AB Active ETFs, Inc.

AB High Yield ETF

Portfolio of Investments 

August 31, 2026 (unaudited) 

 

      Principal
Amount
(000)		        U.S. $ Value  

CORPORATES - NON-INVESTMENT GRADE – 76.1%

           

Industrial – 66.2%

           

Basic – 6.6%

           

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

      U.S.$              1,735        $    1,679,376  

7.125%, 03/15/2031(a)

         218          225,218  

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

         282          706  

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

         606          225,518  

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

         91          33,209  

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

         18          6,727  

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

         92          89,676  

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

         234          233,808  

Celanese US Holdings LLC
7.35%, 11/15/2028(e)

         663          688,990  

7.379%, 07/15/2032(e)

         1,031          1,080,065  

7.70%, 11/15/2033(e)

         1,369          1,461,805  

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

         200          181,340  

Champion Iron Canada, Inc.
7.875%, 07/15/2032(a)

         727          741,104  

Clydesdale Acquisition Holdings, Inc.
6.625%, 04/15/2029(a)

         1,642          1,646,384  

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

         1,519          1,521,066  

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

         472          468,101  

GPD Cos., Inc.
12.50% (12.50% Cash and 2.375% PIK), 12/31/2029(a) (j)

         50          33,215  

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

      EUR        355          390,372  

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

      U.S.$        591          571,160  

Magnetation LLC/Mag Finance Corp.
11.00%, 05/15/2023(b) (c) (h) (i) (k)

         60          -0-  

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

         725          734,200  

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

         331          319,703  

Olin Corp.
5.00%, 02/01/2030

         1,781          1,721,639  

Olympus Water US Holding Corp.
6.75%, 08/01/2032(a)

         327          322,069  

7.25%, 02/15/2033(a)

         2,022          2,022,991  

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

         267          261,035  

Rain Carbon, Inc.
12.25%, 09/01/2029(a)

         64          68,006  

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

         408          398,575  

Sealed Air Corp.
6.875%, 07/15/2033(a)

         500          488,910  

Skeena Resources Ltd.
8.50%, 04/01/2031(a)

         1,426          1,506,455  

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

      EUR        146          169,627  

6.125%, 07/15/2033(a)

      U.S.$        302          300,532  

Sword Purchaser LLC
8.25%, 04/15/2033(a)

         833          861,722  

Vibrantz Technologies, Inc.
9.00%, 02/28/2031(c)

         2          1,194  

 

1

      Principal
Amount
(000)		        U.S. $ Value  

WR Grace Holdings LLC
5.625%, 08/15/2029(a)

      U.S.$        136        $      129,344  

6.625%, 08/15/2032(a)

              1,087          1,047,520  

7.00%, 08/01/2033(a)

         799          774,055  
          

 

 

  
             22,405,417  
          

 

 

  

Capital Goods – 5.5%

           

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

      EUR        177          208,183  

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

         358          413,253  

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

      U.S.$        1,264          1,387,543  

8.75%, 11/15/2030(a)

         1,007          1,061,086  

Calderys Financing LLC
11.25%, 06/01/2028(a)

         307          317,131  

Camelot Return Merger Sub, Inc.
8.75%, 08/01/2028(a)

         798          415,231  

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

         1,560          1,577,768  

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

      EUR        117          137,111  

Cornerstone Building Brands, Inc.
9.5%, 08/15/2029(a)

      U.S.$        120          61,188  

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

         91          88,590  

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

         1,339          1,361,080  

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

         80          79,373  

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

         1,229          1,245,419  

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

         40          39,204  

4.375%, 08/15/2029(a)

         438          423,331  

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

         1,497          1,527,180  

Griffon Corp.
5.75%, 03/01/2028

         408          408,233  

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

      EUR        125          146,045  

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

      U.S.$        483          498,147  

Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC
6.75%, 04/01/2032(a)

         353          349,805  

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

         1,358          1,279,657  

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

         1,522          1,466,584  

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

         2,916          2,958,195  

6.75%, 08/15/2028(a)

         690          695,396  

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

         448          450,625  

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

         663          653,691  
          

 

 

  
             19,249,049  
          

 

 

  

Communications - Media – 4.7%

           

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

         176          185,877  

Arches Buyer, Inc.
6.125%, 12/01/2028(a)

         617          610,090  

9.00%, 08/15/2031(a)

         308          321,481  

 

2

      Principal
Amount
(000)		        U.S. $ Value  

CCO Holdings LLC/CCO Holdings Capital Corp.
7.375%, 03/01/2031(a)

      U.S.$              231        $      233,758  

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

         445          458,390  

CompoSecure Holdings LLC
5.625%, 02/01/2033(a)

         211          204,370  

CSC Holdings LLC
4.50%, 11/15/2031(a)

         199          103,544  

4.625%, 12/01/2030(a)

         678          146,197  

5.375%, 02/01/2028(a)

         298          161,501  

5.50%, 04/15/2027(a)

         356          206,053  

5.75%, 01/15/2030(a)

         400          84,708  

6.50%, 02/01/2029(a)

         351          186,332  

7.50%, 04/01/2028(a)

         200          46,066  

11.25%, 05/15/2028(a)

         449          250,201  

11.75%, 01/31/2029(a)

         505          277,664  

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

         347          355,325  

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

         63          62,998  

10.00%, 02/15/2031(a)

         725          767,507  

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

         487          445,639  

5.05%, 03/15/2042

         2,151          1,569,413  

5.141%, 03/15/2052

         147          98,791  

DISH DBS Corp.
5.125%, 06/01/2029(b) (d)

         687          634,589  

5.25%, 12/01/2026(a) (b) (d)

         348          347,071  

5.75%, 12/01/2028(a) (b) (d)

         1,869          1,841,750  

7.375%, 07/01/2028(b) (d)

         214          210,771  

EchoStar Corp.
10.75%, 11/30/2029

         689          744,881  

6.75% (6.75% Cash or 6.75% PIK), 11/30/2030(e) (j)

         414          420,139  

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

         363          328,119  

Gray Media, Inc.
4.75%, 10/15/2030(a)

         185          152,159  

5.375%, 11/15/2031(a)

         17          13,215  

7.25%, 08/15/2033(a)

         311          310,932  

9.63%, 07/15/2032(a)

         676          693,786  

iHeartCommunications, Inc.
9.125%, 05/01/2029(a)

         232          209,344  

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

         654          367,496  

6.75%, 10/15/2027(a)

         1,072          618,265  

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

         257          256,250  

Midcontinent Communications
8.00%, 08/15/2032(a)

         141          122,567  

National CineMedia, Inc.
5.75%, 08/15/2026(b) (h) (i) (l)

         21          -0-  

Paramount Global
6.375%, 03/30/2062

         385          315,665  

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

         48          42,684  

8.125%, 02/15/2033(a)

         535          555,860  

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

         242          236,117  

Snap, Inc.
6.875%, 03/15/2034(a)

         377          366,674  

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

      EUR        113          110,023  
          

 

 

  
             15,674,262  
          

 

 

  

 

3

      Principal
Amount
(000)		        U.S. $ Value  

Communications - Telecommunications – 2.4%

           

Altice Financing SA
5.75%, 08/15/2029(a)

      U.S.$              261        $      160,189  

Altice France Lux 3/Altice Holdings 1
10.00%, 01/15/2033(c)

         50          49,089  

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

         488          474,849  

6.875%, 10/15/2030(a)

         507          495,851  

6.875%, 07/15/2032(a)

         564          552,581  

9.5%, 11/01/2029(a)

         270          273,373  

APLD ComputeCo 2 LLC
6.75%, 03/15/2031(a)

         707          679,901  

APLD ComputeCo 3 LLC
7.00%, 06/15/2031(a)

         336          323,605  

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

         200          209,346  

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

         1,210          1,173,797  

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

         777          737,117  

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

         705          678,873  

Galaxy Helios Data Centers II LLC
9.88%, 08/01/2031(a)

         1,424          1,411,440  

GCI LLC
4.75%, 10/15/2028(a)

         200          196,464  

Viasat, Inc.
6.50%, 07/15/2028(a)

         22          21,973  

7.50%, 05/30/2031(a)

         128          128,547  

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

         739          692,081  
          

 

 

  
             8,259,076  
          

 

 

  

Consumer Cyclical - Automotive – 2.5%

           

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

         928          966,902  

Aston Martin Capital Holdings Ltd.
10.00%, 03/31/2029(a)

         1,270          749,516  

Cooper-Standard Automotive, Inc.
9.25%, 03/01/2031(a)

         315          320,238  

Exide Technologies (Exchange Priority)
11.00%, 10/31/2024(b) (c) (h) (i) (k) (l)

         32          -0-  

Exide Technologies (First Lien)
11.00%, 10/31/2024(b) (c) (h) (i) (k) (l)

         13          -0-  

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

         796          708,623  

6.625%, 07/15/2030

         382          369,218  

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

      EUR        144          173,886  

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

      U.S.$        150          154,898  

Nissan Motor Acceptance Co. LLC
2.75%, 03/09/2028(a)

         211          201,674  

6.125%, 09/30/2030(a)

         153          150,316  

7.05%, 09/15/2028(a)

         1,833          1,870,192  

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

         610          603,638  

4.81%, 09/17/2030(a)

         1,262          1,174,556  

PM General Purchaser LLC
9.5%, 10/01/2028(a)

         419          327,516  

Tenneco, Inc.
8.00%, 11/17/2028(a)

         814          816,702  
          

 

 

  
             8,587,875  
          

 

 

  

 

4

      Principal
Amount
(000)		        U.S. $ Value  

Consumer Cyclical - Entertainment – 1.3%

           

Live Nation Entertainment, Inc.
6.50%, 05/15/2027(a)

      U.S.$              262        $      262,390  

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

         1,863          1,786,561  

6.25%, 09/15/2033(a)

         136          127,167  

6.75%, 02/01/2032(a)

         640          622,707  

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

         1,377          1,343,732  

Six Flags Entertainment Corp.
7.25%, 05/15/2031(a)

         184          181,625  

Viking Cruises Ltd.
7.00%, 02/15/2029(a)

         50          50,045  

9.125%, 07/15/2031(a)

         121          126,898  
          

 

 

  
             4,501,125  
          

 

 

  

Consumer Cyclical - Other – 6.8%

           

Affinity Interactive
6.875%, 12/15/2027(a)

         59          26,962  

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

         438          448,823  

Ashton Woods USA LLC/Ashton Woods Finance Co.
6.875%, 08/01/2033(a)

         216          216,804  

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

      EUR        243          285,534  

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

      U.S.$        1,049          964,545  

6.375%, 06/15/2032(a)

         278          278,815  

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

         124          111,299  

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

         1,094          1,086,287  

5.50%, 04/01/2027(a)

         106          106,045  

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

      EUR        220          263,538  

CP Atlas Buyer, Inc.
9.75%, 07/15/2030(a)

      U.S.$        790          694,339  

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

         1,469          1,478,930  

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

         729          702,187  

5.875%, 04/01/2029(a)

         419          422,331  

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

         592          547,588  

5.00%, 06/01/2029(a)

         1,093          1,064,112  

6.625%, 01/15/2032(a)

         211          212,756  

Jacobs Entertainment, Inc.
6.75%, 02/15/2029(a)

         100          99,006  

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

         1,371          1,326,758  

6.50%, 10/01/2033(a)

         249          247,638  

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

         1,488          1,487,152  

MGM Resorts International
6.125%, 09/15/2029

         1,200          1,213,464  

6.50%, 04/15/2032

         608          607,696  

Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.
4.875%, 05/01/2029(a)

         166          162,160  

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

         311          324,454  

11.875%, 04/15/2031(a)

         290          314,879  

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

         1,503          1,507,945  

 

5

      Principal
Amount
(000)		        U.S. $ Value  

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

      U.S.$              867        $      839,516  

6.25%, 08/01/2033(a)

         380          377,325  

6.50%, 08/15/2032(a)

         415          417,432  

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

         227          205,049  

4.375%, 07/15/2030(a)

         996          946,857  

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

         290          287,065  

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

         478          461,370  

4.625%, 03/01/2030(a)

         12          11,590  

6.00%, 04/01/2027(e)

         55          55,111  

6.25%, 06/01/2031(a)

         1,301          1,309,040  

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

         1,611          1,582,195  
          

 

 

  
             22,694,597  
          

 

 

  

Consumer Cyclical - Restaurants – 0.8%

           

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

         366          345,391  

4.375%, 01/15/2028(a)

         1,363          1,349,261  

BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.
9.5%, 07/01/2032(a)

         104          103,230  

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.
4.625%, 01/15/2029(a)

         404          393,924  

Papa John’s International, Inc.
3.875%, 09/15/2029(a)

         22          20,423  

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

         355          328,524  

4.75%, 01/15/2030(a)

         243          238,276  
          

 

 

  
             2,779,029  
          

 

 

  

Consumer Cyclical - Retailers – 5.4%

           

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

         1,856          1,896,479  

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

         1,258          1,223,606  

5.00%, 02/15/2032(a)

         548          522,195  

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

      EUR        229          266,799  

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

         421          498,848  

Carvana Co.
5.50%, 04/15/2027(a)

      U.S.$        39          38,599  

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

         1,093          1,205,882  

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

         1,836          1,804,513  

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

         1,416          1,338,913  

3.875%, 10/01/2031(a)

         342          313,983  

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

         323          327,299  

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

         318          318,725  

8.75%, 01/15/2032(a)

         668          655,288  

11.50%, 08/15/2029(a)

         255          269,923  

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

         822          801,434  

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

         1,703          1,664,955  

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

         152          152,792  

 

6

      Principal
Amount
(000)		        U.S. $ Value  

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

      U.S.$              715        $      684,512  

PetSmart LLC/PetSmart Finance Corp.
7.50%, 09/15/2032(a)

         1,084          1,094,038  

Specialty Building Products Holdings LLC/SBP Finance Corp.
7.75%, 10/15/2029(a)

         1,331          1,271,731  

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

         1,120          1,075,816  

12.75%, 01/15/2030(a)

         254          201,368  
          

 

 

  
             17,627,698  
          

 

 

  

Consumer Non-Cyclical – 8.4%

           

Acadia Healthcare Co., Inc.
5.00%, 04/15/2029(a)

         150          147,412  

Adapthealth LLC
5.125%, 03/01/2030(a)

         1,303          1,220,637  

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

         49          47,209  

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

         832          853,499  

Bausch Health Americas, Inc.
8.50%, 01/31/2027(a)

         59          58,968  

Bausch Health Cos., Inc.
4.875%, 06/01/2028(a)

         261          249,915  

11.00%, 09/30/2028(a)

         622          655,961  

CHS/Community Health Systems, Inc.
4.75%, 02/15/2031(a)

         98          89,282  

5.25%, 05/15/2030(a)

         1,937          1,807,027  

6.00%, 01/15/2029(a)

         20          19,763  

6.875%, 04/15/2029(a)

         423          405,475  

9.75%, 01/15/2034(a)

         250          255,203  

10.875%, 01/15/2032(a)

         864          916,946  

CVS Health Corp.
6.75%, 12/10/2054

         33          33,883  

7.00%, 03/10/2055

         495          510,365  

DaVita, Inc.
4.625%, 06/01/2030(a)

         2,257          2,176,515  

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

         1,376          1,128,925  

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

         747          683,049  

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

         205          207,659  

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

         358          373,258  

Genmab A/S/Genmab Finance LLC
7.25%, 12/15/2033(a)

         163          169,822  

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

      EUR        312          359,893  

4.75%, 10/15/2028(a)

      U.S.$        469          462,312  

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

      EUR        335          380,754  

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

      U.S.$        414          420,293  

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

      EUR        386          449,584  

5.00%, 10/15/2026(a)

      U.S.$        400          399,988  

5.00%, 05/15/2027(a)

         197          197,043  

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

         350          349,275  

LifePoint Health, Inc.
7.00%, 05/01/2034(a)

         1,658          1,558,553  

9.88%, 08/15/2030(a)

         632          665,180  

 

7

      Principal
Amount
(000)		        U.S. $ Value  

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

      EUR              261        $      304,524  

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

      U.S.$        459          597  

MPH Acquisition Holdings LLC
5.75%, 12/31/2030(a)

         291          249,216  

11.50% (6.50% Cash and 5.00% PIK), 12/31/2030(a) (e) (j)

         148          146,292  

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

         111          117,078  

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

         865          856,203  

5.125%, 04/30/2031(a)

         200          199,884  

7.875%, 05/15/2034(a)

         440          471,500  

Paradigm Parent LLC & Paradigm Parent CO-Issuer, Inc.
8.75%, 04/17/2032(a)

         1,385          1,304,435  

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

         235          230,942  

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

         1,426          1,382,835  

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

         651          655,264  

TEAM Services Holding, Inc.
9.00%, 02/15/2033(a)

         146          151,999  

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

         1,739          1,694,082  

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

         1,838          1,814,547  

6.875%, 09/15/2028(a)

         208          211,756  

Whirlpool Corp.
6.125%, 06/15/2030

         1,479          1,389,328  

7.50%, 07/01/2031(a)

         88          88,313  

7.875%, 07/01/2034(a)

         115          112,822  
          

 

 

  
             28,635,265  
          

 

 

  

Energy – 8.0%

           

Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.875%, 06/30/2029(a)

         132          131,960  

6.625%, 10/15/2032(a)

         56          56,496  

BKV Upstream Midstream LLC
7.50%, 10/15/2030(a)

         104          105,347  

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

         605          622,013  

7.25%, 07/15/2032(a)

         920          950,995  

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

         3          2,962  

6.875%, 07/01/2029(a)

         858          877,708  

California Resources Corp.
7.00%, 01/15/2034(a)

         297          296,834  

Chord Energy Corp.
6.75%, 03/15/2033(a)

         848          866,334  

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

         227          233,075  

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

         1,357          1,395,552  

7.375%, 01/15/2031(a)

         334          341,725  

Comstock Resources, Inc.
6.75%, 03/01/2029(a)

         1,180          1,169,073  

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

         1,774          1,735,699  

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

         448          457,247  

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

         857          887,381  

 

8

      Principal
Amount
(000)		        U.S. $ Value  

Ferrellgas LP/Ferrellgas Finance Corp.
5.875%, 04/01/2029(a)

      U.S.$              764        $      753,655  

9.25%, 01/15/2031(a)

         860          910,233  

Global Partners LP/GLP Finance Corp.
7.125%, 07/01/2033(a)

         500          513,855  

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

         400          407,380  

Hilcorp Energy I LP/Hilcorp Finance Co.
6.00%, 02/01/2031(a)

         324          319,882  

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

         500          516,310  

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

         68          69,315  

Matador Resources Co.
6.25%, 04/15/2033(a)

         100          99,998  

6.50%, 04/15/2032(a)

         1,351          1,363,780  

Nabors Industries, Inc.
9.125%, 01/31/2030(a)

         189          198,280  

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

         1,012          301,919  

Northern Oil & Gas, Inc.
7.875%, 10/15/2033(a)

         214          220,114  

NuStar Logistics LP
5.625%, 04/28/2027

         1,036          1,039,512  

6.375%, 10/01/2030

         101          103,468  

PBF Holding Co. LLC/PBF Finance Corp.
7.25%, 06/01/2034(a)

         342          351,607  

7.875%, 09/15/2030(a)

         39          40,384  

9.88%, 03/15/2030(a)

         357          381,280  

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

         245          239,512  

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

         1,031          1,053,239  

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

         237          224,444  

Sunoco LP
4.625%, 05/01/2030(a)

         682          660,517  

5.375%, 07/15/2031(a)

         137          135,275  

5.625%, 03/15/2031(a)

         500          496,900  

6.625%, 08/15/2032(a)

         650          660,400  

7.875%, 09/18/2030(a) (m)

         261          269,389  

Sunoco LP/Sunoco Finance Corp.
4.50%, 04/30/2030

         352          341,352  

5.875%, 03/15/2028

         16          16,026  

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

         130          126,087  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/2028(a)

         1          1,000  

7.375%, 02/15/2029(a)

         290          297,647  

Talos Production, Inc.
8.00%, 07/15/2034(a)

         495          511,944  

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

         305          301,621  

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

         1,481          1,462,413  

Transocean Aquila Ltd.
8.00%, 09/30/2028(a)

         69          70,359  

Transocean International Ltd.
7.875%, 10/15/2032(a)

         116          121,784  

8.75%, 02/15/2030(a)

         174          180,475  

Trident Energy Finance PLC
12.50%, 11/30/2029(a)

         200          212,138  

Validus Energy II Midcon LLC
8.00%, 08/01/2031(a)

         114          114,809  

 

9

      Principal
Amount
(000)		        U.S. $ Value  

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

      U.S.$              140        $       145,622  

9.00%, 09/30/2029(a) (m)

         320          324,042  

9.88%, 02/01/2032(a)

         1,133          1,207,155  

Vermilion Energy, Inc.
6.875%, 05/01/2030(a)

         32          32,209  
          

 

 

  
             26,927,732  
          

 

 

  

Other Industrial – 1.1%

           

ADI Global Distribution Funding LLC
7.125%, 07/15/2034(a)

         113          116,682  

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

         27          25,677  

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

      EUR        153          169,599  

Dealer Tire Financial LLC
10.375%, 10/01/2031(a)

      U.S.$        1,187          1,181,041  

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

         228          227,943  

Multiversity SpA
6.695% (EURIBOR 3 Month + 4.25%), 05/17/2031(a) (f)

      EUR        100          111,272  

7.125%, 05/17/2031(a)

         125          139,483  

RB Global Holdings, Inc.
7.75%, 03/15/2031(a)

      U.S.$        337          348,138  

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

         972          973,108  

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

         199          207,901  
          

 

 

  
             3,500,844  
          

 

 

  

Services – 5.1%

           

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

         1,007          969,832  

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

         1,223          1,271,553  

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
4.625%, 06/01/2028(a)

         1,398          1,376,426  

4.875%, 06/01/2028(a)

      GBP        100          134,250  

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

      U.S.$        1,577          1,242,597  

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

         1,393          1,398,502  

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

         540          508,372  

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

      EUR        221          263,606  

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

      U.S.$        1,450          1,433,470  

8.25%, 08/01/2032(a)

         518          529,479  

8.375%, 11/15/2032(a)

         124          127,018  

ION Platform Finance US, Inc./ION Platform Finance SARL
4.625%, 05/01/2028(a)

         30          27,773  

5.00%, 05/01/2028(a)

         42          39,319  

5.75%, 05/15/2028(a)

         62          58,363  

8.75%, 05/01/2029(a)

         200          182,500  

Match Group Holdings II LLC
3.625%, 10/01/2031(a)

         387          348,911  

4.625%, 06/01/2028(a)

         301          297,367  

Monitronics International, Inc.
9.125%, 04/01/2020(b) (h) (i) (k) (l)

         14          -0-  

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

         696          683,173  

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

         746          812,551  

 

10

      Principal
Amount
(000)		        U.S. $ Value  

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

      U.S.$            1,707        $    1,701,060  

Sabre GLBL, Inc.
10.75%, 11/15/2029(a)

         238          235,349  

10.75%, 03/15/2030(a)

         303          297,549  

11.125%, 07/15/2030(a)

         648          637,522  

Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.
5.50%, 05/15/2033(a)

      EUR        412          468,849  

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

         178          211,072  

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

      U.S.$        1,614          1,641,212  
          

 

 

  
             16,897,675  
          

 

 

  

Technology – 5.6%

           

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

      EUR        206          236,205  

AthenaHealth Group, Inc.
6.50%, 02/15/2030(a)

      U.S.$        836          817,065  

7.50%, 02/15/2032(a)

         1,000          1,031,320  

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

         1,371          1,366,188  

6.625%, 08/15/2033(a)

         153          138,707  

8.25%, 06/30/2032(a)

         861          844,038  

Consensus Cloud Solutions, Inc.
6.50%, 10/15/2028(a)

         72          72,114  

CoreWeave, Inc.
8.50%, 07/15/2032(a)

      EUR        501          518,504  

9.25%, 06/01/2030(a)

      U.S.$        800          743,112  

9.63%, 07/15/2032(a)

         343          303,315  

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

         1,574          1,551,995  

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

         1,510          1,544,126  

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

         1,446          1,449,948  

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

         218          136,784  

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

      EUR        159          179,685  

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

      U.S.$        1,270          1,207,224  

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

      EUR        389          439,599  

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

         782          955,215  

7.25%, 07/01/2033(a)

      U.S.$        136          141,460  

8.75%, 07/01/2034(a)

         1,526          1,620,444  

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

         164          159,967  

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

         526          439,364  

Rackspace Technology Global, Inc.
5.375%, 12/01/2028(a)

         109          90,459  

Rocket Software, Inc.
9.00%, 11/28/2028(a)

         1,079          1,101,616  

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

      EUR        322          362,081  

TTM Technologies, Inc.
4.00%, 03/01/2029(a)

      U.S.$        111          106,873  

Virtusa Corp.
7.125%, 12/15/2028(a)

         602          537,544  

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

         910          945,990  
          

 

 

  
             19,040,942  
          

 

 

  

 

11

      Principal
Amount
(000)		        U.S. $ Value  

Transportation - Airlines – 1.0%

           

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

      U.S.$              602        $      608,134  

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

         1,958          1,955,690  

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

         189          162,120  

WestJet An Alberta Partnership
8.00%, 02/14/2031(a)

         517          497,685  
          

 

 

  
             3,223,629  
          

 

 

  

Transportation - Services – 1.0%

           

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

      EUR        158          188,350  

Alta Equipment Group, Inc.
9.00%, 06/01/2029(a)

      U.S.$        50          48,470  

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

         3          2,995  

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

         535          549,718  

Edge Finco PLC
8.125%, 08/15/2031(a)

      GBP        134          187,171  

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

      U.S.$        113          108,932  

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

      EUR        359          417,765  

PODS LLC
8.75%, 05/15/2031(a)

      U.S.$        444          417,156  

PROG Holdings, Inc.
6.00%, 11/15/2029(a)

         918          903,541  

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

         179          184,928  

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

         99          98,609  
          

 

 

  
             3,107,635  
          

 

 

  
             223,111,850  
          

 

 

  

Financial Institutions – 9.8%

           

Banking – 0.4%

           

Ally Financial, Inc.
Series C
4.70%, 05/15/2028(m)

         28          27,160  

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

         151          151,320  

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

         96          98,054  

8.375%, 06/15/2035(a)

         243          253,430  

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

         256          257,495  

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

         29          30,923  

Synchrony Financial
Series C
7.25%, 08/15/2031(m)

         793          780,439  
          

 

 

  
             1,598,821  
          

 

 

  

Brokerage – 0.8%

           

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

         640          673,869  

 

12

      Principal
Amount
(000)		        U.S. $ Value  

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

      U.S.$              554        $      550,837  

7.25%, 09/15/2031(a)

         814          822,995  

Hightower Holding LLC
6.75%, 04/15/2029(a)

         11          10,896  

9.125%, 01/31/2030(a)

         322          332,884  

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

         253          263,325  
          

 

 

  
             2,654,806  
          

 

 

  

Finance – 3.8%

           

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

         846          847,032  

CNG Holdings, Inc.
16.50% (16.50% Cash or 14.50% Cash and 3.00% PIK), 06/30/2031(a) (j)

         31          24,665  

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

         1,664          1,590,035  

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

         1,362          1,423,780  

11.25%, 12/15/2028(a)

         119          124,385  

Freedom Mortgage Holdings LLC
6.875%, 05/01/2031(a)

         332          318,335  

7.875%, 04/01/2033(a)

         331          318,505  

9.125%, 05/15/2031(a)

         289          298,286  

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

         398          361,237  

7.375%, 10/01/2030(a)

         260          240,997  

7.625%, 07/01/2029(a)

         1,072          1,026,504  

9.25%, 12/01/2028(a)

         83          83,258  

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

         1,650          1,598,338  

Navient Corp.
5.625%, 08/01/2033

         1,438          1,241,612  

11.50%, 03/15/2031

         442          477,546  

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

         1,441          1,507,445  

Planet Financial Group LLC
10.50%, 12/15/2029(a)

         122          120,071  

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

         926          901,813  

8.125%, 12/15/2030(a)

         421          425,399  

Terawulf, Inc.
Zero Coupon, 05/01/2032(a) (n)

         17          18,219  

Velocity Commercial Capital LLC
9.375%, 02/15/2031(a)

         110          113,978  
          

 

 

  
             13,061,440  
          

 

 

  

Financial Services – 1.5%

           

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

         1,610          1,672,387  

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

         1,895          1,885,373  

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

         664          673,442  

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

         338          323,564  

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

         200          200,780  

Titanium 2l Bondco SARL
6.25%, 01/14/2031(j)

      EUR        109          17,429  
          

 

 

  
             4,772,975  
          

 

 

  

 

13

      Principal
Amount
(000)		        U.S. $ Value  

Insurance – 3.2%

           

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

      U.S.$                99        $       90,601  

6.00%, 08/01/2029(a)

         162          137,878  

6.75%, 07/01/2032(a)

         179          152,725  

7.50%, 11/06/2030(a)

         816          750,940  

8.25%, 02/01/2029(a)

         109          99,563  

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

         1,026          1,034,465  

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

         199          193,340  

6.375%, 02/15/2029(a)

         1,469          1,482,544  

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

         151          149,251  

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

      EUR        202          236,110  

7.75%, 02/15/2031(a)

      U.S.$        1,016          1,036,279  

Ardonagh Group Finance Ltd.
8.875%, 02/15/2032(a)

         834          836,277  

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

         1,791          1,792,451  

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

         1,888          1,870,536  

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

         1,560          1,609,764  
          

 

 

  
             11,472,724  
          

 

 

  

REITs – 0.1%

           

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

         378          388,051  

Rithm Capital Corp.
8.00%, 04/01/2029(a)

        106          107,526  
          

 

 

  
             495,577  
          

 

 

  
             34,056,343  
          

 

 

  

Utility – 0.1%

           

Electric – 0.1%

           

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

      EUR        256          303,234  

NRG Energy, Inc.
10.25%, 03/15/2028(a) (m)

      U.S.$        47          49,907  

Vistra Corp.
7.00%, 12/15/2026(a) (m)

         28          28,139  

8.00%, 10/15/2026(a) (m)

         29          29,084  
          

 

 

  
             410,364  
          

 

 

  

Total Corporates - Non-Investment Grade
(cost $260,924,194)

              257,578,557  
          

 

 

  

CORPORATES - INVESTMENT GRADE – 14.0%

           

Industrial – 8.3%

           

Basic – 0.3%

           

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

         264          273,879  

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

         118          118,479  

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

         723          725,740  
          

 

 

  
             1,118,098  
          

 

 

  

Communications - Media – 0.6%

           

Charter Communications Operating LLC/Charter Communications Operating Capital
5.375%, 04/01/2038

         190          164,609  

 

14

      Principal
Amount
(000)		        U.S. $ Value  

7.087%, 09/01/2038(a)

      U.S.$               55        $       54,418  

7.337%, 09/01/2041(a)

         328          325,271  

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

         250          217,040  

5.45%, 09/01/2034(a)

         1,172          1,078,158  

Time Warner Cable LLC
7.30%, 07/01/2038

         104          104,373  
          

 

 

  
             1,943,869  
          

 

 

  

Communications - Telecommunications – 1.0%

           

Beacon Point DC LLC
6.129%, 11/30/2042(a)

         231          218,979  

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

         444          437,624  

Sopaipilla Investor LLC
7.534%, 11/30/2048(a) (e)

         2,465          2,522,631  

TELUS Corp.
6.625%, 10/15/2055

         35          34,663  
          

 

 

  
             3,213,897  
          

 

 

  

Consumer Cyclical - Automotive – 0.4%

           

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

         212          185,409  

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

         150          141,438  

4.95%, 05/28/2027

         200          200,032  

4.97%, 04/06/2029

         357          353,319  

6.532%, 03/19/2032

         430          440,372  

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

         200          199,592  
          

 

 

  
             1,520,162  
          

 

 

  

Consumer Cyclical - Entertainment – 0.2%

           

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

         425          416,203  

5.75%, 03/15/2030(a)

         377          379,156  
          

 

 

  
             795,359  
          

 

 

  

Consumer Cyclical - Other – 1.3%

           

Flutter Treasury DAC
5.00%, 04/29/2029(a)

      EUR        103          121,210  

5.875%, 06/04/2031(a)

      U.S.$        837          822,846  

6.125%, 06/04/2031(a)

      GBP        200          265,883  

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

      U.S.$        156          153,551  

Sekisui House US, Inc.
6.00%, 01/15/2043

         1,508          1,366,248  

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

         1,666          1,783,736  
          

 

 

  
             4,513,474  
          

 

 

  

Consumer Cyclical - Restaurants – 0.3%

           

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

         70          67,375  

3.875%, 01/15/2028(a)

         778          765,428  

5.625%, 09/15/2029(a)

         271          272,081  
          

 

 

  
             1,104,884  
          

 

 

  

Consumer Non-Cyclical – 0.9%

           

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

         1,619          1,589,275  

Mylan, Inc.
5.40%, 11/29/2043

         86          73,302  

 

15

      Principal
Amount
(000)		        U.S. $ Value  

Utah Acquisition Sub, Inc.
5.25%, 06/15/2046

      U.S.$            1,546        $    1,269,560  
          

 

 

  
             2,932,137  
          

 

 

  

Energy – 1.9%

           

Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.375%, 06/15/2029(a)

         134          134,082  

5.75%, 10/15/2033(a)

         1,245          1,228,740  

6.625%, 02/01/2032(a)

         446          455,513  

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

         250          266,435  

Energy Transfer LP
8.00%, 05/15/2054

         89          93,288  

Harbour Energy Finance 2 PLC
6.327%, 04/01/2035(a)

         1,292          1,304,041  

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

         950          914,746  

5.875%, 03/01/2028(a)

         300          302,772  

South Bow USA Infrastructure Holdings LLC
6.176%, 10/01/2054

         272          252,400  

Var Energi ASA
5.875%, 05/22/2030(a)

         241          245,639  

6.50%, 05/22/2035(a)

         719          748,371  

7.50%, 01/15/2028(a)

         200          206,308  

Woodside Finance Ltd.
5.40%, 05/19/2030

         137          138,192  

6.00%, 05/19/2035

         222          226,482  
          

 

 

  
             6,517,009  
          

 

 

  

Other Industrial – 1.0%

           

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

         1,453          1,431,844  

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

         485          484,758  

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

         1,304          1,316,636  
          

 

 

  
             3,233,238  
          

 

 

  

Technology – 0.4%

           

Oracle Corp.
5.375%, 09/27/2054

         83          60,704  

5.95%, 09/26/2055

         435          345,581  

RD Michigan Property Owner I LLC
7.50%, 03/30/2045(a)

         823          783,085  
          

 

 

  
             1,189,370  
          

 

 

  
             28,081,497  
          

 

 

  

Financial Institutions – 5.4%

           

Banking – 3.4%

           

Ally Financial, Inc.
5.543%, 01/17/2031

         177          176,862  

5.737%, 05/15/2029

         221          223,166  

6.646%, 01/17/2040

         1,054          1,031,434  

6.70%, 02/14/2033

         30          30,540  

6.848%, 01/03/2030

         83          85,914  

Banco Bilbao Vizcaya Argentaria SA
6.033%, 03/13/2035

         200          204,154  

Banco Santander SA
6.35%, 03/14/2034

         200          206,272  

6.921%, 08/08/2033

         400          424,496  

Barclays PLC
5.785%, 02/25/2036

         482          480,882  

BNP Paribas SA
4.625%, 02/25/2031(a) (m)

         454          412,418  

 

16

      Principal
Amount
(000)		        U.S. $ Value  

BPCE SA
6.508%, 01/18/2035(a)

      U.S.$             500        $      508,545  

CaixaBank SA
5.581%, 07/03/2036(a)

         216          212,959  

6.84%, 09/13/2034(a)

         235          251,163  

Capital One Financial Corp.
6.183%, 01/30/2036

         1,311          1,312,311  

Citigroup, Inc.
5.827%, 02/13/2035

         211          210,504  

Series AA
7.625%, 11/15/2028(m)

         32          33,313  

Series Y
4.15%, 11/15/2026(m)

         46          45,890  

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

         387          357,321  

3.742%, 01/07/2033

         200          181,208  

7.079%, 02/10/2034

         204          215,191  

Intesa Sanpaolo SpA
6.005%, 06/29/2037(a)

         1,382          1,352,716  

Lloyds Banking Group PLC
6.00%, 06/07/2032(m)

      GBP        8          10,112  

6.068%, 06/13/2036

      U.S.$        327          328,115  

Societe Generale SA
3.625%, 03/01/2041(a)

         450          320,112  

5.40%, 04/10/2037(a)

         370          351,752  

7.367%, 01/10/2053(a)

         600          610,554  

Synchrony Financial
7.25%, 02/02/2033

         805          832,716  

UBS Group AG
6.625%, 01/08/2031(a) (m)

         363          362,437  

7.125%, 08/10/2034(a) (m)

         297          298,839  

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

         600          601,884  
          

 

 

  
             11,673,780  
          

 

 

  

Brokerage – 0.0%

           

CI Financial Corp.
3.20%, 12/17/2030

         158          142,489  
          

 

 

  

Finance – 0.1%

           

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

         90          85,116  

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

         202          202,382  

Sumisho Air Lease Corp.
Series B
8.256%, 09/15/2026(m)

         50          50,057  
          

 

 

  
             337,555  
          

 

 

  

Insurance – 1.3%

           

Allianz SE
6.50%, 10/30/2034(a) (m)

         200          198,542  

Centene Corp.
2.50%, 03/01/2031

         1,883          1,644,424  

3.375%, 02/15/2030

         248          230,506  

4.625%, 12/15/2029

         1,706          1,663,503  

Global Atlantic Fin Co.
7.25%, 03/01/2056(a)

         255          245,845  

Horizon Mutual Holdings, Inc.
6.20%, 11/15/2034(a)

         125          117,644  

Prudential Financial, Inc.
6.25%, 06/15/2056

         206          202,795  
          

 

 

  
             4,303,259  
          

 

 

  

 

17

      Principal
Amount
(000)		        U.S. $ Value  

REITs – 0.6%

           

Boston Properties LP
6.05%, 10/15/2036

      U.S.$             294        $      294,376  

6.50%, 01/15/2034

         361          375,870  

GLP Capital LP/GLP Financing II, Inc.
5.625%, 03/01/2036

         242          230,624  

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

         319          323,552  

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

         630          656,743  
          

 

 

  
             1,881,165  
          

 

 

  
             18,338,248  
          

 

 

  

Utility – 0.3%

           

Electric – 0.3%

           

American Electric Power Co., Inc.
6.95%, 12/15/2054

         28          29,405  

Series D
6.05%, 03/15/2056

         40          38,912  

Eversource Energy
Series A
6.10%, 08/15/2056

         83          82,098  

PacifiCorp
5.80%, 04/15/2036

         585          584,128  

Vistra Operations Co. LLC
6.95%, 10/15/2033(a)

         71          75,533  
          

 

 

  
             810,076  
          

 

 

  

Total Corporates - Investment Grade
(cost $47,262,844)

              47,229,821  
          

 

 

  

BANK LOANS – 4.5%

           

Industrial – 3.7%

           

Basic – 0.2%

           

Ineos Quattro Holdings UK Ltd.
7.535% (CME Term SOFR 1 Month + 3.75%), 03/14/2030(o)

         98          77,453  

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

         725          605,019  
          

 

 

  
             682,472  
          

 

 

  

Communications - Media – 0.8%

           

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

         236          237,911  

LCPR Loan Financing LLC
7.662% (CME Term SOFR 3 Month + 3.75%), 10/16/2028(o)

         750          434,063  

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

         541          534,521  

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

         459          437,628  

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

         810          807,367  

Radiate Holdco LLC
1.500% (PIK Interest 12 + 1.50%), 09/25/2029(o)

         291          255,867  
          

 

 

  
             2,707,357  
          

 

 

  

Communications - Telecommunications – 0.3%

           

MH Sub I LLC
9.936% (CME Term SOFR 1 Month + 6.25%), 02/23/2029(o)

         410          402,825  

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

         459          459,930  
          

 

 

  
             862,755  
          

 

 

  

 

18

      Principal
Amount
(000)		        U.S. $ Value  

Consumer Cyclical - Automotive – 0.0%

           

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

    U.S.$                217        $      131,098  
          

 

 

  

Consumer Cyclical - Other – 0.1%

           

CP Atlas Buyer, Inc.
8.936% (CME Term SOFR 1 Month + 5.25%), 07/08/2030(o)

         99          85,324  

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

         257          257,158  
          

 

 

  
             342,482  
          

 

 

  

Consumer Cyclical - Retailers – 0.2%

           

RVR Dealership Holdings LLC
8.310% (CME Term SOFR 3 Month + 4.50%), 02/26/2033(o)

         299          289,150  

Specialty Building Products Holdings LLC/SBP Finance Corp.
7.536% (CME Term SOFR 1 Month + 3.75%), 10/16/2028(o)

         397          375,785  
          

 

 

  
             664,935  
          

 

 

  

Consumer Non-Cyclical – 0.2%

           

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

         450          248,830  

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

         120          101,607  

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

         56          56,428  

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

         209          208,210  
          

 

 

  
             615,075  
          

 

 

  

Energy – 0.2%

           

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

         493          495,869  

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

         119          118,908  
          

 

 

  
             614,777  
          

 

 

  

Other Industrial – 0.2%

           

Liberty Tire Recycling LLC
7.402% (CME Term SOFR 1 Month + 3.75%), 12/17/2032(o)

         389          389,188  

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

         370          370,463  
          

 

 

  
             759,651  
          

 

 

  

Services – 0.2%

           

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

         682          658,367  
          

 

 

  

Technology – 1.3%

           

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

         525          496,556  

Clover Holdings 2 LLC
7.750%, 12/09/2031(g) (h) (i)

         397          382,088  

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

         428          402,968  

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

         110          110,923  

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

         115          12,090  

Metropolis Technologies, Inc.
9.014% (CME Term SOFR 3 Month + 5.25%), 11/03/2032(g) (h) (i) (o)

         557          548,045  

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

         609          578,126  

12.603% (CME Term SOFR 3 Month + 7.75%), 02/01/2029(o)

         378          282,606  

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

         289          285,659  

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

         466          430,762  

 

19

      Principal
Amount
(000)		        U.S. $ Value  

Project Alpha Intermediate Holdings, Inc.
10.122% (CME Term SOFR 1 Month + 5.00%), 05/09/2033(o)

      U.S.$              260        $      152,360  

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

         252          249,189  

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

         390          370,500  
          

 

 

  
             4,301,872  
          

 

 

  

Transportation - Airlines – 0.0%

           

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

         197          169,072  
          

 

 

  
             12,509,913  
          

 

 

  

Financial Institutions – 0.8%

           

Finance – 0.1%

           

Nexus Buyer LLC
9.436% (CME Term SOFR 1 Month + 5.75%), 02/16/2032(o)

         410          397,446  
          

 

 

  

Financial Services – 0.1%

           

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

         6          6,485  

Rackspace Finance LLC
6.523% (CME Term SOFR 1 Month + 2.75%), 05/15/2028(o)

         360          313,600  
          

 

 

  
             320,085  
          

 

 

  

Insurance – 0.6%

           

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

         1,244          1,052,992  

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

         429          428,170  

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

         573          548,391  

8.172% (SOFR + 4.25%), 08/19/2028(o)

         18          18,429  
          

 

 

  
             2,047,982  
          

 

 

  
             2,765,513  
          

 

 

  

Total Bank Loans
(cost $15,943,257)

              15,275,426  
          

 

 

  

EMERGING MARKETS - CORPORATE BONDS – 0.9%

           

Industrial – 0.9%

           

Basic – 0.1%

           

First Quantum Minerals Ltd.
8.00%, 03/01/2033(a)

         227          235,921  
          

 

 

  

Consumer Cyclical - Other – 0.8%

           

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

        1,384          1,344,542  

MGM China Holdings Ltd.
4.75%, 02/01/2027(a)

         221          220,448  

6.25%, 05/15/2033(a)

         466          452,579  

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

         233          232,238  

6.75%, 02/15/2034(a)

         417          412,009  
          

 

 

  
             2,661,816  
          

 

 

  

Consumer Cyclical - Retailers – 0.0%

           

K2016470219 South Africa Ltd.
3.00%, 12/31/2022(b) (c) (h) (i) (k)

         15          -0-  

K2016470260 South Africa Ltd.
25.00%, 12/31/2022(b) (c) (h) (i) (k)

         3          -0-  
          

 

 

  
             -0-  
          

 

 

  

 

20

      Principal
Amount
(000)		        U.S. $ Value  

Energy – 0.0%

           

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

      U.S.$               200        $       205,474  
          

 

 

  

Total Emerging Markets - Corporate Bonds
(cost $3,149,745)

              3,103,211  
          

 

 

  
     Shares           

PREFERRED STOCKS – 0.2%

           

Industrials – 0.2%

           

Consumer Cyclical - Automotive – 0.0%

           

Exide International Holdings LP
0.00%(b) (c) (h) (i)

         39          56,550  
          

 

 

  

Consumer Cyclical - Other – 0.0%

           

Hovnanian Enterprises, Inc.
7.625%

         490          9,797  
          

 

 

  

Consumer Cyclical - Retailers – 0.2%

           

QXO, Inc. - Class C
0.00%(b) (h) (i)

         68          619,051  
          

 

 

  

Other Industrial – 0.0%

           

Asphalt ATD Holdco - Class A
0.00%(b) (h) (i)

         194          4,813  
          

 

 

  

Technology – 0.0%

           

Veritas US, Inc.
0.00%(b) (c)

         678          13,560  
          

 

 

  
             703,771  
          

 

 

  

Financials – 0.0%

           

Brokerage – 0.0%

           

Osaic Financial Services, Inc.
Series A 8.00%

         2,175          42,739  
          

 

 

  

Total Preferred Stocks
(cost $748,439)

              746,510  
          

 

 

  

COMMON STOCKS – 0.2%

           

Communication Services – 0.1%

           

Diversified Telecommunication Services – 0.1%

           

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

         12,960          245,386  
          

 

 

  

Information Technology – 0.1%

           

IT Services – 0.1%

           

Rackspace Technology, Inc.(b)

         44,918          140,593  
          

 

 

  

Financial Institutions – 0.0%

           

Financial Services – 0.0%

           

Curo Group Holdings LLC(b)

         9,491          121,903  
          

 

 

  

Health Care – 0.0%

           

Health Care Providers & Services – 0.0%

           

ModivCare Topco LLC(b)

         9,656          45,866  
          

 

 

  

Industrials – 0.0%

           

Electrical Equipment – 0.0%

           

Exide Technologies(b) (h) (i)

         7          5,775  
          

 

 

  

Energy – 0.0%

           

Energy Equipment & Services – 0.0%

           

Artsonig Pty Ltd.(b) (h) (i)

         21,027          -0-  

CHC Group LLC(b) (h)

         468          -0-  
          

 

 

  
             -0-  
          

 

 

  

Oil, Gas & Consumable Fuels – 0.0%

           

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

         5,687          1,649  
          

 

 

  
             1,649  
          

 

 

  

 

21

Company    Shares        U.S. $ Value  

Consumer Discretionary – 0.0%

           

Broadline Retail – 0.0%

           

K201640219 South Africa Ltd.(b) (h) (i)

              678        $           -0-  

K2016470219 South Africa Ltd. - Class A(b) (h) (i)

         191,574          -0-  

K2016470219 South Africa Ltd. - Class B(b) (h) (i)

         30,276          -0-  
          

 

 

  
             -0-  
          

 

 

  

Consumer Staples – 0.0%

           

Household Products – 0.0%

           

Southeastern Grocers, Inc.(b) (h) (i) (l)

         3,584          -0-  
          

 

 

  

Total Common Stocks
(cost $763,427)

              561,172  
          

 

 

  

RIGHTS – 0.0%

           

Utility – 0.0%

           

Electric – 0.0%

           

Vistra Corp., expiring 12/31/2099(b) (h) (i)

         3,442          4,217  
          

 

 

  

Communication Services – 0.0%

           

Diversified Telecommunication Services – 0.0%

           

Altice France SA (CVR)(b) (c) (h) (i)

         210          3,110  
          

 

 

  

Total Rights
(cost $1,232)

              7,327  
          

 

 

  

SHORT-TERM INVESTMENTS – 2.4%

           

Investment Companies – 2.1%

           

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.51%(q) (r) (s)
(cost $6,928,876)

         6,928,876          6,928,876  
          

 

 

  
     Principal
Amount
(000)		           

Corporates - Non-Investment Grade – 0.3%

           

Industrial – 0.3%

           

Energy – 0.3%

           

NFE Brazil Financing Ltd.
12.00%, 06/19/2029(c) (j)
(cost $983,081)

      U.S.$        1,074          943,099  
          

 

 

  

Total Short-Term Investments
(cost $7,911,957)

              7,871,975  
          

 

 

  

Total Investments – 98.3%
(cost $336,705,095)(t)

             332,373,999  

Other assets less liabilities – 1.7%

              5,909,768  
          

 

 

  

Net Assets – 100.0%

            $ 338,283,767  
          

 

 

  

FUTURES

 

Description   

Number

of
Contracts

   

Expiration

Month

   

Current

Notional

   

Value and

Unrealized
Appreciation

(Depreciation)

Purchased Contracts

 

U.S. T-Note 2 Yr (CBT) Futures        16        December 2026      $ 3,283,750      $ (664 )
U.S. T-Note 5 Yr (CBT) Futures        182        December 2026         19,237,969        (66,828 )
U.S. T-Note 10 Yr (CBT) Futures        64        December 2026        6,890,000        (61,422 )
Sold Contracts                    
U.S. 10 Yr Ultra Futures        23        December 2026        2,516,703        23,906
U.S. Long Bond (CBT) Futures        20        December 2026        2,172,500        19,367
U.S. Ultra Bond (CBT) Futures        3        December 2026        330,094        3,360
                   

 

 

  
                    $  (82,281 )
                   

 

 

  

 

22

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty   

Contracts to

Deliver

(000)

     

In Exchange

For

(000)

     

Settlement

Date

     

Unrealized

Appreciation

(Depreciation)

NatWest Markets PLC        EUR        8,556          USD         9,963          09/11/2026        $ 20,853
State Street Bank & Trust Co.        EUR        226          USD        259          09/11/2026          (3,483 )
State Street Bank & Trust Co.        GBP        377          USD        505          10/15/2026          (5,609 )
                                   

 

 

  
                                    $   11,761
                                   

 

 

  

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

 

Description   

Fixed

Rate

(Pay)

Receive

    

Payment

Frequency

     

Implied

Credit

Spread at

August 31,
2026

    

Notional

Amount

(000)

     

Market

Value

    

Upfront
Premiums

Paid

(Received)

    

Unrealized

Appreciation

(Depreciation)

  
Buy Contracts                    

Hertz Corp. (The), 5.000%, 12/01/2029,

06/20/2029*

   

 

5.00

% 

     Quarterly        52.87%       USD        80      $  (53,102 )    $  (6,933 )    $  (46,169 ) 

 

*

Termination date.

 

(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 $267,458,016 or 79.1% 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 0.23% 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

Altice France Lux 3/Altice Holdings 1
10.00%, 01/15/2033

    10/01/2025    $  50,343      $   49,089      0.01%

Altice France SA (CVR)

    10/01/2025      1,232        3,110      0.00%

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

    09/30/2024 - 03/30/2026      196,421        706      0.00%

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

    09/30/2024 - 09/04/2025      600,086        225,518      0.07%

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

    08/03/2026      89,676        89,676      0.03%

Exide International Holdings LP

    11/05/2020      29,328        56,550      0.02%

Exide Technologies (Exchange Priority)
11.00%, 10/31/2024

    10/29/2020      -0-        -0-      0.00%

Exide Technologies (First Lien)
11.00%, 10/31/2024

    10/29/2020      -0-        -0-      0.00%

K2016470219 South Africa Ltd.
3.00%, 12/31/2022

    02/05/2020 - 06/30/2022      51        -0-      0.00%

K2016470219 South Africa Ltd.
3.00%, 12/31/2022

    05/12/2023      14,130        -0-      0.00%

K2016470260 South Africa Ltd.
25.00%, 12/31/2022

    08/16/2023      -0-        -0-      0.00%

Magnetation LLC/Mag Finance Corp.
11.00%, 05/15/2023

    02/19/2015      36,767        -0-      0.00%

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

    03/07/2025 - 04/01/2025      364,863        597      0.00%

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

    06/17/2026      983,081        943,099      0.28%

NFE Financing LLC
12.00%, 11/15/2029

    04/07/2025 - 09/12/2025      342,276        301,919      0.09%

Veritas US, Inc.

    12/09/2024      11,482        13,560      0.01%

Vibrantz Technologies, Inc.
9.00%, 02/28/2031

    02/27/2026      1,650        1,194      0.00%

 

(d)

Defaulted.

 

23

(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.

(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    $  1,214,054      $  1,052,992      0.31%

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

    08/05/2026      32,733        33,209      0.01%

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

    08/05/2026      6,980        6,727      0.00%

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

    11/01/2024      396,975        382,088      0.11%

Metropolis Technologies, Inc.
9.014%, 11/03/2032

    10/20/2025      551,527        548,045      0.16%

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

    10/09/2025      446,870        437,628      0.13%

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

    10/31/2025      288,633        285,659      0.09%

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

    07/09/2026 - 07/14/2026      367,564        370,500      0.11%

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

    07/21/2026      364,450        370,463      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)

Defaulted matured security.

(l)

Escrow shares.

(m)

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

(n)

Convertible security.

(o)

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.

(p)

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.

(q)

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

(r)

Affiliated investments.

(s)

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.

(t)

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 $3,554,549 and gross unrealized depreciation of investments was $8,002,334, resulting in net unrealized depreciation of $4,447,785.

 

Currency Abbreviations:
EUR – Euro
GBP – Great British Pound
USD – United States Dollar
Glossary:
CBT – Chicago Board of Trade
CME – Chicago Mercantile Exchange
CVR – Contingent Value Rights
EURIBOR – Euro Interbank Offered Rate
PRIME – U.S. Federal Reserve Bank Prime Loan Rate
REIT – Real Estate Investment Trust
SOFR – Secured Overnight Financing Rate

 

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AB Active ETFs, Inc.

AB 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.

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.

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.

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.

 

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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-     $ 257,448,945     $ 129,612 (a)    $ 257,578,557  
Corporates - Investment Grade      -0-       47,229,821       -0-       47,229,821  
Bank Loans      -0-       11,815,961       3,459,465       15,275,426  
Emerging Markets - Corporate Bonds      -0-       3,103,211       -0- (a)      3,103,211  
Preferred Stocks      9,797       56,299       680,414       746,510  
Common Stocks      142,242       167,769       251,161 (a)      561,172  
Rights      -0-       -0-       7,327       7,327  
Short-Term Investments:         

Investment Companies

      6,928,876       -0-       -0-       6,928,876  

Corporates - Non-Investment Grade

      -0-       943,099       -0-       943,099  
  

 

 

    

 

 

    

 

 

    

 

 

  
Total Investments in Securities      7,080,915       320,765,105       4,527,979 (a)      332,373,999  
Other Financial Instruments(b):         
Assets:         
Futures      46,633       -0-       -0-       46,633  
Forward Currency Exchange Contracts      -0-       20,853       -0-       20,853  
Liabilities:         
Futures      (128,914 )      -0-       -0-       (128,914 ) 
Forward Currency Exchange Contracts      -0-       (9,092 )      -0-       (9,092 ) 
Centrally Cleared Credit Default Swaps      -0-       (53,102 )      -0-       (53,102 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
Total    $  6,998,634     $  320,723,764     $  4,527,979 (a)    $  332,250,377  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) 

The Fund held securities with zero market value at period end.

(b) 

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    $  3,911      $  79,779      $  76,761      $  6,929      $  161  

 

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