AB Active ETFs, Inc.

AB Short Duration High Yield ETF

Portfolio of Investments

August 31, 2026 (unaudited)

 

      Principal
Amount
(000)		        U.S. $ Value  

CORPORATES - NON-INVESTMENT GRADE – 77.8%

           

Industrial – 68.2%

           

Basic – 5.5%

           

Ahlstrom Holding 3 Oy
4.875%, 02/04/2028(a)

      U.S.$               392        $      388,276  

Alcoa Nederland Holding BV
4.125%, 03/31/2029(a)

         1,587          1,536,121  

7.125%, 03/15/2031(a)

         4,179          4,317,367  

Alumina Pty Ltd.
6.125%, 03/15/2030(a)

         7          7,074  

ASP Unifrax Holdings, Inc.
7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029(b) (c) (d)

         2,473          6,183  

10.425% (10.425% Cash or 11.175% PIK or 6.425% Cash and 4.75% PIK), 09/30/2029(b) (c) (d) (e)

         833          310,173  

12.05% (CME Term SOFR 1 Month + 8.37%), 10/29/2026(f) (g) (h) (i)

         126          45,981  

12.05% (CME Term SOFR 1 Month + 8.37%), 11/26/2026(f) (g) (h) (i)

         24          8,969  

12.05% (CME Term SOFR 1 Month + 8.37%), 07/31/2027(c) (f) (h) (i)

         127          123,349  

Axalta Coating Systems LLC
3.375%, 02/15/2029(a)

         1,000          958,960  

Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV
4.75%, 06/15/2027(a)

         320          319,738  

Celanese US Holdings LLC
6.50%, 04/15/2030

         219          223,043  

7.33%, 07/15/2029(e)

         213          222,121  

7.35%, 11/15/2028(e)

         5,653          5,874,598  

7.379%, 07/15/2032(e)

         1,566          1,640,526  

Cerdia Finanz GmbH
9.375%, 10/03/2031(a)

         380          344,546  

Constellium SE
3.75%, 04/15/2029(a)

         3,351          3,220,345  

CVR Partners LP/CVR Nitrogen Finance Corp.
6.125%, 06/15/2028(a)

         4,924          4,930,697  

Fortescue Treasury Pty Ltd.
4.50%, 09/15/2027(a)

         435          431,407  

Graphic Packaging International LLC
3.50%, 03/15/2028(a)

         50          48,681  

INEOS Finance PLC
7.25%, 03/31/2031(a)

      EUR        715          786,242  

Ingevity Corp.
3.875%, 11/01/2028(a)

      U.S.$        1,972          1,905,800  

Methanex Corp.
5.125%, 10/15/2027

         4,427          4,426,602  

Methanex US Operations, Inc.
6.25%, 03/15/2032(a)

         883          894,205  

Novelis Corp.
4.75%, 01/30/2030(a)

         5,370          5,186,722  

Olin Corp.
5.00%, 02/01/2030

         5,752          5,560,286  

5.625%, 08/01/2029

         2,034          2,023,993  

6.625%, 04/01/2033(a)

         47          46,162  

Olympus Water US Holding Corp.
3.875%, 10/01/2028(a)

      EUR        100          115,716  

Perimeter Holdings LLC
5.00%, 10/30/2029(a)

      U.S.$        762          744,977  

Roller Bearing Co. of America, Inc.
4.375%, 10/15/2029(a)

         680          664,292  

Stonepeak Motion Holdco Ltd./Stonepeak Motion Finco LLC
5.00%, 07/15/2033(a)

      EUR        254          295,105  

6.125%, 07/15/2033(a)

      U.S.$        349          347,304  

WR Grace Holdings LLC
6.625%, 08/15/2032(a)

         5,503          5,303,131  
          

 

 

  
             53,258,692  
          

 

 

  

 

1

      Principal
Amount
(000)		        U.S. $ Value  

Capital Goods – 8.4%

           

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
5.00%, 01/30/2031(a)

      EUR               597        $      702,178  

Ball Corp.
2.875%, 08/15/2030

      U.S.$        689          627,452  

Biffa Group Holdings Ltd.
5.25%, 06/15/2031(a)

      EUR        777          896,922  

Bombardier, Inc.
7.45%, 05/01/2034(a)

      U.S.$        3,263          3,581,926  

8.75%, 11/15/2030(a)

         905          953,608  

Columbus McKinnon Corp./NY
7.125%, 02/01/2033(a)

         4,683          4,736,339  

Constantia Flexibles GmbH
6.25%, 07/15/2032(a)

      EUR        164          192,190  

Dycom Industries, Inc.
4.50%, 04/15/2029(a)

      U.S.$        2,714          2,642,133  

Efesto Bidco SpA Efesto US LLC Series XR
7.50%, 02/15/2032(a)

         4,872          4,952,339  

EnerSys
4.375%, 12/15/2027(a)

         1,214          1,204,482  

Esab Corp.
6.25%, 04/15/2029(a)

         5,385          5,456,944  

GFL Environmental, Inc.
4.00%, 08/01/2028(a)

         6,243          6,118,827  

6.75%, 01/15/2031(a)

         507          515,436  

Goat Holdco LLC
6.75%, 02/01/2032(a)

         3,645          3,718,483  

IMA Industria Macchine Automatiche SpA
3.75%, 01/15/2028(a)

      EUR        650          754,647  

LSB Industries, Inc.
6.25%, 10/15/2028(a) (e)

      U.S.$        4,694          4,683,626  

Luna 2 5 SARL
5.50%, 07/01/2032(a)

      EUR        266          310,784  

Maxam Prill SARL
7.75%, 07/15/2030(a)

      U.S.$        5,001          5,157,831  

MIWD Holdco II LLC/MIWD Finance Corp.
5.50%, 02/01/2030(a)

         7,455          7,024,921  

Mueller Water Products, Inc.
4.00%, 06/15/2029(a)

         3,153          3,038,199  

Quikrete Holdings, Inc.
6.375%, 03/01/2032(a)

         2,554          2,584,239  

Silgan Holdings, Inc.
2.25%, 06/01/2028

      EUR        412          467,395  

Terex Corp.
5.00%, 05/15/2029(a)

      U.S.$        6,360          6,302,378  

TK Elevator Midco GmbH
4.375%, 07/15/2027(a)

      EUR        34          39,465  

TransDigm, Inc.
6.375%, 03/01/2029(a)

      U.S.$        3,656          3,708,902  

6.75%, 08/15/2028(a)

         2,775          2,796,700  

6.875%, 12/15/2030(a)

         2,646          2,713,341  

Trinity Industries, Inc.
7.75%, 07/15/2028(a)

         863          881,969  

VoltaGrid LLC
7.375%, 11/01/2030(a)

         2,299          2,312,472  

Waste Pro USA, Inc.
7.00%, 02/01/2033(a)

         215          219,717  

WESCO Distribution, Inc.
5.25%, 04/15/2031(a)

         300          295,788  
          

 

 

  
             79,591,633  
          

 

 

  

 

2

      Principal
Amount
(000)		        U.S. $ Value  

Communications - Media – 3.1%

           

AMC Global Media, Inc.
10.50%, 07/15/2032(a)

      U.S.$               573        $      605,157  

Arches Buyer, Inc.
9.00%, 08/15/2031(a)

         863          900,773  

Banijay Entertainment SAS
7.00%, 05/01/2029(a)

      EUR        442          524,681  

8.125%, 05/01/2029(a)

      U.S.$        234          240,192  

CCO Holdings LLC/CCO Holdings Capital Corp.
7.00%, 02/01/2033(a)

         969          946,480  

7.375%, 03/01/2031(a)

         504          510,018  

Clear Channel Outdoor Holdings, Inc.
7.125%, 02/15/2031(a)

         1,149          1,183,573  

CSC Holdings LLC
5.375%, 02/01/2028(a)

         1,973          1,069,267  

5.50%, 04/15/2027(a)

         491          284,191  

6.50%, 02/01/2029(a)

         233          123,690  

DIRECTV Financing LLC
8.875%, 02/01/2030(a)

         4,131          4,230,103  

DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc.
5.875%, 08/15/2027(a)

         148          147,996  

Discovery Global Holdings, Inc.
4.279%, 03/15/2032

         2,355          2,154,990  

DISH DBS Corp.
5.25%, 12/01/2026(a) (b) (d)

         589          587,518  

5.75%, 12/01/2028(a) (b) (d)

         754          743,007  

EchoStar Corp.
10.75%, 11/30/2029

         2,131          2,302,567  

EW Scripps Co. (The)
9.88%, 08/15/2030(a)

         1,013          915,661  

Gray Media, Inc.
10.50%, 07/15/2029(a)

         707          745,758  

LCPR Senior Secured Financing DAC
5.125%, 07/15/2029(a)

         1,179          662,504  

6.75%, 10/15/2027(a)

         2,212          1,275,749  

McGraw-Hill Education, Inc.
5.75%, 08/01/2028(a)

         952          949,220  

7.375%, 09/01/2031(a)

         150          154,159  

Sinclair Television Group, Inc.
5.50%, 03/01/2030(a)

         22          19,564  

8.125%, 02/15/2033(a)

         44          45,716  

Sirius XM Radio LLC
4.00%, 07/15/2028(a)

         400          390,276  

4.125%, 07/01/2030(a)

         5,012          4,717,545  

5.00%, 08/01/2027(a)

         50          49,901  

Summer BC Holdco B SARL
5.875%, 02/15/2030(a)

      EUR        196          190,836  

Versant Media Group, Inc.
7.25%, 01/30/2031(a)

      U.S.$        3,779          3,916,820  
          

 

 

  
             30,587,912  
          

 

 

  

Communications - Telecommunications – 1.3%

           

Altice Financing SA
5.00%, 01/15/2028(a)

         1,198          737,992  

Altice France SA
6.50%, 04/15/2032(a)

         1,342          1,306,539  

6.875%, 10/15/2030(a)

         373          364,618  

6.875%, 07/15/2032(a)

         1,450          1,420,282  

9.5%, 11/01/2029(a)

         448          454,077  

Connect Finco SARL/Connect US Finco LLC
9.00%, 09/15/2029(a)

         868          908,562  

Core Scientific Finance I LLC
7.75%, 05/15/2031(a)

         1,864          1,808,229  

 

3

      Principal
Amount
(000)		        U.S. $ Value  

Edged Compute LLC
7.50%, 04/30/2031(a)

      U.S.$             1,492        $    1,415,416  

ELK Grove Village Property LLC
7.50%, 06/15/2031(a)

         1,836          1,767,958  

Fibercop SpA Series 2033
6.375%, 11/15/2033(a)

         19          18,835  

Iliad Holding SAS
8.50%, 04/15/2031(a)

         379          397,177  

Viasat, Inc.
7.50%, 05/30/2031(a)

         266          267,136  

Yondr JK 1 LLC
6.875%, 06/30/2031(a)

         1,466          1,372,924  
          

 

 

  
             12,239,745  
          

 

 

  

Consumer Cyclical - Automotive – 2.3%

           

Adient Global Holdings Ltd.
8.25%, 04/15/2031(a)

         3,749          3,906,158  

Garrett Motion Holdings, Inc./Garrett LX I SARL
7.75%, 05/31/2032(a)

         1,665          1,731,234  

Goodyear Tire & Rubber Co. (The)
5.25%, 07/15/2031

         3,823          3,403,349  

IHO Verwaltungs GmbH
6.375% (6.375% Cash or 7.1250% PIK), 05/15/2029(a) (j)

         662          667,660  

6.75% (6.75% Cash or 7.50% PIK), 11/15/2029(a) (j)

      EUR        520          627,921  

JB Poindexter & Co., Inc.
8.75%, 12/15/2031(a)

      U.S.$        1,938          2,001,276  

Nissan Motor Acceptance Co. LLC
1.85%, 09/16/2026(a)

         450          449,415  

2.75%, 03/09/2028(a)

         3,427          3,275,527  

5.30%, 09/13/2027(a)

         618          616,566  

Nissan Motor Co., Ltd.
4.345%, 09/17/2027(a)

         942          932,175  

4.81%, 09/17/2030(a)

         883          821,817  

7.50%, 07/17/2030(a)

         792          813,376  

Phinia, Inc.
6.625%, 10/15/2032(a)

         822          836,286  
          

 

 

  
             20,082,760  
          

 

 

  

Consumer Cyclical - Entertainment – 1.1%

           

CPUK Finance Ltd.
7.875%, 08/28/2029(a)

      GBP        400          559,050  

NCL Corp., Ltd.
5.875%, 01/15/2031(a)

      U.S.$        2,858          2,740,736  

6.75%, 02/01/2032(a)

         875          851,357  

SeaWorld Parks & Entertainment, Inc.
5.25%, 08/15/2029(a)

         5,115          4,991,422  

Viking Cruises Ltd.
9.125%, 07/15/2031(a)

         729          764,531  
          

 

 

  
             9,907,096  
          

 

 

  

Consumer Cyclical - Other – 8.5%

           

Allwyn Entertainment Financing UK PLC
7.875%, 04/30/2029(a)

         1,194          1,223,504  

Banijay Gaming SAS
5.125%, 12/10/2031(a)

      EUR        424          498,217  

Boyne USA, Inc.
4.75%, 05/15/2029(a)

      U.S.$        2,993          2,938,198  

Brightstar Lottery PLC
5.25%, 01/15/2029(a)

         55          54,561  

Builders FirstSource, Inc.
4.25%, 02/01/2032(a)

         3,914          3,598,884  

6.375%, 06/15/2032(a)

         487          488,427  

 

4

     

Principal

Amount

(000)

        U.S. $ Value  

Churchill Downs, Inc.
4.75%, 01/15/2028(a)

      U.S.$             4,614        $    4,581,471  

Cirsa Finance International SARL
6.50%, 03/15/2029(a)

      EUR        668          800,197  

Great Canadian Gaming Corp./Raptor LLC
8.75%, 11/15/2029(a)

      U.S.$        560          563,786  

Hilton Domestic Operating Co., Inc.
3.75%, 05/01/2029(a)

         2,274          2,190,362  

5.875%, 04/01/2029(a)

         3,092          3,116,581  

Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.
4.875%, 07/01/2031(a)

         453          419,016  

5.00%, 06/01/2029(a)

         4,339          4,224,320  

6.625%, 01/15/2032(a)

         1,635          1,648,603  

Marriott Ownership Resorts, Inc.
4.50%, 06/15/2029(a)

         5,393          5,218,968  

Masterbrand, Inc.
7.00%, 07/15/2032(a)

         7,090          7,085,959  

MGM Resorts International
6.125%, 09/15/2029

         906          916,165  

6.50%, 04/15/2032

         4,820          4,817,590  

Miller Homes Group Finco PLC
6.761% (EURIBOR 3 Month + 4.25%), 10/15/2030(a) (f)

      EUR        194          226,642  

7.00%, 05/15/2029(a)

      GBP        276          373,426  

Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC
8.25%, 04/15/2030(a)

      U.S.$        2,180          2,274,307  

Penn Entertainment, Inc.
6.75%, 04/01/2031(a)

         4,534          4,548,917  

Playtech PLC
5.875%, 06/28/2028(a)

      EUR        620          730,303  

Standard Building Solutions, Inc.
5.875%, 03/15/2034(a)

      U.S.$        334          323,412  

6.25%, 08/01/2033(a)

         225          223,416  

6.50%, 08/15/2032(a)

         173          174,014  

Standard Industries, Inc./NY
3.375%, 01/15/2031(a)

         1,074          970,144  

4.375%, 07/15/2030(a)

         4,583          4,356,875  

4.75%, 01/15/2028(a)

         1,847          1,840,942  

Station Casinos LLC
4.50%, 02/15/2028(a)

         4,492          4,446,541  

Thor Industries, Inc.
4.00%, 10/15/2029(a)

         6,571          6,261,243  

Travel & Leisure Co.
4.50%, 12/01/2029(a)

         3,291          3,176,506  

6.125%, 09/01/2033(a)

         391          385,729  

6.25%, 06/01/2031(a)

         2,513          2,528,530  

Wyndham Hotels & Resorts, Inc.
4.375%, 08/15/2028(a)

         5,140          5,048,097  
          

 

 

  
             82,273,853  
          

 

 

  

Consumer Cyclical - Restaurants – 0.6%

           

1011778 BC ULC/New Red Finance, Inc.
4.00%, 10/15/2030(a)

         398          375,589  

4.375%, 01/15/2028(a)

         3,033          3,002,427  

KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
4.75%, 06/01/2027(a)

         410          408,762  

Yum! Brands, Inc.
3.625%, 03/15/2031

         2,677          2,477,349  
          

 

 

  
             6,264,127  
          

 

 

  

Consumer Cyclical - Retailers – 5.3%

           

Advance Auto Parts, Inc.
7.00%, 08/01/2030(a)

         6,504          6,645,852  

Asbury Automotive Group, Inc.
4.625%, 11/15/2029(a)

         6,375          6,200,707  

 

5

     

Principal

Amount

(000)

        U.S. $ Value  

Beach Acquisition Bidco LLC
5.25%, 07/15/2032(a)

      EUR               668        $      778,261  

Boots Group Finco LP
5.375%, 08/31/2032(a)

         781          925,417  

Carvana Co.
9.00%, 06/01/2031(a) (e) (j)

      U.S.$        367          404,996  

FirstCash, Inc.
4.625%, 09/01/2028(a)

         4,907          4,822,845  

Gap, Inc. (The)
3.625%, 10/01/2029(a)

         5,830          5,512,615  

3.875%, 10/01/2031(a)

         703          645,410  

Gee Automotive Holdings LLC
7.25%, 03/01/2031(a)

         899          910,966  

Global Auto Holdings Ltd./AAG FH UK Ltd.
8.375%, 01/15/2029(a)

         3,265          3,272,444  

Group 1 Automotive, Inc.
4.00%, 08/15/2028(a)

         2,339          2,280,478  

6.375%, 01/15/2030(a)

         671          676,824  

LCM Investments Holdings II LLC
4.875%, 05/01/2029(a)

         6,036          5,901,156  

Murphy Oil USA, Inc.
3.75%, 02/15/2031(a)

         1,268          1,181,789  

Park River Holdings, Inc.
8.00%, 03/15/2031(a)

         451          453,350  

Penske Automotive Group, Inc.
3.75%, 06/15/2029

         3,854          3,689,665  

Sonic Automotive, Inc.
4.875%, 11/15/2031(a)

         2,255          2,153,548  

Staples, Inc.
10.75%, 09/01/2029(a)

         1,864          1,790,465  

VF Corp.
2.95%, 04/23/2030

         1,524          1,383,883  

William Carter Co. (The)
7.375%, 02/15/2031(a)

         1,295          1,336,129  
          

 

 

  
             50,966,800  
          

 

 

  

Consumer Non-Cyclical – 9.2%

           

Acadia Healthcare Co., Inc.
5.50%, 07/01/2028(a)

         4,580          4,568,733  

Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
4.875%, 02/15/2030(a)

         300          289,035  

5.75%, 03/31/2034(a)

         4,058          3,815,859  

Bausch & Lomb Corp.
8.375%, 10/01/2028(a)

         3,128          3,208,828  

Bausch Health Cos., Inc.
11.00%, 09/30/2028(a)

         187          197,210  

CAB SELAS
7.75%, 08/09/2031(a)

      EUR        859          1,018,738  

Chobani LLC/Chobani Finance Corp., Inc.
7.625%, 07/01/2029(a)

      U.S.$        250          256,925  

CHS/Community Health Systems, Inc.
5.25%, 05/15/2030(a)

         2,443          2,279,075  

6.00%, 01/15/2029(a)

         794          784,607  

10.875%, 01/15/2032(a)

         2,176          2,309,345  

DaVita, Inc.
3.75%, 02/15/2031(a)

         667          616,235  

4.625%, 06/01/2030(a)

         7,791          7,513,173  

Embecta Corp.
5.00%, 02/15/2030(a)

         6,159          5,053,090  

6.75%, 02/15/2030(a)

         366          303,235  

Emergent BioSolutions, Inc.
3.875%, 08/15/2028(a)

         1,030          941,822  

Fiesta Purchaser, Inc.
7.875%, 03/01/2031(a)

         564          571,315  

 

6

     

Principal

Amount

(000)

        U.S. $ Value  

Gainwell Acquisition Corp.
9.00%, 09/01/2031(a)

      U.S.$             1,012        $    1,055,131  

Grifols SA
3.875%, 10/15/2028(a)

      EUR        1,524          1,757,939  

4.75%, 10/15/2028(a)

      U.S.$        3,183          3,137,610  

Gruenenthal GmbH
4.125%, 05/15/2028(a)

      EUR        907          1,052,096  

Gruppo San Donato SpA
6.50%, 10/31/2031(a)

         1,056          1,200,227  

Insulet Corp.
6.50%, 04/01/2033(a)

      U.S.$        5,249          5,328,785  

IQVIA, Inc.
4.625%, 06/15/2033(a)

      EUR        239          278,369  

5.00%, 10/15/2026(a)

      U.S.$        1,570          1,569,953  

5.00%, 05/15/2027(a)

         413          413,091  

Kedrion SpA
6.50%, 09/01/2029(a)

         1,578          1,574,734  

LifePoint Health, Inc.
8.375%, 02/15/2032(a)

         2,007          2,030,944  

9.88%, 08/15/2030(a)

         2,365          2,489,162  

Mehilainen Yhtiot Oy
5.125%, 06/30/2032(a)

      EUR        419          488,871  

ModivCare, Inc.
5.00%, 10/01/2029(b) (c) (d) (e) (h)

      U.S.$        1,626          2,114  

Neogen Food Safety Corp.
8.625%, 07/20/2030(a)

         1,166          1,229,850  

Option Care Health, Inc.
4.375%, 10/31/2029(a)

         36          34,890  

Organon & Co./Organon Foreign Debt Co-Issuer BV
4.125%, 04/30/2028(a)

         4,080          4,038,506  

Perrigo Finance Unlimited Co.
5.15%, 06/15/2030(e)

         1,434          1,384,986  

Post Holdings, Inc.
6.375%, 03/01/2033(a)

         5,392          5,298,880  

Premier Foods Finance PLC
3.50%, 10/15/2026(a)

      GBP        200          270,482  

Select Medical Corp.
6.25%, 12/01/2032(a)

      U.S.$        5,297          5,136,660  

Surgery Center Holdings, Inc.
7.25%, 04/15/2032(a)

         1,861          1,873,190  

Tenet Healthcare Corp.
4.25%, 06/01/2029

         4,205          4,096,385  

4.375%, 01/15/2030

         3,565          3,453,594  

US Foods, Inc.
4.75%, 02/15/2029(a)

         5,606          5,534,467  

Whirlpool Corp.
4.75%, 02/26/2029

         293          278,157  

6.125%, 06/15/2030

         624          586,167  

7.50%, 07/01/2031(a)

         228          228,812  
          

 

 

  
             89,551,277  
          

 

 

  

Energy – 9.2%

           

Ascent Resources Utica Holdings LLC/ARU Finance Corp.
6.625%, 10/15/2032(a)

         265          267,348  

Blue Racer Midstream LLC/Blue Racer Finance Corp.
7.00%, 07/15/2029(a)

         6,250          6,425,750  

7.25%, 07/15/2032(a)

         564          583,001  

Buckeye Partners LP
4.50%, 03/01/2028(a)

         3,030          2,992,064  

6.75%, 02/01/2030(a)

         1,245          1,279,872  

6.875%, 07/01/2029(a)

         2,037          2,083,790  

Chord Energy Corp.
6.00%, 10/01/2030(a)

         150          151,657  

6.75%, 03/15/2033(a)

         3,700          3,779,994  

 

7

     

Principal

Amount

(000)

        U.S. $ Value  

CITGO Petroleum Corp.
8.375%, 01/15/2029(a)

      U.S.$             1,075        $     1,103,767  

CNX Resources Corp.
7.25%, 03/01/2032(a)

         4,628          4,759,481  

7.375%, 01/15/2031(a)

         300          306,939  

CQP Holdco LP/BIP-V Chinook Holdco LLC
5.50%, 06/15/2031(a)

         6,956          6,805,820  

Delek Logistics Partners LP/Delek Logistics Finance Corp.
8.625%, 03/15/2029(a)

         2,674          2,768,793  

Genesis Energy LP/Genesis Energy Finance Corp.
8.875%, 04/15/2030

         1,307          1,364,848  

Gulfport Energy Operating Corp.
6.75%, 09/01/2029(a)

         4,304          4,383,409  

Hilcorp Energy I LP/Hilcorp Finance Co.
6.00%, 04/15/2030(a)

         2,266          2,259,701  

6.25%, 04/15/2032(a)

         2,543          2,497,379  

Howard Midstream Energy Partners LLC
7.375%, 07/15/2032(a)

         1,500          1,548,930  

Ithaca Energy North Sea PLC
8.125%, 10/15/2029(a)

         427          443,115  

Kraken Oil & Gas Partners LLC
7.625%, 08/15/2029(a)

         2,559          2,608,491  

Matador Resources Co.
6.00%, 04/15/2034(a)

         484          473,589  

6.25%, 04/15/2033(a)

         100          99,998  

6.50%, 04/15/2032(a)

         3,182          3,212,102  

Murphy Oil Corp.
6.00%, 10/01/2032

         1,331          1,326,142  

NFE Financing LLC
12.00%, 11/15/2029(b) (c) (d)

         3,644          1,087,076  

NuStar Logistics LP
5.625%, 04/28/2027

         1,317          1,321,465  

6.375%, 10/01/2030

         4,461          4,570,027  

Range Resources Corp.
4.75%, 02/15/2030(a)

         643          628,597  

Rockies Express Pipeline LLC
6.75%, 03/15/2033(a)

         50          51,002  

SM Energy Co.
6.75%, 08/01/2029(a)

         3,570          3,647,005  

Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.00%, 06/01/2031(a)

         942          892,093  

Sunoco LP
4.50%, 10/01/2029(a)

         2,409          2,349,594  

4.625%, 05/01/2030(a)

         1,304          1,262,924  

5.875%, 07/15/2027(a)

         3          3,005  

6.625%, 08/15/2032(a)

         1,145          1,163,320  

Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/2029

         392          383,207  

7.00%, 09/15/2028(a)

         4,746          4,829,102  

Superior Plus LP/Superior General Partner, Inc.
4.50%, 03/15/2029(a)

         942          913,646  

TerraForm Power Operating LLC
5.00%, 01/31/2028(a)

         623          616,097  

TGNR Intermediate Holdings LLC
5.50%, 10/15/2029(a)

         4,525          4,468,211  

Transocean International Ltd.
8.75%, 02/15/2030(a)

         1,138          1,182,886  

Venture Global LNG, Inc.
8.375%, 06/01/2031(a)

         660          686,506  

9.5%, 02/01/2029(a)

         3,743          4,025,821  

Venture Global Plaquemines LNG LLC
6.125%, 12/15/2030(a)

         1,304          1,330,758  
          

 

 

  
             88,938,322  
          

 

 

  

 

8

      Principal
Amount
(000)		        U.S. $ Value  

Other Industrial – 1.3%

           

American Builders & Contractors Supply Co., Inc.
3.875%, 11/15/2029(a)

      U.S.$               434        $      412,734  

Belden, Inc.
3.375%, 07/15/2031(a)

      EUR        693          768,184  

Gates Corp./DE
6.875%, 07/01/2029(a)

      U.S.$        997          1,018,126  

Resideo Funding II LLC
6.50%, 07/15/2032(a)

         4,416          4,372,988  

Velocity Vehicle Group LLC
8.00%, 06/01/2029(a)

         2,750          2,753,135  

Veritiv Operating Co.
10.50%, 11/30/2030(a)

         2,410          2,517,799  
          

 

 

  
             11,842,966  
          

 

 

  

Services – 5.2%

           

ADT Security Corp. (The)
4.125%, 08/01/2029(a)

         4,373          4,211,593  

4.875%, 07/15/2032(a)

         597          563,311  

5.875%, 10/15/2033(a)

         213          208,261  

Allied Universal Holdco LLC
7.875%, 02/15/2031(a)

         3,691          3,837,533  

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
3.625%, 06/01/2028(a)

      EUR        160          184,984  

4.625%, 06/01/2028(a)

      U.S.$        4,302          4,235,986  

Angi Group LLC
3.875%, 08/15/2028(a)

         5,221          4,113,887  

Aramark International Finance SARL
4.375%, 04/15/2033(a)

      EUR        120          137,530  

Belron UK Finance PLC
5.75%, 10/15/2029(a)

      U.S.$        6,921          6,948,338  

Cars.com, Inc.
6.375%, 11/01/2028(a)

         1,545          1,538,604  

Clarivate Science Holdings Corp.
4.875%, 07/01/2029(a)

         1,940          1,826,374  

Deepocean Ltd.
6.00%, 04/08/2031(a)

      EUR        416          496,200  

Garda World Security Corp.
6.00%, 06/01/2029(a)

      U.S.$        4,405          4,354,783  

7.75%, 02/15/2028(a)

         250          253,650  

8.25%, 08/01/2032(a)

         326          333,224  

8.375%, 11/15/2032(a)

         833          853,275  

ION Platform Finance US, Inc./ION Platform Finance SARL
8.75%, 05/01/2029(a)

         115          104,937  

Match Group Holdings II LLC
4.125%, 08/01/2030(a)

         972          915,371  

4.625%, 06/01/2028(a)

         941          929,642  

Prime Security Services Borrower LLC/Prime Finance, Inc.
3.375%, 08/31/2027(a)

         2,906          2,852,442  

Rakuten Group, Inc.
9.75%, 04/15/2029(a)

         839          913,847  

Raven Acquisition Holdings LLC
6.875%, 11/15/2031(a)

         3,773          3,759,870  

Sabre GLBL, Inc.
11.125%, 07/15/2030(a)

         2,137          2,102,445  

Techem Verwaltungsgesellschaft 675 mbH
5.375%, 07/15/2029(a)

      EUR        777          921,363  

Valvoline, Inc.
3.625%, 06/15/2031(a)

      U.S.$        5          4,585  

Wand NewCo 3, Inc.
7.625%, 01/30/2032(a)

         3,681          3,743,062  
          

 

 

  
             50,345,097  
          

 

 

  

 

9

      Principal
Amount
(000)		        U.S. $ Value  

Technology – 4.3%

           

Almaviva-The Italian Innovation Co. SpA
5.00%, 10/30/2030(a)

      EUR             1,870        $     2,144,191  

AthenaHealth Group, Inc.
7.50%, 02/15/2032(a)

      U.S.$        3,379          3,484,830  

Cloud Software Group LLC
6.50%, 03/31/2029(a)

         831          828,083  

6.625%, 08/15/2033(a)

         990          897,514  

8.25%, 06/30/2032(a)

         1,273          1,247,922  

Diebold Nixdorf, Inc.
7.75%, 03/31/2030(a)

         4,584          4,781,845  

Ellucian Holdings, Inc.
6.50%, 12/01/2029(a)

         5,384          5,308,732  

Fortress Intermediate 3, Inc.
7.50%, 06/01/2031(a)

         4,890          5,000,514  

Gen Digital, Inc.
6.75%, 09/30/2027(a)

         1,022          1,024,790  

Go Daddy Operating Co. LLC/GD Finance Co., Inc.
3.50%, 03/01/2029(a)

         1,636          1,551,092  

GoTo Group, Inc.
5.50%, 05/01/2028(a)

         608          282,610  

IPD 3 BV
5.50%, 06/15/2031(a)

      EUR        633          715,351  

Meridian Arc Holdco LLC
6.25%, 04/30/2031(a)

      U.S.$        3,413          3,244,295  

MKS, Inc.
4.25%, 02/15/2034(a)

      EUR        964          1,089,391  

NCR Atleos Corp.
9.5%, 04/01/2029(a)

      U.S.$        372          393,688  

OAK-Eagle Acquireco, Inc.
6.25%, 07/01/2033(a)

      EUR        1,642          2,005,708  

7.25%, 07/01/2033(a)

      U.S.$        2,824          2,937,384  

ON Semiconductor Corp.
3.875%, 09/01/2028(a)

         939          915,910  

Rackspace Finance LLC
3.50%, 05/15/2028(a)

         1,075          897,567  

TeamSystem SpA
5.00%, 07/01/2031(a)

      EUR        1,044          1,173,952  

WULF Compute LLC
7.75%, 10/15/2030(a)

      U.S.$        2,193          2,279,733  
          

 

 

  
             42,205,102  
          

 

 

  

Transportation - Airlines – 1.5%

           

Allegiant Travel Co.
7.125%, 07/01/2031(a)

         1,836          1,854,709  

American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.75%, 04/20/2029(a)

         7,229          7,220,303  

United Airlines Holdings, Inc.
4.875%, 03/01/2029

         3,406          3,365,673  

5.375%, 03/01/2031

         643          637,232  
          

 

 

  
             13,077,917  
          

 

 

  

Transportation - Services – 1.4%

           

Albion Financing 1 SARL/Aggreko Holdings, Inc.
5.375%, 05/21/2030(a)

      EUR        246          293,254  

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
5.75%, 07/15/2027(a)

      U.S.$        11          10,982  

8.00%, 02/15/2031(a)

         630          637,869  

BCP V Modular Services Finance II PLC
4.75%, 11/30/2028(a)

      EUR        1,295          1,413,940  

Beacon Mobility Corp.
7.25%, 08/01/2030(a)

      U.S.$        4,301          4,419,321  

Boels Topholding BV
6.25%, 02/15/2029(a)

      EUR        492          582,868  

 

10

     

Principal

Amount

(000)

        U.S. $ Value  

Dcli Bidco LLC
7.75%, 11/15/2029(a)

      U.S.$            1,729        $     1,787,976  

Hertz Corp. (The)
4.625%, 12/01/2026(a)

         344          331,616  

Kapla Holding SAS
5.00%, 04/30/2031(a)

      EUR        1,498          1,743,208  

Loxam SAS
6.375%, 05/31/2029(a)

         185          220,123  

Mundys SpA
1.875%, 02/12/2028(a)

         450          509,652  

Rand Parent LLC
8.50%, 02/15/2030(a)

      U.S.$        215          222,121  

Upbound Group, Inc.
6.375%, 02/15/2029(a)

         865          861,583  
          

 

 

  
             13,034,513  
          

 

 

  
             654,167,812  
          

 

 

  

Financial Institutions – 9.5%

           

Banking – 0.6%

           

Armor Holdco, Inc.
8.50%, 11/15/2029(a)

         1,360          1,362,883  

Bread Financial Holdings, Inc.
6.75%, 05/15/2031(a)

         3,504          3,578,986  

CaixaBank SA
5.875%, 10/09/2027(a) (k)

      EUR        200          236,123  

Credit Acceptance Corp.
6.625%, 03/15/2030(a)

      U.S.$        217          218,267  

Freedom Mortgage Corp.
12.25%, 10/01/2030(a)

         548          584,343  
          

 

 

  
             5,980,602  
          

 

 

  
          

Brokerage – 0.9%

           

Aretec Group, Inc.
10.00%, 08/15/2030(a)

         3,423          3,604,145  

First Eagle Holdings, Inc.
7.25%, 08/15/2032(a)

         354          361,721  

Focus Financial Partners LLC
6.75%, 09/15/2031(a)

         1,774          1,763,870  

7.25%, 09/15/2031(a)

         2,046          2,068,608  

StoneX Group, Inc.
7.875%, 03/01/2031(a)

         621          646,343  

VFH Parent LLC/Valor Co-Issuer, Inc.
7.50%, 06/15/2031(a)

         83          85,931  
          

 

 

  
             8,530,618  
          

 

 

  

Finance – 3.7%

           

Black Pearl Compute LLC
6.125%, 02/15/2031(a)

         1,845          1,847,251  

Compass Group Diversified Holdings LLC
5.25%, 04/15/2029(a)

         1,086          1,037,713  

Curo SPV LLC
13.00%, 08/21/2027(h) (i)

         1,259          1,202,572  

Enova International, Inc.
9.125%, 08/01/2029(a)

         2,874          3,004,365  

11.25%, 12/15/2028(a)

         1,667          1,742,432  

Freedom Mortgage Holdings LLC
7.875%, 04/01/2033(a)

         932          896,817  

9.125%, 05/15/2031(a)

         887          915,499  

GGAM Finance Ltd.
8.00%, 06/15/2028(a)

         4,650          4,813,819  

goeasy Ltd.
6.875%, 05/15/2030(a)

         1,197          1,086,433  

7.375%, 10/01/2030(a)

         1,003          929,691  

7.625%, 07/01/2029(a)

         1,228          1,175,884  

 

11

     

Principal

Amount

(000)

        U.S. $ Value  

9.25%, 12/01/2028(a)

      U.S.$                 954        $       956,967  

Jefferies Finance LLC/JFIN Co-Issuer Corp.
5.00%, 08/15/2028(a)

         5,275          5,109,840  

Navient Corp.
9.375%, 10/15/2031

         1,066          1,093,673  

11.50%, 03/15/2031

         2,859          3,088,921  

OneMain Finance Corp.
7.875%, 03/15/2030

         1,426          1,478,434  

Phoenix Aviation Capital Ltd.
9.25%, 07/15/2030(a)

         1,327          1,388,188  

Stonebriar ABF Issuer LLC
7.00%, 08/15/2031(a)

         4,098          3,990,960  

8.125%, 12/15/2030(a)

         618          624,458  
          

 

 

  
             36,383,917  
          

 

 

  

Financial Services – 0.8%

           

1261229 BC Ltd.
10.00%, 04/15/2032(a)

         278          288,772  

Asurion LLC/Asurion Co-Issuer, Inc.
8.00%, 12/31/2032(a)

         1,288          1,281,457  

Cipher Compute LLC
7.125%, 11/15/2030(a)

         1,537          1,558,856  

CrossCountry Intermediate HoldCo LLC
6.75%, 12/01/2032(a)

         958          917,084  

Encore Capital Group, Inc.
6.625%, 04/15/2031(a)

         2,108          2,116,221  

8.50%, 05/15/2030(a)

         1,954          2,071,787  
          

 

 

  
             8,234,177  
          

 

 

  

Insurance – 3.2%

           

Acrisure LLC/Acrisure Finance, Inc.
4.25%, 02/15/2029(a)

         1,355          1,240,042  

7.50%, 11/06/2030(a)

         937          862,293  

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
6.75%, 04/15/2028(a)

         3,667          3,697,253  

AmWINS Group, Inc.
4.875%, 06/30/2029(a)

         329          319,643  

6.375%, 02/15/2029(a)

         5,618          5,669,798  

APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Inves
7.875%, 11/01/2029(a)

         416          411,183  

Ardonagh Finco Ltd.
6.875%, 02/15/2031(a)

      EUR        1,374          1,606,013  

7.75%, 02/15/2031(a)

      U.S.$        2,177          2,220,453  

CRC Insurance Group LLC
7.125%, 06/01/2031(a)

         5,217          5,221,226  

Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC
7.25%, 02/15/2031(a)

         5,554          5,502,625  

Jones Deslauriers Insurance Management, Inc.
8.50%, 03/15/2030(a)

         4,359          4,498,052  
          

 

 

  
             31,248,581  
          

 

 

  

REITs – 0.3%

           

Five Point Operating Co. LP
8.00%, 10/01/2030(a)

         977          1,002,978  

Iron Mountain, Inc.
4.875%, 09/15/2029(a)

         1,576          1,541,880  

Vivion Investments SARL
Series E
6.50%, 02/28/2029(a) (e) (j)

      EUR        1          843  
          

 

 

  
             2,545,701  
          

 

 

  
             92,923,596  
          

 

 

  

 

12

     

Principal

Amount

(000)

        U.S. $ Value  

Utility – 0.1%

           

Electric – 0.1%

           

Neoen Finco PLC
5.50%, 06/15/2031(a)

      EUR               631        $      747,423  
          

 

 

  

Total Corporates - Non-Investment Grade
(cost $755,360,873)

              747,838,831  
          

 

 

  

CORPORATES - INVESTMENT GRADE – 13.1%

           

Industrial – 8.6%

           

Basic – 0.2%

           

FMC Corp.
8.00%, 06/01/2031(a)

      U.S.$        519          538,421  

Hudbay Minerals, Inc.
6.125%, 04/01/2029(a)

         686          688,785  

SNF Group SACA
5.626%, 03/31/2031(a)

         1,096          1,100,154  
          

 

 

  
             2,327,360  
          

 

 

  

Communications - Media – 0.3%

           

Cox Communications, Inc.
5.70%, 06/15/2033(a)

         697          661,746  

Space Exploration Technologies Corp.
5.65%, 07/15/2033(a)

         1,949          1,876,049  
          

 

 

  
             2,537,795  
          

 

 

  

Communications - Telecommunications – 0.2%

           

QTS Central Issuer LLC/QTS TRS Central Issuer LLC
6.625%, 09/01/2031(a)

         1,711          1,686,430  
          

 

 

  

Consumer Cyclical - Automotive – 0.9%

           

Ford Motor Co.
3.25%, 02/12/2032

         3,350          2,929,810  

Ford Motor Credit Co. LLC
2.90%, 02/10/2029

         425          400,741  

4.95%, 05/28/2027

         731          731,117  

5.80%, 03/08/2029

         846          853,013  

5.875%, 11/07/2029

         514          518,744  

6.80%, 05/12/2028

         648          664,207  

7.35%, 11/04/2027

         1,437          1,473,097  

Jaguar Land Rover Automotive PLC
5.875%, 01/15/2028(a)

         663          661,647  
          

 

 

  
             8,232,376  
          

 

 

  

Consumer Cyclical - Entertainment – 0.5%

           

Carnival Corp., Ltd.
4.00%, 08/01/2028(a)

         3,238          3,170,973  

5.75%, 01/15/2030(a)

      EUR        189          230,078  

5.75%, 03/15/2030(a)

      U.S.$        1,137          1,143,504  
          

 

 

  
             4,544,555  
          

 

 

  

Consumer Cyclical - Other – 1.3%

           

Flutter Treasury DAC
4.00%, 06/04/2031(a)

      EUR        675          758,307  

5.875%, 06/04/2031(a)

      U.S.$        2,268          2,229,648  

6.125%, 06/04/2031(a)

      GBP        456          606,214  

6.375%, 04/29/2029(a)

      U.S.$        205          207,419  

Las Vegas Sands Corp.
5.65%, 05/18/2033

         417          410,453  

Taylor Morrison Communities, Inc.
5.75%, 01/15/2028(a)

         3,464          3,495,869  

Voyager Parent LLC
9.25%, 07/01/2032(a)

              4,629             4,956,131  
          

 

 

  
             12,664,041  
          

 

 

  

 

13

     

Principal

Amount

(000)

        U.S. $ Value  

Consumer Cyclical - Restaurants – 0.4%

           

1011778 BC ULC/New Red Finance, Inc.
3.50%, 02/15/2029(a)

      U.S.$             1,208        $    1,162,700  

3.875%, 01/15/2028(a)

         2,378          2,339,572  

5.625%, 09/15/2029(a)

         492          493,963  

6.125%, 06/15/2029(a)

         306          309,727  
          

 

 

  
             4,305,962  
          

 

 

  

Consumer Non-Cyclical – 1.1%

           

Jazz Securities DAC
4.375%, 01/15/2029(a)

         7,888          7,743,176  

Teva Pharmaceutical Finance Netherlands II BV
3.75%, 05/09/2027

      EUR        482          560,602  

Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/2026

      U.S.$        193          192,587  

4.75%, 05/09/2027

         1,620          1,618,056  

5.125%, 05/09/2029

         372          372,106  
          

 

 

  
             10,486,527  
          

 

 

  

Energy – 2.3%

           

Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.75%, 10/15/2033(a)

         2,925          2,886,799  

6.625%, 02/01/2032(a)

         1,818          1,856,778  

Breakwater Energy Holdings SARL
9.25%, 11/15/2030(a)

         200          213,148  

Colonial Pipeline Co.
7.63%, 04/15/2032(a)

         3,000          3,247,440  

EQT Corp.
4.50%, 01/15/2029

         78          77,235  

Harbour Energy Finance 2 PLC
5.929%, 08/19/2033(a)

         3,758          3,744,584  

Hess Midstream Operations LP
4.25%, 02/15/2030(a)

         403          388,045  

5.125%, 06/15/2028(a)

         3,772          3,760,608  

Permian Resources Operating LLC
5.875%, 07/01/2029(a)

         55          55,079  

7.00%, 01/15/2032(a)

         5,245          5,418,767  

Tengizchevroil Finance Co. International Ltd.
3.25%, 08/15/2030(a)

         242          223,850  
          

 

 

  
             21,872,333  
          

 

 

  

Other Industrial – 0.9%

           

American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/2028(a)

         6,541          6,445,763  

Carrix, Inc.
6.125%, 08/01/2033(a)

         1,640          1,639,180  

RB Global Holdings, Inc.
6.75%, 03/15/2028(a)

         502          506,864  
          

 

 

  
             8,591,807  
          

 

 

  

Services – 0.4%

           

Block, Inc.
3.50%, 06/01/2031

         2,892          2,651,328  

5.625%, 08/15/2030(a)

         1,567          1,568,692  
          

 

 

  
             4,220,020  
          

 

 

  

Technology – 0.1%

           

Oracle Corp.
4.90%, 02/06/2033

         733          674,639  
          

 

 

  

 

14

     

Principal

Amount

(000)

        U.S. $ Value  

Transportation - Services – 0.0%

           

Adani Ports & Special Economic Zone Ltd.
4.375%, 07/03/2029(a)

    U.S.$                 202        $      195,940  
          

 

 

  
             82,339,785  
          

 

 

  

Financial Institutions – 4.5%

           

Banking – 2.8%

           

Ally Financial, Inc.
6.70%, 02/14/2033

         4,224          4,300,116  

6.848%, 01/03/2030

         1,201          1,243,167  

8.00%, 11/01/2031

         809          889,229  

Bank of Ireland Group PLC
5.601%, 03/20/2030(a)

         752          762,062  

BPCE SA
5.876%, 01/14/2031(a)

         686          696,873  

CaixaBank SA
5.673%, 03/15/2030(a)

         1,324          1,343,701  

Capital One Financial Corp.
5.463%, 07/26/2030

         1,573          1,589,359  

Citigroup, Inc. Series AA
7.625%, 11/15/2028(k)

         205          213,409  

Deutsche Bank AG/New York NY
3.729%, 01/14/2032

         3,990          3,684,007  

3.742%, 01/07/2033

         230          208,389  

Intesa Sanpaolo SpA
4.198%, 06/01/2032(a)

         2,636          2,467,454  

Synchrony Financial
5.935%, 08/02/2030

         610          618,912  

7.25%, 02/02/2033

         5,915          6,118,654  

Truist Financial Corp. Series N
6.669%, 03/01/2027(k)

         626          628,435  

UBS Group AG
4.375%, 02/10/2031(a) (k)

         507          463,135  

UniCredit SpA
5.861%, 06/19/2032(a)

         1,787          1,792,611  
          

 

 

  
             27,019,513  
          

 

 

  

Finance – 0.4%

           

FS KKR Capital Corp.
3.125%, 10/12/2028

         518          489,888  

Midcap Financial Issuer Trust
6.50%, 05/01/2028(a)

         3,001          3,006,672  
          

 

 

  
             3,496,560  
          

 

 

  

Insurance – 1.0%

           

Athene Global Funding
5.583%, 01/09/2029(a)

         93          93,603  

Centene Corp.
2.50%, 03/01/2031

         2,193          1,915,147  

3.375%, 02/15/2030

         1,018          946,190  

4.625%, 12/15/2029

         5,425          5,289,863  

Hartford Insurance Group, Inc. (The)
Series ICON
6.127% (CME Term SOFR 3 Month + 2.39%), 02/12/2047(a) (f)

         859          858,837  

SBL Holdings, Inc.
5.00%, 02/18/2031(a)

         370          329,948  

5.90%, 09/26/2028(a)

         236          229,217  
          

 

 

  
             9,662,805  
          

 

 

  

REITs – 0.3%

           

Millrose Properties, Inc.
6.375%, 08/01/2030(a)

         899          911,829  

 

15

     

Principal

Amount

(000)

        U.S. $ Value  

Newmark Group, Inc.
7.50%, 01/12/2029

    U.S.$               2,027        $    2,113,046  

Trust 2401
4.869%, 01/15/2030(a)

         211          202,570  
          

 

 

  
             3,227,445  
          

 

 

  
             43,406,323  
          

 

 

  

Utility – 0.0%

           

Electric – 0.0%

           

Empresas Publicas de Medellin ESP
4.25%, 07/18/2029(a)

         427          404,109  
          

 

 

  

Total Corporates - Investment Grade
(cost $125,364,854)

              126,150,217  
          

 

 

  

BANK LOANS – 4.1%

           

Industrial – 3.2%

           

Basic – 0.2%

           

INEOS US Petrochem LLC
8.035% (CME Term SOFR 1 Month + 4.25%), 04/02/2029(l)

         1,881          1,569,801  
          

 

 

  

Communications - Media – 0.6%

           

DIRECTV Financing LLC
8.322% (CME Term SOFR 3 Month + 4.50%), 08/02/2029(l)

         1,181          1,188,875  

MH Sub I LLC
7.936% (CME Term SOFR 1 Month + 4.25%), 05/03/2028(l)

         1,588          1,568,480  

MJH Healthcare Holdings LLC
7.436% (CME Term SOFR 1 Month + 3.75%), 01/28/2029(g) (h) (i) (l)

         1,446          1,379,480  

Neptune Bidco US, Inc.
8.862% (CME Term SOFR 3 Month + 5.00%), 02/03/2033(l)

         1,000          996,750  

Radiate Holdco LLC
13.50% (1.50% Cash and 12.00% PIK Interest 12 + 1.50%), 09/25/2029(l)

         773          680,180  
          

 

 

  
             5,813,765  
          

 

 

  

Communications - Telecommunications – 0.1%

           

StubHub Holdco Sub LLC
03/15/2030(m)

         1,234          1,236,857  
          

 

 

  

Consumer Cyclical - Automotive – 0.0%

           

RealTruck Group, Inc.
10.025% (CME Term SOFR 3 Month + 6.00%), 01/31/2031(l)

         958          578,022  
          

 

 

  

Consumer Cyclical - Other – 0.1%

           

PHRG Intermediate LLC
7.732% (CME Term SOFR 3 Month + 4.00%), 02/20/2032(l)

         802          801,146  
          

 

 

  

Consumer Non-Cyclical – 0.3%

           

Hertz Corp. (The)
7.584% (CME Term SOFR 3 Month + 3.50%), 06/30/2028(l)

         1,510          835,477  

ModivCare Buyer LLC
8.732% (CME Term SOFR 3 Month + 5.00%), 12/29/2030(l)

         88          74,663  

MPH Acquisition Holdings LLC
7.572% (CME Term SOFR 3 Month + 3.75%), 12/31/2030(l)

         1,921          1,926,975  

Weber-Stephen Products LLC
7.475% (CME Term SOFR 3 Month + 3.75%), 10/01/2032(l)

         618          614,715  
          

 

 

  
             3,451,830  
          

 

 

  

Energy – 0.2%

           

Calcasieu Pass Funding, LLC
6.954% (CME Term SOFR 6 Month + 3.25%), 04/11/2033(l)

         1,379          1,386,995  

Colossus Acquireco LLC
5.370% (CME Term SOFR 3 Month + 1.75%), 01/31/2033(l)

         517          515,268  
          

 

 

  
             1,902,263  
          

 

 

  

 

16

     

Principal

Amount

(000)

        U.S. $ Value  

Other Industrial – 0.1%

           

Tulip Holdco (DE) LLC
08/04/2033(g) (h) (i) (m)

      U.S.$             1,030        $    1,031,287  
          

 

 

  

Services – 0.2%

           

VM Consolidated, Inc.
5.686% (CME Term SOFR 1 Month + 2.00%), 10/01/2032(l)

         1,790          1,726,486  
          

 

 

  

Technology – 1.2%

           

Boxer Parent Co., Inc.
6.514% (CME Term SOFR 3 Month + 2.75%), 07/30/2031(l)

         1,465          1,386,609  

Clover Holdings 2 LLC
7.750% (FIXED 4 + 7.75%), 12/09/2031(g) (h) (i) (l)

         1,782          1,715,596  

Darktrace Finco US LLC
6.987% (CME Term SOFR 3 Month + 3.25%), 10/09/2031(l)

         1,204          1,133,933  

Imprivata, Inc.
7.483% (CME Term SOFR 3 Month + 3.75%), 11/30/2029(l)

         300          302,517  

Loyalty Ventures, Inc.
14.000% (PRIME 3 Month + 5.50%), 11/03/2027(b) (d) (h) (i) (l)

         550          57,735  

Peraton Corp.
7.672% (CME Term SOFR 3 Month + 3.75%), 02/01/2028(l)

         1,182          1,121,934  

Ping Identity Holding Corp.
6.389% (CME Term SOFR 1 Month + 2.75%), 11/15/2032(g) (h) (i) (l)

         788          778,175  

Playtika Holding Corp.
6.550% (CME Term SOFR 1 Month + 2.75%), 03/13/2028(l)

         765          745,998  

Polaris Newco LLC
8.084% (CME Term SOFR 3 Month + 4.00%), 06/02/2028(l)

         1,253          1,159,724  

Rocket Software, Inc.
7.436% (CME Term SOFR 1 Month + 3.75%), 11/28/2028(l)

         1,995          1,974,833  

Synechron, Inc.
7.482% (CME Term SOFR 3 Month + 3.75%), 10/03/2031(g) (h) (i) (l)

         1,110          1,054,500  
          

 

 

  
             11,431,554  
          

 

 

  

Transportation - Airlines – 0.1%

           

JetBlue Airways Corp.
8.427% (CME Term SOFR 3 Month + 4.75%), 08/27/2029(l)

         845          727,012  
          

 

 

  

Transportation - Services – 0.1%

           

Carvana Co.
08/15/2033(m)

         720          715,802  
          

 

 

  
             30,985,825  
          

 

 

  

Financial Institutions – 0.9%

           

Banking – 0.0%

           

Orbit Private Holdings I Ltd.
7.596% (CME Term SOFR 6 Month + 3.75%), 12/10/2031(l)

         105          105,012  
          

 

 

  

Finance – 0.2%

           

Nexus Buyer LLC
7.686% (CME Term SOFR 1 Month + 4.00%), 07/31/2031(l)

         1,795          1,773,591  
          

 

 

  

Financial Services – 0.0%

           

ACProducts Holdings, Inc.
9.232% (CME Term SOFR 3 Month + 5.50%), 11/14/2031(l)

         43          44,220  
          

 

 

  

Insurance – 0.7%

           

Acrisure LLC
6.686% (CME Term SOFR 1 Month + 3.00%), 11/06/2030(g) (h) (i) (l)

         5,074          4,296,209  

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
6.186% (CME Term SOFR 1 Month + 2.50%), 09/19/2031(l)

         1,197          1,193,648  

Asurion LLC
7.572% (CME Term SOFR 3 Month + 3.75%), 02/23/2033(l)

         871          833,228  

8.172% (CME Term SOFR 3 Month + 4.25%), 08/19/2028(l)

         114          114,032  
          

 

 

  
             6,437,117  
          

 

 

  
             8,359,940  
          

 

 

  

Total Bank Loans
(cost $41,565,945)

              39,345,765  
          

 

 

  

 

17

      Principal
Amount
(000)		        U.S. $ Value  

EMERGING MARKETS - CORPORATE BONDS – 1.1%

           

Industrial – 1.0%

           

Basic – 0.1%

           

Braskem Idesa SAPI
6.99%, 02/20/2032(b) (c) (d)

      U.S.$               486        $       330,723  

Braskem Netherlands Finance BV
4.50%, 01/10/2028(b) (c) (d)

         341          196,160  
          

 

 

  
             526,883  
          

 

 

  

Consumer Cyclical - Other – 0.8%

           

Melco Resorts Finance Ltd.
5.375%, 12/04/2029(a)

         2,692          2,615,251  

5.625%, 07/17/2027(a)

         356          355,722  

5.75%, 07/21/2028(a)

         2,941          2,927,354  

7.625%, 04/17/2032(a)

         250          255,658  

MGM China Holdings Ltd.
6.25%, 05/15/2033(a)

         590          573,008  

Wynn Macau Ltd.
5.50%, 10/01/2027(a)

         999          995,733  
          

 

 

  
             7,722,726  
          

 

 

  

Consumer Non-Cyclical – 0.0%

           

Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL
5.25%, 04/27/2029(a)

         28          27,412  
          

 

 

  

Energy – 0.1%

           

Ecopetrol SA
8.625%, 01/19/2029

         216          228,528  

Gran Tierra Energy, Inc.
9.5%, 10/15/2029(a)

         216          216,873  

Puma International Financing SA
7.75%, 04/25/2029(a)

         564          579,437  
          

 

 

  
             1,024,838  
          

 

 

  

Technology – 0.0%

           

ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C
7.875%, 02/03/2030(a)

         470          480,575  
          

 

 

  
             9,782,434  
          

 

 

  

Utility – 0.1%

           

Electric – 0.1%

           

India Clean Energy Holdings
4.50%, 04/18/2027(a)

         200          197,750  

Investment Energy Resources Ltd.
6.25%, 04/26/2029(a)

         247          243,052  
          

 

 

  
             440,802  
          

 

 

  

Total Emerging Markets - Corporate Bonds
(cost $10,410,571)

              10,223,236  
          

 

 

  

EMERGING MARKETS - SOVEREIGNS – 0.3%

           

Bahrain – 0.1%

           

Bahrain Government International Bond
7.00%, 10/12/2028(a)

         570          565,725  
          

 

 

  

Cote D’Ivoire – 0.1%

           

Ivory Coast Government International Bond
6.375%, 03/03/2028(a)

         507          512,121  
          

 

 

  

Egypt – 0.0%

           

Egypt Government International Bond
7.50%, 01/31/2027(a)

         200          201,708  
          

 

 

  

 

18

      Principal
Amount
(000)		        U.S. $ Value  

Senegal – 0.0%

           

Senegal Government International Bond
4.75%, 03/13/2028(a)

      EUR               333        $      214,949  

6.75%, 03/13/2048(a)

      U.S.$        483          239,009  
          

 

 

  
             453,958  
          

 

 

  

South Africa – 0.1%

           

Republic of South Africa Government International Bond

           

Series 10Y
4.85%, 09/27/2027

         540          539,346  

Series 12Y
4.30%, 10/12/2028

         208          205,313  
          

 

 

  
             744,659  
          

 

 

  

Total Emerging Markets - Sovereigns
(cost $2,888,218)

              2,478,171  
          

 

 

  
     Shares           

COMMON STOCKS – 0.1%

           

Communication Services – 0.1%

           

Diversified Telecommunication Services – 0.1%

           

Altice France SA/LuxCo3(b) (h) (i)

         26,338          498,686  
          

 

 

  

Health Care – 0.0%

           

Health Care Providers & Services – 0.0%

           

ModivCare Topco LLC(b)

         7,096          33,706  
          

 

 

  

Energy – 0.0%

           

Oil, Gas & Consumable Fuels – 0.0%

           

New Fortress Energy, Inc.(b) (h)

         38,964          11,300  
          

 

 

  

Industrial – 0.0%

           

Transportation Infrastructure – 0.0%

           

Spirit Airlines LLC(b)

         22,351          223  
          

 

 

  

Total Common Stocks
(cost $1,128,601)

              543,915  
          

 

 

  
     Principal
Amount
(000)		           

COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.0%

           

Non-Agency Fixed Rate CMBS – 0.0%

           

CD Mortgage Trust
Series 2016-CD1, Class XA
1.527%, 08/10/2049(n)

      U.S.$        923          9  

Citigroup Commercial Mortgage Trust
Series 2017-C4, Class XA
1.114%, 10/12/2050(n)

         2,195          14,756  

Commercial Mortgage Trust
Series 2012-CR3, Class D
4.434%, 10/15/2045(a)

         100          82,987  

GS Mortgage Securities Trust
Series 2011-GC5, Class C
5.386%, 08/10/2044(a)

         156          151,414  

Series 2011-GC5, Class D
5.386%, 08/10/2044(a)

         236          196,860  

WFRBS Commercial Mortgage Trust
Series 2011-C4, Class E
5.151%, 06/15/2044(a)

         25          24,231  
          

 

 

  

Total Commercial Mortgage-Backed Securities
(cost $534,970)

              470,257  
          

 

 

  

 

19

     

Principal

Amount

(000)

        U.S. $ Value  

QUASI-SOVEREIGNS – 0.0%

           

Quasi-Sovereign Bonds – 0.0%

          

South Africa – 0.0%

           

Transnet/South Africa
8.25%, 02/06/2028(a)
(cost $370,000)

    U.S.$                370        $ 382,691  
          

 

 

  
     Shares           

PREFERRED STOCKS – 0.0%

           

Industrials – 0.0%

           

Other Industrial – 0.0%

           

Asphalt ATD Holdco - Class A
0.00%(b) (h) (i)
(cost $66,596)

         2,684          66,590  
          

 

 

  
     Principal
Amount
(000)		           

COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%

           

Risk Share Floating Rate – 0.0%

           

Federal National Mortgage Association Connecticut Avenue Securities
Series 2017-C07, Class 2M2
6.258% (CME Term SOFR + 2.61%), 05/25/2030(f)
(cost $3,351)

    U.S.$          3          3,369  
          

 

 

  
     Shares           

SHORT-TERM INVESTMENTS – 2.0%

           

Investment Companies – 1.8%

           

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.51%(o) (p) (q)
(cost $17,537,250)

         17,537,250          17,537,250  
          

 

 

  
     Principal
Amount
(000)		           

Corporates - Non-Investment Grade – 0.2%

           

Industrial – 0.2%

           

Energy – 0.2%

           

NFE Brazil Financing Ltd.
12.00%, 06/19/2029(c) (j)
(cost $2,227,618)

    U.S.$          2,434          2,137,019  
          

 

 

  

Total Short-Term Investments
(cost $19,764,868)

              19,674,269  
          

 

 

  

Total Investments – 98.5%
(cost $957,458,847)(r)

              947,177,311  

Other assets less liabilities – 1.5%

              14,481,007  
          

 

 

  

Net Assets – 100.0%

            $  961,658,318  
          

 

 

  

 

20

FUTURES

 

Description   

Number

of
Contracts

   

Expiration

Month

    Current
Notional		   

Value and

Unrealized

Appreciation

(Depreciation)

Purchased Contracts                    
U.S. 10 Yr Ultra Futures        6        December 2026      $ 656,531      $ (6,273 )
U.S. T-Note 5 Yr (CBT) Futures        365        December 2026        38,581,641        (134,023 )
Sold Contracts                    
Euro-BOBL Futures        12        September 2026        1,579,311        20,909
U.S. T-Note 2 Yr (CBT) Futures        288        December 2026        59,107,500        98,296
U.S. T-Note 10 Yr (CBT) Futures        381        December 2026         41,017,031        363,250
                   

 

 

  
                    $  342,159
                   

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty   

Contracts to

Deliver

(000)

     

In Exchange

For

(000)

     

Settlement

Date

     

Unrealized

Appreciation

(Depreciation)

Morgan Stanley Bank NA        EUR        30,172          USD        35,140          09/11/2026        $ 80,026
Morgan Stanley Bank NA        EUR        854          USD        978          09/11/2026          (14,325 )
Morgan Stanley Bank NA        GBP        898          USD        1,203          10/15/2026          (15,028 )
State Street Bank & Trust Co.        EUR        186          USD        213          09/11/2026          (2,797 )
                                   

 

 

  
                                    $  47,876
                                   

 

 

  

 

(a)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At August 31, 2026, the aggregate market value of these securities amounted to $768,226,120 or 79.9% of net assets.

(b)

Non-income producing security.

(c)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.21% of net assets as of August 31, 2026, are considered illiquid and restricted. Additional information regarding such securities follows:

 

144A/Restricted & Illiquid Securities   

Acquisition

Date

    Cost     

Market

Value

     

Percentage

of

Net Assets

ASP Unifrax Holdings, Inc.
7.10%, 09/30/2029

    09/30/2024 - 03/30/2026    $  1,720,705      $      6,183      0.00%

ASP Unifrax Holdings, Inc.
10.425%, 09/30/2029

    09/30/2024      828,965        310,173      0.03%

ASP Unifrax Holdings, Inc.
12.05%, 07/31/2027

    08/03/2026      123,349        123,349      0.01%

Braskem Idesa SAPI
6.99%, 02/20/2032

    10/14/2021 - 09/30/2022      423,719        330,723      0.04%

Braskem Netherlands Finance BV
4.50%, 01/10/2028

    07/28/2021      346,057        196,160      0.02%

ModivCare, Inc.
5.00%, 10/01/2029

    03/07/2025 - 04/01/2025      1,342,482        2,114      0.00%

NFE Brazil Financing Ltd.
12.00%, 06/19/2029

    06/17/2026      2,227,618        2,137,019      0.22%

NFE Financing LLC
12.00%, 11/15/2029

    12/05/2024 - 03/13/2025      3,466,458        1,087,076      0.11%

 

(d)

Defaulted.

(e)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at August 31, 2026.

(f)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at August 31, 2026.

 

21

(g)

Restricted and illiquid security.

 

Restricted & Illiquid Securities   

Acquisition

Date

    Cost     

Market

Value

     

Percentage

of
Net Assets

Acrisure LLC
6.686%, 11/06/2030

    02/10/2026 - 03/02/2026    $  4,952,956      $  4,296,209      0.45%

ASP Unifrax Holdings, Inc.
12.05%, 10/29/2026

    08/05/2026      45,323        45,981      0.00%

ASP Unifrax Holdings, Inc.
12.05%, 11/26/2026

    08/05/2026      9,307        8,969      0.00%

Clover Holdings 2 LLC
7.750%, 12/09/2031

    11/01/2024      1,782,437        1,715,596      0.18%

MJH Healthcare Holdings LLC
7.436%, 01/28/2029

    10/09/2025      1,408,611        1,379,480      0.14%

Ping Identity Holding Corp.
6.389%, 11/15/2032

    10/31/2025      786,276        778,175      0.08%

Synechron, Inc.
7.482%, 10/03/2031

    07/09/2026 - 07/14/2026      1,046,144        1,054,500      0.11%

Tulip Holdco (DE) LLC
7.620%, 08/04/2033

    07/21/2026      1,014,550        1,031,287      0.11%

 

(h)

Fair valued by the Adviser.

(i)

Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(j)

Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at August 31, 2026.

(k)

Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(l)

The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME floor rate plus a spread at August 31, 2026.

(m)

This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon the SOFR plus a premium which was determined at the time of purchase.

(n)

IO - Interest Only.

(o)

The rate shown represents the 7-day yield as of period end.

(p)

Affiliated investments.

(q)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(r)

As of August 31, 2026 the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $9,635,259 and gross unrealized depreciation of investments was $19,526,760, resulting in net unrealized depreciation of $9,891,501.

Currency Abbreviations:

EUR – Euro

GBP – Great British Pound

USD – United States Dollar

Glossary:

BOBL – Bundesobligationen

CBT – Chicago Board of Trade

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

EURIBOR – Euro Interbank Offered Rate

PRIME – U.S. Federal Reserve Bank Prime Loan Rate

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

 

22

AB Active ETFs, Inc.

AB Short Duration High Yield ETF

August 31, 2026 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

  •  

Level 1 - quoted prices in active markets for identical investments

  •  

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

  •  

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as a significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

 

23

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of August 31, 2026:

 

Investments in Securities:

    Level 1     Level 2     Level 3      Total  
Assets:

 

Corporates - Non-Investment Grade    $ -0-     $ 746,457,960     $ 1,380,871      $ 747,838,831  
Corporates - Investment Grade      -0-       126,150,217       -0-        126,150,217  
Bank Loans      -0-       29,032,783       10,312,982        39,345,765  
Emerging Markets - Corporate Bonds      -0-       10,223,236       -0-        10,223,236  
Emerging Markets - Sovereigns      -0-       2,478,171       -0-        2,478,171  
Common Stocks      11,523       33,706       498,686        543,915  
Commercial Mortgage-Backed Securities      -0-       470,257       -0-        470,257  
Quasi-Sovereigns      -0-       382,691       -0-        382,691  
Preferred Stocks      -0-       -0-       66,590        66,590  
Collateralized Mortgage Obligations      -0-       3,369       -0-        3,369  
Short-Term Investments:          

Investment Companies

      17,537,250       -0-       -0-        17,537,250  

Corporates - Non-Investment Grade

      -0-       2,137,019       -0-        2,137,019  
  

 

 

    

 

 

    

 

 

     

 

 

  
Total Investments in Securities      17,548,773       917,369,409       12,259,129        947,177,311  
Other Financial Instruments(a):          
Assets:          
Futures      482,455       -0-       -0-        482,455  
Forward Currency Exchange Contracts      -0-       80,026       -0-        80,026  
Liabilities:          
Futures      (140,296 )      -0-       -0-        (140,296 ) 
Forward Currency Exchange Contracts      -0-       (32,150 )      -0-        (32,150 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  
Total    $  17,890,932     $  917,417,285     $  12,259,129      $  947,567,346  
  

 

 

    

 

 

    

 

 

     

 

 

  

 

(a) 

Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

A summary of the Fund’s transactions in AB mutual funds for the nine months ended August 31, 2026 is as follows:

 

Fund   

Market Value

11/30/2025

(000)

     

Purchases

at Cost

(000)

     

Sales

Proceeds

(000)

     

Market Value

8/31/2026

(000)

     

Dividend

Income

(000)

  
AB Government Money Market Portfolio    $  16,759      $  234,927      $  234,149      $  17,537      $  471  

 

24