# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-25-001841
**Filing Date:** 2025-10
**Character Count:** 74711
**Document Hash:** d50c39c149bff40ad1de3a3cadaeb8b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-001841.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001099263-25-001841

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**PERIOD START**: 20260531

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23494
- **FILM NUMBER:** 251424323

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

## Series and Classes Contracts Data

### T. Rowe Price U.S. High Yield ETF (Series ID: S000077051)

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

## Nport-Ex

T. ROWE PRICE U.S. HIGH YIELD ETF

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August 31, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS‡** | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **BANK LOANS 7.3% (1)** | **BANK LOANS 7.3% (1)** | **BANK LOANS 7.3% (1)** |
| **Consumer Goods 1.0%** |  |  |
| Varsity Brands, FRN, 3M TSFR + 3.25%, 7.448%, 8/26/31 | &nbsp;&nbsp;&nbsp;7407 | &nbsp;&nbsp;&nbsp;7430 |
|  |  | &nbsp;&nbsp;&nbsp;7430 |
| **Energy 1.0%** |  |  |
| WaterBridge Midstream Operating, FRN, 3M TSFR + 4.75%, 9.314%, 6/27/29 | &nbsp;&nbsp;&nbsp;7694 | &nbsp;&nbsp;&nbsp;7685 |
|  |  | &nbsp;&nbsp;&nbsp;7685 |
| **Health Care 1.0%** |  |  |
| Endo Luxembourg Finance I, FRN, 1M TSFR + 4.00%, 8.316%, 4/23/31 | &nbsp;&nbsp;&nbsp;7610 | &nbsp;&nbsp;&nbsp;7634 |
|  |  | &nbsp;&nbsp;&nbsp;7634 |
| **Retail 1.0%** |  |  |
| LSF9 Atlantis Holdings, FRN, 3M TSFR + 4.25%, 8.546%, 3/31/29 | &nbsp;&nbsp;&nbsp;7529 | &nbsp;&nbsp;&nbsp;7541 |
|  |  | &nbsp;&nbsp;&nbsp;7541 |
| **Technology & Electronics 1.9%** |  |  |
| Ellucian Holdings, FRN, 1M TSFR + 4.75%, 9.066%, 11/22/32 | &nbsp;&nbsp;&nbsp;7375 | &nbsp;&nbsp;&nbsp;7578 |
| Icon Parent, FRN, 6M TSFR + 5.00%, 9.205%, 11/12/32 (2) | &nbsp;&nbsp;&nbsp;7485 | &nbsp;&nbsp;&nbsp;7569 |
|  |  | 15147 |
| **Telecommunications 1.4%** |  |  |
| Level 3 Financing, FRN, 1M TSFR + 4.25%, 8.566%, 3/29/32 | &nbsp;&nbsp;&nbsp;7410 | &nbsp;&nbsp;&nbsp;7439 |
| Lumen Technologies, FRN, 1M TSFR + 2.35%, 6.780%, 4/16/29 | &nbsp;&nbsp;&nbsp;3693 | &nbsp;&nbsp;&nbsp;3668 |
|  |  | 11107 |
| **Total Bank Loans<br> (Cost $55,817)** |  | **56544** |
| **CORPORATE BONDS 86.3%** | **CORPORATE BONDS 86.3%** | **CORPORATE BONDS 86.3%** |
| **Automotive 1.3%** |  |  |
| Aston Martin Capital Holdings, 10.00%, 3/31/29 (3) | 10825 | 10446 |
|  |  | 10446 |
| **Basic Industry 5.7%** |  |  |
| Celanese US Holdings, 6.75%, 4/15/33 | &nbsp;&nbsp;&nbsp;9225 | &nbsp;&nbsp;&nbsp;9274 |
| ERO Copper, 6.50%, 2/15/30 (3) | &nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;2277 |
| First Quantum Minerals, 8.00%, 3/1/33 (3) | &nbsp;&nbsp;&nbsp;3730 | &nbsp;&nbsp;&nbsp;3865 |
| First Quantum Minerals, 8.625%, 6/1/31 (3) | &nbsp;&nbsp;&nbsp;7534 | &nbsp;&nbsp;&nbsp;7854 |
| Ivanhoe Mines, 7.875%, 1/23/30 (3) | &nbsp;&nbsp;&nbsp;5985 | &nbsp;&nbsp;&nbsp;6037 |
| LGI Homes, 8.75%, 12/15/28 (3) | &nbsp;&nbsp;&nbsp;6980 | &nbsp;&nbsp;&nbsp;7286 |
| Quikrete Holdings, 6.75%, 3/1/33 (3) | &nbsp;&nbsp;&nbsp;7210 | &nbsp;&nbsp;&nbsp;7453 |
|  |  | 44046 |
| **Capital Goods 3.0%** |  |  |
| AAR Escrow Issuer, 6.75%, 3/15/29 (3) | &nbsp;&nbsp;&nbsp;7185 | &nbsp;&nbsp;&nbsp;7383 |
| Bombardier, 7.25%, 7/1/31 (3) | &nbsp;&nbsp;&nbsp;7095 | &nbsp;&nbsp;&nbsp;7467 |
| Owens-Brockway Glass Container, 7.25%, 5/15/31 (3) | &nbsp;&nbsp;&nbsp;7258 | &nbsp;&nbsp;&nbsp;7385 |

---

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T. ROWE PRICE U.S. HIGH YIELD ETF

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| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| TransDigm, 6.25%, 1/31/34 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 |
|  |  | &nbsp;&nbsp;&nbsp;23006 |
| **Consumer Goods 1.5%** |  |  |
| HLF Financing / Herbalife International, 12.25%, 4/15/29 (3) | 10980 | &nbsp;&nbsp;&nbsp;11941 |
|  |  | &nbsp;&nbsp;&nbsp;11941 |
| **Energy 15.8%** |  |  |
| Aethon United / Aethon United Finance, 7.50%, 10/1/29 (3) | &nbsp;&nbsp;&nbsp;7275 | &nbsp;&nbsp;&nbsp;&nbsp;7584 |
| Ascent Resources Utica Holdings / ARU Finance, 6.625%, 7/15/33 (3) | &nbsp;&nbsp;&nbsp;7465 | &nbsp;&nbsp;&nbsp;&nbsp;7586 |
| Chord Energy, 6.75%, 3/15/33 (3) | &nbsp;&nbsp;&nbsp;7465 | &nbsp;&nbsp;&nbsp;&nbsp;7624 |
| Enbridge, VR, 8.25%, 1/15/84 (4) | 10830 | &nbsp;&nbsp;&nbsp;11529 |
| Energy Transfer, VR, 8.00%, 5/15/54 (4) | &nbsp;&nbsp;&nbsp;8182 | &nbsp;&nbsp;&nbsp;&nbsp;8674 |
| Excelerate Energy, 8.00%, 5/15/30 (3) | &nbsp;&nbsp;&nbsp;7425 | &nbsp;&nbsp;&nbsp;&nbsp;7889 |
| Howard Midstream Energy Partners, 7.375%, 7/15/32 (3) | &nbsp;&nbsp;&nbsp;2830 | &nbsp;&nbsp;&nbsp;&nbsp;2943 |
| Ithaca Energy North Sea, 8.125%, 10/15/29 (3) | &nbsp;&nbsp;&nbsp;7420 | &nbsp;&nbsp;&nbsp;&nbsp;7735 |
| NGL Energy Partners, 8.125%, 2/15/29 (3) | &nbsp;&nbsp;&nbsp;7646 | &nbsp;&nbsp;&nbsp;&nbsp;7789 |
| PBF Holding, 7.875%, 9/15/30 (3) | &nbsp;&nbsp;&nbsp;7385 | &nbsp;&nbsp;&nbsp;&nbsp;7145 |
| PBF Holding, 9.875%, 3/15/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 |
| Permian Resources Operating, 7.00%, 1/15/32 (3) | &nbsp;&nbsp;&nbsp;7155 | &nbsp;&nbsp;&nbsp;&nbsp;7406 |
| South Bow Canadian Infrastructure Holdings, VR, 7.50%, 3/1/55 (4) | 10770 | &nbsp;&nbsp;&nbsp;11309 |
| Sunoco, 7.00%, 5/1/29 (3) | &nbsp;&nbsp;&nbsp;6955 | &nbsp;&nbsp;&nbsp;&nbsp;7216 |
| Venture Global LNG, VR, 9.00% (3)(4)(5) | 10690 | &nbsp;&nbsp;&nbsp;10597 |
| Venture Global Plaquemines LNG, 6.75%, 1/15/36 (3) | &nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp;1395 |
| Weatherford International, 8.625%, 4/30/30 (3) | &nbsp;&nbsp;&nbsp;7120 | &nbsp;&nbsp;&nbsp;&nbsp;7280 |
|  |  | 122475 |
| **Financial Services 11.3%** |  |  |
| AG TTMT Escrow Issuer, 8.625%, 9/30/27 (3) | &nbsp;&nbsp;&nbsp;7160 | &nbsp;&nbsp;&nbsp;&nbsp;7330 |
| APH Somerset Investor 2 / APH2 Somerset Investor 2 / APH3 Somerset Investor 2, 7.875%, 11/1/29 (3) | &nbsp;&nbsp;&nbsp;8710 | &nbsp;&nbsp;&nbsp;&nbsp;9069 |
| Aretec Escrow Issuer 2, 10.00%, 8/15/30 (3) | 12795 | &nbsp;&nbsp;&nbsp;13931 |
| Block, 6.00%, 8/15/33 (3) | &nbsp;&nbsp;&nbsp;7745 | &nbsp;&nbsp;&nbsp;&nbsp;7958 |
| Bread Financial Holdings, VR, 8.375%, 6/15/35 (3)(4) | &nbsp;&nbsp;&nbsp;7920 | &nbsp;&nbsp;&nbsp;&nbsp;8158 |
| Encore Capital Group, 9.25%, 4/1/29 (3) | &nbsp;&nbsp;&nbsp;6965 | &nbsp;&nbsp;&nbsp;&nbsp;7348 |
| FirstCash, 6.875%, 3/1/32 (3) | &nbsp;&nbsp;&nbsp;2176 | &nbsp;&nbsp;&nbsp;&nbsp;2255 |
| NCR Atleos, 9.50%, 4/1/29 (3) | &nbsp;&nbsp;&nbsp;5270 | &nbsp;&nbsp;&nbsp;&nbsp;5698 |
| OneMain Finance, 7.875%, 3/15/30 | &nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;7508 |
| Osaic Holdings, 6.75%, 8/1/32 (3) | &nbsp;&nbsp;&nbsp;3010 | &nbsp;&nbsp;&nbsp;&nbsp;3055 |
| PRA Group, 8.875%, 1/31/30 (3) | &nbsp;&nbsp;&nbsp;7043 | &nbsp;&nbsp;&nbsp;&nbsp;7378 |
| Rfna, 7.875%, 2/15/30 (3) | &nbsp;&nbsp;&nbsp;7545 | &nbsp;&nbsp;&nbsp;&nbsp;7790 |
|  |  | &nbsp;&nbsp;&nbsp;87478 |
| **Health Care 3.4%** |  |  |
| 1261229 BC, 10.00%, 4/15/32 (3) | &nbsp;&nbsp;&nbsp;7420 | &nbsp;&nbsp;&nbsp;&nbsp;7698 |
| Amneal Pharmaceuticals, 6.875%, 8/1/32 (3) | &nbsp;&nbsp;&nbsp;7630 | &nbsp;&nbsp;&nbsp;&nbsp;7850 |
| CHS / Community Health Systems, 10.875%, 1/15/32 (3) | &nbsp;&nbsp;&nbsp;8405 | &nbsp;&nbsp;&nbsp;&nbsp;8867 |

---

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T. ROWE PRICE U.S. HIGH YIELD ETF

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| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Heartland Dental / Heartland Dental Finance, 10.50%, 4/30/28 (3) | &nbsp;&nbsp;&nbsp;2194 | &nbsp;&nbsp;&nbsp;2312 |
|  |  | 26727 |
| **Insurance 1.8%** |  |  |
| Alliant Holdings Intermediate / Alliant Holdings Co-Issuer, 7.00%, 1/15/31 (3) | &nbsp;&nbsp;&nbsp;7155 | &nbsp;&nbsp;&nbsp;7396 |
| HUB International, 7.25%, 6/15/30 (3) | &nbsp;&nbsp;&nbsp;6390 | &nbsp;&nbsp;&nbsp;6678 |
|  |  | 14074 |
| **Leisure 3.9%** |  |  |
| Odeon Finco, 12.75%, 11/1/27 (3) | &nbsp;&nbsp;&nbsp;7425 | &nbsp;&nbsp;&nbsp;7685 |
| Six Flags Entertainment, 7.25%, 5/15/31 (3) | 14953 | 15028 |
| Voyager Parent, 9.25%, 7/1/32 (3) | &nbsp;&nbsp;&nbsp;7325 | &nbsp;&nbsp;&nbsp;7691 |
|  |  | 30404 |
| **Media 8.4%** |  |  |
| CCO Holdings, 6.375%, 9/1/29 (3) | &nbsp;&nbsp;&nbsp;7270 | &nbsp;&nbsp;&nbsp;7370 |
| CCO Holdings, 7.375%, 3/1/31 (3) | &nbsp;&nbsp;&nbsp;8550 | &nbsp;&nbsp;&nbsp;8860 |
| CSC Holdings, 11.25%, 5/15/28 (3) | &nbsp;&nbsp;&nbsp;7165 | &nbsp;&nbsp;&nbsp;7147 |
| Deluxe, 8.125%, 9/15/29 (3) | &nbsp;&nbsp;&nbsp;7315 | &nbsp;&nbsp;&nbsp;7644 |
| Directv Financing, 8.875%, 2/1/30 (3) | &nbsp;&nbsp;&nbsp;7567 | &nbsp;&nbsp;&nbsp;7520 |
| Gray Media, 7.25%, 8/15/33 (3) | &nbsp;&nbsp;&nbsp;3015 | &nbsp;&nbsp;&nbsp;2958 |
| Gray Media, 10.50%, 7/15/29 (3) | &nbsp;&nbsp;&nbsp;5960 | &nbsp;&nbsp;&nbsp;6481 |
| Midcontinent Communications, 8.00%, 8/15/32 (3) | &nbsp;&nbsp;&nbsp;7131 | &nbsp;&nbsp;&nbsp;7434 |
| Sinclair Television Group, 8.125%, 2/15/33 (3) | &nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;3881 |
| Univision Communications, 9.375%, 8/1/32 (3) | &nbsp;&nbsp;&nbsp;5515 | &nbsp;&nbsp;&nbsp;5805 |
|  |  | 65100 |
| **Real Estate 4.5%** |  |  |
| Anywhere Real Estate Group / Anywhere Co-Issuer, 7.00%, 4/15/30 (3) | &nbsp;&nbsp;&nbsp;8371 | &nbsp;&nbsp;&nbsp;8225 |
| Blackstone Mortgage Trust, 7.75%, 12/1/29 (3) | &nbsp;&nbsp;&nbsp;6880 | &nbsp;&nbsp;&nbsp;7310 |
| Brookfield Property REIT, 4.50%, 4/1/27 (3) | &nbsp;&nbsp;&nbsp;5659 | &nbsp;&nbsp;&nbsp;5532 |
| VICI Properties, 5.625%, 5/15/52 | &nbsp;&nbsp;&nbsp;9325 | &nbsp;&nbsp;&nbsp;8534 |
| Windstream Services / Windstream Escrow Finance, 8.25%, 10/1/31 (3) | &nbsp;&nbsp;&nbsp;5145 | &nbsp;&nbsp;&nbsp;5351 |
|  |  | 34952 |
| **Retail 4.7%** |  |  |
| eG Global Finance, 12.00%, 11/30/28 (3) | 11555 | 12773 |
| Hudson Automotive Group, 8.00%, 5/15/32 (3) | &nbsp;&nbsp;&nbsp;6873 | &nbsp;&nbsp;&nbsp;7268 |
| LCM Investments Holdings II, 8.25%, 8/1/31 (3) | &nbsp;&nbsp;&nbsp;7035 | &nbsp;&nbsp;&nbsp;7439 |
| Saks Global Enterprises, 11.00%, 12/15/29 (3) | &nbsp;&nbsp;&nbsp;6710 | &nbsp;&nbsp;&nbsp;1208 |
| Sally Holdings / Sally Capital, 6.75%, 3/1/32 | &nbsp;&nbsp;&nbsp;7275 | &nbsp;&nbsp;&nbsp;7557 |
|  |  | 36245 |
| **Services 3.8%** |  |  |
| Avis Budget Car Rental / Avis Budget Finance, 8.25%, 1/15/30 (3) | 10906 | 11301 |
| Hertz, 12.625%, 7/15/29 (3) | &nbsp;&nbsp;&nbsp;3920 | &nbsp;&nbsp;&nbsp;4043 |
| Ritchie Bros Holdings, 7.75%, 3/15/31 (3) | &nbsp;&nbsp;&nbsp;2835 | &nbsp;&nbsp;&nbsp;2973 |
| Williams Scotsman, 7.375%, 10/1/31 (3) | 10818 | 11291 |
|  |  | 29608 |

---

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T. ROWE PRICE U.S. HIGH YIELD ETF

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---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **Technology & Electronics 3.1%** |  |  |
| Cloud Software Group, 8.25%, 6/30/32 (3) | &nbsp;&nbsp;&nbsp;6930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7415 |
| Cloud Software Group, 9.00%, 9/30/29 (3) | &nbsp;&nbsp;&nbsp;8705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9042 |
| Kioxia Holdings, 6.625%, 7/24/33 (3) | &nbsp;&nbsp;&nbsp;3810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786 |
| McAfee, 7.375%, 2/15/30 (3) | &nbsp;&nbsp;&nbsp;4430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24330 |
| **Telecommunications 5.9%** |  |  |
| Digicel International Finance / Difl US, 8.625%, 8/1/32 (3) | &nbsp;&nbsp;&nbsp;7534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7723 |
| EchoStar, 10.75%, 11/30/29 | &nbsp;&nbsp;&nbsp;7840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8438 |
| Iliad Holding SASU, 7.00%, 4/15/32 (3) | &nbsp;&nbsp;&nbsp;7335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7546 |
| Level 3 Financing, 6.875%, 6/30/33 (3) | &nbsp;&nbsp;&nbsp;7550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7607 |
| Uniti Group / Uniti Group Finance / CSL Capital, 10.50%, 2/15/28 (3) | &nbsp;&nbsp;&nbsp;5645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5927 |
| Uniti Group / Uniti Group Finance 2019 / CSL Capital, 8.625%, 6/15/32 (3) | &nbsp;&nbsp;&nbsp;7438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7354 |
| Verizon Communications, 5.25%, 4/2/35 | &nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;46156 |
| **Transportation 4.6%** |  |  |
| Avianca Midco 2, 9.625%, 2/14/30 (3) | &nbsp;&nbsp;&nbsp;3975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3806 |
| JetBlue Airways / JetBlue Loyalty, 9.875%, 9/20/31 (3) | 11175 | &nbsp;&nbsp;&nbsp;&nbsp;11105 |
| Latam Airlines Group, 7.625%, 1/7/31 (3) | &nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764 |
| Latam Airlines Group, 7.875%, 4/15/30 (3) | &nbsp;&nbsp;&nbsp;8470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8756 |
| OneSky Flight, 8.875%, 12/15/29 (3) | &nbsp;&nbsp;&nbsp;9250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;36166 |
| **Utility 3.6%** |  |  |
| Edison International, VR, 7.875%, 6/15/54 (4) | &nbsp;&nbsp;&nbsp;2425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401 |
| Edison International, VR, 8.125%, 6/15/53 (4) | &nbsp;&nbsp;&nbsp;5840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5840 |
| NRG Energy, VR, 10.25% (3)(4)(5) | &nbsp;&nbsp;&nbsp;4822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5304 |
| Talen Energy Supply, 8.625%, 6/1/30 (3) | &nbsp;&nbsp;&nbsp;6690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7125 |
| Vistra, VR, 8.00% (3)(4)(5) | &nbsp;&nbsp;&nbsp;7223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28037 |
| **Total Corporate Bonds<br> (Cost $664,276)** |  | &nbsp;&nbsp;&nbsp;**671191** |
| **SHORT-TERM INVESTMENTS 3.7%** | **SHORT-TERM INVESTMENTS 3.7%** | **SHORT-TERM INVESTMENTS 3.7%** |
| **Money Market Funds 3.7%** |  |  |
| T. Rowe Price Government Reserve Fund, 4.37% (6)(7) | 28692 | &nbsp;&nbsp;&nbsp;&nbsp;28692 |
| **Total Short-Term Investments<br> (Cost $28,692)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**28692** |
| **Total Investments in Securities<br> 97.3% of Net Assets (Cost $748,785)** |  | **$756427** |
| **Other Assets Less Liabilities 2.7%** |  | &nbsp;&nbsp;&nbsp;&nbsp;**20937** |
| **Net Assets 100.0%** |  | **$777364** |

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‡ Par/Shares are denominated in U.S. dollars unless otherwise noted.

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T. ROWE PRICE U.S. HIGH YIELD ETF

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| | |
|:---|:---|
| (1) | Bank loan positions may involve multiple underlying tranches. In those instances, the position presented reflects the aggregate of those respective underlying tranches and the rate presented reflects the weighted average rate of the settled positions. |
| (2) | All or a portion of this loan is unsettled as of August 31, 2025. The interest rate for unsettled loans will be determined upon settlement after period end. |
| (3) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. Total value of such securities at period-end amounts to $588,566 and represents 75.7% of net assets. |
| (4) | Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Reference rate and spread are provided if the rate is currently floating. |
| (5) | Perpetual security with no stated maturity date. |
| (6) | Seven-day yield |
| (7) | Affiliated Companies |
| 1M TSFR | One month term SOFR (Secured overnight financing rate) |
| 3M TSFR | Three month term SOFR (Secured overnight financing rate) |
| 6M TSFR | Six month term SOFR (Secured overnight financing rate) |
| FRN | Floating Rate Note |
| VR | Variable Rate; rate shown is effective rate at period-end. The rates for certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and based on current market conditions. |

---

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T. ROWE PRICE U.S. HIGH YIELD ETF

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#### AFFILIATED COMPANIES
($000s)

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

---

| | | | |
|:---|:---|:---|:---|
| **Affiliate** | **Net Realized Gain<br> (Loss)** | **Changes in Net<br> Unrealized<br> Gain/Loss** | **Investment<br> Income** |
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp;$— | $— | &nbsp;&nbsp;$250 |
| Totals | $—# | $— | $250+ |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** |
| **Affiliate** | **Value<br> 5/31/25** | **Purchase<br> Cost** | **Sales<br> Cost** | **Value<br> 8/31/25** |
| T. Rowe Price Government Reserve Fund | $21268 | ¤ | ¤ | &nbsp;&nbsp;$28692 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $28,692^ |

---

---

| |
|:---|
| Capital gain distributions from mutual funds represented $0 of the net realized gain (loss). |
| Investment income comprised $250 of dividend income and $0 of interest income. |
| Purchase and sale information not shown for cash management funds. |
| The cost basis of investments in affiliated companies was $28,692. |

---

The accompanying notes are an integral part of this portfolio of investments.

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T. ROWE PRICE U.S. HIGH YIELD ETF

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Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

------

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

#### VALUATION

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

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

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

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

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

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

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

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

------

T. ROWE PRICE U.S. HIGH YIELD ETF

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total Value** |
| **Assets** |  |  |  |  |
| Fixed Income Securities<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$727735 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$727735 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;28692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28692 |
| Total | &nbsp;&nbsp;$28692 | &nbsp;&nbsp;$727735 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$756427 |

---

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

#### OTHER MATTERS
Unpredictable environmental, political, social and economic events, including but not limited to, environmental or natural disasters, war and conflict, terrorism, geopolitical and regulatory developments (including trading and tariff arrangements), and public health epidemics or threats, may significantly affect the economy and the markets and issuers in which a fund invests. The extent and duration of such events and resulting market disruptions cannot be predicted. These and other similar events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others, and exacerbate other pre-existing political, social, and economic risks. The fund's performance could be negatively impacted if the value of a portfolio holding were harmed by these or such events.

#### ETF1046-054Q1

#### 08/25

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $779296460.26

**Total Liabilities:** $1932701.19

**Net Assets:** $777363759.07

**Delayed Delivery Securities:** $7857056.80

**Cash Not Reported:** $176985.16

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000 | **1-Year:** -1516.381515 | **5-Year:** -1865.397653 | **10-Year:** -2791.971092 | **30-Year:** -9056.267810

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

- **3-Month:** -1840.075821 | **1-Year:** -51589.180874 | **5-Year:** -121819.819630 | **10-Year:** -22489.049017 | **30-Year:** -1158.895005

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237191 | 1.79%                | 0.56%                | 0.97%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-63729.94               | $8731911.82                                |
| Month 2  | $-633778.87              | $-779755.00                                |
| Month 3  | $-82153.03               | $4013012.49                                |

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 1261229 BC Ltd                                                                   | 1261229 BC LTD SR SECURED 144A 04/32 10                 | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   7420000 | PA      | $7698250.00   | 0.99%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| AAR Escrow Issuer LLC                                                            | AAR ESCROW ISSUER LLC COMPANY GUAR 144A 03/29 6.75      | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7185000 | PA      | $7382587.50   | 0.95%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Aethon United BR LP / Aethon United Finance Corp                                 | AETHON UN/AETHIN UN FIN SR UNSECURED 144A 10/29 7.5     | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7275000 | PA      | $7584187.50   | 0.98%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AG TTMT Escrow Issuer LLC                                                        | AG TTMT ESCROW ISSUER SR SECURED 144A 09/27 8.625       | CUSIP: 00840KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7160000 | PA      | $7330050.00   | 0.94%             | 2027-09-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | ALLIANT HOLD / CO ISSUER SR SECURED 144A 01/31 7        | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7155000 | PA      | $7396481.25   | 0.95%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Amneal Pharmaceuticals LLC                                                       | AMNEAL PHARMACEUTICALS L SR SECURED 144A 08/32 6.875    | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |   7630000 | PA      | $7849362.50   | 1.01%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp                         | ANYWHERE REAL EST/CO ISS SECURED 144A 04/30 7           | CUSIP: 75606DAS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8371349 | PA      | $8224850.39   | 1.06%             | 2030-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | APH/APH2/APH3/AQUARIAN SR UNSECURED 144A 11/29 7.875    | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8710000 | PA      | $9069287.50   | 1.17%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Aretec Group Inc                                                                 | ARETEC GROUP INC SR SECURED 144A 08/30 10               | CUSIP: 04020JAA4<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |  12795000 | PA      | $13930556.25  | 1.79%             | 2030-08-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | ASCENT RESOURCES/ARU FIN SR UNSECURED 144A 07/33 6.625  | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7465000 | PA      | $7586306.25   | 0.98%             | 2033-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Aston Martin Capital Holdings Ltd                                                | ASTON MARTIN CAPITAL HOL SR SECURED 144A 03/29 10       | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |  10825000 | PA      | $10446125.00  | 1.34%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Avianca Midco 2 PLC                                                              | AVIANCA MIDCO 2 PLC SR SECURED 144A 02/30 9.625         | CUSIP: 05369YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   3975000 | PA      | $3806062.50   | 0.49%             | 2030-02-14      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | AVIS BUDGET CAR/FINANCE COMPANY GUAR 144A 01/30 8.25    | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10906000 | PA      | $11301342.50  | 1.45%             | 2030-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Blackstone Mortgage Trust Inc                                                    | BLACKSTONE MORTGAGE TR SR SECURED 144A 12/29 7.75       | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   6880000 | PA      | $7310000.00   | 0.94%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Block Inc                                                                        | BLOCK INC SR UNSECURED 144A 08/33 6                     | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |   7745000 | PA      | $7957987.50   | 1.02%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc                                                                   | BOMBARDIER INC SR UNSECURED 144A 07/31 7.25             | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   7095000 | PA      | $7467487.50   | 0.96%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Bread Financial Holdings Inc                                                     | BREAD FINANCIAL HLDGS SUBORDINATED 144A 06/35 VAR       | CUSIP: 018581AQ1<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |   7920000 | PA      | $8157600.00   | 1.05%             | 2035-06-15      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | BROOKFIELD PPTY REIT INC SR SECURED 144A 04/27 4.5      | CUSIP: 11284DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5659000 | PA      | $5531672.50   | 0.71%             | 2027-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC / CCO Holdings Capital Corp                                     | CCO HLDGS LLC/CAP CORP SR UNSECURED 144A 03/31 7.375    | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8550000 | PA      | $8859937.50   | 1.14%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC / CCO Holdings Capital Corp                                     | CCO HLDGS LLC/CAP CORP SR UNSECURED 144A 09/29 6.375    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7270000 | PA      | $7369962.50   | 0.95%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                         | CELANESE US HOLDINGS LLC COMPANY GUAR 04/33 6.75        | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   9225000 | PA      | $9273735.68   | 1.19%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp                                                                | CHORD ENERGY CORP COMPANY GUAR 144A 03/33 6.75          | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |   7465000 | PA      | $7623631.25   | 0.98%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                 | CHS/COMMUNITY HEALTH SYS SR SECURED 144A 01/32 10.875   | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   8405000 | PA      | $8867275.00   | 1.14%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                                         | CLOUD SOFTWARE GRP INC SECURED 144A 09/29 9             | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   8705000 | PA      | $9042318.75   | 1.16%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                                         | CLOUD SOFTWARE GRP INC SR SECURED 144A 06/32 8.25       | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   6930000 | PA      | $7415100.00   | 0.95%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Cougar JV Subsidiary LLC                                                         | COUGAR JV SUBSIDIARY LLC SR UNSECURED 144A 05/32 8      | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6873000 | PA      | $7268197.50   | 0.93%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                                 | CSC HOLDINGS LLC COMPANY GUAR 144A 05/28 11.25          | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   7165000 | PA      | $7147087.50   | 0.92%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| Deluxe Corp                                                                      | DELUXE CORP SR SECURED 144A 09/29 8.125                 | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   7315000 | PA      | $7644175.00   | 0.98%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Digicel International Finance Ltd / Difl US LLC                                  | DIG INTL FIN/DIFL US LLC SR SECURED 144A 08/32 8.625    | CUSIP: 25381MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   7534000 | PA      | $7722350.00   | 0.99%             | 2032-08-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                                                            | DIRECTV FINANCING LLC SR SECURED 144A 02/30 8.875       | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7567000 | PA      | $7519706.25   | 0.97%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp                                                                    | ECHOSTAR CORP SR SECURED 11/29 10.75                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   7840000 | PA      | $8437800.00   | 1.09%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Edison International                                                             | EDISON INTERNATIONAL JR SUBORDINA 06/53 VAR             | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   5840000 | PA      | $5840000.00   | 0.75%             | 2053-06-15      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| Edison International                                                             | EDISON INTERNATIONAL JR SUBORDINA 06/54 VAR             | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   2425000 | PA      | $2400750.00   | 0.31%             | 2054-06-15      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| EG Global Finance PLC                                                            | EG GLOBAL FINANCE PLC SR SECURED 144A 11/28 12          | CUSIP: 28228PAC5<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |  11555000 | PA      | $12772596.57  | 1.64%             | 2028-11-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Ellucian Holdings Inc                                                            | ELLUCIAN HOLDINGS, INC. 2024 2ND LIEN TERM LOAN         | CUSIP: 28917XAE0<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |   7375000 | PA      | $7577812.50   | 0.97%             | 2032-11-22      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc                                                                     | ENBRIDGE INC SUBORDINATED 01/84 VAR                     | CUSIP: 29250NBS3<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  10830000 | PA      | $11529173.97  | 1.48%             | 2084-01-15      | Variable      | 8.25%                 | No            |                  2 | On Loan: No      |
| Encore Capital Group Inc                                                         | ENCORE CAPITAL GROUP INC SR SECURED 144A 04/29 9.25     | CUSIP: 292554AQ5<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |   6965000 | PA      | $7348075.00   | 0.95%             | 2029-04-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Endo Finance Holdings Inc                                                        | ENDO LUX FINAN COMPANY I SARL 2024 1ST LIEN TERM LOAN   | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |   7609660 | PA      | $7634391.87   | 0.98%             | 2031-04-23      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                               | ENERGY TRANSFER LP JR SUBORDINA 05/54 VAR               | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   8182000 | PA      | $8673386.37   | 1.12%             | 2054-05-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| ERO Copper Corp                                                                  | ERO COPPER CORP COMPANY GUAR 144A 02/30 6.5             | CUSIP: 296006AA7<br>LEI: 549300KL8A21SEIO8I47 | Long             | DBT              | CORP              | CA        |   2335000 | PA      | $2276601.65   | 0.29%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Excelerate Energy LP                                                             | EXCELERATE ENERGY LP COMPANY GUAR 144A 05/30 8          | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |   7425000 | PA      | $7889062.50   | 1.01%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd                                                       | FIRST QUANTUM MINERALS L COMPANY GUAR 144A 03/33 8      | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   3730000 | PA      | $3865212.50   | 0.50%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd                                                       | FIRST QUANTUM MINERALS L COMPANY GUAR 144A 06/31 8.625  | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   7534000 | PA      | $7854195.00   | 1.01%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| FirstCash Inc                                                                    | FIRSTCASH INC COMPANY GUAR 144A 03/32 6.875             | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   2176000 | PA      | $2254880.00   | 0.29%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Gray Media Inc                                                                   | GRAY MEDIA INC SR SECURED 144A 07/29 10.5               | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   5960000 | PA      | $6481500.00   | 0.83%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Gray Media Inc                                                                   | GRAY MEDIA INC SR SECURED 144A 08/33 7.25               | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   3015000 | PA      | $2958468.75   | 0.38%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Hertz Corp/The                                                                   | HERTZ CORP/THE SR SECURED 144A 07/29 12.625             | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |   3920000 | PA      | $4042500.00   | 0.52%             | 2029-07-15      | Fixed         | 12.62%                | No            |                  2 | On Loan: No      |
| HLF Financing Sarl LLC / Herbalife International Inc                             | HLF FIN SARL LLC/HERBALI SR SECURED 144A 04/29 12.25    | CUSIP: 40390DAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10980000 | PA      | $11940750.00  | 1.54%             | 2029-04-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Howard Midstream Energy Partners LLC                                             | HOWARD MIDSTREAM ENERGY SR UNSECURED 144A 07/32 7.375   | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2830000 | PA      | $2943200.00   | 0.38%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Heartland Dental LLC / Heartland Dental Finance Corp                             | HRT DNT / HRT DNT FIN SR SECURED 144A 04/28 10.5        | CUSIP: 42239PAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2194000 | PA      | $2311927.50   | 0.30%             | 2028-04-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| HUB International Ltd                                                            | HUB INTERNATIONAL LTD SR SECURED 144A 06/30 7.25        | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   6390000 | PA      | $6677550.00   | 0.86%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Icon Parent Inc                                                                  | INSTRUCTURE HOLDINGS INC 2024 2ND LIEN TERM LOAN        | CUSIP: 45115MAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7485000 | PA      | $7569206.25   | 0.97%             | 2032-11-12      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| Ithaca Energy North Sea PLC                                                      | ITHACA ENERGY NORTH SR UNSECURED 144A 10/29 8.125       | CUSIP: 46567TAC8<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |   7420000 | PA      | $7735350.00   | 1.00%             | 2029-10-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Ivanhoe Mines Ltd                                                                | IVANHOE MINES LTD COMPANY GUAR 144A 01/30 7.875         | CUSIP: 46579RAE4<br>LEI: 5299006XZISURYIA4G32 | Long             | DBT              | CORP              | CA        |   5985000 | PA      | $6037368.75   | 0.78%             | 2030-01-23      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| JetBlue Airways Corp / JetBlue Loyalty LP                                        | JETBLUE AIRWAYS/LOYALTY SR SECURED 144A 09/31 9.875     | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |  11175000 | PA      | $11105156.25  | 1.43%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Kioxia Holdings Corp                                                             | KIOXIA HOLDINGS CORP COMPANY GUAR 144A 07/33 6.625      | CUSIP: 49726JAB4<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |   3810000 | PA      | $3786187.50   | 0.49%             | 2033-07-24      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Latam Airlines Group SA                                                          | LATAM AIRLINES GROUP SA SR SECURED 144A 01/31 7.625     | CUSIP: 51817RAE6<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |   2680000 | PA      | $2763750.00   | 0.36%             | 2031-01-07      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Latam Airlines Group SA                                                          | LATAM AIRLINES GROUP SA SR SECURED 144A 04/30 7.875     | CUSIP: 51817RAD8<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |   8470000 | PA      | $8755862.50   | 1.13%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| LCM Investments Holdings II LLC                                                  | LCM INVESTMENTS HOLDINGS SR UNSECURED 144A 08/31 8.25   | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |   7035000 | PA      | $7439512.50   | 0.96%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                                                            | LEVEL 3 FINANCING INC 2025 TERM LOAN B                  | CUSIP: 52729KAT3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |   7410000 | PA      | $7439343.60   | 0.96%             | 2032-03-29      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                                                            | LEVEL 3 FINANCING INC SR SECURED 144A 06/33 6.875       | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   7550000 | PA      | $7606625.00   | 0.98%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LGI Homes Inc                                                                    | LGI HOMES INC COMPANY GUAR 144A 12/28 8.75              | CUSIP: 50187TAH9<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |   6980000 | PA      | $7285375.00   | 0.94%             | 2028-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Victra Holdings LLC                                                              | LSF9 ATLANTIS HOLDINGS LLC 2025 REPRICED TERM LOAN B    | CUSIP: 50226BAM0<br>LEI: 549300KWDYQKQSF0MQ18 | Long             | LON              | CORP              | US        |   7529348 | PA      | $7541093.82   | 0.97%             | 2029-03-31      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                                           | LUMEN TECHNOLOGIES INC 2024 EXTENDED TERM LOAN B1       | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |   3692690 | PA      | $3668096.84   | 0.47%             | 2029-04-16      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| Maya SAS/Paris France                                                            | MAYA SAS/FRANCE SR SECURED 144A 04/32 7                 | CUSIP: 449691AG9<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |   7335000 | PA      | $7545881.25   | 0.97%             | 2032-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| McAfee Corp                                                                      | MCAFEE CORP SR UNSECURED 144A 02/30 7.375               | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |   4430000 | PA      | $4086675.00   | 0.53%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Midcontinent Communications                                                      | MIDCONTINENT COMMUNICATI SR UNSECURED 144A 08/32 8      | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |   7131000 | PA      | $7434067.50   | 0.96%             | 2032-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NCR Atleos Corp                                                                  | NCR ATLEOS LLC SR SECURED 144A 04/29 9.5                | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5698187.50   | 0.73%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NGL Energy Operating LLC / NGL Energy Finance Corp                               | NGL ENRGY OP/FIN CORP SR SECURED 144A 02/29 8.125       | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7646000 | PA      | $7789362.50   | 1.00%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NRG Energy Inc                                                                   | NRG ENERGY INC JR SUBORDINA 144A 12/99 VAR              | CUSIP: 629377CU4<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   4822000 | PA      | $5304200.00   | 0.68%             | 2173-09-15      | Variable      | 10.25%                | No            |                  2 | On Loan: No      |
| Odeon Finco PLC                                                                  | ODEON FINCO PLC SR SECURED 144A 11/27 12.75             | CUSIP: 67585LAA3<br>LEI: 9845003ECF9901CC5382 | Long             | DBT              | CORP              | GB        |   7425000 | PA      | $7684875.00   | 0.99%             | 2027-11-01      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| OneMain Finance Corp                                                             | ONEMAIN FINANCE CORP COMPANY GUAR 03/30 7.875           | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   7100000 | PA      | $7508250.00   | 0.97%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| OneSky Flight LLC                                                                | ONESKY FLIGHT LLC SR UNSECURED 144A 12/29 8.875         | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |   9250000 | PA      | $9735625.00   | 1.25%             | 2029-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Osaic Holdings Inc                                                               | OSAIC HOLDINGS INC SR SECURED 144A 08/32 6.75           | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |   3010000 | PA      | $3055150.00   | 0.39%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Owens-Brockway Glass Container Inc                                               | OWENS BROCKWAY COMPANY GUAR 144A 05/31 7.25             | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |   7258000 | PA      | $7385015.00   | 0.95%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PBF Holding Co LLC / PBF Finance Corp                                            | PBF HOLDING CO LLC COMPANY GUAR 144A 03/30 9.875        | CUSIP: 69318FAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    750000 | PA      | $774375.00    | 0.10%             | 2030-03-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| PBF Holding Co LLC / PBF Finance Corp                                            | PBF HOLDING CO LLC COMPANY GUAR 144A 09/30 7.875        | CUSIP: 69318FAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7385000 | PA      | $7144987.50   | 0.92%             | 2030-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating LLC                                                  | PERMIAN RESOURC OPTG LLC COMPANY GUAR 144A 01/32 7      | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   7155000 | PA      | $7405425.00   | 0.95%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PRA Group Inc                                                                    | PRA GROUP INC COMPANY GUAR 144A 01/30 8.875             | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   7043000 | PA      | $7377542.50   | 0.95%             | 2030-01-31      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                            | QUIKRETE HOLDINGS INC SR UNSECURED 144A 03/33 6.75      | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   7210000 | PA      | $7453337.50   | 0.96%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RB Global Holdings Inc                                                           | RB GLOBAL HOLDINGS INC COMPANY GUAR 144A 03/31 7.75     | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |   2835000 | PA      | $2973206.25   | 0.38%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Rfna LP                                                                          | RFNA LP SR UNSECURED 144A 02/30 7.875                   | CUSIP: 74984AAA0<br>LEI: 2549002A4GSOTYKKHR45 | Long             | DBT              | CORP              | US        |   7545000 | PA      | $7790212.50   | 1.00%             | 2030-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Saks Global Enterprises LLC                                                      | SAKS GLOBAL ENTERPRS LLC SR SECURED 144A 12/29 11       | CUSIP: 79380MAA3<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |   6710000 | PA      | $1207800.00   | 0.16%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Sally Holdings LLC / Sally Capital Inc                                           | SALLY HOLDINGS/SALLY CAP COMPANY GUAR 03/32 6.75        | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7275000 | PA      | $7556906.25   | 0.97%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group Inc                                                    | SINCLAIR TELEVISION GROU SR SECURED 144A 02/33 8.125    | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3880750.00   | 0.50%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp                                                     | SIX FLAGS ENTERTAINME COMPANY GUAR 144A 05/31 7.25      | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |  14953000 | PA      | $15027765.00  | 1.93%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| South Bow Canadian Infrastructure Holdings Ltd                                   | SOUTH BOW CAN INFRA HOLD COMPANY GUAR 03/55 VAR         | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |  10770000 | PA      | $11308500.00  | 1.45%             | 2055-03-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                        | SUNOCO LP COMPANY GUAR 144A 05/29 7                     | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   6955000 | PA      | $7215812.50   | 0.93%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| T. Rowe Price Government Reserve Fund                                            | T. Rowe Price Government Reserve Fund                   | CUSIP: 000000000<br>LEI: 5493002Y0IYARJVQ5N24 | Long             | STIV             | RF                | US        |  28691910 | NS      | $28691909.87  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Supply LLC                                                          | TALEN ENERGY SUPPLY LLC SR SECURED 144A 06/30 8.625     | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |   6690000 | PA      | $7124850.00   | 0.92%             | 2030-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                                                                    | TRANSDIGM INC SR SECURED 144A 01/34 6.25                | CUSIP: 893647BZ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    753000 | PA      | $770883.75    | 0.10%             | 2034-01-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | UNITI GROUP/CSL CAPITAL COMPANY GUAR 144A 06/32 8.625   | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7438000 | PA      | $7354322.50   | 0.95%             | 2032-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | UNITI GROUP/CSL CAPITAL SR SECURED 144A 02/28 10.5      | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5645000 | PA      | $5927250.00   | 0.76%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Univision Communications Inc                                                     | UNIVISION COMMUNICATIONS SR SECURED 144A 08/32 9.375    | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   5515000 | PA      | $5804537.50   | 0.75%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Varsity Brands Inc                                                               | VARSITY BRANDS INC 2025 TERM LOAN                       | CUSIP: 92227QAF3<br>LEI: 254900PLBJA0I5NSTT38 | Long             | LON              | CORP              | US        |   7406438 | PA      | $7429619.65   | 0.96%             | 2031-08-26      | Floating      | 7.45%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc                                                           | VENTURE GLOBAL LNG INC JR SUBORDINA 144A 12/99 VAR      | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |  10690000 | PA      | $10596462.50  | 1.36%             | 2174-03-30      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines LNG LLC                                               | VENTURE GLOBAL PLAQUE SR SECURED 144A 01/36 6.75        | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1335000 | PA      | $1395075.00   | 0.18%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc                                                       | VERIZON COMMUNICATIONS SR UNSECURED 04/35 5.25          | CUSIP: 92343VGZ1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1561318.10   | 0.20%             | 2035-04-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                               | VICI PROPERTIES LP SR UNSECURED 05/52 5.625             | CUSIP: 925650AE3<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |   9325000 | PA      | $8534510.43   | 1.10%             | 2052-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                                                      | VISTRA CORP JR SUBORDINA 144A VAR                       | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   7223000 | PA      | $7367460.00   | 0.95%             | 2174-04-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Voyager Parent LLC                                                               | VOYAGER PARENT LLC SR SECURED 144A 07/32 9.25           | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |   7325000 | PA      | $7691250.00   | 0.99%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| WaterBridge Midstream Operating LLC                                              | WATERBRDGE MDSTRM OPRTING LLC 2024 1ST LIEN TERM LOAN B | CUSIP: 94120XAF2<br>LEI: 549300DVU86VSP486341 | Long             | LON              | CORP              | US        |   7694236 | PA      | $7684618.42   | 0.99%             | 2029-06-27      | Floating      | 9.31%                 | No            |                  2 | On Loan: No      |
| Weatherford International Ltd                                                    | WEATHERFORD INTERNATIONA COMPANY GUAR 144A 04/30 8.625  | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   7120000 | PA      | $7280200.00   | 0.94%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Williams Scotsman Inc                                                            | WILLIAMS SCOTSMAN INC SR SECURED 144A 10/31 7.375       | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |  10818000 | PA      | $11291287.50  | 1.45%             | 2031-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Windstream Services LLC / Windstream Escrow Finance Corp                         | WINDSTREAM SERVICES/ESCR SR SECURED 144A 10/31 8.25     | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5145000 | PA      | $5350800.00   | 0.69%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President