# EDGAR Filing Document

**Accession Number:** 0001727074
**File Stem:** 0001752724-25-182139
**Filing Date:** 2025-7
**Character Count:** 336504
**Document Hash:** 20f1290222541a168d476796365246a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182139.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182139

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250530

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PGIM ETF TRUST
- **CENTRAL INDEX KEY:** 0001727074

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23324
- **FILM NUMBER:** 251159864

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 802-5032

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

## Series and Classes Contracts Data

### PGIM Floating Rate Income ETF (Series ID: S000075490)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000234636 | PGIM Floating Rate Income ETF | PFRL            |

## Nport-Ex

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited)
as of May 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Long-Term Investments 92.7%** | **Long-Term Investments 92.7%** | **Long-Term Investments 92.7%** | **Long-Term Investments 92.7%** | **Long-Term Investments 92.7%** | **Long-Term Investments 92.7%** |
| **Asset-Backed Securities 8.8%** | **Asset-Backed Securities 8.8%** | **Asset-Backed Securities 8.8%** | **Asset-Backed Securities 8.8%** | **Asset-Backed Securities 8.8%** | **Asset-Backed Securities 8.8%** |
| **Collateralized Loan Obligations** | **Collateralized Loan Obligations** | **Collateralized Loan Obligations** | **Collateralized Loan Obligations** | **Collateralized Loan Obligations** | **Collateralized Loan Obligations** |
| Atlas Senior Loan Fund Ltd. (United Kingdom),<br> Series 2023-21A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 7.269 %(c) | &nbsp;&nbsp;07/20/35 |  | 275 | &nbsp;&nbsp; $276869 |
| Atlas Static Senior Loan Fund Ltd. (Cayman Islands),<br> Series 2022-01A, Class BR, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 6.906(c) | &nbsp;&nbsp;07/15/30 |  | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250831 |
| Avoca Capital CLO Ltd. (Ireland),<br> Series 10A, Class B1RR, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | 3.629(c) | &nbsp;&nbsp;04/15/35 | &nbsp;&nbsp;EUR | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281356 |
| Carlyle US CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-05A, Class B, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 6.933(c) | &nbsp;&nbsp;01/27/36 |  | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-01A, Class B, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.064(c) | &nbsp;&nbsp;04/25/38 |  | 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748875 |
| CQS US CLO Ltd. (Cayman Islands),<br> Series 2021-01A, Class BR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.019(c) | &nbsp;&nbsp;01/20/35 |  | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400727 |
| Elevation CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-11A, Class BR, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.256(c) | &nbsp;&nbsp;10/15/37 |  | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2021-14A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.969(c) | &nbsp;&nbsp;01/20/38 |  | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498325 |
| Golub Capital Partners CLO Ltd. (United Kingdom),<br> Series 2023-68A, Class B, 144A, 3 Month SOFR + 2.800% (Cap N/A, Floor 2.800%) | 7.082(c) | &nbsp;&nbsp;07/25/36 |  | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150870 |
| Hayfin US Ltd. (Cayman Islands),<br> Series 2024-15A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | 6.483(c) | &nbsp;&nbsp;04/28/37 |  | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504300 |
| HPS Loan Management Ltd. (Cayman Islands),<br> Series 2023-18A, Class B, 144A, 3 Month SOFR + 2.950% (Cap N/A, Floor 2.950%) | 7.222(c) | &nbsp;&nbsp;07/20/36 |  | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100580 |
| ICG US CLO Ltd. (United Kingdom),<br> Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 7.269(c) | &nbsp;&nbsp;07/18/36 |  | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503399 |
| Mountain View CLO Ltd. (Cayman Islands),<br> Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 7.256(c) | &nbsp;&nbsp;09/14/36 |  | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201859 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** | **Asset-Backed Securities (Continued)** |
| **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** | **Collateralized Loan Obligations (cont'd.)** |
| NGC Ltd. (United Kingdom),<br> Series 2024-01A, Class B, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 6.369 %(c) | &nbsp;&nbsp;07/20/37 | 350 | &nbsp;&nbsp; $351914 |
| Ocean Trails CLO (Cayman Islands),<br> Series 2020-09A, Class BRR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 6.018(c) | &nbsp;&nbsp;01/15/38 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249515 |
| PPM CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-02A, Class BR2, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | 6.511(c) | &nbsp;&nbsp;04/16/37 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2019-03A, Class BR, 144A, 3 Month SOFR + 1.812% (Cap N/A, Floor 1.550%) | 6.091(c) | &nbsp;&nbsp;04/17/34 | 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747750 |
| Sixth Street CLO Ltd. (Cayman Islands),<br> Series 2020-16A, Class BR, 144A, 3 Month SOFR + 2.450% (Cap N/A, Floor 2.450%) | 6.719(c) | &nbsp;&nbsp;01/20/37 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302220 |
| Sound Point CLO Ltd. (Cayman Islands),<br> Series 2020-02A, Class DR, 144A, 3 Month SOFR + 3.612% (Cap N/A, Floor 3.350%) | 7.893(c) | &nbsp;&nbsp;10/25/34 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243750 |
| Tikehau US CLO Ltd. (Bermuda),<br> Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 6.206(c) | &nbsp;&nbsp;01/15/36 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502230 |
| **Total Asset-Backed Securities<br> (cost $7,657,300)** | **Total Asset-Backed Securities<br> (cost $7,657,300)** | **Total Asset-Backed Securities<br> (cost $7,657,300)** | **Total Asset-Backed Securities<br> (cost $7,657,300)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7723045 |
| **Commercial Mortgage-Backed Securities 0.7%** | **Commercial Mortgage-Backed Securities 0.7%** | **Commercial Mortgage-Backed Securities 0.7%** | **Commercial Mortgage-Backed Securities 0.7%** | **Commercial Mortgage-Backed Securities 0.7%** |
| BX Trust,<br> Series 2025-DIME, Class E, 144A, 1 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 7.329(c) | &nbsp;&nbsp;02/15/35 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248061 |
| NYC Commercial Mortgage Trust,<br> Series 2025-03BP, Class D, 144A, 1 Month SOFR + 2.441% (Cap N/A, Floor 2.441%) | 6.770(c) | &nbsp;&nbsp;02/15/42 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146331 |
| ROCK Trust,<br> Series 2024-CNTR, Class E, 144A | 8.819 | &nbsp;&nbsp;11/13/41 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208913 |
| **Total Commercial Mortgage-Backed Securities<br> (cost $599,628)** | **Total Commercial Mortgage-Backed Securities<br> (cost $599,628)** | **Total Commercial Mortgage-Backed Securities<br> (cost $599,628)** | **Total Commercial Mortgage-Backed Securities<br> (cost $599,628)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603305 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds 13.9%** | **Corporate Bonds 13.9%** | **Corporate Bonds 13.9%** | **Corporate Bonds 13.9%** | **Corporate Bonds 13.9%** |
| **Aerospace & Defense 0.0%** | **Aerospace & Defense 0.0%** | **Aerospace & Defense 0.0%** | **Aerospace & Defense 0.0%** | **Aerospace & Defense 0.0%** |
| Bombardier, Inc. (Canada),<br> Sr. Unsec'd. Notes, 144A | 7.875% | &nbsp;&nbsp;04/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp; $45056 |
| **Airlines 0.1%** | **Airlines 0.1%** | **Airlines 0.1%** | **Airlines 0.1%** | **Airlines 0.1%** |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland),<br> Sr. Unsec'd. Notes, 144A | 7.875 | &nbsp;&nbsp;05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73312 |
| **Auto Manufacturers 0.1%** | **Auto Manufacturers 0.1%** | **Auto Manufacturers 0.1%** | **Auto Manufacturers 0.1%** | **Auto Manufacturers 0.1%** |
| General Motors Co.,<br> Sr. Unsec'd. Notes | 5.600 | &nbsp;&nbsp;10/15/32 | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104491 |
| **Banks 9.6%** | **Banks 9.6%** | **Banks 9.6%** | **Banks 9.6%** | **Banks 9.6%** |
| Bank of America Corp.,<br> Jr. Sub. Notes | 6.625(ff) | &nbsp;&nbsp;05/01/30(oo) | 1390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414966 |
| Bank of Nova Scotia (The) (Canada),<br> Jr. Sub. Notes | 7.350(ff) | &nbsp;&nbsp;04/27/85 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606427 |
| Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Jr. Sub. Notes, Series CC | 7.125(ff) | &nbsp;&nbsp;08/15/29(oo) | &nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jr. Sub. Notes, Series EE | 6.750(ff) | &nbsp;&nbsp;02/15/30(oo) | &nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jr. Sub. Notes, Series FF | 6.950(ff) | &nbsp;&nbsp;02/15/30(oo) | &nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861842 |
| Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Jr. Sub. Notes | 6.850(ff) | &nbsp;&nbsp;02/10/30(oo) | &nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jr. Sub. Notes, Series V | 4.125(ff) | &nbsp;&nbsp;11/10/26(oo) | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jr. Sub. Notes, Series X | 7.500(ff) | &nbsp;&nbsp;05/10/29(oo) | &nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182568 |
| Royal Bank of Canada (Canada),<br> Jr. Sub. Notes | 6.350(ff) | &nbsp;&nbsp;11/24/84 | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470000 |
| Sumitomo Mitsui Financial Group, Inc. (Japan),<br> Jr. Sub. Notes | 6.600(ff) | &nbsp;&nbsp;06/05/34(oo) | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98250 |
| Toronto-Dominion Bank (The) (Canada),<br> Jr. Sub. Notes | 7.250(ff) | &nbsp;&nbsp;07/31/84 | &nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988142 |
| U.S. Bancorp,<br> Jr. Sub. Notes | 3.700(ff) | &nbsp;&nbsp;01/15/27(oo) | &nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574013 |
| Wells Fargo & Co.,<br> Jr. Sub. Notes, Series BB | 3.900(ff) | &nbsp;&nbsp;03/15/26(oo) | &nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614937 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8457712 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** |
| **Diversified Financial Services 1.9%** | **Diversified Financial Services 1.9%** | **Diversified Financial Services 1.9%** | **Diversified Financial Services 1.9%** | **Diversified Financial Services 1.9%** |
| American Express Co.,<br> Jr. Sub. Notes | 3.550 %(ff) | &nbsp;&nbsp;09/15/26(oo) | 1700 | &nbsp;&nbsp; $1646312 |
| **Electric 0.6%** | **Electric 0.6%** | **Electric 0.6%** | **Electric 0.6%** | **Electric 0.6%** |
| Calpine Corp.,<br> Sr. Unsec'd. Notes, 144A | 5.000 | &nbsp;&nbsp;02/01/31 | &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145404 |
| Vistra Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Jr. Sub. Notes, 144A | 8.000(ff) | &nbsp;&nbsp;10/15/26(oo) | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jr. Sub. Notes, Series C, 144A | 8.875(ff) | &nbsp;&nbsp;01/15/29(oo) | &nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268830 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516605 |
| **Environmental Control 0.1%** | **Environmental Control 0.1%** | **Environmental Control 0.1%** | **Environmental Control 0.1%** | **Environmental Control 0.1%** |
| GFL Environmental, Inc.,<br> Sr. Sec'd. Notes, 144A | 6.750 | &nbsp;&nbsp;01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51672 |
| **Home Builders 0.0%** | **Home Builders 0.0%** | **Home Builders 0.0%** | **Home Builders 0.0%** | **Home Builders 0.0%** |
| Ashton Woods USA LLC/Ashton Woods Finance Co.,<br> Sr. Unsec'd. Notes, 144A | 4.625 | &nbsp;&nbsp;04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35651 |
| **Housewares 0.0%** | **Housewares 0.0%** | **Housewares 0.0%** | **Housewares 0.0%** | **Housewares 0.0%** |
| SWF Holdings I Corp.,<br> Sr. Unsec'd. Notes, 144A | 6.500 | &nbsp;&nbsp;10/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29266 |
| **Machinery-Diversified 0.1%** | **Machinery-Diversified 0.1%** | **Machinery-Diversified 0.1%** | **Machinery-Diversified 0.1%** | **Machinery-Diversified 0.1%** |
| Chart Industries, Inc.,<br> Sr. Sec'd. Notes, 144A | 7.500 | &nbsp;&nbsp;01/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83600 |
| **Media 0.1%** | **Media 0.1%** | **Media 0.1%** | **Media 0.1%** | **Media 0.1%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital,<br> Sr. Sec'd. Notes | 4.400 | &nbsp;&nbsp;04/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69114 |
| Radiate Holdco LLC/Radiate Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Sec'd. Notes, 144A | 4.500 | &nbsp;&nbsp;09/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Unsec'd. Notes, 144A | 6.500 | &nbsp;&nbsp;09/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16497 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107045 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** |
| **Oil & Gas 0.1%** | **Oil & Gas 0.1%** | **Oil & Gas 0.1%** | **Oil & Gas 0.1%** | **Oil & Gas 0.1%** |
| Hilcorp Energy I LP/Hilcorp Finance Co.,<br> Sr. Unsec'd. Notes, 144A | &nbsp;&nbsp;6.250% | &nbsp;&nbsp;04/15/32 | 100 | &nbsp;&nbsp; $91310 |
| **Packaging & Containers 0.1%** | **Packaging & Containers 0.1%** | **Packaging & Containers 0.1%** | **Packaging & Containers 0.1%** | **Packaging & Containers 0.1%** |
| Sealed Air Corp.,<br> Gtd. Notes, 144A | &nbsp;&nbsp;5.000 | &nbsp;&nbsp;04/15/29 | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49180 |
| Sealed Air Corp./Sealed Air Corp. US,<br> Gtd. Notes, 144A | &nbsp;&nbsp;6.125 | &nbsp;&nbsp;02/01/28 | &nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25265 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74445 |
| **Pipelines 0.5%** | **Pipelines 0.5%** | **Pipelines 0.5%** | **Pipelines 0.5%** | **Pipelines 0.5%** |
| Targa Resources Corp.,<br> Gtd. Notes | &nbsp;&nbsp;4.200 | &nbsp;&nbsp;02/01/33 | &nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68609 |
| Venture Global LNG, Inc.,<br> Jr. Sub. Notes, 144A | &nbsp;&nbsp;9.000(ff) | &nbsp;&nbsp;09/30/29(oo) | 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345517 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414126 |
| **Real Estate Investment Trusts (REITs) 0.1%** | **Real Estate Investment Trusts (REITs) 0.1%** | **Real Estate Investment Trusts (REITs) 0.1%** | **Real Estate Investment Trusts (REITs) 0.1%** | **Real Estate Investment Trusts (REITs) 0.1%** |
| Diversified Healthcare Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gtd. Notes | &nbsp;&nbsp;4.375 | &nbsp;&nbsp;03/01/31 | &nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gtd. Notes | &nbsp;&nbsp;9.750 | &nbsp;&nbsp;06/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Unsec'd. Notes | &nbsp;&nbsp;4.750 | &nbsp;&nbsp;02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4581 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56094 |
| **Retail 0.1%** | **Retail 0.1%** | **Retail 0.1%** | **Retail 0.1%** | **Retail 0.1%** |
| Gap, Inc. (The),<br> Gtd. Notes, 144A | &nbsp;&nbsp;3.875 | &nbsp;&nbsp;10/01/31 | &nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66293 |
| **Telecommunications 0.4%** | **Telecommunications 0.4%** | **Telecommunications 0.4%** | **Telecommunications 0.4%** | **Telecommunications 0.4%** |
| Digicel Group Holdings Ltd. (Jamaica), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Sec'd. Notes, Series 1B14, 144A | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;12/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Sec'd. Notes, Series 3B14, 144A^ | &nbsp;&nbsp;0.000 | &nbsp;&nbsp;12/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica),<br> Sr. Sec'd. Notes, Cash coupon 9.000% and PIK 2.250% | 11.250 | &nbsp;&nbsp;05/25/27 | 209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209296 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** | **Corporate Bonds (Continued)** |
| **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |
| Level 3 Financing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sec'd. Notes, 144A | &nbsp;&nbsp;4.875% | &nbsp;&nbsp;06/15/29 | &nbsp;&nbsp;25 | &nbsp;&nbsp; $22795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Sec'd. Notes, 144A | 10.500 | &nbsp;&nbsp;04/15/29 | &nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Sec'd. Notes, 144A | 10.500 | &nbsp;&nbsp;05/15/30 | &nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr. Sec'd. Notes, 144A | 11.000 | &nbsp;&nbsp;11/15/29 | &nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28415 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316035 |
| **Total Corporate Bonds<br> (cost $12,036,466)** | **Total Corporate Bonds<br> (cost $12,036,466)** | **Total Corporate Bonds<br> (cost $12,036,466)** | **Total Corporate Bonds<br> (cost $12,036,466)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12169025 |
| **Floating Rate and Other Loans 67.4%** | **Floating Rate and Other Loans 67.4%** | **Floating Rate and Other Loans 67.4%** | **Floating Rate and Other Loans 67.4%** | **Floating Rate and Other Loans 67.4%** |
| **Advertising 0.2%** | **Advertising 0.2%** | **Advertising 0.2%** | **Advertising 0.2%** | **Advertising 0.2%** |
| Summer BC Holdco B Sarl (Luxembourg),<br> Extended Facility B, 3 Month SOFR + 5.260% | &nbsp;&nbsp;9.559(c) | &nbsp;&nbsp;02/15/29 | 224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221009 |
| **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** | **Aerospace & Defense 0.5%** |
| Azorra Soar TLB Finance Ltd. (Cayman Islands),<br> Initial Term Loan, 3 Month SOFR + 3.500% | &nbsp;&nbsp;7.799(c) | &nbsp;&nbsp;10/18/29 | 306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306077 |
| Transdigm, Inc.,<br> Tranche K Term Loan, 3 Month SOFR + 2.750% | &nbsp;&nbsp;7.049(c) | &nbsp;&nbsp;03/22/30 | &nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99186 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405263 |
| **Agriculture 0.1%** | **Agriculture 0.1%** | **Agriculture 0.1%** | **Agriculture 0.1%** | **Agriculture 0.1%** |
| Sycamore Buyer LLC,<br> Term Loan, 1 Month SOFR + 2.250% | &nbsp;&nbsp;6.577 | &nbsp;&nbsp;05/21/32 | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124740 |
| **Airlines 0.8%** | **Airlines 0.8%** | **Airlines 0.8%** | **Airlines 0.8%** | **Airlines 0.8%** |
| American Airlines, Inc.,<br> Repriced Term Loan, 3 Month SOFR + 2.250% | &nbsp;&nbsp;6.522(c) | &nbsp;&nbsp;04/20/28 | 292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288484 |
| United Air Lines, Inc.,<br> Term B Loan, 3 Month SOFR + 2.000% | &nbsp;&nbsp;6.275(c) | &nbsp;&nbsp;02/22/31 | 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149038 |
| Vista Management Holding, Inc.,<br> Initial Term Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;8.048(c) | &nbsp;&nbsp;04/01/31 | 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727522 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Auto Parts & Equipment 2.5%** | **Auto Parts & Equipment 2.5%** | **Auto Parts & Equipment 2.5%** | **Auto Parts & Equipment 2.5%** | **Auto Parts & Equipment 2.5%** |
| Adient US LLC,<br> Term B-2 Loan, 1 Month SOFR + 2.250% | &nbsp;&nbsp;6.577 %(c) | &nbsp;&nbsp;01/31/31 | 323 | &nbsp;&nbsp; $321024 |
| Clarios Global LP,<br> Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;7.077(c) | &nbsp;&nbsp;01/28/32 | 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423406 |
| First Brands Group LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2021 Second Lien Term Loan, 3 Month SOFR + 8.762% | 13.041(c) | &nbsp;&nbsp;03/30/28 | 475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427500 |
| &nbsp;&nbsp;&nbsp;&nbsp;2022-Ii Incremental Termloan, 3 Month SOFR + 5.262% | &nbsp;&nbsp;9.541(c) | &nbsp;&nbsp;03/30/27 | 294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283469 |
| Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term A Loan, 1 Month SOFR + 4.850% | &nbsp;&nbsp;9.173(c) | &nbsp;&nbsp;11/17/28 | 376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term B Loan, 3 Month SOFR + 5.100% | &nbsp;&nbsp;9.407(c) | &nbsp;&nbsp;11/17/28 | 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338750 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156820 |
| **Beverages 0.2%** | **Beverages 0.2%** | **Beverages 0.2%** | **Beverages 0.2%** | **Beverages 0.2%** |
| Brewco Borrower LLC,<br> Super Priority Term Loan^ | &nbsp;&nbsp;&nbsp;&nbsp;—(p) | &nbsp;&nbsp;01/05/26(d) | &nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29867 |
| City Brewing Co. LLC,<br> Second Out Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;—(p) | &nbsp;&nbsp;04/05/28(d) | 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 |
| Pegasus Bidco BV (Netherlands),<br> 2024-2 Dollar Term Loan, 3 Month SOFR + 3.250%^ | &nbsp;&nbsp;7.576(c) | &nbsp;&nbsp;07/12/29 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149250 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179417 |
| **Building Materials 1.6%** | **Building Materials 1.6%** | **Building Materials 1.6%** | **Building Materials 1.6%** | **Building Materials 1.6%** |
| BCP VI Summit Holdings LP,<br> Initial Term Loan, 1 Month SOFR + 3.500% | &nbsp;&nbsp;7.827(c) | &nbsp;&nbsp;01/30/32 | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50187 |
| Cornerstone Building Brands, Inc.,<br> Term Loan, 1 Month SOFR + 5.625% | &nbsp;&nbsp;9.954(c) | &nbsp;&nbsp;08/01/28 | 319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282037 |
| Eco Material Technologies, Inc.,<br> Initial Term Loan, 6 Month SOFR + 3.250% | &nbsp;&nbsp;7.467(c) | &nbsp;&nbsp;02/12/32 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99500 |
| Emerald Debt Merger Sub LLC,<br> Second Amendment Incremental Term Loan, 3 Month SOFR + 2.500% | &nbsp;&nbsp;6.799(c) | &nbsp;&nbsp;08/04/31 | 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148442 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Building Materials (cont'd.)** | **Building Materials (cont'd.)** | **Building Materials (cont'd.)** | **Building Materials (cont'd.)** | **Building Materials (cont'd.)** |
| EMRLD Borrower LP,<br> Initial Term B Loan, 3 Month SOFR + 2.500% | 6.833 %(c) | &nbsp;&nbsp;05/31/30 | 611 | &nbsp;&nbsp; $607237 |
| Phrg Intermediate LLC,<br> Closing Date Term Loan, 3 Month SOFR + 4.000% | 8.333(c) | &nbsp;&nbsp;02/20/32 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189500 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376903 |
| **Chemicals 3.2%** | **Chemicals 3.2%** | **Chemicals 3.2%** | **Chemicals 3.2%** | **Chemicals 3.2%** |
| A-Ap Buyer, Inc.,<br> Initial Term Loan | &nbsp;&nbsp;—(p) | &nbsp;&nbsp;09/09/31 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249687 |
| Consolidated Energy Finance SA (Switzerland),<br> 2024 Incremental Term,Loan, 3 Month SOFR + 4.500% | 8.833(c) | &nbsp;&nbsp;11/15/30 | 273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254403 |
| Geon Performance Solutions LLC,<br> 2024 Refinancing Term Loan, 3 Month SOFR + 4.512% | 8.811(c) | &nbsp;&nbsp;08/18/28 | 369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356456 |
| Ineos US Finance LLC (Luxembourg),<br> 2030 Dollar Term Loan, 1 Month SOFR + 3.250% | 7.577(c) | &nbsp;&nbsp;02/18/30 | 373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359060 |
| Ineos US Petrochem LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2030 Tranche B Dollar Term Loan, 1 Month SOFR + 3.850% | 8.177(c) | &nbsp;&nbsp;03/14/30 | &nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66442 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Term B Loan, 1 Month SOFR + 4.350% | 8.677(c) | &nbsp;&nbsp;04/02/29 | &nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90585 |
| Iris Holdings Ltd.,<br> Initial Term Loan, 3 Month SOFR + 4.850% | 9.130(c) | &nbsp;&nbsp;06/28/28 | 226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216262 |
| Nouryon Finance BV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;November 2024 B-1 Dollar Term Loan, 3 Month SOFR + 3.250% | 7.510(c) | &nbsp;&nbsp;04/03/28 | 241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240736 |
| &nbsp;&nbsp;&nbsp;&nbsp;November 2024 B-2 Dollar Term Loan, 3 Month SOFR + 3.250% | 7.550(c) | &nbsp;&nbsp;04/03/28 | &nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98878 |
| Paint Intermediate III LLC,<br> Paint Intermediate/Wesco Group Cov-Lite Term B Loan, 3 Month SOFR + 3.000% | 7.299(c) | &nbsp;&nbsp;09/11/31 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249583 |
| SCIH Salt Holdings, Inc.,<br> First Lien Incremental Term B-1 Loan | &nbsp;&nbsp;—(p) | &nbsp;&nbsp;01/31/29 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99679 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** | **Chemicals (cont'd.)** |
| TPC Group, Inc.,<br> Initial Term Loan, 6 Month SOFR + 5.750%^ | 9.952 %(c) | &nbsp;&nbsp;12/16/31 | 460 | &nbsp;&nbsp; $434700 |
| Tronox Finance LLC,<br> 2024-B Term Loan, 1 Month SOFR + 2.500% | 6.813(c) | &nbsp;&nbsp;09/30/31 | &nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72905 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789376 |
| **Commercial Services 7.3%** | **Commercial Services 7.3%** | **Commercial Services 7.3%** | **Commercial Services 7.3%** | **Commercial Services 7.3%** |
| Albion Financing 3 Sarl (United Kingdom),<br> 2025 Amended USD Term Loan, 3 Month SOFR + 3.000% | 7.321(c) | &nbsp;&nbsp;08/16/29 | 123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123537 |
| Allied Universal Holdco LLC,<br> Term Loan USD, 1 Month SOFR + 3.850% | 8.177(c) | &nbsp;&nbsp;05/12/28 | 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146533 |
| Belfor Holdings, Inc.,<br> Tranche B3, 1 Month SOFR + 3.000% | 7.327(c) | &nbsp;&nbsp;11/01/30 | 382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383261 |
| Belron Finance US LLC,<br> 2031 Dollar Incremental Term Loan, 3 Month SOFR + 2.750% | 7.049(c) | &nbsp;&nbsp;10/16/31 | 323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323609 |
| Boost Newco Borrower LLC,<br> Term B-2 Loan, 3 Month SOFR + 2.000% | 6.299(c) | &nbsp;&nbsp;01/31/31 | 199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198563 |
| CoreLogic, Inc.,<br> First Lien Initial Term Loan, 1 Month SOFR + 3.614% | 7.941(c) | &nbsp;&nbsp;06/02/28 | 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191933 |
| Crisis Prevention Institute, Inc.,<br> 2024 Term Loan, 3 Month SOFR + 4.000% | 8.299(c) | &nbsp;&nbsp;04/09/31 | 374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374530 |
| DS Parent, Inc.,<br> Term B Loan, 3 Month SOFR + 5.500% | 9.799(c) | &nbsp;&nbsp;01/31/31 | &nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85975 |
| EAB Global, Inc.,<br> Term Loan, 1 Month SOFR + 3.000% | 7.327(c) | &nbsp;&nbsp;08/16/30 | 273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267295 |
| Ensemble RCM LLC,<br> Term B Loan, 3 Month SOFR + 3.000% | 7.280(c) | &nbsp;&nbsp;08/01/29 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100078 |
| Herc Holdings, Inc.,<br> 2025 First Lien Term B Loan | &nbsp;&nbsp;—(p) | &nbsp;&nbsp;05/31/32 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100250 |
| Ingenovis Health, Inc.,<br> First Lien Initial Term Loan, 3 Month SOFR + 4.364% | 8.697(c) | &nbsp;&nbsp;03/06/28 | 523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235434 |
| Jupiter Buyer, Inc.,<br> Initial Term Loan, 3 Month SOFR + 4.750% | 9.033(c) | &nbsp;&nbsp;11/01/31 | 179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179534 |
| Kuehg Corp.,<br> Term Loan, 3 Month SOFR + 3.250% | 7.549(c) | &nbsp;&nbsp;06/12/30 | 223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224112 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** | **Commercial Services (cont'd.)** |
| Latham Pool Products, Inc.,<br> Initial Term Loan, 1 Month SOFR + 4.100%^ | 8.427 %(c) | &nbsp;&nbsp;02/23/29 |  | 185 | &nbsp;&nbsp; $179069 |
| Markermeer Finance BV (Netherlands),<br> Term Facility B, 6 Month EURIBOR + 3.000% | 5.161(c) | &nbsp;&nbsp;01/29/27 | &nbsp;&nbsp;EUR | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226636 |
| Mavis Tire Express Services Topco Corp.,<br> 2025 First Lien Incremental Term Loan, 3 Month SOFR + 3.000% | 7.333(c) | &nbsp;&nbsp;05/04/28 |  | 248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245867 |
| MPH Acquisition Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Out Term Loan, 3 Month SOFR + 3.750% | 8.030(c) | &nbsp;&nbsp;12/31/30 |  | 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Out Term Loan, 3 Month SOFR + 4.862% | 9.141(c) | &nbsp;&nbsp;12/31/30 |  | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109063 |
| NAB Holdings LLC,<br> 2025 Refinancing Term Loan, 3 Month SOFR + 2.500% | 6.799(c) | &nbsp;&nbsp;11/24/28 |  | 344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341330 |
| Neon Maple US Debt Mergersub, Inc.,<br> Tranche B-1 Term Loan, 1 Month SOFR + 3.000% | 7.327(c) | &nbsp;&nbsp;11/17/31 |  | 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673453 |
| Omnia Partners LLC,<br> Amendment No. 3 Term Loan, 3 Month SOFR + 2.750% | 7.033(c) | &nbsp;&nbsp;07/25/30 |  | 199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198751 |
| PG Polaris Bidco (Ursa Minor) (Luxembourg),<br> Term B Loan, 3 Month SOFR + 3.000% | 7.299(c) | &nbsp;&nbsp;03/26/31 |  | 199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199126 |
| Ryan LLC,<br> Initial Term Loan, 1 Month SOFR + 3.500% | 7.827(c) | &nbsp;&nbsp;11/14/30 |  | 313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313226 |
| Shift4 Payments LLC,<br> Term Loan | &nbsp;&nbsp;—(p) | &nbsp;&nbsp;05/31/32 |  | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100500 |
| TruGreen LP,<br> Second Refinancing Term Loan (First Lien), 1 Month SOFR + 4.100% | 8.427(c) | &nbsp;&nbsp;11/02/27 |  | 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141784 |
| Valvoline, Inc.,<br> Term B Loan | &nbsp;&nbsp;—(p) | &nbsp;&nbsp;04/30/32 |  | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125062 |
| Verde Purchaser LLC,<br> Initial Term Loan, 3 Month SOFR + 4.000% | 8.299(c) | &nbsp;&nbsp;11/30/30 |  | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149549 |
| VT Topco, Inc.,<br> Second Amendment Term Loan, 3 Month SOFR + 3.000% | 7.299(c) | &nbsp;&nbsp;08/09/30 |  | &nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74159 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6425004 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Computers 1.9%** | **Computers 1.9%** | **Computers 1.9%** | **Computers 1.9%** | **Computers 1.9%** | **Computers 1.9%** |
| ConvergeOne Holdings, Inc.,<br> PVKG Intermediate Holdings, Inc. First Lien Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;— %(p) | &nbsp;&nbsp;06/04/30 |  | &nbsp;&nbsp;55 | &nbsp;&nbsp; $32885 |
| Indy US Bidco LLC,<br> Eleventh Amendment Term Loan, 1 Month SOFR + 3.500% | &nbsp;&nbsp;7.827(c) | &nbsp;&nbsp;03/06/28 |  | 201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201449 |
| McAfee Corp.,<br> Refinancing Tranche B-1, 1 Month SOFR + 3.000% | &nbsp;&nbsp;7.329(c) | &nbsp;&nbsp;03/01/29 |  | 292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280024 |
| NCR Atleos Corp.,<br> Term B Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;8.030(c) | &nbsp;&nbsp;04/16/29 |  | &nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96312 |
| Peraton Corp.,<br> First Lien Term B Loan, 1 Month SOFR + 3.850% | &nbsp;&nbsp;8.177(c) | &nbsp;&nbsp;02/01/28 |  | &nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78264 |
| Sandisk Corp.,<br> Term B Loan, 3 Month SOFR + 3.000%^ | &nbsp;&nbsp;7.321(c) | &nbsp;&nbsp;02/20/32 |  | 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271563 |
| SonicWall US Holdings, Inc.,<br> 2023 Term Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;9.299(c) | &nbsp;&nbsp;05/18/28 |  | &nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72618 |
| Synechron, Inc.,<br> Initial Term Loan, 3 Month SOFR + 3.750%^ | &nbsp;&nbsp;8.030(c) | &nbsp;&nbsp;09/26/31 |  | 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174563 |
| VeriFone Systems, Inc.,<br> 2025-1 Refinancing Term Loan, 3 Month SOFR + 5.928% | 10.211(c) | &nbsp;&nbsp;08/18/28 |  | 469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426070 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633748 |
| **Cosmetics/Personal Care 1.1%** | **Cosmetics/Personal Care 1.1%** | **Cosmetics/Personal Care 1.1%** | **Cosmetics/Personal Care 1.1%** | **Cosmetics/Personal Care 1.1%** | **Cosmetics/Personal Care 1.1%** |
| Opal US LLC,<br> Term B Loan | &nbsp;&nbsp;&nbsp;&nbsp;—(p) | &nbsp;&nbsp;04/28/32 |  | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500375 |
| Rainbow UK Bidco Ltd. (Luxembourg),<br> Facility B-3 Loan, SONIA + 4.250% | &nbsp;&nbsp;8.690(c) | &nbsp;&nbsp;02/23/29 | &nbsp;&nbsp;GBP | 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501046 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001421 |
| **Distribution/Wholesale 1.1%** | **Distribution/Wholesale 1.1%** | **Distribution/Wholesale 1.1%** | **Distribution/Wholesale 1.1%** | **Distribution/Wholesale 1.1%** | **Distribution/Wholesale 1.1%** |
| AIP RD Buyer Corp.,<br> Term B Loan (First Lien), 1 Month SOFR + 4.000% | &nbsp;&nbsp;8.327(c) | &nbsp;&nbsp;12/23/30 |  | 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148505 |
| Gates Corp.,<br> Inital B-5 Dollar Term Loan, 1 Month SOFR + 1.750% | &nbsp;&nbsp;6.077(c) | &nbsp;&nbsp;06/04/31 |  | &nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74521 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Distribution/Wholesale (cont'd.)** | **Distribution/Wholesale (cont'd.)** | **Distribution/Wholesale (cont'd.)** | **Distribution/Wholesale (cont'd.)** | **Distribution/Wholesale (cont'd.)** | **Distribution/Wholesale (cont'd.)** |
| Protective Industrial Products, Inc.,<br> Initial Term Loan, 1 Month SOFR + 4.000% | &nbsp;&nbsp;8.327 %(c) | &nbsp;&nbsp;05/21/32 |  | 275 | &nbsp;&nbsp; $265547 |
| Quimper AB (Sweden),<br> Term B Loan, 3 Month EURIBOR + 3.750% | &nbsp;&nbsp;6.078(c) | &nbsp;&nbsp;03/15/30 | &nbsp;&nbsp;EUR | 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512975 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001548 |
| **Diversified Financial Services 2.2%** | **Diversified Financial Services 2.2%** | **Diversified Financial Services 2.2%** | **Diversified Financial Services 2.2%** | **Diversified Financial Services 2.2%** | **Diversified Financial Services 2.2%** |
| CPI Holdco B LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Amendment Incremental Term Loan, 1 Month SOFR + 2.250% | &nbsp;&nbsp;6.577(c) | &nbsp;&nbsp;05/19/31 |  | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Initial Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;—(p) | &nbsp;&nbsp;05/17/31 |  | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199500 |
| Dechra Finance US,<br> Facility B-1 Loan, 6 Month SOFR + 3.250% | &nbsp;&nbsp;7.513(c) | &nbsp;&nbsp;12/31/31 |  | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198500 |
| Focus Financial Partners LLC,<br> Tranche B Incremental Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;7.077(c) | &nbsp;&nbsp;09/15/31 |  | 524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520352 |
| Hudson River Trading LLC,<br> Term B-1 Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;7.333(c) | &nbsp;&nbsp;03/18/30 |  | 264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264564 |
| Jefferies Finance LLC,<br> 2024 Initial Term Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;7.325(c) | &nbsp;&nbsp;10/21/31 |  | 348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346944 |
| VFH Parent LLC,<br> Term B-2 Loan, 1 Month SOFR + 2.500%^ | &nbsp;&nbsp;6.827(c) | &nbsp;&nbsp;06/21/31 |  | 218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218292 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947840 |
| **Electric 1.2%** | **Electric 1.2%** | **Electric 1.2%** | **Electric 1.2%** | **Electric 1.2%** | **Electric 1.2%** |
| Calpine Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Facility Term Loan, 1 Month SOFR + 1.750% | &nbsp;&nbsp;6.077(c) | &nbsp;&nbsp;02/15/32 |  | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term B-10, 1 Month SOFR + 1.750% | &nbsp;&nbsp;6.077(c) | &nbsp;&nbsp;01/31/31 |  | 474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473158 |
| Discovery Energy Holding Corp.,<br> Initial Dollar Term Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;8.049(c) | &nbsp;&nbsp;05/01/31 |  | 298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296652 |
| Lightstone HoldCo LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Extended Term B Loan, 3 Month SOFR + 5.750% | 10.030(c) | &nbsp;&nbsp;01/29/27 |  | 183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Extended Term C Loan, 3 Month SOFR + 5.750% | 10.030(c) | &nbsp;&nbsp;01/29/27 |  | &nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10347 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087900 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Electronics 0.9%** | **Electronics 0.9%** | **Electronics 0.9%** | **Electronics 0.9%** | **Electronics 0.9%** |
| Ingram Micro, Inc.,<br> 2024 Term B Loan, 3 Month SOFR + 2.750% | 7.053 %(c) | &nbsp;&nbsp;09/22/31 | 168 | &nbsp;&nbsp; $168211 |
| Minimax Viking GmbH - MX Holdings US, Inc.,<br> Senior Facility B (USD) Loan, 1 Month SOFR + 2.250%^ | 6.577(c) | &nbsp;&nbsp;03/17/32 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |
| Roper Industrial Product,<br> Tranche D Dollar Term Loan, 3 Month SOFR + 2.750% | 7.049(c) | &nbsp;&nbsp;11/22/29 | 299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297137 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765348 |
| **Energy-Alternate Sources 0.1%** | **Energy-Alternate Sources 0.1%** | **Energy-Alternate Sources 0.1%** | **Energy-Alternate Sources 0.1%** | **Energy-Alternate Sources 0.1%** |
| WIN Waste Innovations Holdings, Inc.,<br> Initial Term Loan, 1 Month SOFR + 2.864% | 7.191(c) | &nbsp;&nbsp;03/24/28 | 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103930 |
| **Engineering & Construction 1.7%** | **Engineering & Construction 1.7%** | **Engineering & Construction 1.7%** | **Engineering & Construction 1.7%** | **Engineering & Construction 1.7%** |
| Aegion Corp.,<br> Delayed Term Loan | &nbsp;&nbsp;—(p) | &nbsp;&nbsp;05/17/28 | &nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25844 |
| Arcosa, Inc.,<br> Initial Term Loan, 1 Month SOFR + 2.250% | 6.577(c) | &nbsp;&nbsp;08/12/31 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298751 |
| Azuria Water Solutions, Inc.,<br> 2025 Replacement Term Loan, 1 Month SOFR + 3.000% | 7.327(c) | &nbsp;&nbsp;05/17/28 | 446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443712 |
| Brown Group Holding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incremental Term B-2 Facility, 3 Month SOFR + 2.500% | 6.827(c) | &nbsp;&nbsp;07/01/31 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Initial Term Loan, 1 Month SOFR + 2.500% | 6.827(c) | &nbsp;&nbsp;07/01/31 | 148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147564 |
| Legence Holdings LLC,<br> Amendment No. 9 Refinancing Term Loan, 1 Month SOFR + 3.250% | 7.577(c) | &nbsp;&nbsp;12/18/28 | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123976 |
| Michael Baker International LLC,<br> First Lien Term B Loan, 3 Month SOFR + 4.000% | 8.280(c) | &nbsp;&nbsp;12/01/28 | 348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347253 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486739 |
| **Entertainment 3.4%** | **Entertainment 3.4%** | **Entertainment 3.4%** | **Entertainment 3.4%** | **Entertainment 3.4%** |
| Allen Media LLC,<br> Term B Loan, 3 Month SOFR + 5.650% | 9.949(c) | &nbsp;&nbsp;02/10/27 | 183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100637 |
| AP Gaming I LLC,<br> Term B Loan, 1 Month SOFR + 3.750% | 8.077(c) | &nbsp;&nbsp;02/15/29 | 374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373552 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** | **Entertainment (cont'd.)** |
| Caesars Entertainment, Inc.,<br> Term B Loan, 1 Month SOFR + 2.250% | &nbsp;&nbsp;6.577 %(c) | &nbsp;&nbsp;02/06/30 | 164 | &nbsp;&nbsp; $162770 |
| Cinemark USA, Inc.,<br> Term B Loan, 3 Month SOFR + 2.750% | &nbsp;&nbsp;7.070(c) | &nbsp;&nbsp;05/24/30 | 371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370712 |
| ECL Entertainment LLC,<br> Term B Loan, 1 Month SOFR + 3.500% | &nbsp;&nbsp;7.827(c) | &nbsp;&nbsp;08/31/30 | 299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300122 |
| Flutter Entertainment PLC (Ireland),<br> Term B Loan^ | &nbsp;&nbsp;&nbsp;&nbsp;—(p) | &nbsp;&nbsp;05/22/32 | 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174344 |
| Hershend Entertainment Co LLC,<br> Term B Loan | &nbsp;&nbsp;&nbsp;&nbsp;—(p) | &nbsp;&nbsp;05/27/32 | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125156 |
| Maverick Gaming LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Out Term Loan, 3 Month SOFR + 7.500%^ | 11.781(c) | &nbsp;&nbsp;06/03/28 | &nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Out Term Loan^ | &nbsp;&nbsp;&nbsp;&nbsp;—(p) | &nbsp;&nbsp;06/05/28 | &nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29582 |
| PCI Gaming Authority,<br> 2024 Term B Loan, 1 Month SOFR + 2.000% | &nbsp;&nbsp;6.327(c) | &nbsp;&nbsp;07/18/31 | 497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495506 |
| Six Flags Entertainment Corp.,<br> Initial Term B Loan, 1 Month SOFR + 2.000% | &nbsp;&nbsp;6.327(c) | &nbsp;&nbsp;05/01/31 | 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149202 |
| Voyager Parent LLC,<br> Term B Loan | &nbsp;&nbsp;&nbsp;&nbsp;—(p) | &nbsp;&nbsp;05/31/32 | 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637813 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949869 |
| **Environmental Control 2.4%** | **Environmental Control 2.4%** | **Environmental Control 2.4%** | **Environmental Control 2.4%** | **Environmental Control 2.4%** |
| Action Environmental Group, Inc. (The),<br> 2024 Term B Loan 4th Amendment, 3 Month SOFR + 3.750%^ | &nbsp;&nbsp;8.049(c) | &nbsp;&nbsp;10/24/30 | 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245280 |
| GFL Environmental, Inc.,<br> Initial Term Loan, 3 Month SOFR + 2.500% | &nbsp;&nbsp;6.819(c) | &nbsp;&nbsp;03/03/32 | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398000 |
| JFL-Tiger Acquisition Co., Inc.,<br> Initial Term Loan, 3 Month SOFR + 4.000% | &nbsp;&nbsp;8.303(c) | &nbsp;&nbsp;10/17/30 | 347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346371 |
| Madison Iaq LLC,<br> 2025 Incremental Term Loan, 3 Month SOFR + 3.250% | &nbsp;&nbsp;7.510(c) | &nbsp;&nbsp;05/06/32 | 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224920 |
| Mip V Waste Holdings LLC,<br> Tranche B-1 Term Loan, 3 Month SOFR + 3.000%^ | &nbsp;&nbsp;7.280(c) | &nbsp;&nbsp;12/08/28 | 197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197814 |
| Reworld Holding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Refinancing Term B-1 Loan, 1 Month SOFR + 2.250% | &nbsp;&nbsp;6.575(c) | &nbsp;&nbsp;11/30/28 | 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185035 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Environmental Control (cont'd.)** | **Environmental Control (cont'd.)** | **Environmental Control (cont'd.)** | **Environmental Control (cont'd.)** | **Environmental Control (cont'd.)** |
| Reworld Holding Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Refinancing Term C-1 Loan, 1 Month SOFR + 2.250% | 6.575 %(c) | &nbsp;&nbsp;11/30/28 | &nbsp;&nbsp;14 | &nbsp;&nbsp; $14251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incremental Term B Loan, 1 Month SOFR + 2.500% | 6.842(c) | &nbsp;&nbsp;11/30/28 | 202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incremental Term C Loan, 1 Month SOFR + 2.500% | 6.842(c) | &nbsp;&nbsp;11/30/28 | &nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11137 |
| Tidal Waste & Recycling Holdings LLC,<br> Term B Loan, 3 Month SOFR + 3.500% | 7.799(c) | &nbsp;&nbsp;10/24/31 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150375 |
| WIN Waste Innovations Holdings, Inc.,<br> New Term B-1 Loan, 1 Month SOFR + 3.864% | 8.191(c) | &nbsp;&nbsp;03/24/28 | 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164588 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139886 |
| **Food Service 0.3%** | **Food Service 0.3%** | **Food Service 0.3%** | **Food Service 0.3%** | **Food Service 0.3%** |
| Gategroup Finance (Switzerland),<br> Term B Loan | &nbsp;&nbsp;—(p) | &nbsp;&nbsp;06/30/32 | 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263914 |
| **Foods 0.2%** | **Foods 0.2%** | **Foods 0.2%** | **Foods 0.2%** | **Foods 0.2%** |
| BCPE North Star US Holdco, Inc.,<br> First Lien Initial Term Loan, 1 Month SOFR + 4.114% | 8.441(c) | &nbsp;&nbsp;06/09/28 | 219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214894 |
| **Forest Products & Paper 0.1%** | **Forest Products & Paper 0.1%** | **Forest Products & Paper 0.1%** | **Forest Products & Paper 0.1%** | **Forest Products & Paper 0.1%** |
| Magnera Corp.,<br> New Term Loan, 3 Month SOFR + 4.250% | 8.583(c) | &nbsp;&nbsp;11/04/31 | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120713 |
| **Hand/Machine Tools 0.8%** | **Hand/Machine Tools 0.8%** | **Hand/Machine Tools 0.8%** | **Hand/Machine Tools 0.8%** | **Hand/Machine Tools 0.8%** |
| Alliance Laundry Systems LLC,<br> Initial Term B Loan, 1 Month SOFR + 2.750% | 7.077(c) | &nbsp;&nbsp;08/19/31 | 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374948 |
| Madison Safety & Flow LLC,<br> 2025 Incremental Term B, 1 Month SOFR + 2.750% | 7.077(c) | &nbsp;&nbsp;09/26/31 | 299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299061 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674009 |
| **Healthcare & Pharmaceuticals 0.3%** | **Healthcare & Pharmaceuticals 0.3%** | **Healthcare & Pharmaceuticals 0.3%** | **Healthcare & Pharmaceuticals 0.3%** | **Healthcare & Pharmaceuticals 0.3%** |
| Loire Finco Luxembourg Sarl (Luxembourg),<br> Term B Loan | &nbsp;&nbsp;—(p) | &nbsp;&nbsp;01/31/30 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249375 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Healthcare-Products 0.5%** | **Healthcare-Products 0.5%** | **Healthcare-Products 0.5%** | **Healthcare-Products 0.5%** | **Healthcare-Products 0.5%** |
| Auris Luxembourg III Sarl (Denmark),<br> Facility B-6 Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;7.954 %(c) | &nbsp;&nbsp;02/28/29 | 150 | &nbsp;&nbsp; $150000 |
| Medline Borrower LP,<br> Dollar Incremental Term Loan, 1 Month SOFR + 2.250% | &nbsp;&nbsp;6.577(c) | &nbsp;&nbsp;10/23/28 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249672 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399672 |
| **Healthcare-Services 3.0%** | **Healthcare-Services 3.0%** | **Healthcare-Services 3.0%** | **Healthcare-Services 3.0%** | **Healthcare-Services 3.0%** |
| Accelerated Health Systems LLC,<br> Initial Term B Loan, 3 Month SOFR + 4.400% | &nbsp;&nbsp;8.699(c) | &nbsp;&nbsp;02/15/29 | 248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150692 |
| Charlotte Buyer, Inc.,<br> Second Refinancing Term Loan, 1 Month SOFR + 4.250% | &nbsp;&nbsp;8.583(c) | &nbsp;&nbsp;02/11/28 | 288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287531 |
| Electron Bidco, Inc.,<br> Initial Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;—(p) | &nbsp;&nbsp;11/01/28 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250234 |
| Envision Healthcare Operating, Inc.,<br> Initial Term Loan, 1 Month SOFR + 8.250% | 12.575(c) | &nbsp;&nbsp;12/30/27 | 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275516 |
| LifePoint Health, Inc.,<br> Term B Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;8.006(c) | &nbsp;&nbsp;05/16/31 | 236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232309 |
| Mamba Purchaser, Inc.,<br> Term B Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;7.327(c) | &nbsp;&nbsp;10/16/28 | 148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147456 |
| Phoenix Guarantor, Inc.,<br> Tranche B-5 Term Loan, 1 Month SOFR + 2.500% | &nbsp;&nbsp;6.827(c) | &nbsp;&nbsp;02/21/31 | 271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270860 |
| Sound Inpatient Physicians Holdings LLC,<br> Tranche B Term Loan, 3 Month SOFR + 5.262% | &nbsp;&nbsp;9.561(c) | &nbsp;&nbsp;06/28/28 | 532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502361 |
| Sound Inpatient Physicians, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tranche A Term Loan, 3 Month SOFR + 6.762% | 11.061(c) | &nbsp;&nbsp;06/28/28 | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tranche C Term Loan, 3 Month SOFR + 7.012% | 11.311(c) | &nbsp;&nbsp;06/28/29 | &nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4304 |
| Upstream Newco, Inc.,<br> August 2021 Incremental Term Loan, 3 Month SOFR + 4.512% | &nbsp;&nbsp;8.791(c) | &nbsp;&nbsp;11/20/26 | 656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498244 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670999 |
| **Holding Companies-Diversified 0.6%** | **Holding Companies-Diversified 0.6%** | **Holding Companies-Diversified 0.6%** | **Holding Companies-Diversified 0.6%** | **Holding Companies-Diversified 0.6%** |
| Clue OpCo LLC,<br> Term B Loan, 3 Month SOFR + 4.500% | &nbsp;&nbsp;8.780(c) | &nbsp;&nbsp;12/19/30 | 520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509871 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Home Furnishings 0.6%** | **Home Furnishings 0.6%** | **Home Furnishings 0.6%** | **Home Furnishings 0.6%** | **Home Furnishings 0.6%** |
| TGP Holdings III LLC,<br> First Lien Closing Date Term Loan, 1 Month SOFR + 3.350% | 7.677 %(c) | &nbsp;&nbsp;06/29/28 | 551 | &nbsp;&nbsp; $484877 |
| **Household Products/Wares 0.3%** | **Household Products/Wares 0.3%** | **Household Products/Wares 0.3%** | **Household Products/Wares 0.3%** | **Household Products/Wares 0.3%** |
| Kronos Acquisition Holdings, Inc. (Canada),<br> 2024 Initial Loan, 3 Month SOFR + 4.000% | 8.299(c) | &nbsp;&nbsp;07/08/31 | 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229311 |
| **Housewares 0.5%** | **Housewares 0.5%** | **Housewares 0.5%** | **Housewares 0.5%** | **Housewares 0.5%** |
| Hunter Douglas Holding BV (Netherlands),<br> Tranche B-1 Term Loan, 3 Month SOFR + 3.250% | 7.549(c) | &nbsp;&nbsp;01/17/32 | 249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245011 |
| Lifetime Brands, Inc.,<br> Extended Term Loan, 1 Month SOFR + 5.614%^ | 9.940(c) | &nbsp;&nbsp;08/26/27 | &nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42984 |
| SWF Holdings I Corp.,<br> Tranche A-1 Term Loan, 1 Month SOFR + 4.500% | 8.827(c) | &nbsp;&nbsp;12/18/29 | 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127928 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415923 |
| **Insurance 2.5%** | **Insurance 2.5%** | **Insurance 2.5%** | **Insurance 2.5%** | **Insurance 2.5%** |
| Acrisure LLC,<br> 2024 Repricing Term B-6 Loan, 1 Month SOFR + 3.000% | 7.327(c) | &nbsp;&nbsp;11/06/30 | 271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269029 |
| Assured Partners, Inc.,<br> 2024 Term Loan, 1 Month SOFR + 3.500% | 7.827(c) | &nbsp;&nbsp;02/14/31 | 229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229188 |
| Asurion LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New B-04 Term Loan, 1 Month SOFR + 5.364% | 9.691(c) | &nbsp;&nbsp;01/20/29 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189125 |
| &nbsp;&nbsp;&nbsp;&nbsp;New B-08 Term Loan, 1 Month SOFR + 3.364% | 7.691(c) | &nbsp;&nbsp;12/23/26 | &nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75334 |
| &nbsp;&nbsp;&nbsp;&nbsp;New B-10 Term Loan, 1 Month SOFR + 4.100% | 8.427(c) | &nbsp;&nbsp;08/19/28 | 513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Term B-3 Loan, 1 Month SOFR + 5.364% | 9.691(c) | &nbsp;&nbsp;01/31/28 | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48175 |
| Broadstreet Partners, Inc.,<br> 2024 Term B Loan, 1 Month SOFR + 3.000% | 7.327(c) | &nbsp;&nbsp;06/13/31 | 273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273164 |
| HIG Finance 2 Ltd. (United Kingdom),<br> 2024-2 Refinancing Term Loan | &nbsp;&nbsp;—(p) | &nbsp;&nbsp;04/18/30 | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50109 |
| IMA Financial Group, Inc.,<br> Term Loan | &nbsp;&nbsp;—(p) | &nbsp;&nbsp;11/01/28 | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49938 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** | **Insurance (cont'd.)** |
| Sedgwick Claims Management Services, Inc.,<br> 2024 Term Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;7.327 %(c) | &nbsp;&nbsp;07/31/31 | 400 | &nbsp;&nbsp; $400417 |
| USI, Inc.,<br> 2024 Term Loan, 3 Month SOFR + 2.250% | &nbsp;&nbsp;6.549(c) | &nbsp;&nbsp;09/27/30 | &nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68359 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163159 |
| **Internet 0.6%** | **Internet 0.6%** | **Internet 0.6%** | **Internet 0.6%** | **Internet 0.6%** |
| Cablevision Lightpath LLC,<br> 2025 Refinancing Term Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;7.329(c) | &nbsp;&nbsp;11/30/27 | 131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130338 |
| Diamond Sports Net LLC,<br> First Lien Exit Term Loan | 15.000 | &nbsp;&nbsp;01/02/28 | &nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11878 |
| MH Sub I LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2023 May New Term Loan, 1 Month SOFR + 4.250% | &nbsp;&nbsp;8.577(c) | &nbsp;&nbsp;05/03/28 | 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206666 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 December New Term Loan, 1 Month SOFR + 4.250% | &nbsp;&nbsp;8.577(c) | &nbsp;&nbsp;12/31/31 | 203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183262 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532144 |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| AAL Delaware Holdco, Inc.,<br> Amendment No. 1 Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;7.077(c) | &nbsp;&nbsp;07/30/31 | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49688 |
| **Leisure Time 1.6%** | **Leisure Time 1.6%** | **Leisure Time 1.6%** | **Leisure Time 1.6%** | **Leisure Time 1.6%** |
| Alterra Mountain Co.,<br> Series B-7 Term Loan, 1 Month SOFR + 3.000%^ | &nbsp;&nbsp;7.327(c) | &nbsp;&nbsp;05/31/30 | 123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123443 |
| Arcis Golf LLC,<br> Amendment No. 3 Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;7.077(c) | &nbsp;&nbsp;11/24/28 | &nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77177 |
| Bombardier Recreational Products, Inc. (Canada),<br> 2023 Replacement Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;7.077(c) | &nbsp;&nbsp;12/13/29 | 167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166074 |
| Carnival Corp.,<br> 2027 Replacement Term Loan, 1 Month SOFR + 2.000% | &nbsp;&nbsp;6.325(c) | &nbsp;&nbsp;08/08/27 | &nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53367 |
| Fender Musical Instruments Corp.,<br> Initial Term Loan, 1 Month SOFR + 4.100% | &nbsp;&nbsp;8.427(c) | &nbsp;&nbsp;12/01/28 | 212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186698 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Leisure Time (cont'd.)** | **Leisure Time (cont'd.)** | **Leisure Time (cont'd.)** | **Leisure Time (cont'd.)** | **Leisure Time (cont'd.)** |
| LC Ahab US Bidco LLC,<br> Initial Term Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;7.327 %(c) | &nbsp;&nbsp;05/01/31 | 275 | &nbsp;&nbsp; $269500 |
| Life Time, Inc.,<br> 2024 New Term Loan, 3 Month SOFR + 2.500% | &nbsp;&nbsp;6.785(c) | &nbsp;&nbsp;11/05/31 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299687 |
| Recess Holdings, Inc.,<br> Amendment No. 5 Term Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;8.047(c) | &nbsp;&nbsp;02/20/30 | 248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247694 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423640 |
| **Lodging 0.3%** | **Lodging 0.3%** | **Lodging 0.3%** | **Lodging 0.3%** | **Lodging 0.3%** |
| Fertitta Entertainment LLC,<br> Initial Term B Loan, 1 Month SOFR + 3.500% | &nbsp;&nbsp;7.827(c) | &nbsp;&nbsp;01/27/29 | 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123519 |
| Travel Leisure Co.,<br> Term B Loan, 1 Month SOFR + 2.500% | &nbsp;&nbsp;6.827(c) | &nbsp;&nbsp;12/14/29 | 174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173076 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296595 |
| **Machinery-Diversified 2.2%** | **Machinery-Diversified 2.2%** | **Machinery-Diversified 2.2%** | **Machinery-Diversified 2.2%** | **Machinery-Diversified 2.2%** |
| Chart Industries, Inc.,<br> 2024 Term B Loan, 3 Month SOFR + 2.500% | &nbsp;&nbsp;6.788(c) | &nbsp;&nbsp;03/15/30 | 154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154405 |
| DXP Enterprises, Inc.,<br> 2024 Incremental Term Loan, 1 Month SOFR + 3.750% | &nbsp;&nbsp;8.077(c) | &nbsp;&nbsp;10/11/30 | 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124764 |
| Engineered Machinery Holdings, Inc.,<br> Incremental USD First Lien Term Loan, 3 Month SOFR + 3.750% | &nbsp;&nbsp;8.311(c) | &nbsp;&nbsp;05/19/28 | &nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49108 |
| Graftech Global Enterprises, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan | &nbsp;&nbsp;3.750 | &nbsp;&nbsp;12/21/29 | 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Initial Term Loan, 3 Month SOFR + 6.000% | 10.303(c) | &nbsp;&nbsp;12/21/29 | 318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316591 |
| M6 Etx Holdings Ii Midco LLC,<br> Initial Term Loan, 1 Month SOFR + 3.000% | &nbsp;&nbsp;7.327(c) | &nbsp;&nbsp;04/01/32 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100200 |
| Pro Mach Group, Inc.,<br> Amendment No. 5 Refinancing Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;7.077(c) | &nbsp;&nbsp;08/31/28 | 188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188364 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Machinery-Diversified (cont'd.)** | **Machinery-Diversified (cont'd.)** | **Machinery-Diversified (cont'd.)** | **Machinery-Diversified (cont'd.)** | **Machinery-Diversified (cont'd.)** |
| TK Elevator Midco Gmbh (Germany),<br> (USD) Term B Loan, 3 Month SOFR + 3.000% | &nbsp;&nbsp;7.237 %(c) | &nbsp;&nbsp;04/30/30 | 570 | &nbsp;&nbsp; $571273 |
| Victory Buyer LLC,<br> Initial Term Loan, 1 Month SOFR + 3.864% | &nbsp;&nbsp;8.186(c) | &nbsp;&nbsp;11/19/28 | 274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268648 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954262 |
| **Media 0.9%** | **Media 0.9%** | **Media 0.9%** | **Media 0.9%** | **Media 0.9%** |
| CSC Holdings LLC,<br> 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | &nbsp;&nbsp;8.829(c) | &nbsp;&nbsp;01/18/28 | 194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190738 |
| Radiate Holdco LLC,<br> Amendment No. 6 Term Loan, 1 Month SOFR + 3.364% | &nbsp;&nbsp;7.691(c) | &nbsp;&nbsp;09/25/26 | 237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208285 |
| Univision Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2022 Incremental First Lien Term Loan, 3 Month SOFR + 4.250%^ | &nbsp;&nbsp;8.549(c) | &nbsp;&nbsp;06/24/29 | &nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47652 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Replacement First Lien Term Loan, 1 Month SOFR + 3.614% | &nbsp;&nbsp;7.941(c) | &nbsp;&nbsp;01/31/29 | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47954 |
| Virgin Media Bristol LLC,<br> Facility Y, 6 Month SOFR + 3.275% | &nbsp;&nbsp;7.373(c) | &nbsp;&nbsp;03/31/31 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294875 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789504 |
| **Metal Fabricate/Hardware 0.7%** | **Metal Fabricate/Hardware 0.7%** | **Metal Fabricate/Hardware 0.7%** | **Metal Fabricate/Hardware 0.7%** | **Metal Fabricate/Hardware 0.7%** |
| Azz, Inc.,<br> Initial Term Loan, 1 Month SOFR + 2.500% | &nbsp;&nbsp;6.827(c) | &nbsp;&nbsp;05/13/29 | &nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95775 |
| Crosby US Acquisition Corp.,<br> Amendment No. 4 Replacement Term Loan, 1 Month SOFR + 3.500% | &nbsp;&nbsp;7.827(c) | &nbsp;&nbsp;08/16/29 | 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172973 |
| Doncasters US Finance LLC (United Kingdom),<br> Initial Term Loan, 3 Month SOFR + 6.500%^ | 10.799(c) | &nbsp;&nbsp;04/23/30 | 223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219966 |
| Trulite Glass & Aluminum Solutions LLC,<br> Initial Term Loan, 3 Month SOFR + 6.000%^ | 10.288(c) | &nbsp;&nbsp;03/01/30 | 171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162947 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651661 |
| **Mining 0.3%** | **Mining 0.3%** | **Mining 0.3%** | **Mining 0.3%** | **Mining 0.3%** |
| Arsenal Aic Parent LLC,<br> 2025 Term B Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;7.077(c) | &nbsp;&nbsp;08/18/30 | 247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245439 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Miscellaneous Manufacturing 0.4%** | **Miscellaneous Manufacturing 0.4%** | **Miscellaneous Manufacturing 0.4%** | **Miscellaneous Manufacturing 0.4%** | **Miscellaneous Manufacturing 0.4%** |
| AMG Advanced Metallurgical Group NV (Netherlands),<br> 2021 Term Loan, 1 Month SOFR + 3.614% | 7.941 %(c) | &nbsp;&nbsp;11/30/28 | 272 | &nbsp;&nbsp; $266063 |
| John Bean Technologies Corp.,<br> Initial Term Loan, 1 Month SOFR + 2.100% | 6.427(c) | &nbsp;&nbsp;01/02/32 | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50125 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316188 |
| **Oil & Gas 0.9%** | **Oil & Gas 0.9%** | **Oil & Gas 0.9%** | **Oil & Gas 0.9%** | **Oil & Gas 0.9%** |
| Apro LLC,<br> Initial Term Loan, 3 Month SOFR + 3.750% | 8.049(c) | &nbsp;&nbsp;07/09/31 | 323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321758 |
| Hilcorp Energy I LP,<br> Term B Loan, 1 Month SOFR + 2.000% | 6.333(c) | &nbsp;&nbsp;02/11/30 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249063 |
| Pasadena Performance Products LLC,<br> Term B Loan, 3 Month SOFR + 3.500% | 7.752(c) | &nbsp;&nbsp;02/27/32 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199625 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770446 |
| **Oil & Gas Services 0.4%** | **Oil & Gas Services 0.4%** | **Oil & Gas Services 0.4%** | **Oil & Gas Services 0.4%** | **Oil & Gas Services 0.4%** |
| MRC Global (US), Inc.,<br> Term Loan, 1 Month SOFR + 3.500%^ | 7.828(c) | &nbsp;&nbsp;10/29/31 | 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323375 |
| **Packaging & Containers 1.8%** | **Packaging & Containers 1.8%** | **Packaging & Containers 1.8%** | **Packaging & Containers 1.8%** | **Packaging & Containers 1.8%** |
| Closure Systems International Group,<br> Amendment No. 5 Term Loan, 1 Month SOFR + 3.500% | 7.827(c) | &nbsp;&nbsp;03/22/29 | &nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99376 |
| Clydesdale Acquisition Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2025 Incremental Closing Date Term B Loan, 3 Month SOFR + 3.250% | 7.548(c) | &nbsp;&nbsp;04/01/32 | 491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan, 3 Month SOFR + 3.250% | 7.480(c) | &nbsp;&nbsp;04/01/32 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 |
| Plaze, Inc.,<br> Initial Term Loan, 1 Month SOFR + 3.614% | 7.941(c) | &nbsp;&nbsp;08/03/26 | 318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306929 |
| Pregis Topco LLC,<br> Amendment No. 10 Refinancing Term Loan, 1 Month SOFR + 4.000% | 8.327(c) | &nbsp;&nbsp;02/01/29 | 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134468 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Packaging & Containers (cont'd.)** | **Packaging & Containers (cont'd.)** | **Packaging & Containers (cont'd.)** | **Packaging & Containers (cont'd.)** | **Packaging & Containers (cont'd.)** |
| Proampac PG Borrower LLC,<br> 2024 Term B Loan, 3 Month SOFR + 4.000% | 8.290 %(c) | &nbsp;&nbsp;09/15/28 | 198 | &nbsp;&nbsp; $197138 |
| Secure Acquisition, Inc.,<br> Closing Date Term Loan, 3 Month SOFR + 3.750% | 8.049(c) | &nbsp;&nbsp;12/15/28 | 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397754 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623235 |
| **Pharmaceuticals 0.7%** | **Pharmaceuticals 0.7%** | **Pharmaceuticals 0.7%** | **Pharmaceuticals 0.7%** | **Pharmaceuticals 0.7%** |
| Gainwell Acquisition Corp.,<br> Term B Loan, 3 Month SOFR + 4.100% | 8.399(c) | &nbsp;&nbsp;10/01/27 | 216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206909 |
| IVC Acquisition Ltd (Canada),<br> Incremental Term B-12 Loan, 3 Month SOFR + 3.750% | 8.049(c) | &nbsp;&nbsp;12/12/28 | 299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300491 |
| Sharp Services LLC,<br> Tranche D Term Loan, 3 Month SOFR + 3.250% | 7.549(c) | &nbsp;&nbsp;12/31/28 | 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148411 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655811 |
| **Pipelines 1.4%** | **Pipelines 1.4%** | **Pipelines 1.4%** | **Pipelines 1.4%** | **Pipelines 1.4%** |
| AL NGPL Holdings LLC,<br> Term Loan, 3 Month SOFR + 2.500% | 6.785(c) | &nbsp;&nbsp;04/13/28 | 386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385235 |
| Bip Pipeco Holdings LLC,<br> Term Loan, 3 Month SOFR + 2.250% | 6.535(c) | &nbsp;&nbsp;12/05/30 | &nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71781 |
| CPPIB OVM Member US LLC,<br> Initial Term Loan, 3 Month SOFR + 2.750% | 7.049(c) | &nbsp;&nbsp;08/20/31 | 349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346424 |
| Prairie ECI Acquiror LP,<br> Term B-3 Loan, 1 Month SOFR + 4.250% | 8.577(c) | &nbsp;&nbsp;08/01/29 | &nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74437 |
| Rockpoint Gas Storage Partners LP (Canada),<br> Term B Loan, 3 Month SOFR + 3.000% | 7.299(c) | &nbsp;&nbsp;09/18/31 | 311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310997 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188874 |
| **Private Equity 0.3%** | **Private Equity 0.3%** | **Private Equity 0.3%** | **Private Equity 0.3%** | **Private Equity 0.3%** |
| HarbourVest Partners LP,<br> New Term B Loan, 3 Month SOFR + 2.250%^ | 6.549(c) | &nbsp;&nbsp;04/18/30 | 237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236132 |
| **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** | **Real Estate 0.4%** |
| Greystar Real Estate Partners LLC,<br> Term B-2 Loan, 1 Month SOFR + 2.750%^ | 7.079(c) | &nbsp;&nbsp;08/21/30 | 317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316609 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Real Estate Investment Trusts (REITs) 2.3%** | **Real Estate Investment Trusts (REITs) 2.3%** | **Real Estate Investment Trusts (REITs) 2.3%** | **Real Estate Investment Trusts (REITs) 2.3%** | **Real Estate Investment Trusts (REITs) 2.3%** |
| Blackstone Mortgage Trust, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term B-4 Loan, 1 Month SOFR + 3.500% | 7.827 %(c) | &nbsp;&nbsp;05/09/29 | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp; $295781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term B-5 Loan, 1 Month SOFR + 3.750%^ | 8.077(c) | &nbsp;&nbsp;12/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74022 |
| Brookfield Properties Retail Holding LLC,<br> Term B Loan^ | &nbsp;&nbsp;—(p) | &nbsp;&nbsp;05/28/30 | 1563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559121 |
| Starwood Property Mortgage LLC,<br> Term B Loan, 1 Month SOFR + 2.250%^ | 6.577(c) | &nbsp;&nbsp;11/18/27 | &nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98744 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027668 |
| **Retail 3.0%** | **Retail 3.0%** | **Retail 3.0%** | **Retail 3.0%** | **Retail 3.0%** |
| Dave & Buster's, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Incremental Term B Loan, 3 Month SOFR + 3.283% | 7.563(c) | &nbsp;&nbsp;11/01/31 | &nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117353 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Refinancing Term B Loan, 3 Month SOFR + 3.250% | 7.563(c) | &nbsp;&nbsp;06/29/29 | &nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165301 |
| Foundation Building Materials, Inc.,<br> 2025 Incremental Term Loan, 2 Month SOFR + 5.250% | 9.548(c) | &nbsp;&nbsp;01/29/31 | &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141188 |
| Great Outdoors Group LLC,<br> Term B-3 Loan, 1 Month SOFR + 3.250% | 7.577(c) | &nbsp;&nbsp;01/23/32 | &nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422330 |
| Harbor Freight Tools USA, Inc.,<br> Initial Term Loan, 1 Month SOFR + 2.250% | 6.577(c) | &nbsp;&nbsp;06/11/31 | &nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334913 |
| Johnstone Supply LLC,<br> Term B Loan, 1 Month SOFR + 2.500% | 6.823(c) | &nbsp;&nbsp;06/09/31 | &nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248128 |
| Kodiak BP LLC,<br> Initial Term Loan, 3 Month SOFR + 3.750% | 8.037(c) | &nbsp;&nbsp;12/04/31 | &nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165375 |
| LBM Acquisition LLC,<br> Incremental Term B Loan, 1 Month SOFR + 3.850% | 8.175(c) | &nbsp;&nbsp;06/06/31 | &nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111688 |
| Park River Holdings, Inc.,<br> Intial Term Loan, 3 Month SOFR + 3.250% | 7.799(c) | &nbsp;&nbsp;12/28/27 | &nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243605 |
| Peer Holding III BV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term B-4 Loan, 3 Month SOFR + 2.500% | 6.799(c) | &nbsp;&nbsp;10/26/30 | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term B-5 Loan, 3 Month SOFR + 2.500% | 6.799(c) | &nbsp;&nbsp;07/01/31 | &nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224788 |
| QXO Building Products, Inc.,<br> Term B Loan, 2 Month SOFR + 3.000% | 7.280(c) | &nbsp;&nbsp;04/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75761 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** | **Retail (cont'd.)** |
| Rough Country LLC,<br> First Lien Initial Term Loan, 1 Month SOFR + 3.614% | &nbsp;&nbsp;7.941 %(c) | &nbsp;&nbsp;07/28/28 | 149 | &nbsp;&nbsp; $145410 |
| White Cap Buyer LLC,<br> Tranche C Term Loan, 1 Month SOFR + 3.250% | &nbsp;&nbsp;7.577(c) | &nbsp;&nbsp;10/19/29 | 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195897 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666704 |
| **Semiconductors 0.5%** | **Semiconductors 0.5%** | **Semiconductors 0.5%** | **Semiconductors 0.5%** | **Semiconductors 0.5%** |
| Allegro Microsystems, Inc.,<br> Amendment No. 3 Term Loan, 1 Month SOFR + 2.000%^ | &nbsp;&nbsp;6.327(c) | &nbsp;&nbsp;10/31/30 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199750 |
| Altar Bidco, Inc.,<br> Initial Term Loan, 3 Month SOFR + 3.100% | &nbsp;&nbsp;7.247(c) | &nbsp;&nbsp;02/01/29 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98719 |
| Natel Engineering Co., Inc.,<br> Initial Term Loan, 1 Month SOFR + 6.364% | 10.691(c) | &nbsp;&nbsp;04/30/26 | 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131423 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429892 |
| **Shipbuilding 0.2%** | **Shipbuilding 0.2%** | **Shipbuilding 0.2%** | **Shipbuilding 0.2%** | **Shipbuilding 0.2%** |
| LSF11 Trinity Bidco, Inc.,<br> Term B Loan, 1 Month SOFR + 3.000%^ | &nbsp;&nbsp;7.323(c) | &nbsp;&nbsp;06/14/30 | 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144907 |
| **Software 3.1%** | **Software 3.1%** | **Software 3.1%** | **Software 3.1%** | **Software 3.1%** |
| BMC Software, Inc.,<br> 2031 Replacement Dollar Term Loan, 3 Month SOFR + 3.000% | &nbsp;&nbsp;7.333(c) | &nbsp;&nbsp;07/30/31 | &nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46759 |
| Camelot US Acquisition LLC,<br> Term B-1 Loan, 1 Month SOFR + 2.750%^ | &nbsp;&nbsp;7.077(c) | &nbsp;&nbsp;01/31/31 | 163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162526 |
| Clearwater Analytics LLC,<br> Initial Term Loan, 3 Month SOFR + 2.250%^ | &nbsp;&nbsp;6.519(c) | &nbsp;&nbsp;04/21/32 | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124375 |
| Cloudera, Inc.,<br> Term Loan, 1 Month SOFR + 3.850% | &nbsp;&nbsp;8.177(c) | &nbsp;&nbsp;10/08/28 | 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207183 |
| Evertec Group LLC (Puerto Rico),<br> Term B Loan, 1 Month SOFR + 2.750%^ | &nbsp;&nbsp;7.077(c) | &nbsp;&nbsp;10/30/30 | 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135506 |
| Genesys Cloud Services Holdings II LLC,<br> 2025 Dollar Term Loan, 1 Month SOFR + 2.500% | &nbsp;&nbsp;6.827(c) | &nbsp;&nbsp;01/30/32 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298800 |
| Genuine Financial Holdings LLC,<br> 2025 Replacement Term Loan, 1 Month SOFR + 3.250% | &nbsp;&nbsp;7.577(c) | &nbsp;&nbsp;09/27/30 | 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193119 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** | **Software (cont'd.)** |
| Inmar, Inc.,<br> Initial Term Loan, 3 Month SOFR + 5.000% | &nbsp;&nbsp;9.320 %(c) | &nbsp;&nbsp;10/30/31 | 279 | &nbsp;&nbsp; $280172 |
| Quartz AcquireCo LLC,<br> Term B-2 Loan, 3 Month SOFR + 2.250% | &nbsp;&nbsp;6.549(c) | &nbsp;&nbsp;06/28/30 | &nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74904 |
| Red Planet Borrower LLC,<br> First Lien Initial Term Loan, 1 Month SOFR + 3.850% | &nbsp;&nbsp;8.177(c) | &nbsp;&nbsp;10/02/28 | 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217891 |
| Renaissance Holding Corp.,<br> 2024-2 Term Loan, 3 Month SOFR + 4.000% | &nbsp;&nbsp;8.280(c) | &nbsp;&nbsp;04/05/30 | 197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181252 |
| Skillsoft Finance II, Inc.,<br> Initial Term Loan, 1 Month SOFR + 5.364% | &nbsp;&nbsp;9.693(c) | &nbsp;&nbsp;07/14/28 | 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105454 |
| VS Buyer LLC,<br> 2024-1 Refinancing Term Loan, 3 Month SOFR + 2.750% | &nbsp;&nbsp;7.019(c) | &nbsp;&nbsp;04/12/31 | 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124065 |
| Weld North Education LLC,<br> 2024 Term Loan, 1 Month SOFR + 3.500% | &nbsp;&nbsp;7.827(c) | &nbsp;&nbsp;12/21/29 | 224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220785 |
| Zelis Cost Management Buyer, Inc.,<br> Term B-2 Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;7.077(c) | &nbsp;&nbsp;09/28/29 | 308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304713 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677504 |
| **Telecommunications 2.4%** | **Telecommunications 2.4%** | **Telecommunications 2.4%** | **Telecommunications 2.4%** | **Telecommunications 2.4%** |
| Aventiv Technologies, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridge Loan, 3 Month SOFR + 10.000% | 14.564(c) | &nbsp;&nbsp;12/31/25(d) | &nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Lien Term Loan, 3 Month SOFR + 9.312% | 13.611(c) | &nbsp;&nbsp;03/25/26(d) | &nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second-Out Term Loan, 3 Month SOFR + 7.500% | 12.061(c) | &nbsp;&nbsp;07/31/25(d) | &nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4685 |
| Crown Subsea Communications Holding, Inc.,<br> 2024 Term Loan, 1 Month SOFR + 4.000% | &nbsp;&nbsp;8.324(c) | &nbsp;&nbsp;01/30/31 | 299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299871 |
| Iridium Satellite LLC,<br> Term B-4 Loan, 1 Month SOFR + 2.250% | &nbsp;&nbsp;6.577(c) | &nbsp;&nbsp;09/20/30 | 138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137727 |
| Level 3 Financing, Inc.,<br> Term B-3 Loan, 1 Month SOFR + 4.250% | &nbsp;&nbsp;8.577(c) | &nbsp;&nbsp;03/27/32 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251313 |
| Lumen Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term B-1 Loan, 1 Month SOFR + 2.350% | &nbsp;&nbsp;6.786(c) | &nbsp;&nbsp;04/15/29 | 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term B-2 Loan, 1 Month SOFR + 2.464% | &nbsp;&nbsp;6.791(c) | &nbsp;&nbsp;04/15/30 | 499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493455 |
| MLN US HoldCo LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3L Term B Loan^ | 17.750 | &nbsp;&nbsp;10/18/27(d) | &nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Initial Term Loan^ | 14.940 | &nbsp;&nbsp;10/18/27(d) | &nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Initial Term Loan (Second Out (First Lien Roll-Up))^ | 15.200 | &nbsp;&nbsp;10/18/27(d) | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** | **Floating Rate and Other Loans (Continued)** |
| **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** | **Telecommunications (cont'd.)** |
| Patagonia Holdco LLC,<br> Initial Term Loan, 3 Month SOFR + 5.750% | 10.048 %(c) | &nbsp;&nbsp;08/01/29 | 233 | &nbsp;&nbsp; $199422 |
| Qualitytech LP,<br> Term Loan, 1 Month SOFR + 3.500%^ | &nbsp;&nbsp;7.832(c) | &nbsp;&nbsp;10/30/31 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297750 |
| Windstream Services LLC,<br> 2024 Term Loan, 1 Month SOFR + 4.850%^ | &nbsp;&nbsp;9.177(c) | &nbsp;&nbsp;10/01/31 | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50125 |
| Xplore, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Initial Term Loan, 3 Month SOFR + 5.262% | &nbsp;&nbsp;9.594(c) | &nbsp;&nbsp;10/24/29 | &nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Out Term Loan, 3 Month SOFR + 1.762%^ | &nbsp;&nbsp;6.094(c) | &nbsp;&nbsp;10/24/31 | 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78597 |
| Zayo Group Holdings, Inc.,<br> Initial Dollar Term Loan, 1 Month SOFR + 3.114% | &nbsp;&nbsp;7.441(c) | &nbsp;&nbsp;03/09/27 | 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99934 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120777 |
| **Transportation 0.8%** | **Transportation 0.8%** | **Transportation 0.8%** | **Transportation 0.8%** | **Transportation 0.8%** |
| Kenan Advantage Group, Inc. (The),<br> Term B-4 Loan, 1 Month SOFR + 3.250% | &nbsp;&nbsp;7.577(c) | &nbsp;&nbsp;01/25/29 | 273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269566 |
| Pods LLC,<br> Term Loan, 3 Month SOFR + 3.262% | &nbsp;&nbsp;7.541(c) | &nbsp;&nbsp;03/31/28 | 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116942 |
| Savage Enterprises LLC,<br> Refinancing Term Loan, 1 Month SOFR + 2.750% | &nbsp;&nbsp;7.079(c) | &nbsp;&nbsp;09/15/28 | 298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298940 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685448 |
| **Total Floating Rate and Other Loans<br> (cost $59,578,649)** | **Total Floating Rate and Other Loans<br> (cost $59,578,649)** | **Total Floating Rate and Other Loans<br> (cost $59,578,649)** | **Total Floating Rate and Other Loans<br> (cost $59,578,649)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59047503 |
| **Residential Mortgage-Backed Securities 0.7%** | **Residential Mortgage-Backed Securities 0.7%** | **Residential Mortgage-Backed Securities 0.7%** | **Residential Mortgage-Backed Securities 0.7%** | **Residential Mortgage-Backed Securities 0.7%** |
| PMT Credit Risk Transfer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;7.822(c) | &nbsp;&nbsp;05/25/33 | 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;7.664(c) | &nbsp;&nbsp;03/29/27 | 248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | &nbsp;&nbsp;7.414(c) | &nbsp;&nbsp;09/27/28 | 276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275031 |
| **Total Residential Mortgage-Backed Securities<br> (cost $636,688)** | **Total Residential Mortgage-Backed Securities<br> (cost $636,688)** | **Total Residential Mortgage-Backed Securities<br> (cost $636,688)** | **Total Residential Mortgage-Backed Securities<br> (cost $636,688)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642162 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **U.S. Treasury Obligation(k) 0.6%** | **U.S. Treasury Obligation(k) 0.6%** | **U.S. Treasury Obligation(k) 0.6%** | **U.S. Treasury Obligation(k) 0.6%** | **U.S. Treasury Obligation(k) 0.6%** |
| U.S. Treasury Bonds<br> (cost $529,247) | 4.125% | &nbsp;&nbsp;08/15/44 | 525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $471926 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares** |  |
| **Common Stocks 0.2%** | **Common Stocks 0.2%** | **Common Stocks 0.2%** |
| **Health Care Providers & Services 0.0%** | **Health Care Providers & Services 0.0%** | **Health Care Providers & Services 0.0%** |
| Sound Physicians Holdings LLC (Class A Stock)\*^ | 7940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Sound Physicians Holdings LLC (Class A2 Stock)\*^ | &nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 |
| **Interactive Media & Services 0.1%** | **Interactive Media & Services 0.1%** | **Interactive Media & Services 0.1%** |
| Diamond Sports Group LLC\* | 1996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28359 |
| **IT Services 0.0%** | **IT Services 0.0%** | **IT Services 0.0%** |
| ConvergeOne Holdings, Inc.\* | 3151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12604 |
| **Wireless Telecommunication Services 0.1%** | **Wireless Telecommunication Services 0.1%** | **Wireless Telecommunication Services 0.1%** |
| Digicel International Finance Ltd. (Jamaica)\* | 9237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64659 |
| Stonepeak Falcon Holdings, Inc. (Canada)\* | 5763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13633 |
| Stonepeak Falcon Holdings, Inc. (Canada), CVR\*^ | &nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78292 |
| **Total Common Stocks<br> (cost $65,925)** | **Total Common Stocks<br> (cost $65,925)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119608 |
| **Preferred Stocks 0.4%** | **Preferred Stocks 0.4%** | **Preferred Stocks 0.4%** |
| **Capital Markets 0.4%** | **Capital Markets 0.4%** | **Capital Markets 0.4%** |
| Carlyle Credit Income Fund, 8.750%, Maturing 10/31/28 | 3487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89093 |
| Eagle Point Credit Co., Inc., 7.750%, Maturing 06/30/30 | 4462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110657 |
| OFS Credit Co., Inc., 7.875%, Maturing 10/31/29 | &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3736 |
| Oxford Lane Capital Corp., 7.950%, Maturing 02/29/32 | 5150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127205 |
| Sound Point Meridian Capital, Inc., 8.000%, Maturing 11/30/29 | 1475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367404 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Preferred Stocks (Continued)** | **Preferred Stocks (Continued)** | **Preferred Stocks (Continued)** |
| **Wireless Telecommunication Services 0.0%** | **Wireless Telecommunication Services 0.0%** | **Wireless Telecommunication Services 0.0%** |
| Digicel International Finance Ltd. (Jamaica)\*^ | 602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7013 |
| **Total Preferred Stocks<br> (cost $368,147)** | **Total Preferred Stocks<br> (cost $368,147)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374417 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Units** |  |
| **Warrants\* 0.0%** | **Warrants\* 0.0%** | **Warrants\* 0.0%** |
| **Entertainment 0.0%** | **Entertainment 0.0%** | **Entertainment 0.0%** |
| Procera II LP & New Procera GP, expiring 12/31/79^ | 2501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Interactive Media & Services 0.0%** | **Interactive Media & Services 0.0%** | **Interactive Media & Services 0.0%** |
| Diamond Sports Group LLC, expiring 06/30/26 | 3733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 |
| **Total Warrants<br> (cost $0)** | **Total Warrants<br> (cost $0)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 |
| **Total Long-Term Investments<br> (cost $81,472,050)** | **Total Long-Term Investments<br> (cost $81,472,050)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81151972 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Shares** |
| **Short-Term Investments 10.4%** | **Short-Term Investments 10.4%** |
| **Affiliated Mutual Fund 10.2%** |  |
| PGIM Core Government Money Market Fund (7-day effective yield 4.462%)<br> (cost $8,989,681)(wb) | &nbsp;&nbsp;8989681 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount<br> (000)#** | &nbsp;&nbsp;**Value** |
| **U.S. Treasury Obligation(k)(n) 0.2%** | **U.S. Treasury Obligation(k)(n) 0.2%** | **U.S. Treasury Obligation(k)(n) 0.2%** | **U.S. Treasury Obligation(k)(n) 0.2%** | **U.S. Treasury Obligation(k)(n) 0.2%** |
| U.S. Treasury Bills<br> (cost $162,039) | 4.417% | &nbsp;&nbsp;10/30/25 | 165 | &nbsp;&nbsp; $162123 |
| **Total Short-Term Investments<br> (cost $9,151,720)** | **Total Short-Term Investments<br> (cost $9,151,720)** | **Total Short-Term Investments<br> (cost $9,151,720)** | **Total Short-Term Investments<br> (cost $9,151,720)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9151804 |
| **TOTAL INVESTMENTS 103.1%<br> (cost $90,623,770)** | **TOTAL INVESTMENTS 103.1%<br> (cost $90,623,770)** | **TOTAL INVESTMENTS 103.1%<br> (cost $90,623,770)** | **TOTAL INVESTMENTS 103.1%<br> (cost $90,623,770)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90303776 |
| Liabilities in excess of other assets(z) (3.1)% | Liabilities in excess of other assets(z) (3.1)% | Liabilities in excess of other assets(z) (3.1)% | Liabilities in excess of other assets(z) (3.1)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2732915) |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87570861 |

---

------

Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:

EUR—Euro <br> GBP—British Pound <br> USD—US Dollar

---

| |
|:---|
| 144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. |
| BARC—Barclays Bank PLC |
| BNP—BNP Paribas S.A. |
| BNY—Bank of New York Mellon |
| BOA—Bank of America, N.A. |
| CDX—Credit Derivative Index |
| CLO—Collateralized Loan Obligation |
| CVR—Contingent Value Rights |
| EURIBOR—Euro Interbank Offered Rate |
| iBoxx—Bond Market Indices |
| JPM—JPMorgan Chase Bank N.A. |
| LP—Limited Partnership |
| MSI—Morgan Stanley & Co International PLC |
| N/A—Not Applicable |
| NAB—National Australia Bank Ltd. |
| OTC—Over-the-counter |
| PIK—Payment-in-Kind |
| Q—Quarterly payment frequency for swaps |
| REITs—Real Estate Investment Trust |
| SOFR—Secured Overnight Financing Rate |
| SONIA—Sterling Overnight Index Average |
| T—Swap payment upon termination |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| # | Principal or notional amount is shown in U.S. dollars unless otherwise stated. |
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $6,840,850 and 7.8% of net assets. |
| (c) | Variable rate instrument. The interest rate shown reflects the rate in effect at May 31, 2025. |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(n) Rate shown reflects yield to maturity at purchased date.

(oo) Perpetual security. Maturity date represents next call date.

(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(wb) Represents an investment in a Fund affiliated with the Manager.

#### Unfunded loan commitments outstanding at May 31, 2025 :

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal<br> Amount<br> (000)#** | **Current<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| Arcis Golf LLC, Amendment No 4 Incremental Delayed Draw Term Loan, 2.750%(p), Maturity Date 11/24/28 (cost $22,275) | &nbsp;&nbsp;&nbsp; 23 | $22430 | $155 | &nbsp;&nbsp; $— |
| Clydesdale Acquisition Holdings, Inc., Delayed Draw Term Loan, 1.625%, Maturity Date 04/01/32 (cost $8,317) | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8263 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(54) |
| Grant Thornton Advisors LLC, 2025 Incremental Ddtl Commitment, 1.000%, Maturity Date 06/02/31 (cost $13,587) | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;13519 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(68) |
| Jupiter Buyer, Inc., Initial Delayed Draw Term Loan, —%(p), Maturity Date 11/01/31 (cost $20,586) | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;20716 | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| SWF Holdings I Corp., Delayed Draw Term Loan, 2.250%, Maturity Date 12/19/29 (cost $171,429) | 171 | &nbsp;&nbsp;&nbsp;170571 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(858) |
|  |  | $235499 | $285 | $(980) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures contracts outstanding at May 31, 2025:** | **Futures contracts outstanding at May 31, 2025:** | **Futures contracts outstanding at May 31, 2025:** | **Futures contracts outstanding at May 31, 2025:** | **Futures contracts outstanding at May 31, 2025:** |
| **Number<br> of<br> Contracts** | **Type** | **Expiration<br> Date** | **Current<br> Notional<br> Amount** | **Value /<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Short Positions:** | **Short Positions:** | **Short Positions:** | **Short Positions:** | **Short Positions:** |
| 16 | 2 Year U.S. Treasury Notes | Sep. 2025 | $3319000 | $(3673) |
| 50 | 5 Year U.S. Treasury Notes | Sep. 2025 | &nbsp;&nbsp;&nbsp;5409375 | &nbsp;&nbsp;&nbsp;(21968) |
| 17 | 10 Year U.S. Treasury Notes | Sep. 2025 | &nbsp;&nbsp;&nbsp;1882750 | &nbsp;&nbsp;&nbsp;(10781) |
| 3 | 20 Year U.S. Treasury Bonds | Sep. 2025 | &nbsp;&nbsp;&nbsp;&nbsp;338344 | &nbsp;&nbsp;&nbsp;&nbsp;(4387) |
|  |  |  |  | $(40809) |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

#### Forward foreign currency exchange contracts outstanding at May 31, 2025 :

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase<br> Contracts** | **Counterparty** | **Notional<br> Amount<br> (000)** | **Notional<br> Amount<br> (000)** | **Value at<br> Settlement<br> Date** | **Current<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
| British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, |
| &nbsp;&nbsp;Expiring 06/03/25 | BOA | GBP | 378 | &nbsp;&nbsp; $509858 | &nbsp;&nbsp; $509054 | &nbsp;&nbsp;&nbsp; $— | $(804) |
| Euro, | Euro, | Euro, | Euro, | Euro, | Euro, | Euro, | Euro, |
| &nbsp;&nbsp;Expiring 06/03/25 | BNY | EUR | 876 | &nbsp;&nbsp;&nbsp;&nbsp;991177 | &nbsp;&nbsp;&nbsp;&nbsp;994478 | &nbsp;&nbsp;&nbsp;3301 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  | $1501035 | $1503532 | &nbsp;&nbsp;&nbsp;3301 | &nbsp;&nbsp;&nbsp;(804) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale<br> Contracts** | **Counterparty** | **Notional<br> Amount<br> (000)** | **Notional<br> Amount<br> (000)** | **Value at<br> Settlement<br> Date** | **Current<br> Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
| British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, | British Pound, |
| &nbsp;&nbsp;Expiring 06/03/25 | JPM | GBP | 378 | &nbsp;&nbsp; $503139 | &nbsp;&nbsp; $509054 | &nbsp;&nbsp;&nbsp; $— | $(5915) |
| &nbsp;&nbsp;Expiring 07/02/25 | BOA | GBP | 378 | &nbsp;&nbsp;&nbsp;&nbsp;509930 | &nbsp;&nbsp;&nbsp;&nbsp;509123 | &nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Euro, | Euro, | Euro, | Euro, | Euro, | Euro, | Euro, | Euro, |
| &nbsp;&nbsp;Expiring 06/03/25 | BNY | EUR | 876 | &nbsp;&nbsp;&nbsp;&nbsp;998088 | &nbsp;&nbsp;&nbsp;&nbsp;994478 | &nbsp;&nbsp;&nbsp;3610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Expiring 07/02/25 | BNY | EUR | 876 | &nbsp;&nbsp;&nbsp;&nbsp;993061 | &nbsp;&nbsp;&nbsp;&nbsp;996347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3286) |
|  |  |  |  | $3004218 | $3009002 | &nbsp;&nbsp;&nbsp;4417 | &nbsp;&nbsp;&nbsp;&nbsp;(9201) |
|  |  |  |  |  |  | $7718 | $(10005) |

---

#### Credit default swap agreements outstanding at May 31, 2025 :

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br> Entity/<br> Obligation** | **Termination<br> Date** | **Fixed<br> Rate** | **Notional<br> Amount<br> (000)#(3)** | **Implied Credit<br> Spread at<br> May 31,<br> 2025(4)** | **Value at<br> Trade Date** | **Value at<br> May 31,<br> 2025** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** |
| CDX.NA.HY.44.V1 | 06/20/30 | 5.000%(Q) | &nbsp;&nbsp;&nbsp;5790 | 3.507% | $140147 | $415936 | $275789 |
| CDX.NA.IG.44.V1 | 06/20/30 | 1.000%(Q) | 21525 | 0.560% | &nbsp;&nbsp;&nbsp;406175 | &nbsp;&nbsp;&nbsp;475665 | &nbsp;&nbsp;&nbsp;&nbsp;69490 |
|  |  |  |  |  | $546322 | $891601 | $345279 |

---

The Fund entered into credit default swaps ("CDS") to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer's default or the reference entity's credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | |
|:---|:---|
|  | particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (2) | If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
| (3) | Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| (4) | Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total return swap agreements outstanding at May 31, 2025:** | **Total return swap agreements outstanding at May 31, 2025:** | **Total return swap agreements outstanding at May 31, 2025:** | **Total return swap agreements outstanding at May 31, 2025:** | **Total return swap agreements outstanding at May 31, 2025:** | **Total return swap agreements outstanding at May 31, 2025:** | **Total return swap agreements outstanding at May 31, 2025:** | **Total return swap agreements outstanding at May 31, 2025:** |
| **Reference Entity** | &nbsp;&nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;&nbsp;**Long (Short)<br> Notional<br> Amount<br> (000)#(1)** | &nbsp;&nbsp;&nbsp;**Fair<br> Value** | &nbsp;&nbsp;&nbsp;**Upfront<br> Premiums<br> Paid<br> (Received)** | &nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)(2)** |
| **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |
| iBoxx US Dollar Liquid Leveraged Loan Index(T) | &nbsp;&nbsp;1 Day SOFR(Q)/ 4.350% | &nbsp;&nbsp;MSI | &nbsp;&nbsp;06/20/25 | &nbsp;&nbsp;1050 | &nbsp;&nbsp; $9781 | &nbsp;&nbsp; $(31) | &nbsp;&nbsp; $9812 |
| iBoxx US Dollar Liquid Leveraged Loan Index(T) | &nbsp;&nbsp;1 Day SOFR(Q)/ 4.350% | &nbsp;&nbsp;MSI | &nbsp;&nbsp;06/20/25 | &nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;30253 | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;30213 |
| iBoxx US Dollar Liquid Leveraged Loan Index(T) | &nbsp;&nbsp;1 Day SOFR(Q)/ 4.350% | &nbsp;&nbsp;MSI | &nbsp;&nbsp;06/20/25 | &nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;13209 | &nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;13137 |

---

------

### PGIM Floating Rate Income ETF

### Schedule of Investments (unaudited) (continued)
as of May 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total return swap agreements outstanding at May 31, 2025 (continued):** | **Total return swap agreements outstanding at May 31, 2025 (continued):** | **Total return swap agreements outstanding at May 31, 2025 (continued):** | **Total return swap agreements outstanding at May 31, 2025 (continued):** | **Total return swap agreements outstanding at May 31, 2025 (continued):** | **Total return swap agreements outstanding at May 31, 2025 (continued):** | **Total return swap agreements outstanding at May 31, 2025 (continued):** | **Total return swap agreements outstanding at May 31, 2025 (continued):** |
| **Reference Entity** | &nbsp;&nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;&nbsp;**Termination<br> Date** | &nbsp;&nbsp;&nbsp;**Long (Short)<br> Notional<br> Amount<br> (000)#(1)** | &nbsp;&nbsp;&nbsp;**Fair<br> Value** | &nbsp;&nbsp;&nbsp;**Upfront<br> Premiums<br> Paid<br> (Received)** | &nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)(2)** |
| **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** |
| iBoxx US Dollar Liquid Leveraged Loan Index(T) | &nbsp;&nbsp;1 Day SOFR(Q)/ 4.350% | &nbsp;&nbsp;BARC | &nbsp;&nbsp;06/20/25 | &nbsp;&nbsp;4000 | &nbsp;&nbsp; $35391 | &nbsp;&nbsp; $(831) | &nbsp;&nbsp; $36222 |
| iBoxx US Dollar Liquid Leveraged Loan Index(T) | &nbsp;&nbsp;1 Day SOFR(Q)/ 4.350% | &nbsp;&nbsp;BNP | &nbsp;&nbsp;06/20/25 | &nbsp;&nbsp;4180 | &nbsp;&nbsp;&nbsp;&nbsp;38411 | &nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;38014 |
|  |  |  |  |  | &nbsp;&nbsp;$127045 | &nbsp;&nbsp;$(353) | &nbsp;&nbsp;$127398 |

---

(1) On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return
swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).

*Other information regarding the Fund is available in the Fund's most recent Report to Shareholders. This information is available on the Securities and Exchange Commission's website (www.sec.gov).*

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** PGIM ETF Trust

- **b. Investment Company Act file number:** 811-23324

- **c. CIK number of Registrant:** 0001727074

- **d. LEI of Registrant:** 549300OXS91LYTDQF355

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

  - **Street Address 1:** 655 Broad Street

  - **City:** Newark

  - **State:** NJ

  - **Foreign country:** US

  - **Zip / Postal Code:** 07102-4077

  - **Telephone number:** 888-247-8090

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

- **a. Name of Series:** PGIM Floating Rate Income ETF

- **b. EDGAR series identifier (if any):** S000075490

- **c. LEI of Series:** 549300CYXIT4H0WK8H76

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-30

**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:** $142026729.32

**Total Liabilities:** $54411974.64

**Net Assets:** $87614754.68

**Cash Not Reported:** $15227.84

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 7.41163000 | **1-Year:** 886.87236000 | **5-Year:** 6830.04472000 | **10-Year:** 1541.73087000 | **30-Year:** 0.00000000

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

- **3-Month:** 70.87906000 | **1-Year:** 6298.70879000 | **5-Year:** 3874.97605000 | **10-Year:** 34.26138000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234636 | -0.49%               | -0.80%               | 2.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2197.68                | $-967422.77                                |
| Month 2  | $-908659.50              | $-558779.99                                |
| Month 3  | $3159.60                 | $913133.70                                 |

**Designated Index Information**

- **Index Name:** PGIM Floating Rate Income ETF_Ex Derivatives

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                  | US 10YR NOTE (CBT)                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -17 | NC      | $-10781.28    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                  | US 2YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -16 | NC      | $-3672.99     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MH Sub I LLC                                                                 | Internet Brands 04/20/28                                                        | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |    215478 | PA      | $206666.10    | 0.24%             | 2028-05-03      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| DIGICEL GROUP HOLDINGS                                                       | Digicel Group Holdings Ltd                                                      | CUSIP: 25381HAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      4981 | PA      | $0.50         | 0.00%             | 2030-12-31      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Mavis Tire Express Services Topco Corp                                       | MAVIS TIRE EXPRE 05/04/28                                                       | CUSIP: 57777YAG1<br>LEI: 254900NVDM4GTLBL9E56 | Long             | LON              | CORP              | US        |    248127 | PA      | $245866.88    | 0.28%             | 2028-05-04      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| HarbourVest Partners LP                                                      | HARBOURVEST PART 04/18/30                                                       | CUSIP: 41165QAM9<br>LEI: 54930029KR62LTFQ8M21 | Long             | LON              | CORP              | US        |    236724 | PA      | $236131.75    | 0.27%             | 2030-04-18      | Floating      | 6.55%                 | No            |                  3 | On Loan: No      |
| Arcosa, Inc.                                                                 | ARCOS 08/13/31                                                                  | CUSIP: 03965EAF3<br>LEI: 549300WFHLTCZV7D6V29 | Long             | LON              | CORP              | US        |    299500 | PA      | $298751.25    | 0.34%             | 2031-08-12      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| IMA FINANCIAL GROUP                                                          | IMA FINANCIAL GROUP INC                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     50000 | PA      | $49937.50     | 0.06%             | 2028-11-30      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Jupiter Buyer Inc                                                            | ARCHKEY HOLDING 11/30/31                                                        | CUSIP: 48205CAD7<br>LEI: 254900FACU3AJQKAQ270 | Long             | LON              | CORP              | US        |     20690 | PA      | $20715.52     | 0.02%             | 2031-11-01      | Floating      | 9.03%                 | No            |                  2 | On Loan: No      |
| Focus Financial Partners LLC                                                 | FOCUS FINL PARTN 09/15/31                                                       | CUSIP: 34416DBD9<br>LEI: 5493007L0E0VKRC2CP39 | Long             | LON              | CORP              | US        |    473812 | PA      | $470682.02    | 0.54%             | 2031-09-15      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Genesys Cloud Services Holdings II LLC (f/k/a Greeneden US Holdings II LLC)  | GENESYS CLOUD SE 01/23/32                                                       | CUSIP: 39479UAY9<br>LEI: 254900CRMBG6WX4HX396 | Long             | LON              | CORP              | US        |    300000 | PA      | $298800.00    | 0.34%             | 2032-01-30      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| OFS Credit Co Inc                                                            | OFS Credit Co Inc                                                               | CUSIP: 67111Q503<br>LEI: 549300A7A6U0QNX5FB55 | Long             | EP               | CORP              | US        |        75 | NS      | $1868.25      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                              | CDS CDX.NA.IG.44.V1                                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $476263.30    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| SWF HOLDINGS I CORP                                                          | SWF Holdings I Corp                                                             | CUSIP: 78500AAA6<br>LEI: 5493000CMZKPQ7BKPB20 | Long             | DBT              | CORP              | US        |     75000 | PA      | $29266.07     | 0.03%             | 2029-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Hershend Entertainment Co LLC                                                | HERSCHEND ENTERTAINMENT CO LLC                                                  | CUSIP: 42778EAG6<br>LEI: 54930087KQ7RPDXK0716 | Long             | LON              | CORP              | US        |    125000 | PA      | $125156.25    | 0.14%             | 2032-05-14      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Travel Leisure Co                                                            | Travel Leisu 12/14/29                                                           | CUSIP: 98309GAF3<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | LON              | CORP              | US        |    173814 | PA      | $173075.66    | 0.20%             | 2029-12-14      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Tronox Finance LLC                                                           | Tronox Fi 09/18/31                                                              | CUSIP: 89705DAP7<br>LEI: 549300LMZ1DX1PWSP524 | Long             | LON              | CORP              | US        |     41574 | PA      | $40514.14     | 0.05%             | 2031-09-30      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| Engineered Machinery Holdings Inc                                            | DURAVANT (ENGINE 05/21/28                                                       | CUSIP: 26658NAP4<br>LEI: 5493008AR0NPSLW8EW07 | Long             | LON              | CORP              | US        |     48864 | PA      | $49107.98     | 0.06%             | 2028-05-19      | Floating      | 8.31%                 | No            |                  2 | On Loan: No      |
| VeriFone Systems Inc                                                         | VeriFone Sy 08/18/28                                                            | CUSIP: 92346NAH2<br>LEI: 254900LTTVM8MM9RKV75 | Long             | LON              | CORP              | US        |    468669 | PA      | $426070.48    | 0.49%             | 2028-08-18      | Floating      | 10.21%                | No            |                  2 | On Loan: No      |
| Tronox Finance LLC                                                           | Tronox Fi 09/18/31                                                              | CUSIP: 89705DAP7<br>LEI: 549300LMZ1DX1PWSP524 | Long             | LON              | CORP              | US        |     33238 | PA      | $32390.65     | 0.04%             | 2031-09-30      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| Cablevision Lightpath LLC                                                    | CABLEVISION LIGH 11/30/27                                                       | CUSIP: 12687HAD9<br>LEI: 5493002ZVBLRLGES1R71 | Long             | LON              | CORP              | US        |    130582 | PA      | $130337.55    | 0.15%             | 2027-11-30      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Ineos US Petrochem LLC                                                       | INEOS QU 03/03/30                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     73688 | PA      | $66441.59     | 0.08%             | 2030-03-14      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| Fender Musical Instruments Corporation                                       | FENDER MUSICAL I 11/16/28                                                       | CUSIP: 000000000<br>LEI: 549300G8G1R16J8L5Q60 | Long             | LON              | CORP              | US        |    211555 | PA      | $186697.50    | 0.21%             | 2028-12-01      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon                                                  | CURRENCY CONTRACT - EUR                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3109.31      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Camelot US Acquisition I Co                                                  | CLARIVATE (CAMEL 01/25/31                                                       | CUSIP: 000000000<br>LEI: 549300U6VBJHQP2SFL81 | Long             | LON              | CORP              | US        |      2754 | PA      | $2750.16      | 0.00%             | 2031-01-31      | Floating      | 7.08%                 | No            |                  3 | On Loan: No      |
| Lumen Technologies, Inc.                                                     | LUMEN TECHNOLOGIES INC                                                          | CUSIP: 55024EAG0<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |     50000 | PA      | $49458.35     | 0.06%             | 2030-04-15      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Aventiv Technologies (3/24) 1st Lien                                         | AVENTIV TEC 07/31/25                                                            | CUSIP: 05358AAQ7<br>LEI: 549300EBCNNXVCJ2FW66 | Long             | LON              | CORP              | US        |      4905 | PA      | $4684.54      | 0.01%             | 2025-07-31      | Floating      | 12.06%                | No            |                  2 | On Loan: No      |
| Qualitytech, LP                                                              | QUALITYTE 11/04/31                                                              | CUSIP: 74758JAB3<br>LEI: 549300GWD2FYVWRWCZ90 | Long             | LON              | CORP              | US        |    300000 | PA      | $297750.00    | 0.34%             | 2031-11-04      | Floating      | 7.83%                 | No            |                  3 | On Loan: No      |
| Hayfin US XV, Ltd.                                                           | Hayfin US XV Ltd                                                                | CUSIP: 420916AG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $504299.95    | 0.58%             | 2037-04-28      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| Pegasus Bidco Bv                                                             | Pegasus Bid 07/12/29                                                            | CUSIP: 000000000<br>LEI: 254900U303DPAFR7MA71 | Long             | LON              | CORP              | NL        |    150000 | PA      | $149250.00    | 0.17%             | 2029-07-12      | Floating      | 7.58%                 | No            |                  3 | On Loan: No      |
| Atlas Static Senior Loan Fund                                                | Atlas Static Senior Loan Fund I Ltd                                             | CUSIP: 04942PAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250831.05    | 0.29%             | 2030-07-15      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| CONVERGEONE HLDGS INC - Equity                                               | CONVERGEONE HLDGS INC - Equity                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3151 | NS      | $12604.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sound Inpatient Physicians Inc                                               | SOUND INPATIENT 06/28/28                                                        | CUSIP: 83607JAF8<br>LEI: 54930047QBMPL027P218 | Long             | LON              | CORP              | US        |      5517 | PA      | $4303.57      | 0.00%             | 2029-06-28      | Variable      | 11.31%                | No            |                  2 | On Loan: No      |
| Gates Corporation                                                            | Gates 06/04/31                                                                  | CUSIP: 36740UAY8<br>LEI: 984500F43C791F4C7894 | Long             | LON              | CORP              | US        |     74625 | PA      | $74521.35     | 0.09%             | 2031-06-04      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                                       | TRS IBXXLLTR INDEX                                                              | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $30128.17     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| PMT CREDIT RISK TRANSFER TRUST                                               | PMT Credit Risk Transfer Trust 2024-3R                                          | CUSIP: 69392AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    276072 | PA      | $275030.59    | 0.31%             | 2028-09-27      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| Hudson River Trading LLC                                                     | HUDSON RIVER TRA 03/20/30                                                       | CUSIP: 44413EAJ7<br>LEI: 549300SMOBUC8O5UOE10 | Long             | LON              | CORP              | US        |    264069 | PA      | $264564.35    | 0.30%             | 2030-03-18      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| WIN Waste Innovations Holdings Inc                                           | WIN WASTE INNOVA 03/27/28                                                       | CUSIP: 38723BAL5<br>LEI: 549300DJBUN7Z75R2S83 | Long             | LON              | CORP              | US        |    165000 | PA      | $164587.50    | 0.19%             | 2028-03-24      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| Azuria Water Solutions Inc                                                   | AZURIA WATER SOL 05/17/28                                                       | CUSIP: 00771PAM3<br>LEI: 549300AG3DVJURRIT691 | Long             | LON              | CORP              | US        |    272196 | PA      | $270665.16    | 0.31%             | 2028-05-17      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Peraton Corp                                                                 | PERATON CORP 02/01/28                                                           | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |     90511 | PA      | $78264.00     | 0.09%             | 2028-02-01      | Floating      | 8.18%                 | Yes           |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                                                         | Royal Bank of Canada                                                            | CUSIP: 780082AT0<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $470000.00    | 0.54%             | 2084-11-24      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Quimper AB                                                                   | QUIMP 03/01/30                                                                  | CUSIP: 000000000<br>LEI: 549300EI2YNCQDXVO313 | Long             | LON              | CORP              | SE        |    450000 | PA      | $512975.19    | 0.59%             | 2030-03-29      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Ocean Trails CLO IX                                                          | Ocean Trails CLO IX                                                             | CUSIP: 67515XBA1<br>LEI: 549300LD2JF1INLMST94 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249515.03    | 0.28%             | 2038-01-15      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| TPC Group Inc                                                                | TPC GROU 11/22/31                                                               | CUSIP: 87266EAG0<br>LEI: 549300K276KVW5JD1583 | Long             | LON              | CORP              | US        |    460000 | PA      | $434700.00    | 0.50%             | 2031-11-21      | Floating      | 9.95%                 | No            |                  3 | On Loan: No      |
| Blackstone Mortgage Trust Inc                                                | BLACKSTONE MORTG 11/25/28                                                       | CUSIP: 09259GAG8<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | LON              | CORP              | US        |     74582 | PA      | $74022.43     | 0.08%             | 2028-12-10      | Floating      | 8.08%                 | No            |                  3 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                                       | TRS IBXXLLTR INDEX                                                              | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $12958.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AL NGPL HOLDINGS LLC                                                         | AL NGPL HOLDINGS LLC                                                            | CUSIP: 01021AAB6<br>LEI: 254900WKSN3ZUJ0TO315 | Long             | LON              | CORP              | US        |    100000 | PA      | $99833.30     | 0.11%             | 2028-04-17      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| Ineos US Petrochem LLC                                                       | INEOS QU 03/31/29                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     99000 | PA      | $90585.00     | 0.10%             | 2029-04-02      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| Life Time Inc (f/k/a Life Time Fitness Inc)                                  | LIFE TIM 10/22/31                                                               | CUSIP: 50218KAM0<br>LEI: 549300PALKE96VYH4X17 | Long             | LON              | CORP              | US        |       752 | PA      | $751.10       | 0.00%             | 2031-11-05      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Life Time Inc (f/k/a Life Time Fitness Inc)                                  | LIFE TIM 10/22/31                                                               | CUSIP: 50218KAM0<br>LEI: 549300PALKE96VYH4X17 | Long             | LON              | CORP              | US        |    299248 | PA      | $298936.30    | 0.34%             | 2031-11-05      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                            | EMERALD DEBT MER 05/31/30                                                       | CUSIP: 26872NAC3<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |    611056 | PA      | $607237.29    | 0.69%             | 2030-05-31      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Johnstone Supply LLC                                                         | JOHNSTONE SUPPL 06/07/31                                                        | CUSIP: 47947BAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    248750 | PA      | $248128.13    | 0.28%             | 2031-06-09      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| CQS US CLO Ltd                                                               | CQS US CLO 2021-1 Ltd                                                           | CUSIP: 12659UAN2<br>LEI: 549300GF7PVRIKZNMY06 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $400727.56    | 0.46%             | 2035-01-20      | Floating      | 6.02%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                                                 | MH SUB 12/11/31                                                                 | CUSIP: 45567YAP0<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |     78326 | PA      | $70705.48     | 0.08%             | 2031-12-31      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Action Environmental Group Inc, The                                          | ACTION ENVIRONME 10/24/30                                                       | CUSIP: 00507JAF3<br>LEI: 549300BB30QUQC86W666 | Long             | LON              | CORP              | US        |    245280 | PA      | $245280.02    | 0.28%             | 2030-10-24      | Floating      | 8.05%                 | No            |                  3 | On Loan: No      |
| SOUND INPATIENT PHYSICIANS INC- Class A                                      | SOUND INPATIENT PHYSICIANS INC- Class A                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7940 | NS      | $0.79         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS                                                                  | TRS IBXXLLTR INDEX                                                              | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DIR              | CORP              | FR        |         1 | NC      | $37913.46     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| DIGICEL COMMON EQUITY                                                        | DIGICEL COMMON EQUITY                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9237 | NS      | $64659.00     | 0.07%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Prairie ECI Acquiror LP                                                      | PRAIRIE ACQUIR 08/01/29                                                         | CUSIP: 73955HAE4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | LON              | CORP              | US        |     74252 | PA      | $74437.53     | 0.08%             | 2029-08-01      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Legence Holdings LLC (f/k/a Refficiency Holdings LLC)                        | LEGENCE HLDG 12/16/28                                                           | CUSIP: 000000000<br>LEI: 2549003DYOLJRQR9G070 | Long             | LON              | CORP              | US        |    124677 | PA      | $123975.69    | 0.14%             | 2028-12-18      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Sound Inpatient Physicians Inc                                               | Sound Inpatient 06/28/28                                                        | CUSIP: 83607JAE1<br>LEI: 54930047QBMPL027P218 | Long             | LON              | CORP              | US        |    531599 | PA      | $502360.88    | 0.57%             | 2028-06-28      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| Auris Luxembourg III SARL                                                    | Auris Luxembourg 02/28/29                                                       | CUSIP: 000000000<br>LEI: 213800VO63L2OE6QXG55 | Long             | LON              | CORP              | LU        |     49626 | PA      | $49749.68     | 0.06%             | 2029-02-28      | Floating      | 7.95%                 | No            |                  2 | On Loan: No      |
| Sharp Services LLC (f/k/a Sharp Midco LLC)                                   | SHARP SERVICE 12/31/28                                                          | CUSIP: 81989LAF5<br>LEI: 549300ZXMVUWBVXDAR03 | Long             | LON              | CORP              | US        |    148504 | PA      | $148410.94    | 0.17%             | 2028-12-31      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Bip Pipeco Holdings LLC                                                      | BIP PIPECO HLDG 12/06/30                                                        | CUSIP: 05554DAB6<br>LEI: 254900VCXW4EPI0VC343 | Long             | LON              | CORP              | US        |     64973 | PA      | $64830.92     | 0.07%             | 2030-12-05      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| Bip Pipeco Holdings LLC                                                      | BIP PIPECO HLDG 12/06/30                                                        | CUSIP: 000000000<br>LEI: 254900VCXW4EPI0VC343 | Long             | LON              | CORP              | US        |      6965 | PA      | $6949.86      | 0.01%             | 2030-12-05      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| Valvoline Inc                                                                | VALVOLINE INC                                                                   | CUSIP: 92048DAF9<br>LEI: 549300CMHPBEY6VPOT75 | Long             | LON              | CORP              | US        |    125000 | PA      | $125062.50    | 0.14%             | 2032-03-19      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| DXP Enterprises Inc                                                          | DXP ENTERPRISE 10/11/30                                                         | CUSIP: 23338DAR7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    124375 | PA      | $124763.67    | 0.14%             | 2030-10-11      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC                                       | TRS IBXXLLTR INDEX                                                              | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $9655.52      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Azz Inc                                                                      | /TS/AZZ AZZ INC 05/13/29                                                        | CUSIP: 00247NAG7<br>LEI: 549300HD1X2NFLWPYC83 | Long             | LON              | CORP              | US        |     58852 | PA      | $59017.04     | 0.07%             | 2029-05-13      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Azz Inc                                                                      | /TS/AZZ AZZ INC 05/13/29                                                        | CUSIP: 00247NAG7<br>LEI: 549300HD1X2NFLWPYC83 | Long             | LON              | CORP              | US        |     36655 | PA      | $36758.40     | 0.04%             | 2029-05-13      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                                               | Bombardier Inc                                                                  | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     45000 | PA      | $45056.25     | 0.05%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Voyager Parent, LLC                                                          | VOYAGERPARENTLLC                                                                | CUSIP: 000000000<br>LEI: 2549002DYVI4ACSV4V71 | Long             | LON              | CORP              | US        |    650000 | PA      | $637812.50    | 0.73%             | 2032-05-09      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Natel Engineering Company Inc                                                | NATEL ENGINEERIN 04/30/26                                                       | CUSIP: 63229BAD0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    146026 | PA      | $131423.15    | 0.15%             | 2026-04-30      | Floating      | 10.69%                | No            |                  2 | On Loan: No      |
| Iris Holding Inc                                                             | IRIS HLDG INC 06/15/28                                                          | CUSIP: 46271BAB6<br>LEI: 54930013SPZ2NB3I3V40 | Long             | LON              | CORP              | US        |    110291 | PA      | $105358.69    | 0.12%             | 2028-06-28      | Floating      | 9.13%                 | No            |                  2 | On Loan: No      |
| Iris Holding Inc                                                             | IRIS HLDG INC 06/15/28                                                          | CUSIP: 46271BAB6<br>LEI: 54930013SPZ2NB3I3V40 | Long             | LON              | CORP              | US        |    116096 | PA      | $110903.90    | 0.13%             | 2028-06-28      | Floating      | 9.13%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                                                  | Vistra Corp                                                                     | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102370.83    | 0.12%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Services Inc                                               | GFL ENVIRONMENTA 02/28/32                                                       | CUSIP: 36257SAB8<br>LEI: 254900PGDQWC19PRP053 | Long             | LON              | CORP              | US        |    400000 | PA      | $398000.00    | 0.45%             | 2032-03-03      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| PPM CLO 3 Ltd.                                                               | PPM CLO 3 Ltd                                                                   | CUSIP: 69355EAN5<br>LEI: 549300UEAJV6RALDS969 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $747749.85    | 0.85%             | 2034-04-17      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                            | TRS IBXXLLTR INDEX                                                              | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $34914.04     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| INDICOR LLC                                                                  | ROPER INDUSTRIAL 11/23/29                                                       | CUSIP: 77669LAK9<br>LEI: 254900RXO1EICEHOLG29 | Long             | LON              | CORP              | US        |    248631 | PA      | $247387.45    | 0.28%             | 2029-11-22      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment LLC                                                   | FERTITTA ENTERTA 01/29/29                                                       | CUSIP: 31556PAB3<br>LEI: 984500A0805D8V551D35 | Long             | LON              | CORP              | US        |    124359 | PA      | $123519.56    | 0.14%             | 2029-01-27      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Vista Management Holding Inc.                                                | VISTA MGMT HLD 0 03/26/31                                                       | CUSIP: 92842EAB4<br>LEI: 5299005VABKD28UWHI65 | Long             | LON              | CORP              | US        |    228247 | PA      | $228247.29    | 0.26%             | 2031-03-18      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Vista Management Holding Inc.                                                | VISTA MGMT HLD 0 03/26/31                                                       | CUSIP: 92842EAB4<br>LEI: 5299005VABKD28UWHI65 | Long             | LON              | CORP              | US        |     61753 | PA      | $61752.71     | 0.07%             | 2031-03-18      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                                 | UNIV 01/31/29                                                                   | CUSIP: 914908BG2<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |     49501 | PA      | $47953.73     | 0.05%             | 2029-01-31      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                                                  | Vistra Corp                                                                     | CUSIP: 92840MAD4<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $268830.28    | 0.31%             | N/A             | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| BANK OF NOVA SCOTIA                                                          | Bank of Nova Scotia/The                                                         | CUSIP: 0641598X7<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |   1600000 | PA      | $1606427.04   | 1.83%             | 2085-04-27      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| DIGICEL INTL FIN LTD                                                         | DIGICEL INTL FIN LTD                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       602 | NS      | $7012.82      | 0.01%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Imagine Learning LLC                                                         | WELD NORTH EDUCA 12/17/29                                                       | CUSIP: 94935RAF0<br>LEI: 254900W855WLN58WNJ32 | Long             | LON              | CORP              | US        |    123750 | PA      | $122110.31    | 0.14%             | 2029-12-21      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Arcis Golf LLC                                                               | ARCIS GOL 11/24/28                                                              | CUSIP: 03958MAF4<br>LEI: 254900ZMGXNNIX4SXQ48 | Long             | LON              | CORP              | US        |     77500 | PA      | $77177.06     | 0.09%             | 2028-11-24      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                                     | Diversified Healthcare Trust                                                    | CUSIP: 81721MAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4580.65      | 0.01%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AL NGPL Holdings LLC                                                         | AL NGPL HLDG 04/17/28                                                           | CUSIP: 01021AAB6<br>LEI: 254900WKSN3ZUJ0TO315 | Long             | LON              | CORP              | US        |    285879 | PA      | $285402.17    | 0.33%             | 2028-04-13      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Mamba Purchaser Inc                                                          | MAMBA PURCHASE 10/16/28                                                         | CUSIP: 56150KAG0<br>LEI: 549300EAB6F7TKRLOT57 | Long             | LON              | CORP              | US        |    148011 | PA      | $147456.18    | 0.17%             | 2028-10-16      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| SOUND POINT MERIDIAN CAP                                                     | Sound Point Meridian Capital Inc                                                | CUSIP: 83617A207<br>LEI: 2138003DILFQKEPAD871 | Long             | EP               | CORP              | US        |      1325 | NS      | $32979.25     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust Inc                                                | BLACKSTONE MORTG 05/31/29                                                       | CUSIP: 09259GAF0<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | LON              | CORP              | US        |    295043 | PA      | $295780.61    | 0.34%             | 2029-05-09      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PPTY RET HLD                                                      | BROOKFIELD PROPERTIES RETAIL HOLDING LLC                                        | CUSIP: 000000000<br>LEI: 549300K1JD1LDRNBET48 | Long             | LON              | CORP              | US        |    200000 | PA      | $198250.00    | 0.23%             | 2030-05-16      | Floating      | 7.83%                 | No            |                  3 | On Loan: No      |
| WIN Waste Innovations Holdings Inc                                           | WIN WASTE (GRANI 03/31/28                                                       | CUSIP: 38723BAJ0<br>LEI: 549300DJBUN7Z75R2S83 | Long             | LON              | CORP              | US        |    104738 | PA      | $103930.18    | 0.12%             | 2028-03-24      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| Clearwater Analytics LLC                                                     | CLEARWATER ANALY 02/10/32                                                       | CUSIP: 18512EAF9<br>LEI: 894500N8DN2JO5ZDRQ11 | Long             | LON              | CORP              | US        |    125000 | PA      | $124375.00    | 0.14%             | 2032-04-21      | Floating      | 6.52%                 | No            |                  3 | On Loan: No      |
| SCIH SALT HOLDINGS INC                                                       | SCIH SALT HOLDINGS INC                                                          | CUSIP: 78397GAF8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    100000 | PA      | $99678.60     | 0.11%             | 2029-01-31      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                             | CSC HOLDINGS, LL 01/17/28                                                       | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    194382 | PA      | $190737.52    | 0.22%             | 2028-01-18      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| HP PHRG Borrower LLC                                                         | PHRG INTERMEDIAT 02/28/32                                                       | CUSIP: 40445XAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    200000 | PA      | $189500.00    | 0.22%             | 2032-02-20      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| A-Ap Buyer, Inc.                                                             | A-AP BUYER INC                                                                  | CUSIP: 00036FAB0<br>LEI: 254900BOO8W9IR1VYO11 | Long             | LON              | CORP              | US        |    250000 | PA      | $249687.50    | 0.28%             | 2031-09-09      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                                        | Level 3 Financing Inc                                                           | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     25000 | PA      | $28415.21     | 0.03%             | 2029-11-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Crosby US Acquisition Corp                                                   | PLASTIPAK TLB 08/16/29                                                          | CUSIP: 22739PAP1<br>LEI: 549300V5HSWHDNVOWE35 | Long             | LON              | CORP              | US        |    172819 | PA      | $172973.40    | 0.20%             | 2029-08-16      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Jefferies Finance LLC                                                        | JEFFERIES FI 10/31/31                                                           | CUSIP: 000000000<br>LEI: 549300SKVB18YSSIDT75 | Long             | LON              | CORP              | US        |    348250 | PA      | $346944.06    | 0.40%             | 2031-10-21      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| BrewCo Borrower LLC                                                          | City Brewing- BR 04/14/28                                                       | CUSIP: 10756PAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    120039 | PA      | $300.10       | 0.00%             | 2028-04-05      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                                 | UNIV 06/09/29                                                                   | CUSIP: 914908BD9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |     48625 | PA      | $47652.50     | 0.05%             | 2029-06-24      | Floating      | 8.55%                 | No            |                  3 | On Loan: No      |
| Park River Holdings Inc                                                      | PARK RIVER HOLDI 12/28/27                                                       | CUSIP: 70082HAC0<br>LEI: 254900PGY077KWCROT75 | Long             | LON              | CORP              | US        |    253755 | PA      | $243605.24    | 0.28%             | 2027-12-28      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| City Brewing Company LLC                                                     | City Brewing- BR 04/05/28                                                       | CUSIP: 10756PAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     10000 | PA      | $4000.00      | 0.00%             | 2028-04-05      | Floating      | 8.02%                 | No            |                  3 | On Loan: No      |
| Ineos Finance PLC                                                            | INEOS US FI 02/18/30                                                            | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |    372565 | PA      | $359059.83    | 0.41%             | 2030-02-18      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                                        | Level 3 Financing Inc                                                           | CUSIP: 527298BU6<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     25000 | PA      | $27350.16     | 0.03%             | 2030-05-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                                                 | HARBOR FREIGHT 06/05/31                                                         | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |    306235 | PA      | $295248.48    | 0.34%             | 2031-06-11      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                                        | CURRENCY CONTRACT - USD                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $809.11       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Arsenal Aic Parent LLC                                                       | ARSENAL AIC PARE 08/18/30                                                       | CUSIP: 04287KAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    246828 | PA      | $245439.23    | 0.28%             | 2030-08-18      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Harbor Freight Tools USA Inc                                                 | HARBOR FREIGHT 06/05/31                                                         | CUSIP: 41151PAR6<br>LEI: 549300Y48HLCFTTB4249 | Long             | LON              | CORP              | US        |     41140 | PA      | $39664.44     | 0.05%             | 2031-06-11      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                                                          | Sound Point CLO XXVII Ltd                                                       | CUSIP: 83611VBC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $243750.00    | 0.28%             | 2034-10-25      | Floating      | 7.89%                 | No            |                  2 | On Loan: No      |
| Xplore Inc                                                                   | XPLORNET COMMUNI 10/24/29                                                       | CUSIP: 000000000<br>LEI: 254900V3NB5MGOZS4O08 | Long             | LON              | CORP              | CA        |     29272 | PA      | $28003.48     | 0.03%             | 2029-10-24      | Floating      | 9.59%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                                               | Golub Capital Partners CLO 68B Ltd                                              | CUSIP: 38179QAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    150000 | PA      | $150869.58    | 0.17%             | 2036-07-25      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW CLO                                                            | Mountain View CLO XVII Ltd                                                      | CUSIP: 62431QAC5<br>LEI: 2549000TWLB57V29ZR37 | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $201859.36    | 0.23%             | 2036-09-14      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| Pasadena Performance Products LLC                                            | PASADENA PERFORM 02/24/32                                                       | CUSIP: 70230EAB0<br>LEI: 5493005DW01M0N2KWP70 | Long             | LON              | CORP              | US        |    200000 | PA      | $199625.00    | 0.23%             | 2032-02-27      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| Omnia Partners, LLC                                                          | OMNIA PARTNER 07/25/30                                                          | CUSIP: 68218HAE7<br>LEI: 254900ZD1P5CVG9GOS22 | Long             | LON              | CORP              | US        |     30106 | PA      | $30143.91     | 0.03%             | 2030-07-25      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| Omnia Partners, LLC                                                          | OMNIA PARTNER 07/25/30                                                          | CUSIP: 68218HAE7<br>LEI: 254900ZD1P5CVG9GOS22 | Long             | LON              | CORP              | US        |    168396 | PA      | $168606.69    | 0.19%             | 2030-07-25      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                                  | ASURION, LLC 08/17/28                                                           | CUSIP: 04649VBB5<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    513100 | PA      | $510320.54    | 0.58%             | 2028-08-19      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| Cloudera Inc                                                                 | CLOUDERA INC 10/08/28                                                           | CUSIP: 74339VAB4<br>LEI: 549300PGONC4JOI0RG62 | Long             | LON              | CORP              | US        |    208224 | PA      | $207182.50    | 0.24%             | 2028-10-08      | Floating      | 8.18%                 | Yes           |                  2 | On Loan: No      |
| Igloo Holdings Corp                                                          | MX HOLDINGS U 02/19/32                                                          | CUSIP: 55404TAF9<br>LEI: 549300RKTIVJWNROR778 | Long             | LON              | CORP              | US        |    150000 | PA      | $150000.00    | 0.17%             | 2032-03-17      | Floating      | 6.58%                 | No            |                  3 | On Loan: No      |
| CHART INDUSTRIES INC                                                         | Chart Industries Inc                                                            | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     80000 | PA      | $83599.83     | 0.10%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                                        | Level 3 Financing Inc                                                           | CUSIP: 527298BX0<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     25000 | PA      | $28178.35     | 0.03%             | 2029-04-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| BMC Software (Boxer/ Bladelogic)                                             | BOXER PARENT C 07/30/31                                                         | CUSIP: 05988HAQ0<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |     47125 | PA      | $46758.61     | 0.05%             | 2031-07-30      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| VS Buyer LLC                                                                 | VS BUYE 04/12/31                                                                | CUSIP: 91834WAF7<br>LEI: 254900G5QLDMHSCYJK25 | Long             | LON              | CORP              | US        |    124376 | PA      | $124064.84    | 0.14%             | 2031-04-12      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| CPPIB OVM Member U.S. LLC                                                    | CPPIB OVM MEMBER 08/20/31                                                       | CUSIP: 12673CAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    348749 | PA      | $346423.94    | 0.40%             | 2031-08-20      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| DIG HLDNG/DIG FIN/DIFL                                                       | Digicel Intermediate Holdings Ltd / Digicel International Finance Ltd / Difl US | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    208774 | PA      | $209295.94    | 0.24%             | 2027-05-25      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| VFH Parent LLC                                                               | VFH PAREN 06/21/31                                                              | CUSIP: 91820UAV2<br>LEI: 549300FRO9M476YHHY64 | Long             | LON              | CORP              | US        |    218292 | PA      | $218292.26    | 0.25%             | 2031-06-21      | Floating      | 6.83%                 | No            |                  3 | On Loan: No      |
| Brown Group Holding LLC                                                      | SIGNATURE AVIATI 07/01/31                                                       | CUSIP: 11565HAB2<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |    108820 | PA      | $108450.29    | 0.12%             | 2031-07-01      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| FALCON'S BEYOND GLOBAL INC-A                                                 | Falcon's Beyond Global Inc                                                      | CUSIP: 306121112<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2501 | NS      | $0.25         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Shift4 Payments LLC                                                          | SHIFT4PAYMENTSLLC                                                               | CUSIP: 000000000<br>LEI: 254900GTEMR7L40VPI74 | Long             | LON              | CORP              | US        |    100000 | PA      | $100500.00    | 0.11%             | 2032-05-07      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Discovery Energy Holding Corporation                                         | DISCOVERY ENERGY 05/01/31                                                       | CUSIP: 25472PAB6<br>LEI: 254900T31FAYMRQSAA12 | Long             | LON              | CORP              | US        |    298142 | PA      | $296651.72    | 0.34%             | 2031-05-01      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Brown Group Holding LLC                                                      | SIGNATURE AVIATI 07/01/31                                                       | CUSIP: 11565HAB2<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |     39247 | PA      | $39113.74     | 0.04%             | 2031-07-01      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| Calpine Corporation                                                          | CALPINE 02/28/32                                                                | CUSIP: 13134MBX0<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | LON              | CORP              | US        |    125000 | PA      | $124808.63    | 0.14%             | 2032-02-15      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| Cinemark USA Inc                                                             | Cinemark US 05/24/30                                                            | CUSIP: 172442AU9<br>LEI: 54930008H2137JSCPQ09 | Long             | LON              | CORP              | US        |     47636 | PA      | $47635.92     | 0.05%             | 2030-05-24      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Cinemark USA Inc                                                             | Cinemark US 05/24/30                                                            | CUSIP: 172442AU9<br>LEI: 54930008H2137JSCPQ09 | Long             | LON              | CORP              | US        |     64813 | PA      | $64812.93     | 0.07%             | 2030-05-24      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Cinemark USA Inc                                                             | Cinemark US 05/24/30                                                            | CUSIP: 172442AU9<br>LEI: 54930008H2137JSCPQ09 | Long             | LON              | CORP              | US        |     47636 | PA      | $47635.92     | 0.05%             | 2030-05-24      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Cinemark USA Inc                                                             | Cinemark US 05/24/30                                                            | CUSIP: 172442AU9<br>LEI: 54930008H2137JSCPQ09 | Long             | LON              | CORP              | US        |     60628 | PA      | $60627.54     | 0.07%             | 2030-05-24      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Upstream Newco Inc                                                           | UPSTREAM NEWCO I 11/20/26                                                       | CUSIP: 91678HAF9<br>LEI: 549300Q4K2W4R1EBTH48 | Long             | LON              | CORP              | US        |    655584 | PA      | $498244.15    | 0.57%             | 2026-11-20      | Floating      | 8.79%                 | No            |                  2 | On Loan: No      |
| NAB Holdings LLC                                                             | NAB HLDG 11/24/28                                                               | CUSIP: 66345FAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    344256 | PA      | $341330.08    | 0.39%             | 2028-11-23      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| Kuehg Corp.                                                                  | KUEHG 06/12/30                                                                  | CUSIP: 50118YAG4<br>LEI: 549300YNT566T1NYJX62 | Long             | LON              | CORP              | US        |    123498 | PA      | $123837.34    | 0.14%             | 2030-06-12      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| White Cap Buyer LLC                                                          | WHIT 10/07/29                                                                   | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |    198126 | PA      | $195896.71    | 0.22%             | 2029-10-19      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Sandisk Corporation                                                          | SANDISK 03/31/32                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    275000 | PA      | $271562.50    | 0.31%             | 2032-02-20      | Floating      | 7.32%                 | No            |                  3 | On Loan: No      |
| Mip V Waste Holdings, LLC                                                    | MIP V WAST 12/31/28                                                             | CUSIP: 55316XAD2<br>LEI: 254900RELOGHR3ZGIQ56 | Long             | LON              | CORP              | US        |       511 | PA      | $512.44       | 0.00%             | 2028-12-08      | Floating      | 7.30%                 | No            |                  3 | On Loan: No      |
| Mip V Waste Holdings, LLC                                                    | MIP V WAST 12/31/28                                                             | CUSIP: 55316XAD2<br>LEI: 254900RELOGHR3ZGIQ56 | Long             | LON              | CORP              | US        |    197075 | PA      | $197814.19    | 0.23%             | 2028-12-08      | Floating      | 7.30%                 | No            |                  3 | On Loan: No      |
| Adient US LLC                                                                | Adient U 01/31/31                                                               | CUSIP: 00687MAH4<br>LEI: 213800SOTRCDGZUHL712 | Long             | LON              | CORP              | US        |    322869 | PA      | $321024.46    | 0.37%             | 2031-01-31      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Loire US Holdco 1 Inc                                                        | LOIRE FINCO LUXEMBOURG                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |    250000 | PA      | $249375.00    | 0.28%             | 2030-01-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Rockpoint Gas Storage Partners LP                                            | ROCKPOINT GAS STORAGE PA                                                        | CUSIP: 000000000<br>LEI: 549300ZXM0KTRM0NMI59 | Long             | LON              | CORP              | CA        |    250000 | PA      | $249922.00    | 0.29%             | 2031-09-18      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| TGP Holdings III LLC                                                         | TGP HOLDINGS III 06/29/28                                                       | CUSIP: 87251RAK9<br>LEI: 549300LURVM6CQ1MNO41 | Long             | LON              | CORP              | US        |    475695 | PA      | $418849.64    | 0.48%             | 2028-06-29      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                                       | FIRST BRANDS GRO 03/30/27                                                       | CUSIP: 31935HAG2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    293978 | PA      | $283468.64    | 0.32%             | 2027-03-30      | Floating      | 9.54%                 | No            |                  2 | On Loan: No      |
| NGC Ltd                                                                      | NGC 2024-I Ltd                                                                  | CUSIP: 652927AJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    350000 | PA      | $351914.50    | 0.40%             | 2037-07-20      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| Jupiter Buyer Inc                                                            | ArchKey Hldg 10/10/31                                                           | CUSIP: 48205CAC9<br>LEI: 254900FACU3AJQKAQ270 | Long             | LON              | CORP              | US        |    179310 | PA      | $179534.48    | 0.20%             | 2031-11-01      | Floating      | 9.03%                 | No            |                  2 | On Loan: No      |
| TGP Holdings III LLC                                                         | TGP Holdings III LLC                                                            | CUSIP: 87251RAK9<br>LEI: 549300LURVM6CQ1MNO41 | Long             | LON              | CORP              | US        |     74988 | PA      | $66027.28     | 0.08%             | 2028-06-29      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                                                   | US Bancorp                                                                      | CUSIP: 902973BC9<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    600000 | PA      | $574012.97    | 0.66%             | N/A             | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Great Outdoors Group LLC                                                     | GREAT OUTDOORS G 01/16/32                                                       | CUSIP: 07014QAP6<br>LEI: 549300IYLDI2E8I2AU46 | Long             | LON              | CORP              | US        |    427136 | PA      | $422330.33    | 0.48%             | 2032-01-23      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Igloo Holdings Corp                                                          | MX HOLDINGS US INC                                                              | CUSIP: 55404TAF9<br>LEI: 549300RKTIVJWNROR778 | Long             | LON              | CORP              | US        |    150000 | PA      | $150000.00    | 0.17%             | 2032-03-17      | Floating      | 6.58%                 | No            |                  3 | On Loan: No      |
| Doncasters US Finance LLC                                                    | DONCASTERS US FI 04/23/30                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    123849 | PA      | $122300.89    | 0.14%             | 2030-04-23      | Floating      | 10.80%                | No            |                  3 | On Loan: No      |
| Tenneco Inc                                                                  | TENNECO 11/22 CO 11/17/28                                                       | CUSIP: 88037HAP9<br>LEI: 549300U0EXXFAQFAD785 | Long             | LON              | CORP              | US        |       986 | PA      | $953.84       | 0.00%             | 2028-11-17      | Floating      | 9.41%                 | No            |                  2 | On Loan: No      |
| Tenneco Inc                                                                  | TENNECO 11/22 CO 11/17/28                                                       | CUSIP: 88037HAP9<br>LEI: 549300U0EXXFAQFAD785 | Long             | LON              | CORP              | US        |    349014 | PA      | $337796.11    | 0.39%             | 2028-11-17      | Floating      | 9.41%                 | No            |                  2 | On Loan: No      |
| PG Polaris Bidco (Ursa Minor)                                                | PG Polaris BidCo 03/26/31                                                       | CUSIP: 91728NAB5<br>LEI: 254900XMCCB3IEZ2A005 | Long             | LON              | CORP              | LU        |     49150 | PA      | $49180.76     | 0.06%             | 2031-03-26      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                                                    | GAINWELL ACQUISI 10/01/27                                                       | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    216470 | PA      | $206909.20    | 0.24%             | 2027-10-01      | Floating      | 8.40%                 | Yes           |                  2 | On Loan: No      |
| QXO Building Products Inc (f/k/a Beacon Roofing Supply Inc.)                 | BEACON ROOFING S 04/24/32                                                       | CUSIP: 07368RAJ0<br>LEI: 549300HDXQWWCBOYXP31 | Long             | LON              | CORP              | US        |    200000 | PA      | $200833.40    | 0.23%             | 2032-04-30      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| PG Polaris Bidco (Ursa Minor)                                                | PG Polaris BidCo 03/26/31                                                       | CUSIP: 91728NAB5<br>LEI: 254900XMCCB3IEZ2A005 | Long             | LON              | CORP              | LU        |    149851 | PA      | $149944.86    | 0.17%             | 2031-03-26      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                     | Lumen Tec 04/15/30                                                              | CUSIP: 55024EAG0<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    448859 | PA      | $443996.45    | 0.51%             | 2030-04-15      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| Recess Holdings Inc                                                          | RECESS HOLDING 02/20/30                                                         | CUSIP: 72811HAJ9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    248004 | PA      | $247693.75    | 0.28%             | 2030-02-20      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Doncasters US Finance LLC                                                    | DONCASTERS US FI 04/23/30                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     98901 | PA      | $97664.74     | 0.11%             | 2030-04-23      | Floating      | 10.80%                | No            |                  3 | On Loan: No      |
| AIP RD Buyer Corp                                                            | RELADYNE 01/25/29                                                               | CUSIP: 00149HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    148505 | PA      | $148504.99    | 0.17%             | 2030-12-23      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| Covanta Holding Corporation                                                  | CVA REWORLD HLDG 11/30/28                                                       | CUSIP: 22282GAN7<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |     14269 | PA      | $14251.31     | 0.02%             | 2028-11-30      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| DIGICEL GROUP HOLDINGS                                                       | Digicel Group Holdings Ltd                                                      | CUSIP: 25381HAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      4924 | PA      | $0.00         | 0.00%             | 2030-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Hunter Douglas Holding BV                                                    | HUNTER DOUGLA 01/31/32                                                          | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |    249375 | PA      | $245010.94    | 0.28%             | 2032-01-17      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Broadstreet Partners Inc                                                     | BROADSTREET PART 06/16/31                                                       | CUSIP: 11132VAY5<br>LEI: 549300BS9N54G8DD0R75 | Long             | LON              | CORP              | US        |     24311 | PA      | $24320.34     | 0.03%             | 2031-06-13      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Broadstreet Partners Inc                                                     | BROADSTREET PART 06/16/31                                                       | CUSIP: 11132VAY5<br>LEI: 549300BS9N54G8DD0R75 | Long             | LON              | CORP              | US        |    248751 | PA      | $248843.92    | 0.28%             | 2031-06-13      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Maverick Gaming LLC                                                          | MAVERICK GAMIN 06/03/28                                                         | CUSIP: 57770JAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     33954 | PA      | $30473.32     | 0.03%             | 2028-06-03      | Floating      | 11.78%                | No            |                  3 | On Loan: No      |
| Belfor Holdings Inc                                                          | BELFOR HLDG 11/01/30                                                            | CUSIP: 07768YAQ5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    382306 | PA      | $383261.43    | 0.44%             | 2030-11-01      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Ingram Micro Inc                                                             | INGRAM MICR 09/19/31                                                            | CUSIP: 45258FAD2<br>LEI: 549300KJMEWPKRQZHX63 | Long             | LON              | CORP              | US        |    167687 | PA      | $168210.71    | 0.19%             | 2031-09-22      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                                                        | LEVEL 3 FINANCIN 03/21/32                                                       | CUSIP: 52729KAT3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |    250000 | PA      | $251312.50    | 0.29%             | 2032-03-27      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Reworld Holding Corporation                                                  | Reworld Holding 11/30/28                                                        | CUSIP: 22282GAK3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |     11114 | PA      | $11137.14     | 0.01%             | 2028-11-30      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS                                                      | VistaJet Malta Finance PLC / Vista Management Holding Inc                       | CUSIP: 92840JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     75000 | PA      | $73312.50     | 0.08%             | 2027-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                                                  | ALLIED UNIVERSAL 05/12/28                                                       | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |    146405 | PA      | $146533.06    | 0.17%             | 2028-05-12      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| Nouryon Finance BV                                                           | Nouryon F 04/03/28                                                              | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |     50972 | PA      | $51003.45     | 0.06%             | 2028-04-03      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Ncr Atleos Corporation                                                       | NCR ATLEOS 03/27/29                                                             | CUSIP: 63001PAF8<br>LEI: 9845005FC3S0VA714741 | Long             | LON              | CORP              | US        |     96000 | PA      | $96312.00     | 0.11%             | 2029-04-16      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| Nouryon Finance BV                                                           | Nouryon F 04/03/28                                                              | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |    189614 | PA      | $189732.15    | 0.22%             | 2028-04-03      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| M6 Etx Holdings Ii Midco LLC                                                 | M6 ETX HOLDINGS 03/24/32                                                        | CUSIP: 55285DAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    100000 | PA      | $100200.00    | 0.11%             | 2032-03-25      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Secure Acquisition, Inc.                                                     | SECURE AC 12/16/28                                                              | CUSIP: 81379KAB4<br>LEI: 549300YQX175FJL0XO54 | Long             | LON              | CORP              | US        |    398251 | PA      | $397753.65    | 0.45%             | 2028-12-15      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Trugreen Limited Partnership                                                 | TRUGREEN LP 11/02/27                                                            | CUSIP: 89787RAH5<br>LEI: 549300QNRP2MNHR3QM19 | Long             | LON              | CORP              | US        |    147308 | PA      | $141783.62    | 0.16%             | 2027-11-02      | Floating      | 8.43%                 | No            |                  2 | On Loan: No      |
| Kodiak BP LLC                                                                | KODIAK B 12/31/31                                                               | CUSIP: 50011JAF7<br>LEI: 549300Y1Q6ZUH0EXO182 | Long             | LON              | CORP              | US        |       438 | PA      | $413.44       | 0.00%             | 2031-12-04      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| PODS LLC                                                                     | PODS LLC 03/31/28                                                               | CUSIP: 73044EAB0<br>LEI: 984500EC4ZCD5U1SDF04 | Long             | LON              | CORP              | US        |    121973 | PA      | $116942.02    | 0.13%             | 2028-03-31      | Floating      | 7.54%                 | No            |                  2 | On Loan: No      |
| Markermeer Finance B.V.                                                      | MARKERMEER F 01/29/27                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |    200000 | PA      | $226635.97    | 0.26%             | 2027-01-29      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Kodiak BP LLC                                                                | KODIAK B 12/31/31                                                               | CUSIP: 50011JAF7<br>LEI: 549300Y1Q6ZUH0EXO182 | Long             | LON              | CORP              | US        |    174562 | PA      | $164961.56    | 0.19%             | 2031-12-04      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| Renaissance Holding Corp                                                     | RENAISSANCE HLDG 04/05/30                                                       | CUSIP: 75972JAK0<br>LEI: 549300UKKEC0Y6TXNF09 | Long             | LON              | CORP              | US        |    197191 | PA      | $181251.83    | 0.21%             | 2030-04-05      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| Swf Holdings I Corp.                                                         | SWF HOLDINGS I CORP                                                             | CUSIP: 000000000<br>LEI: 5493000CMZKPQ7BKPB20 | Long             | LON              | CORP              | US        |    171429 | PA      | $170571.43    | 0.19%             | 2029-12-18      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Sycamore Buyer LLC                                                           | WAYNE-SANDERSON FARMS LLC                                                       | CUSIP: 87114UAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    125000 | PA      | $124739.63    | 0.14%             | 2029-07-23      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                                            | HERC HOLDINGS INC                                                               | CUSIP: 000000000<br>LEI: 549300TP80QLITMSBP82 | Long             | LON              | CORP              | US        |    100000 | PA      | $100250.00    | 0.11%             | 2032-05-17      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Indy Us Bidco, LLC                                                           | Indy Us Bidc 03/28.2028                                                         | CUSIP: 45674PAR5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    101043 | PA      | $101042.78    | 0.12%             | 2028-03-06      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Indy Us Bidco, LLC                                                           | Indy Us Bidc 03/28.2028                                                         | CUSIP: 45674PAR5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    100406 | PA      | $100406.09    | 0.11%             | 2028-03-06      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| INDICOR LLC                                                                  | ROPER INDUSTRIAL PRODUCT                                                        | CUSIP: 77669LAK9<br>LEI: 254900RXO1EICEHOLG29 | Long             | LON              | CORP              | US        |     50000 | PA      | $49750.00     | 0.06%             | 2029-11-22      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Peer Holding III BV                                                          | PEER HLDG I 07/01/31                                                            | CUSIP: 000000000<br>LEI: 7245002S0K5Q59JCVQ03 | Long             | LON              | CORP              | NL        |    224438 | PA      | $224788.07    | 0.26%             | 2031-07-01      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| Tikehau US CLO Ltd                                                           | Tikehau US CLO V Ltd                                                            | CUSIP: 88675YAA2<br>LEI: 254900B2V9LYKTKKHF52 | Long             | ABS-CBDO         | CORP              | BM        |    500000 | PA      | $502230.10    | 0.57%             | 2036-01-15      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment, Inc.                                                  | Caesars Entm 02/06/30                                                           | CUSIP: 12768EAG1<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |    163588 | PA      | $162770.01    | 0.19%             | 2030-02-06      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                                                                  | Gap Inc/The                                                                     | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     75000 | PA      | $66292.50     | 0.08%             | 2031-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                                                     | BX Trust 2025-DIME                                                              | CUSIP: 05613UAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $248061.08    | 0.28%             | 2035-02-15      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| American Airlines Inc                                                        | AADVANTAGE LOYAL 04/20/28                                                       | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    291840 | PA      | $288484.12    | 0.33%             | 2028-04-20      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| First Brands Group LLC                                                       | FIRST BRANDS GR 03/24/28                                                        | CUSIP: 31935HAF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    475000 | PA      | $427500.00    | 0.49%             | 2028-03-30      | Floating      | 13.04%                | No            |                  2 | On Loan: No      |
| Tenneco Inc                                                                  | TENNECO 11/17/28                                                                | CUSIP: 88037HAN4<br>LEI: 549300U0EXXFAQFAD785 | Long             | LON              | CORP              | US        |       962 | PA      | $927.54       | 0.00%             | 2028-11-17      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| Trulite Holding Corp.                                                        | TR 02/15/31                                                                     | CUSIP: 89789MAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    170625 | PA      | $162946.88    | 0.19%             | 2030-03-01      | Floating      | 10.29%                | No            |                  3 | On Loan: No      |
| Tenneco Inc                                                                  | TENNECO 11/17/28                                                                | CUSIP: 88037HAN4<br>LEI: 549300U0EXXFAQFAD785 | Long             | LON              | CORP              | US        |    375106 | PA      | $361743.05    | 0.41%             | 2028-11-17      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| Rockpoint Gas Storage Partners LP                                            | ROCKPOINT GAS ST 09/18/31                                                       | CUSIP: 000000000<br>LEI: 549300ZXM0KTRM0NMI59 | Long             | LON              | CORP              | CA        |     24438 | PA      | $24429.88     | 0.03%             | 2031-09-18      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Rockpoint Gas Storage Partners LP                                            | ROCKPOINT GAS ST 09/18/31                                                       | CUSIP: 000000000<br>LEI: 549300ZXM0KTRM0NMI59 | Long             | LON              | CORP              | CA        |     36656 | PA      | $36644.81     | 0.04%             | 2031-09-18      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| BCP VI Summit Holdings LP                                                    | NVENT THERMAL 09/30/31                                                          | CUSIP: 05614GAC5<br>LEI: 254900LK60A9DK5W5N81 | Long             | LON              | CORP              | US        |     50000 | PA      | $50187.50     | 0.06%             | 2032-01-30      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| VT Topco Inc                                                                 | VT TOPC 08/09/30                                                                | CUSIP: 91838LAK6<br>LEI: 5493007T812R37X02Y38 | Long             | LON              | CORP              | US        |     74066 | PA      | $74158.82     | 0.08%             | 2030-08-09      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| PVKG Intermediate Holdings Inc(                                              | CONVERGEONE HLDG 06/04/30                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     54808 | PA      | $32885.05     | 0.04%             | 2030-06-04      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| MLN US HoldCo LLC                                                            | MLN US HoldC 10/18/27                                                           | CUSIP: 55292HAG8<br>LEI: 549300QKU7NPW6O86862 | Long             | LON              | CORP              | US        |     21989 | PA      | $21.99        | 0.00%             | 2027-10-18      | Floating      | 14.94%                | No            |                  3 | On Loan: No      |
| Carlyle Global Market Strategi                                               | Carlyle US CLO 2025-1 Ltd                                                       | CUSIP: 14319VAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    750000 | PA      | $748875.00    | 0.85%             | 2038-04-25      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Crown Subsea Communications Holding Inc                                      | CROWN SUBSEA COM 01/30/31                                                       | CUSIP: 22860EAJ1<br>LEI: 5493003AYLUE132FIO27 | Long             | LON              | CORP              | US        |    148875 | PA      | $149371.20    | 0.17%             | 2031-01-30      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Zayo Group Holdings Inc                                                      | ZAYO 03/9/27                                                                    | CUSIP: 98919XAB7<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | LON              | CORP              | US        |    105000 | PA      | $99933.75     | 0.11%             | 2027-03-09      | Floating      | 7.44%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                | Citigroup Inc                                                                   | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    510000 | PA      | $505562.17    | 0.58%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Summer (BC) Bidco B LLC                                                      | K 02/12/29                                                                      | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | LON              | CORP              | LU        |    204375 | PA      | $201309.38    | 0.23%             | 2029-02-15      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| Glatfelter Corporation                                                       | TREASURE HOLDC 10/10/31                                                         | CUSIP: 89458XAB3<br>LEI: 549300LDQLQBT38QDY28 | Long             | LON              | CORP              | US        |    124688 | PA      | $120713.09    | 0.14%             | 2031-11-04      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| DIAMOND SPORTS GRP LLC- CS                                                   | DIAMOND SPORTS GRP LLC- CS                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1996 | NS      | $28359.17     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America, National Association                                        | CURRENCY CONTRACT - GBP                                                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-811.85      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Phoenix Guarantor Inc                                                        | PHOENIX GUARANTO 02/21/31                                                       | CUSIP: 71913BAK8<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |    270822 | PA      | $270859.66    | 0.31%             | 2031-02-21      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| HPS Loan Management Ltd                                                      | HPS Loan Management 2023-18 Ltd                                                 | CUSIP: 442911AE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $100579.76    | 0.11%             | 2036-07-20      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| Cpi Holdco B, LLC                                                            | CREATIVE PLANNING LLC                                                           | CUSIP: 1261MAAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    200000 | PA      | $199500.00    | 0.23%             | 2031-05-17      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Bombardier Recreational Products Inc                                         | BOMBARDIER RECRE 10/31/23                                                       | CUSIP: 09776MAS3<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    166657 | PA      | $166073.80    | 0.19%             | 2029-12-13      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Tidal Waste & Recycling Holdings LLC                                         | TIDAL WASTE & RE 10/31/31                                                       | CUSIP: 88636PAK7<br>LEI: 254900IQT82RE5KFAZ50 | Long             | LON              | CORP              | US        |    150000 | PA      | $150375.00    | 0.17%             | 2031-10-24      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| AAL Delaware Holdco Inc                                                      | ACUREN HLDG 07/30/31                                                            | CUSIP: 00036YAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     49750 | PA      | $49688.12     | 0.06%             | 2031-07-30      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Mcafee Corp                                                                  | MCAFEE 03/01/29                                                                 | CUSIP: 57906HAF4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | LON              | CORP              | US        |    292148 | PA      | $280024.16    | 0.32%             | 2029-03-01      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Swf Holdings I Corp.                                                         | SWF HLDGS I 12/19/29                                                            | CUSIP: 000000000<br>LEI: 5493000CMZKPQ7BKPB20 | Long             | LON              | CORP              | US        |    128571 | PA      | $127928.57    | 0.15%             | 2029-12-18      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Synechron Holdings Inc                                                       | SYNE 10/28/31                                                                   | CUSIP: 87168HAE7<br>LEI: 549300MUU3E8J6UT8E60 | Long             | LON              | CORP              | US        |    175000 | PA      | $174562.50    | 0.20%             | 2031-09-26      | Floating      | 8.03%                 | No            |                  3 | On Loan: No      |
| Zellis Cost Management                                                       | ZELIS PMTS BUYE 09/28/29                                                        | CUSIP: 98932TAG8<br>LEI: 549300U8NGLZN5R1Y309 | Long             | LON              | CORP              | US        |    307500 | PA      | $304713.44    | 0.35%             | 2029-09-28      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Albion Financing 3 SARL                                                      | AGGREKO HOLDING 08/02/29                                                        | CUSIP: 00847NAE6<br>LEI: 213800VFJ5CIN2NUQ821 | Long             | LON              | CORP              | US        |     26230 | PA      | $26263.19     | 0.03%             | 2029-08-16      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                                                            | Elevation CLO 2021-14 Ltd                                                       | CUSIP: 28623RBG2<br>LEI: 549300JPI8D017HI2768 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $498325.10    | 0.57%             | 2038-01-20      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Greystar Real Estate Partners, LLC                                           | GREYSTAR REAL ES 08/21/30                                                       | CUSIP: 39806LAD9<br>LEI: 254900HGC806SXAS4M46 | Long             | LON              | CORP              | US        |    316609 | PA      | $316609.02    | 0.36%             | 2030-08-21      | Floating      | 7.08%                 | No            |                  3 | On Loan: No      |
| Albion Financing 3 SARL                                                      | AGGREKO HOLDING 08/02/29                                                        | CUSIP: 00847NAE6<br>LEI: 213800VFJ5CIN2NUQ821 | Long             | LON              | CORP              | US        |     97153 | PA      | $97273.99     | 0.11%             | 2029-08-16      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                                                     | Ashton Woods USA LLC / Ashton Woods Finance Co                                  | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     38000 | PA      | $35651.45     | 0.04%             | 2030-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Lsf11 Trinity Bidco, Inc.                                                    | LSF11 TRINITY BI 06/14/30                                                       | CUSIP: 50221BAF0<br>LEI: 2549000M6VOEWVW5JU51 | Long             | LON              | CORP              | US        |    145270 | PA      | $144906.71    | 0.17%             | 2030-06-17      | Floating      | 7.32%                 | No            |                  3 | On Loan: No      |
| Reworld Holding Corporation                                                  | Reworld Holding 11/30/28                                                        | CUSIP: 22282GAL1<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |    201863 | PA      | $202115.48    | 0.23%             | 2028-11-30      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI FINL GRP                                                     | Sumitomo Mitsui Financial Group Inc                                             | CUSIP: 86562MDK3<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $98250.00     | 0.11%             | N/A             | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Gloves Buyer Inc                                                             | GLOVES BUYE 01/17/32                                                            | CUSIP: 000000000<br>LEI: 54930015O0Y94T5H8Z18 | Long             | LON              | CORP              | US        |    275000 | PA      | $265546.88    | 0.30%             | 2032-01-17      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| Madison Iaq LLC                                                              | MADISON IA 03/29/32                                                             | CUSIP: 55759VAD0<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |    225000 | PA      | $224919.68    | 0.26%             | 2032-05-06      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| XPLORE INC                                                                   | XPLORE INC                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5763 | NS      | $13633.39     | 0.02%             |  |  |  | Yes           |                  2 | On Loan: No      |
| RC Buyer Inc                                                                 | ROUGH COUNTRY LL 07/28/28                                                       | CUSIP: 74934KAC5<br>LEI: 549300ULXHJ9CR0QDU59 | Long             | LON              | CORP              | US        |    149215 | PA      | $145410.11    | 0.17%             | 2028-07-28      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Victory Buyer LLC                                                            | VANTAGE ELEVATOR 11/10/28                                                       | CUSIP: 92643PAB0<br>LEI: 549300G9TEUHGC81N056 | Long             | LON              | CORP              | US        |    273782 | PA      | $268648.16    | 0.31%             | 2028-11-19      | Floating      | 8.19%                 | No            |                  2 | On Loan: No      |
| Boost Newco Borrower LLC                                                     | BOOST NEWCO BORR 01/31/31                                                       | CUSIP: 92943EAG1<br>LEI: 254900S8RE1OL7TTCU64 | Long             | LON              | CORP              | US        |    198625 | PA      | $198563.03    | 0.23%             | 2031-01-31      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| MLN US HoldCo LLC                                                            | Mitel Networks 1 10/18/27                                                       | CUSIP: 55292HAL7<br>LEI: 549300QKU7NPW6O86862 | Long             | LON              | CORP              | US        |      4000 | PA      | $10.00        | 0.00%             | 2027-10-18      | Floating      | 17.75%                | No            |                  3 | On Loan: No      |
| Grant Thornton Advisors LLC                                                  | GRANT THORNTON ADVISORS                                                         | CUSIP: 38821UAE0<br>LEI: 254900XS1SHU0YY3WF58 | Long             | LON              | CORP              | US        |     13587 | PA      | $13519.02     | 0.02%             | 2031-06-02      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| ProAmpac PG Borrower LLC                                                     | PROAMPAC PG BORR 09/15/28                                                       | CUSIP: 74274NAL7<br>LEI: 549300ZI6LTXYFEY1578 | Long             | LON              | CORP              | US        |    119827 | PA      | $119602.22    | 0.14%             | 2028-09-15      | Floating      | 8.29%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust                                                | NYC Commercial Mortgage Trust 2025-3BP                                          | CUSIP: 67120UAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $146331.05    | 0.17%             | 2042-02-15      | Floating      | 6.77%                 | No            |                  2 | On Loan: No      |
| Consolidated Energy Finance SA                                               | CONSOLIDATED E 11/07/30                                                         | CUSIP: 000000000<br>LEI: 549300PUNIS0USNSL750 | Long             | LON              | CORP              | LU        |    273184 | PA      | $254402.79    | 0.29%             | 2030-11-15      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Pro Mach Group Inc                                                           | PRO MACH GROU 08/31/28                                                          | CUSIP: 74273JAK9<br>LEI: 5493008SZGSVUCSNB151 | Long             | LON              | CORP              | US        |    188299 | PA      | $188364.18    | 0.21%             | 2028-08-31      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| ProAmpac PG Borrower LLC                                                     | PROAMPAC PG BORR 09/15/28                                                       | CUSIP: 74274NAL7<br>LEI: 549300ZI6LTXYFEY1578 | Long             | LON              | CORP              | US        |     77682 | PA      | $77536.23     | 0.09%             | 2028-09-15      | Floating      | 8.29%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP                                                            | COPELAND (E 06/18/31                                                            | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |    149250 | PA      | $148441.51    | 0.17%             | 2031-08-04      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                      | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYU2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    600000 | PA      | $584170.90    | 0.67%             | N/A             | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                      | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GA79<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    175000 | PA      | $182567.77    | 0.21%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Cinemark USA Inc                                                             | CINEMARK USA INC                                                                | CUSIP: 172442AU9<br>LEI: 54930008H2137JSCPQ09 | Long             | LON              | CORP              | US        |    150000 | PA      | $150000.00    | 0.17%             | 2030-05-24      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Geon Performance Solutions LLC                                               | GEON PERFORMANCE 08/18/28                                                       | CUSIP: 37254YAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    369385 | PA      | $356456.41    | 0.41%             | 2028-08-18      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| Belron Finance US LLC                                                        | BELRON 10/01/31                                                                 | CUSIP: 08078UAM5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    322500 | PA      | $323608.76    | 0.37%             | 2031-10-16      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| PCI Gaming Authority                                                         | PCI Gaming Auth 07/18/31                                                        | CUSIP: 70455DAG9<br>LEI: 549300KPXAJ1LRW5LP59 | Long             | LON              | CORP              | US        |    496748 | PA      | $495505.63    | 0.57%             | 2031-07-18      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                                                     | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $91310.13     | 0.10%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CCRR Parent Inc                                                              | Ingenovis Health Inc                                                            | CUSIP: 12510MAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    175000 | PA      | $78750.00     | 0.09%             | 2028-03-06      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| Apro LLC                                                                     | APR 07/31/31                                                                    | CUSIP: 03834XAP8<br>LEI: 549300HALLMPVGYAKP14 | Long             | LON              | CORP              | US        |    323375 | PA      | $321758.13    | 0.37%             | 2031-07-09      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Foundation Building Materials Inc                                            | FOUNDATION BUILD 01/29/31                                                       | CUSIP: 35039KAE6<br>LEI: 549300ZVE6MONHB01I28 | Long             | LON              | CORP              | US        |    150000 | PA      | $141187.50    | 0.16%             | 2031-01-29      | Floating      | 9.55%                 | No            |                  2 | On Loan: No      |
| ECL Entertainment LLC                                                        | ECL ENTERTAINMENT LLC                                                           | CUSIP: 26826TAL7<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |    150000 | PA      | $150375.00    | 0.17%             | 2030-08-31      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Arcis Golf LLC                                                               | ARCIS GOL 11/24/28                                                              | CUSIP: 000000000<br>LEI: 254900ZMGXNNIX4SXQ48 | Long             | LON              | CORP              | US        |     22500 | PA      | $22429.80     | 0.03%             | 2028-11-24      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Pregis Topco LLC                                                             | PREGIS TOPC 03/31/29                                                            | CUSIP: 74045BAG2<br>LEI: 549300LJXHJYHS1GM034 | Long             | LON              | CORP              | US        |     98698 | PA      | $98739.06     | 0.11%             | 2029-02-28      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| IVC Acquisition Ltd                                                          | VETSTRATEGY CANA 12/06/28                                                       | CUSIP: 000000000<br>LEI: 254900WZMD2JOGND1Z32 | Long             | LON              | CORP              | CA        |    299244 | PA      | $300491.28    | 0.34%             | 2028-12-12      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| Iridium Satellite LLC                                                        | IRIDIUM COMM 09/20/30                                                           | CUSIP: 46269KAT1<br>LEI: 254900615BJ7139TFM33 | Long             | LON              | CORP              | US        |    138172 | PA      | $137727.45    | 0.16%             | 2030-09-20      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                                      | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    210000 | PA      | $212421.38    | 0.24%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Xplore Inc                                                                   | XPLOR 10/24/31                                                                  | CUSIP: 000000000<br>LEI: 254900V3NB5MGOZS4O08 | Long             | LON              | CORP              | CA        |    101089 | PA      | $78596.72     | 0.09%             | 2031-10-24      | Floating      | 6.09%                 | No            |                  3 | On Loan: No      |
| Virgin Media Bristol LLC                                                     | VIRGIN MEDIA BRI 03/31/31                                                       | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |    300000 | PA      | $294875.10    | 0.34%             | 2031-03-31      | Floating      | 7.37%                 | No            |                  2 | On Loan: No      |
| Summer (BC) Bidco B LLC                                                      | SUMMER BC HOLDCO B SARL                                                         | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | LON              | CORP              | LU        |     20000 | PA      | $19700.00     | 0.02%             | 2029-02-15      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                                                        | GFL Environmental Inc                                                           | CUSIP: 36168QAQ7<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $51671.50     | 0.06%             | 2031-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CCRR Parent Inc                                                              | CCRR PARENT INC 03/06/28                                                        | CUSIP: 12510MAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    348187 | PA      | $156683.95    | 0.18%             | 2028-03-06      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                                              | Sealed Air Corp                                                                 | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49179.81     | 0.06%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cedar Fair LP                                                                | CEDAR FA 04/18/31                                                               | CUSIP: 15018LAN1<br>LEI: 529900AS2CYWYFHRS781 | Long             | LON              | CORP              | US        |    149248 | PA      | $149201.55    | 0.17%             | 2031-05-01      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| SonicWall US Holdings Inc                                                    | SONICWALL US HOL 05/31/28                                                       | CUSIP: 83547MAF4<br>LEI: 549300KJE1MHNCWBX302 | Long             | LON              | CORP              | US        |     42112 | PA      | $41290.44     | 0.05%             | 2028-05-18      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| AMG Advanced Metallurgical Group NV                                          | AMG ADVANCED 11/16/28                                                           | CUSIP: 000000000<br>LEI: 5493006MN6OH67U2YI74 | Long             | LON              | CORP              | NL        |     78647 | PA      | $76877.55     | 0.09%             | 2028-11-30      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| AMG Advanced Metallurgical Group NV                                          | AMG ADVANCED 11/16/28                                                           | CUSIP: 000000000<br>LEI: 5493006MN6OH67U2YI74 | Long             | LON              | CORP              | NL        |    193540 | PA      | $189184.97    | 0.22%             | 2028-11-30      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                                        | Wells Fargo & Co                                                                | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    625000 | PA      | $614936.86    | 0.70%             | N/A             | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Cpi Holdco B, LLC                                                            | CPI HOLDCO 05/19/31                                                             | CUSIP: 1261MAAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    200000 | PA      | $199687.60    | 0.23%             | 2031-05-19      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| JFL-Tiger Acquisition Co., Inc                                               | JFL TIGER ACQ C 10/31/30                                                        | CUSIP: 000000000<br>LEI: 254900KPFL42CYD2VY03 | Long             | LON              | CORP              | US        |    347239 | PA      | $346371.24    | 0.40%             | 2030-10-17      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                                        | Level 3 Financing Inc                                                           | CUSIP: 527298CB7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22795.12     | 0.03%             | 2029-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Neon Maple Purchaser Inc                                                     | PPI HLDG U 11/15/31                                                             | CUSIP: 69425BAB3<br>LEI: 254900L3D6CI0XH2P605 | Long             | LON              | CORP              | US        |    465066 | PA      | $464000.31    | 0.53%             | 2031-11-17      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Alliance Laundry Systems LLC                                                 | Alliance Laundry 08/19/31                                                       | CUSIP: 01862LBA5<br>LEI: 549300YBOGK6MBI5ND34 | Long             | LON              | CORP              | US        |    375000 | PA      | $374947.88    | 0.43%             | 2031-08-19      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Neon Maple Purchaser Inc                                                     | PPI HLDG U 11/15/31                                                             | CUSIP: 69425BAB3<br>LEI: 254900L3D6CI0XH2P605 | Long             | LON              | CORP              | US        |    166803 | PA      | $166421.07    | 0.19%             | 2031-11-17      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Covanta Holding Corporation                                                  | CVA REWORLD HLDG 11/30/28                                                       | CUSIP: 22282GAM9<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |    185267 | PA      | $185034.94    | 0.21%             | 2028-11-30      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                                                  | ASURION 01/31/28                                                                | CUSIP: 04649VAZ3<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     50000 | PA      | $48175.00     | 0.05%             | 2028-01-31      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| Neon Maple Purchaser Inc                                                     | PPI HLDG U 11/15/31                                                             | CUSIP: 69425BAB3<br>LEI: 254900L3D6CI0XH2P605 | Long             | LON              | CORP              | US        |     43130 | PA      | $43031.53     | 0.05%             | 2031-11-17      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US                                                     | Sealed Air Corp/Sealed Air Corp US                                              | CUSIP: 812127AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25265.53     | 0.03%             | 2028-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Calpine Corporation                                                          | CALPINE 01/31/31                                                                | CUSIP: 13134MBW2<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | LON              | CORP              | US        |    473810 | PA      | $473158.03    | 0.54%             | 2031-01-31      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| OXFORD LANE CAPITAL CORP                                                     | Oxford Lane Capital Corp                                                        | CUSIP: 691543854<br>LEI: 549300G3KO4JNQQD7Z72 | Long             | EP               | CORP              | US        |      5150 | NS      | $127205.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensemble RCM LLC                                                             | ENS 01/18/29                                                                    | CUSIP: 29359BAE1<br>LEI: 254900PDXJVVI20WAQ37 | Long             | LON              | CORP              | US        |    100000 | PA      | $100078.10    | 0.11%             | 2029-08-01      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| HIG Finance 2 Limited                                                        | HOWDEN GROUP HOLDINGS LTD                                                       | CUSIP: 000000000<br>LEI: 875500V3HPKZIQP10J32 | Long             | LON              | CORP              | GB        |     50000 | PA      | $50109.40     | 0.06%             | 2030-04-18      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Closure Systems International Group (f/k/a Canister International Group Inc) | CANISTER INTL GR 03/22/29                                                       | CUSIP: 13763HAF9<br>LEI: 549300E17L7BO8C0M603 | Long             | LON              | CORP              | US        |     99376 | PA      | $99375.62     | 0.11%             | 2029-03-13      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| BrewCo Borrower LLC                                                          | CITY BREWING C 04/05/28                                                         | CUSIP: 10756PAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    271545 | PA      | $108617.92    | 0.12%             | 2028-04-05      | Floating      | 10.51%                | No            |                  2 | On Loan: No      |
| Maverick Gaming LLC                                                          | MAVERICK GAMIN 01/03/28                                                         | CUSIP: 57770JAE6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     61630 | PA      | $29582.42     | 0.03%             | 2028-06-05      | Floating      | 11.81%                | No            |                  3 | On Loan: No      |
| Atlas Senior Loan Fund LTD                                                   | Atlas Senior Loan Fund XXI Ltd                                                  | CUSIP: 04940QAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    275000 | PA      | $276868.90    | 0.32%             | 2035-07-20      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| SonicWall US Holdings Inc                                                    | SONICWALL US HOL 05/31/28                                                       | CUSIP: 83547MAF4<br>LEI: 549300KJE1MHNCWBX302 | Long             | LON              | CORP              | US        |     31951 | PA      | $31327.84     | 0.04%             | 2028-05-18      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| CoreLogic Inc                                                                | CORELOGIC INC 06/02/28                                                          | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |    194918 | PA      | $191933.36    | 0.22%             | 2028-06-02      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Nouryon Finance BV                                                           | Nouryon F 04/03/28                                                              | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |     98754 | PA      | $98877.81     | 0.11%             | 2028-04-03      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                                         | Bank of America Corp                                                            | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1414965.47   | 1.61%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Kronos Acquisition Holdings Inc                                              | KRONOS ACQUISITI 06/26/31                                                       | CUSIP: 50106JAH9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    269645 | PA      | $229310.69    | 0.26%             | 2031-07-08      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Accelerated Health Systems LLC                                               | ACCELERATED HEAL 02/15/29                                                       | CUSIP: 04747LAM5<br>LEI: 549300FAKU4HJQC25564 | Long             | LON              | CORP              | US        |    248394 | PA      | $150692.24    | 0.17%             | 2029-02-15      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| USI Inc                                                                      | USI I 09/29/30                                                                  | CUSIP: 90351NAQ8<br>LEI: 2549006D7UF7072T7I27 | Long             | LON              | CORP              | US        |     68702 | PA      | $68358.87     | 0.08%             | 2030-09-27      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Evertec Group LLC                                                            | EVERTEC GROU 10/30/30                                                           | CUSIP: 000000000<br>LEI: 54930056CPTQSUNQYB82 | Long             | LON              | CORP              | US        |    135000 | PA      | $135506.25    | 0.15%             | 2030-10-30      | Floating      | 7.08%                 | No            |                  3 | On Loan: No      |
| Savage Enterprises LLC                                                       | Savage Enterpris 09/15/28                                                       | CUSIP: 80465JAH1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    298474 | PA      | $298939.74    | 0.34%             | 2028-09-15      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| PPM CLO 2 Ltd.                                                               | PPM CLO 2 Ltd                                                                   | CUSIP: 69377PAW4<br>LEI: 549300JBW1DIZLGMSY83 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502925.05    | 0.57%             | 2037-04-16      | Floating      | 6.51%                 | No            |                  2 | On Loan: No      |
| Opal Us LLC                                                                  | OPAL US LLC                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    500000 | PA      | $500375.00    | 0.57%             | 2032-04-23      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Michael Baker International LLC                                              | MICHAEL BAKER IN 12/01/28                                                       | CUSIP: 59406MAF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    348123 | PA      | $347252.81    | 0.40%             | 2028-12-01      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| MH Sub I LLC                                                                 | MH SUB I LLC                                                                    | CUSIP: 45567YAP0<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |    124688 | PA      | $112556.40    | 0.13%             | 2031-12-31      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Paint Intermediate III LLC                                                   | PAINT INTER II 09/11/31                                                         | CUSIP: 69575EAL3<br>LEI: 549300C2JJM7BNZTR054 | Long             | LON              | CORP              | US        |    250000 | PA      | $249583.25    | 0.28%             | 2031-10-09      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| Aventiv Technologies (3/24) 1st Lien                                         | AVENTIV TECHNOLO 12/31/25                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      6593 | PA      | $6791.15      | 0.01%             | 2025-12-24      | Floating      | 14.56%                | No            |                  2 | On Loan: No      |
| Asurion LLC                                                                  | ASURION LLC 01/22/29                                                            | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |    200000 | PA      | $189125.00    | 0.22%             | 2029-01-20      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| LifePoint Health Inc                                                         | LIFEPOINT H 05/16/31                                                            | CUSIP: 75915TAK8<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |    235607 | PA      | $232308.98    | 0.27%             | 2031-05-16      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Lifetime Brands Inc                                                          | LIFETIME BRANDS 08/26/27                                                        | CUSIP: 53223UAJ2<br>LEI: 549300GS38DC0OHLYK32 | Long             | LON              | CORP              | US        |     45009 | PA      | $42983.85     | 0.05%             | 2027-08-26      | Floating      | 9.94%                 | No            |                  3 | On Loan: No      |
| Asurion LLC                                                                  | ASURION LLC 12/23/26                                                            | CUSIP: 04649VAX8<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     75419 | PA      | $75334.47     | 0.09%             | 2026-12-23      | Floating      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| SOUND INPATIENT PHYSICIANS INC- Class A2                                     | SOUND INPATIENT PHYSICIANS INC- Class A2                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       355 | NS      | $351.88       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Radiate Holdco LLC                                                           | RADIATE HOLDCO L 09/25/26                                                       | CUSIP: 75025KAH1<br>LEI: 5493000GQJ5RDX9DNJ71 | Long             | LON              | CORP              | US        |    237497 | PA      | $208285.11    | 0.24%             | 2026-09-25      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                          | MEDLINE INDUS 10/23/28                                                          | CUSIP: 58503UAF0<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |    250000 | PA      | $249672.00    | 0.28%             | 2028-10-23      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| Skillsoft Finance II Inc                                                     | SKILLSOFT (US) C 07/14/28                                                       | CUSIP: 83066YAB8<br>LEI: 549300LDUD35NU8F0G43 | Long             | LON              | CORP              | US        |    120176 | PA      | $105454.38    | 0.12%             | 2028-07-14      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| Acrisure LLC                                                                 | ACRISUR 11/06/30                                                                | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |    271062 | PA      | $269029.48    | 0.31%             | 2030-11-06      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Xplornet - Contingent Value Rights                                           | Xplornet - Contingent Value Rights                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       432 | NS      | $0.04         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sedgwick Claims Management Services Inc                                      | SED 06/27/31                                                                    | CUSIP: 81527CAP2<br>LEI: 549300BIN4DWJG5VWF64 | Long             | LON              | CORP              | US        |    400000 | PA      | $400416.80    | 0.46%             | 2031-07-31      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| DS Parent Inc                                                                | DS P 12/13/30                                                                   | CUSIP: 23344YAG7<br>LEI: 254900EH8GRZUGRWRH57 | Long             | LON              | CORP              | US        |     99250 | PA      | $85975.31     | 0.10%             | 2031-01-31      | Floating      | 9.80%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                                                   | ROCK Trust 2024-CNTR                                                            | CUSIP: 74970WAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $208912.76    | 0.24%             | 2041-11-13      | Fixed         | 8.82%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                                                | Citigroup Inc                                                                   | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    340000 | PA      | $344412.85    | 0.39%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Peer Holding III BV                                                          | PEER HLDG I 10/28/30                                                            | CUSIP: 000000000<br>LEI: 7245002S0K5Q59JCVQ03 | Long             | LON              | CORP              | NL        |     74811 | PA      | $74966.91     | 0.09%             | 2030-10-26      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS CO                                                            | General Motors Co                                                               | CUSIP: 37045VAZ3<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104491.41    | 0.12%             | 2032-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Lightstone HoldCo LLC                                                        | LIGHTSTONE HOLDC 02/01/27                                                       | CUSIP: 53226GAL5<br>LEI: 549300VXK6UGDG7H3G98 | Long             | LON              | CORP              | US        |     10360 | PA      | $10346.90     | 0.01%             | 2027-01-29      | Floating      | 10.03%                | No            |                  2 | On Loan: No      |
| Chart Industries, Inc.                                                       | CHART INDUS 03/18/30                                                            | CUSIP: 16115EAT4<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | LON              | CORP              | US        |    154404 | PA      | $154404.45    | 0.18%             | 2030-03-15      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                              | CDS CDX.NA.HY.44.V1                                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $416740.90    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Dave & Busters Inc                                                           | DAVE & BUSTER 06/29/29                                                          | CUSIP: 23833EAX2<br>LEI: 549300JAVWTAY1FT5Z45 | Long             | LON              | CORP              | US        |    174154 | PA      | $165301.41    | 0.19%             | 2029-06-29      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| EAB Global Inc                                                               | EAB Global, 08/16/28                                                            | CUSIP: 26835CAC3<br>LEI: 254900WJRUVZKYEF1M36 | Long             | LON              | CORP              | US        |    273185 | PA      | $267294.72    | 0.31%             | 2030-08-16      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Imagine Learning LLC                                                         | WELD NORTH EDUCATION LLC                                                        | CUSIP: 94935RAF0<br>LEI: 254900W855WLN58WNJ32 | Long             | LON              | CORP              | US        |    100000 | PA      | $98675.00     | 0.11%             | 2029-12-21      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Patagonia Holdco LLC                                                         | PATAGONIA H 08/01/29                                                            | CUSIP: 70289FAD3<br>LEI: 254900OLXUIWWEAJZ984 | Long             | LON              | CORP              | US        |    232732 | PA      | $199421.81    | 0.23%             | 2029-08-01      | Floating      | 10.05%                | No            |                  2 | On Loan: No      |
| EXAMWORKS BIDCO INC                                                          | EXAMWORKS BIDCO INC                                                             | CUSIP: 28542CAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    250000 | PA      | $250234.50    | 0.29%             | 2028-11-01      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| Pregis Topco LLC                                                             | PREGIS TOPCO LLC                                                                | CUSIP: 74045BAG2<br>LEI: 549300LJXHJYHS1GM034 | Long             | LON              | CORP              | US        |     35714 | PA      | $35729.23     | 0.04%             | 2029-02-28      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| Cornerstone Building Brands Inc                                              | CORNERSTONE BLDG 08/01/28                                                       | CUSIP: 21925FAB0<br>LEI: 549300IW41QEWQ6T0H29 | Long             | LON              | CORP              | US        |    318686 | PA      | $282037.17    | 0.32%             | 2028-08-01      | Floating      | 9.95%                 | No            |                  2 | On Loan: No      |
| BCPE North Star US Holdco 2 Inc                                              | BCPE NORTH STAR 06/09/28                                                        | CUSIP: 05552DAD4<br>LEI: 254900AGB0JDUDNIJC95 | Long             | LON              | CORP              | US        |    219209 | PA      | $214893.62    | 0.25%             | 2028-06-09      | Floating      | 8.44%                 | No            |                  2 | On Loan: No      |
| Flutter Entertainment Public Limited Company                                 | FLUTTER FINANCING BV                                                            | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    175000 | PA      | $174343.75    | 0.20%             | 2032-05-22      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Inmar Inc                                                                    | Inma 05/01/26                                                                   | CUSIP: 45763FAT5<br>LEI: 549300N1ML5MXXFIDZ25 | Long             | LON              | CORP              | US        |    117131 | PA      | $117424.11    | 0.13%             | 2031-10-30      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| Verde Purchaser, LLC                                                         | VERDE PURC 11/30/30                                                             | CUSIP: 92338TAB2<br>LEI: 5493004G8OK5L1UTIY12 | Long             | LON              | CORP              | US        |    149624 | PA      | $149549.25    | 0.17%             | 2030-11-30      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Sound Inpatient Physicians Inc                                               | Sound Inpatient 06/28/28                                                        | CUSIP: 83607JAD3<br>LEI: 54930047QBMPL027P218 | Long             | LON              | CORP              | US        |     49512 | PA      | $51492.24     | 0.06%             | 2028-06-28      | Floating      | 11.06%                | No            |                  2 | On Loan: No      |
| Diamond Sports Net, LLC                                                      | DIAMOND SPORTS N 01/02/28                                                       | CUSIP: 25277EAB8<br>LEI: 549300MPO5H6LGX4RJ82 | Long             | LON              | CORP              | US        |     13235 | PA      | $11878.52     | 0.01%             | 2028-01-02      | Fixed         | 15.00%                | No            |                  2 | On Loan: No      |
| Azorra Soar TLB FInance Limited                                              | AZORRA SOAR TL 10/30/29                                                         | CUSIP: 000000000<br>LEI: 254900W0D3E1W7DRS089 | Long             | LON              | CORP              | KY        |    306460 | PA      | $306076.93    | 0.35%             | 2029-10-18      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| Inmar Inc                                                                    | Inma 05/01/26                                                                   | CUSIP: 45763FAT5<br>LEI: 549300N1ML5MXXFIDZ25 | Long             | LON              | CORP              | US        |     24896 | PA      | $24958.07     | 0.03%             | 2031-10-30      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| Inmar Inc                                                                    | Inma 05/01/26                                                                   | CUSIP: 45763FAT5<br>LEI: 549300N1ML5MXXFIDZ25 | Long             | LON              | CORP              | US        |    137446 | PA      | $137789.55    | 0.16%             | 2031-10-30      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| Dechra Pharmaceuticals Holdings Limited (f/k/a Freya Bidco Limited)          | DECHRA FINAN 12/03/31                                                           | CUSIP: 24343EAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    200000 | PA      | $198500.00    | 0.23%             | 2032-01-27      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Red Planet Borrower LLC                                                      | RED PLANET BORRO 10/02/28                                                       | CUSIP: 57165KAB2<br>LEI: 254900LGTHBRY5NA0C90 | Long             | LON              | CORP              | US        |    219758 | PA      | $217890.45    | 0.25%             | 2028-10-02      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| (PIPA070) PGIM Core Government Money Market Fund                             | (PIPA070) PGIM Core Government Money Market Fund                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   8989681 | NS      | $8989681.21   | 10.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Financial Holdings LLC                                               | GENUINE FINL HLD 09/27/30                                                       | CUSIP: 37190DAN3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    197565 | PA      | $193119.31    | 0.22%             | 2030-09-27      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| TK Elevator Midco Gmbh                                                       | TK ELEVATOR US N 04/30/30                                                       | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | US        |    570458 | PA      | $571273.28    | 0.65%             | 2030-04-30      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| Allen Media LLC                                                              | ALLEN MEDIA LLC 02/10/27                                                        | CUSIP: 01771JAG8<br>LEI: 549300ERNJNM4RN5JP79 | Long             | LON              | CORP              | US        |    182977 | PA      | $100637.31    | 0.11%             | 2027-02-10      | Floating      | 9.95%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                                          | CLYDESDALE ACQUISITION HOLDINGS INC                                             | CUSIP: 18972FAF9<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |      8591 | PA      | $8519.48      | 0.01%             | 2032-04-01      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| Charlotte Buyer Inc                                                          | CHARLOTTE BUYE 02/11/28                                                         | CUSIP: 12568YAH7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    287846 | PA      | $287530.61    | 0.33%             | 2028-02-11      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Lightstone HoldCo LLC                                                        | LIGHTSTONE HOLDC 02/01/27                                                       | CUSIP: 53226GAK7<br>LEI: 549300VXK6UGDG7H3G98 | Long             | LON              | CORP              | US        |    183163 | PA      | $182934.51    | 0.21%             | 2027-01-29      | Floating      | 10.03%                | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                                                        | Toronto-Dominion Bank/The                                                       | CUSIP: 89116CKP1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    970000 | PA      | $988142.40    | 1.13%             | 2084-07-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Kuehg Corp.                                                                  | KUEHG CORP                                                                      | CUSIP: 50118YAG4<br>LEI: 549300YNT566T1NYJX62 | Long             | LON              | CORP              | US        |    100000 | PA      | $100275.00    | 0.11%             | 2030-06-12      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| Quartz AcquireCo LLC                                                         | QUARTZ ACQUIREC 06/28/30                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     74810 | PA      | $74903.64     | 0.09%             | 2030-06-28      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| Alterra Mountain Company                                                     | ALTERRA M 05/31/30                                                              | CUSIP: 46124CAR8<br>LEI: 549300C5O4FSVNUEI843 | Long             | LON              | CORP              | US        |    123443 | PA      | $123442.96    | 0.14%             | 2030-05-31      | Floating      | 7.32%                 | No            |                  3 | On Loan: No      |
| Rainbow UK Holdco Limited                                                    | RAINBOW UK HOLDC 02/26/29                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    375000 | PA      | $501046.39    | 0.57%             | 2029-02-23      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| MLN US HoldCo LLC                                                            | MLN US HOLDCO 10/18/27                                                          | CUSIP: 55292HAJ2<br>LEI: 549300QKU7NPW6O86862 | Long             | LON              | CORP              | US        |     49658 | PA      | $124.14       | 0.00%             | 2027-10-18      | Floating      | 15.20%                | No            |                  3 | On Loan: No      |
| CALPINE CORP                                                                 | Calpine Corp                                                                    | CUSIP: 131347CQ7<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145403.82    | 0.17%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                                                            | Elevation CLO 2020-11 Ltd                                                       | CUSIP: 28621YAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $400852.00    | 0.46%             | 2037-10-15      | Floating      | 6.26%                 | No            |                  2 | On Loan: No      |
| RADIATE HOLDCO / FINANCE                                                     | Radiate Holdco LLC / Radiate Finance Inc                                        | CUSIP: 75026JAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $16496.83     | 0.02%             | 2028-09-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| ECL Entertainment LLC                                                        | ECL ENTM 08/31/30                                                               | CUSIP: 26826TAL7<br>LEI: 254900UPSGHOBB360Z85 | Long             | LON              | CORP              | US        |    149374 | PA      | $149747.17    | 0.17%             | 2030-08-31      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Latham Pool Products Inc                                                     | LATHAM POOL PROD 03/31/29                                                       | CUSIP: 51822LAE2<br>LEI: 5493003BF0K8YNW6X153 | Long             | LON              | CORP              | US        |    184607 | PA      | $179069.04    | 0.20%             | 2029-02-23      | Floating      | 8.43%                 | No            |                  3 | On Loan: No      |
| AMERICAN EXPRESS CO                                                          | American Express Co                                                             | CUSIP: 025816CH0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1646311.82   | 1.88%             | N/A             | Fixed         | 3.55%                 | Yes           |                  2 | On Loan: No      |
| Ryan LLC                                                                     | RYA 11/14/30                                                                    | CUSIP: 78350LAZ8<br>LEI: 549300TG86D8HZC6TE67 | Long             | LON              | CORP              | US        |    313226 | PA      | $313225.52    | 0.36%             | 2030-11-14      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| MRC Global (US) Inc.                                                         | MRC GLOB U 10/24/31                                                             | CUSIP: 55345LAF8<br>LEI: 549300DH01K8F1NQFP75 | Long             | LON              | CORP              | US        |    325000 | PA      | $323375.00    | 0.37%             | 2031-10-29      | Floating      | 7.83%                 | No            |                  3 | On Loan: No      |
| Windstream Services LLC                                                      | WINDSTREAM SERVI 10/31/31                                                       | CUSIP: 97381JAJ2<br>LEI: 549300KT9GVEBYCD2N29 | Long             | LON              | CORP              | US        |     50000 | PA      | $50125.00     | 0.06%             | 2031-09-26      | Floating      | 9.18%                 | No            |                  3 | On Loan: No      |
| Dave & Busters Inc                                                           | DAVE & BUSTERS 10/31/31                                                         | CUSIP: 23833EAY0<br>LEI: 549300JAVWTAY1FT5Z45 | Long             | LON              | CORP              | US        |    124375 | PA      | $117353.04    | 0.13%             | 2031-11-01      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                         | Carnival 08/08/27                                                               | CUSIP: 000000000<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | LON              | CORP              | PA        |     53434 | PA      | $53367.26     | 0.06%             | 2027-08-08      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Avoca CLO                                                                    | Avoca Capital CLO X Ltd                                                         | CUSIP: 000000000<br>LEI: 635400SFFWCTHJHBZK84 | Long             | ABS-CBDO         | CORP              | IE        |    250000 | PA      | $281355.84    | 0.32%             | 2035-04-15      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                                               | Carlyle US CLO 2023-5 Ltd                                                       | CUSIP: 14318QAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $503898.05    | 0.58%             | 2036-01-27      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| Aventiv Technologies (3/24) 1st Lien                                         | AVENTIV TEC 11/01/25                                                            | CUSIP: 05358AAL8<br>LEI: 549300EBCNNXVCJ2FW66 | Long             | LON              | CORP              | US        |     11383 | PA      | $85.38        | 0.00%             | 2025-11-01      | Floating      | 13.61%                | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                                                     | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $69114.08     | 0.08%             | 2033-04-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| EAGLE POINT CREDIT CO                                                        | Eagle Point Credit Co Inc                                                       | CUSIP: 269809414<br>LEI: 549300H82HTZTPXB6822 | Long             | EP               | CORP              | US        |      4462 | NS      | $110657.60    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                    | CURRENCY CONTRACT - USD                                                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-5907.85     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVI, Ltd.                                                   | Sixth Street CLO XVI Ltd                                                        | CUSIP: 83012DAU7<br>LEI: 549300YD05LZSDNMVF16 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $302220.09    | 0.34%             | 2037-01-20      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| AP Gaming I LLC                                                              | AP GAMING 02/15/29                                                              | CUSIP: 00185NAE6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    374020 | PA      | $373552.24    | 0.43%             | 2029-02-15      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| PMT CREDIT RISK TRANSFER TRUST                                               | PMT Credit Risk Transfer Trust 2024-1R                                          | CUSIP: 73015AAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    112246 | PA      | $114415.85    | 0.13%             | 2033-05-25      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| AZURIA WATER SOLUTN INC                                                      | AZURIA WATER SOLUTIONS INC                                                      | CUSIP: 000000000<br>LEI: 549300AG3DVJURRIT691 | Long             | LON              | CORP              | US        |     25974 | PA      | $25844.16     | 0.03%             | 2028-05-17      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                                     | Diversified Healthcare Trust                                                    | CUSIP: 25525PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      2000 | PA      | $2000.23      | 0.00%             | 2025-06-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Eco Material Technologies Inc.                                               | ECO MATERIAL TEC 02/28/32                                                       | CUSIP: 27888XAB3<br>LEI: 2549001ARPX05UHXX452 | Long             | LON              | CORP              | US        |    100000 | PA      | $99500.00     | 0.11%             | 2032-02-12      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                                                       | Venture Global LNG Inc                                                          | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    365000 | PA      | $345516.74    | 0.39%             | N/A             | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| JBT Marel Corporation (f/k/a John Bean Technologies Corporation)             | JOHN BEAN TECH 10/09/31                                                         | CUSIP: 000000000<br>LEI: 5493007CT6ATBZ2L6826 | Long             | LON              | CORP              | US        |     11111 | PA      | $11138.89     | 0.01%             | 2032-01-02      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| JBT Marel Corporation (f/k/a John Bean Technologies Corporation)             | JOHN BEAN TECH 10/09/31                                                         | CUSIP: 000000000<br>LEI: 5493007CT6ATBZ2L6826 | Long             | LON              | CORP              | US        |     38889 | PA      | $38986.11     | 0.04%             | 2032-01-02      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| Kenan Advantage Group Inc (The)                                              | PLASTIPAK TLB 01/25/29                                                          | CUSIP: 48853UBQ2<br>LEI: 549300GVUXCXDWYPIY65 | Long             | LON              | CORP              | US        |    273497 | PA      | $269565.82    | 0.31%             | 2029-01-25      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon                                                  | CURRENCY CONTRACT - USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-3215.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Auris Luxembourg III SARL                                                    | AURIS LUXEMBOURG III SA                                                         | CUSIP: 000000000<br>LEI: 213800VO63L2OE6QXG55 | Long             | LON              | CORP              | LU        |    100000 | PA      | $100250.00    | 0.11%             | 2029-02-28      | Floating      | 7.95%                 | No            |                  2 | On Loan: No      |
| RADIATE HOLDCO / FINANCE                                                     | Radiate Holdco LLC / Radiate Finance Inc                                        | CUSIP: 75026JAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $21433.87     | 0.02%             | 2026-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| AssuredPartners Inc.                                                         | ASSUREDPARTNER 02/15/27                                                         | CUSIP: 04621HAW3<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | LON              | CORP              | US        |    228937 | PA      | $229187.94    | 0.26%             | 2031-02-14      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Crown Subsea Communications Holding Inc                                      | CROWN SUBSEA COMMUNICATI                                                        | CUSIP: 22860EAJ1<br>LEI: 5493003AYLUE132FIO27 | Long             | LON              | CORP              | US        |    150000 | PA      | $150499.95    | 0.17%             | 2031-01-30      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| PMT CREDIT RISK TRANSFER TRUST                                               | PMT Credit Risk Transfer Trust 2024-2R                                          | CUSIP: 69391NAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    248369 | PA      | $252715.19    | 0.29%             | 2027-03-29      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                                                     | Diversified Healthcare Trust                                                    | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $49513.33     | 0.06%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ICG US CLO Ltd                                                               | ICG US CLO 2023-1 I Ltd                                                         | CUSIP: 449278AC4<br>LEI: 213800Z9YRS87E5MLP40 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $503398.75    | 0.57%             | 2036-07-18      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                                                         | Targa Resources Corp                                                            | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68608.82     | 0.08%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CARLYLE CREDIT INCOME                                                        | Carlyle Credit Income Fund                                                      | CUSIP: 92535C500<br>LEI: 549300LVMWHJGZNVXZ22 | Long             | EP               | CORP              | US        |      3287 | NS      | $83982.85     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Crisis Prevention Institute, Inc.                                            | CRISIS PREVENTIO 04/09/31                                                       | CUSIP: 22663GAD8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    374062 | PA      | $374530.08    | 0.43%             | 2031-04-09      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon                                                  | CURRENCY CONTRACT - USD                                                         | CUSIP: 000000000<br>LEI: HPFHU0OQ28E4N0NFVK49 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3802.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DIAMOND SPORTS GRP LLC- WARRANTS                                             | DIAMOND SPORTS GRP LLC- WARRANTS                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3733 | NS      | $980.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Graftech Global Enterprises Inc                                              | GRAFTECH GLOBAL ENTERPRI                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    318182 | PA      | $316590.90    | 0.36%             | 2029-11-11      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| United Air Lines, Inc.                                                       | UTD AIRL 02/22/31                                                               | CUSIP: 90932RAP9<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | LON              | CORP              | US        |    148992 | PA      | $149038.34    | 0.17%             | 2031-02-22      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| Brookfield Property Reit Inc                                                 | GGP/BROOKFIELD RT 8/27/25                                                       | CUSIP: 11283HAB3<br>LEI: 5493006ZQ6LH85EKNL31 | Long             | LON              | CORP              | US        |   1335137 | PA      | $1333468.28   | 1.52%             | 2025-08-27      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Brookfield Property Reit Inc                                                 | BROOKFIELD RETAI 08/27/25                                                       | CUSIP: 11283HAB3<br>LEI: 5493006ZQ6LH85EKNL31 | Long             | LON              | CORP              | US        |     27437 | PA      | $27402.35     | 0.03%             | 2025-08-27      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Altar Bidco Inc                                                              | ALTAR BIDCO INC 02/01/29                                                        | CUSIP: 02090CAE0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    100000 | PA      | $98718.80     | 0.11%             | 2029-02-01      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I LP                                                          | HILCORP ENERGY 02/06/30                                                         | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |    250000 | PA      | $249062.50    | 0.28%             | 2030-02-05      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Transdigm Inc                                                                | TRAN 03/14/30                                                                   | CUSIP: 89364MCB8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |     99000 | PA      | $99185.63     | 0.11%             | 2030-03-22      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Plaze Inc                                                                    | PLZ 08/03/26                                                                    | CUSIP: 72819QAM4<br>LEI: 54930069WJQSNERFIV02 | Long             | LON              | CORP              | US        |    318061 | PA      | $306929.16    | 0.35%             | 2026-08-03      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                                                            | CLARIOS GLOB 01/14/32                                                           | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |    425000 | PA      | $423406.25    | 0.48%             | 2032-01-28      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                  | US LONG BOND(CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        -3 | NC      | $-4387.16     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                                                                | Citigroup Inc                                                                   | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    855000 | PA      | $861841.80    | 0.98%             | N/A             | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                                                 | MPH ACQ 12/31/30                                                                | CUSIP: 55328HAP6<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |    420137 | PA      | $412784.83    | 0.47%             | 2030-12-31      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                                                | United States Treasury Bill                                                     | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    165000 | PA      | $162122.81    | 0.19%             | 2025-10-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MPH Acquisition Holdings LLC                                                 | MPH ACQ 12/31/30                                                                | CUSIP: 55328HAQ4<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |    125000 | PA      | $109062.50    | 0.12%             | 2030-12-31      | Floating      | 9.14%                 | No            |                  2 | On Loan: No      |
| Lc Ahab Us Bidco LLC                                                         | LC AHAB US BIDC 05/01/31                                                        | CUSIP: 50180PAB7<br>LEI: 254900949U9K2Q5C5A85 | Long             | LON              | CORP              | US        |    275000 | PA      | $269500.00    | 0.31%             | 2031-05-01      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| LBM Acquisition LLC                                                          | LBM ACQUISITIO 06/06/31                                                         | CUSIP: 50179JAH1<br>LEI: 549300FAEB3VWZL4NI86 | Long             | LON              | CORP              | US        |    125000 | PA      | $111687.50    | 0.13%             | 2031-06-06      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies, Inc.                                                     | LUMEN TECHNOLOGIES INC                                                          | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |    174683 | PA      | $172863.37    | 0.20%             | 2029-04-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Starwood Property Mortgage LLC                                               | STARWOOD PPTY MT 11/18/27                                                       | CUSIP: 85570DAK8<br>LEI: 5493008SB15CNJRIOK13 | Long             | LON              | CORP              | US        |     98497 | PA      | $98743.72     | 0.11%             | 2027-11-18      | Floating      | 6.58%                 | No            |                  3 | On Loan: No      |
| Envision Healthcare Operating, Inc.                                          | ENVISION HLTHCAR 12/31/27                                                       | CUSIP: 29414YAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    275000 | PA      | $275515.63    | 0.31%             | 2027-12-30      | Floating      | 12.58%                | No            |                  2 | On Loan: No      |
| Graftech Global Enterprises Inc                                              | GRAFTECH GLOBAL ENTERPRI                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    181818 | PA      | $180909.10    | 0.21%             | 2029-12-21      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                  | US 5YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -50 | NC      | $-21967.51    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Clue Opco LLC                                                                | FORWARD AIR (CLU 09/20/30                                                       | CUSIP: 18948EAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    520111 | PA      | $509871.16    | 0.58%             | 2030-12-19      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| Allegro Microsystems Inc                                                     | ALLEGRO MICROSYS 10/31/30                                                       | CUSIP: 01748YAG5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    200000 | PA      | $199750.00    | 0.23%             | 2030-10-31      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Azuria Water Solutions Inc                                                   | AEGION CORP                                                                     | CUSIP: 00771PAM3<br>LEI: 549300AG3DVJURRIT691 | Long             | LON              | CORP              | US        |    174026 | PA      | $173047.07    | 0.20%             | 2028-05-17      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc                                          | CLYDESDALE ACQUISITION HOLDINGS INC                                             | CUSIP: 18972FAE2<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |    491409 | PA      | $487314.02    | 0.56%             | 2032-03-29      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| BrewCo Borrower LLC                                                          | BREWCO BORROWE 12/31/25                                                         | CUSIP: 10756PAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     33186 | PA      | $29867.30     | 0.03%             | 2028-04-05      | Variable      | 13.58%                | No            |                  3 | On Loan: No      |
| Camelot US Acquisition I Co                                                  | CLARIVATE (CAMEL 01/25/31                                                       | CUSIP: 000000000<br>LEI: 549300U6VBJHQP2SFL81 | Long             | LON              | CORP              | US        |     30116 | PA      | $30078.63     | 0.03%             | 2031-01-31      | Floating      | 7.08%                 | No            |                  3 | On Loan: No      |
| Camelot US Acquisition I Co                                                  | CLARIVATE (CAMEL 01/25/31                                                       | CUSIP: 000000000<br>LEI: 549300U6VBJHQP2SFL81 | Long             | LON              | CORP              | US        |    129860 | PA      | $129697.43    | 0.15%             | 2031-01-31      | Floating      | 7.08%                 | No            |                  3 | On Loan: No      |
| US TREASURY N/B                                                              | United States Treasury Note/Bond                                                | CUSIP: 912810UD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    525000 | PA      | $471925.78    | 0.54%             | 2044-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Madison Safety & Flow LLC                                                    | MADISON SAFETY F 09/26/31                                                       | CUSIP: 55822DAM3<br>LEI: 5493007D2J7BBIFYBY65 | Long             | LON              | CORP              | US        |    298936 | PA      | $299061.06    | 0.34%             | 2031-09-26      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| GATEGROUP US FINANCE INC                                                     | GATEGROUP US FINANCE INC                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    265000 | PA      | $263913.50    | 0.30%             | 2032-05-28      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** PGIM ETF Trust

**Signature:** Christian J. Kelly

**Name of Signer:** Christian J. Kelly

**Title:** Chief Financial Officer