AB Active ETFs, Inc.

AB Core Plus Bond ETF

Portfolio of Investments

August 31, 2026 (unaudited)

 

     

Principal

Amount

(000)

        U.S. $ Value  

GOVERNMENTS - TREASURIES – 43.2%

        

United States – 43.2%

        

U.S. Treasury Bonds

        

2.375%, 11/15/2049

    $ 342        $ 208,300  

2.875%, 05/15/2049

           1,175          799,184  

3.00%, 02/15/2048

      2,198          1,552,681  

3.00%, 08/15/2048

      1,871          1,314,085  

3.125%, 05/15/2048

      6,906          4,977,715  

3.375%, 11/15/2048

      1,436          1,077,000  

4.00%, 11/15/2052

      3,903          3,191,312  

4.625%, 02/15/2055

      1,517          1,375,492  

4.75%, 08/15/2055

      1,401          1,296,363  

U.S. Treasury Notes
3.375%, 12/31/2027

      2,568          2,537,605  

3.50%, 01/31/2028

      1,704          1,685,363  

3.50%, 01/31/2030

      3,318          3,219,756  

3.625%, 08/31/2030

      7,164          6,945,162  

3.75%, 06/30/2030

      578          563,685  

3.875%, 11/30/2029

      4,396          4,322,848  

3.875%, 12/31/2029

      2,500          2,456,836  

3.875%, 06/30/2030

      677          663,301  

4.00%, 02/28/2030

      8,065          7,952,216  

4.00%, 11/15/2035

      2,034          1,925,308  

4.125%, 01/31/2027

      3,204          3,205,627  

4.125%, 08/31/2030

      1,243          1,227,560  

4.125%, 02/15/2036

      4,413          4,210,967  

4.25%, 12/31/2026

      4,416          4,420,485  

4.25%, 11/15/2034

      6,535          6,344,056  

4.25%, 05/15/2035

      1,509          1,460,665  

4.25%, 08/15/2035

      946          914,220  

4.375%, 05/15/2036

      782          760,006  

4.50%, 05/15/2027

      1,385          1,388,463  

4.625%, 09/30/2030

      7,173          7,215,029  

4.875%, 10/31/2030

      8,634          8,765,534  
       

 

 

  

Total Governments - Treasuries
(cost $89,827,579)

              87,976,824  
       

 

 

  

CORPORATES - INVESTMENT GRADE – 40.4%

        

Industrial – 21.7%

        

Basic – 0.8%

        

ArcelorMittal SA
7.00%, 10/15/2039(a)

      388          420,642  

Cabot Corp.
4.95%, 08/15/2029

      86          85,702  

Ecolab, Inc.
4.60%, 06/15/2029

      86          85,702  

4.80%, 06/15/2031

      86          85,320  

5.15%, 06/15/2033

      86          85,582  

Glencore Funding LLC
2.85%, 04/27/2031(b)

      54          48,718  

4.90%, 07/01/2031(b)

      28          27,591  

4.907%, 04/01/2028(b)

      63          63,049  

5.186%, 04/01/2030(b)

      29          29,030  

5.20%, 07/01/2033(b)

      77          75,733  

5.508%, 04/01/2036(b)

      77          75,730  

Mosaic Co. (The)
5.35%, 08/17/2031

      83          82,563  

5.65%, 01/15/2034

      83          82,170  

5.90%, 08/17/2036

      83          81,730  

Rio Tinto Finance USA PLC
4.875%, 03/14/2030

      65          65,024  

5.00%, 03/14/2032

      65          64,743  

5.25%, 03/14/2035

      65          64,593  

 

1

     

Principal

Amount

(000)

        U.S. $ Value  

Steel Dynamics, Inc.
4.00%, 12/15/2028

    $ 78        $ 76,678  
       

 

 

  
              1,600,300  
       

 

 

  

Capital Goods – 0.9%

        

ABB Finance USA, Inc.
4.375%, 05/08/2042

      498          425,272  

Caterpillar Financial Services Corp.
3.95%, 11/14/2028

      78          76,892  

4.80%, 01/08/2030

      25          25,179  

Series K
4.10%, 08/15/2028

      69          68,433  

Series L
4.65%, 08/14/2029

      83          82,792  

CNH Industrial Capital LLC
4.75%, 03/21/2028

      46          45,946  

CRH America Finance, Inc.
5.00%, 02/09/2036

      75          71,763  

General Electric Co.
4.30%, 07/29/2030

      59          57,880  

Howmet Aerospace, Inc.
3.75%, 03/03/2028

      81          79,909  

3.90%, 04/15/2029

      81          79,268  

4.75%, 04/15/2036

      81          77,110  

John Deere Capital Corp.
4.375%, 10/15/2030

      59          58,041  

4.65%, 01/07/2028

      25          25,072  

Series J
4.40%, 06/15/2029

      62          61,551  

Johnson Controls International PLC/Tyco Fire & Security Finance SCA
2.00%, 09/16/2031

      409          354,169  

Lockheed Martin Corp.
4.15%, 08/15/2028

      60          59,542  

Otis Worldwide Corp.
4.488%, 05/07/2029

      84          83,343  

Republic Services, Inc.
4.75%, 07/15/2030

      65          64,705  

Westinghouse Air Brake Technologies Corp.
4.90%, 05/29/2030

      60          59,725  
       

 

 

  
          1,856,592  
       

 

 

  

Communications - Media – 2.1%

 

     

Charter Communications Operating LLC/Charter Communications Operating Capital
6.05%, 02/15/2032

      86          86,063  

6.60%, 02/15/2034

      76          76,416  

6.95%, 08/15/2036

      86          86,146  

7.85%, 08/15/2056

      86          87,358  

Comcast Corp.
5.35%, 05/15/2053

             513          422,774  

5.50%, 05/15/2064

      527          427,892  

5.65%, 06/01/2054

      496          426,615  

Cox Communications, Inc.
4.80%, 02/01/2035(b)

      492          427,135  

5.80%, 12/15/2053(b)

      540          427,199  

Meta Platforms, Inc.
4.20%, 11/15/2030

      70          67,870  

4.60%, 11/15/2032

      70          67,204  

4.65%, 08/15/2062

      521          362,230  

5.55%, 08/15/2064

      416          331,648  

5.60%, 05/15/2053

      354          297,140  

5.75%, 05/15/2063

      510          421,000  

5.75%, 11/15/2065

      66          54,315  

 

2

     

Principal

Amount

(000)

        U.S. $ Value  

Omnicom Group, Inc.
4.20%, 03/02/2029

    $ 85        $ 83,502  

Paramount Global
6.875%, 04/30/2036

      37          34,395  
       

 

 

  
              4,186,902  
       

 

 

  

Communications - Telecommunications – 1.0%

        

AT&T, Inc.
5.125%, 04/30/2036

      80          76,212  

5.15%, 11/15/2046

             506          426,229  

5.45%, 03/01/2047

      114          100,199  

5.65%, 02/15/2047

      461          419,911  

5.85%, 04/30/2046

      80          73,715  

6.05%, 08/15/2056

      457          419,723  

T-Mobile USA, Inc.
2.625%, 02/15/2029

      10          9,489  

Verizon Communications, Inc.
6.00%, 11/30/2065

      468          429,755  

Vodafone Group PLC
4.80%, 06/18/2031

      82          80,567  
       

 

 

  
          2,035,800  
       

 

 

  

Consumer Cyclical - Automotive – 1.6%

        

American Honda Finance Corp.
4.15%, 01/08/2029

      72          70,956  

4.25%, 09/01/2028

      69          68,314  

4.45%, 01/08/2031

      72          69,976  

Series A
5.20%, 04/08/2033

      83          81,735  

Series G
4.50%, 09/04/2030

      69          67,408  

BMW US Capital LLC
4.15%, 08/11/2027(b)

      70          69,852  

4.30%, 03/17/2028(b)

      76          75,514  

4.40%, 03/19/2029(b)

      76          75,147  

4.50%, 08/11/2030(b)

      70          68,453  

4.65%, 03/19/2031(b)

      76          74,172  

4.75%, 03/21/2028(b)

      65          65,009  

5.00%, 03/19/2033(b)

      76          73,937  

5.05%, 03/21/2030(b)

      61          60,857  

Daimler Truck Finance North America LLC
4.15%, 01/12/2029(b)

      150          147,608  

4.50%, 04/12/2031(b)

      150          145,570  

General Motors Financial Co., Inc.
4.75%, 04/06/2029

      81          80,544  

Honda Motor Co., Ltd.
4.436%, 07/08/2028

      60          59,625  

Hyundai Capital America
4.25%, 09/18/2028(b)

      71          70,007  

4.30%, 09/24/2027(b)

      25          24,899  

4.50%, 06/16/2028(b)

      82          81,493  

4.50%, 09/18/2030(b)

      71          69,028  

4.55%, 09/26/2029(b)

      17          16,777  

4.75%, 04/06/2029(b)

      83          82,345  

5.00%, 04/07/2031(b)

      83          82,011  

5.00%, 06/18/2031(b)

      41          40,507  

5.10%, 06/24/2030(b)

      54          53,723  

5.15%, 03/27/2030(b)

      63          62,877  

5.25%, 06/21/2033(b)

      82          80,554  

5.30%, 06/24/2029(b)

      25          25,152  

5.35%, 03/19/2029(b)

      9          9,060  

6.10%, 09/21/2028(b)

      179          182,712  

Mercedes-Benz Finance North America LLC
4.75%, 08/04/2028(b)

      150          149,717  

 

3

     

Principal

Amount

(000)

        U.S. $ Value  

4.875%, 08/03/2029(b)

    $        150        $ 149,481  

5.20%, 08/04/2031(b)

      150          149,183  

5.45%, 08/04/2033(b)

      150          148,657  

PACCAR Financial Corp.
4.00%, 08/08/2028

      70          69,309  

Series R
4.00%, 11/07/2028

      79          78,056  

Toyota Motor Credit Corp.
4.05%, 09/05/2028

      69          68,295  

Series B
3.75%, 01/12/2028

      72          71,317  

4.20%, 01/10/2031

      72          70,011  

4.55%, 05/14/2031

      85          83,422  
       

 

 

  
              3,273,270  
       

 

 

  

Consumer Cyclical - Entertainment – 0.0%

        

Royal Caribbean Cruises Ltd.
5.55%, 01/20/2034

      86          85,446  
       

 

 

  

Consumer Cyclical - Other – 0.2%

        

Las Vegas Sands Corp.
5.625%, 06/15/2028

      44          44,387  

Marriott International, Inc./MD
4.50%, 05/01/2033

      82          78,047  

4.90%, 04/15/2029

      293          293,381  

5.10%, 05/01/2038

      63          59,054  
       

 

 

  
          474,869  
       

 

 

  

Consumer Cyclical - Restaurants – 0.0%

        

Starbucks Corp.
4.50%, 05/15/2028

      31          30,916  
       

 

 

  

Consumer Cyclical - Retailers – 0.3%

        

7-Eleven, Inc.
1.30%, 02/10/2028(b)

      144          136,977  

Home Depot, Inc. (The)
3.75%, 09/15/2028

      72          70,949  

3.95%, 09/15/2030

      72          69,851  

Lowe’s Cos., Inc.
3.95%, 10/15/2027

      55          54,636  

4.00%, 10/15/2028

      64          63,045  

Walmart, Inc.
4.00%, 04/30/2029

      86          84,911  

4.35%, 04/28/2030

      62          61,481  
       

 

 

  
          541,850  
       

 

 

  

Consumer Non-Cyclical – 4.9%

        

Abbott Laboratories
4.65%, 03/15/2036

      83          78,677  

4.75%, 03/15/2038

      83          77,886  

AbbVie, Inc.
3.775%, 03/03/2028

      85          84,004  

4.125%, 03/15/2031

      85          82,176  

4.25%, 11/21/2049

      546          425,121  

4.40%, 03/15/2033

      85          81,513  

4.50%, 08/18/2028

      82          81,821  

4.65%, 03/15/2030

      57          56,632  

4.75%, 03/15/2036

      85          80,952  

4.875%, 09/15/2031

      82          81,427  

5.05%, 09/15/2033

      82          81,198  

5.30%, 09/15/2036

      82          81,100  

5.45%, 09/15/2038

      82          80,956  

6.00%, 09/15/2056

      36          35,800  

6.10%, 09/15/2066

      64          63,574  

 

4

     

Principal

Amount

(000)

        U.S. $ Value  

Altria Group, Inc.
3.70%, 02/04/2051

    $        641        $      427,483  

4.45%, 05/06/2050

      490          371,111  

5.375%, 01/31/2044

      36          32,371  

5.95%, 02/14/2049

      419          395,880  

Amgen, Inc.
4.20%, 02/19/2031

      81          78,476  

4.85%, 02/19/2036

      81          77,348  

Archer-Daniels-Midland Co.
4.829%, 09/01/2031

      82          81,249  

5.269%, 09/01/2036

      82          80,962  

Astrazeneca Finance LLC
4.00%, 03/02/2031

      85          81,870  

4.30%, 03/02/2033

      85          81,263  

4.60%, 03/02/2036

      85          80,351  

BAT Capital Corp.
2.259%, 03/25/2028

      55          52,971  

4.625%, 03/22/2033

      19          18,207  

Baxter International, Inc.
4.90%, 12/15/2030

      78          76,595  

Bristol-Myers Squibb Co.
5.00%, 08/15/2045

      473          419,485  

Cardinal Health, Inc.
4.50%, 09/15/2030

      66          64,743  

Cargill, Inc.
4.125%, 10/23/2030(b)

      77          74,610  

4.625%, 02/11/2028(b)

      20          20,018  

Cencora, Inc.
3.95%, 02/13/2029

      85          83,321  

4.25%, 11/15/2030

      85          82,431  

Eli Lilly & Co.
4.90%, 10/15/2035

      71          69,283  

4.95%, 02/27/2063

      314          264,897  

5.10%, 02/09/2064

      37          31,959  

5.20%, 08/14/2064

      463          406,741  

5.65%, 10/15/2065

      92          86,739  

GE HealthCare Technologies, Inc.
4.15%, 12/15/2028

      79          77,941  

Gilead Sciences, Inc.
4.25%, 05/20/2028

      87          86,604  

4.40%, 05/20/2029

      87          86,204  

4.60%, 05/20/2031

      46          45,264  

4.90%, 05/20/2034

      87          85,149  

HCA, Inc.
4.30%, 11/15/2030

      31          30,055  

5.00%, 03/01/2028

      59          59,207  

Illumina, Inc.
4.95%, 09/19/2029

      83          82,662  

Japan Tobacco, Inc.
4.85%, 05/15/2028(b)

      150          150,330  

5.25%, 06/15/2030(b)

      150          151,160  

Johnson & Johnson
4.85%, 03/01/2032

      59          59,386  

Keurig Dr. Pepper, Inc.
4.60%, 05/15/2030

      62          60,833  

Mars, Inc.
4.60%, 03/01/2028(b)

      39          38,980  

4.80%, 03/01/2030(b)

      67          66,659  

5.00%, 03/01/2032(b)

      67          66,508  

McCormick & Co., Inc./MD
4.15%, 02/15/2029

      80          78,732  

McKesson Corp.
4.65%, 05/30/2030

      60          59,502  

4.95%, 05/30/2032

      60          59,603  

 

5

     

Principal

Amount

(000)

        U.S. $ Value  

Merck & Co., Inc.
4.30%, 05/22/2028

    $         87        $       86,775  

4.65%, 05/22/2031

      87          86,113  

4.75%, 12/04/2035

      79          75,561  

4.90%, 05/17/2044

      26          23,153  

4.95%, 05/22/2033

      87          86,157  

4.95%, 09/15/2035

      69          67,247  

5.15%, 05/17/2063

      491          424,857  

5.20%, 05/22/2036

      87          85,937  

5.50%, 03/15/2046

      79          75,078  

5.70%, 12/04/2065

      419          394,610  

5.85%, 05/22/2056

      41          39,976  

Novartis Capital Corp.
3.90%, 11/05/2028

      76          74,987  

4.10%, 03/16/2029

      76          75,072  

4.10%, 11/05/2030

      76          73,872  

4.30%, 11/05/2032

      76          73,280  

4.40%, 03/18/2031

      76          74,524  

4.60%, 03/18/2033

      76          74,057  

5.20%, 11/05/2045

      76          70,256  

5.60%, 03/18/2046

      76          73,801  

5.70%, 03/18/2056

      76          73,760  

PepsiCo, Inc.
4.45%, 02/07/2028

      20          19,999  

4.60%, 02/07/2030

      20          19,946  

Philip Morris International, Inc.
2.10%, 05/01/2030

      144          130,450  

4.00%, 10/29/2030

      77          74,396  

4.125%, 04/28/2028

      62          61,511  

4.375%, 04/30/2030

      62          60,825  

4.625%, 10/29/2035

      77          72,410  

4.875%, 04/29/2036

      86          82,241  

5.25%, 02/13/2034

      196          195,296  

Quest Diagnostics, Inc.
5.00%, 06/30/2036

      86          82,639  

Stryker Corp.
4.70%, 02/10/2028

      20          20,024  

Sysco Corp.
4.40%, 07/25/2031

      41          39,498  

5.10%, 09/23/2030

      56          55,896  

6.60%, 04/01/2050

      412          419,519  

Thermo Fisher Scientific, Inc.
4.20%, 03/01/2031

      74          71,795  

4.55%, 06/15/2033

      84          81,014  

4.902%, 02/12/2036

      84          80,882  
       

 

 

  
          10,035,394  
       

 

 

  

Energy – 2.3%

        

Baker Hughes Holdings LLC
5.125%, 09/15/2040

      439          409,429  

Boardwalk Pipelines LP
5.625%, 08/01/2034

      428          429,023  

Cheniere Energy Partners LP
5.35%, 11/30/2036(b)

      81          78,682  

Chevron USA, Inc.
4.05%, 08/13/2028

      69          68,507  

4.30%, 10/15/2030

      69          68,005  

4.475%, 02/26/2028

      60          60,054  

4.687%, 04/15/2030

      60          59,956  

ConocoPhillips Co.
5.65%, 01/15/2065

      438          403,428  

5.70%, 09/15/2063

      437          406,231  

Enbridge, Inc.
4.20%, 11/20/2028

      78          77,084  

 

6

     

Principal

Amount

(000)

        U.S. $ Value  

4.50%, 02/15/2031

    $         78        $       76,066  

4.60%, 06/20/2028

      59          58,858  

4.85%, 03/27/2031

      77          76,110  

4.90%, 06/20/2030

      17          16,943  

Energy Transfer LP
4.55%, 01/15/2031

      79          77,207  

Eni SpA
5.25%, 05/18/2036(b)

      200          193,244  

5.95%, 05/15/2054(b)

      447          426,644  

MPLX LP
4.70%, 11/01/2029

      49          48,647  

4.80%, 02/15/2031

      67          65,974  

5.00%, 05/01/2032

      83          81,762  

5.50%, 11/01/2036

      83          81,066  

NOV, Inc.
3.95%, 12/01/2042

      561          428,049  

Plains All American Pipeline LP/PAA Finance Corp.
4.70%, 01/15/2031

      65          63,826  

Shell International Finance BV
4.375%, 05/11/2045

      512          420,915  

6.375%, 12/15/2038

      398          427,229  

Targa Resources Corp.
4.35%, 04/15/2031

      26          25,170  

Woodside Finance Ltd.
4.90%, 05/19/2028

      60          60,033  
       

 

 

  
          4,688,142  
       

 

 

  

Other Industrial – 0.1%

        

President & Fellows of Harvard College
6.50%, 01/15/2039(b)

      165          179,796  
       

 

 

  

Services – 1.6%

        

Amazon.com, Inc.
3.25%, 05/12/2061

      587          335,118  

4.10%, 04/13/2062

      500          343,140  

4.25%, 08/22/2057

      474          341,697  

4.65%, 11/20/2035

      52          49,015  

4.80%, 07/09/2031

      50          49,537  

5.10%, 07/09/2033

      87          86,053  

5.30%, 07/09/2036

      87          85,184  

5.45%, 11/20/2055

      78          68,893  

5.55%, 11/20/2065

      464          402,223  

5.95%, 03/13/2066

      20          18,405  

6.00%, 07/09/2046

      87          84,544  

6.05%, 03/13/2076

      454          418,711  

6.10%, 07/09/2056

      87          83,906  

6.25%, 07/09/2066

      87          83,768  

Cintas Corp. No. 2
4.20%, 05/01/2028

      62          61,635  

eBay, Inc.
4.00%, 07/15/2042

      556          430,210  

4.25%, 03/06/2029

      76          74,956  

Mastercard, Inc.
4.55%, 03/15/2028

      59          59,014  

Quanta Services, Inc.
4.30%, 08/09/2028

      70          69,406  
       

 

 

  
          3,145,415  
       

 

 

  

Technology – 5.3%

        

Advanced Micro Devices, Inc.
4.393%, 06/01/2052

      554          430,497  

4.60%, 08/17/2029

      86          85,587  

5.00%, 08/17/2031

      86          85,270  

5.25%, 08/17/2033

      86          85,044  

 

7

     

Principal

Amount

(000)

        U.S. $ Value  

Alphabet, Inc.
4.40%, 02/15/2033

    $         32        $       30,635  

4.50%, 08/10/2028

      86          86,030  

4.625%, 08/10/2029

      86          85,747  

4.70%, 11/15/2035

      43          40,745  

4.80%, 02/15/2036

      84          80,028  

4.875%, 08/15/2031

      86          85,387  

5.20%, 08/15/2033

      86          85,695  

5.25%, 05/15/2055

      380          328,362  

5.30%, 05/15/2065

      503          423,652  

5.35%, 11/15/2045

      76          69,519  

5.45%, 08/15/2036

      32          31,759  

5.45%, 11/15/2055

      29          25,690  

5.50%, 02/15/2046

      84          78,127  

5.70%, 11/15/2075

      482          423,206  

6.25%, 08/15/2046

      86          86,397  

6.375%, 08/15/2056

      43          43,281  

6.50%, 08/15/2066

      86          85,996  

Amphenol Corp.
3.80%, 11/15/2027

      77          76,427  

3.90%, 11/15/2028

      77          75,779  

4.125%, 11/15/2030

      77          74,604  

4.375%, 06/12/2028

      60          59,737  

4.40%, 02/15/2033

      77          73,660  

4.625%, 02/15/2036

      77          72,392  

5.00%, 01/15/2035

      251          244,815  

Apple, Inc.
2.55%, 08/20/2060

      113          57,567  

2.85%, 08/05/2061

      789          428,971  

3.95%, 08/08/2052

      582          429,760  

4.10%, 08/08/2062

      592          429,165  

4.375%, 05/13/2045

      220          183,462  

Applied Materials, Inc.
4.00%, 01/15/2031

      71          68,465  

4.60%, 01/15/2036

      71          66,940  

Broadcom, Inc.
4.20%, 10/15/2030

      54          51,934  

4.30%, 01/15/2031

      72          69,380  

4.60%, 07/15/2030

      60          58,754  

4.60%, 01/15/2033

      72          68,298  

4.80%, 04/15/2028

      25          25,034  

4.80%, 10/15/2034

      448          418,987  

4.80%, 02/15/2036

      453          415,772  

4.90%, 07/15/2032

      27          26,187  

4.95%, 01/15/2036

      146          135,906  

Cisco Systems, Inc.
4.55%, 02/24/2028

      59          59,098  

Dell International LLC/EMC Corp.
4.15%, 02/15/2029

      73          71,795  

4.50%, 02/15/2031

      73          71,172  

4.75%, 04/01/2028

      55          55,062  

5.00%, 04/01/2030

      55          54,908  

Hewlett Packard Enterprise Co.
4.05%, 09/15/2027

      72          71,670  

4.15%, 09/15/2028

      72          71,124  

4.50%, 03/23/2028

      76          75,733  

4.60%, 03/23/2029

      76          75,479  

Hubbell, Inc.
4.65%, 06/15/2031

      87          85,596  

4.90%, 06/15/2033

      87          84,745  

5.15%, 06/15/2036

      87          84,213  

Intel Corp.
4.65%, 06/01/2031

      86          83,932  

 

8

     

Principal

Amount

(000)

        U.S. $ Value  

International Business Machines Corp.
4.65%, 02/10/2028

    $        100        $      100,135  

4.90%, 07/27/2052

      261          208,281  

Intuit, Inc.
4.95%, 06/15/2031

      86          85,082  

NVIDIA Corp.
3.50%, 04/01/2050

      620          416,913  

3.70%, 04/01/2060

      72          47,495  

5.55%, 06/15/2046

      464          427,098  

5.625%, 06/15/2056

      473          425,293  

NXP BV/NXP Funding LLC/NXP USA, Inc.
4.30%, 08/19/2028

      67          66,315  

Oracle Corp.
3.60%, 04/01/2040

      230          159,321  

4.45%, 09/26/2030

      71          67,209  

4.80%, 08/03/2028

      20          19,859  

4.95%, 02/04/2031

      81          77,568  

5.375%, 07/15/2040

      508          421,823  

6.10%, 09/26/2065

      79          62,212  

QUALCOMM, Inc.
6.00%, 05/20/2053

      286          279,064  

Roper Technologies, Inc.
4.25%, 09/15/2028

      67          66,260  

Salesforce, Inc.
1.50%, 07/15/2028

      141          133,221  

4.50%, 03/15/2028

      77          76,838  

4.65%, 03/15/2029

      77          76,675  

Skyworks Solutions, Inc.
5.00%, 08/10/2028

      82          81,972  

5.75%, 01/10/2032

      82          81,395  

Texas Instruments, Inc.
4.50%, 05/23/2030

      60          59,303  
       

 

 

  
          10,772,509  
       

 

 

  

Transportation - Airlines – 0.1%

        

Delta Air Lines, Inc./SkyMiles IP Ltd.
4.75%, 10/20/2028(b)

      223          222,356  

Southwest Airlines Co.
4.375%, 11/15/2028

      23          22,723  
       

 

 

  
          245,079  
       

 

 

  

Transportation - Services – 0.5%

        

Element Fleet Management Corp.
4.641%, 11/24/2030(b)

      78          76,317  

5.037%, 03/25/2030(b)

      63          62,710  

Fedex Freight Holding Co., Inc.
4.30%, 03/15/2029(b)

      80          78,469  

4.65%, 03/15/2031(b)

      80          77,773  

Penske Truck Leasing Co. LP/PTL Finance Corp.
4.55%, 01/15/2031(b)

      72          70,509  

5.25%, 07/01/2029(b)

      9          9,043  

5.25%, 02/01/2030(b)

      24          24,040  

5.35%, 03/30/2029(b)

      57          57,414  

Ryder System, Inc.
4.30%, 12/01/2030

      77          74,903  

5.00%, 09/15/2031

      86          85,278  

SMBC Aviation Capital Finance DAC
5.20%, 07/23/2031(b)

      200          198,788  

5.70%, 07/23/2036(b)

      200          197,130  

United Parcel Service, Inc.
4.85%, 08/15/2031

      83          82,696  
       

 

 

  
          1,095,070  
       

 

 

  
          44,247,350  
       

 

 

  

 

9

     

Principal

Amount

(000)

        U.S. $ Value  

Financial Institutions – 17.2%

        

Banking – 11.7%

        

American Express Co.
4.351%, 07/20/2029

    $         59        $       58,615  

4.444%, 05/03/2030

      86          85,058  

4.731%, 04/25/2029

      62          62,038  

5.016%, 04/25/2031

      62          62,080  

Banco Bilbao Vizcaya Argentaria SA
4.977%, 09/03/2029

      200          199,506  

Series 1
5.244%, 09/03/2031

      200          198,908  

Banco Santander SA
2.749%, 12/03/2030

      400          360,180  

4.60%, 04/15/2029

      200          198,364  

4.867%, 04/15/2031

      200          196,418  

5.005%, 08/25/2030

      200          199,288  

5.624%, 08/25/2034

      200          199,114  

6.35%, 03/14/2034

      400          412,544  

6.921%, 08/08/2033

      400          424,496  

Bank of America Corp.
2.496%, 02/13/2031

      166          152,683  

2.687%, 04/22/2032

      315          282,517  

2.972%, 02/04/2033

      332          295,902  

3.419%, 12/20/2028

      55          54,128  

4.477%, 04/23/2030

      84          83,030  

4.623%, 05/09/2029

      59          58,878  

4.695%, 04/23/2032

      84          82,295  

5.425%, 08/15/2035

      416          408,816  

5.489%, 04/23/2037

      84          81,524  

5.518%, 10/25/2035

      296          291,566  

5.744%, 02/12/2036

      20          19,923  

Bank of Montreal
4.062%, 09/22/2028

      71          70,611  

4.35%, 09/22/2031

      71          69,164  

5.203%, 02/01/2028

      61          61,476  

Series J
4.338%, 03/19/2030

      77          76,074  

4.439%, 01/14/2032

      72          69,901  

Bank of New York Mellon Corp. (The)
4.54%, 04/23/2032

      84          82,066  

5.085%, 04/23/2037

      84          81,245  

Series J
4.967%, 04/26/2034

      297          291,473  

Bank of Nova Scotia (The)
4.043%, 09/15/2028

      72          71,545  

4.338%, 09/15/2031

      72          69,904  

4.932%, 02/14/2029

      20          20,045  

Banque Federative du Credit Mutuel SA
4.541%, 01/15/2031(b)

      200          193,952  

BNP Paribas SA
4.892%, 06/30/2030(b)

      250          248,148  

4.916%, 01/15/2034(b)

      200          192,830  

5.906%, 11/19/2035(b)

      428          426,917  

CaixaBank SA
4.818%, 04/22/2032(b)

      202          197,582  

Canadian Imperial Bank of Commerce
4.243%, 09/08/2028

      69          68,715  

4.58%, 09/08/2031

      69          67,617  

4.723%, 06/16/2029

      86          85,839  

4.857%, 03/30/2029

      63          63,083  

5.051%, 06/16/2032

      86          85,291  

5.245%, 01/13/2031

      25          25,120  

Capital One Financial Corp.
4.493%, 09/11/2031

      72          70,112  

 

10

     

Principal

Amount

(000)

        U.S. $ Value  

4.722%, 01/30/2032

    $         46        $       44,896  

5.468%, 02/01/2029

      250          252,130  

6.183%, 01/30/2036

      127          127,127  

Citigroup, Inc.
2.976%, 11/05/2030

      376          353,173  

3.52%, 10/27/2028

      118          116,475  

4.503%, 09/11/2031

      71          69,285  

4.542%, 09/19/2030

      298          294,045  

4.786%, 03/04/2029

      60          60,008  

5.827%, 02/13/2035

      288          287,323  

6.174%, 05/25/2034

      195          199,811  

Citizens Bank NA/Providence RI
4.87%, 08/10/2029

      250          249,675  

Citizens Financial Group, Inc.
5.253%, 03/05/2031

      36          36,030  

5.841%, 01/23/2030

      118          120,120  

Cooperatieve Rabobank UA/NY
4.322%, 04/01/2029

      252          250,208  

Fifth Third Bancorp
5.982%, 01/30/2030(b)

      232          236,956  

First Citizens BancShares, Inc./NC
4.869%, 03/03/2032

      85          81,773  

First-Citizens Bank & Trust Co.
5.097%, 07/13/2029

      250          249,485  

Goldman Sachs Group, Inc. (The)
2.383%, 07/21/2032

      403          351,835  

2.615%, 04/22/2032

      336          298,549  

2.65%, 10/21/2032

      257          225,623  

4.153%, 10/21/2029

      75          73,837  

4.369%, 10/21/2031

      75          72,541  

5.049%, 07/23/2030

      24          23,992  

5.065%, 01/21/2037

      78          74,073  

5.207%, 01/28/2031

      95          95,087  

5.218%, 04/23/2031

      62          62,058  

5.24%, 07/21/2032

      87          86,534  

5.655%, 07/21/2037

      87          86,163  

HSBC Holdings PLC
2.357%, 08/18/2031

      374          336,002  

5.874%, 11/18/2035

      320          318,954  

7.399%, 11/13/2034

      313          340,603  

JPMorgan Chase & Co.
2.963%, 01/25/2033

      331          295,626  

4.408%, 04/23/2030

      88          86,828  

4.622%, 04/23/2032

      88          86,012  

4.864%, 07/23/2030

      69          68,792  

5.041%, 07/23/2032

      83          82,475  

5.103%, 04/22/2031

      61          61,096  

5.14%, 01/24/2031

      26          26,084  

5.148%, 04/23/2037

      88          85,157  

5.193%, 02/05/2037

      80          76,675  

5.581%, 04/22/2030

      68          69,057  

5.717%, 09/14/2033

      284          287,888  

M&T Bank Corp.
5.179%, 07/08/2031

      37          36,958  

Macquarie Bank Ltd.
3.915%, 02/03/2028(b)

      80          79,230  

4.529%, 03/29/2029(b)

      83          82,481  

Manufacturers & Traders Trust Co.
4.548%, 04/18/2030

      252          248,913  

Mitsubishi HC Finance America LLC
4.558%, 01/14/2031(b)

      200          194,422  

5.197%, 07/21/2031(b)

      200          198,532  

Morgan Stanley
3.622%, 04/01/2031

      88          83,704  

 

11

     

Principal

Amount

(000)

        U.S. $ Value  

4.708%, 03/12/2032

    $         77        $       75,167  

4.868%, 07/12/2029

      83          83,012  

4.994%, 04/12/2029

      61          61,207  

5.042%, 07/19/2030

      25          25,036  

5.073%, 01/30/2037

      80          76,246  

5.17%, 07/14/2032

      83          82,373  

5.192%, 04/17/2031

      61          61,111  

5.23%, 01/15/2031

      26          26,101  

5.25%, 04/21/2034

      185          182,849  

5.297%, 04/20/2037

      410          401,771  

5.32%, 07/19/2035

      161          158,484  

5.449%, 07/20/2029

      84          84,911  

5.605%, 07/17/2037

      83          82,145  

5.656%, 04/18/2030

      14          14,215  

5.664%, 04/17/2036

      61          61,178  

5.831%, 04/19/2035

      24          24,406  

Series G
2.239%, 07/21/2032

      344          298,571  

Series I
4.133%, 10/18/2029

      43          42,328  

4.356%, 10/22/2031

      75          72,551  

4.892%, 10/22/2036

      75          70,918  

Morgan Stanley Bank NA
4.788%, 05/10/2030

      250          248,690  

National Australia Bank Ltd.
2.332%, 08/21/2030(b)

      397          354,517  

2.99%, 05/21/2031(b)

      394          354,186  

NatWest Markets PLC
4.654%, 03/27/2029(b)

      202          200,711  

Northern Trust Corp.
4.15%, 11/19/2030

      78          75,928  

PNC Financial Services Group, Inc. (The)
4.075%, 01/26/2029

      78          77,418  

4.626%, 06/06/2033

      309          295,481  

4.899%, 05/13/2031

      59          58,664  

5.222%, 01/29/2031

      24          24,139  

Royal Bank of Canada
3.995%, 11/03/2028

      78          77,416  

4.40%, 04/17/2030

      81          79,897  

4.612%, 05/03/2032

      81          79,241  

4.652%, 07/10/2029

      87          86,780  

Series G
4.965%, 01/24/2029

      26          26,084  

4.97%, 05/02/2031

      63          62,830  

5.153%, 02/04/2031

      26          26,078  

Santander Holdings USA, Inc.
5.04%, 06/05/2030

      54          53,656  

5.473%, 03/20/2029

      68          68,435  

5.741%, 03/20/2031

      31          31,404  

6.174%, 01/09/2030

      260          265,736  

6.499%, 03/09/2029

      18          18,385  

Societe Generale SA
5.371%, 05/27/2032(b)

      202          200,398  

5.40%, 08/08/2034(b)

      200          194,560  

State Street Corp.
4.536%, 02/28/2028

      60          60,071  

4.729%, 02/28/2030

      60          59,841  

4.784%, 10/23/2036

      77          73,044  

4.821%, 01/26/2034

      296          289,310  

4.834%, 04/24/2030

      62          62,082  

Sumitomo Mitsui Financial Group, Inc.
4.934%, 07/07/2032

      200          197,064  

5.138%, 07/07/2034

      200          195,664  

5.296%, 07/07/2037

      200          194,028  

 

12

     

Principal

Amount

(000)

        U.S. $ Value  

Sumitomo Mitsui Trust Bank Ltd.
4.85%, 09/04/2029(b)

    $        200        $      199,616  

Synchrony Financial
5.45%, 10/15/2030

      86          85,963  

6.276%, 07/31/2037

      86          85,577  

Toronto-Dominion Bank (The)
3.913%, 01/13/2028

      72          71,292  

4.109%, 10/13/2028

      75          74,061  

4.361%, 04/23/2029

      84          83,007  

4.574%, 06/02/2028

      59          58,870  

Series F
4.847%, 07/27/2029

      80          79,951  

Truist Financial Corp.
5.071%, 05/20/2031

      59          58,854  

Series I
4.68%, 04/23/2032

      88          85,808  

UBS Group AG
4.151%, 12/23/2029(b)

      200          196,656  

4.398%, 09/23/2031(b)

      200          194,212  

US Bancorp
4.839%, 02/01/2034

      299          289,889  

4.967%, 07/22/2033

      298          290,276  

5.046%, 02/12/2031

      20          19,982  

5.083%, 05/15/2031

      60          59,992  

5.10%, 07/23/2030

      25          25,130  

Wells Fargo & Co.
3.35%, 03/02/2033

      326          295,809  

4.078%, 09/15/2029

      72          70,944  

4.577%, 05/20/2029

      85          84,719  

4.844%, 05/20/2032

      85          83,671  

4.97%, 04/23/2029

      62          62,210  

5.15%, 04/23/2031

      62          62,121  

5.244%, 01/24/2031

      118          118,636  

5.574%, 07/25/2029

      284          287,899  

5.605%, 04/23/2036

      21          21,088  
       

 

 

  
          23,903,433  
       

 

 

  

Brokerage – 0.6%

        

Affiliated Managers Group, Inc.
5.50%, 02/15/2036

      80          77,410  

Apollo Global Management, Inc.
4.60%, 01/15/2031

      79          77,237  

5.70%, 03/30/2036

      76          75,024  

BGC Group, Inc.
6.15%, 04/02/2030

      55          55,592  

Blackstone Holdings Finance Co. LLC
2.50%, 01/10/2030(b)

      384          354,843  

Charles Schwab Corp. (The)
4.744%, 05/21/2030

      87          86,655  

Nomura Holdings, Inc.
4.996%, 06/29/2029

      200          199,554  

5.166%, 07/14/2031

      200          197,940  
       

 

 

  
          1,124,255  
       

 

 

  

Finance – 0.8%

        

Apollo Debt Solutions BDC
5.20%, 12/08/2028(b)

      80          78,787  

Ares Strategic Income Fund
4.85%, 01/15/2029

      72          70,654  

Barings Private Credit Corp.
6.50%, 08/18/2031(b)

      86          84,920  

Blackstone Private Credit Fund
6.00%, 11/22/2034

      442          420,784  

 

13

     

Principal

Amount

(000)

        U.S. $ Value  

Blue Owl Credit Income Corp.
5.80%, 03/15/2030

    $         25        $       24,378  

Goldman Sachs BDC, Inc.
5.10%, 01/28/2029

      78          76,464  

Goldman Sachs Private Credit Corp.
5.05%, 02/23/2028

      82          81,610  

Golub Capital Private Credit Fund
5.45%, 08/15/2028

      60          59,602  

HPS Corporate Lending Fund
4.90%, 09/11/2028

      71          69,809  

5.15%, 04/02/2029(b)

      72          70,233  

5.45%, 11/15/2030

      71          68,619  

5.65%, 04/02/2031(b)

      72          69,547  

Morgan Stanley Direct Lending Fund
6.10%, 07/15/2031

      78          76,666  

MSD Investment Corp.
6.375%, 06/12/2029(b)

      86          85,850  

North Haven Private Income Fund LLC
5.125%, 09/25/2028

      70          68,225  

USAA Capital Corp.
4.375%, 06/01/2028(b)

      150          149,267  
       

 

 

  
          1,555,415  
       

 

 

  

Financial Services – 0.2%

        

Equinix Europe 2 Financing Corp. LLC
5.25%, 08/15/2031

      80          79,503  

Intercontinental Exchange, Inc.
3.95%, 12/01/2028

      79          77,783  

4.20%, 03/15/2031

      79          76,467  

Lincoln Financial Global Funding
4.625%, 08/18/2030(b)

      69          67,463  

4.95%, 05/21/2031(b)

      24          23,632  

5.25%, 08/13/2031(b)

      68          67,496  

Sammons Financial Group Global Funding
4.95%, 06/12/2030(b)

      60          58,799  

5.05%, 01/10/2028(b)

      25          24,968  
       

 

 

  
          476,111  
       

 

 

  

Insurance – 3.1%

        

American National Global Funding
5.25%, 06/03/2030(b)

      59          58,461  

Arch Capital Group Ltd.
5.25%, 06/15/2036

      87          84,736  

Athene Global Funding
5.133%, 06/01/2029(b)

      88          87,699  

5.583%, 01/09/2029(b)

      211          212,367  

Brighthouse Financial, Inc.
4.70%, 06/22/2047

      650          423,338  

Brown & Brown, Inc.
4.70%, 06/23/2028

      60          59,846  

CNO Global Funding
4.70%, 12/11/2030(b)

      80          77,818  

5.20%, 06/11/2031(b)

      86          85,131  

Corebridge Global Funding
4.45%, 10/02/2030(b)

      71          69,004  

4.85%, 06/06/2030(b)

      59          58,352  

4.90%, 01/07/2028(b)

      25          25,063  

Elevance Health, Inc.
4.00%, 09/15/2028

      72          71,008  

F&G Global Funding
4.65%, 09/08/2028(b)

      69          68,064  

Fortitude Global Funding
5.50%, 06/12/2031(b)

      86          85,569  

 

14

     

Principal

Amount

(000)

        U.S. $ Value  

GA Global Funding Trust
4.50%, 09/18/2030(b)

    $         150        $      143,817  

5.50%, 07/17/2031(b)

      150          148,525  

Guardian Life Global Funding
4.066%, 09/05/2028(b)

      69          68,096  

4.327%, 10/06/2030(b)

      74          71,929  

4.402%, 12/11/2030(b)

      80          78,060  

4.798%, 04/28/2030(b)

      62          61,537  

Jackson National Life Global Funding
4.70%, 06/05/2028(b)

      150          149,235  

5.25%, 06/16/2031(b)

      86          85,232  

Met Tower Global Funding
4.00%, 01/14/2029(b)

      150          147,322  

Nationwide Mutual Insurance Co.
4.35%, 04/30/2050(b)

      571          421,044  

9.375%, 08/15/2039(b)

      70          87,697  

New York Life Global Funding
4.15%, 07/25/2028(b)

      59          58,434  

4.40%, 04/25/2028(b)

      62          61,802  

4.60%, 06/03/2030(b)

      59          58,266  

5.20%, 06/03/2036(b)

      86          83,627  

Northwestern Mutual Global Funding
4.125%, 08/25/2028(b)

      71          70,162  

4.60%, 06/03/2030(b)

      59          58,179  

4.74%, 06/30/2031(b)

      81          79,763  

Pacific Life Global Funding II
4.45%, 05/01/2028(b)

      62          61,726  

4.95%, 08/04/2031(b)

      86          85,247  

Pricoa Global Funding I
4.70%, 05/28/2030(b)

      150          148,419  

5.00%, 05/27/2031(b)

      150          148,735  

Principal Life Global Funding II
4.25%, 08/18/2028(b)

      69          68,312  

4.45%, 01/13/2031(b)

      72          69,978  

4.80%, 01/09/2028(b)

      130          130,157  

Protective Life Global Funding
4.161%, 01/15/2029(b)

      150          147,316  

4.803%, 06/05/2030(b)

      150          148,421  

Prudential Financial, Inc.
4.50%, 09/15/2047

      301          297,647  

5.70%, 09/15/2048

      292          292,187  

RGA Global Funding
4.35%, 08/25/2028(b)

      71          70,230  

4.60%, 11/25/2030(b)

      78          76,100  

5.00%, 08/25/2032(b)

      71          69,388  

5.10%, 05/26/2031(b)

      87          86,344  

5.25%, 01/09/2030(b)

      25          25,065  

5.448%, 05/24/2029(b)

      24          24,309  

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

      518          461,927  

Teachers Insurance & Annuity Association of America
6.85%, 12/16/2039(b)

      364          391,682  

Travelers Cos., Inc. (The)
4.95%, 07/24/2031

      80          79,690  

Western-Southern Global Funding
4.50%, 07/16/2028(b)

      60          59,530  
       

 

 

  
          6,341,593  
       

 

 

  

REITs – 0.8%

        

American Homes 4 Rent LP
4.95%, 06/15/2030

      59          58,504  

CBRE Services, Inc.
4.80%, 06/15/2030

      62          61,342  

4.90%, 01/15/2033

      79          76,635  

 

15

     

Principal

Amount

(000)

        U.S. $ Value  

5.95%, 08/15/2034

    $         245        $ 249,662  

EPR Properties
4.75%, 11/15/2030

      76          73,730  

Equinix, Inc.
5.00%, 08/15/2029

      80          79,978  

5.50%, 08/15/2033

      80          79,086  

5.80%, 08/15/2036

      80          78,970  

ERP Operating LP
4.95%, 10/01/2031

      82          81,446  

5.45%, 10/01/2036

      8          7,939  

Extra Space Storage LP
4.90%, 02/01/2032

      81          79,689  

Invitation Homes Operating Partnership LP
4.95%, 02/01/2032

      39          38,181  

Prologis LP
4.25%, 06/15/2031

      88          85,263  

4.90%, 06/15/2036

      88          83,810  

Realty Income Corp.
3.95%, 02/01/2029

      71          69,704  

Regency Centers LP
4.50%, 03/15/2033

      22          21,026  

Store Capital LLC
4.95%, 02/11/2031

      81          79,103  

VICI Properties LP
4.75%, 04/01/2028

      55          54,845  

5.40%, 10/15/2031

      82          81,388  

5.75%, 10/15/2036

      82          79,703  

WP Carey, Inc.
4.65%, 07/15/2030

      39          38,342  
       

 

 

  
          1,558,346  
       

 

 

  
            34,959,153  
       

 

 

  

Utility – 1.5%

        

Electric – 1.3%

        

AES Corp. (The)
5.20%, 07/15/2029

      86          86,053  

5.75%, 07/15/2033

      46          45,474  

Baltimore Gas & Electric Co.
5.15%, 06/01/2033

      86          85,242  

Black Hills Corp.
4.55%, 01/31/2031

      71          69,166  

Connecticut Light & Power Co. (The)
4.95%, 01/15/2030

      25          25,051  

Consolidated Edison Co. of New York, Inc.
5.15%, 06/15/2036

      88          85,825  

Consumers Energy Co.
4.90%, 08/15/2031

      80          79,601  

Dominion Energy, Inc.
4.60%, 05/15/2028

      59          58,876  

Duke Energy Carolinas LLC
4.65%, 06/15/2031

      87          85,787  

Duke Energy Florida LLC
4.20%, 12/01/2030

      79          76,878  

Edison International
4.80%, 03/15/2031

      83          79,464  

5.00%, 05/05/2028

      7          6,986  

Emera US Finance LLC
4.50%, 04/01/2029

      84          82,999  

Entergy Texas, Inc.
5.20%, 06/15/2036

      85          82,509  

Evergy Missouri West, Inc.
4.70%, 05/21/2029(b)

      87          86,453  

 

16

     

Principal

Amount

(000)

        U.S. $ Value  

Florida Power & Light Co.
5.125%, 06/01/2036

    $          81        $ 79,135  

National Rural Utilities Cooperative Finance Corp.
3.95%, 12/10/2027

      79          78,527  

4.30%, 12/10/2030

      79          76,947  

5.00%, 08/15/2031

      83          82,475  

Series D
4.05%, 02/09/2029

      80          78,642  

4.15%, 08/25/2028

      71          70,341  

New York State Electric & Gas Corp.
5.00%, 08/15/2031(b)

      86          85,156  

NextEra Energy Capital Holdings, Inc.
4.685%, 09/01/2027

      35          35,086  

4.85%, 02/04/2028

      20          20,066  

Niagara Mohawk Power Corp.
4.647%, 10/03/2030(b)

      60          58,925  

NSTAR Electric Co.
4.85%, 03/01/2030

      60          59,824  

Oncor Electric Delivery Co. LLC
4.50%, 03/15/2031(b)

      84          82,008  

4.65%, 11/01/2029

      25          24,838  

5.35%, 04/01/2035

      47          46,813  

Pacific Gas & Electric Co.
5.55%, 05/15/2029

      65          65,943  

PacifiCorp
4.25%, 03/15/2029

      81          79,666  

4.65%, 04/15/2029

      84          83,357  

5.10%, 04/15/2031

      39          38,780  

5.45%, 04/15/2033

      84          83,650  

Pinnacle West Capital Corp.
4.90%, 05/15/2028

      60          60,142  

5.15%, 05/15/2030

      60          60,243  

Public Service Co. of New Hampshire
4.40%, 07/01/2028

      59          58,817  

Public Service Co. of Oklahoma

        

Series O
5.40%, 02/15/2034

      23          22,911  

San Diego Gas & Electric Co.
5.40%, 04/15/2035

      63          62,497  

Union Electric Co.
4.80%, 03/15/2036

      83          78,807  

Wisconsin Electric Power Co.
3.95%, 03/01/2029

      34          33,406  

Xcel Energy, Inc.
4.75%, 03/21/2028

      63          62,982  
       

 

 

  
          2,706,348  
       

 

 

  

Natural Gas – 0.1%

        

Atmos Energy Corp.
4.75%, 01/15/2032

      82          80,571  

National Fuel Gas Co.
4.75%, 05/15/2029

      86          85,322  
       

 

 

  
          165,893  
       

 

 

  

Other Utility – 0.1%

        

American Water Capital Corp.
4.625%, 06/01/2029

      87          86,548  
       

 

 

  
          2,958,789  
       

 

 

  

Total Corporates - Investment Grade
(cost $84,039,575)

             82,165,292  
       

 

 

  

 

17

     

Principal

Amount

(000)

        U.S. $ Value  

CORPORATES - NON-INVESTMENT GRADE – 5.5%

        

Industrial – 4.9%

        

Basic – 0.5%

        

Chemours Co. (The)
8.00%, 01/15/2033(b)

    $         436        $      430,458  

Clydesdale Acquisition Holdings, Inc.
6.75%, 04/15/2032(b)

      431          420,919  

8.75%, 04/15/2030(b)

      124          122,481  
       

 

 

  
          973,858  
       

 

 

  

Capital Goods – 0.1%

        

Owens-Brockway Glass Container, Inc.
9.5%, 06/01/2033(b)

      45          44,038  

Smyrna Ready Mix Concrete LLC
6.00%, 11/01/2028(b)

      129          129,055  
       

 

 

  
          173,093  
       

 

 

  

Communications - Media – 0.5%

        

Discovery Global Holdings, Inc.
5.05%, 03/15/2042

      627          457,472  

5.141%, 03/15/2052

      369          247,986  

VZ Secured Financing BV
7.50%, 01/15/2033(b)

      400          362,960  
       

 

 

  
          1,068,418  
       

 

 

  

Communications - Telecommunications – 0.5%

        

Vmed O2 UK Financing I PLC
4.25%, 01/31/2031(b)

      200          162,004  

4.75%, 07/15/2031(b)

      565          458,373  

7.75%, 04/15/2032(b)

      508          439,450  
       

 

 

  
          1,059,827  
       

 

 

  

Consumer Cyclical - Automotive – 0.2%

        

American Axle & Manufacturing, Inc.
7.75%, 10/15/2033(b)

      375          376,620  

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

      36          32,048  
       

 

 

  
          408,668  
       

 

 

  

Consumer Cyclical - Entertainment – 0.2%

        

Merlin Entertainments Group US Holdings, Inc.
7.375%, 02/15/2031(b)

      552          418,239  
       

 

 

  

Consumer Cyclical - Other – 0.4%

        

Caesars Entertainment, Inc.
6.00%, 10/15/2032(b)

      468          420,063  

6.50%, 02/15/2032(b)

      431          416,592  
       

 

 

  
          836,655  
       

 

 

  

Consumer Non-Cyclical – 0.4%

        

CHS/Community Health Systems, Inc.
9.75%, 01/15/2034(b)

      115          117,393  

US Acute Care Solutions LLC
9.75%, 05/15/2029(b)

      455          446,346  

Whirlpool Corp.
4.50%, 06/01/2046

      321          181,696  
       

 

 

  
          745,435  
       

 

 

  

Energy – 0.8%

        

Crescent Energy Finance LLC
7.375%, 01/15/2033(b)

      400          408,256  

7.875%, 04/15/2032(b)

      354          365,724  

8.375%, 01/15/2034(b)

      55          58,061  

Nabors Industries, Inc.
8.875%, 08/15/2031(b)

      397          415,409  

 

18

     

Principal

Amount

(000)

        U.S. $ Value  

SM Energy Co.
8.75%, 07/01/2031(b)

    $         349        $      364,928  

9.63%, 06/15/2033(b)

      55          60,623  
       

 

 

  
          1,673,001  
       

 

 

  

Other Industrial – 0.2%

        

Lsf12 Helix Parent LLC
7.125%, 02/01/2033(b)

      429          428,893  
       

 

 

  

Services – 0.1%

        

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

      133          130,549  
       

 

 

  

Technology – 0.6%

        

Cloud Software Group LLC
6.625%, 08/15/2033(b)

      466          422,466  

8.25%, 06/30/2032(b)

      442          433,293  

OAK-Eagle Acquireco, Inc.
8.75%, 07/01/2034(b)

      395          419,447  
       

 

 

  
          1,275,206  
       

 

 

  

Transportation - Airlines – 0.2%

        

JetBlue Airways Corp./JetBlue Loyalty LP
9.88%, 09/20/2031(b)

      475          407,446  
       

 

 

  

Transportation - Services – 0.2%

        

Hertz Corp. (The)
12.625%, 07/15/2029(b)

      589          399,348  
       

 

 

  
          9,998,636  
       

 

 

  

Financial Institutions – 0.6%

        

Finance – 0.2%

        

Icahn Enterprises LP/Icahn Enterprises Finance Corp.
9.00%, 06/15/2030

      456          421,681  
       

 

 

  

Financial Services – 0.0%

        

Herc Holdings, Inc.
7.00%, 06/15/2030(b)

      38          39,326  
       

 

 

  

Insurance – 0.4%

        

Acrisure LLC/Acrisure Finance, Inc.
6.75%, 07/01/2032(b)

      480          409,541  

7.50%, 11/06/2030(b)

      458          421,484  
       

 

 

  
          831,025  
       

 

 

  
          1,292,032  
       

 

 

  

Total Corporates - Non-Investment Grade
(cost $11,376,045)

           11,290,668  
       

 

 

  

MORTGAGE PASS-THROUGHS – 4.3%

        

Agency Fixed Rate 30-Year – 4.3%

        

Federal Home Loan Mortgage Corp.
Series 2022
3.00%, 03/01/2052

      690          596,853  

Federal Home Loan Mortgage Corp. Gold
Series 2005
5.50%, 01/01/2035

      43          43,235  

Series 2007
5.50%, 07/01/2035

      6          5,929  

Series 2016
4.00%, 02/01/2046

      320          305,083  

 

19

     Principal
Amount
(000)		        U.S. $ Value  

Series 2017
4.00%, 07/01/2044

   $         193        $      183,766  

Series 2018
4.50%, 03/01/2048

     71          67,950  

4.50%, 11/01/2048

     219          210,469  

5.00%, 11/01/2048

     128          125,752  

Federal National Mortgage Association

 

     

Series 2003
5.50%, 04/01/2033

     11          11,088  

5.50%, 07/01/2033

     25          25,514  

Series
2004 5.50%, 04/01/2034

     3          3,310  

5.50%, 05/01/2034

     8          7,794  

5.50%, 11/01/2034

     12          12,155  

5.50%, 01/01/2035

     116          117,342  

Series 2005
5.50%, 02/01/2035

     16          16,475  

Series 2007
5.50%, 08/01/2037

     80          80,472  

Series 2012
3.50%, 02/01/2042

     88          81,553  

Series 2013
3.50%, 04/01/2043

     478          440,560  

Series 2018
4.50%, 09/01/2048

     142          136,738  

Series 2021
2.00%, 07/01/2051

     1,521          1,199,714  

2.00%, 12/01/2051

     673          529,716  

Series 2022
2.50%, 03/01/2052

     1,074          893,331  

Government National Mortgage Association

 

     

Series 2023
5.50%, 04/20/2053

     364          364,791  

Series 2026
2.00%, 09/01/2056, TBA

     395          316,866  

2.50%, 09/01/2056, TBA

     394          329,554  

3.00%, 09/01/2056, TBA

     195          169,533  

3.50%, 09/01/2056, TBA

     150          131,150  

4.50%, 09/01/2056, TBA

     215          201,369  

5.00%, 09/01/2056, TBA

     339          328,363  

6.00%, 09/01/2056, TBA

     88          89,246  

Uniform Mortgage-Backed Security

 

     

Series 2026
5.00%, 09/01/2056, TBA

     601          580,106  

5.50%, 09/01/2056, TBA

     414          409,924  

6.00%, 09/01/2056, TBA

     546          552,184  

6.50%, 09/01/2056, TBA

     224          230,860  
      

 

 

  

Total Mortgage Pass-Throughs
(cost $9,333,504)

          8,798,745  
      

 

 

  

COLLATERALIZED LOAN OBLIGATIONS – 1.8%

       

CLO - Floating Rate – 1.8%

       

Elmwood CLO 45 Ltd.

       

Series 2025-8A, Class A1
5.000% (CME Term SOFR 3 Month + 1.25%), 10/17/2038(b) (c)

     750          752,085  

Flatiron CLO 25 Ltd.

       

Series 2024-2A, Class A
5.100% (CME Term SOFR 3 Month + 1.35%), 10/17/2037(b) (c)

     460          460,629  

Neuberger Berman Loan Advisers CLO 59 Ltd.

       

Series 2024-59A, Class A1
5.042% (CME Term SOFR 3 Month + 1.29%), 01/23/2039(b) (c)

     500          500,984  

 

20

     

Principal

Amount

(000)

        U.S. $ Value  

Pikes Peak CLO 18
Series 2025-18A, Class A1
4.949% (CME Term SOFR 3 Month + 1.22%), 04/20/2038(b) (c)

    $         500        $ 501,233  

Pikes Peak CLO 8
Series 2021-8A, Class A1R
5.059% (CME Term SOFR 3 Month + 1.33%), 01/20/2038(b) (c)

      300          300,518  

Signal Peak CLO 14 Ltd.
Series 2024-14A, Class A
5.033% (CME Term SOFR 3 Month + 1.30%), 01/22/2038(b) (c)

      300          300,363  

Silver Point CLO 12 Ltd.
Series 2025-12A, Class A1
5.063% (CME Term SOFR 3 Month + 1.31%), 10/15/2038(b) (c)

      750          751,525  
       

 

 

  

Total Collateralized Loan Obligations
(cost $3,563,610)

           3,567,337  
       

 

 

  

COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.2%

        

Non-Agency Fixed Rate CMBS – 1.2%

        

BANK5
Series 2025-5YR14, Class A3
5.646%, 04/15/2058

      600          608,762  

BMO Mortgage Trust
Series 2025-5C10, Class A3
5.578%, 05/15/2058

      500          505,255  

GSF 2021 1 Issuer LLC 08/26 1
Series 2021-1, Class A2
0.00%, 08/17/2035(d)

      257          255,360  

Series 2021-1, Class AS
0.00%, 08/17/2035(d)

      25          24,649  

Wells Fargo Commercial Mortgage Trust

        

Series 2024-5C2, Class A3
5.92%, 11/15/2057

      500          510,299  

Series 2025-5C5, Class A3
5.59%, 07/15/2058

      500          506,352  
       

 

 

  
             2,410,677  
       

 

 

  

Agency CMBS – 0.0%

        

Government National Mortgage Association
Series 2006-39, Class IO
0.160%, 07/16/2046(e)

      100          1  
       

 

 

  

Total Commercial Mortgage-Backed Securities
(cost $2,475,011)

           2,410,678  
       

 

 

  

ASSET-BACKED SECURITIES – 0.9%

        

Other ABS - Fixed Rate – 0.6%

        

College Ave Student Loans LLC
Series 2021-C, Class C
3.06%, 07/26/2055(b)

      126          116,213  

Dext ABS LLC
Series 2023-1, Class A2
5.99%, 03/15/2032(b)

      4          3,553  

Diamond Issuer LLC
Series 2021-1A, Class B
2.701%, 11/20/2051(b)

      566          553,157  

GCI Funding I LLC
Series 2021-1, Class A
2.38%, 06/18/2046(b)

      164          150,491  

MVW LLC
Series 2021-2A, Class C
2.23%, 05/20/2039(b)

      170          163,718  

 

21

     

Principal

Amount

(000)

        U.S. $ Value  

Nelnet Student Loan Trust
Series 2021-BA, Class B
2.68%, 04/20/2062(b)

    $         220        $      195,790  
       

 

 

  
          1,182,922  
       

 

 

  

Autos - Fixed Rate – 0.3%

        

Arivo Acceptance Auto Loan Receivables Trust
Series 2024-1A, Class A
6.46%, 04/17/2028(b)

      0 ^^         233  

Avis Budget Rental Car Funding AESOP LLC
Series 2023-3A, Class A
5.44%, 02/22/2028(b)

      475          476,316  

Carvana Auto Receivables Trust
Series 2021-N3, Class C
1.02%, 06/12/2028

      14          14,215  

Series 2021-N4, Class D
2.30%, 09/11/2028

      25          24,217  

Enterprise Fleet Financing LLC
Series 2023-2, Class A2
5.56%, 04/22/2030(b)

      13          12,907  

FHF Trust
Series 2023-1A, Class A2
6.57%, 06/15/2028(b)

      0 ^^         387  

Lendbuzz Securitization Trust
Series 2023-1A, Class A2
6.92%, 08/15/2028(b)

      67          67,670  

Series 2023-2A, Class A2
7.09%, 10/16/2028(b)

      29          28,960  

Tricolor Auto Securitization Trust
Series 2024-2A, Class A
6.36%, 12/15/2027(d) (f) (g) (h) (i)

      28          26,335  

US Bank NA
Series 2023-1, Class B
6.789%, 08/25/2032(b)

      31          30,681  
       

 

 

  
          681,921  
       

 

 

  

Total Asset-Backed Securities
(cost $1,931,625)

           1,864,843  
       

 

 

  

EMERGING MARKETS - CORPORATE BONDS – 0.1%

        

Industrial – 0.1%

        

Energy – 0.1%

        

Raizen Fuels Finance SA
6.25%, 07/08/2032(d) (f) (h)
(cost $283,199)

      359          204,677  
       

 

 

  

COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1%

        

Risk Share Floating Rate – 0.1%

        

Connecticut Avenue Securities Trust
Series 2024-R02, Class 1M1
4.743% (CME Term SOFR + 1.10%), 02/25/2044(b) (c)

      8          7,573  

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2024-DNA1, Class M1
4.993% (CME Term SOFR + 1.35%), 02/25/2044(b) (c)

      54          54,148  

Series 2024-HQA1, Class M1
4.893% (CME Term SOFR + 1.25%), 03/25/2044(b) (c)

      74          73,790  
       

 

 

  
          135,511  
       

 

 

  

 

22

     

Principal

Amount

(000)

        U.S. $ Value  

Non-Agency Floating Rate – 0.0%

        

Federal Home Loan Mortgage Corp. Mscr Trust Mn1
Series 2021-MN1, Class M1
5.643% (CME Term SOFR + 2.00%), 01/25/2051(b) (c)

    $ 7        $ 6,752  
       

 

 

  

Total Collateralized Mortgage Obligations
(cost $142,253)

           142,263  
       

 

 

  
       
     Shares           

SHORT-TERM INVESTMENTS – 3.3%

        

Investment Companies – 3.3%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.51%(j) (k) (l)
(cost $6,821,857)

       6,821,857          6,821,857  
       

 

 

  

Total Investments – 100.8%
(cost $209,794,258)(m)

           205,243,184  

Other assets less liabilities - (0.8)%

           (1,613,121 ) 
       

 

 

  

Net Assets – 100.0%

         $  203,630,063  
       

 

 

  

FUTURES

 

Description    Number
of
Contracts		    Expiration
Month		   

Current

Notional

    Value and
Unrealized
Appreciation
(Depreciation)
Purchased Contracts                    
U.S. 10 Yr Ultra Futures        73        December 2026      $ 7,987,797      $ (67,281 )
U.S. Long Bond (CBT) Futures        87        December 2026        9,450,375        (82,406 )
U.S. T-Note 5 Yr (CBT) Futures        214        December 2026         22,620,469        (81,426 )
Sold Contracts                    
U.S. T-Note 2 Yr (CBT) Futures        39        December 2026        8,004,141        17,367
U.S. T-Note 10 Yr (CBT) Futures        56        December 2026        6,028,750        43,000
U.S. Ultra Bond (CBT) Futures        77        December 2026        8,472,406        86,140
                   

 

 

  
                    $  (84,606 ) 
                   

 

 

  

 

^^

Principal amount less than 500.

(a)

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

(b)

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 $32,053,495 or 15.7% of net assets.

(c)

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

(d)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.24% 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

GSF 2021 1 Issuer LLC 08/26 1
Series 2021-1, Class A2
0.00%, 08/17/2035

    02/25/2021 - 09/06/2022    $  256,758      $  255,360      0.12%

GSF 2021 1 Issuer LLC 08/26 1
Series 2021-1, Class AS
0.00%, 08/17/2035

    02/25/2021 - 04/01/2021      25,000        24,649      0.01%

Raizen Fuels Finance SA
6.25%, 07/08/2032

    02/03/2026      283,199        204,677      0.10%

Tricolor Auto Securitization Trust
Series 2024-2A, Class A
6.36%, 12/15/2027

    05/14/2024      28,165        26,335      0.01%

 

(e)

IO - Interest Only.

 

23

(f)

Non-income producing security.

(g)

Fair valued by the Adviser.

(h)

Defaulted.

(i)

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

(j)

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

(k)

Affiliated investments.

(l)

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.

(m)

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 $492,542 and gross unrealized depreciation of investments was $5,128,222, resulting in net unrealized depreciation of $4,635,680.

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

 

24

AB Active ETFs, Inc.

AB Core Plus Bond 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.

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.

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.

 

25

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:           
Governments - Treasuries    $     -0-     $ 87,976,824      $     -0-      $ 87,976,824  
Corporates - Investment Grade      -0-       82,165,292        -0-        82,165,292  
Corporates - Non-Investment Grade      -0-       11,290,668        -0-        11,290,668  
Mortgage Pass-Throughs      -0-       8,798,745        -0-        8,798,745  
Collateralized Loan Obligations      -0-       3,567,337        -0-        3,567,337  
Commercial Mortgage-Backed Securities      -0-       2,410,678        -0-        2,410,678  
Asset-Backed Securities      -0-       1,838,508        26,335        1,864,843  
Emerging Markets - Corporate Bonds      -0-       204,677        -0-        204,677  
Collateralized Mortgage Obligations      -0-       142,263        -0-        142,263  
Short-Term Investments      6,821,857       -0-        -0-        6,821,857  
  

 

 

    

 

 

     

 

 

     

 

 

  
Total Investments in Securities      6,821,857       198,394,992        26,335        205,243,184  
Other Financial Instruments(a):           
Assets:           
Futures      146,507       -0-        -0-        146,507  
Liabilities:           
Futures      (231,113 )      -0-        -0-        (231,113 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  
Total    $  6,737,251     $  198,394,992      $   26,335      $  205,158,578  
  

 

 

    

 

 

     

 

 

     

 

 

  

 

(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    $  10,995      $  39,949      $  44,122      $  6,822      $  272  

 

26