900ZTXRUUVE8G8W08 | Long             | ABS-MBS          | USGSE             | US        |    102700 | PA      | $103821.40    | 0.02%             | 2043-11-25      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STACR REMIC Trust 2024-DNA2                             | FREDDIE MAC   STACR STACR 2024 DNA2 A1 144A            | CUSIP: 35564NCW1<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | USGSE             | US        |    268412 | PA      | $269499.67    | 0.04%             | 2044-05-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STACR REMIC Trust 2024-DNA3                             | FREDDIE MAC   STACR STACR 2024 DNA3 A1 144A            | CUSIP: 35564NEY5<br>LEI: 529900P3PHNE8PW64Z68 | Long             | ABS-MBS          | USGSE             | US        |    305500 | PA      | $305881.92    | 0.05%             | 2044-10-25      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STACR REMIC Trust 2024-HQA1                             | FREDDIE MAC   STACR STACR 2024 HQA1 A1 144A            | CUSIP: 35564NBW2<br>LEI: 529900PGKDI4ZEXFQ523 | Long             | ABS-MBS          | USGSE             | US        |    410632 | PA      | $412287.26    | 0.07%             | 2044-03-25      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STACR REMIC Trust 2025-DNA1                             | FREDDIE MAC   STACR STACR 2025 DNA1 A1 144A            | CUSIP: 35564NFY4<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-MBS          | USGSE             | US        |    325500 | PA      | $325499.45    | 0.05%             | 2045-01-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac STACR REMIC Trust 2025-DNA2                             | FREDDIE MAC   STACR STACR 2025 DNA2 A1 144A            | CUSIP: 35564NHY2<br>LEI: 529900XX8WXEM4FBIH80 | Long             | ABS-MBS          | USGSE             | US        |    887500 | PA      | $889156.78    | 0.14%             | 2045-05-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust 2025-Hqa1                             | FREDDIE MAC   STACR STACR 2025 HQA1 M1 144A            | CUSIP: 35564NGZ0<br>LEI: 529900MBUPRSJMB6GN48 | Long             | ABS-MBS          | USGSE             | US        |   1661683 | PA      | $1663222.50   | 0.27%             | 2045-02-25      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| Freeport Indonesia PT                                               | FREEPORT INDONESIA PT SR UNSECURED REGS 04/27 4.763    | CUSIP: 000000000<br>LEI: 549300T4HTQHRKLNE619 | Long             | DBT              | CORP              | ID        |   1700000 | PA      | $1704846.70   | 0.28%             | 2027-04-14      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                                                | FREEPORT MCMORAN INC COMPANY GUAR 08/28 4.375          | CUSIP: 35671DCG8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    400000 | PA      | $399627.60    | 0.06%             | 2028-08-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                                                | FREEPORT MCMORAN INC COMPANY GUAR 09/27 5              | CUSIP: 35671DCC7<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     44000 | PA      | $43855.94     | 0.01%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                                                | FREEPORT MCMORAN INC COMPANY GUAR 09/29 5.25           | CUSIP: 35671DCD5<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    226000 | PA      | $229206.04    | 0.04%             | 2029-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FREMF 2015-K51 Mortgage Trust                                       | FREMF MORTGAGE TRUST FREMF 2015 K51 C 144A             | CUSIP: 30293XAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1930000 | PA      | $1923272.02   | 0.31%             | 2048-10-25      | Variable      | 4.14%                 | No            |                  2 | On Loan: No      |
| FREMF 2016-K52 Mortgage Trust                                       | FREMF MORTGAGE TRUST FREMF 2016 K52 B 144A             | CUSIP: 30294DAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    850000 | PA      | $845994.21    | 0.14%             | 2049-01-25      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| FREMF 2016-K53 Mortgage Trust                                       | FREMF MORTGAGE TRUST FREMF 2016 K53 B 144A             | CUSIP: 30288LAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    550000 | PA      | $546971.04    | 0.09%             | 2049-03-25      | Variable      | 4.19%                 | No            |                  2 | On Loan: No      |
| FREMF 2016-K59 Mortgage Trust                                       | FREMF MORTGAGE TRUST FREMF 2016 K59 B 144A             | CUSIP: 30295RAS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $221728.25    | 0.04%             | 2049-11-25      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| FREMF 2018-K733 Mortgage Trust                                      | FREMF MORTGAGE TRUST FREMF 2018 K733 B 144A            | CUSIP: 30297MAS9<br>LEI: 549300KQ08QVSM4XK212 | Long             | ABS-MBS          | CORP              | US        |    785000 | PA      | $782281.39    | 0.13%             | 2025-09-25      | Variable      | 4.33%                 | No            |                  2 | On Loan: No      |
| GATX Corp                                                           | GATX CORP SR UNSECURED 03/27 5.4                       | CUSIP: 361448BP7<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |    250000 | PA      | $253476.50    | 0.04%             | 2027-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| General Motors Co                                                   | GENERAL MOTORS CO SR UNSECURED 10/25 6.125             | CUSIP: 37045VAV2<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    313000 | PA      | $312948.04    | 0.05%             | 2025-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co Inc                                     | GENERAL MOTORS FINL CO SR UNSECURED 02/27 VAR          | CUSIP: 37045XDQ6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    726000 | PA      | $725717.59    | 0.12%             | 2027-02-26      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co Inc                                     | GENERAL MOTORS FINL CO SR UNSECURED 07/27 5            | CUSIP: 37045XFH4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2530375.00   | 0.41%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Co Inc                                     | GENERAL MOTORS FINL CO SR UNSECURED 10/25 6.05         | CUSIP: 37045XDZ6<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    585000 | PA      | $585676.26    | 0.09%             | 2025-10-10      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| GMF Floorplan Owner Revolving Trust                                 | GENERAL MOTORS GFORT 2024 3A B 144A                    | CUSIP: 361886DM3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1200000 | PA      | $1206173.40   | 0.20%             | 2028-11-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust 2023-2                        | GM FINANCIAL AUTOMOBILE LEASIN GMALT 2023 2 B          | CUSIP: 362548AF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     80000 | PA      | $80086.95     | 0.01%             | 2027-05-20      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust 2025-1                        | GM FINANCIAL AUTOMOBILE LEASIN GMALT 2025 1 A4         | CUSIP: 36271VAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $757241.18    | 0.12%             | 2029-02-20      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasing Trust 2025-1                        | GM FINANCIAL AUTOMOBILE LEASIN GMALT 2025 1 B          | CUSIP: 36271VAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1235000 | PA      | $1248509.54   | 0.20%             | 2029-02-20      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Gm Financial Automobile Leasing Trust 2025-2                        | GM FINANCIAL AUTOMOBILE LEASIN GMALT 2025 2 B          | CUSIP: 362962AF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700000 | PA      | $707222.18    | 0.11%             | 2029-04-20      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Gohl Capital Ltd                                                    | GOHL CAPITAL LTD COMPANY GUAR REGS 01/27 4.25          | CUSIP: 000000000<br>LEI: 254900TF7OK6KSDZA888 | Long             | DBT              | CORP              | IM        |   1035000 | PA      | $1024194.60   | 0.17%             | 2027-01-24      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | GOTHAM FDG CORP                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7300000 | PA      | $7296470.45   | 1.18%             | 2025-09-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust 2025-NQM3                       | GS MORTGAGE BACKED SECURITIES GSMBS 2025 NQM3 A1 144A  | CUSIP: 36274TAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1810000 | PA      | $1812717.99   | 0.29%             | 2065-11-25      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | HARLEY DAVIDSON FND CP                                 | CUSIP: 41282JWC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998200.40    | 0.16%             | 2025-09-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | HARLEY DAVIDSON FND CP 10/25 ZCP                       | CUSIP: 41282JX30<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4700000 | PA      | $4678759.76   | 0.76%             | 2025-10-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                                             | HCA INC COMPANY GUAR 02/26 5.875                       | CUSIP: 404119BS7<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    600000 | PA      | $599135.40    | 0.10%             | 2026-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                                             | HCA INC COMPANY GUAR 02/27 4.5                         | CUSIP: 404119BU2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1752665.25   | 0.28%             | 2027-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                                             | HCA INC COMPANY GUAR 06/26 5.25                        | CUSIP: 404119BT5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    590000 | PA      | $589836.57    | 0.10%             | 2026-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HCA Inc                                                             | HCA INC COMPANY GUAR 09/26 5.375                       | CUSIP: 404121AH8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    750000 | PA      | $752929.50    | 0.12%             | 2026-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                                       | HDFC BANK LTD SR UNSECURED REGS 02/27 5.196            | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | DBT              | CORP              | IN        |    680000 | PA      | $686982.34    | 0.11%             | 2027-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd/Gandhinagar                                           | HDFC BANK/GANDHINAGAR SR UNSECURED REGS 03/26 5.686    | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | DBT              | CORP              | IN        |    785000 | PA      | $789872.34    | 0.13%             | 2026-03-02      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| Healthcare Realty Holdings LP                                       | HEALTHCARE RLTY HLDGS LP COMPANY GUAR 08/26 3.5        | CUSIP: 42225UAD6<br>LEI: 549300IYGAS4GE6VDL07 | Long             | DBT              | CORP              | US        |    295000 | PA      | $292083.93    | 0.05%             | 2026-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Healthpeak OP LLC                                                   | HEALTHPEAK OP LLC COMPANY GUAR 07/26 3.25              | CUSIP: 40414LAQ2<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1485510.00   | 0.24%             | 2026-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Highmark Inc                                                        | HIGHMARK INC SR UNSECURED 144A 05/26 1.45              | CUSIP: 431116AD4<br>LEI: 549300B6868ZXXEB2Y57 | Long             | DBT              | CORP              | US        |    701000 | PA      | $686976.50    | 0.11%             | 2026-05-10      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| HOMES 2024-AFC1 Trust                                               | HOMES TRUST HOMES 2024 AFC1 A1 144A                    | CUSIP: 403945AC2<br>LEI: 2549009KYOPIDSS2IL61 | Long             | ABS-MBS          | CORP              | US        |   1048980 | PA      | $1049862.64   | 0.17%             | 2059-08-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| HOMES 2025-NQM4 Trust                                               | HOMES TRUST HOMES 2025 NQM4 A1 144A                    | CUSIP: 403958AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1804531 | PA      | $1809608.14   | 0.29%             | 2070-08-25      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| Hongkong Land Finance Cayman Islands Co Ltd/The                     | HONGKONG LAND FINANCE COMPANY GUAR REGS 10/25 4.5      | CUSIP: 000000000<br>LEI: 254900OHTMO343QAXN81 | Long             | DBT              | CORP              | KY        |    360000 | PA      | $359946.00    | 0.06%             | 2025-10-07      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Hpefs Equipment Trust 2022-2                                        | HPEFS EQUIPMENT TRUST HPEFS 2022 2A D 144A             | CUSIP: 40441TAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    126469 | PA      | $126473.73    | 0.02%             | 2030-03-20      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust 2023-2                                        | HPEFS EQUIPMENT TRUST HPEFS 2023 2A B 144A             | CUSIP: 44328UAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    495000 | PA      | $496512.47    | 0.08%             | 2031-01-21      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust 2023-2                                        | HPEFS EQUIPMENT TRUST HPEFS 2023 2A C 144A             | CUSIP: 44328UAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    257000 | PA      | $258787.85    | 0.04%             | 2031-01-21      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust 2024-2                                        | HPEFS EQUIPMENT TRUST HPEFS 2024 2A A2 144A            | CUSIP: 40444MAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    151655 | PA      | $151892.16    | 0.02%             | 2031-10-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HPEFS Equipment Trust 2024-2                                        | HPEFS EQUIPMENT TRUST HPEFS 2024 2A B 144A             | CUSIP: 40444MAG6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    330000 | PA      | $333647.13    | 0.05%             | 2031-10-20      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Highbridge Loan Management 5-2015 Ltd                               | HPS LOAN MANAGEMENT LTD HLM 5A 2015 A1R3 144A          | CUSIP: 44331DAQ2<br>LEI: 54930067MZ9NV8B3SZ80 | Long             | ABS-CBDO         | CORP              | KY        |    421929 | PA      | $421951.04    | 0.07%             | 2030-10-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                   | HSBC HOLDINGS PLC SR UNSECURED 03/29 VAR               | CUSIP: 404280EQ8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |   1235000 | PA      | $1252271.48   | 0.20%             | 2029-03-03      | Variable      | 4.89%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                   | HSBC HOLDINGS PLC SR UNSECURED 05/28 VAR               | CUSIP: 404280EF2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $408118.00    | 0.07%             | 2028-05-17      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                   | HSBC HOLDINGS PLC SR UNSECURED 09/26 VAR               | CUSIP: 404280BX6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    575000 | PA      | $575002.30    | 0.09%             | 2026-09-12      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust 2024-A                      | HYUNDAI AUTO LEASE SECURITIZAT HALST 2024 A A3 144A    | CUSIP: 448988AD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $260703.22    | 0.04%             | 2027-03-15      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust 2024-A                      | HYUNDAI AUTO LEASE SECURITIZAT HALST 2024 A B 144A     | CUSIP: 448988AF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165000 | PA      | $166180.01    | 0.03%             | 2028-05-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust 2025-B                      | HYUNDAI AUTO LEASE SECURITIZAT HALST 2025 B B 144A     | CUSIP: 44935DAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    910000 | PA      | $922074.97    | 0.15%             | 2029-08-15      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                             | HYUNDAI CAPITAL AMERICA SR UNSECURED 144A 01/26 1.3    | CUSIP: 44891ABS5<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    900000 | PA      | $889561.80    | 0.14%             | 2026-01-08      | Fixed         | 1.30%                 | No            |                  2 | On Loan: —       |
| Hyundai Capital America                                             | HYUNDAI CAPITAL AMERICA SR UNSECURED 144A 03/27 4.85   | CUSIP: 44891ADP9<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    605000 | PA      | $609489.71    | 0.10%             | 2027-03-25      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                             | HYUNDAI CAPITAL AMERICA SR UNSECURED 144A 06/27 VAR    | CUSIP: 44891ADY0<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1500850.50   | 0.24%             | 2027-06-23      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                             | HYUNDAI CAPITAL AMERICA SR UNSECURED 144A 10/27 2.375  | CUSIP: 44891ABP1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1919246.00   | 0.31%             | 2027-10-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Icon Investments Six DAC                                            | ICON INVESTMENTS SIX DAC SR SECURED 05/27 5.809        | CUSIP: 45115AAA2<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    666000 | PA      | $678669.32    | 0.11%             | 2027-05-08      | Fixed         | 5.81%                 | No            |                  2 | On Loan: No      |
| Imperial Brands Finance PLC                                         | IMPERIAL BRANDS FIN PLC COMPANY GUAR 144A 06/28 4.5    | CUSIP: 45262BAJ2<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    585000 | PA      | $588648.65    | 0.10%             | 2028-06-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Imperial Brands Finance PLC                                         | IMPERIAL BRANDS FIN PLC COMPANY GUAR 144A 07/26 3.5    | CUSIP: 45262BAB9<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    238000 | PA      | $235690.69    | 0.04%             | 2026-07-26      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ING Groep NV                                                        | ING GROEP NV SR UNSECURED 10/28 4.55                   | CUSIP: 456837AM5<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |   2000000 | PA      | $2022058.00   | 0.33%             | 2028-10-02      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Intel Corp                                                          | INTEL CORP SR UNSECURED 02/26 4.875                    | CUSIP: 458140CD0<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    450000 | PA      | $450517.95    | 0.07%             | 2026-02-10      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Intel Corp                                                          | INTEL CORP SR UNSECURED 05/26 2.6                      | CUSIP: 458140AU4<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    349000 | PA      | $344649.72    | 0.06%             | 2026-05-19      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                                 | INTESA SANPAOLO SPA 144A 11/25 7                       | CUSIP: 46115HBU0<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    750000 | PA      | $753468.75    | 0.12%             | 2025-11-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| International Flavors & Fragrances Inc                              | INTL FLAVOR + FRAGRANCES SR UNSECURED 144A 10/25 1.23  | CUSIP: 459506AN1<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |    705000 | PA      | $702889.94    | 0.11%             | 2025-10-01      | Fixed         | 1.23%                 | No            |                  2 | On Loan: No      |
| Jackson National Life Global Funding                                | JACKSON NATL LIFE GLOBAL SECURED 144A 07/27 5.55       | CUSIP: 46849LVA6<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |    545000 | PA      | $557017.25    | 0.09%             | 2027-07-02      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Japan Treasury Discount Bill                                        | JAPAN TREASURY DISC BILL BILLS 10/25 0.00000           | CUSIP: 000000000<br>LEI: 353800WZS8AXZXFUC241 | Long             | DBT              | NUSS              | JP        | 817650000 | PA      | $5560442.86   | 0.90%             | 2025-10-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| J.P. Morgan Chase Commercial Mortgage Securities Trust 2016-NINE    | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2016 NINE A 144A  | CUSIP: 46646GAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $490393.05    | 0.08%             | 2038-09-06      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | JP MORGAN MORTGAGE TRUST JPMMT 2025 DSC2 A1 144A       | CUSIP: 46659VAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    960000 | PA      | $968647.84    | 0.16%             | 2065-10-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust 2025-DSC2                                  | JP MORGAN MORTGAGE TRUST JPMMT 2025 DSC2 A1B 144A      | CUSIP: 46659VAC2<br>LEI: 529900SXYOW2J5ABY729 | Long             | ABS-MBS          | CORP              | US        |    485000 | PA      | $487771.02    | 0.08%             | 2065-10-25      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                                                | KEURIG DR PEPPER INC COMPANY GUAR 11/26 VAR            | CUSIP: 49271VAY6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3500815.50   | 0.57%             | 2026-11-15      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| Kilroy Realty LP                                                    | KILROY REALTY LP COMPANY GUAR 10/25 4.375              | CUSIP: 49427RAL6<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              | CORP              | US        |   1306000 | PA      | $1305512.86   | 0.21%             | 2025-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| KKR CLO 49 Ltd                                                      | KKR FINANCIAL CLO LTD KKR 49A X 144A                   | CUSIP: 481939AP1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    918750 | PA      | $917485.72    | 0.15%             | 2037-10-20      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| KT&G Corp                                                           | KOREA TOBACCO + GINSENG SR UNSECURED REGS 05/28 5      | CUSIP: 000000000<br>LEI: 988400ZJV6ISYBLQX875 | Long             | DBT              | CORP              | KR        |    800000 | PA      | $815226.44    | 0.13%             | 2028-05-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Co                                                | KRAFT HEINZ FOODS CO COMPANY GUAR 05/27 3.875          | CUSIP: 50077LBC9<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3969232.00   | 0.64%             | 2027-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| KT Corp                                                             | KT CORP SR UNSECURED 144A 01/29 4.375                  | CUSIP: 48268KAJ0<br>LEI: 9884005ACF8449EANY26 | Long             | DBT              | CORP              | KR        |   1380000 | PA      | $1387458.90   | 0.22%             | 2029-01-03      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust 2023-2                                    | KUBOTA CREDIT OWNER TRUST KCOT 2023 2A A3 144A         | CUSIP: 500945AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    525000 | PA      | $529071.74    | 0.09%             | 2028-01-18      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust 2024-2                                    | KUBOTA CREDIT OWNER TRUST KCOT 2024 2A A2 144A         | CUSIP: 50117DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     64859 | PA      | $65164.43     | 0.01%             | 2027-04-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust 2024-2                                    | KUBOTA CREDIT OWNER TRUST KCOT 2024 2A A3 144A         | CUSIP: 50117DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    210000 | PA      | $213615.26    | 0.03%             | 2028-11-15      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust 2025-1                                    | KUBOTA CREDIT OWNER TRUST KCOT 2025 1A A2 144A         | CUSIP: 50117FAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1755746.13   | 0.28%             | 2027-12-15      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| LG Electronics Inc                                                  | LG ELECTRONICS INC SR UNSECURED 144A 04/27 5.625       | CUSIP: 50186QAC7<br>LEI: 988400RMQFTGZIOG0609 | Long             | DBT              | CORP              | KR        |    910000 | PA      | $927723.16    | 0.15%             | 2027-04-24      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LG Energy Solution Ltd                                              | LGENERGYSOLUTION SR UNSECURED REGS 07/27 5.375         | CUSIP: 000000000<br>LEI: 988400QX6P286XA6ZS85 | Long             | DBT              | CORP              | KR        |   1700000 | PA      | $1725219.50   | 0.28%             | 2027-07-02      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                            | LLOYDS BANKING GROUP PLC SUBORDINATED 03/26 4.65       | CUSIP: 53944YAB9<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |   3350000 | PA      | $3353142.30   | 0.54%             | 2026-03-24      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                            | LLOYDS BANKING GROUP PLC SUBORDINATED 12/25 4.582      | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    900000 | PA      | $899379.90    | 0.15%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| LPL Holdings Inc                                                    | LPL HOLDINGS INC COMPANY GUAR 04/28 4.9                | CUSIP: 50212YAN4<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    780000 | PA      | $790316.28    | 0.13%             | 2028-04-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| LPL Holdings Inc                                                    | LPL HOLDINGS INC COMPANY GUAR 05/27 5.7                | CUSIP: 50212YAJ3<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   3680000 | PA      | $3750140.80   | 0.61%             | 2027-05-20      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Lstar Commercial Mortgage Trust 2016-4                              | LSTAR COMMERCIAL MORTGAGE TRUS LNSTR 2016 4 AS 144A    | CUSIP: 50219QAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    950000 | PA      | $941603.62    | 0.15%             | 2049-03-10      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| M&T Equipment 2023-LEAF1 Notes                                      | M+T EQUIPMENT NOTES MTLRF 2023 1A A3 144A              | CUSIP: 551925AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    459448 | PA      | $462619.12    | 0.07%             | 2030-07-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| M&T Equipment 2023-LEAF1 Notes                                      | M+T EQUIPMENT NOTES MTLRF 2023 1A A4 144A              | CUSIP: 551925AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1593000 | PA      | $1619630.02   | 0.26%             | 2030-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| M&T Equipment 2025-LEAF1 Notes                                      | M+T EQUIPMENT NOTES MTLRF 2025 1A A2 144A              | CUSIP: 55340QAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1060000 | PA      | $1065648.21   | 0.17%             | 2027-12-16      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding XLII Ltd                                       | MADISON PARK FUNDING LTD ATRM 13A AR 144A              | CUSIP: 55822RAA8<br>LEI: 549300YWZ8HFDYP0MR16 | Long             | ABS-CBDO         | CORP              | KY        |    414603 | PA      | $414702.74    | 0.07%             | 2030-11-21      | Floating      | 5.47%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding XXXV Ltd                                       | MADISON PARK FUNDING LTD MDPK 2019 35A A1R 144A        | CUSIP: 55819MAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    881392 | PA      | $881784.18    | 0.14%             | 2032-04-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Manufacturers & Traders Trust Co                                    | MANUF + TRADERS TRUST CO SR UNSECURED 07/28 VAR        | CUSIP: 564760CC8<br>LEI: WWB2V0FCW3A0EE3ZJN75 | Long             | DBT              | CORP              | US        |    780000 | PA      | $786133.92    | 0.13%             | 2028-07-06      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp                                             | MARATHON PETROLEUM CORP SR UNSECURED 04/28 3.8         | CUSIP: 56585ABD3<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1087961.60   | 0.18%             | 2028-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Marble Point CLO XIV Ltd                                            | MARBLE POINT CLO LTD. MP14 2018 2A A12R 144A           | CUSIP: 56608KAW3<br>LEI: 254900N4UCG37B1HFL93 | Long             | ABS-CBDO         | CORP              | KY        |   1126735 | PA      | $1127217.64   | 0.18%             | 2032-01-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Marble Point CLO XV Ltd                                             | MARBLE POINT CLO LTD. MP15 2019 1A A1R2 144A           | CUSIP: 56606YAW5<br>LEI: 549300CO8XB55W8SS394 | Long             | ABS-CBDO         | CORP              | KY        |    660261 | PA      | $660257.46    | 0.11%             | 2032-07-23      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Marvell Technology Inc                                              | MARVELL TECHNOLOGY INC COMPANY GUAR 04/26 1.65         | CUSIP: 573874AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2453277.50   | 0.40%             | 2026-04-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Mattel Inc                                                          | MATTEL INC COMPANY GUAR 144A 04/26 3.375               | CUSIP: 577081BE1<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |    536000 | PA      | $530198.87    | 0.09%             | 2026-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MEGlobal BV                                                         | MEGLOBAL BV COMPANY GUAR REGS 04/28 2.625              | CUSIP: 000000000<br>LEI: 549300WBVLU2FILR7W19 | Long             | DBT              | CORP              | NL        |   1641000 | PA      | $1559752.45   | 0.25%             | 2028-04-28      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Finance North America LLC                             | MERCEDES BENZ FIN NA COMPANY GUAR 144A 11/26 4.8       | CUSIP: 58769JBB2<br>LEI: 549300423Z16BB673J12 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1208893.20   | 0.20%             | 2026-11-13      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MFA 2020-NQM1 Trust                                                 | MFRA TRUST MFRA 2020 NQM1 A1 144A                      | CUSIP: 552754AA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    327609 | PA      | $317188.24    | 0.05%             | 2065-03-25      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| MFA 2020-NQM2 Trust                                                 | MFRA TRUST MFRA 2020 NQM2 A3 144A                      | CUSIP: 552751AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     65198 | PA      | $63805.61     | 0.01%             | 2065-04-25      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| MFA 2020-NQM3 Trust                                                 | MFRA TRUST MFRA 2020 NQM3 A1 144A                      | CUSIP: 552757AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    241186 | PA      | $228417.42    | 0.04%             | 2065-01-26      | Variable      | 1.01%                 | No            |                  2 | On Loan: No      |
| MFA 2020-NQM3 Trust                                                 | MFRA TRUST MFRA 2020 NQM3 A2 144A                      | CUSIP: 552757AB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     79576 | PA      | $75532.08     | 0.01%             | 2065-01-26      | Variable      | 1.32%                 | No            |                  2 | On Loan: No      |
| MFA 2023-NQM3 Trust                                                 | MFRA TRUST MFRA 2023 NQM3 A1 144A                      | CUSIP: 55286MAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    997373 | PA      | $1004660.86   | 0.16%             | 2068-07-25      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| MFA 2023-NQM4 Trust                                                 | MFRA TRUST MFRA 2023 NQM4 A1 144A                      | CUSIP: 55286LAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1105937 | PA      | $1112444.71   | 0.18%             | 2068-12-25      | Variable      | 6.11%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC 2023-A                                   | MMAF EQUIPMENT FINANCE LLC MMAF 2023 A A2 144A         | CUSIP: 55317WAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     49194 | PA      | $49306.07     | 0.01%             | 2026-11-13      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank NA                                              | MORGAN STANLEY BANK NA SR UNSECURED 07/28 VAR          | CUSIP: 61690U8D5<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1508661.00   | 0.24%             | 2028-07-14      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2            | MORGAN STANLEY RESIDENTIAL MOR MSRM 2025 DSC2 A1 144A  | CUSIP: 61778XAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    223967 | PA      | $225709.43    | 0.04%             | 2070-07-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                             | MPLX LP SR UNSECURED 03/27 4.125                       | CUSIP: 55336VAK6<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $997340.00    | 0.16%             | 2027-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| MVW 2020-1 LLC                                                      | MVW 2020 1 LLC MVWOT 2020 1A A 144A                    | CUSIP: 55400EAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42733 | PA      | $41658.66     | 0.01%             | 2037-10-20      | Fixed         | 1.74%                 | No            |                  2 | On Loan: No      |
| MVW 2021-1W LLC                                                     | MVW OWNER TRUST MVWOT 2021 1WA A 144A                  | CUSIP: 55389TAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     20837 | PA      | $20008.75     | 0.00%             | 2041-01-22      | Fixed         | 1.14%                 | No            |                  2 | On Loan: No      |
| National Fuel Gas Co                                                | NATIONAL FUEL GAS CO SR UNSECURED 09/27 3.95           | CUSIP: 636180BN0<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $988958.00    | 0.16%             | 2027-09-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| National Fuel Gas Co                                                | NATIONAL FUEL GAS CO SR UNSECURED 10/26 5.5            | CUSIP: 636180BS9<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |   2708000 | PA      | $2735605.35   | 0.44%             | 2026-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                                         | NATIONWIDE BLDG SOCIETY 144A 10/27 VAR                 | CUSIP: 63861VAJ6<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |   1460000 | PA      | $1495191.84   | 0.24%             | 2027-10-18      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| Nationwide Building Society                                         | NATIONWIDE BLDG SOCIETY SUBORDINATED 144A 09/26 4      | CUSIP: 63859WAE9<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |   1300000 | PA      | $1290663.40   | 0.21%             | 2026-09-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Navient Private Education Refi Loan Trust 2019-A                    | NAVIENT STUDENT LOAN TRUST NAVSL 2019 A A2A 144A       | CUSIP: 63941BAB1<br>LEI: 549300ZUZB9UCBWEBN39 | Long             | ABS-O            | CORP              | US        |     21151 | PA      | $21046.77     | 0.00%             | 2043-01-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Navient Private Education Refi Loan Trust 2019-D                    | NAVIENT STUDENT LOAN TRUST NAVSL 2019 D A2B 144A       | CUSIP: 63941CAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    183743 | PA      | $183064.77    | 0.03%             | 2059-12-15      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Navient Private Education Refi Loan Trust 2020-F                    | NAVIENT STUDENT LOAN TRUST NAVSL 2020 FA A 144A        | CUSIP: 63941XAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     36818 | PA      | $34701.10     | 0.01%             | 2069-07-15      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| Navient Private Education Refi Loan Trust 2020-G                    | NAVIENT STUDENT LOAN TRUST NAVSL 2020 GA A 144A        | CUSIP: 63941UAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42994 | PA      | $40318.79     | 0.01%             | 2069-09-16      | Fixed         | 1.17%                 | No            |                  2 | On Loan: No      |
| Navient Private Education Refi Loan Trust 2020-H                    | NAVIENT STUDENT LOAN TRUST NAVSL 2020 HA A 144A        | CUSIP: 63935BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50293 | PA      | $47525.76     | 0.01%             | 2069-01-15      | Fixed         | 1.31%                 | No            |                  2 | On Loan: No      |
| Navient Private Education Refi Loan Trust 2021-C                    | NAVIENT STUDENT LOAN TRUST NAVSL 2021 CA A 144A        | CUSIP: 63942JAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     41947 | PA      | $38325.51     | 0.01%             | 2069-10-15      | Fixed         | 1.06%                 | No            |                  2 | On Loan: No      |
| Navient Private Education Refi Loan Trust 2021-G                    | NAVIENT STUDENT LOAN TRUST NAVSL 2021 GA A 144A        | CUSIP: 63942KAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     55339 | PA      | $50055.44     | 0.01%             | 2070-04-15      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Navistar Financial Dealer Note Master Owner Trust                   | NAVISTAR FINANCIAL DEALER NOTE NAVMT 2024 1 A 144A     | CUSIP: 63938PBW8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    105000 | PA      | $105753.52    | 0.02%             | 2029-04-25      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Nelnet Student Loan Trust 2021-D                                    | NELNET STUDENT LOAN TRUST NSLT 2021 DA AFL 144A        | CUSIP: 64034YAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     36944 | PA      | $36827.59     | 0.01%             | 2062-04-20      | Floating      | 5.14%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                 | NEXTERA ENERGY CAPITAL COMPANY GUAR 09/27 4.685        | CUSIP: 65339KCL2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    495000 | PA      | $498786.75    | 0.08%             | 2027-09-01      | Fixed         | 4.68%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Co Ltd                                                 | NISSAN MOTOR CO SR UNSECURED 144A 09/25 3.522          | CUSIP: 654744AB7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |   1445000 | PA      | $1443838.22   | 0.23%             | 2025-09-17      | Fixed         | 3.52%                 | No            |                  2 | On Loan: No      |
| Northwoods Capital XIV-B Ltd                                        | NORTHWOODS CAPITAL LTD WOODS 2018 14BA AR 144A         | CUSIP: 66860CAL7<br>LEI: 549300QQDSTCZ860F679 | Long             | ABS-CBDO         | CORP              | KY        |   2936910 | PA      | $2941315.40   | 0.48%             | 2031-11-13      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| NTT Finance Corp                                                    | NTT FINANCE CORP SR UNSECURED 144A 07/27 4.567         | CUSIP: 62954WAP0<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |    835000 | PA      | $840864.21    | 0.14%             | 2027-07-16      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| NTT Finance Corp                                                    | NTT FINANCE CORP SR UNSECURED 144A 07/28 VAR           | CUSIP: 62954WAR6<br>LEI: 3538007PR116187GD960 | Long             | DBT              | CORP              | JP        |   1165000 | PA      | $1180731.00   | 0.19%             | 2028-07-16      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| NXP BV / NXP Funding LLC / NXP USA Inc                              | NXP BV/NXP FDG/NXP USA COMPANY GUAR 06/26 3.875        | CUSIP: 62954HAZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   2000000 | PA      | $1990468.00   | 0.32%             | 2026-06-18      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NXP BV / NXP Funding LLC / NXP USA Inc                              | NXP BV/NXP FDG/NXP USA COMPANY GUAR 08/28 4.3          | CUSIP: 62954HBF4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    805000 | PA      | $805260.82    | 0.13%             | 2028-08-19      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp                                           | OCCIDENTAL PETROLEUM COR SR UNSECURED 04/26 3.4        | CUSIP: 674599CH6<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    480000 | PA      | $478800.00    | 0.08%             | 2026-04-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp                                           | OCCIDENTAL PETROLEUM COR SR UNSECURED 07/27 8.5        | CUSIP: 674599DZ5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1968000 | PA      | $2073780.00   | 0.34%             | 2027-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp                                           | OCCIDENTAL PETROLEUM COR SR UNSECURED 08/26 3.2        | CUSIP: 674599CR4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    140000 | PA      | $138075.00    | 0.02%             | 2026-08-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp                                           | OCCIDENTAL PETROLEUM COR SR UNSECURED 08/27 5          | CUSIP: 674599EH4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1009558.00   | 0.16%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 39 Ltd                                  | OCTAGON INVESTMENT PARTNERS 39 OCT39 2018 3A AR 144A   | CUSIP: 67592CAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    486386 | PA      | $486528.94    | 0.08%             | 2030-10-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners XXI Ltd                                 | OCTAGON INVESTMENT PARTNERS XX OCT21 2014 1A AAR4 144A | CUSIP: 67590QBW6<br>LEI: 549300XIS9D4AHDX5A35 | Long             | ABS-O            | CORP              | KY        |   1283537 | PA      | $1283913.55   | 0.21%             | 2031-02-14      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust 2023-1                                     | OCTANE RECEIVABLES TRUST OCTL 2023 1A A 144A           | CUSIP: 67571BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     76686 | PA      | $76819.49     | 0.01%             | 2029-05-21      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust 2023-1                                     | OCTANE RECEIVABLES TRUST OCTL 2023 1A B 144A           | CUSIP: 67571BAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $201460.22    | 0.03%             | 2029-07-20      | Fixed         | 5.96%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust 2023-2                                     | OCTANE RECEIVABLES TRUST OCTL 2023 2A A2 144A          | CUSIP: 67571QAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     14999 | PA      | $15015.81     | 0.00%             | 2031-06-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust 2023-3                                     | OCTANE RECEIVABLES TRUST OCTL 2023 3A A2 144A          | CUSIP: 67571CAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    258018 | PA      | $259710.60    | 0.04%             | 2029-03-20      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust 2023-3                                     | OCTANE RECEIVABLES TRUST OCTL 2023 3A B 144A           | CUSIP: 67571CAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    265000 | PA      | $269428.55    | 0.04%             | 2029-07-20      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust 2023-3                                     | OCTANE RECEIVABLES TRUST OCTL 2023 3A C 144A           | CUSIP: 67571CAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $511930.75    | 0.08%             | 2029-08-20      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust 2024-3                                     | OCTANE RECEIVABLES TRUST OCTL 2024 3A A2 144A          | CUSIP: 67571GAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    468723 | PA      | $470403.12    | 0.08%             | 2030-05-20      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| ONE 2021-PARK Mortgage Trust                                        | ONE PARK MORTGAGE TRUST ONP 2021 PARK A 144A           | CUSIP: 682413AA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    115000 | PA      | $112700.00    | 0.02%             | 2036-03-15      | Floating      | 5.18%                 | No            |                  2 | On Loan: No      |
| ONEOK Inc                                                           | ONEOK INC COMPANY GUAR 07/26 4.85                      | CUSIP: 682680CL5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    342000 | PA      | $343325.93    | 0.06%             | 2026-07-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ONEOK Inc                                                           | ONEOK INC COMPANY GUAR 11/26 5.55                      | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1221000 | PA      | $1235982.89   | 0.20%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| OBX 2019-EXP1 Trust                                                 | ONSLOW BAY FINANCIAL LLC OBX 2019 EXP1 2A1B 144A       | CUSIP: 67448QAT8<br>LEI: 549300ELWOCL265HSB73 | Long             | ABS-MBS          | CORP              | US        |    964469 | PA      | $963186.72    | 0.16%             | 2059-01-25      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| OBX 2022-NQM1 Trust                                                 | ONSLOW BAY FINANCIAL LLC OBX 2022 NQM1 A1 144A         | CUSIP: 67114VAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    130077 | PA      | $116899.36    | 0.02%             | 2061-11-25      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| OBX 2023-NQM3 Trust                                                 | ONSLOW BAY FINANCIAL LLC OBX 2023 NQM3 A1 144A         | CUSIP: 67117PAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    762203 | PA      | $763317.34    | 0.12%             | 2063-02-25      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| OBX 2025-NQM13 Trust                                                | ONSLOW BAY FINANCIAL LLC OBX 2025 NQM13 A1 144A        | CUSIP: 67121UAA4<br>LEI: 254900FPAGVH6E25VL74 | Long             | ABS-MBS          | CORP              | US        |   1489703 | PA      | $1501259.97   | 0.24%             | 2065-05-25      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| OBX 2025-NQM14 Trust                                                | ONSLOW BAY FINANCIAL LLC OBX 2025 NQM14 A1B 144A       | CUSIP: 673924AB2<br>LEI: 254900T4WKE0IYMYAI09 | Long             | ABS-MBS          | CORP              | US        |    306525 | PA      | $305280.92    | 0.05%             | 2065-07-25      | Variable      | 5.16%                 | No            |                  2 | On Loan: No      |
| OBX 2025-NQM14 Trust                                                | ONSLOW BAY FINANCIAL LLC OBX 2025 NQM14 A1F 144A       | CUSIP: 673924AP1<br>LEI: 254900T4WKE0IYMYAI09 | Long             | ABS-MBS          | CORP              | US        |   1680943 | PA      | $1680942.83   | 0.27%             | 2065-07-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| OBX 2025-NQM15 Trust                                                | ONSLOW BAY FINANCIAL LLC OBX 2025 NQM15 A1 144A        | CUSIP: 67122CAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1925000 | PA      | $1932726.47   | 0.31%             | 2065-07-27      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | OVINTIV INC 09/25 ZCP                                  | CUSIP: 69047JWN4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $498346.20    | 0.08%             | 2025-09-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | OVINTIV INC 09/25 ZCP                                  | CUSIP: 69047JWN4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1495038.60   | 0.24%             | 2025-09-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ovintiv Inc                                                         | OVINTIV INC COMPANY GUAR 01/26 5.375                   | CUSIP: 651290AR9<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000089.00   | 0.16%             | 2026-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OZLM XV Ltd                                                         | OZLM LTD OZLM 2016 15A A1R3 144A                       | CUSIP: 67111DBG0<br>LEI: 5493008RJIODIVVGSK16 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $3002921.04   | 0.49%             | 2033-04-20      | Floating      | 5.33%                 | No            |                  2 | On Loan: No      |
| OZLM XXI Ltd                                                        | OZLM LTD OZLM 2017 21A A1R 144A                        | CUSIP: 67112AAJ0<br>LEI: 5493002HF6D1C4B1AK86 | Long             | ABS-CBDO         | CORP              | KY        |     38200 | PA      | $38218.61     | 0.01%             | 2031-01-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| OZLM XX Ltd                                                         | OZLM LTD OZLM 2018 20A A2 144A                         | CUSIP: 67112MAC9<br>LEI: 549300ROA1URR67W0G46 | Long             | ABS-CBDO         | CORP              | KY        |   1655000 | PA      | $1658102.12   | 0.27%             | 2031-04-20      | Floating      | 6.24%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co                                         | PACIFIC GAS + ELECTRIC 1ST MORTGAGE 01/26 3.15         | CUSIP: 694308JP3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    805000 | PA      | $800194.15    | 0.13%             | 2026-01-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Co                                         | PACIFIC GAS + ELECTRIC 1ST MORTGAGE 12/27 3.3          | CUSIP: 694308HW0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   1003000 | PA      | $979075.44    | 0.16%             | 2027-12-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| PEAC Solutions Receivables 2025-1 LLC                               | PEAC SOLUTIONS RECEIVABLES LLC PEAC 2025 1A A2 144A    | CUSIP: 69392HAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1450000 | PA      | $1459077.44   | 0.24%             | 2028-10-20      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co Lp / PTL Finance Corp                       | PENSKE TRUCK LEASING/PTL SR UNSECURED 144A 01/27 5.35  | CUSIP: 709599BY9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $60631.56     | 0.01%             | 2027-01-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co Lp / PTL Finance Corp                       | PENSKE TRUCK LEASING/PTL SR UNSECURED 144A 06/26 1.7   | CUSIP: 709599BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    570000 | PA      | $557676.60    | 0.09%             | 2026-06-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co Lp / PTL Finance Corp                       | PENSKE TRUCK LEASING/PTL SR UNSECURED 144A 11/26 3.4   | CUSIP: 709599AW4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3062000 | PA      | $3025589.76   | 0.49%             | 2026-11-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | PLAINS ALL AMER PIPELINE LP                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4995615.50   | 0.81%             | 2025-09-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PNC Bank NA                                                         | PNC BANK NA SR UNSECURED 07/28 VAR                     | CUSIP: 69353RGA0<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1500123.00   | 0.24%             | 2028-07-21      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance 2024-1 LLC                              | POST ROAD EQUIPMENT FINANCE PREF 2024 1A A2 144A       | CUSIP: 737473AB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54533 | PA      | $54834.62     | 0.01%             | 2029-11-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| Post Road Equipment Finance 2025-1 LLC                              | POST ROAD EQUIPMENT FINANCE PREF 2025 1A A2 144A       | CUSIP: 73747LAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1258637.63   | 0.20%             | 2031-05-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| PRA Health Sciences Inc                                             | PRA HEALTH SCIENCES INC SR SECURED 144A 07/26 2.875    | CUSIP: 45569KAA1<br>LEI: 549300R1HR1VWWHIAK47 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2205000.00   | 0.36%             | 2026-07-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Progress Residential 2021-SFR3                                      | PROGRESS RESIDENTIAL TRUST PROG 2021 SFR3 A 144A       | CUSIP: 74333VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    633766 | PA      | $626911.56    | 0.10%             | 2026-05-17      | Fixed         | 1.64%                 | No            |                  2 | On Loan: No      |
| Progress Residential 2021-SFR3                                      | PROGRESS RESIDENTIAL TRUST PROG 2021 SFR3 D 144A       | CUSIP: 74333VAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    660000 | PA      | $651595.23    | 0.11%             | 2026-05-17      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Progress Residential 2021-SFR8 Trust                                | PROGRESS RESIDENTIAL TRUST PROG 2021 SFR8 A 144A       | CUSIP: 74333TAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    437752 | PA      | $426636.53    | 0.07%             | 2038-10-17      | Fixed         | 1.51%                 | No            |                  2 | On Loan: No      |
| Progress Residential 2021-SFR8 Trust                                | PROGRESS RESIDENTIAL TRUST PROG 2021 SFR8 C 144A       | CUSIP: 74333TAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    280000 | PA      | $272340.07    | 0.04%             | 2038-10-17      | Fixed         | 1.93%                 | No            |                  2 | On Loan: No      |
| Pertamina Persero PT                                                | PT PERTAMINA (PERSERO) SR UNSECURED REGS 02/26 1.4     | CUSIP: 69370RAK3<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |    530000 | PA      | $522133.74    | 0.08%             | 2026-02-09      | Fixed         | 1.40%                 | 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      | $-56317.21    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| QNB Finance Ltd                                                     | QNB FINANCE LTD COMPANY GUAR REGS 01/26 1.375          | CUSIP: 000000000<br>LEI: 549300MY0DXTHQEX5O57 | Long             | DBT              | CORP              | KY        |   1160000 | PA      | $1144479.20   | 0.19%             | 2026-01-26      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | QUANTA SVCS INC DISC COML PAPE 09/25 ZCP               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7700000 | PA      | $7695899.75   | 1.25%             | 2025-09-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corp                                                  | REGAL REXNORD CORP COMPANY GUAR 02/26 6.05             | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   3433000 | PA      | $3449169.43   | 0.56%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corp                                                  | REGAL REXNORD CORP COMPANY GUAR 04/28 6.05             | CUSIP: 758750AM5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1137237.20   | 0.18%             | 2028-04-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc                                           | ROGERS COMMUNICATIONS IN COMPANY GUAR 02/29 5          | CUSIP: 775109DE8<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    575000 | PA      | $586027.93    | 0.09%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc                                           | ROGERS COMMUNICATIONS IN COMPANY GUAR 12/25 3.625      | CUSIP: 775109BE0<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $498665.50    | 0.08%             | 2025-12-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Rolls-Royce PLC                                                     | ROLLS ROYCE PLC COMPANY GUAR 144A 10/27 5.75           | CUSIP: 77578JAC2<br>LEI: X57JK1U580XATGR67572 | Long             | DBT              | CORP              | GB        |   3000000 | PA      | $3076068.00   | 0.50%             | 2027-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Romark CLO II Ltd                                                   | ROMARK CLO LTD RMRK 2018 2A A1R 144A                   | CUSIP: 77587EAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    420419 | PA      | $420534.98    | 0.07%             | 2031-07-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Ross Stores Inc                                                     | ROSS STORES INC SR UNSECURED 04/26 0.875               | CUSIP: 778296AF0<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | DBT              | CORP              | US        |    500000 | PA      | $488292.00    | 0.08%             | 2026-04-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd                                         | ROYAL CARIBBEAN CRUISES SR UNSECURED 144A 04/28 5.5    | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1600000 | PA      | $1630000.00   | 0.26%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd                                         | ROYAL CARIBBEAN CRUISES SR UNSECURED 144A 08/26 5.5    | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1750000 | PA      | $1754375.00   | 0.28%             | 2026-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Royalty Pharma PLC                                                  | ROYALTY PHARMA PLC COMPANY GUAR 09/25 1.2              | CUSIP: 78081BAH6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |   1740000 | PA      | $1739565.00   | 0.28%             | 2025-09-02      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| SA Global Sukuk Ltd                                                 | SA GLOBAL SUKUK LTD SR UNSECURED REGS 06/26 1.602      | CUSIP: 000000000<br>LEI: 5493007DFAVKU7UOGR47 | Long             | DBT              | CORP              | KY        |    860000 | PA      | $840373.94    | 0.14%             | 2026-06-17      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Sabine Pass Liquefaction LLC                                        | SABINE PASS LIQUEFACTION SR SECURED 06/26 5.875        | CUSIP: 785592AV8<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    312000 | PA      | $313126.01    | 0.05%             | 2026-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Sands China Ltd                                                     | SANDS CHINA LTD SR UNSECURED 01/26 3.8                 | CUSIP: 80007RAK1<br>LEI: 549300EVO6UZDGY05787 | Long             | DBT              | CORP              | KY        |   1030000 | PA      | $1026233.29   | 0.17%             | 2026-01-08      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes Series 2023-A               | SANTANDER BANK AUTO CREDIT LIN SBCLN 2023 A B 144A     | CUSIP: 80290CBU7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     46364 | PA      | $46496.45     | 0.01%             | 2033-06-15      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes Series 2023-B               | SANTANDER BANK AUTO CREDIT LIN SBCLN 2023 B B 144A     | CUSIP: 80290CCB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    149847 | PA      | $151080.31    | 0.02%             | 2033-12-15      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes Series 2024-B               | SANTANDER BANK AUTO CREDIT LIN SBCLN 2024 B A2 144A    | CUSIP: 80280BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    556409 | PA      | $560157.60    | 0.09%             | 2033-01-18      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes Series 2024-B               | SANTANDER BANK AUTO CREDIT LIN SBCLN 2024 B B 144A     | CUSIP: 80280BAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $250770.43    | 0.04%             | 2033-01-18      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust 2022-3                       | SANTANDER DRIVE AUTO RECEIVABL SDART 2022 3 C          | CUSIP: 80285UAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1635656 | PA      | $1636500.11   | 0.27%             | 2029-08-15      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust 2023-1                       | SANTANDER DRIVE AUTO RECEIVABL SDART 2023 1 B          | CUSIP: 80287GAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12017 | PA      | $12019.70     | 0.00%             | 2028-02-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust 2023-3                       | SANTANDER DRIVE AUTO RECEIVABL SDART 2023 3 A3         | CUSIP: 80285XAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     38281 | PA      | $38302.78     | 0.01%             | 2027-10-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust 2023-4                       | SANTANDER DRIVE AUTO RECEIVABL SDART 2023 4 A3         | CUSIP: 802927AD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     93242 | PA      | $93517.07     | 0.02%             | 2028-04-17      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust 2023-5                       | SANTANDER DRIVE AUTO RECEIVABL SDART 2023 5 B          | CUSIP: 80286PAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    287000 | PA      | $292274.57    | 0.05%             | 2029-12-17      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust 2024-1                       | SANTANDER DRIVE AUTO RECEIVABL SDART 2024 1 B          | CUSIP: 80288AAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    785000 | PA      | $790087.90    | 0.13%             | 2028-12-15      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust 2024-2                       | SANTANDER DRIVE AUTO RECEIVABL SDART 2024 2 B          | CUSIP: 80286YAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1015944.80   | 0.16%             | 2029-07-16      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust 2024-5                       | SANTANDER DRIVE AUTO RECEIVABL SDART 2024 5 A2         | CUSIP: 802920AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    152126 | PA      | $152204.12    | 0.02%             | 2027-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust 2024-5                       | SANTANDER DRIVE AUTO RECEIVABL SDART 2024 5 A3         | CUSIP: 802920AD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    460000 | PA      | $461114.90    | 0.07%             | 2028-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivables Trust 2025-1                       | SANTANDER DRIVE AUTO RECEIVABL SDART 2025 1 B          | CUSIP: 80288DAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2200000 | PA      | $2223320.22   | 0.36%             | 2031-03-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Santander Holdings USA Inc                                          | SANTANDER HOLDINGS USA SR UNSECURED 09/26 VAR          | CUSIP: 80282KBE5<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999732.00    | 0.16%             | 2026-09-09      | Variable      | 5.81%                 | No            |                  2 | On Loan: No      |
| Santander Holdings USA Inc                                          | SANTANDER HOLDINGS USA SR UNSECURED 10/26 3.244        | CUSIP: 80282KAZ9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246955.00    | 0.04%             | 2026-10-05      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings PLC                                     | SANTANDER UK GROUP HLDGS SR UNSECURED 01/28 VAR        | CUSIP: 80281LAR6<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $486258.50    | 0.08%             | 2028-01-11      | Variable      | 2.47%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings PLC                                     | SANTANDER UK GROUP HLDGS SR UNSECURED 06/27 VAR        | CUSIP: 80281LAQ8<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $978943.00    | 0.16%             | 2027-06-14      | Variable      | 1.67%                 | No            |                  2 | On Loan: No      |
| Santander UK Group Holdings PLC                                     | SANTANDER UK GROUP HLDGS SR UNSECURED 11/26 VAR        | CUSIP: 80281LAS4<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1006781.00   | 0.16%             | 2026-11-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| Saudi Government International Bond                                 | SAUDI INTERNATIONAL BOND SR UNSECURED 144A 01/28 5.125 | CUSIP: 80413TBJ7<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |   1350000 | PA      | $1376013.15   | 0.22%             | 2028-01-13      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SBA Tower Trust                                                     | SBA TOWER TRUST ASSET BACKED 144A 04/27 1.84           | CUSIP: 78403DAV2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1845000 | PA      | $1768226.43   | 0.29%             | 2027-04-15      | Fixed         | 1.84%                 | No            |                  2 | On Loan: No      |
| SBA Tower Trust                                                     | SBA TOWER TRUST ASSET BACKED 144A 05/51 1.631          | CUSIP: 78403DAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | PA      | $628209.93    | 0.10%             | 2026-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |
| SBA Tower Trust                                                     | SBA TOWER TRUST ASSET BACKED 144A 07/50 1.884          | CUSIP: 78403DAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $266923.96    | 0.04%             | 2026-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust 2024-A                                        | SBNA AUTO LEASE TRUST SBALT 2024 A A4 144A             | CUSIP: 78414SAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    220000 | PA      | $221351.22    | 0.04%             | 2029-01-22      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust 2024-B                                        | SBNA AUTO LEASE TRUST SBALT 2024 B A3 144A             | CUSIP: 78437VAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    230000 | PA      | $231726.98    | 0.04%             | 2027-11-22      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust 2024-B                                        | SBNA AUTO LEASE TRUST SBALT 2024 B A4 144A             | CUSIP: 78437VAG5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $228351.38    | 0.04%             | 2028-12-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust 2024-C                                        | SBNA AUTO LEASE TRUST SBALT 2024 C A3 144A             | CUSIP: 78398DAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    365000 | PA      | $365786.72    | 0.06%             | 2028-02-22      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust 2024-C                                        | SBNA AUTO LEASE TRUST SBALT 2024 C A4 144A             | CUSIP: 78398DAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    190000 | PA      | $190575.28    | 0.03%             | 2029-03-20      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Lease Trust 2025-A                                        | SBNA AUTO LEASE TRUST SBALT 2025 A A3 144A             | CUSIP: 78437KAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2012806.40   | 0.33%             | 2028-04-20      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust 2024-A                                  | SBNA AUTO RECEIVABLES TRUST SBAT 2024 A A3 144A        | CUSIP: 78437PAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    177987 | PA      | $178695.80    | 0.03%             | 2028-12-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| SBNA Auto Receivables Trust 2025-SF1                                | SBNA AUTO RECEIVABLES TRUST SBAT 2025 SF1 B 144A       | CUSIP: 78437XAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    391045 | PA      | $391440.85    | 0.06%             | 2031-03-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Scentre Group Trust 1 / Scentre Group Trust 2                       | SCENTRE GROUP TRUST 1/2 COMPANY GUAR 144A 10/25 3.25   | CUSIP: 806213AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |   1000000 | PA      | $997504.00    | 0.16%             | 2025-10-28      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SCF Equipment Trust 2016-1 LLC                                      | SCF EQUIPMENT TRUST LLC SCFET 2025 1A A2 144A          | CUSIP: 78437DAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    708369 | PA      | $710233.93    | 0.12%             | 2030-07-22      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| SDR Commercial Mortgage Trust 2024-DSNY                             | SDR COMMERCIAL MORTGAGE TRUST SDR 2024 DSNY A 144A     | CUSIP: 811304AA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    445000 | PA      | $444999.96    | 0.07%             | 2039-05-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| Securitized Term Auto Receivables Trust                             | SECURITIZED TERM AUTO RECEIVAB SSTRT 2025 A B 144A     | CUSIP: 81378RAB0<br>LEI: 254900DVX7EZK9JMUP63 | Long             | ABS-O            | CORP              | CA        |    366205 | PA      | $369113.64    | 0.06%             | 2031-07-25      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Securitized Term Auto Receivables Trust 2025-B                      | SECURITIZED TERM AUTO RECEIVAB SSTRT 2025 B B 144A     | CUSIP: 81378WAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |    786373 | PA      | $792073.11    | 0.13%             | 2032-12-29      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| Sempra                                                              | SEMPRA SR UNSECURED 06/27 3.25                         | CUSIP: 816851BA6<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $982108.00    | 0.16%             | 2027-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SFS Auto Receivables Securitization Trust 2024-1                    | SFS AUTO RECEIVABLES SECURITIZ SFAST 2024 1A A3 144A   | CUSIP: 78435VAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    243826 | PA      | $245162.48    | 0.04%             | 2029-05-21      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SFS Auto Receivables Securitization Trust 2025-1                    | SFS AUTO RECEIVABLES SECURITIZ SFAST 2025 1A A3 144A   | CUSIP: 81885BAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1770121.50   | 0.29%             | 2030-07-22      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Sierra Timeshare 2021-1 Receivables Funding LLC                     | SIERRA RECEIVABLES FUNDING CO SRFC 2021 1A C 144A      | CUSIP: 82652QAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    379096 | PA      | $374810.23    | 0.06%             | 2037-11-20      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | SO. CALIF EDISON                                       | CUSIP: 8424C0XE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1987953.20   | 0.32%             | 2025-10-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | SO. CALIF EDISON                                       | CUSIP: 8424C0XQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $992682.70    | 0.16%             | 2025-10-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                 | SOCIETE GENERALE 144A 01/28 VAR                        | CUSIP: 83368RBV3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1625000 | PA      | $1644792.50   | 0.27%             | 2028-01-19      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                 | SOCIETE GENERALE 144A 02/27 VAR                        | CUSIP: 83368RCA8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1510000 | PA      | $1512843.33   | 0.25%             | 2027-02-19      | Floating      | 5.49%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                 | SOCIETE GENERALE 144A 05/29 VAR                        | CUSIP: 83368RCH3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    435000 | PA      | $441142.64    | 0.07%             | 2029-05-22      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                 | SOCIETE GENERALE COMPANY GUAR 144A 04/29 VAR           | CUSIP: 83368RCC4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1021250.00   | 0.17%             | 2029-04-13      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Societe Generale SA                                                 | SOCIETE GENERALE SUBORDINATED 144A 08/26 4.25          | CUSIP: 83368JKF6<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    660000 | PA      | $657752.70    | 0.11%             | 2026-08-19      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Solventum Corp                                                      | SOLVENTUM CORP COMPANY GUAR 02/27 5.45                 | CUSIP: 83444MAN1<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |   1835000 | PA      | $1871969.75   | 0.30%             | 2027-02-25      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| South Bow USA Infrastructure Holdings LLC                           | SOUTH BOW USA INFRA HLDS COMPANY GUAR 09/27 4.911      | CUSIP: 83007CAB8<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |   1865000 | PA      | $1880986.78   | 0.30%             | 2027-09-01      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Southern California Edison Co                                       | SOUTHERN CAL EDISON 1ST MORTGAGE 06/26 4.9             | CUSIP: 842400HW6<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    550000 | PA      | $551154.45    | 0.09%             | 2026-06-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Southwestern Electric Power Co                                      | SOUTHWESTERN ELEC POWER SR UNSECURED 10/26 2.75        | CUSIP: 845437BP6<br>LEI: R64UBJHEC74EB3HGQ410 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295294.20    | 0.05%             | 2026-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Spectra Energy Partners LP                                          | SPECTRA ENERGY PARTNERS COMPANY GUAR 10/26 3.375       | CUSIP: 84756NAH2<br>LEI: 2HKVXE7U4NF5B6UGSU72 | Long             | DBT              | CORP              | US        |    735000 | PA      | $727065.68    | 0.12%             | 2026-10-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                              | STANDARD CHARTERED PLC SR UNSECURED 144A 01/27 VAR     | CUSIP: 853254CQ1<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201147.00    | 0.03%             | 2027-01-09      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                              | STANDARD CHARTERED PLC SR UNSECURED 144A 01/29 VAR     | CUSIP: 85325C2D3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    625000 | PA      | $640011.88    | 0.10%             | 2029-01-21      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                              | STANDARD CHARTERED PLC SR UNSECURED 144A 05/28 VAR     | CUSIP: 853254DB3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204322.60    | 0.03%             | 2028-05-14      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                              | STANDARD CHARTERED PLC SR UNSECURED 144A 07/27 VAR     | CUSIP: 853254CT5<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |   1900000 | PA      | $1927939.50   | 0.31%             | 2027-07-06      | Variable      | 6.19%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                              | STANDARD CHARTERED PLC SUBORDINATED 144A 02/27 4.3     | CUSIP: 853254BF6<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $498889.00    | 0.08%             | 2027-02-19      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | STANLEY WORKS (THE) 09/25 ZCP                          | CUSIP: 85462CWN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4984653.00   | 0.81%             | 2025-09-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State Bank of India/London                                          | STATE BANK INDIA/LONDON SR UNSECURED REGS 01/27 2.49   | CUSIP: 000000000<br>LEI: 5493001JZ37UBBZF6L49 | Long             | DBT              | CORP              | IN        |   1530000 | PA      | $1493371.80   | 0.24%             | 2027-01-26      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Stellantis Finance US Inc                                           | STELLANTIS FIN US INC COMPANY GUAR 144A 01/27 1.711    | CUSIP: 85855CAA8<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1270761.13   | 0.21%             | 2027-01-29      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| Stellantis Finance US Inc                                           | STELLANTIS FIN US INC COMPANY GUAR 144A 03/28 5.35     | CUSIP: 85855CAM2<br>LEI: 549300QZ0AI8Q7LNON33 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1212931.20   | 0.20%             | 2028-03-17      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-A       | STELLANTIS FINANCIAL UNDERWRIT SFUEL 2025 AA A2 144A   | CUSIP: 858928AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    700518 | PA      | $702873.60    | 0.11%             | 2027-07-20      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | STELLANTIS FINANCIAL UNDERWRIT SFUEL 2025 BA B 144A    | CUSIP: 858933AE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    870000 | PA      | $872914.76    | 0.14%             | 2029-07-20      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XVI Ltd                                                | SYMPHONY CLO LTD SYMP 2015 16A ARR 144A                | CUSIP: 87165VAX7<br>LEI: 5493004PWOYFPAFQVT02 | Long             | ABS-CBDO         | CORP              | KY        |    632510 | PA      | $632664.37    | 0.10%             | 2031-10-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Symphony CLO XXIII Ltd                                              | SYMPHONY CLO LTD SYMP 2020 23A AR2 144A                | CUSIP: 87167NDL6<br>LEI: 54930001DQI1CFLYVB48 | Long             | ABS-CBDO         | CORP              | KY        |   1801593 | PA      | $1800266.96   | 0.29%             | 2034-01-15      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | SYNGENTA WILMINGTON                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4997299.00   | 0.81%             | 2025-09-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| T. Rowe Price Government Reserve Fund                               | T. Rowe Price Government Reserve Fund                  | CUSIP: 000000000<br>LEI: 5493002Y0IYARJVQ5N24 | Long             | STIV             | RF                | US        |      1000 | NS      | $1000.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T. Rowe Price Government Reserve Fund                               | T. Rowe Price Government Reserve Fund - Collateral     | CUSIP: 76105YYY8<br>LEI: 5493002Y0IYARJVQ5N24 | Long             | STIV             | RF                | US        |   1165540 | NS      | $1165540.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                 | TARGA RES CORP 09/25 ZCP                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2998372.50   | 0.49%             | 2025-09-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | TARGA RES CORP 09/25 ZCP                               | CUSIP: 87613EWJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2193976.62   | 0.36%             | 2025-09-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp                                                | TARGA RESOURCES CORP COMPANY GUAR 07/27 5.2            | CUSIP: 87612KAA0<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |   1404000 | PA      | $1427180.04   | 0.23%             | 2027-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp | TARGA RESOURCES PARTNERS COMPANY GUAR 01/28 5          | CUSIP: 87612BBG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1208733.60   | 0.20%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIAA CLO I Ltd                                                      | TEACHERS INSURANCE AND ANNUITY TIA 2016 1A ARR 144A    | CUSIP: 87271LAY8<br>LEI: 549300SWQCCOXV4X1761 | Long             | ABS-O            | CORP              | KY        |    276649 | PA      | $276750.92    | 0.04%             | 2031-07-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Tengizchevroil Finance Co International Ltd                         | TENGIZCHEVROIL FIN CO IN SR SECURED REGS 08/26 4       | CUSIP: 000000000<br>LEI: 5493001VEV2XTJIBZH31 | Long             | DBT              | CORP              | BM        |   1740000 | PA      | $1724775.00   | 0.28%             | 2026-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Huntington Bank Auto Credit-Linked Notes Series 2024-1              | THE HUNTINGTON NATIONAL BANK HACLN 2024 1 B1 144A      | CUSIP: 44644NAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    947880 | PA      | $961736.17    | 0.16%             | 2032-05-20      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Huntington Bank Auto Credit-Linked Notes Series 2024-2              | THE HUNTINGTON NATIONAL BANK HACLN 2024 2 B1 144A      | CUSIP: 44644NAG4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    422433 | PA      | $425651.55    | 0.07%             | 2032-10-20      | Fixed         | 5.44%                 | No            |                  2 | On Loan: No      |
| Huntington Bank Auto Credit-Linked Notes Series 2025-1              | THE HUNTINGTON NATIONAL BANK HACLN 2025 1 B 144A       | CUSIP: 446438SX2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2208311 | PA      | $2220027.15   | 0.36%             | 2033-03-21      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Huntington Bank Auto Credit-Linked Notes Series 2025-2              | THE HUNTINGTON NATIONAL BANK HACLN 2025 2 B1 144A      | CUSIP: 44644NAN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2640000 | PA      | $2646425.50   | 0.43%             | 2033-09-20      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| TML Holdings Pte Ltd                                                | TML HOLDINGS PTE LTD SR UNSECURED REGS 06/26 4.35      | CUSIP: 000000000<br>LEI: 254900EBGMM47QH02V57 | Long             | DBT              | CORP              | SG        |   1720000 | PA      | $1714471.01   | 0.28%             | 2026-06-09      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust 2019-HY3                                  | TOWD POINT MORTGAGE TRUST TPMT 2019 HY3 M1 144A        | CUSIP: 89177XAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $1023297.70   | 0.17%             | 2059-10-25      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                                         | TREASURY BILL 09/25 0.00000                            | CUSIP: 912797QU4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4500000 | PA      | $4492518.75   | 0.73%             | 2025-09-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                                         | TREASURY BILL 10/25 0.00000                            | CUSIP: 912797RC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4500000 | PA      | $4478107.50   | 0.73%             | 2025-10-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill                                         | TREASURY BILL 12/25 0.00000                            | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2510000 | PA      | $2483803.96   | 0.40%             | 2025-12-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Trinitas Clo IX Ltd                                                 | TRINITAS CLO LTD TRNTS 2018 9A ARRR 144A               | CUSIP: 89641JAW6<br>LEI: 549300QFERVNPGSISO16 | Long             | ABS-CBDO         | CORP              | KY        |    155611 | PA      | $155726.72    | 0.03%             | 2032-01-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Trinitas Clo IX Ltd                                                 | TRINITAS CLO LTD TRNTS 2018 9A BRRR 144A               | CUSIP: 89641JAY2<br>LEI: 549300QFERVNPGSISO16 | Long             | ABS-CBDO         | CORP              | KY        |   2475000 | PA      | $2479765.17   | 0.40%             | 2032-01-20      | Floating      | 6.03%                 | No            |                  2 | On Loan: No      |
| TX Trust 2024-HOU                                                   | TX TRUST 24 HOU TX 2024 HOU A 144A                     | CUSIP: 90216DAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $299531.52    | 0.05%             | 2039-06-15      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| US Bank NA                                                          | U.S. BANK NATIONAL ASSOCIATION USCLN 2023 1 B 144A     | CUSIP: 90357PAV6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    456547 | PA      | $461972.13    | 0.07%             | 2032-08-25      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                        | UBS GROUP AG SR UNSECURED 144A 12/27 VAR               | CUSIP: 225401BC1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    300000 | PA      | $308036.10    | 0.05%             | 2027-12-22      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                                       | UNICREDIT SPA 144A 09/26 VAR                           | CUSIP: 904678AU3<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |   1375000 | PA      | $1373219.38   | 0.22%             | 2026-09-22      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                                              | UNITEDHEALTH GROUP INC SR UNSECURED 04/27 4.6          | CUSIP: 91324PEY4<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    500000 | PA      | $503902.00    | 0.08%             | 2027-04-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                                              | UNITEDHEALTH GROUP INC SR UNSECURED 05/27 3.7          | CUSIP: 91324PEG3<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    866000 | PA      | $859821.09    | 0.14%             | 2027-05-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                                              | UNITEDHEALTH GROUP INC SR UNSECURED 06/28 4.4          | CUSIP: 91324PFN7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    275000 | PA      | $276898.88    | 0.04%             | 2028-06-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Unum Group                                                          | UNUM GROUP SR UNSECURED 11/25 3.875                    | CUSIP: 91529YAL0<br>LEI: 549300E32YFDO6TZ8R31 | Long             | DBT              | CORP              | US        |   1097000 | PA      | $1094349.65   | 0.18%             | 2025-11-05      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | US 10YR NOTE (CBT)DEC25 XCBT 20251219                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |        -6 | NC      | $-3055.40     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                 | US 10YR ULTRA FUT DEC25 XCBT 20251219                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |        -9 | NC      | $-4020.60     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                 | US 2YR NOTE (CBT) DEC25 XCBT 20251231                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |      -154 | NC      | $-39921.73    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                 | US 5YR NOTE (CBT) DEC25 XCBT 20251231                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |      -113 | NC      | $-30992.96    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| US Bank NA/Cincinnati OH                                            | US BANK NA CINCINNATI SR UNSECURED 05/28 VAR           | CUSIP: 90331HPT4<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2259364.50   | 0.37%             | 2028-05-15      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | US LONG BOND(CBT) DEC25 XCBT 20251219                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |        -6 | NC      | $-2267.59     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Note/Bond                                    | US TREASURY N/B 01/27 4.125                            | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1640000 | PA      | $1648135.94   | 0.27%             | 2027-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                                    | US TREASURY N/B 02/27 4.125                            | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1880000 | PA      | $1890721.87   | 0.31%             | 2027-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                                    | US TREASURY N/B 07/26 4.375                            | CUSIP: 91282CLB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    525000 | PA      | $527153.32    | 0.09%             | 2026-07-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                                    | US TREASURY N/B 11/25 4.875                            | CUSIP: 91282CJL6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    170000 | PA      | $170239.06    | 0.03%             | 2025-11-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Note/Bond                                    | US TREASURY N/B 12/26 4.25                             | CUSIP: 91282CME8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1625000 | PA      | $1634711.91   | 0.26%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| USB Auto Owner Trust 2025-1                                         | USB AUTO OWNER TRUST USCAR 2025 1A A2 144A             | CUSIP: 90367VAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1253825.88   | 0.20%             | 2028-06-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Utah Acquisition Sub Inc                                            | UTAH ACQUISITION SUB COMPANY GUAR 06/26 3.95           | CUSIP: 62854AAN4<br>LEI: 254900JOFV74IJ7H9933 | Long             | DBT              | CORP              | US        |   2854000 | PA      | $2836539.23   | 0.46%             | 2026-06-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp                                                  | VALERO ENERGY CORP SR UNSECURED 06/28 4.35             | CUSIP: 91913YAV2<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |   1408000 | PA      | $1413536.26   | 0.23%             | 2028-06-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Verdant Receivables 2023-1 LLC                                      | VERDANT RECEIVABLES LLC VERD 2023 1A A2 144A           | CUSIP: 92339GAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    320454 | PA      | $325968.54    | 0.05%             | 2031-01-13      | Fixed         | 6.24%                 | No            |                  2 | On Loan: No      |
| Verdant Receivables 2024-1 LLC                                      | VERDANT RECEIVABLES LLC VERD 2024 1A A2 144A           | CUSIP: 92339MAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     79342 | PA      | $80745.71     | 0.01%             | 2031-12-12      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| Verdant Receivables 2025-1 LLC                                      | VERDANT RECEIVABLES LLC VERD 2025 1A A2 144A           | CUSIP: 92340GAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1810000 | PA      | $1817419.01   | 0.29%             | 2028-03-13      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                                                | VERIZON MASTER TRUST VZMT 2024 6 B                     | CUSIP: 92348KDG5<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    970000 | PA      | $971937.19    | 0.16%             | 2030-08-20      | Fixed         | 4.42%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust 2021-2                                   | VERUS SECURITIZATION TRUST VERUS 2021 2 A1 144A        | CUSIP: 92538FAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     69044 | PA      | $61681.33     | 0.01%             | 2066-02-25      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust 2021-4                                   | VERUS SECURITIZATION TRUST VERUS 2021 4 A1 144A        | CUSIP: 92538HAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     81876 | PA      | $69601.69     | 0.01%             | 2066-07-25      | Variable      | 0.94%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust 2021-R3                                  | VERUS SECURITIZATION TRUST VERUS 2021 R3 A1 144A       | CUSIP: 92538EAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     46281 | PA      | $44029.40     | 0.01%             | 2064-04-25      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust 2023-3                                   | VERUS SECURITIZATION TRUST VERUS 2023 3 A1 144A        | CUSIP: 92539GAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    803093 | PA      | $804562.40    | 0.13%             | 2068-03-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust 2023-8                                   | VERUS SECURITIZATION TRUST VERUS 2023 8 A1 144A        | CUSIP: 92540DAA3<br>LEI: 213800DTJD5UKJR53O34 | Long             | ABS-MBS          | CORP              | US        |    146605 | PA      | $148063.91    | 0.02%             | 2068-12-25      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust 2023-INV1                                | VERUS SECURITIZATION TRUST VERUS 2023 INV1 A1 144A     | CUSIP: 92539FAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1306843 | PA      | $1307266.56   | 0.21%             | 2068-02-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust 2023-INV3                                | VERUS SECURITIZATION TRUST VERUS 2023 INV3 A1 144A     | CUSIP: 92540CAA5<br>LEI: 9845008F97BFO762AF95 | Long             | ABS-MBS          | CORP              | US        |    574253 | PA      | $582526.55    | 0.09%             | 2068-11-25      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust 2024-1                                   | VERUS SECURITIZATION TRUST VERUS 2024 1 A1 144A        | CUSIP: 92540EAA1<br>LEI: 984500A3F1D749452747 | Long             | ABS-MBS          | CORP              | US        |    475580 | PA      | $478458.27    | 0.08%             | 2069-01-25      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust 2024-INV1                                | VERUS SECURITIZATION TRUST VERUS 2024 INV1 A1 144A     | CUSIP: 92540FAA8<br>LEI: 9845000FE754F4AE7E70 | Long             | ABS-MBS          | CORP              | US        |    365245 | PA      | $369221.71    | 0.06%             | 2069-03-25      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust 2025-7                                   | VERUS SECURITIZATION TRUST VERUS 2025 7 A1B 144A       | CUSIP: 924931AB4<br>LEI: 213800OVCAXDOBS94P47 | Long             | ABS-MBS          | CORP              | US        |    640000 | PA      | $640274.84    | 0.10%             | 2070-08-25      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| Vista Point Securitization Trust 2020-2                             | VISTA POINT SECURITIZATION TRU VSTA 2020 2 A1 144A     | CUSIP: 92838TAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     41785 | PA      | $40219.99     | 0.01%             | 2065-04-25      | Variable      | 1.48%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Lease Trust 2024-A                                  | VOLKSWAGEN AUTO LEASE TRUST VWALT 2024 A A3            | CUSIP: 92866EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    315000 | PA      | $317772.50    | 0.05%             | 2027-06-21      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                             | VOLKSWAGEN GROUP AMERICA COMPANY GUAR 144A 03/27 4.95  | CUSIP: 928668CN0<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2013202.00   | 0.33%             | 2027-03-25      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                             | VOLKSWAGEN GROUP AMERICA COMPANY GUAR 144A 08/26 4.9   | CUSIP: 928668CK6<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    375000 | PA      | $376590.75    | 0.06%             | 2026-08-14      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                             | VOLKSWAGEN GROUP AMERICA COMPANY GUAR 144A 08/27 4.85  | CUSIP: 928668CL4<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    275000 | PA      | $276861.20    | 0.04%             | 2027-08-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                             | VOLKSWAGEN GROUP AMERICA COMPANY GUAR 144A 11/25 4.625 | CUSIP: 928668AT9<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    230000 | PA      | $229877.87    | 0.04%             | 2025-11-13      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Volkswagen Group of America Finance LLC                             | VOLKSWAGEN GROUP AMERICA COMPANY GUAR 144A 11/26 6     | CUSIP: 928668CA8<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    395000 | PA      | $401463.78    | 0.07%             | 2026-11-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Voya CLO 2018-3 Ltd                                                 | VOYA CLO LTD VOYA 2018 3A A1R2 144A                    | CUSIP: 92917KAQ7<br>LEI: 54930068MLVF3BECCK93 | Long             | ABS-CBDO         | CORP              | KY        |    348151 | PA      | $348234.27    | 0.06%             | 2031-10-15      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Voya Financial Inc                                                  | VOYA FINANCIAL INC COMPANY GUAR 06/26 3.65             | CUSIP: 929089AB6<br>LEI: 549300T065Z4KJ686G75 | Long             | DBT              | CORP              | US        |    900000 | PA      | $894738.60    | 0.14%             | 2026-06-15      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co                                                    | WELLS FARGO + COMPANY SR UNSECURED 04/28 VAR           | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    430000 | PA      | $439831.95    | 0.07%             | 2028-04-22      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgage Trust 2016-LC25                     | WELLS FARGO COMMERCIAL MORTGAG WFCM 2016 LC25 A4       | CUSIP: 95000JAV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    650000 | PA      | $641204.33    | 0.10%             | 2059-12-15      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | WESTERN MIDSTREAM OPER LP YRS 09/25 ZCP                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4247042.00   | 0.69%             | 2025-09-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | WESTERN UNION CO (THE)                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5497261.55   | 0.89%             | 2025-09-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Western Union Co/The                                                | WESTERN UNION CO/THE SR UNSECURED 03/26 1.35           | CUSIP: 959802AZ2<br>LEI: 28ID94QU1140NC23S047 | Long             | DBT              | CORP              | US        |   2134000 | PA      | $2096121.50   | 0.34%             | 2026-03-15      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| Wheels Fleet Lease Funding 1 LLC                                    | WHEELS FLEET LEASE FUNDING LLC WFLF 2024 1A A1 144A    | CUSIP: 96328GBM8<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |    312509 | PA      | $316094.06    | 0.05%             | 2039-02-18      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| THL Credit Wind River 2015-1 CLO Ltd                                | WIND RIVER CLO LTD WINDR 2015 1A A1R3 144A             | CUSIP: 97316XAA0<br>LEI: 549300H4V7OE3OL7II20 | Long             | ABS-CBDO         | CORP              | KY        |     45909 | PA      | $45915.92     | 0.01%             | 2030-10-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| THL Credit Wind River 2019-3 Clo Ltd                                | WIND RIVER CLO LTD WINDR 2019 3A AR2 144A              | CUSIP: 97314JAJ4<br>LEI: 549300QKM4OHZM4I5C40 | Long             | ABS-CBDO         | CORP              | KY        |    320039 | PA      | $320057.70    | 0.05%             | 2031-04-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| World Omni Select Auto Trust 2021-A                                 | WORLD OMNI SELECT AUTO TRUST WOSAT 2021 A C            | CUSIP: 98163HAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    452879 | PA      | $451030.36    | 0.07%             | 2027-11-15      | Fixed         | 1.09%                 | No            |                  2 | On Loan: No      |
| World Omni Select Auto Trust 2023-A                                 | WORLD OMNI SELECT AUTO TRUST WOSAT 2023 A C            | CUSIP: 98163UAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $152510.18    | 0.02%             | 2029-01-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | WPP CP LLC                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4300000 | PA      | $4286014.68   | 0.69%             | 2025-09-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                 | WPP CP LLC 09/25 ZCP                                   | CUSIP: 92939AWH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1795709.16   | 0.29%             | 2025-09-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President